Category: Commerce

MIL-OSI USA: Congressmen Auchincloss, Krishnamoorthi Request Investigation into Possible Sanctions Violations by Yantai iRay Technology Co.

Source: United States House of Representatives – Representative Jake Auchincloss (Massachusetts, 4)

April 01, 2025

WASHINGTON, D.C. – Today, Congressman Jake Auchincloss (D-MA) and Ranking Member Raja Krishnamoorthi (D-IL) of the House Select Committee on the Strategic Competition Between the U.S. and the CCP sent a letter to Secretary of the Treasury Scott Bessent and Secretary of Commerce Howard Lutnick, requesting both departments investigate whether Yantai iRay Technology Co., Ltd. (“iRay”), a company in the People’s Republic of China (PRC) sanctioned by the Treasury Department, may be committing sanctions violations via a network of subsidiaries and directly related companies in the United States.

Among these subsidiaries is iRayUSA, who after iRay’s sanctioning in May 2024 for supplying Russia-based end users with controlled, dual-use technology claimed to its U.S. distributors that “iRayUSA’s manufacturing partner is a separate entity” from iRay. However, government filings along with other publicly available information strongly suggest that iRayUSA’s contention is false and that it, along with InfiRay Outdoor, Visir Inc. (brand name RIX Optics), and Inlumen Technologies (brand name Nocpix) