Category: Commerce

MIL-OSI Security: New Haven Pharmacy Pays $192K to Resolve Controlled Substances Act Allegations

Source: Office of United States Attorneys

Marc H. Silverman, Acting United States Attorney for the District of Connecticut, and Stephen P. Belleau, Acting Special Agent in Charge of the Drug Enforcement Administration for New England, today announced that Community Health Pharmacy, LLC, a retail pharmacy located on Dixwell Avenue in New Haven, has entered into a civil settlement agreement with the federal government and has paid $192,000 to resolve allegations that it violated the civil provisions of the Controlled Substances Act (“CSA”).

In passing the CSA, Congress took steps to create “a closed system” of distribution for controlled substances in which every facet of the handling of the substances – from their manufacture to their consumption by the ultimate user – was to be subject to intense governmental regulation. This mission was taken against the backdrop of trying to prevent the diversion and abuse of legitimate controlled substances, while still ensuring that an adequate supply of those substances meet the medical and scientific needs of the United States. Accordingly, the CSA requires entities that dispense controlled substances to maintain certain records and to conduct periodic inventories to prevent against diversion of controlled substances.

The settlement resolves allegations that between January 1, 2022, and May 14, 2024, Community Health Pharmacy failed to keep complete and accurate records regarding the receipt and dispensing of controlled substances. The government contends that the pharmacy failed to perform a biennial inventory, failed to execute a valid power of attorney, and allowed an unauthorized individual sign DEA Form 222s (order forms) on at least eight occasions. The government also alleges that Community Health Pharmacy did not retain required copies of order forms, invoices, and other records related to controlled substances, and did not record certain required information on DEA Form 222s.

“Pharmacies play a unique role in ensuring that controlled substances are properly handled, accounted for, and dispensed,” said Acting U.S. Attorney Silverman. “It is vital that pharmacies comply with the recordkeeping requirements of the Controlled Substances Act to help prevent diversion and keep our communities safe. This settlement highlights our office’s continued efforts to hold pharmacies accountable for their responsibilities under federal law.”

“DEA registrants are responsible for handling controlled substances responsibly and ensuring that complete and accurate records are being properly kept and accounted for in compliance with the Controlled Substance Act,” said Acting DEA Special Agent in Charge Belleau. “We are committed to working with our law enforcement and regulatory partners to ensure that these rules and regulations are followed.”

As part of the settlement, Community Health Pharmacy has agreed to enter into a three-year Memorandum of Agreement with the DEA that is designed to ensure future compliance with the requirements of the CSA and its implementing regulations.

This investigation was conducted by the Drug Enforcement Administration’s Office of Diversion Control with the assistance of the Connecticut Department of Consumer Protection, Drug Control Division. This case was prosecuted by Assistant U.S. Attorney Sara Kaczmarek.

MIL Security OSI –

April 25, 2025
MIL-OSI Security: Miramar Mayoral Candidate Pleads Guilty to Covid-19 Relief Fraud

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

MIAMI – The owner of Theophin Consulting LLC has pleaded guilty to wire fraud for fraudulently obtaining Covid-19 relief loan proceeds under the Paycheck Protection Program (“PPP”) program.

Rudy Theophin, 41, of Miramar, Fla., was the president and sole owner of Theophin Consulting LLC. In June 2020, Theophin submitted an online PPP loan application for $123,675 through the U.S. Small Business Administration (SBA) to provide relief for the economic effect caused by the Covid-19 pandemic. The loan application and supporting documentation falsely stated the number of employees and the average monthly payroll for Theophin Consulting. Once approved, Theophin transferred a portion of the funds to another person, another portion to an investment account in his name, and he used the remaining funds toward the purchase of a condominium. Theophin ran for mayor of Miramar in 2023.

A sentencing hearing is set on July 15 in Fort Lauderdale before U.S. District Court Judge Rodney Smith. Theophin faces up to 20 years in prison.

U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida and Special Agent in Charge Emmanuel Gomez of the IRS Criminal Investigation (IRS-CI), Miami Field Office, made the announcement.

IRS-CI investigated the case. Assistant U.S. Attorney Christopher Killoran is prosecuting the case. Assistant U.S. Attorney Jorge Delgado is handling asset forfeiture.

Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov, under case number 24-cr-60233.

###

MIL Security OSI –

April 25, 2025

MIL-OSI: C&F Financial Corporation Announces Net Income for First Quarter

Source: GlobeNewswire (MIL-OSI)

TOANO, Va., April 24, 2025 (GLOBE NEWSWIRE) — C&F Financial Corporation (the Corporation) (NASDAQ: CFFI), the holding company for C&F Bank, today reported consolidated net income of $5.4 million for the first quarter of 2025, compared to $3.4 million for the first quarter of 2024. The following table presents selected financial performance highlights for the periods indicated:

	For The Quarter Ended
Consolidated Financial Highlights (unaudited)	3/31/2025			3/31/2024
Consolidated net income (000’s)	$	5,395		$	3,435

Earnings per share – basic and diluted	$	1.66		$	1.01

Annualized return on average equity		9.35	%		6.33	%
Annualized return on average tangible common equity¹		10.65	%		7.30	%
Annualized return on average assets		0.84	%		0.57	%

________________________
¹ For more information about these non-GAAP financial measures, which are not calculated in accordance with generally accepted accounting principles (GAAP), please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

Tom Cherry, President and Chief Executive Officer of C&F Financial Corporation, commented, “We are pleased with our first quarter results. Net income increased across all of our business segments compared to the same quarter last year. Both loan and deposit growth at the community banking segment was strong and loan originations at the mortgage banking segment increased when compared to the first quarter of last year. Despite a decrease in the average balance of loans at the consumer finance segment, we were able to increase net income by continuing to focus on efficiencies. Consolidated margins grew slightly as higher cost time deposits continue to reprice downward. Despite the economic uncertainties, we are optimistic about our earnings for 2025.”

Key highlights for the first quarter of 2025 are as follows.

Community banking segment loans grew $27.6 million, or 7.6 percent annualized, and $139.9 million, or 10.4 percent, compared to December 31, 2024 and March 31, 2024, respectively;
Consumer finance segment loans decreased $4.7 million, or 4.0 percent annualized, and $14.0 million, or 2.9 percent, compared to December 31, 2024 and March 31, 2024, respectively;
Deposits increased $45.8 million, or 8.4 percent annualized, and $128.7 million, or 6.2 percent, compared to December 31, 2024 and March 31, 2024, respectively;
Consolidated annualized net interest margin was 4.16 percent for the first quarter of 2025 compared to 4.09 percent for the first quarter of 2024 and 4.13 percent in the fourth quarter of 2024;
The community banking segment recorded provision for credit losses of $100,000 and $500,000 for the first quarters of 2025 and 2024, respectively;
The consumer finance segment recorded provision for credit losses of $2.9 million and $3.0 million for the first quarters of 2025 and 2024, respectively;
The consumer finance segment experienced net charge-offs at an annualized rate of 2.64 percent of average total loans for the first quarter of 2025, compared to 2.54 percent for the first quarter of 2024; and
Mortgage banking segment loan originations increased $19.5 million, or 20.6 percent, to $113.8 million for the first quarter of 2025 compared to the first quarter of 2024 and decreased $16.7 million, or 12.8 percent compared to the fourth quarter of 2024.

Community Banking Segment. The community banking segment reported net income of $5.4 million for the first quarter of 2025, compared to $4.0 million for the same period of 2024, due primarily to:

higher interest income resulting from higher average balances of loans and the effects of higher average interest rates on asset yields; and
lower provision for credit losses due primarily to lower loan growth;

partially offset by:

higher interest expense due primarily to higher average balances of interest-bearing deposits and higher average rates on deposits; and
higher marketing and advertising expenses related to the strategic marketing initiative, which began in the second half of 2024.

Average loans increased $165.3 million, or 12.7 percent, for the first quarter of 2025, compared to the same period in 2024, due primarily to growth in the construction, commercial real estate, land acquisition and development and builder lines segments of the loan portfolio. Average deposits increased $131.6 million, or 6.4 percent, for the first quarter of 2025, compared to the same period in 2024, due primarily to higher balance of time deposits and noninterest-bearing demand deposits.

Average interest-earning asset yields were higher for the first quarter of 2025, compared to the same period of 2024, due primarily to a shift in the mix of the loan portfolio, renewals of fixed rate loans originated during periods of lower interest rates and purchases of securities available for sale in the overall higher interest rate environment. Average costs of interest-bearing deposits were higher for the first quarter of 2025, compared to the same period of 2024, due primarily to the continued effects of a shift in the mix of deposits with customers seeking higher yielding opportunities as a result of higher interest rates paid on time deposits.

The community banking segment’s nonaccrual loans were $1.2 million at March 31, 2025 compared to $333,000 at December 31, 2024. The increase in nonaccrual loans compared to December 31, 2024 is due primarily to the downgrade of one residential mortgage relationship in the first quarter of 2025. The community banking segment recorded $100,000 in provision for credit losses for the first quarter of 2025, compared to $500,000 for the same period of 2024. At March 31, 2025, the allowance for credit losses increased to $17.5 million, compared to $17.4 million at December 31, 2024, due primarily to growth in the loan portfolio and increased macroeconomic uncertainties. The allowance for credit losses as a percentage of total loans decreased to 1.18 percent at March 31, 2025 from 1.20 percent at December 31, 2024 due primarily to growth in loans with shorter expected lives, which resulted in lower estimated losses over the life of the loan. Management believes that the level of the allowance for credit losses is adequate to reflect the net amount expected to be collected.

Mortgage Banking Segment. The mortgage banking segment reported net income of $431,000 for the first quarter of 2025, compared to $294,000 for the same period of 2024, due primarily to:

higher gains on sales of loans and higher mortgage banking fee income due to higher volume of mortgage loan originations;

partially offset by:

higher variable expenses tied to mortgage loan origination volume such as commissions and bonuses, reported in salaries and employee benefits; and
lower reversal of provision for indemnifications.

Despite the sustained elevated level of mortgage interest rates, higher home prices and low levels of inventory, mortgage banking segment loan originations increased for the first quarter of 2025 compared to the same period of 2024. Mortgage loan originations for the mortgage banking segment were $113.8 million for the first quarter of 2025, comprised of $12.1 million refinancings and $101.7 million home purchases, compared to $94.3 million, comprised of $7.5 million refinancings and $86.8 million home purchases, for the same period in 2024. Mortgage loan originations in the first quarter of 2025 decreased $16.7 million compared to the fourth quarter of 2024 due in part to normal industry seasonal fluctuations. Mortgage loan segment originations include originations of loans sold to the community banking segment, at prices similar to those paid by third-party investors. These transactions are eliminated to reach consolidated totals.

During the first quarter of 2025, the mortgage banking segment recorded a reversal of provision for indemnification losses of $25,000, compared to a reversal of provision for indemnification losses of $140,000 in the same period of 2024. The allowance for indemnifications was $1.32 million and $1.35 million at March 31, 2025 and December 31, 2024, respectively. The release of indemnification reserves in 2025 and 2024 was due primarily to lower volume of mortgage loan originations in recent years, improvement in the mortgage banking segment’s assessment of borrower payment performance and other factors affecting expected losses on mortgage loans sold in the secondary market, such as time since origination. Management believes that the indemnification reserve is sufficient to absorb losses related to loans that have been sold in the secondary market.

Consumer Finance Segment. The consumer finance segment reported net income of $226,000 for the first quarter of 2025, compared to net loss of $63,000 for the same period in 2024, due primarily to:

lower interest expense on borrowings from the community banking segment as a result of lower average balances of borrowings;
lower salaries and employee benefits expense due to an effort to reduce overhead costs; and
higher interest income resulting from the effects of higher interest rates on loan yields, partially offset by lower average balances of loans.

Average loans decreased $8.3 million, or 1.8 percent, for the first quarter of 2025, compared to the same period in 2024. The consumer finance segment experienced net charge-offs at an annualized rate of 2.64 percent of average total loans for the first quarter of 2025, compared to 2.54 percent for the first quarter of 2024, due primarily to an increase in delinquent loans, repossessions and the average amount charged-off when a loan was uncollectable. At March 31, 2025, total delinquent loans as a percentage of total loans was 3.05 percent, compared to 3.90 percent at December 31, 2024, and 2.78 percent at March 31, 2024.

The consumer finance segment, at times, offers payment deferrals as a portfolio management technique to achieve higher ultimate cash collections on select loan accounts. A significant reliance on deferrals as a means of managing collections may result in a lengthening of the loss confirmation period, which would increase expectations of credit losses inherent in the portfolio. Average amounts of payment deferrals of automobile loans on a monthly basis, which are not included in delinquent loans, were 1.75 percent of average automobile loans outstanding during the first quarter of 2025, compared to 1.62 percent during the same period during 2024. The allowance for credit losses was $22.5 million at March 31, 2025 and $22.7 million at December 31, 2024. The allowance for credit losses as a percentage of total loans was 4.88 percent at March 31, 2025 compared to 4.86 percent at December 31, 2024. Management believes that the level of the allowance for credit losses is adequate to reflect the net amount expected to be collected. If loan performance deteriorates resulting in further elevated delinquencies or net charge-offs, the provision for credit losses may increase in future periods.

Liquidity. The objective of the Corporation’s liquidity management is to ensure the continuous availability of funds to satisfy the credit needs of our customers and the demands of our depositors, creditors and investors. Uninsured deposits represent an estimate of amounts above the Federal Deposit Insurance Corporation (FDIC) insurance coverage limit of $250,000. As of March 31, 2025, the Corporation’s uninsured deposits were approximately $644.4 million, or 29.1 percent of total deposits. Excluding intercompany cash holdings and municipal deposits, which are secured with pledged securities, amounts uninsured were approximately $496.6 million, or 22.4 percent of total deposits as of March 31, 2025. The Corporation’s liquid assets, which include cash and due from banks, interest-bearing deposits at other banks and nonpledged securities available for sale, were $315.0 million and borrowing availability was $598.7 million as of March 31, 2025, which in total exceed uninsured deposits, excluding intercompany cash holdings and secured municipal deposits, by $417.1 million as of March 31, 2025.

In addition to deposits, the Corporation utilizes short-term and long-term borrowings as sources of funds. Short-term borrowings from the Federal Reserve Bank and the Federal Home Loan Bank of Atlanta (FHLB) may be used to fund the Corporation’s day-to-day operations. Short-term borrowings also include securities sold under agreements to repurchase. Total borrowings decreased to $119.5 million at March 31, 2025 from $122.6 million at December 31, 2024 due primarily to fluctuations in short-term borrowings.

Additional sources of liquidity available to the Corporation include cash flows from operations, loan payments and payoffs, deposit growth, maturities, calls and sales of securities, the issuance of brokered certificates of deposit and the capacity to borrow additional funds.

Capital and Dividends. During the first quarter of 2025, the Corporation increased its quarterly cash dividend by 5 percent, to 46 cents per share, compared to the previous quarterly dividend. This dividend, which was paid to shareholders on April 1, 2025, represents a payout ratio of 27.7 percent of earnings per share for the first quarter of 2025. The Board of Directors of the Corporation continually reviews the amount of cash dividends per share and the resulting dividend payout ratio in light of changes in economic conditions, current and future capital levels and requirements, and expected future earnings.

Total consolidated equity increased $8.3 million at March 31, 2025, compared to December 31, 2024, due primarily to net income and lower unrealized losses in the market value of securities available for sale, which are recognized as a component of other comprehensive income, partially offset by dividends paid on the Corporation’s common stock. The Corporation’s securities available for sale are fixed income debt securities and their unrealized loss position is a result of increased market interest rates since they were purchased. The Corporation expects to recover its investments in debt securities through scheduled payments of principal and interest. Unrealized losses are not expected to affect the earnings or regulatory capital of the Corporation or C&F Bank. The accumulated other comprehensive loss related to the Corporation’s securities available for sale, net of deferred income taxes, decreased to $19.1 million at March 31, 2025 compared to $23.7 million at December 31, 2024 due primarily to fluctuations in debt security market interest rates and a decrease in the balance of securities available for sale in an unrealized loss position as a result of maturities, calls and paydowns.

As of March 31, 2025, the most recent notification from the FDIC categorized C&F Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized under regulations applicable at March 31, 2025, C&F Bank was required to maintain minimum total risk-based, Tier 1 risk-based, CET1 risk-based and Tier 1 leverage ratios. In addition to the regulatory risk-based capital requirements, C&F Bank must maintain a capital conservation buffer of additional capital of 2.5 percent of risk-weighted assets as required by the Basel III capital rules. The Corporation and C&F Bank exceeded these ratios at March 31, 2025. For additional information, see “Capital Ratios” below. The above mentioned ratios are not impacted by unrealized losses on securities available for sale. In the event that all of these unrealized losses become realized into earnings, the Corporation and C&F Bank would both continue to exceed minimum capital requirements, including the capital conservation buffer, and be considered well capitalized.

In December 2024, the Board of Directors authorized a program, effective January 1, 2025 through December 31, 2025, to repurchase up to $5.0 million of the Corporation’s common stock (the 2025 Repurchase Program). During the first quarter of 2025, the Corporation did not make any repurchases of its common stock under the 2025 Repurchase Program.

About C&F Financial Corporation. The Corporation’s common stock is listed for trading on The Nasdaq Stock Market under the symbol CFFI. The common stock closed at a price of $65.33 per share on April 23, 2025. At March 31, 2025, the book value per share of the Corporation was $72.51 and the tangible book value per share was $64.39. For more information about the Corporation’s tangible book value per share, which is not calculated in accordance with GAAP, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

C&F Bank operates 31 banking offices and four commercial loan offices located throughout eastern and central Virginia and offers full wealth management services through its subsidiary C&F Wealth Management, Inc. C&F Mortgage Corporation and its subsidiary C&F Select LLC provide mortgage loan origination services through offices located in Virginia and the surrounding states. C&F Finance Company provides automobile, marine and recreational vehicle loans through indirect lending programs offered primarily in the Mid-Atlantic, Midwest and Southern United States from its headquarters in Henrico, Virginia.

Additional information regarding the Corporation’s products and services, as well as access to its filings with the Securities and Exchange Commission (SEC), are available on the Corporation’s website at http://www.cffc.com.

Use of Certain Non-GAAP Financial Measures. The accounting and reporting policies of the Corporation conform to GAAP in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the evaluation of the Corporation’s performance. These may include adjusted net income, adjusted earnings per share, adjusted return on average equity, adjusted return on average assets, return on average tangible common equity (ROTCE), adjusted ROTCE, tangible book value per share, price to tangible book value ratio, and the following fully-taxable equivalent (FTE) measures: interest income on loans-FTE, interest income on securities-FTE, total interest income-FTE and net interest income-FTE.

Management believes that the use of these non-GAAP measures provides meaningful information about operating performance by enhancing comparability with other financial periods, other financial institutions, and between different sources of interest income. The non-GAAP measures used by management enhance comparability by excluding the effects of balances of intangible assets, including goodwill, that vary significantly between institutions, and tax benefits that are not consistent across different opportunities for investment. These non-GAAP financial measures should not be considered an alternative to, or more important than, GAAP-basis financial statements, and other bank holding companies may define or calculate these or similar measures differently. A reconciliation of the non-GAAP financial measures used by the Corporation to evaluate and measure the Corporation’s performance to the most directly comparable GAAP financial measures is presented below.

Forward-Looking Statements. This press release contains “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 forward-looking statements are based on the beliefs of the Corporation’s management, as well as assumptions made by, and information currently available to, the Corporation’s management, and reflect management’s current views with respect to certain events that could have an impact on the Corporation’s future financial performance. These statements, including without limitation statements made in Mr. Cherry’s quote and statements regarding future interest rates and conditions in the Corporation’s industries and markets, relate to expectations concerning matters that are not historical fact, may express “belief,” “intention,” “expectation,” “potential” and similar expressions, and may use the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “may,” “might,” “will,” “intend,” “target,” “should,” “could,” or similar expressions. These statements are inherently uncertain, and there can be no assurance that the underlying assumptions will prove to be accurate. Actual results could differ materially from those anticipated or implied by such statements. Forward-looking statements in this release may include, without limitation, statements regarding expected future operations and financial performance, expected trends in yields on loans, expected future recovery of investments in debt securities, future dividend payments, deposit trends, charge-offs and delinquencies, changes in cost of funds and net interest margin and items affecting net interest margin, strategic business initiatives and the anticipated effects thereof, changes in interest rates and the effects thereof on net interest income, mortgage loan originations, expectations regarding C&F Bank’s regulatory risk-based capital requirement levels, technology initiatives, our diversified business strategy, asset quality, credit quality, adequacy of allowances for credit losses and the level of future charge-offs, market interest rates and housing inventory and resulting effects in mortgage loan origination volume, sources of liquidity, adequacy of the reserve for indemnification losses related to loans sold in the secondary market, the effect of future market and industry trends, the effects of future interest rate fluctuations, cybersecurity risks, and inflation. Factors that could have a material adverse effect on the operations and future prospects of the Corporation include, but are not limited to, changes in:

interest rates, such as volatility in short-term interest rates or yields on U.S. Treasury bonds, increases in interest rates following actions by the Federal Reserve and increases or volatility in mortgage interest rates
general business conditions, as well as conditions within the financial markets
general economic conditions, including unemployment levels, inflation rates, supply chain disruptions and slowdowns in economic growth
general market conditions, including disruptions due to pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises, changes in trade policy and the implementation of tariffs, war and other military conflicts or other major events, or the prospect of these events
average loan yields and average costs of interest-bearing deposits and borrowings
financial services industry conditions, including bank failures or concerns involving liquidity
labor market conditions, including attracting, hiring, training, motivating and retaining qualified employees
the legislative/regulatory climate, regulatory initiatives with respect to financial institutions, products and services, the Consumer Financial Protection Bureau (the CFPB) and the regulatory and enforcement activities of the CFPB
monetary and fiscal policies of the U.S. Government, including policies of the FDIC, U.S. Department of the Treasury and the Board of Governors of the Federal Reserve System, and the effect of these policies on interest rates and business in our markets
demand for financial services in the Corporation’s market area
the value of securities held in the Corporation’s investment portfolios
the quality or composition of the loan portfolios and the value of the collateral securing those loans
the inventory level, demand and fluctuations in the pricing of used automobiles, including sales prices of repossessed vehicles
the level of automobile loan delinquencies or defaults and our ability to repossess automobiles securing delinquent automobile finance installment contracts
the level of net charge-offs on loans and the adequacy of our allowance for credit losses
the level of indemnification losses related to mortgage loans sold
demand for loan products
deposit flows
the strength of the Corporation’s counterparties
the availability of lines of credit from the FHLB and other counterparties
the soundness of other financial institutions and any indirect exposure related to the closing of other financial institutions and their impact on the broader market through other customers, suppliers and partners, or that the conditions which resulted in the liquidity concerns experienced by closed financial institutions may also adversely impact, directly or indirectly, other financial institutions and market participants with which the Corporation has commercial or deposit relationships
competition from both banks and non-banks, including competition in the non-prime automobile finance markets and marine and recreational vehicle finance markets
services provided by, or the level of the Corporation’s reliance upon third parties for key services
the commercial and residential real estate markets, including changes in property values
the demand for residential mortgages and conditions in the secondary residential mortgage loan markets
the Corporation’s technology initiatives and other strategic initiatives
the Corporation’s branch expansion, relocation and consolidation plans
cyber threats, attacks or events
C&F Bank’s product offerings
accounting principles, policies and guidelines, and elections by the Corporation thereunder.

These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this release. For additional information on risk factors that could affect the forward-looking statements contained herein, see the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2024 and other reports filed with the SEC. The Corporation undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

C&F Financial Corporation Selected Financial Information (dollars in thousands, except for per share data) (unaudited)

Financial Condition	3/31/2025		12/31/2024		3/31/2024
Interest-bearing deposits in other banks	$	62,490	$	49,423	$	39,303
Investment securities – available for sale, at fair value		431,513		418,625		430,421
Loans held for sale, at fair value		27,278		20,112		22,622
Loans, net:
Community Banking segment		1,463,679		1,436,226		1,324,690
Consumer Finance segment		439,604		444,085		452,537
Total assets		2,612,530		2,563,374		2,469,751
Deposits		2,216,654		2,170,860		2,087,932
Repurchase agreements		25,909		28,994		27,803
Other borrowings		93,546		93,615		93,772
Total equity		235,271		226,970		216,949

	For The
	Quarter Ended
Results of Operations	3/31/2025		3/31/2024
Interest income	$	35,988	$	32,708
Interest expense		10,978		9,550
Provision for credit losses:
Community Banking segment		100		500
Consumer Finance segment		2,900		3,000
Noninterest income:
Gains on sales of loans		1,847		1,288
Other		5,726		6,204
Noninterest expenses:
Salaries and employee benefits		13,483		14,252
Other		9,576		8,898
Income tax expense		1,129		565
Net income		5,395		3,435

Fully-taxable equivalent (FTE) amounts¹
Interest income on loans-FTE		32,428		29,636
Interest income on securities-FTE		3,346		3,098
Total interest income-FTE		36,276		32,993
Net interest income-FTE		25,298		23,443

________________________
¹For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

	For the Quarter Ended
	3/31/2025							3/31/2024
	Average			Income/		Yield/		Average			Income/		Yield/
Yield Analysis	Balance			Expense		Rate		Balance			Expense		Rate
Assets
Securities:
Taxable	$	339,450		$	2,193	2.58	%	$	365,244		$	1,980	2.17	%
Tax-exempt		119,033			1,153	3.87			120,920			1,118	3.70
Total securities		458,483			3,346	2.92			486,164			3,098	2.55
Loans:
Community banking segment		1,467,555			19,966	5.52			1,302,260			17,331	5.35
Mortgage banking segment		20,968			339	6.56			17,700			281	6.39
Consumer finance segment		465,526			12,123	10.56			473,848			12,024	10.21
Total loans		1,954,049			32,428	6.73			1,793,808			29,636	6.64
Interest-bearing deposits in other banks		55,830			502	3.65			28,417			259	3.67
Total earning assets		2,468,362			36,276	5.95			2,308,389			32,993	5.75
Allowance for credit losses		(40,605	)						(40,292	)
Total non-earning assets		154,554							156,800
Total assets	$	2,582,311						$	2,424,897

Liabilities and Equity
Interest-bearing deposits:
Interest-bearing demand deposits	$	332,341			600	0.67		$	335,570			553	0.66
Savings and money market deposit accounts		489,217			1,205	1.00			484,645			1,061	0.88
Certificates of deposit		821,949			7,964	3.93			705,167			6,916	3.94
Total interest-bearing deposits		1,643,507			9,769	2.40			1,525,382			8,530	2.25
Borrowings:
Repurchase agreements		28,192			112	1.59			27,997			111	1.59
Other borrowings		93,597			1,097	4.69			78,445			909	4.64
Total borrowings		121,789			1,209	3.97			106,442			1,020	3.83
Total interest-bearing liabilities		1,765,296			10,978	2.51			1,631,824			9,550	2.35
Noninterest-bearing demand deposits		545,346							531,885
Other liabilities		40,874							44,125
Total liabilities		2,351,516							2,207,834
Equity		230,795							217,063
Total liabilities and equity	$	2,582,311						$	2,424,897
Net interest income				$	25,298						$	23,443
Interest rate spread						3.44	%						3.40	%
Interest expense to average earning assets						1.79	%						1.66	%
Net interest margin						4.16	%						4.09	%


	3/31/2025
Funding Sources	Capacity		Outstanding		Available
Unsecured federal funds agreements	$	75,000	$	—	$	75,000
Borrowings from FHLB		248,508		40,000		208,508
Borrowings from Federal Reserve Bank		315,221		—		315,221
Total	$	638,729	$	40,000	$	598,729

Asset Quality	3/31/2025			12/31/2024
Community Banking
Total loans	$	1,481,190		$	1,453,605
Nonaccrual loans	$	1,189		$	333

Allowance for credit losses (ACL)	$	17,511		$	17,379
Nonaccrual loans to total loans		0.08	%		0.02	%
ACL to total loans		1.18	%		1.20	%
ACL to nonaccrual loans		1,472.75	%		5,218.92	%
Annualized year-to-date net charge-offs to average loans		0.01	%		0.01	%

Consumer Finance
Total loans	$	462,136		$	466,793
Nonaccrual loans	$	975		$	614
Repossessed assets	$	976		$	779
ACL	$	22,532		$	22,708
Nonaccrual loans to total loans		0.21	%		0.13	%
ACL to total loans		4.88	%		4.86	%
ACL to nonaccrual loans		2,310.97	%		3,698.37	%
Annualized year-to-date net charge-offs to average loans		2.64	%		2.62	%

	For The
	Quarter Ended
Other Performance Data	3/31/2025			3/31/2024
Net Income (Loss):
Community Banking	$	5,445		$	4,012
Mortgage Banking		431			294
Consumer Finance		226			(63	)
Other¹		(707	)		(808	)
Total	$	5,395		$	3,435

Net income attributable to C&F Financial Corporation	$	5,368		$	3,401

Earnings per share – basic and diluted	$	1.66		$	1.01
Weighted average shares outstanding – basic and diluted		3,234,935			3,370,934

Annualized return on average assets		0.84	%		0.57	%
Annualized return on average equity		9.35	%		6.33	%
Annualized return on average tangible common equity²		10.65	%		7.30	%
Dividends declared per share	$	0.46		$	0.44

Mortgage loan originations – Mortgage Banking	$	113,750		$	94,346
Mortgage loans sold – Mortgage Banking		106,431			86,079

________________________
¹ Includes results of the holding company that are not allocated to the business segments and elimination of inter-segment activity.
² For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”


Market Ratios	3/31/2025		12/31/2024
Market value per share	$	67.39	$	71.25
Book value per share	$	72.51	$	70.00
Price to book value ratio		0.93		1.02
Tangible book value per share¹	$	64.39	$	61.86
Price to tangible book value ratio¹		1.05		1.15
Price to earnings ratio (ttm)		11.16		11.86

________________________
¹ For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”



							Minimum Capital
Capital Ratios	3/31/2025			12/31/2024			Requirements³
C&F Financial Corporation¹
Total risk-based capital ratio		14.1	%		14.1	%		8.0	%
Tier 1 risk-based capital ratio		11.9	%		11.9	%		6.0	%
Common equity tier 1 capital ratio		10.8	%		10.7	%		4.5	%
Tier 1 leverage ratio		9.9	%		9.8	%		4.0	%

C&F Bank²
Total risk-based capital ratio		13.7	%		13.5	%		8.0	%
Tier 1 risk-based capital ratio		12.4	%		12.3	%		6.0	%
Common equity tier 1 capital ratio		12.4	%		12.3	%		4.5	%
Tier 1 leverage ratio		10.3	%		10.1	%		4.0	%

________________________
¹ The Corporation, a small bank holding company under applicable regulations and guidance, is not subject to the minimum regulatory capital regulations for bank holding companies. The regulatory requirements that apply to bank holding companies that are subject to regulatory capital requirements are presented above, along with the Corporation’s capital ratios as determined under those regulations.
² All ratios at March 31, 2025 are estimates and subject to change pending regulatory filings. All ratios at December 31, 2024 are presented as filed.
³ The ratios presented for minimum capital requirements are those to be considered adequately capitalized.

	For The Quarter Ended
	3/31/2025			3/31/2024
Reconciliation of Certain Non-GAAP Financial Measures
Return on Average Tangible Common Equity
Average total equity, as reported	$	230,795		$	217,063
Average goodwill		(25,191	)		(25,191	)
Average other intangible assets		(1,118	)		(1,366	)
Average noncontrolling interest		(637	)		(649	)
Average tangible common equity	$	203,849		$	189,857

Net income	$	5,395		$	3,435
Amortization of intangibles		62			65
Net income attributable to noncontrolling interest		(27	)		(34	)
Net tangible income attributable to C&F Financial Corporation	$	5,430		$	3,466

Annualized return on average equity, as reported		9.35	%		6.33	%
Annualized return on average tangible common equity		10.65	%		7.30	%

	For The Quarter Ended
	3/31/2025		3/31/2024
Fully Taxable Equivalent Net Interest Income¹
Interest income on loans	$	32,382	$	29,586
FTE adjustment		46		50
FTE interest income on loans	$	32,428	$	29,636

Interest income on securities	$	3,104	$	2,863
FTE adjustment		242		235
FTE interest income on securities	$	3,346	$	3,098

Total interest income	$	35,988	$	32,708
FTE adjustment		288		285
FTE interest income	$	36,276	$	32,993

Net interest income	$	25,010	$	23,158
FTE adjustment		288		285
FTE net interest income	$	25,298	$	23,443

____________________
¹ Assuming a tax rate of 21%.

	3/31/2025			12/31/2024
Tangible Book Value Per Share
Equity attributable to C&F Financial Corporation	$	234,634		$	226,360
Goodwill		(25,191	)		(25,191	)
Other intangible assets		(1,084	)		(1,147	)
Tangible equity attributable to C&F Financial Corporation	$	208,359		$	200,022

Shares outstanding		3,235,781			3,233,672

Book value per share	$	72.51		$	70.00
Tangible book value per share	$	64.39		$	61.86

Contact:		Jason Long, CFO and Secretary (804) 843-2360

The MIL Network –

April 25, 2025

MIL-OSI USA: News 04/24/2025 Blackburn Leads Tennessee Delegation in Requesting Swift Approval of Major Disaster Declaration in Wake of Severe Weather

US Senate News:

Source: United States Senator Marsha Blackburn (R-Tenn)

NASHVILLE, Tenn. – Today, U.S. Senator Marsha Blackburn (R-Tenn.) led the Tennessee delegation in sending a letter to President Donald Trump urging his swift approval of Governor Bill Lee’s request for a major disaster declaration following severe weather in the state beginning on April 2, 2025.

Read the full letter here or below.

Dear Mr. President:

We write to urge swift approval of Governor Bill Lee’s request for a major disaster declaration pursuant to the Robert T. Stafford Disaster Relief and Emergency Assistance Act due to severe weather beginning on April 2, 2025.

On April 2, a powerful storm system entered Tennessee and repeatedly moved over the state until April 6. During that time, the severe weather system resulted in a total of 19 tornadoes, wreaking unimaginable damage. In addition to the devastating outbreak of tornadoes, this generational event resulted in up to 15 inches of rain in some locations, causing severe flooding and flash flooding across the state. Straight-line winds with gusts up to 90 mph caused significant damage to property in several counties. Across the state, more than 325 roads were closed or impassable and 25 water treatment facilities were impacted. Sadly, 10 Tennesseans have died as a result of this severe weather.

To respond to this disaster, Governor Lee is requesting a Major Disaster Declaration for Individual Assistance for the following counties: Cheatham, Davidson, Dickson, Dyer, Grundy, Hardeman, Hickman, Humphreys, Lewis, McNairy, Montgomery, Obion, Perry, Sumner, and Wilson. This request encompasses the Individuals and Households Program, Crisis Counseling, Disaster Unemployment Assistance, Disaster SNAP, Disaster Case Management, Disaster Legal Services, and Small Business Administration Disaster Assistance.

The Governor is also requesting Public Assistance (Categories A-G) for the following counties: Carroll, Cheatham, Crockett, Davidson, Decatur, Dyer, Fayette, Gibson, Grundy, Hardeman, Hardin, Haywood, Henderson, Henry, Lake, Lauderdale, Madison, McNairy, Obion, Perry, Shelby, Tipton, and Wilson. This includes support of sheltering and Direct Federal Assistance for those activities deemed necessary by the Tennessee Emergency Management Agency. For Public Assistance Categories A-B, Governor Lee is requesting a 100 percent federal cost share for eligible expenses incurred in the first 90 days of response starting April 2, 2025.

Additionally, Governor Lee is requesting the Hazard Mitigation Grant Program statewide. Please note that the following counties are anticipated to be requested to add-on to this major declaration request: Hickman, Humphreys, Lawrence, Lewis, Montgomery, Stewart and Sumner counties.

Governor Lee’s request is attached. On behalf of the State of Tennessee, we urge you to approve this request as soon as possible.

Our offices can provide you with any additional information you need.

CO-SIGNERS

Senator Blackburn was joined by Senator Bill Hagerty (R-Tenn.) and U.S. Representatives Tim Burchett (R-Tenn.), Steve Cohen (D-Tenn.), Scott DesJarlais (R-Tenn.), Chuck Fleischmann (R-Tenn.), Mark Green (R-Tenn.), Diana Harshbarger (R-Tenn.), David Kustoff (R-Tenn.), Andy Ogles (R-Tenn.), and John Rose (R-Tenn.) in sending the letter.

MIL OSI USA News –

April 25, 2025
MIL-OSI USA: UConn Launches Largest Campaign in University History
Source: US State of Connecticut

The University of Connecticut announced Thursday that it has raised more than $720 million in a $1.5 billion fundraising campaign, the most ambitious in the University’s history.

The multi-year “Because of UConn” Campaign is comprehensive, spanning all schools, colleges, campuses, and UConn Health. The campaign focuses on four pillars:
- Students First: making transformative investments in financial aid, student health, career readiness, and life skills to improve time-to-degree and career outcomes.
- Academic & Innovation Excellence: driving investment in top faculty and graduate fellows and building the innovation ecosystem of the state and beyond.
- Health & Wellness of People & Planet: focusing on patient care, medical research, and the development of life-changing technologies that improve health care outcomes.
- Husky Pride: investing in athletic excellence and supporting a thriving UConn Nation that includes more than 290,000 alumni worldwide.
UConn President Radenka Maric unveiled the campaign at a kickoff event on Wednesday, April 23 at UConn Avery Point. “This ambitious campaign is fully aligned with a strategic plan that will lead the way to a bigger, brighter, bolder UConn,” says Maric. “It supports students to help them excel in the classroom and post-graduation. ‘Because of UConn‘ elevates our academic standing and fuels groundbreaking research that moves Connecticut and the world forward. It asks our donors and alumni to invest in a healthier world and our continued excellence in D1 sports.”

Governor Ned Lamont speaks during the Because of UConn campaign event at the Avery Point campus on April 23, 2025. At left is President Radenka Maric (Peter Morenus/UConn Photo)

The campaign is by far UConn’s largest and most ambitious to date. The momentum of the campaign has sparked the strongest start to a fundraising year ever, up more than 76% compared to this time last year.

The campaign pillars support UConn’s 10-year Strategic Plan, designed to make an education more affordable and a UConn degree more valuable by elevating UConn among its national peers.

Putting Students First

The campaign’s top priority is to bolster UConn’s academic mission to create opportunities for our students, including more than 8,550 who are the first in their families to attend college.

The campaign will support efforts to improve student retention and graduation rates. Investing in student success will help UConn reach its goal of increasing its six-year graduation rate from 83% to 90% by 2030, with a particular focus on first-generation students.

Research Excellence

As a world-class research institution, UConn encourages students and faculty to ask big questions and find solutions to pressing problems from biotech to advanced manufacturing to advance the Connecticut and national economy. The campaign will help the University provide fellowships for much-needed graduate researchers, help recruit and retain top faculty, and invest in lifesaving and world-changing research at more than 80 centers and 100 state-of-the-art STEM facilities on campus. UConn boasts nearly 300 scientists who are in the top 2% of researchers investigating everything from cancer to AI.

UConn basketball great Emeka Okafor ’04 (BUS) speaks during the Because of UConn campaign event at the Avery Point campus on April 23, 2025. (Peter Morenus/UConn Photo)

It will also invest in UConn’s athletic programs and the health and financial literacy of student-athletes, including the men’s and women’s basketball teams, which have brought home three consecutive NCAA National Championship trophies in the last three years. UConn is proud to have 26 national championships across all sports.

Leading the Way to a New Era

The quiet phase of the campaign has been led by some of the University’s most generous lifetime donors, whose significant support has set the pace for this effort, including:
- Over $52 million from Elisabeth DeLuca ’69 (NUR) to build a new state-of-the-art nursing facility at UConn to innovate in the field of nursing and address a statewide nursing shortage.
- $46.5 million from Peter J. Werth to establish a legacy of innovation and entrepreneurship by creating an institute that empowers students and faculty to transform ideas into impactful ventures that fuel economic growth and opportunity. Werth has also been generous in his support of UConn student-athletes and their championship pursuits.
- Over $25 million from alumni Denis ’76 (BUS) ’77 MBA and Britta Nayden ’76 (BUS) who have supported initiatives across the University, with a strong focus on student success. Their generosity has helped launch programming in the School of Business, expand scholarship support, and, more recently, advance initiatives in student athlete financial literacy, mental health, and wellness.
- $15 million from Trisha Bailey ’99 (CLAS) ’23(HON) to transform student-athlete support by establishing a world-class facility that advances academic achievement, mental and physical wellness, and athletic excellence.
- Over $11 million from Toni Boucher ’02 MBA, marked by a lead gift to establish the Boucher Management & Entrepreneurship Department, empowering students across disciplines to launch innovative ventures, drive economic growth, and honor the entrepreneurial legacy of her late husband, Bud.
Corporations, including Eversource, Synchrony, Travelers, The Hartford, RTX, Stanley Black & Decker, and Bank of America, have been philanthropically generous in supporting students through scholarships, programming, as well as providing job opportunities.

Bruce Liang, dean of UConn School of Medicine, and Provost Ann D’Alleva speak at the Because of UConn campaign event at the Avery Point campus on April 23, 2025. (Peter Morenus/UConn Photo)

“’Because of UConn‘ will have a profound impact on the University. It will double the number of named scholarships, fund scientific breakthroughs and advanced lifesaving therapies, and engage UConn Nation in the life and mission of the University like never before” says Amy Yancey, President and CEO of the UConn Foundation. “We are so grateful for the generous support of alumni and friends of the University who are investing in UConn to ensure a thriving Connecticut and success for future generations of Huskies.”

Other campaign objectives include growing the endowment; increasing the number of donors; and increasing engagement touchpoints with UConn alumni and supporters through events, giving, social media and storytelling during the campaign timeframe.

The campaign is led by volunteer alumni co-chairs Toni Boucher, Rich and Joyce Eldh, Doug and Sheila Elliot, and Board of Trustees Chair Dan Toscano. The Eldhs have been generous supporters of full scholarships for students from Bridgeport and the Elliots have been generous across many programs, including Elliot Ballpark, home to the UConn baseball team; the Toscanos, longtime supporters of UConn, have invested in scholarships, faculty, innovative programming such as Hillside Ventures, and UConn Athletics. Honorary co-chairs include Vlad Coric, Denis Nayden, Molly Qerim and Peter Werth. They’re among the more than 30 members of the campaign committee.

MIL OSI USA News –
April 25, 2025

MIL-OSI: WENDEL: Q1 2025 Trading update

Source: GlobeNewswire (MIL-OSI)

Q1 2025 NAV per share at €176.7

Continued strategic deployment :

€34bn of private Assets under Management for third parties

Solid financial structure:
Strong liquidity and LTV ratio at 17.2%

Fully diluted Net Asset Value¹as of March 31, 2025: €176.7 per share

Fully diluted NAV per share down -4.8% since the start of the year reflecting market volatility and evolution of valuation multiples:
- Listed assets (29% of Gross Asset Value): flat total value year-to-date
- Unlisted assets (33% of GAV): total value down 7.3%, mainly due to lower market multiples
- Following the acquisition of Monroe Capital, Asset Management now represents 17% of GAV

Good performance of Group companies in Q1 20205

Principal investments: all Group companies generated positive total sales growth in Q1, except Scalian

Asset management: good momentum in fundraising and revenue growth

IK Partners’ revenues up +33% in Q1. Successful closing of the IK X flagship fund at €3.3 billion, the largest fund raised in its history and continued momentum in fundraising of IK Small & Dev Cap
Altogether IK Partners and Monroe have successfully raised more than €3 billion of new funds on various strategies over Q1 2025

Successful implementation of new strategic directions

Principal Investments: successful Forward Sale of 6.7% of Bureau Veritas’ share capital, at a price of €27.25 per share on March 12, 2025
- Wendel entered into a call spread transaction to benefit from up to c.15% of the stock price appreciation over the next three years on the equivalent number of shares underlying the Forward Sale Transaction
- Total net proceeds for Wendel of €750 million
- Wendel has retained 26.5% of the share capital and 41.2% of the voting rights of Bureau Veritas
Asset Management: With Monroe Capital acquisition, Wendel’s third party asset management platform reached €34 billion in AUM²
- On March 31, 2025, Wendel has invested $1.13³ billion to acquire 72% of Monroe Capital’s shares together with rights to c.20% of the carried interest generated on past and future funds

Dividend: €4.70 per share, up 17.5%, proposed to May 15, 2025, AGM

c.2.5% of NAV as of December 31, 2024, as stated in the strategic roadmap
Representing a yield of c. 5.5% compared to the current share price⁴

Strong financial structure and committed to remaining Investment Grade

Debt maturity of 3.4 years with an average cost of 2.4%
LTV ratio at 17.2%⁵ as of March 31, 2025, on a pro forma basis
Pro forma total liquidity of €1.7⁶ billion as of March 31, 2025, including c.€800 million in cash and €875 million in committed credit facility (fully undrawn)
On March 31, 2025, S&P revised Wendel outlook to ‘Stable’ from ‘Negative’ on debt reduction and reaffirmed its ‘BBB’ rating

Laurent Mignon, Wendel Group CEO, commented:

“The first quarter of 2025 marks a significant milestone for Wendel, with the successful closing of Monroe Capital’s acquisition, materializing our strategy to grow third-party asset management alongside our principal investment activity. With €34 billion of assets under management and €3.4 billion raised in Q12025 now with Monroe Capital and IK Partners, we are building a strong and significant Asset management player generating recurring and predictable income, enhancing significantly Wendel’s value creation profile.

We also successfully completed a forward sale of Bureau Veritas shares, achieved in good conditions, generating €750M of proceeds, that, combined with our financial discipline, contributed to significantly improve of our LTV ratio. This strengthened financial profile is a key lever to successfully deliver our 2027 value creation roadmap. Our teams remain fully mobilized to generate value through the current portfolio and put in place the asset management platform.”

Wendel’s net asset value as of March 31, 2025: €176.7 per share on a fully diluted basis

Wendel’s Net Asset Value (NAV) as of March 31, 2025, was prepared by Wendel to the best of its knowledge and on the basis of market data available at this date and in compliance with its methodology.

Fully diluted Net Asset Value was €176.7 per share as of March 31, 2025 (see detail in the table below), as compared to €185.7 on December 31, 2024, representing a decrease of -4.8% since the start of the year. Compared to the last 20-day average share price as of March 31, the discount to the March 31, 2025, fully diluted NAV per share was -47.9%.

Bureau Veritas contributed negatively to Net Asset Value, as end of March 2025, its 20-day average share price was down YTD (-3.2%). IHS Towers (+37.2%) and Tarkett (+55.5%) 20-day average share prices impacted positively the NAV. Total value creation per share of listed assets was therefore neutral (+€0.0) on a fully diluted basis over the first quarter.

Unlisted asset contribution to NAV was negative over the course of the quarter with a total change per share of -€6.5 reflecting overall multiples’ decrease.

Asset management activities contribution to NAV was slightly negative, -€0.8, due to IK Partners multiples’ evolution. A total of €29M of sponsor money is included in the NAV as of end of March, both for IK Partners and Monroe.

Cash operating costs, Net Financing Results and Other items impacted NAV by -€1.7, as Wendel benefits from a positive carry and maintains a good cost control.

Total Net Asset Value evolution per share amounted to -€9.0 since the start of the year.

Fully diluted NAV per share of €176.7 as of March 31, 2025

(in millions of euros)				03/31/2025	12/31/2024
Listed investments	Number of shares	Share price ⁽¹⁾		2,965	3,793
Bureau Veritas	89.9m⁽²⁾/120.3m		€28.5/€29.5	2,565	3,544
IHS	63.0m/63.0m		$4.4/$3.2	254	192
Tarkett		€16.4/€10.5		146	57
Investment in unlisted assets ⁽³⁾				3,346	3,612
Asset Management Activities ⁽⁴⁾				1,778	616
Asset Managers (IK Partners & Monroe)				1,749	616
Sponsor Money				29	–
Other assets and liabilities of Wendel and holding companies ⁽⁵⁾				161	174
Net cash position & financial assets ⁽⁶⁾				2,058	2,407
Gross asset value				10,308	10,603
Wendel bond debt				-2,378	-2,401
IK Partners transaction deferred payment and Monroe earnout				-244	-131
Net Asset Value				7,686	8,071
Of which net debt				-564	-124
Number of shares				44,461,997	44,461,997
Net Asset Value per share				€172.9	€181.5
Wendel’s 20 days share price average				€92.0	€93.5
Premium (discount) on NAV				-46.8%	-48.5%
Number of shares – fully diluted				42,456,176	42,466,569
Fully diluted Net Asset Value, per share				€176.7	€185.7
Premium (discount) on fully diluted NAV				-47.9%	-49.6%

(1)  Last 20 trading days average as of March 31, 2025, and December 31, 2024.
(2)  Number of shares adjusted from the Forward Sale Transaction of 30,357,140 shares of Bureau Veritas. The value of the call spread transaction to benefit from up to c.15% of the stock price appreciation on the equivalent number of shares is taken into account in Other assets & liabilities.
(3)  Investments in unlisted companies (Stahl, Crisis Prevention Institute, ACAMS, Scalian, Globeducate, Wendel Growth). Aggregates retained for the calculation exclude the impact of IFRS16.
(4)  Investment in IK Partners (excl. Cash to be distributed to shareholders), in Monroe and sponsor money.
(5)  Of which 2,005,821 treasury shares as of March 31, 2025, and 1,995,428 as of December 31, 2024.
(6)  Cash position and short-term financial assets of Wendel & holdings.
Assets and liabilities denominated in currencies other than the euro have been converted at exchange rates prevailing on the date of the NAV calculation.
If co-investment and managements LTIP conditions are realized, subsequent dilutive effects on Wendel’s economic ownership are accounted for in NAV calculations. See page 285 of the 2024 Registration Document.

Wendel’s Principal Investments’ portfolio rotation

On March 12, 2025, Wendel realized a successful placement of Bureau Veritas shares as part of a prepaid 3-year forward sale representing approximately 6.7% of Bureau Veritas share capital and increased its financial flexibility by reducing the pro forma loan-to-value ratio to approximately 17%. The transaction immediately generated net cash proceeds of approximately €750M to Wendel.

Wendel reinvested €11.5m in Scalian upon the acquisition of a specialized IT services player focused on the Defense sector in January 2025.

Wendel’s Asset Management platform evolution

Acquisition of a controlling stake in Monroe Capital LLC closed, a transformational transaction in line with the strategic roadmap

Wendel completed on March 31, 2025 the definitive partnership agreement including the acquisition, together with AXA IM Prime, of 75% of Monroe Capital LLC (“Monroe Capital” or “the Company”), and a sponsoring program of $800 million to accelerate Monroe Capital’s growth, together with an investment of up to $200 million in GP commitment.

With IK Partners and Monroe Capital, Wendel’s third party asset management platform reached €34 billion in AUM⁷, and should generate, on a full-year basis, c.€ 455 million revenues⁸, c.€160 million pre-tax FRE (c.€100 million in pre-tax FRE (Wendel share) in 2025. Wendel’s ambition is to reach €150 million (Wendel share) in pre-tax FRE in 2027.

Strong value creation and performance of Third Party Asset Management (17% of Gross Asset Value)

Q1 2025 performance

Over the first quarter of 2025, IK Partners registered again particularly strong levels of activity, generating a total of €46.4 million in revenue, up 33 % vs. Q1 2024. Total Assets under Management (€14.9 billion, of which €4.8 billion of Dry Powder⁹) grew by 8% since the beginning of the year, and FPAuM¹⁰ (€10.2 billion) by 2%. Over the period, €0.64 billion of new funds were raised (IK X, IK PF III, IK SC IV and IK CV I) and 2 exits have been realized, for over €0.26 billion.

As of March 31, 2025, Wendel’s third party asset management platform¹¹ represented total assets under management of €34 billion and achieved €3.4 billion of fundraising.

Sponsor money invested by Wendel

Wendel committed €500 million in IK Partners funds (of which €300 million in IK X). As of March 31, 2025, €29 million of sponsor money have been called in IK Partners and Monroe Capital funds.

Principal Investment companies’ sales

Listed Assets: 29% of Gross Asset Value

Bureau Veritas – A robust first quarter and an unchanged 2025 outlook; Increased returns to shareholders with a €200m share buyback program
(full consolidation)

Bureau Veritas revenue in the first quarter of 2025 amounted to €1,558.7 million, an 8.3% increase compared to the first quarter of 2024. Bureau Veritas delivered an organic growth of 7.3%.
Three businesses led the growth: Industry, up 14.3%, Marine & Offshore, up 11.8%, and Certification, up 10.9%. Agri-Food & Commodities grew 6.0% while both Consumer Products Services and Buildings & Infrastructure grew low-single-digit organically in the first quarter of 2025.
The scope effect was a positive 1.4%, reflecting bolt-on acquisitions (contributing to +3.0%) finalized in the past few quarters and partly offset by the impact of divestments completed over the last twelve months (contributing to -1.6%). Currency fluctuations had a negative impact of 0.4%, due to the strength of the euro against most currencies.

2025 Share buyback program
On April 24, 2025, Bureau Veritas announces a new EUR 200 million share buyback program to be completed by the end of June 2025. This decision reflects the Group’s confidence in its resilient business model and takes advantage of the current share price.

2025 Outlook unchanged

While customers are navigating an uncertain period, Bureau Veritas has a robust opportunities pipeline, a solid backlog, and mid-to-long-term strong market fundamentals. Therefore, Bureau Veritas keeps its outlook unchanged, and expects to deliver for the full year 2025: Mid-to-high single-digit organic revenue growth;
Improvement in adjusted operating margin at constant exchange rates;
Strong cash flow, with a cash conversion¹² above 90%.

For more information: https://group.bureauveritas.com

IHS Towers – IHS Towers will report its Q1 results in May 2025

Tarkett reported its Q1 on April 17, 2025

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

Unlisted Assets: 33% of Gross Asset Value

	Sales (in millions)
	Q1 2024	Q1 2025
Stahl	€225.6	€231.0
CPI	$29.0	$30.7
ACAMS	$20.7	$22.0
Scalian	€140.6	€131.8
Globeducate ⁽¹⁾	n/a	€109.6

(1) Indian operations are deconsolidated and accounted for by the equity method due to the absence of audited figures. 3 months revenue from December 1, 2024, to February 28, 2025.

Stahl – Total sales¹³up +2.4% in Q1 2025, in challenging market conditions
(full consolidation)

Stahl, the world leader in specialty coatings for flexible materials, posted total sales of €231.0 million in Q1 2025, representing a total increase of +2.4% versus Q1 2024.

Q1 2025 was marked by increased levels of market uncertainty driven by geopolitical and trade tensions. Organic growth was -5.4%, against a high comparison basis with Q1 2024 (when sales grew organically by +9.8%). Scope contributed positively by +8.1% thanks to the Weilburger Graphics acquisition completed in September 2024, while FX was negative (-0.3%).

Proforma for the sale of the wet-end leather chemicals activities, total growth over the quarter would have been +6.0%.

Crisis Prevention Institute – Revenue growth of +5.8% as compared with Q1 2024

(full consolidation)

Crisis Prevention Institute recorded first quarter 2025 revenue of $30.7 million, up +5.8% vs. Q1 2024. Of this increase, +5.3% was organic growth, -0.9% came from FX movements and +1.4% from scope effect. Despite ongoing federal oversight and funding uncertainty for some of CPI’s customers, staff training sessions have continued to grow, however customers have been slower to add or replace new certified instructors during this period of uncertainty.

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

ACAMS – Total sales up +6.4% in Q1, reflecting double-digit growth in the core North American segment as well as continued momentum in the conference sponsorship & exhibition business

(full consolidation)

ACAMS, the global leader in training and certifications for anti-money laundering and financial-crime prevention professionals, generated total revenue of $22.0 million, up +6.4% compared to the first quarter of 2024¹⁴. First-quarter results were driven by double-digit growth in the core North American segment, with both bank and non-bank customers, as well as improved conference sponsorship & exhibition sales, offset by headwinds in select EMEA and APAC markets.

Q1 growth reflects momentum from recent strategic and organizational changes including the senior leadership additions in 2024, a shift in focus to selling solutions for large enterprise customers, market expansion with the introduction of the Certified Anti-Fraud Specialist certification (CAFS), and investments in the technology platform. ACAMS anticipates continued growth in 2025 as these strategic changes and investments take hold.

Scalian – Decrease of total sales of -6.3% in Q1 2025, in the context of continued market growth slowdown. Acquisition of a French IT services specializing in the defense sector in January 2025.

(full consolidation) 

Scalian, a leading consulting firm in digital transformation and operational performance reported total sales of €131.8M as of March 31, 2025, a -6.3% decrease vs. last year. The slowdown is spread across several sectors and geographies particularly automotive in Europe and Aeronautics (supply chain disruptions). Sales are down -11.2% organically but have benefited from a positive scope effect of +4.9%.

In January 2025, Scalian completed the acquisition of a French IT services specialist. The acquisition was funded through shareholders’ equity contribution, including a €11.5m equity injection from Wendel in Scalian. This acquisition further reinforces Scalian’s unique positioning in the OT/IT space and is fully in line with the buy-and-build strategy implemented by the Group and which has resulted in the acquisitions of Yucca in 2023 as well as Mannarino and Dulin in 2024.

Globeducate – Revenue growth of +11%¹⁵

(Accounted for by the equity method. Globeducate acquisition was completed on October 16^th, 2024. Indian operations are deconsolidated and accounted for by the equity method due to the absence of audited figures. 3 months revenue from December 1, 2024- February 28, 2025.)

Globeducate, one of the world’s leading bilingual K-12 education groups, recorded first quarter 2025 revenue of €109.6 million, up +11% vs. Q1 2024. Of this increase, +3.5% came from accretive M&A transactions.

Over September and November 2024, Globeducate completed 2 acquisitions:1 in Cyprus (Olympion School) and 1 in the UK (Ecole des Petits).

Preliminary estimated impact of new tariffs on Wendel’s businesses

Wendel Group’s companies are mainly business services, and are therefore only slightly directly impacted by conflicts over tariffs. For industrial companies (Stahl and Tarkett), these two companies have production units generally located in the countries in which they generate their revenues. According to the information available, the direct impact for these two companies is limited. The lack of visibility on the evolution of tariffs, as well as their real impact on global economic growth and USD exchange rates, constitute the main risk on the value creation potential of our assets.

1 Fully diluted of share buybacks and treasury shares. Without adjusting for dilution, NAV stands at €7,719m and €173.6 per share.
2 As of end of March 2025, AuM of IK Partners and Monroe Capital

3 This amount includes usual closing adjustments

4 Share price as of April 23, 2025: €86.05

5 Including sponsor money commitment in IK (-€500m partly called as of 03.31.2025) & expected commitments in Monroe Capital (-$200m partly called as of 03.31.2025), IK Partners transaction deferred payment (-€131m), Monroe Capital 100% acquisition (including estimated earnout and puts on residual capital, i.e -$528M).

6 €2.1bn of cash as of March 31, 2025, restated from sponsor money commitment in IK (-€500m partly called as of 03.31.2025) & expected commitments in Monroe Capital (-$200m partly called as of 03.31.2025), IK Partners transaction deferred payment (-€131m), Monroe Capital 100% acquisition (including estimated earnout and puts on residual capital, i.e -$528M).

7 As of end of March 2025

8 Based on USD/EUR exchange rate of 1.05

9 Commitments not yet invested

10 Fee Paying AuM

11 IK Partners and Monroe Capital

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

13 Total sales including wet-end activities, of which sale closing is expected in Q2 2025.

14 Revenue in Q1 2024 excludes PPA restatement impact of $0.3m. Including this restatement, revenue is $20.4m in Q1 2024.

15 Indian operations are deconsolidated and accounted for by the equity method due to the absence of audited figures. 3 months revenue from December 1, 2024 to February 28, 2025. These figures are compared with the same period last year and are estimated and non audited, accordingly, changes in percentages are rounded to the nearest whole figure.

Agenda

Thursday, May 15, 2025, at 3 PM CEST

Annual General Meeting

Wednesday, July 30, 2025

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

Thursday, October 23, 2025

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

Friday, December 12, 2025

2025 Investor Day.

About Wendel

Wendel is one of Europe’s leading listed investment firms. Regarding its principal investment strategy, the Group invests in companies which are leaders in their field, such as ACAMS, Bureau Veritas, Crisis Prevention Institute, Globeducate, IHS Towers, Scalian, Stahl and Tarkett. In 2023, Wendel initiated a strategic shift into third-party asset management of private assets, alongside its historical principal investment activities. In May 2024, Wendel completed the acquisition of a 51% stake in IK Partners, a major step in the deployment of its strategic expansion in third-party private asset management and also completed in March 2025 the acquisition of 72% of Monroe Capital. As of March 31, 2025, Wendel manages 34 billion euros on behalf of third-party investors, and c.6.3 billion euros invested in its principal investments activity.

Wendel is listed on Eurolist by Euronext Paris.

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

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

For more information: wendelgroup.com

Attachment

Wendel_Q1_2025_EN_

The MIL Network –

April 25, 2025

MIL-OSI USA: Governor Stein Celebrates Boviet Solar Factory Grand Opening in Pitt County

Source: US State of North Carolina

Headline: Governor Stein Celebrates Boviet Solar Factory Grand Opening in Pitt County

Governor Stein Celebrates Boviet Solar Factory Grand Opening in Pitt County
lsaito
Thu, 04/24/2025 – 11:58

Raleigh, NC

Today, Governor Josh Stein joined business leaders and elected officials at the grand opening ceremony for Boviet Solar’s new solar module factory in Greenville. Governor Stein celebrated Boviet Solar’s $294 million investment in North Carolina and highlighted his continued commitment to clean energy.

“North Carolina continues to be a leader in the clean energy economy, and I am proud to welcome Boviet Solar as it opens its first U.S. manufacturing facility in Greenville,” said Governor Josh Stein. “As our state grows, so do our energy needs. I look forward to partnering with Boviet Solar to strengthen our workforce and build stronger clean tech infrastructure in North Carolina.”

“With nearly 110,000 people working in our clean energy sector, North Carolina ranks ninth in the nation for clean energy jobs,” said N.C. Commerce Secretary Lee Lilley. “Boviet is a powerful addition to our supply chain that includes a roster of 220 solar companies that are helping to provide more low-carbon energy sources.”

In 2024, Boviet Solar announced it would create more than 900 jobs and invest $294 million in its first North American manufacturing facility that will produce high-quality solar panels and photovoltaic cells. Founded in Vietnam, the company is a leader in solar project development with commercial, industrial, and residential customers in the United States. The state-of-the-art facility in Pitt County will increase the company’s global production capacity in a 1-million-square foot manufacturing campus.

Apr 24, 2025

MIL OSI USA News –

April 25, 2025
MIL-OSI: Ageas successfully places EUR 500 million Tier 2 Notes
Source: GlobeNewswire (MIL-OSI)

Ageas successfully places EUR 500 million Tier 2 Notes

Today ageas SA/NV successfully placed debt securities in the form of EUR 500 million Subordinated Fixed to Floating Rate Notes (the “Notes”) maturing in May 2056 and with a first call date in November 2035. The issuance generated substantial interest and was more than 3 times oversubscribed (orderbook in excess of EUR 1.6 billion).

The Notes will be issued in denominations of EUR 100,000 at a re-offer price of 99.89 with a fixed coupon rate of 4.625% payable annually until the first reset date (2 May 2036). As of the first reset date, the coupon becomes payable quarterly at a 3-month Euribor floating rate over the initial credit spread (215bp) and a 100 basis points step-up.

The Notes will qualify as Tier 2 capital for both the Group and Ageas SA/NV under the Solvency II prudential regime in the EU and are rated A- by Fitch. Ageas expects Standard and Poor’s will assign an A- rating. Application has been made for the Notes to be listed on the official list and admitted to trading on the Luxembourg Stock Exchange’s Euro MTF market. The Notes are expected to be settled on 2 May 2025.

The net proceeds of the Notes are expected to be used for the financing of the acquisition of esure as well as for general corporate purposes and to optimise the capital structure of the Group.

Ageas is a listed international insurance Group with a heritage spanning of 200 years. It offers Retail and Business customers Life and Non-Life insurance products designed to suit their specific needs, today and tomorrow, and is also engaged in reinsurance activities. As one of Europe’s larger insurance companies, Ageas concentrates its activities in Europe and Asia, which together make up the major part of the global insurance market. It operates successful insurance businesses in Belgium, the UK, Portugal, Türkiye, China, Malaysia, India, Thailand, Vietnam, Laos, Cambodia, Singapore, and the Philippines through a combination of wholly owned subsidiaries and long-term partnerships with strong financial institutions and key distributors. Ageas ranks among the market leaders in the countries in which it operates. It represents a staff force of about 50,000 people and reported annual inflows of EUR 18.5 billion in 2024.

Disclaimer

THIS COMMUNICATION IS NOT INTENDED FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR ANY OTHER JURISDICTION WHERE SUCH DISTRIBUTION IS PROHIBITED UNDER APPLICABLE LAW.

The issue, exercise or sale of securities in the offering mentioned in this press release are subject to specific legal or regulatory restrictions in certain jurisdictions. The information contained herein shall not constitute or form part of an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities referred to herein, in any jurisdiction in which such offer, solicitation or sale would be unlawful. ageas SA/NV assumes no responsibility in the event there is a violation by any person of such restrictions.

This press release does not constitute an offer to sell, or a solicitation of offers to purchase or subscribe for, securities in the United States or any other jurisdiction. The securities referred to herein have not been, and will not be, registered under the Securities Act of 1933, as amended, and may not be offered, exercised or sold in the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. There is no intention to register any portion of the offering in the United States or to conduct a public offering of securities in the United States.

This communication may only be communicated, or caused to be communicated, to persons in the United Kingdom in circumstances where the provisions of Section 21 of the Financial Services and Markets Act 2000, as amended (the “Financial Services and Markets Act”) do not apply to ageas SA/NV and is directed solely at persons in the United Kingdom who (i) have professional experience in matters relating to investments, such persons falling within the definition of “investment professionals” in Article 19(5) of the Financial Services and Markets Act (Financial Promotion) Order 2005, as amended (the “Order”) or (ii) are persons falling within Article 49(2)(a) to (d) of the Order or other persons to whom it may lawfully be communicated (all such persons together being referred to as “relevant persons”). This communication is directed only to relevant persons and must not be acted on or relied on by persons who are not relevant persons.

The securities referred to herein are not intended to be offered, sold or otherwise made available to, and should not be offered, sold or otherwise made available to, any retail investor in the European Economic Area. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU, as amended (“MiFID II”) or (ii) a customer within the meaning of Directive (EU) 2016/97, as amended (the “Insurance Distribution Directive”), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II.

The securities referred to herein are not intended to be offered, sold or otherwise made available to, and should not be offered, sold or otherwise made available to, any retail investor in the United Kingdom. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (“EUWA”) or (ii) a customer within the meaning of the provisions of the Financial Services and Markets Act and any rules or regulations made under the Financial Services and Markets Act to implement the Insurance Distribution Directive, where that customer would not qualify as a professional client as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA.

The securities referred to herein are also not intended to be offered, sold or otherwise made available, and will not be offered, sold or otherwise made available, in Belgium to “consumers” (consumenten/consommateurs) within the meaning of the Belgian Code of Economic Law (Wetboek van economisch recht/Code de droit économique), as amended.

The securities referred to herein may be held only by, and transferred only to, eligible investors referred to in Article 4 of the Belgian Royal Decree of 26 May 1994, holding their securities in an exempt securities account that has been opened with a financial institution that is a direct or indirect participant in the securities settlement system operated by the National Bank of Belgium or any successor thereto.

This press release is not a prospectus nor an advertisement for the purpose of Regulation (EU) 2017/1129.

Attachment
- Pdf version of the press release
The MIL Network –
April 25, 2025
MIL-OSI: Sword Group: Q1 2025 Sword achieves its Double-Digit Growth Target despite the current Geopolitical Context: +11.8% (i)
Source: GlobeNewswire (MIL-OSI)

KEY FIGURES
Consolidated revenue for the 1st quarter of 2025 is €85.5m, an increase of +11.8% on a like-for-like basis compared with the first quarter of 2024.
Profitability (EBITDA margin) is 12.0%, or €10.3m.

Q1 2025 ACCOUNTS

Q1 | non audited figures

€m 2025 2024 Organic Growth (i)

Revenue 85.5 75.8 +11.8%

EBITDA 10.3 9.1 –

EBITDA Margin 12.0% 12.0% –

(i) on a like-for-like basis

ANALYSIS
Revenue shows double-digit growth, in line with budget forecasts.
Profitability remains stable, as expected, while a number of ambitious projects are currently under review. Such projects could enable us to outperform over the next few years.
The backlog remains solid and continues to support our expectations.
Our external growth strategy is continuing, with a focus on micro-acquisitions that will strengthen our expertise, particularly in Artificial Intelligence and Cybersecurity.
In this regard, Sword finalised the acquisition of iDelta on 7 April, and several other targets are currently being evaluated.

OUTLOOK
The Group confirms its 2028 Business Plan.

Dividend
€2.0 gross per shre
Ex-date: April 30, 2025
Record Date: May 2, 2025
Payment: May 5, 2025
Pending approval at the Annual General Meeting on April 28.

Agenda
28/04/25: 2024 Annual Shareholders Meeting
24/07/25: Publication of Q2 2025 Revenue

Sword Group
Sword has 3,500+ IT/Digital specialists active in 50+ countries to accompany you in the growth of your organisation in the digital age.
As a leader in technological and digital transformation, Sword has a solid reputation in complex IT & business project management.
Sword optimises your processes and enhances your data.

Attachment
- SwordGroup_Q1 2025 Results FV24042025
The MIL Network –
April 25, 2025

MIL-OSI: LECTRA: Q1 2025: Business slowdown due to unprecedented environment

Source: GlobeNewswire (MIL-OSI)

Q1 2025: Business slowdown due to unprecedented environment

Revenues: 134.4 million euros (+4%)*
EBITDA before non-recurring items: 21.1 million euros (stable)*
Net income: 5.8 million euros (-13%)*
Update of 2025 annual forecast premature

*At actual exchange rates

	January 1 – March 31
	2025	2024	Changes 2025/2024
(in millions of euros)			Actual exchange rates	Like-for-like⁽¹⁾
Revenues	134.4	129.6	+4%	+1%
ARR ⁽²⁾	90.3		+2%	+3%
EBITDA before non-recurring items	21.1	21.1	+0%	-6%
EBITDA margin before non-recurring items	15.7%	16.3%	-0,6 point	-0,9 point
Net income	5.8	6.7	-13%	–
Shareholders’ Equity	368.8	341.6	–	–
Net cash (+) / Net financial debt (-)	-4.6	-18.8	–	–

⁽¹⁾ On a constant currency basis and for a comparable scope of consolidation
⁽²⁾ At December 31, 2024 and March 31, 2025

Paris, April 24, 2025. Today, Lectra’s Board of Directors, chaired by Daniel Harari, reviewed the unaudited consolidated financial statements for the first quarter of 2025.

MACROECONOMIC AND GEOPOLITICAL SITUATION: AN UNPRECEDENTED SHOCK

Since early March, the global economic situation has deteriorated. The unexpectedly sweeping new tariffs announced on April 2 have caused considerable volatility in global financial markets and led to significant declines in market valuations and indices across all countries. They have also had major negative impacts on businesses worldwide, creating uncertainty and restraining their near-term growth prospects.

Limited direct impact

As of today, software and services are not subject to customs duties. Half of the equipment sales in the United States come from local production. On the other hand, a small portion of this production is sold in China. Therefore, only 10% of the revenue is affected by the announced customs duties.

The Group has reflected the increased customs duties in its selling prices.

Robust competitive position

The distortion of competition regarding equipment is virtually nil in the near term, as manufacturing by competitors in the United States is extremely limited. Were the situation to continue over the long term, it would be expected to work in Lectra’s favor, as competitors manufacture for the most part in Asia and in Europe. The Group is also the only one to have three production sites, in France, China and the United Sates.

A sense of apprehension that reinforces customers’ wait-and-see attitude

Customers and contract manufacturers must now adjust to this new economic landscape — in terms of pricing policy, production, investment, or future strategy.

The long-term effects of these new tariffs, if confirmed, could have repercussions on inflation, growth, and supply chains.

Should the situation deteriorate, a global economic slowdown could be observed, with higher prices for consumers and lower profits for companies, leading to financing difficulties and reduced investment.

SUMMARY FOR Q1 2025

To facilitate the analysis of the Group’s results, the accounts are compared to those published for 2024 (at actual exchange rates) and, for the 2025 vs 2024 comparisons, to the aux 2024 pro-forma accounts (presented on a like-for-like basis), including Launchmetrics from January 1.

Given the importance of SaaS activity for Lectra, the Group has decided to publish a new indicator, ARR (Annual Recurring Revenue), which is commonly used in the SaaS industry.

ARR at March 31, 2025, came to 90.3 million euros, up 3% higher than at the end of 2024 at comparable exchange rates.

Q1 2025 revenues (134.5 million euros) were up 4% at actual exchange rates and up 1% on a like-for-like basis, reflecting the slowdown observed early in March.

EBITDA before non-recurring items totaled 21.1 million euros, holding stable at actual exchange rates and down 6% on a like-for-like basis. The EBITDA margin before non-recurring items was 15.7%.

After accounting for an amortization charge of intangible assets amounting to 5.9 million euros, the income from operation before non-recurring items decreased by 12% on a comparable basis, to 10.3 million euros.

Net income amounted to 5.8 million euros, down 13% at actual exchange rates.

High free cash flow before non-recurring items

Free cash flow before non-recurring items remained high at 17.7 million euros in Q1 2025, after the record level of 22.0 million euros posted in Q1 2024.

A particularly robust sheet

At March 31, 2025, the Group had a particularly robust balance sheet with a consolidated shareholders’ equity of 368.8 million euros and a net financial debt of 4.6 million euros. The Group has thus continued to reduce its debt at a sustained pace, 14 months after financing the acquisition of a majority stake in Launchmetrics.

OUTLOOK

In the management discussion and analysis of the consolidated financial statements for the fourth quarter and full year 2024, published on February 12, 2025, Lectra reiterated its long-term vision, together with the objectives of its strategic roadmap for 2023-2025.

The Group noted that in a challenging environment, having proven its resilience and the quality of its fundamentals, Lectra had approached the year 2025 with confidence, pursuing its strategy by meeting customers’ needs as closely as possible through the quality of its offer for Industry 4.0 and by developing its SaaS activity.

In light of the unprecedented circumstances stemming from economic and policy announcements, leading to a stronger-than-anticipated wait-and-see attitude among its customers, it is premature to provide updated annual forecasts at this time.

The 2024 Financial Report, as well as the Management Discussion and analysis of financial conditions and results of operations and the financial statements for Q1 2025 are available on lectra.com. The Shareholders’ General and Special Meetings will be held on April 25, 2025, in the Company’s offices. Q2 and H1 2025 earnings will be published on July 24, 2025, after the close of the Paris Stock Exchange.

About Lectra

At the forefront of innovation since its founding in 1973, Lectra provides industrial intelligence technology solutions—combining software in SaaS mode, cutting equipment, data, and associated services—to players in the fashion, automotive and furniture industries. With boldness and passion, Lectra accelerates the transformation and success of its customers in a world in perpetual motion thanks to the key technologies of Industry 4.0: AI, big data, cloud and the internet of things.

The Group is present in more than one hundred countries. It operates three production sites for its cutting equipment, located in France, China and the United States. Lectra’s 3,000 employees are driven by three core values: being open-minded thinkers, trusted partners and passionate innovators. They all share the same concern for social responsibility, which is one of the pillars of Lectra’s strategy to ensure its sustainable growth and that of its customers.

Lectra reported revenues of €527 million in 2024, including €77 million coming from its SaaS offerings. The company is listed on Euronext, and is included in the CAC All Shares, CAC Technology, EN Tech Leaders and ENT PEA-PME 150 indices.

For more information, visit ww.lectra.com.

Lectra – World Headquarters: 16–18, rue Chalgrin • 75016 Paris • France

Tel. +33 (0)1 53 64 42 00 – www.lectra.com

A French Société Anonyme with capital of €37,966,274 • RCS Paris B 300 702 305

Attachment

Lectra_Press Release_Q1Y2025

The MIL Network –

April 25, 2025

MIL-OSI Global: Wishcycling: how ‘eco-friendly’ labels confuse shoppers and make recycling less effective

Source: The Conversation – UK – By Anastasia Vayona, Postdoctoral Research Fellow in Social Science and Policy, Faculty of Science and Technology, Bournemouth University

BearFotos/Shutterstock

Have you ever thrown something in the recycling bin, hoping it’s recyclable? Maybe a toothpaste tube, bubble wrap or plastic toy labelled “eco-friendly”?

This common practice, known as “wishcycling”, might seem harmless. But my colleagues and I have published research that shows misleading environmental claims by companies are making recycling more confusing – and less effective.

This kind of marketing leads to greenwashed consumer behaviour — when people believe they are making environmentally friendly choices, but are being misled by exaggerated or false claims about how sustainable a product is.

We surveyed 537 consumers from 102 towns across the UK to explore a simple question: is there a link between greenwashed consumer behaviour and wishcycling? We wanted to find out whether they feed into each other, what drives them both, and how consumers perceive the connection.

What makes this issue particularly interesting is its psychological foundation. We argue that modern consumers have been burdened with a responsibility that may be beyond their capacity: deciding what to do with product packaging after use.

Many people are unprepared, undereducated or simply unaware of the full effect of their choices — and why should they be? This is a burden that should not rest on their shoulders. Into this gap has stepped recycling, presented as the solution. Consumers are led to believe that by recycling, they are doing their part to help the environment.

Read more:
A beginner’s guide to greenwash and four ways to avoid falling for it

However, when products carry environmental claims or symbols — even vague ones like a green leaf, green banner or “earth-friendly” label — consumers often fall prey to what we call the “environmental halo effect”. This cognitive bias causes people to attribute positive environmental qualities to the entire product, including how it’s disposed of, even when those claims may not be accurate.

Surprisingly, our study reveals that environmentally conscious consumers can be most susceptible to this effect. Their strong environmental values may make them more inclined to trust green marketing claims, even when those claims are vague or misleading.

Recycling labels can be misleading.
Billion Photos/Shutterstock

Driven by their desire to make sustainable choices, these consumers often accept green marketing claims at face value, assuming that environmental claims reflect genuine efforts toward sustainability.

Even more intriguingly, we found that people with higher levels of education tend to trust companies’ environmental claims more readily, especially when these companies present themselves as environmentally responsible.

This all leads to more wishcycling, not less. When companies talk about their environmental ethos and social responsibility, we’re more likely to believe their packaging is recyclable – even when it isn’t.

Our research also suggests that younger consumers, despite being generally more environmentally aware, are more likely to wishcycle. While millennials and generation Z often express strong environmental values, they’re also often more likely to contaminate recycling streams by throwing in non-recyclable items.

The future is circular

The solution is not to stop caring for the environment, but to channel that care more effectively. At the heart of this approach is the concept of a circular economy, where products and materials are reused, refurbished and recycled, rather than discarded.

The answer isn’t just better recycling – it’s better packaging design and corporate responsibility from the start. While we as consumers should continue doing our part, the primary burden should rest with manufacturers to create packaging that’s genuinely recyclable or reusable, not just marketed as “eco-friendly”.

This means implementing clear, standardised labelling that leaves no room for confusion, using packaging made from single, easily recyclable materials, and designing for reuse and refill systems.

On February 11 2025, the EU enacted a new packaging and packaging waste directive. This is designed to reduce packaging waste and support a circular economy by setting rules for how packaging should be made, used and disposed of throughout its lifecycle.

Until these systemic changes are fully implemented, we need to be both environmentally conscious and critically aware consumers. But it’s important to remember: while our daily choices and actions matter, the key to real change lies in pushing for corporate and policy-level transformation of our packaging systems.

By designing out waste, the circular economy offers a sustainable model that can guide these changes and reduce our dependence on single-use packaging. Hopefully, this can inspire us to improve current practices and keep finding better ways to do things, leading to a more sustainable and resilient future.

Don’t have time to read about climate change as much as you’d like?

Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 45,000+ readers who’ve subscribed so far.

Anastasia Vayona 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. Wishcycling: how ‘eco-friendly’ labels confuse shoppers and make recycling less effective – https://theconversation.com/wishcycling-how-eco-friendly-labels-confuse-shoppers-and-make-recycling-less-effective-253867

MIL OSI – Global Reports –

April 25, 2025

MIL-OSI: Coface SA: Disclosure of trading in own shares (excluding the liquidity agreement) made on April 14 to April 17, 2025

Source: GlobeNewswire (MIL-OSI)

COFACE SA: Disclosure of trading in own shares (excluding the liquidity agreement) made
on April 14 to April 17, 2025

Paris, April 24, 2025 – 17.45

Pursuant to Regulation (EU) No 596/2014 of 16 April 2014 on market abuse¹

The main features of the 2024-2025 Share Buyback Program have been published on the Company’s website (http://www.coface.com/Investors/Disclosure-requirements, under “Own share transactions”) and are also described in the 2024 Universal Registration Document.

Trading session of (Date)	Number of shares	Weighted average price	Gross amount	MIC Code	Purpose of buyback
14/04/2025	10,000	16.4054 €	164,054 €	XPAR	LTIP
15/04/2025	10,000	16.7280 €	167,280 €	XPAR	LTIP
16/04/2025	10,000	16.9585 €	169,585 €	XPAR	LTIP
17/04/2025	10,000	16.9946 €	169,946 €	XPAR	LTIP
Total 14/04/2025 – 17/04/2025	40,000	16.7716 €	670,865 €		LTIP

CONTACTS

ANALYSTS / INVESTORS
Thomas JACQUET: +33 1 49 02 12 58 – thomas.jacquet@coface.com
Rina ANDRIAMIADANTSOA: +33 1 49 02 15 85 – rina.andriamiadantsoa@coface.com

FINANCIAL CALENDAR 2025
(subject to change)

Q1-2025 results: 5 May 2025 (after market close)
Annual General Shareholders’ Meeting: 14 May 2025
H1-2025 results: 31 July 2025 (after market close)
9M-2025 results: 3 November 2025 (after market close)

FINANCIAL INFORMATION
This press release, as well as COFACE SA’s integral regulatory information, can be found on the Group’s website: http://www.coface.com/Investors

For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for H1-2024 and our 2024 Universal Registration Document (see part 3.7 “Key financial performance indicators”).

Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust.
You can check the authenticity on the website www.wiztrust.com.

COFACE: FOR TRADE
As a global leading player in trade credit risk management for more than 75 years, Coface helps companies grow and navigate in an uncertain and volatile environment.
Whatever their size, location or sector, Coface provides 100,000 clients across some 200 markets. with a full range of solutions: Trade Credit Insurance, Business Information, Debt Collection, Single Risk insurance, Surety Bonds, Factoring.
Every day, Coface leverages its unique expertise and cutting-edge technology to make trade happen, in both domestic and export markets.
In 2024, Coface employed ~5,236 people and registered a turnover of €1.84 billion.

www.coface.com

COFACE SA is listed in Compartment A of Euronext Paris
ISIN: FR0010667147 / Ticker: COFA

1 Also in pursuant to Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 (and updates); Article L.225-209 and seq. of the French Commercial Code; Article L.221-3, Article L.241-1 and seq. of the General Regulation of the French Market Authority (AMF); AMF Recommendation DOC-2017-04 Guide for issuers on their own shares transactions and for stabilization measures.

Attachment

2025 04 24 – Declaration – Own shares transaction

The MIL Network –

April 25, 2025

MIL-OSI: Westamerica Bancorporation Increases Quarterly Cash Dividend

Source: GlobeNewswire (MIL-OSI)

SAN RAFAEL, Calif., April 24, 2025 (GLOBE NEWSWIRE) — The Board of Directors of Westamerica Bancorporation (NASDAQ: WABC) today declared a quarterly cash dividend of $0.46 per share, which represents a two cent per share increase from the prior quarter, on common stock outstanding to shareholders of record at the close of business May 5, 2025. The dividend is payable May 16, 2025.

Chairman, President and CEO David Payne stated, “This increase in the quarterly dividend recognizes Westamerica’s reliable earnings stream, financial strength and conservative risk profile.”

On April 17, 2025, Westamerica reported $31.0 million in net income for the three months ended March 31, 2025, or $1.16 diluted earnings per common share.

Westamerica Bancorporation, through its wholly owned subsidiary, Westamerica Bank, operates banking and trust offices throughout Northern and Central California.

Westamerica Bancorporation Web Address: www.westamerica.com

For additional information contact:

Westamerica Bancorporation
1108 Fifth Avenue, San Rafael, CA 94901
Robert A. Thorson – Investor Relations Contact
707-863-6090
investments@westamerica.com

FORWARD-LOOKING INFORMATION:

The following appears in accordance with the Private Securities Litigation Reform Act of 1995:

This press release may contain forward-looking statements about the Company, including descriptions of plans or objectives of its management for future operations, products or services, and forecasts of its revenues, earnings or other measures of economic performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.”

Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors — many of which are beyond the Company’s control — could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. The Company’s most recent reports filed with the Securities and Exchange Commission, including the annual report for the year ended December 31, 2024 filed on Form 10-K and quarterly report for the quarter ended September 30, 2024 filed on Form 10-Q, describe some of these factors, including certain credit, interest rate, operational, liquidity and market risks associated with the Company’s business and operations. Other factors described in these reports include changes in business and economic conditions, competition, fiscal and monetary policies, disintermediation, cyber security risks, legislation including the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the Sarbanes-Oxley Act of 2002 and the Gramm-Leach-Bliley Act of 1999, and mergers and acquisitions.

Forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date forward looking statements are made.

The MIL Network –

April 25, 2025

MIL-OSI: Cegedim: Like-for-like revenues grew 4.5% in the first quarter

Source: GlobeNewswire (MIL-OSI)

Quarterly financial information as of March 31, 2025
IFRS – Regulated information – Not audited

Revenue grew 3.5% as reported and 4.5% LFL to €161.3 million in the first quarter of 2025.
The marketing, health insurance, HR, and cloud businesses delivered the most solid growth.

Boulogne-Billancourt, France, April 24, 2025, after the market close

Revenue

	First quarter		Change Q1 2025 / 2024
in millions of euros	2025	2024		Reported	Life for like⁽¹⁾⁽²⁾
Software & Services	72.4	74.4		(2.6)%	(0.4)%
Flow	27.6	25.3		+8.9%	+8.8%
Data & Marketing	29.9	27.0		+10.6%	+10.6%
BPO	21.1	20.2		+4.3%	+4.3%
Cloud & Support	10.3	9.0		+14.8%	+14.8%
Cegedim	161.3	155.9		+3.5%	+4.5%

Cegedim’s consolidated first-quarter 2025 revenues rose to €161.3 million, up 3.5% as reported and 4.5% like for like⁽¹⁾ compared with the same period in 2024.

Marketing, health insurance, HR, and cloud businesses delivered the most solid growth over the first quarter. The deconsolidation of INPS on December 10, 2024, following its voluntary placement in administration, weighed on reported growth at the Software & Services division and Group level.

Analysis of business trends by division

Software & Services

Software & Services	First quarter		Change Q1 2025 / 2024
in millions of euros	2025	2024	Reported	Like for like⁽¹⁾
Cegedim Santé	18.9	18.1	+4.7%	(4.7)%
Insurance, HR, Pharmacies, and other services	44.1	42.7	+3.4%	+3.4%
International businesses	9.4	13.6	(31.1)%	(6.9)%
Software & Services	72.4	74.4	(2.6)%	(0.4%

Revenues at Cegedim Santé grew 4.7% as reported in the first quarter but fell 4.7% like for like. Reported growth got a boost from the consolidation over the full quarter of Visiodent, which was first consolidated on March 1, 2024. The Maiia suite of products and the Claude Bernard database are both doing well, but their momentum was obscured by the expiration of a contract to supply data. That contract is being renegotiated, but it did not generate any revenues in the first quarter.

Other French subsidiaries saw revenue growth of 3.4% both as reported and like for like. The division was propelled by growth at the insurance businesses, thanks to robust project-based sales and the start of the run phase of projects started in 2024. The HR business is still getting a boost from its client diversification strategy and strong growth in its core market. On the other hand, because it is between waves of Ségur public health investments, sales of products and services for pharmacies in France are experiencing a lacklustre business environment.

International businesses posted reported revenues down 31.1% owing to the deconsolidation of INPS from December 10, 2024, following its voluntary placement in administration. Like-for-like revenues declined 6.9% due to an unfavorable comparison in sales to pharmacies in the UK—which got a boost from the Pharmacy First program in Q1 2024—and because a client of Activus, a UK subsidiary selling software for health insurance and personal protection insurance for expats, went out of business at the end of 2024. Both businesses have clear prospects that will reverse the downward trend in the months ahead. Other international activities had a positive quarter and remain on track.

Flow	First quarter		Change Q1 2025 / 2024
in millions of euros	2025	2024	Reported	Like for like⁽²⁾
e-business	16.9	15.4	+9.0%	+8.8%
Third-party payer	10.7	9.9	+8.7%	+8.7%
Flow	27.6	25.3	+8.9%	+8.8%

First-quarter growth in e-business, e-invoicing, and digitized data exchanges was 9.0% as reported and 8.8% like for like, and both business segments contributed to the gains. E-Invoicing & Procurement continues to expand in France and abroad, whereas the Healthcare Flow segment is still getting a boost from dynamic new offerings for hospitals that are designed to make their drug purchasing secure.

The Third-party payer business experienced 8.7% growth in Q1. It was boosted by strong growth in demand for its fraud and long-term illness detection offerings, a trend that began in H2 2024.

Data & Marketing

Data & Marketing	First quarter		Change Q1 2025 / 2024
in millions of euros	2025	2024	Reported	Like for like⁽¹⁾
Data	13.8	13.0	+5.9%	+5.9%
Marketing	16.1	14.0	+14.9%	+14.9%
Data & Marketing	29.9	27.0	+10.6%	+10.6%

Data businesses were up 5.9% in the first quarter on the back of a strong showing in France, where sales are stronger than they are abroad.

The Marketing segment posted robust growth of 14.9% owing to strong sales after new client wins and brisk business with existing clients.

BPO	First quarter		Change Q1 2025 / 2024
in millions of euros	2025	2024	Reported	Like for like⁽1⁾
Insurance BPO	15.2	14.5	+4.7%	+4.7%
Business Services BPO	5.9	5.7	+3.4%	+3.4%
BPO	21.1	20.2	+4.3%	+4.3%

The Insurance BPO business grew by 4.7% over the quarter, chiefly owing to its overflow business, which has been flourishing lately because it serves a critical need for clients.

Business Services BPO (HR and digitalization) reported growth of 3.4% in the first quarter on the back of a popular compliance
offering.

Cloud & Support

Cloud & Support	First quarter		Change Q1 2025 / 2024
in millions of euros	2025	2024	Reported	Like for like⁽¹⁾
Cloud & Support	10.3	9.0	+14.8%	+14.8%

The Cloud & Support division continued to build on the momentum it generated in 2024, with growth of 14.8% in Q1 reflecting an expanded range of sovereign cloud-backed products and services.

Highlights

To the best of the company’s knowledge, there were no events or changes during the first quarter of 2025 that would materially alter the Group’s financial situation.

Significant transactions and events post March 31, 2025
To the best of the company’s knowledge, there were no post-closing events or changes after March 31, 2025, that would materially alter the Group’s financial situation.

Outlook

Based on the currently available information, the Group expects 2025 like-for-like revenue⁽³⁾ growth to be in the range of 2-4% relative to 2024. Recurring operating income should continue to improve, following a similar trajectory as in 2024.

These targets are not forecasts and may need to be revised if there is a significant worsening of geopolitical, macroeconomic, or currency risks.

WEBCAST ON APRIL 24, 2025, AT 6:15 PM (PARIS TIME)

The webcast is available at: www.cegedim.fr/webcast

The Q1 2025 revenue presentation is available at:
https://www.cegedim.fr/documentation/Pages/presentation.aspx

Financial calendar:

2025

June 13 at 9:30

July 24 after the close

September 25 after the close

September 26 at 10:00 am

October 23 after the close

Shareholders’ general meeting

H1 2025 revenues

H1 2025 results

SFAF meeting

Q3 2025 revenues

Financial calendar: https://www.cegedim.fr/finance/agenda/Pages/default.aspx

Disclaimer
This press release is available in French and in English. In the event of any difference between the two versions, the original French version takes precedence. This press release may contain inside information. It was sent to Cegedim’s authorized distributor on April 24, 2025, no earlier than 5:45 pm Paris time.
The figures cited in this press release include guidance on Cegedim’s future financial performance targets. This forward-looking information is based on the opinions and assumptions of the Group’s senior management at the time this press release is issued and naturally entails risks and uncertainty. For more information on the risks facing Cegedim, please refer to Chapter 7, “Risk management”, section 7.2, “Risk factors and insurance”, and Chapter 3, “Overview of the financial year”, section 3.6, “Outlook”, of the 2024 Universal Registration Document filled with the AMF on April 7, 2025, under number D.24-0233.

About Cegedim:
Founded in 1969, Cegedim is an innovative technology and services company in the field of digital data flow management for healthcare ecosystems and B2B, and a business software publisher for healthcare and insurance professionals. Cegedim employs nearly
6,700 people in more than 10 countries and generated revenue of over €654 million in 2024.
Cegedim SA is listed in Paris (EURONEXT: CGM).
To learn more please visit: www.cegedim.fr
And follow Cegedim on X @CegedimGroup, LinkedIn, and Facebook.

Aude Balleydier
Cegedim
Media Relations
and Communications Manager

Tel.: +33 (0)1 49 09 68 81
aude.balleydier@cegedim.fr

Damien Buffet
Cegedim
Head of Financial
Communication

Tel.: +33 (0)7 64 63 55 73
damien.buffet@cegedim.com

Céline Pardo
Becoming RP Agency
Media Relations Consultant

Tel.: +33 (0)6 52 08 13 66
cegedim@becoming-group.com

____________________________________________________________________________________________________________________________________________________

Appendix

Breakdown of revenue by quarter and division

in millions of euros	Q1	Q2	Q3	Q4	Total
Software & Services	72.4				72.4
Flow	27.6				27.6
Data & Marketing	29.9				29.9
BPO	21.1				21.1
Cloud & Support	10.3				10.3
Group revenue	161.3				161.3

in millions of euros	Q1	Q2	Q3		Q4	Total
Software & Services	74.4	77.8		75.6	80.1	307.8
Flow	25.4	24.2		23.7	27.0	100.3
Data & Marketing	27.0	32.3		28.2	38.4	125.9
BPO	20.2	19.7		21.6	21.2	82.7
Cloud & Support	9.0	9.1		7.7	12.0	37.8
Group revenue	155.9	163.1		156.8	178.7	654.5

Breakdown of revenue by geographic zone, currency, and division at March 31, 2025

as a % of consolidated revenues	Geographic zone			Currency
as a % of consolidated revenues	France	EMEA ex. France	Americas	Euro	GBP	Other
Software & Services	87.1%	12.8%	0.1%	91.1%	6.8%	2.0%
Flow	91.6%	8.4%	0.0%	94.3%	5.7%	0.0%
Data & marketing	97.7%	2.3%	0.0%	98.3%	0.0%	1.7%
BPO	100.0%	0.0%	0.0%	100.0%	0.0%	0.0%
Cloud & Support	97.0%	3.0%	0.0%	97.0%	0.0%	3.0%
Cegedim	92.1%	7.8%	0.1%	94.5%	4.0%	1.5%

(1) At constant scope and exchange rates.
(2) The positive currency impact of 0.1% was mainly due to the pound sterling. The negative scope effect of 1.1% was attributable to the deconsolidation of INPS as of December 10, 2024, which the consolidation of Visiodent starting March 1, 2024 only partly offset.
⁽2⁾At constant scope and exchange rates.

(3)At constant scope and exchange rates.

Attachment

Cegedim_Revenue_Q12025_ENG

The MIL Network –

April 25, 2025

MIL-OSI: CCIB Partners with Ryan Townend to Co-host Ryan’s Roundup Indigenous Networking Event

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, April 24, 2025 (GLOBE NEWSWIRE) — This May, a Calgary business networking event will bring more than 600 Indigenous and non-Indigenous business leaders, entrepreneurs, and decision-makers together for a bridge-building event that will showcase Indigenous innovation, entertainment and fashion.

Canadian Council for Indigenous Business is partnering with Ryan Townend, CEO of WJ Agency, to co-host this celebration of Indigenous excellence in business, culture, and the creative space—with musical performances by Jaiden Riley, Jordan Shingoose and Shane Ghostkeeper, as well as a fashion show featuring local Indigenous designers produced by Authentically Indigenous featuring Tracey Toulouse, Native Diva Creations by Melrene Saloy and Kwósel by Melissa Victor.

Tickets are free of charge to ensure cost is not a barrier, and business leaders from all industries and of all sizes are encouraged to come out to build connections and support local business innovation and entrepreneurship.

What:
Ryan’s May Roundup

When:

Thurs., May 1, 2025
5 to 7:30 p.m. MDT

Where:

Ranchman’s Cookhouse & Dancehall
Calgary, AB

Register for the event

Members of the media are welcome. Please contact Alannah Jabokwoam at ajabokwoam@ccib.ca to notify us if you’ll be attending or for assistance in arranging interviews prior to the event or on-site available on request.

Alannah Jabokwoam
Senior Associate, Communications & Public Relations, Canadian Council for Indigenous Business
ajabokwoam@ccib.ca I 647-920-3554

The MIL Network –

April 25, 2025
MIL-OSI Canada: Investor Alert: Crudite International, Grayscale Group, Swift Investments Also Known As Swifti, and WildBearUnion Group Are Not Registered
Source: Government of Canada regional news

Released on April 24, 2025

The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) warns investors of the online entities Crudite International, Grayscale Group, Swift Investments also known as Swifti and WildBearUnion.

“We encourage Saskatchewan residents to verify that entities selling investment opportunities are registered at aretheyregistered.ca before considering investing,” FCAA Securities Division Executive Director Dean Murrison said. “A quick search of the registration status can tell you if who you want to invest with are reputable.”

Crudite International, Grayscale Group, Swift Investments also known as Swifti and WildBearUnion claim to offer Saskatchewan residents trading opportunities, including forex, stocks, cryptocurrencies and commodities. Grayscale Group also claims to offer currency pairs, indices and exchange traded funds (ETFs). Swift Investments claims to additionally offer indices and contracts for difference (CFDs).

These entities claim to offer Saskatchewan residents an opportunity to invest in a variety of products through the online websites “crutideinternational com”, “grayscale-group com”, “grayscale-group net”, “system.grayscale-group online”, “grayscaletech ca”, “swift-investment io”, and “wildbearunion net”. These URLs have been manually altered so as not to be interactive.

Crudite International, Grayscale Group, Swift Investments also known as Swifti and WildBearUnion are not registered to trade or sell securities or derivatives in Saskatchewan. The FCAA cautions investors and consumers not to send money to companies that are not registered in Saskatchewan, as they may not be legitimate businesses.

If you have invested with Crudite International, Grayscale Group, Swift Investments also known as Swifti and WildBearUnion or anyone claiming to be acting on their behalf, contact the FCAA’s Securities Division at 306-787-5936.

In Saskatchewan, individuals or companies need to be registered with the FCAA to trade or sell securities or derivatives. The registration provisions of The Securities Act, 1988, and accompanying regulations are intended to ensure that only honest and knowledgeable people are registered to sell securities and derivatives and that their businesses are financially stable.

Tips to protect yourself:
- Always verify that the person or company is registered in Saskatchewan to sell or advise about securities or derivatives. To check registration, visit The Canadian Securities Administrators’ National Registration Search at aretheyregistered.ca.
- Know exactly what you are investing in. Make sure you understand how the investment, product, or service works.
- Get a second opinion and seek professional advice about the investment.
- Do not allow unknown or unverified individuals to remotely access your computer.
-30-

For more information, contact:

MIL OSI Canada News –
April 25, 2025
MIL-OSI USA: ICYMI: Warren Presses Apple CEO Tim Cook on Tariff Special Favors

US Senate News:

Source: United States Senator for Massachusetts – Elizabeth Warren
April 24, 2025
Cook reportedly engaged with Trump administration following announcement of Trump’s China tariffs , resulting in massive tariff exemption for Apple products
Text of Letter (PDF)
Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.) wrote to Apple CEO Tim Cook about a special tariff exemption for Apple and other tech firms following Cook’s conversation with Trump administration officials. A new report revealed that Tim Cook “went to work behind the scenes,” using his “very good relationship” with President Trump and his administration to win an exemption to Trump’s China tariffs, worth billions of dollars for Apple.
“I have already raised concerns that President Trump’s ‘trade policy is becoming a corrupt scheme to enrich administration officials and those loyal to them,’ and the circumstances surrounding Apple’s exemptions raise fresh concerns about influence-peddling by huge, well-connected corporations, and their ability to gain special favors from President Trump,” wrote Senator Warren.
On April 8, 2025, Trump announced additional tariffs on Chinese imports, which would have significantly raised the prices of Apple products. Following the announcement, Apple stock dropped by 7.65% — in addition to its over 15% plummet since Trump’s tariff “Liberation Day.”
President Trump had stated publicly that there would be no tariff exemptions. But a Washington Post report revealed that Cook almost immediately began engaging with the Trump administration following the tariff announcement, ultimately obtaining massive tariff carve-outs which even Trump himself said “helped Tim Cook…and that whole business.”
On April 12, the Trump administration announced exemptions for numerous electronic products from the roughly 145% tariff rate on goods produced in China. The exemption applied to a number of Apple products manufactured in China, including iPhones. Reports found that “Apple appears to be the only company that benefits from virtually all of [the exemptions].” Apple’s stock subsequently regained a significant portion of the value it initially lost following Trump’s “reciprocal tariffs” announcement.
“Even before the tariff announcement, Apple appeared to have invested heavily in influencing the Trump Administration, making a million-dollar contribution to President Trump’s inaugural Committee,” wrote Senator Warren. “You personally journeyed to Washington, D.C. to sit with the president’s family and cabinet nominees on the dais at his inauguration. And new reports indicate the extent to which you and Apple ‘went to work’ to receive special carve-outs.”
Last week, Senator Warren led over 45 lawmakers in writing to Secretary of the Treasury Scott Bessent, Secretary of Commerce Howard Lutnick, and U.S. Trade Representative (USTR) Jamieson Greer with concerns over the potential for corruption in the implementation of the administration’s chaotic tariffs.

MIL OSI USA News –

April 25, 2025
MIL-OSI USA: Ciscomani Reiterates Support for Medicaid at Arizona Chamber Event

Source: United States House of Representatives – Congressman Juan Ciscomani (Arizona)

Phoenix, AZ – U.S. Congressman Juan Ciscomani reaffirmed his unwavering commitment to preserving Medicaid benefits for those who rely on it, like single mothers, the working poor, individuals with disabilities, and the elderly.

“We’ve got to make sure that we protect Medicaid for people the program was intended to serve,” said Ciscomani at the Arizona Chamber of Commerce’s annual Update from Capitol Hill Lunch.

Earlier this month, Ciscomani and twelve Republican colleagues sent a letter to House Republican Leadership and Energy and Commerce Committee Chairman Brett Guthrie reiterating their support on Medicaid and making clear the lawmakers would not vote for legislation that reduces Medicaid coverage for vulnerable populations. 

The Congressman also told the audience that there is no question that the federal government can, and must, do more to reduce waste and safeguard the long-term financial viability of Medicaid. You can watch Ciscomani’s remarks here.

“As the federal government has grown, so have inefficiencies and unnecessary bureaucracies,” said Ciscomani. “I have been crystal clear that I do not support reducing Medicaid coverage for those the program was intended to serve. What I do support are targeted reforms, such as implementing work requirements for able-bodied adults with no dependents and strengthening eligibility verification to ensure that every dollar is maximized and spent on vulnerable individuals who rely on Medicaid.”

The Congressman also told audiences that while we have made great strides to secure the southern border, Mexican drug cartels are regrouping as border security has ramped up under the Trump administration. 

“The threat is still real, Mexican drug cartels aren’t going to surrender their multi-billion dollar businesses easily,” he said. “The fight is not over and there is still a lot of work that needs to be done to codify the administration’s border security efforts into law.”

In March, Ciscomani, who serves as Vice Chair of the House Appropriations Homeland Security Subcommittee, hosted nine freshman Republican lawmakers on a tour of the Arizona – Mexico border. Here, they learned about the cartel’s effort to use unmanned aerial drones to carry out their illicit operations and threaten our national security. As a result, Ciscomani and Rep. John McGuire (VA-05) penned a letter to Secretary of Defense Pete Hegseth, Secretary of Homeland Security Kristi Noem, and Federal Aviation Administrator Chris Rocheleau about countering drones at the southern border. You can watch NewsNation’s coverage here.

###

MIL OSI USA News –

April 25, 2025
MIL-OSI China: China accelerates digital transformation of major pharmaceutical firms

Source: People’s Republic of China – State Council News

BEIJING, April 24 — China will speed up the digital-intelligent transformation of the pharmaceutical industry as part of the country’s broader efforts to advance new industrialization and boost its strength in manufacturing, an official document released Thursday showed.

By 2030, large-scale pharmaceutical enterprises in China will essentially achieve full coverage of digital-intelligent transformation, according to a plan issued by seven government departments including the Ministry of Industry and Information Technology, the Ministry of Commerce and the National Health Commission.

The document outlines a strategic push to integrate artificial intelligence and next-generation information technologies into pharmaceutical production chains. The initiative aims to enhance corporate competitiveness, improve drug quality and safety, strengthen supply chain resilience, and foster new quality productive forces.

The plan outlines a two-phase roadmap, with quantitative and qualitative goals listed for each phase. By 2027, significant progress should be made in the digital-intelligent transformation of the industry, including breakthroughs in key technologies and the development of a certain number of high-performance products and production facilities.

By 2030, a mature ecosystem for the digital-intelligent transformation of the pharmaceutical industry is expected to emerge. This ecosystem will feature a substantially improved integration of cutting-edge technologies and a robust data system throughout the industrial chain, according to the plan.

In China, large-scale enterprises usually refer to those boasting an annual main business turnover of at least 20 million yuan (about 2.77 million U.S. dollars).

MIL OSI China News –

April 25, 2025
MIL-OSI: BYDFi Launches DOLO/USDT and INIT/USDT with a $10,000 Prize Pool
Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, April 24, 2025 (GLOBE NEWSWIRE) — The global crypto exchange BYDFi announced the official listing of Dolomite and Initia tokens, now available for spot trading under the pairs DOLO/USDT and INIT/USDT. To celebrate the launch, BYDFi has introduced a $10,000 prize pool, giving all participants the opportunity to earn rewards by trading.

$DOLO: A Core Asset in the Berachain Ecosystem

$DOLO is the native token of the Dolomite protocol, serving key functions in governance, liquidity incentives, and risk hedging. Dolomite is a decentralized finance (DeFi) platform built on Berachain that integrates a DEX module, enabling users to stake, lend, vote, and earn yield — all while maintaining full control of their assets, even when borrowing.

Since its inception in 2018, Dolomite has become one of Berachain’s leading lending protocols, known for its virtual liquidity model, multi-layered reward system, and cross-protocol compatibility. Its co-founder, Corey Caplan, now serves as the Head of Technical Strategy for the Trump-affiliated DeFi initiative World Liberty Financial (WLFI), helping evolve Dolomite’s technical framework. The project has raised over $3.4 million from prominent investors, including Coinbase Ventures, NGC Ventures, and Polygon.

$INIT: A Modular Layer 1 Built for the Future

Initia ($INIT) is a modular Layer 1 blockchain powered by the Omnitia Consensus mechanism and built using the Initia Interwoven Stack. It is designed to overcome scalability limitations in traditional blockchains and enable seamless cross-chain interoperability and resource sharing. With innovations like Gas Abstraction and a dual-deflationary token model, Initia enhances overall performance and security while significantly lowering the user barrier to cross-chain operations.

With innovations like Gas Abstraction and a dual-layer deflationary mechanism, INIT enhances performance, security, and cross-chain interoperability. Backed by leading VCs like Delphi Digital, Hack VC, and Theory Ventures, Initia has attracted over 5,000 developers, with a project valuation of $250 million.

Multiple Rewards Now Live on BYDFi

Starting today, users who trade DOLO/USDT and INIT/USDT on the BYDFi platform will not only have a chance to share in the $10,000 prize pool, but can also participate in the following limited-time bonus campaigns:

More details are available on BYDFi’s official platform.

About BYDFi

Founded in 2020, BYDFi has been recognized by Forbes as one of the Top 10 Global Crypto Exchanges and is officially listed on CoinMarketCap and CoinGecko. Serving users in 190+ countries, the platform is trusted by over 1,000,000 users worldwide.

As an official sponsor of Token2049 in Dubai, BYDFi welcomes users and partners from around the world to connect in person and discuss the future of Web3. BYDFi is committed to delivering a world-class crypto trading experience for every user. BUIDL Your Dream Finance.
- Website: https://www.bydfi.com
- Support Email: cs@bydfi.com
- Business Partnerships: bd@bydfi.com
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The MIL Network –
April 25, 2025
MIL-OSI: Extraordinary General Meeting of Jyske Bank A/S held on 24 April 2025
Source: GlobeNewswire (MIL-OSI)

At the Extraordinary General Meeting of Jyske Bank held today, the motions set out in the agenda were finally adopted.

Item a.1 on the agenda (motion concerning a reduction of Jyske Bank’s share capital and consequently an amendment to Art. 2 of the Articles of Association) was considered. In addition, motions concerning amendments to the Articles of Association were presented under items a.2-a.3 of the agenda (changing “Værdipapircentralen” to “VP Securities A/S” and amending the existing authorisations for the Supervisory Board to carry out capital increases with and without pre-emptive rights and to take out convertible loans with and without pre-emptive rights).

Moreover, the motion concerning the authorisation of the general meeting for registration of the Articles of Association was adopted.

The Danish Business Authority is subsequently requested to register the adopted motions.

Yours faithfully,

Jyske Bank

Contact person: CFO, Birger Krøgh Nielsen, phone +45 89 89 64 44.

Attachment
- EGM 20250424
The MIL Network –
April 25, 2025
MIL-OSI Russia: Financial news: Marketplace Finuslugi begins calculating mutual fund yield indices

Translation. Region: Russian Federal

Source: Moscow Exchange – Moscow Exchange –

The Moscow Exchange’s Finuslugi money marketplace is starting to calculate mutual fund yield indices, allowing tracking and analyzing the dynamics of the Russian collective investment market’s yield. The indices show the average yield of open-end and exchange-traded mutual investment funds on the market that invest in securities, real estate, precious metals, and other assets.

The calculation base for the market index of Finuslugi mutual funds for March 2025 included 297 open-end and exchange-traded funds, for the first quarter of 2025 – 324 mutual funds available for purchase from Russian brokers and management companies during the calculation period. The platform index of Finuslugi mutual funds is calculated based on the yield data of 17 open-end mutual investment funds available for investment on the marketplace.

The average yield of the platform index of mutual funds for January 2025 was 3.84%, for February – 3.15%. In March, the yield of mutual funds showed a negative value (-2.56%), which was a consequence of the correction in the Russian securities market. According to the results of the first quarter of 2025, the average yield of the platform index of mutual funds was 3.1%, or approximately 13% per annum.

The average yield of the mutual fund market index for January 2025 was 2.05%, for February – 2.55%. In March, the indicator showed a negative value (-2.78%). According to the results of the first quarter, the average yield of the market index showed a negative value (-0.3%).

A third (34.6%) of open-end mutual funds and mutual funds available on the Russian market showed positive returns in March 2025. Of the 17 funds presented on the Finuslugi marketplace, six demonstrated positive returns at the end of the month and 13 at the end of the quarter.

Igor Alutin, Senior Managing Director for Retail Business, Development of Electronic Platforms and the Finuslugi Project at Moscow Exchange:

“Financial services strive to provide their clients with the most objective picture of not only savings and savings products available on the market, but also investment products. We hope that indices will become another benchmark for investors and will help in making informed decisions based on a high-quality comparison of instruments presented on the collective investment market.”

Index data will be updated monthly and published on the websites of Finuslugi and the Moscow Exchange.

Finuslugi is a marketplace for money created by the Moscow Exchange. Currently, shares of 17 open-end mutual investment funds (OUIF) are available for purchase on Finuslugi. When purchasing investment shares on Finuslugi, no commission is charged from the client for the transaction either by the marketplace or by the management companies. You can top up your accounts on Finuslugi using the Fast Payment System (FPS). The service can be used regardless of the region, anywhere in Russia and the world. More details on the websiteHTTPS: //finumlius.ru.

Contact information for media 7 (495) 363-3232Pr@moex.kom

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

Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

HTTPS: //VVV. MEEX.K.M.M.

MIL OSI Russia News –

April 25, 2025
MIL-OSI USA: IAM’s National Public Housing Museum Workers Celebrate First Contract, Opening of Historic New Chicago Facility

Source: US GOIAM Union

IAM members at the National Public Housing Museum in Chicago have ratified their first contract just days before the grand opening of the National Public Housing Museum on Chicago’s westside.

The first contract secures not only a quality threshold for current staff in compensation, benefits, work-life balance, and growth within the institution. It also sets up a fair entry point for future members.

“The unanimous ratification of this first contract—finalized just days before the museum’s grand opening—is a powerful and symbolic achievement,” said IAM District 8 Directing Business Representative Ryan Kelly. “These workers stood together to ensure that the museum’s mission to promote housing justice is reflected in their own workplace. By securing fair wages, benefits, and protections, they’ve laid a strong foundation not only for themselves, but for future staff and the broader labor movement in Chicago’s cultural institutions.”

The museum opened in early April in the last remaining building of the Jane Addams Homes, a Work Progress Administration (WPA) public housing complex that opened in 1938. The complex originally held 32 buildings with 1,000 apartments and 50 row homes, named in honor of Chicago social activist Jane Addams, the first American woman to be awarded a Nobel Peace prize.

View a photo gallery here.

“On behalf of all of the members of the National Public Housing Museum Workers United, we are beyond thrilled to announce the recent ratification of our first contract,” said museum worker Mark Jaeschke. “In a unanimous vote, the 14 members of our unit came together to secure a strong first contract, just days before the grand opening of our museum.”

The effort to restore the last building into the museum has been an 18-year, $18 million effort. The centerpiece, a restored apartment, honors the Turovitz family who fled Jewish oppression in Europe during that time. The apartment is frozen in time from that era with the look and feel that a guest would experience when visiting the Turovitz’s home.

“We first began our unionizing process in October 2022 in order to secure a workplace that aligned with the museum’s mission: to promote, preserve, and propel the right of all people to a place to live, prosper, and call home,” continued Jaeschke. “We organize from the conviction that all workers deserve the same rights to work and prosper. We look forward to creating even stronger contracts in the future, and are thankful to all of the IAM team and their partners, including Ryan Kelly, George Luscombe, Chris Tucker, Geny Ulloa, and the rest of their incredible team. We are proud to join the tradition of strong Chicago unions working for the betterment of everyday people.”

“We are proud of our new members and their first contract. It has been a tremendous effort by a team of Midwest Territory professionals to set this standard for what can be for these workers now, and into the future,” said IAM Midwest Territory General Vice President Sam Cicinelli. “Americans won’t know their history if we do not have dedicated historians, like our members at National Public Housing Museum Workers United, to teach and protect this rich history of America’s stories of how we can uplift the working class with unions.”

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MIL OSI USA News –

April 25, 2025
MIL-OSI USA: U.S. Chamber, Quad Cities Chamber Host Miller-Meeks for Roundtable on Tax Reform

Source: United States House of Representatives – Representative Mariannette Miller-Meeks’ (IA-02)

DAVENPORT – Today, the U.S. Chamber of Commerce and the Quad Cities Chamber of Commerce hosted Congresswoman Mariannette Miller-Meeks (R-IA) for a roundtable discussion in Davenport, Iowa with local business leaders on the need to extend pro-growth business tax provisions before portions of President Trump’s 2017 Tax Cuts and Jobs Act (TCJA) expire at the end of the year. Doing so will create new opportunities for American workers and businesses to thrive.

Absent Congressional action, the country will see the largest automatic tax increase in American history. Miller-Meeks is on the frontlines, working to ensure that the constituents of the 1st District of Iowa will not face this massive tax increase at the end of 2025.

“I was delighted to be with local business owners as we advocate together for an extension of the Tax Cuts and Jobs Act,” said Miller-Meeks. “Starting in 2026, failure to extend these tax cuts would be a devastating 25% average tax hike on Iowa families, farmers, and small businesses, the backbone of our economy and community. Thank you to the U.S. Chamber of Commerce for being an advocate for our small businesses. Together, we will continue to champion policies that foster growth, and help southeast Iowa thrive!”

“With congress passing budget language earlier this month, the hard work of developing a tax package that avoids a historic tax hike on small business is underway”, said Peter Tokar III, President and CEO of the Quad Cities Chamber of Commerce. “We are proud to work with Congresswoman Miller-Meeks and are thankful for her support of common-sense pro-growth, pro-business tax policy that ensures small businesses can do what they do best, run their business and invest in their employees.”

The U.S. Chamber’s tax roundtables and business tour are the latest effort in its Growing America’s Future campaign, an education and advocacy blitz in support of maintaining a pro-growth tax code to foster a robust U.S. economy that benefits all Americans. These events will continue over the coming months in communities across the country.

###

MIL OSI USA News –

April 25, 2025

MIL-OSI: Main Street Financial Services Corp. Announces Earnings for First Quarter of 2025

Source: GlobeNewswire (MIL-OSI)

Business Highlights

Net income for the first quarter of 2025 totaled $3.6 million, or $0.47 per common share
Deposit growth of $28.3 million, or 9.8% annualized, for the quarter ended March 31, 2025
Loan growth of $17.8 million, or 6.4% annualized, for the quarter ended March 31, 2025
Continued reduction of wholesale funding by $31 million during the first quarter of 2025. The wholesale funding balance decreased to $69 million, or 4.8% of assets, as of March 31, 2025.
Declared cash dividend of $0.14 per share on April 11, 2025

WOOSTER, Ohio, April 24, 2025 (GLOBE NEWSWIRE) — Main Street Financial Services Corp. (OTCQX: MSWV), (the “Company”), the holding company parent of Main Street Bank Corp. reported a net income of $3.6 million, or $0.47 per common share, for the three months ended March 31, 2025. The return on average equity and return on average assets for the first quarter of 2025 was 13.27% and 1.03%, compared to 12.94% and 0.86%, for the first quarter of 2024 with merger costs excluded.

The Company announced a merger of equals transaction with Wayne Savings Bancshares, Inc. (“Legacy Wayne”) on February 23, 2023. On May 31, 2024 (the “Merger Date”), the Company completed the transaction, forming a financial holding company with assets of $1.4 billion. On the Merger Date, Legacy Wayne merged with and into Main Street, with Main Street surviving the merger (the “Merger”). Immediately following the Merger, Main Street’s wholly owned bank subsidiary, Main Street Bank Corp., merged with and into Wayne Savings Community Bank, with Wayne Savings Community Bank surviving the merger. Upon completion of the Merger, Wayne Savings Community Bank was renamed Main Street Bank Corp.

The Merger was accounted for as a reverse merger using the acquisition method of accounting, therefore, Legacy Wayne was deemed the acquirer for financial reporting purposes, even though Main Street was the legal acquirer. Accordingly, Legacy Wayne’s historical financial statements are the historical financial statements of the combined company for all periods before the Merger Date. Our consolidated statements of income for the quarters ended June 30, 2024 and forward, include the results from Main Street on and after May 31, 2024. Results for periods before May 31, 2024, reflect only those of Legacy Wayne and do not include the consolidated statements of income of Main Street. Accordingly, comparisons of our results for the quarter ended March 31, 2025, with those of prior periods may not be meaningful. The number of shares issued and outstanding, earnings per share, dividends paid and all references to share quantities of Main Street have been retrospectively adjusted to reflect the equivalent number of shares issued in the Merger.

President and CEO James R. VanSickle commented “We are proud of the progress we have made as a combined organization. The merger has created meaningful opportunities for growth and enhanced our ability to deliver long-term value to our shareholders. Our team’s dedication and our communities’ ongoing support have been instrumental in this success, and we’re deeply grateful for the trust placed in us.”

First Quarter 2025 Financial Results

Net interest income was $11.5 million for the quarter ended March 31, 2025, an increase of 128% from $5.1 million for the quarter ended March 31, 2024. The net interest margin of 3.44% for the first quarter of 2025 increased 83 basis points from 2.61% for the first quarter of 2024. Loan yields were 6.14% for the quarter ended March 31, 2025, an increase of 81 basis points when compared to 5.33% for the quarter ended March 31, 2024. During the first quarter of 2025, $68.5 million of the existing loan portfolio repriced and the bank funded $62.0 million in term loans and lines of credit at current market rates. Investment yields increased 157 basis points to 3.89% as of March 31, 2025, compared to the quarter ended March 31, 2024. The cost of funds for the first quarter of 2025, was 2.43%, a decrease of 5 basis points when compared to the first quarter of 2024. The cost of funds is impacted by the acquisition of new deposit accounts in the local market at rates lower than wholesale funding, such as FHLB advances. The cost of deposits was 2.27% for the quarter ended March 31, 2025, a 13 basis point increase when compared to 2.40% for the quarter ended March 31, 2024. The cost of borrowings for the quarter ended March 31, 2025 totaled 4.32%, an decrease of 42 basis points when compared to the quarter ended March 31, 2024.

A provision for credit losses and unfunded commitments of $245,000 was recorded for the quarter ended March 31, 2025. During the quarter, the Company recognized $22,000 in charge-offs and $39,000 in recoveries, reflecting relatively stable asset quality.

Noninterest income totaled $0.8 million for the quarter ended March 31, 2025, an increase of $141,000, or 20.8%, when compared to the quarter ended March 31, 2024. The increase in noninterest income is primarily attributed to interchange fees and service charges generated from the acquired deposit accounts.

Noninterest expense totaled $7.5 million for the quarter ended March 31, 2025, an increase of $3.6 million when compared to the quarter ended March 31, 2024. The increase reflects a quarter of combined expenses after the merger. The continued realization of expected cost savings from the merger have progressed as planned during the quarter. Noninterest expense decreased by $436,000 when compared to the quarter ended December 31, 2024 due to decreased compensation expense and supplies.

The provision for income taxes for the quarter ended March 31, 2025, increased by $464,000 compared to the quarter ended December 31, 2024. During the quarter ended December 31, 2024, the Company reassessed the West Virginia state income tax position and a $177,000 credit adjustment was realized during the quarter.

March 31, 2025 Financial Condition

At March 31, 2025, the Company had total assets of $1.41 billion with net loan balances totaling $1.13 billion. Loan balances grew by $17.8 million, or 6.4% annualized, during the first quarter of 2025. The increase is primarily attributed to $17.4 million growth in the commercial loan portfolio.

The allowance for credit losses was $12.0 million at March 31, 2025, compared to $11.8 million at December 31, 2024. The allowance for credit losses as a percent of total loans was 1.05% for March 31, 2025 and December 31, 2024. The allowance for credit losses and the related provision for credit losses is based on management’s judgment and evaluation of the loan portfolio. Management believes the current allowance for credit losses is adequate, however, changing economic and other conditions may require future adjustments to the allowance for credit losses.

Total nonperforming loans (NPLs) was $4.9 million at March 31, 2025, a decrease from $6.1 million at December 31, 2024. The NPL to net loan receivable ratio was 0.43% as of March 31, 2025. Past due loan balances of 30 days and more increased from $13.8 million at December 31, 2024, to $14.5 million, or 1.28% of net loans outstanding, at March 31, 2025.

Improvement in Asset Quality Since Merger Announcement: The combined level of classified loans for Legacy Wayne and Main Street was $24.4 million as of December 31, 2022. Since the merger announcement on February 23, 2023, the management teams of both Main Street and Wayne invested a great deal of time ensuring our combined organization utilizes strong underwriting standards and proactively monitors credit quality. Main Street sold approximately $15.2 million of loans in August 2023 and April 2024, of which approximately $12.7 million were classified loans. As of March 31, 2025, the resultant Company has $12.0 million of classified loans.

Total liabilities was $1.30 billion at March 31, 2025 with deposits totaling $1.18 billion and wholesale funding totaling $69.0 million. Deposits grew by $28.3 million, or 9.8% annualized, during the first quarter of 2025, mainly attributed to growth from Maximize Money Market accounts and the Short-Term Relationship Certificates of Deposits. The Company primarily utilizes FHLB advances as the primary source of wholesale funding due to their accessibility and alignment with prevailing market rates. During the first quarter of 2025, the Company reduced the reliance on FHLB advances by $36 million.

Total stockholders’ equity was $114.8 million at March 31, 2025, an increase of $4.2 million when compared to the December 31, 2024 balance. Total stockholders’ equity increased during the first quarter of 2025 primarily from net income of $3.6 million and an increase in accumulated other comprehensive income of $1.5 million, partially offset by dividends of $1.1 million.

Main Street Financial Services Corp. is a holding company headquartered in Wooster, Ohio. Its primary subsidiary, Main Street Bank Corp. was founded in 1899 and provides full-service banking, commercial lending, and mortgage services across its branch infrastructure. Today, Main Street Bank Corp. operates 19 branch locations in Wooster, Ohio, Wheeling, West Virginia and other surrounding communities in Ohio and West Virginia. Additional information about Main Street Bank Corp. is available at www.mymainstreetbank.bank.

Non-GAAP Disclosure
This press release includes disclosures of the Company’s return on average equity, return on average assets, net income, and efficiency ratios which are excluding costs related to merger activities which are financial measures not prepared in accordance with generally accepted accounting principles in the United States (GAAP). A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flow that excludes or includes amounts that are required to be disclosed by GAAP. The Company believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and the Company’s marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with GAAP.

Forward-Looking–Statements
This release contains forward-looking statements that are not historical facts and that are intended to be “forward-looking statements” as that term is defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include, but are not limited to, statements about the Company’s plans, objectives, expectations and intentions and other statements contained in this release that are not historical facts and pertain to the Company’s future operating results. When used in this release, the words “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions are generally intended to identify forward-looking statements. Actual results may differ materially from the results discussed in these forward-looking statements, because such statements are inherently subject to significant assumptions, risks and uncertainties, many of which are difficult to predict and are generally beyond the Company’s control. These include but are not limited to: the possibility of adverse economic developments that may, among other things, increase default and delinquency risks in the Company’s loan portfolios; shifts in interest rates; shifts in the rate of inflation; shifts in the demand for the Company’s loan and other products; unforeseen increases in costs and expenses; lower-than-expected revenue or cost savings in connection with acquisitions; changes in accounting policies; changes in the monetary and fiscal policies of the federal government; and changes in laws, regulations and the competitive environment. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information:
Matthew Hartzler
Senior Vice President, Chief Financial Officer
(330) 264-5767


MAIN STREET FINANCIAL SERVICES CORP.
Condensed Consolidated Balance Sheets
(Dollars in thousands, except share data – unaudited)

	March 31, 2025			December 31, 2024
ASSETS

Cash and cash equivalents	$	42,734		$	54,422
Securities, net (1)	162,763			163,819
Loans receivable, net	1,131,661			1,113,900
Federal Home Loan Bank stock	4,951			5,924
Premises & equipment, net	8,018			8,013
Bank-owned life insurance	21,893			22,155
Other assets	41,103			41,368
TOTAL ASSETS	$	1,413,123		$	1,409,601

LIABILITIES AND STOCKHOLDERS’ EQUITY

Deposit accounts	$	1,184,669		$	1,156,327
Other borrowings	35,852			28,399
Federal Home Loan Bank advances	64,000			100,000
Accrued interest payable and other liabilities	13,699			14,239
TOTAL LIABILITIES	1,298,220			1,298,965


Common stock (7,801,011 shares of $1.00 par value issued)	7,801			7,801
Additional paid-in capital	56,584			56,387
Retained earnings	59,893			57,356
Accumulated other comprehensive loss	(9,375		)	(10,908		)
TOTAL STOCKHOLDERS’ EQUITY	114,903			110,636

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,413,123		$	1,409,601

(1) Includes available-for-sale and held-to-maturity classifications.
Note: The December 31, 2024 Condensed Consolidated Balance Sheet has been derived from the audited Consolidated Balance Sheet as of that date.


MAIN STREET FINANCIAL SERVICES CORP.
Condensed Consolidated Statements of Income
(Dollars in thousands, except share data – unaudited)

	Three Months Ended
	March 31,
		2025		2024

Interest income	$	19,397	$	9,694
Interest expense		7,872		4,641
Net interest income		11,525		5,053
Provision for credit losses		245		(126	)
Net interest income after provision for credit losses		11,280		5,179
Non-interest income		819		678
Non-interest expense
Salaries and employee benefits		3,716		2,000
Net occupancy and equipment expense		1,475		682
Federal deposit insurance premiums		171		143
Franchise taxes		105		127
Advertising and marketing		170		68
Legal		83		133
Professional fees		359		85
ATM network		80		129
Auditing and accounting		176		72
Other		1,179		495
Total non-interest expense		7,514		3,934
Income before federal income taxes		4,585		1,923
Provision for federal income taxes		956		384
Net income	$	3,629	$	1,539

Earnings per share
Basic	$	0.47	$	0.40
Diluted	$	0.47	$	0.40


MAIN STREET FINANCIAL SERVICES CORP.
Selected Condensed Consolidated Financial Data
(Dollars in thousands, except share data – unaudited)

	March			December			September			June
		2025			2024			2024			2024

Interest and dividend income	$	19,397		$	19,138		$	18,930		$	12,572
Interest expense		7,872			8,531			8,308			6,185
Net interest income		11,525			10,607			10,622			6,387
Provision for credit losses		245			79			109			4,720
Net interest income after
provision for credit losses		11,280			10,528			10,513			1,666
Non-interest income		819			1,165			1,600			716
Non-interest expense		7,514			7,950			7,863			6,723
Income before federal income taxes		4,585			3,744			4,251			(4,341	)
Provision for federal income taxes		956			558			804			(873	)
Net income	$	3,629		$	3,186		$	3,446		$	(3,468	)

Earnings per share – basic	$	0.47		$	0.41		$	0.44		$	(0.68	)
Earnings per share – diluted	$	0.47		$	0.41		$	0.44		$	(0.67	)
Dividends per share	$	0.14		$	0.14		$	0.14		$	0.13
Return on average assets		1.03	%		0.90	%		1.00	%		(1.38	%)
Return on average equity		13.27	%		11.69	%		12.58	%		(17.16	%)
Shares outstanding at quarter end		7,801,011			7,801,011			7,801,011			7,787,055
Book value per share	$	14.73		$	14.18		$	14.27		$	13.60
Tangible equity per share	$	12.73		$	12.13		$	12.15		$	11.49
Return on common tangible equity		14.62	%		13.46	%		14.54	%		(15.51	%)


	March			December			September			June
		2024			2023			2023			2023

Interest and dividend income	$	9,694		$	9,545		$	9,078		$	8,571
Interest expense		4,641			4,330			3,673			2,867
Net interest income		5,053			5,215			5,405			5,704
Provision for credit losses		(126	)		4			138			170
Net interest income after
provision for credit losses		5,179			5,211			5,267			5,534
Non-interest income		678			1,017			691			706
Non-interest expense		3,934			3,748			3,733			3,949
Income before federal income taxes		1,923			2,480			2,225			2,291
Provision for federal income taxes		384			443			452			547
Net income	$	1,539		$	2,037		$	1,773		$	1,744

Earnings per share – basic	$	0.40		$	0.53		$	0.46		$	0.46
Earnings per share – diluted	$	0.40		$	0.53		$	0.46		$	0.45
Dividends per share	$	0.13		$	0.13		$	0.13		$	0.13
Return on average assets		0.76	%		1.02	%		0.91	%		0.92	%
Return on average equity		11.63	%		16.90	%		14.41	%		14.36	%
Shares outstanding at quarter end		3,840,575			3,839,702			3,837,609			3,837,085
Book value per share	$	13.81		$	13.80		$	12.40		$	12.64
Tangible equity per share	$	13.36		$	13.35		$	11.95		$	12.20
Return on common tangible equity		12.00	%		15.90	%		15.46	%		14.90	%


MAIN STREET FINANCIAL SERVICES CORP.
Non-GAAP reconciliation
(Dollars in thousands, except per share data – unaudited)

	For three months ended
	March,
		2025			2024

Net Income as reported – GAAP	$	3,629		$	1,539
Effect of merger related expenses (net of tax benefit)		–			174
Net Income non-GAAP	$	3,629		$	1,713

Earnings per share – GAAP	$	0.47		$	0.40
Effect of merger related expenses		–			0.05
Earnings per share non-GAAP	$	0.47		$	0.45

Return on average assets – GAAP		1.03	%		0.77	%
Effect of merger related expenses		–			0.09	%
Return on average assets non-GAAP		1.03	%		0.86	%

Return on average equity – GAAP		13.27	%		11.63	%
Effect of merger related expenses		–			1.31	%
Return on average equity non-GAAP		13.27	%		12.94	%

Efficiency Ratio – GAAP		60.87	%		68.64	%
Effect of merger related expenses		–			(3.04	%)
Efficiency Ratio non-GAAP		60.87	%		65.61	%

The MIL Network –

April 25, 2025

MIL-OSI: Global Drone Usage and Adoption Continues to Skyrocket While Largely Benefiting the Agriculture Industry

Source: GlobeNewswire (MIL-OSI)

PALM BEACH, Fla., April 24, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – Drones are being utilized in many markets and one of the ones that is expected to continue to rise is the agriculture drones market. The need to boost agricultural productivity and the labor shortage drive the agriculture drones market growth. Traditional farming faces labor shortages, increasing the demand for advanced agriculture technologies that enhance productivity and minimize manual labor. For instance, the USDA’s 2022 Census of Agriculture revealed a loss of 141,733 farms in the US from 2017 to 2022, highlighting the urgent need for solutions to improve efficiency and promote sustainable farming practices. According to a report from MarketsAndMarkets the global agriculture drones market which grew to from USD 2.01 billion in 2024 is expected to reach a CAGR of 32.0% during the forecast period (2029). The report said: “Partnerships and the introduction of new products will present profitable prospects for industry participants in the coming five years. Favorable government policies, subsidies, and regulations coupled with increasing investments by market players drive the usage of digital agriculture tools like drones. The US FAA’s exemptions for the use of agriculture drones are anticipated to hold several opportunities for the market. Favorable government policies, subsidies, and regulations coupled with increasing investments by market players to drive the usage of digital agriculture tools like drones are acting as drivers for the agriculture drone market. Public-private partnerships create innovation in developing tailored solutions to known problems, especially in agriculture, which receives research and development funding from government initiatives. Extension education and training are also brought about, which educates the farmer concerning the capabilities of the drones thus making the farmer able to utilize the tools appropriately.” Active Companies in the drone industry today include ZenaTech, Inc. (NASDAQ: ZENA), Corteva, Inc. (NYSE: CTVA), Red Cat Holdings, Inc. (NASDAQ: RCAT), Safe Pro Group Inc. (NASDAQ: SPAI), AgEagle Aerial Systems Inc. (NYSE: UAVS).

MarketsAndMarkets concluded: “Furthermore, governments’ propensity for sustainability in environmental matters helps the cause of drones meant to stretch resources applied in terms of water and fertilizers… Simplified regulatory frameworks facilitate easier adoption, enabling farmers to implement drone technology into their operations without extensive bureaucratic hurdles. Monetary benefits, such as subsidies and tax exemptions, greatly help reduce the input costs of drones, hence enabling more farmers to adopt the technology.”

ZenaTech (NASDAQ:ZENA) ZenaDrone Granted FAA Part 137 Approval for Agricultural Drone Operations Addressing a $6 Billion Global Agricultural Drone Market Growing to $24 Billion by 2032 – ZenaTech, Inc. (FSE: 49Q) (BMV: ZENA) (“ZenaTech”), a technology company specializing in AI (Artificial Intelligence) drones, Drone as a Service (DaaS), enterprise SaaS and Quantum Computing solutions, announces its subsidiary ZenaDrone has received approval from the Federal Aviation Administration (FAA) to conduct commercial agricultural operations under the rules and regulations of 14 CFR Part 137 for crop spraying and precision agriculture. This approval allows ZenaDrone to commence final testing and deployment of the ZenaDrone 1000 drone for aerial spraying of pesticides, herbicides, fungicides, fertilizers, and seeds for agricultural, environmental and government customers. The company plans to sell these solutions through its Drone as a Service, or DaaS, business model as well as selling the drone hardware and solution directly to larger commercial farms, agribusinesses, and cooperatives.

“FAA part 137 approval now enables our team to finish final testing and commence sales of our agriculture solutions. Drones offer a more precise, efficient, cost effective and safer alternative to traditional methods while reducing chemical use, crop damage, and manual work, as well as being able to reach hard-to-access areas. We plan, test, then deploy our solutions through our DaaS model in the US first, followed by Ireland where we have a history of pioneering development work in agricultural drones,” said CEO Shaun Passley, Ph.D.

According to Fortune Business Insights the global agriculture drone market is projected to grow from USD 6.10 billion in 2024 to USD 23.78 billion by 2032, at a compound annual growth rate (CAGR) of 18.5%. This growth reflects a growing demand for precision agriculture, advances in drone technology, cost-effectiveness, government support and incentive programs, and growing awareness and education.

The ZenaDrone 1000 is an autonomous drone, in a VTOL (Vertical Takeoff and Landing) quadcopter design with a total of eight rotors on its two fixed wings; it is considered a medium-sized drone measuring 12X7 feet in size. It is designed for stable flight, maneuverability, heavy lift capabilities up to 40 kilos, incorporating innovative software technology, AI, sensors, and purpose-built attachments like crop spraying, along with rugged and compact hardware featuring foldable wings enabling the drone to fit into the back of a truck.

ZenaTech’s DaaS business will incorporate the ZenaDrone 1000 and the IQ series of multifunction autonomous drones to provide a variety of service solutions from land surveys to power line inspections or power washing, made accessible and cost effective through an Uber-like business model on a regular subscription or pay-per-use basis. Customers can conveniently access drones for eliminating manual or time-consuming tasks achieving superior results, such as for surveying, inspections, security and law enforcement, or precision farming applications, without having to buy, operate, or maintain the drones themselves. Continued… Read this full release by visiting: https://www.financialnewsmedia.com/news-zena/

Other recent developments in the markets include:

Puna Bio recently announced that it had closed a new round of founding led by Corteva, Inc., Corteva, Inc. (NYSE: CTVA) through its Corteva Catalyst platform. The investment from one of the world´s leading agricultural technology companies, and other investors, will support the further development of Puna Bio’s product portfolio based on extremophile organisms.

Unlike traditional pesticides and fertilizers, Puna Bio’s innovative products are based on natural solutions that enhance nutrient uptake, tolerance to stress and crop quality. Their biological (non-GMO) seed treatments are based on the unique capabilities of extremophiles isolated from the highest and driest desert on Earth, La Puna of Argentina.

“Our solution, based on ancient bacteria dating back 3.5 billion years, maximizes productivity by 10 to 15 percent in fertile soils and revitalizes degraded soils that would normally be too acidic or salinized to be productive,” explains Franco Martínez Levis, Puna Bio’s CEO and co-founder. “With so much of the world’s agricultural land on the path to degradation and weather patterns becoming more extreme worldwide, our discovery platform ensures that we can continue feeding the global population in a sustainable way.”

Red Cat Holdings, Inc. (NASDAQ: RCAT), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, recently announced that the Company has entered into securities purchase agreements with certain institutional investors for the purchase and sale of 4,724,412 shares of common stock, pursuant to a registered direct offering, expected to result in gross proceeds of approximately $30 million, before deducting placement agent fees and other offering expenses. The offering is expected to close on or about April 11, 2025, subject to the satisfaction of customary closing conditions.

The Company intends to use net proceeds from the offering for general corporate purposes, including working capital. Northland Capital Markets is acting as the exclusive placement agent for the transaction.

The offering is being made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-283242), which was declared effective by the Securities and Exchange Commission (the “SEC”) on December 11, 2024. A final prospectus supplement and the accompanying prospectus relating to the registered direct offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov. Additionally, when available, electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained, when available, from Northland Securities, Inc., 150 South Fifth Street, Suite 3300, Minneapolis, MN.

Safe Pro Group Inc. (NASDAQ: SPAI) recently announced that its SpotlightAITM OnSite (OnSite) real-time, edge-based, small object threat detection technology, has successfully completed operations in active minefields in Ukraine. This successful deployment highlights the Company’s patented capability to rapidly identify and instantly map live explosive threats including small anti-personnel cluster munitions and landmines scattered over large areas. Building on over two years of real-world battlefield testing, this milestone in the Company’s development roadmap demonstrates the ability to deliver edge-based small object threat detection reducing a soldier’s cognitive load and representing the next generation of force protection. To view a video of SpotlightAITM Onsite please click here.

“Evolving threats like remote mining where everyday drones are strategically delivering small mines is a new critical threat profile that our edge-based system is uniquely designed to address. Our recent operational success confirmed that our AI models can reduce the cognitive load on soldiers who are already heavily tasked and may not have the time to recognize explosive threats in their path. This a significant step forward on the Edge where drone-based small object threat detection for force protection is responding to the rapidly changing modern battlefield. Building upon our unmatched real-world experience in detecting, identifying and locating small explosive threats in Ukraine, we believe OnSite can deliver a new level of enhanced situational awareness that will allow military, government and humanitarian personnel to safely conduct their critical missions with greatly enhanced safety,” said Dan Erdberg, Chairman and CEO of Safe Pro Group Inc. “The increasing number of countries exiting the Ottawa Convention on anti-personnel landmines will likely lead to an increased proliferation of deadly anti-personnel mines and that is why we are committed to the further development and deployment of our patented technology so that we can help protect our soldiers and our allies.”

AgEagle Aerial Systems Inc. (NYSE: UAVS) recently announced the launch of its eBee VISION next generation application software featuring a variety of critical updates. Of particular note, is the capability for manual position updates with map referencing to provide precise navigation even in GNSS-denied areas where satellite signals are unavailable or unreliable due to various factors.

AgEagle CEO Bill Irby commented, “Of the many new features provided in our latest software update, overcoming GNSS-denied shortfalls marks a significant leap forward in drone operations especially for defense personnel, public safety agencies and industrial teams working in high-stakes, GNSS-denied environments. Whether operating in dense urban centers, near critical installations, or in contested zones with active signal interference, our global eBee VISION customers can now maintain full navigational command of their drone using only the camera and map-based interface. This feature directly addresses a core challenge faced by tactical and industrial drone operators in today’s complex mission environments. Our technical team will continue to work relentlessly on refinements and ongoing advancements to ensure AgEagle remains at the forefront of UAV innovation.”

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SOURCE: FN Media Group

The MIL Network –

April 25, 2025
MIL-OSI Global: WH Smith once shaped the travel experience – and now it’s returning to its roots

Source: The Conversation – UK – By Marrisa Joseph, Associate Professor of Organisation Studies & Business History, University of Reading

Not just a British icon – a WHSmith outlet in an airport in Doha, Qatar. TY Lim/Shutterstock

After 124 years as a familiar fixture to generations of customers, there will no longer be a place for WH Smith on UK high streets.

Modella Capital – a specialist retail investment company – is the new owner of the chain’s high street locations. For a purchase price of £76 million, it will take over 480 stores in retail parks, shopping centres and high streets. It is also expected to retain its 5,000 staff.

Initially, ten stores will close with a further ten to be announced later. Importantly, the WH Smith brand is not being sold.

The high street stores will be rebranded as TJ Jones, a nostalgic and not so subtle nod to its predecessor. There is clearly an understanding that a family brand still means something to consumers.

WH Smith is recognised globally due to its rapidly growing presence in airports. Its travel divisions is set to remain in train stations, airports and hospitals.

These 1,200 stores in 32 countries account for around 85% of group profits. The strategy is to focus on key travel markets, as air passenger numbers are forecast to more than double globally by 2050.

Interestingly, by prioritising travel customers, WH Smith has gone full circle – returning to its Victorian roots as the main retailer of books and newspapers in railway stations. I have researched the history of the British publishing industry – passengers picking up a newspaper or the latest bestseller at travel hubs is a practice that was pioneered by the brand that would go on to become WH Smith.

In 1792, newsagent Henry Walton Smith with his wife Anna started a small retailing business in Little Grosvenor Street in the west end of London. Their son William Henry took over the family firm in 1812. He expanded to include a “coach trade” of London daily papers to the regional provinces outside the capital.

William took advantage of the revolution in the British publishing industry that came with the industrial age. From its introduction in 1814, the steam-powered printing press brought down the cost of printing newspapers and books, opening more opportunities for literature.

In under 50 years, the sale of newspapers quadrupled, rising from 16 million a year in 1801 to more than 78 million by 1849. Increased literacy among adults and children created a market for new material, and as railways enabled new distribution networks there were even more opportunities to sell printed products.

The development of railway stations provided a surge in travel that was a novelty for many Victorians, who needed entertainment to keep them occupied during long journeys.

Broadening horizons

In 1848, Smith and his son secured an exclusive agreement to sell books and newspapers at railway stations owned by the London and North Western Railway. The first bookstall opened in Euston station in November that year, and by the end of the 1860s they operated more than 500 bookstalls along Britain’s railways.

This contract led to WH Smith dominating a large part of the book trade by the end of the 19th century. It continued to expand, and the first town shop opened in Gosport, Hampshire in 1901.

The historic WH Smith brand will disappear from UK high streets after its sale.
cktravels.com/Shutterstock

In 1850, Smith and son also made a deal with publisher George Routledge to supply and stock their railway outlets with his cheap series of reprints. These were known as “yellowbacks” as the prints were bound in thin yellow card with eye-catching artwork.

These were a precursor to the paperback, designed to be read on the train and then discarded. Selling at roughly half the price of a novel at the time, they were mass-market products that provided significant revenue for WH Smith – just as paperbacks do today.

Building on the opportunity of the growing travel market, the company broadened its offering to the public by partnering with Charles Edward Mudie, who founded Britain’s largest circulating library in 1842. At one point Mudie’s flagship location in New Oxford Street in London held more than 960,000 titles.

By 1859, Mudie had an agreement with WH Smith to supply the bookstall at Birmingham station – essentially creating a library department in the bookstall. Mudie supplied popular titles from London allowing “passengers to exchange books daily at the subscriber’s pleasure”.

For more than 170 years, WH Smith has grown from its origins as a retailer at railway stations to becoming a familiar presence in town and city centres across the UK. More recently it has been the butt of jokes online for its disorganised and messy stores.

But the decision to offload its high street premises underscores the fact that, just as in the Victorian era, travellers seeking entertainment for the journey will still turn to that old trusted brand.

Marrisa Joseph works for the University of Reading.

– ref. WH Smith once shaped the travel experience – and now it’s returning to its roots – https://theconversation.com/wh-smith-once-shaped-the-travel-experience-and-now-its-returning-to-its-roots-254858

MIL OSI – Global Reports –

April 25, 2025
MIL-OSI China: 137th Canton Fair draws over 190,000 overseas buyers: commerce ministry

Source: People’s Republic of China – State Council News

BEIJING, April 24 — The 137th edition of the China Import and Export Fair, also known as the Canton Fair, had attracted more than 190,000 overseas buyers from 218 countries and regions as of midday Thursday, data from the Ministry of Commerce showed.

The second phase of this edition of the fair kicked off on Wednesday, focusing on the theme of quality home furnishings. At a regular press conference Thursday, ministry spokesperson He Yadong noted that with increasing levels of innovation and eco-friendliness, the projects on display are attracting rising interest from global buyers.

More than 2,400 exhibitors in this phase are recognized as national-level high-tech enterprises, “little giants” enterprises, or national single champions of manufacturing industry, an increase of 100 companies compared with the same period last year, the spokesperson said.

“The bustling crowds and vibrant negotiations at the Canton Fair vividly reflect the global businesses’ confidence in China’s economic prospects, providing a strong boost to the country’s foreign trade momentum,” He said.

This edition of the fair, held in the southern Chinese metropolis of Guangzhou from April 15 to May 5, is organized into three themed phases. The first focused on advanced manufacturing, the second on quality home furnishings, and the third on products that promote a better quality of life.

MIL OSI China News –

April 25, 2025
MIL-OSI: Spryker Named 2025 “Ecommerce Solution of the Year” By RetailTech Breakthrough

Source: GlobeNewswire (MIL-OSI)

BERLIN and NEW YORK, April 24, 2025 (GLOBE NEWSWIRE) — Spyker,the leading composable commerce platform for sophisticated use cases in B2B Commerce, Enterprise Marketplaces and IoT Commerce, today announced it has been recognized with the “Ecommerce Solution of the Year” award in the 4^th annual RetailTech Breakthrough Awards program. The program is conducted by RetailTech Breakthrough, a leading independent market intelligence organization that evaluates and recognizes standout retail technology companies, products and services around the globe.

“Retailers and enterprises alike need to iterate fast in today’s volatile markets. With changing customer demands, macroeconomic conditions, and rapidly evolving technology, business agility is essential. A future-proof, composable platform supports retailers as they grow and evolve in these conditions,” said Boris Lokschin, Co-Founder and CEO at Spryker. “We’re proud to accept the ‘Ecommerce Solution of the Year’ award from RetailTech Breakthrough. We’ll continue to offer the most flexible digital commerce experience possible to help businesses build and scale with ease, expand revenue streams, and shorten time-to-value.”

Retailers can enhance their business agility by embracing composable commerce. This approach allows them to pick and choose solutions and third-party applications most relevant for them, reducing the burden on in-house tech teams while enabling personalized, high-impact customer experiences. By avoiding vendor lock-in and customizing tech stacks, retailers gain the flexibility to innovate and scale efficiently. With Spryker, they can seamlessly expand into new markets, reduce total cost of ownership, and scale up and down as needed.

Spryker also offers tools and services to empower enterprises to get more from their composable commerce investments and ensure faster ROI. Spryker supports its customers with a best-in-class partner ecosystem, Composable Value Services, and expert and business consulting. Spryker’s Composable Value Services offers a comprehensive set of tools, resources, and expert support, accelerating the path from adoption to achieving business outcomes.

“Spryker delivers a best-in-class, composable commerce solution that gives retailers the agility, flexibility, and innovation they need to thrive. While traditional platforms promise innovation, they usually force retailers into rigid, monolithic systems,” said Bryan Vaughn, Managing Director, RetailTech Breakthrough. “Spryker makes monolithic platforms a thing of the past. With Spryker, it’s possible to drive business growth and efficiency for better business outcomes. Spryker delivers a truly composable, cloud-native commerce solution built for speed, flexibility, and scalability, giving businesses an unmatched ability to adapt and grow.”

The mission of the annual RetailTech Breakthrough Awards program is to spotlight and celebrate the global innovators who are transforming the retail technology landscape. The RetailTech Breakthrough Awards program conducts a comprehensive industry analysis of standout leaders and technologies driving innovation and shaping the future of retail. This year’s program received thousands of nominations from more than 14 countries worldwide, reflecting the global momentum and impact of retail technology advancements.

About Spryker
Spryker is the leading global composable commerce platform for enterprises with complex use cases to enable growth, innovation, and differentiation. Designed specifically for sophisticated transactional businesses, Spryker’s easy-to-use, headless, API-first model enables businesses to adapt, scale, and quickly go to market while facilitating faster time-to-value throughout their digital transformation journey. As a global platform leader for B2B and B2C Enterprise Marketplaces, IoT Commerce, and Unified Commerce, Spryker has empowered 150+ global enterprise customers worldwide and is trusted by brands such as ALDI, Siemens, ZF Friedrichshafen, and Ricoh. Spryker is a privately held technology company headquartered in Berlin and New York backed by world class investors such as TCV, One Peak, Project A, Cherry Ventures, and Maverick Capital. Learn more at spryker.com and follow Spryker on LinkedIn and X.

About RetailTech Breakthrough
Part of Tech Breakthrough, a leading market intelligence and recognition platform for global technology innovation and leadership, the RetailTech Breakthrough Awards program is the premier awards and recognition platform devoted to honoring excellence in retail technology companies, services and solutions around the world. The RetailTech Breakthrough Awards provide public recognition for the achievements of retail technology companies and products in categories that include store management, digital displays, checkout automation, workforce tools, smart dressing rooms and more. For more information visit retailtechbreakthrough.com.

Tech Breakthrough LLC does not endorse any vendor, product or service depicted in our recognition programs, and does not advise technology users to select only those vendors with award designations. Tech Breakthrough LLC recognition consists of the opinions of the Tech Breakthrough LLC organization and should not be construed as statements of fact. Tech Breakthrough LLC disclaims all warranties, expressed or implied, with respect to this recognition program, including any warranties of merchantability or fitness for a particular purpose.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/000731e7-17b4-4248-94cb-bdb5064b2c99

The MIL Network –

April 25, 2025

MIL-OSI: West Bancorporation, Inc. Announces First Quarter 2025 Financial Results and Declares Quarterly Dividend

Source: GlobeNewswire (MIL-OSI)

WEST DES MOINES, Iowa, April 24, 2025 (GLOBE NEWSWIRE) — West Bancorporation, Inc. (Nasdaq: WTBA; the “Company”), parent company of West Bank, today reported first quarter 2025 net income of $7.8 million, or $0.46 per diluted common share, compared to fourth quarter 2024 net income of $7.1 million, or $0.42 per diluted common share, and first quarter 2024 net income of $5.8 million, or $0.35 per diluted common share. On April 23, 2025, the Company’s Board of Directors declared a regular quarterly dividend of $0.25 per common share. The dividend is payable on May 21, 2025, to stockholders of record on May 7, 2025.

David Nelson, President and Chief Executive Officer of the Company, commented, “In the first quarter of 2025, we have continued to see improvements in net interest margin and efficiency ratio compared to 2024, resulting in a significant improvement in net income compared to the first quarter of 2024. We are pleased with our progress in our balance sheet repricing efforts. Loan growth was modest in the first quarter, as expected with the current economic uncertainty.”

David Nelson added, “One thing that remains the same is our best-in-class credit quality metrics. We had no loans past due greater than 90 days at March 31, 2025, and only one loan past due greater than 30 days with an insignificant balance of $181 thousand. We continue to identify high-quality opportunities for growing our core customer base in all of our markets.”

First Quarter 2025 Financial Highlights

	Quarter Ended March 31, 2025	Quarter Ended December 31, 2024	Quarter Ended March 31, 2024
Net income (in thousands)	$7,842	$7,097	$5,809
Return on average equity	13.84%	12.24%	10.63%
Return on average assets	0.81%	0.68%	0.61%
Efficiency ratio (a non-GAAP measure)	56.37%	60.79%	62.04%
Nonperforming assets to total assets	0.00%	0.00%	0.01%

First Quarter 2025 Compared to Fourth Quarter 2024 Overview

Loans increased $11.6 million in the first quarter of 2025, primarily due to an increase in commercial loans and commercial real estate loans, partially offset by a decline in construction loans.
No credit loss expense on loans was recorded in the first quarter of 2025, compared to credit loss expense on loans of $1.0 million recorded in the fourth quarter of 2024. The credit loss expense on loans in the fourth quarter of 2024 was due to an adjustment to qualitative factors in the commercial real estate loan segment.
The allowance for credit losses to total loans was 1.01 percent at both March 31, 2025 and December 31, 2024. Nonaccrual loans at March 31, 2025 consisted of one loan with a balance of $181 thousand, compared to one loan with a balance of $133 thousand at December 31, 2024.
Deposits decreased $33.1 million, or 1.0 percent, in the first quarter of 2025. Brokered deposits totaled $335.5 million at March 31, 2025, compared to $266.4 million at December 31, 2024, an increase of $69.1 million. Excluding brokered deposits, deposits decreased $102.2 million, or 3.3 percent, during the first quarter of 2025. The decline in deposits was due to normal cash flow fluctuations of our core depositors. As of March 31, 2025, estimated uninsured deposits, which exclude deposits in the IntraFi^® reciprocal network, brokered deposits and public funds protected by state programs, accounted for approximately 28.0 percent of total deposits.
Net interest margin, on a fully tax-equivalent basis (a non-GAAP measure), was 2.28 percent for the first quarter of 2025, compared to 1.98 percent for the fourth quarter of 2024. Net interest income for the first quarter of 2025 was $20.9 million, compared to $19.4 million for the fourth quarter of 2024. The increase in net interest margin and net interest income was primarily due to a decrease in deposit rates, driven by the Federal Reserve’s reductions of the federal funds target rate in the fourth quarter of 2024. The cost of deposits decreased 38 basis points in the first quarter of 2025, compared to the fourth quarter of 2024.
The efficiency ratio (a non-GAAP measure) was 56.37 percent for the first quarter of 2025, compared to 60.79 percent for the fourth quarter of 2024. The improvement in the efficiency ratio was primarily due to the increase in net interest income and decrease in noninterest expense, partially offset by a decrease in trust services income.
The tangible common equity ratio was 5.97 percent as of March 31, 2025, compared to 5.68 percent as of December 31, 2024. The increase in the tangible common equity ratio was due to retained net income and the decrease in accumulated other comprehensive loss, which was the result of an increase in the market value of our available for sale securities portfolio.

Income tax expense increased $2.8 million in the first quarter of 2025 compared to the fourth quarter of 2024. This was primarily due to recording an income tax benefit of $1.8 million in the fourth quarter of 2024 for an energy related investment tax credit associated with the construction of the Company’s new headquarters building.

First Quarter 2025 Compared to First Quarter 2024 Overview

Loans increased $36.3 million at March 31, 2025, or 1.2 percent, compared to March 31, 2024. The increase is primarily due to the increase in commercial real estate loans, partially offset by decreases in commercial loans and construction loans.
Deposits increased $259.5 million, or 8.5 percent, at March 31, 2025, compared to March 31, 2024. Included in deposits were brokered deposits totaling $335.5 million at March 31, 2025, compared to $396.4 million at March 31, 2024. Excluding brokered deposits, deposits increased $320.4 million, or 12.0 percent, as of March 31, 2025, compared to March 31, 2024. Deposit growth included a mix of public funds and commercial and consumer deposits and was used to reduce wholesale funding, build liquidity and fund loan growth.
Borrowed funds decreased to $391.4 million at March 31, 2025, compared to $639.7 million at March 31, 2024. The decrease was primarily attributable to a decrease of $198.5 million in federal funds purchased and other short-term borrowings and a decrease of $45.0 million in Federal Home Loan Bank advances. The decrease in borrowed funds balances was due to the increase in deposits since March 31, 2024. The reduction in the Federal Home Loan Bank advances was due to the maturity of two advances with a total balance of $45.0 million. One of these advances, with a balance of $25.0 million, was hedged with a long-term interest rate swap, which matured and was not renewed.
The efficiency ratio (a non-GAAP measure) was 56.37 percent for the first quarter of 2025, compared to 62.04 percent for the first quarter of 2024. The improvement in the efficiency ratio in the first quarter of 2025 compared to the first quarter of 2024 was primarily due to the increase in net interest income, partially offset by an increase in noninterest expense. Occupancy and equipment expense increased primarily due to the occupancy costs associated with the Company’s newly constructed headquarters.
Net interest margin, on a fully tax-equivalent basis (a non-GAAP measure), was 2.28 percent for the first quarter of 2025, compared to 1.88 percent for the first quarter of 2024. Net interest income for the first quarter of 2025 was $20.9 million, compared to $16.8 million for the first quarter of 2024. The increase in net interest margin and net interest income was primarily due to the decrease in deposit rates. The cost of deposits decreased by 42 basis points in the first quarter of 2025 compared to the first quarter of 2024. Also contributing to the improvement was an increase in average deposit balances of $335.2 million, in comparing the same time periods, which resulted in the reduction of higher-cost borrowed funds and an increase in interest-bearing deposits with other financial institutions.

The Company filed its report on Form 10-Q with the Securities and Exchange Commission today. Please refer to that document for a more in-depth discussion of the Company’s financial results. The Form 10-Q is available on the Investor Relations section of West Bank’s website at www.westbankstrong.com.

The Company will discuss its results in a conference call scheduled for 2:00 p.m. Central Time on Thursday, April 24, 2025. The telephone number for the conference call is 800-715-9871. The conference ID for the conference call is 7846129. A recording of the call will be available until May 8, 2025, by dialing 800-770-2030. The conference ID for the replay call is 7846129, followed by the # key.

About West Bancorporation, Inc. (Nasdaq: WTBA)

West Bancorporation, Inc. is headquartered in West Des Moines, Iowa. Serving customers since 1893, West Bank, a wholly-owned subsidiary of West Bancorporation, Inc., is a community bank that focuses on lending, deposit services, and trust services for small- to medium-sized businesses and consumers. West Bank has six offices in the Des Moines, Iowa metropolitan area, one office in Coralville, Iowa, and four offices in Minnesota in the cities of Rochester, Owatonna, Mankato and St. Cloud.

Certain statements in this report, other than purely historical information, including estimates, projections, statements relating to the Company’s business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may appear throughout this report. These forward-looking statements are generally identified by the words “believes,” “expects,” “intends,” “anticipates,” “projects,” “future,” “confident,” “may,” “should,” “will,” “strategy,” “plan,” “opportunity,” “will be,” “will likely result,” “will continue” or similar references, or references to estimates, predictions or future events. Such forward-looking statements are based upon certain underlying assumptions, risks and uncertainties. Because of the possibility that the underlying assumptions are incorrect or do not materialize as expected in the future, actual results could differ materially from these forward-looking statements. Risks and uncertainties that may affect future results include: interest rate risk, including the effects of changes in interest rates; fluctuations in the values of the securities held in our investment portfolio, including as a result of changes in interest rates; competitive pressures, including from non-bank competitors such as credit unions, “fintech” companies and digital asset service providers; pricing pressures on loans and deposits; our ability to successfully manage liquidity risk; changes in credit and other risks posed by the Company’s loan portfolio, including declines in commercial or residential real estate values or changes in the allowance for credit losses dictated by new market conditions, accounting standards or regulatory requirements; the concentration of large deposits from certain clients, including those who have balances above current FDIC insurance limits; the imposition of domestic or foreign tariffs or other governmental policies impacting the global supply chain and the value of products produced by our commercial borrowers; changes in local, national and international economic conditions, including the level and impact of inflation, and future monetary policies of the Federal Reserve in response thereto, and possible recession; the effects of recent developments and events in the financial services industry, including the large-scale deposit withdrawals over a short period of time that resulted in several bank failures; changes in legal and regulatory requirements, limitations and costs; changes in customers’ acceptance of the Company’s products and services; the occurrence of fraudulent activity, breaches or failures of our or our third-party partners’ information security controls or cyber-security related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools; unexpected outcomes of existing or new litigation involving the Company; the monetary, trade and other regulatory policies of the U.S. government; acts of war or terrorism, including the ongoing Israeli-Palestinian conflict and the Russian invasion of Ukraine, widespread disease or pandemics, or other adverse external events; risks related to climate change and the negative impact it may have on our customers and their businesses; changes to U.S. tax laws, regulations and guidance; potential changes in federal policy and at regulatory agencies as a result of the 2024 presidential election; new or revised accounting policies and practices, as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission or the Public Company Accounting Oversight Board; talent and labor shortages and employee turnover; and any other risks described in the “Risk Factors” sections of reports filed by the Company with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update such forward-looking statements to reflect current or future events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

WEST BANCORPORATION, INC. AND SUBSIDIARY
Financial Information (unaudited)
(in thousands)
	As of
CONDENSED BALANCE SHEETS	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Assets
Cash and due from banks	$	39,253		$	28,750		$	34,157		$	27,994		$	27,071
Interest-bearing deposits		171,357			214,728			123,646			121,825			120,946
Securities available for sale, at fair value		546,619			544,565			597,745			588,452			605,735
Federal Home Loan Bank stock, at cost		15,216			15,129			17,195			21,065			26,181
Loans		3,016,471			3,004,860			3,021,221			2,998,774			2,980,133
Allowance for credit losses		(30,526	)		(30,432	)		(29,419	)		(28,422	)		(28,373	)
Loans, net		2,985,945			2,974,428			2,991,802			2,970,352			2,951,760
Premises and equipment, net		110,270			109,985			106,771			101,965			95,880
Bank-owned life insurance		45,272			44,990			44,703			44,416			44,138
Other assets		72,737			82,416			72,547			89,046			90,981
Total assets	$	3,986,669		$	4,014,991		$	3,988,566		$	3,965,115		$	3,962,692

Liabilities and Stockholders’ Equity
Deposits	$	3,324,518		$	3,357,596		$	3,278,553		$	3,180,922		$	3,065,030
Federal funds purchased and other short-term borrowings		—			—			—			85,500			198,500
Other borrowings		391,445			392,629			438,814			439,998			441,183
Other liabilities		32,833			36,891			35,846			34,812			34,223
Stockholders’ equity		237,873			227,875			235,353			223,883			223,756
Total liabilities and stockholders’ equity	$	3,986,669		$	4,014,991		$	3,988,566		$	3,965,115		$	3,962,692

	For the Quarter Ended
AVERAGE BALANCES	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Assets	$	3,944,789		$	4,135,049		$	3,973,824		$	3,964,109		$	3,812,199
Loans		3,016,119			3,007,558			2,991,272			2,994,492			2,949,672
Deposits		3,284,394			3,434,234			3,258,669			3,123,282			2,956,635
Stockholders’ equity		229,874			230,720			227,513			219,771			219,835

WEST BANCORPORATION, INC. AND SUBSIDIARY
Financial Information (unaudited)
(in thousands)
	As of
LOANS	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Commercial	$	531,267		$	514,232		$	512,884		$	526,589		$	544,293
Real estate:
Construction, land and land development		451,230			508,147			520,516			496,864			465,247
1-4 family residential first mortgages		86,292			87,858			89,749			92,230			108,065
Home equity		21,961			19,294			17,140			15,264			14,020
Commercial		1,909,330			1,861,195			1,870,132			1,856,301			1,839,580
Consumer and other		19,323			17,287			14,261			15,234			12,844
		3,019,403			3,008,013			3,024,682			3,002,482			2,984,049
Net unamortized fees and costs		(2,932	)		(3,153	)		(3,461	)		(3,708	)		(3,916	)
Total loans	$	3,016,471		$	3,004,860		$	3,021,221		$	2,998,774		$	2,980,133
Less: allowance for credit losses		(30,526	)		(30,432	)		(29,419	)		(28,422	)		(28,373	)
Net loans	$	2,985,945		$	2,974,428		$	2,991,802		$	2,970,352		$	2,951,760

CREDIT QUALITY
Pass	$	3,011,231		$	2,999,531		$	3,016,493		$	2,994,310		$	2,983,618
Watch		7,991			8,349			7,956			7,651			142
Substandard		181			133			233			521			289
Doubtful		—			—			—			—			—
Total loans	$	3,019,403		$	3,008,013		$	3,024,682		$	3,002,482		$	2,984,049

DEPOSITS
Noninterest-bearing demand	$	519,771		$	541,053		$	525,332		$	530,441		$	521,377
Interest-bearing demand		517,409			543,855			438,402			443,658			449,946
Savings and money market – non-brokered		1,490,189			1,517,510			1,481,840			1,483,264			1,315,698
Money market – brokered		143,423			126,381			123,780			97,259			119,840
Total nonmaturity deposits		2,670,792			2,728,799			2,569,354			2,554,622			2,406,861
Time – non-brokered		461,655			488,760			407,109			353,269			381,646
Time – brokered		192,071			140,037			302,090			273,031			276,523
Total time deposits		653,726			628,797			709,199			626,300			658,169
Total deposits	$	3,324,518		$	3,357,596		$	3,278,553		$	3,180,922		$	3,065,030

BORROWINGS
Federal funds purchased and other short-term borrowings	$	—		$	—		$	—		$	85,500		$	198,500
Subordinated notes, net		79,959			79,893			79,828			79,762			79,697
Federal Home Loan Bank advances		270,000			270,000			315,000			315,000			315,000
Long-term debt		41,486			42,736			43,986			45,236			46,486
Total borrowings	$	391,445		$	392,629		$	438,814		$	525,498		$	639,683

STOCKHOLDERS’ EQUITY
Preferred stock	$	—		$	—		$	—		$	—		$	—
Common stock		3,000			3,000			3,000			3,000			3,000
Additional paid-in capital		35,072			35,619			34,960			34,322			33,685
Retained earnings		282,247			278,613			275,724			273,981			272,997
Accumulated other comprehensive loss		(82,446	)		(89,357	)		(78,331	)		(87,420	)		(85,926	)
Total stockholders’ equity	$	237,873		$	227,875		$	235,353		$	223,883		$	223,756

WEST BANCORPORATION, INC. AND SUBSIDIARY
Financial Information (unaudited)
(in thousands)
	For the Quarter Ended
CONSOLIDATED STATEMENTS OF INCOME	March 31, 2025		December 31, 2024			September 30, 2024		June 30, 2024		March 31, 2024
Interest income:
Loans, including fees	$	40,988	$	41,822		$	42,504	$	41,700	$	40,196
Securities:
Taxable		2,788		2,959			3,261		3,394		3,416
Tax-exempt		743		795			806		808		810
Interest-bearing deposits		1,617		3,740			2,041		1,666		148
Total interest income		46,136		49,316			48,612		47,568		44,570
Interest expense:
Deposits		21,423		25,706			26,076		23,943		21,559
Federal funds purchased and other short-term borrowings		—		—			115		1,950		2,183
Subordinated notes		1,105		1,106			1,112		1,105		1,108
Federal Home Loan Bank advances		2,235		2,522			2,748		2,718		2,325
Long-term debt		518		560			601		622		645
Total interest expense		25,281		29,894			30,652		30,338		27,820
Net interest income		20,855		19,422			17,960		17,230		16,750
Credit loss expense		—		1,000			—		—		—
Net interest income after credit loss expense		20,855		18,422			17,960		17,230		16,750
Noninterest income:
Service charges on deposit accounts		471		462			459		462		460
Debit card usage fees		446		471			500		490		458
Trust services		777		1,051			828		794		776
Increase in cash value of bank-owned life insurance		282		287			287		278		274
Realized securities losses, net		—		(1,172	)		—		—		—
Other income		267		331			285		322		331
Total noninterest income		2,243		1,430			2,359		2,346		2,299
Noninterest expense:
Salaries and employee benefits		7,004		7,107			6,823		7,169		6,489
Occupancy and equipment		1,963		2,095			1,926		1,852		1,447
Data processing		617		752			771		754		714
Technology and software		786		743			722		731		700
FDIC insurance		587		699			711		631		519
Professional fees		308		301			239		244		257
Director fees		206		170			223		236		199
Other expenses		1,592		1,532			1,477		1,577		1,543
Total noninterest expense		13,063		13,399			12,892		13,194		11,868
Income before income taxes		10,035		6,453			7,427		6,382		7,181
Income taxes		2,193		(644	)		1,475		1,190		1,372
Net income	$	7,842	$	7,097		$	5,952	$	5,192	$	5,809

Basic earnings per common share	$	0.47	$	0.42		$	0.35	$	0.31	$	0.35
Diluted earnings per common share	$	0.46	$	0.42		$	0.35	$	0.31	$	0.35

WEST BANCORPORATION, INC. AND SUBSIDIARY
Financial Information (unaudited)

	As of and for the Quarter Ended
COMMON SHARE DATA	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Earnings per common share (basic)	$	0.47		$	0.42		$	0.35		$	0.31		$	0.35
Earnings per common share (diluted)		0.46			0.42			0.35			0.31			0.35
Dividends per common share		0.25			0.25			0.25			0.25			0.25
Book value per common share⁽¹⁾		14.06			13.54			13.98			13.30			13.31
Closing stock price		19.94			21.65			19.01			17.90			17.83
Market price/book value⁽²⁾		141.82	%		159.90	%		135.98	%		134.59	%		133.96	%
Price earnings ratio⁽³⁾		10.46			12.96			13.65			14.36			12.77
Annualized dividend yield⁽⁴⁾		5.02	%		4.62	%		5.26	%		5.59	%		5.61	%

REGULATORY CAPITAL RATIOS
Consolidated:
Total risk-based capital ratio		12.18	%		12.11	%		11.95	%		11.85	%		11.78	%
Tier 1 risk-based capital ratio		9.59			9.51			9.39			9.30			9.23
Tier 1 leverage capital ratio		8.36			7.93			8.15			8.08			8.36
Common equity tier 1 ratio		9.02			8.95			8.83			8.74			8.67
West Bank:
Total risk-based capital ratio		12.90	%		12.86	%		12.73	%		12.66	%		12.63	%
Tier 1 risk-based capital ratio		11.99			11.96			11.86			11.79			11.76
Tier 1 leverage capital ratio		10.46			9.97			10.29			10.25			10.65
Common equity tier 1 ratio		11.99			11.96			11.86			11.79			11.76

KEY PERFORMANCE RATIOS AND OTHER METRICS
Return on average assets⁽⁵⁾		0.81	%		0.68	%		0.60	%		0.53	%		0.61	%
Return on average equity⁽⁶⁾		13.84			12.24			10.41			9.50			10.63
Net interest margin^(7)(13)		2.28			1.98			1.91			1.86			1.88
Yield on interest-earning assets^(8)(13)		5.04			5.02			5.16			5.13			4.99
Cost of interest-bearing liabilities		3.25			3.57			3.84			3.83			3.70
Efficiency ratio^(9)(13)		56.37			60.79			63.28			67.14			62.04
Nonperforming assets to total assets⁽¹⁰⁾		0.00			0.00			0.01			0.01			0.01
ACL ratio⁽¹¹⁾		1.01			1.01			0.97			0.95			0.95
Loans/total assets		75.66			74.84			75.75			75.63			75.20
Loans/total deposits		90.73			89.49			92.15			94.27			97.23
Tangible common equity ratio⁽¹²⁾		5.97			5.68			5.90			5.65			5.65

^{(1) Includes accumulated other comprehensive loss.}
^{(2) Closing stock price divided by book value per common share.}
^{(3) Closing stock price divided by annualized earnings per common share (basic).}
^{(4) Annualized dividend divided by period end closing stock price.}
^{(5) Annualized net income divided by average assets.}
^{(6) Annualized net income divided by average stockholders’ equity.}
^{(7) Annualized tax-equivalent net interest income divided by average interest-earning assets.}
^{(8) Annualized tax-equivalent interest income on interest-earning assets divided by average interest-earning assets.}
^{(9) Noninterest expense (excluding other real estate owned expense and write-down of premises) divided by noninterest income (excluding net securities gains/losses and gains/losses on disposition of premises and equipment) plus tax-equivalent net interest income.}
^{(10) Total nonperforming assets divided by total assets.}
^{(11) Allowance for credit losses on loans divided by total loans.}
^{(12) Common equity less intangible assets (none held) divided by tangible assets.}
^{(13) A non-GAAP measure.}

NON-GAAP FINANCIAL MEASURES

This report contains references to financial measures that are not defined in GAAP. Such non-GAAP financial measures include the Company’s presentation of net interest income and net interest margin on a fully taxable equivalent (FTE) basis and the presentation of the efficiency ratio on an adjusted and FTE basis, excluding certain income and expenses. Management believes these non-GAAP financial measures provide useful information to both management and investors to analyze and evaluate the Company’s financial performance. These measures are considered standard measures of comparison within the banking industry. Additionally, management believes providing measures on a FTE basis enhances the comparability of income arising from taxable and nontaxable sources. Limitations associated with non-GAAP financial measures include the risks that persons might disagree as to the appropriateness of items included in these measures and that different companies might calculate these measures differently. These non-GAAP disclosures should not be considered an alternative to the Company’s GAAP results. The following table reconciles the non-GAAP financial measures of net interest income and net interest margin on a fully taxable equivalent basis and efficiency ratio on an adjusted and FTE basis.

(in thousands)	For the Quarter Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Reconciliation of net interest income and net interest margin on a FTE basis to GAAP:
Net interest income (GAAP)	$	20,855		$	19,422		$	17,960		$	17,230		$	16,750
Tax-equivalent adjustment ⁽¹⁾		66			16			29			55			82
Net interest income on a FTE basis (non-GAAP)		20,921			19,438			17,989			17,285			16,832
Average interest-earning assets		3,717,441			3,910,978			3,749,688			3,731,674			3,595,954
Net interest margin on a FTE basis (non-GAAP)		2.28	%		1.98	%		1.91	%		1.86	%		1.88	%

Reconciliation of efficiency ratio on an adjusted and FTE basis to GAAP:
Net interest income on a FTE basis (non-GAAP)	$	20,921		$	19,438		$	17,989		$	17,285		$	16,832
Noninterest income		2,243			1,430			2,359			2,346			2,299
Adjustment for realized securities losses, net		—			1,172			—			—			—
Adjustment for losses on disposal of premises and equipment, net		8			—			26			21			—
Adjusted income		23,172			22,040			20,374			19,652			19,131
Noninterest expense		13,063			13,399			12,892			13,194			11,868
Efficiency ratio on an adjusted and FTE basis (non-GAAP) ⁽²⁾		56.37	%		60.79	%		63.28	%		67.14	%		62.04	%

^{(1) Computed on a tax-equivalent basis using a federal income tax rate of 21 percent, adjusted to reflect the effect of the nondeductible interest expense associated with owning tax-exempt securities and loans. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the financial results, as it enhances the comparability of income arising from taxable and nontaxable sources.}
^{(2) The efficiency ratio expresses noninterest expense as a percent of fully taxable equivalent net interest income and noninterest income, excluding specific noninterest income and expenses. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the Company’s financial performance. It is a standard measure of comparison within the banking industry. A lower ratio is more desirable.}

For more information contact:
Jane Funk, Executive Vice President, Treasurer and Chief Financial Officer (515) 222-5766

The MIL Network –

April 25, 2025

€m	2025	2024	Organic Growth (i)
Revenue	85.5	75.8	+11.8%
EBITDA	10.3	9.1	–
EBITDA Margin	12.0%	12.0%	–

Category: Commerce

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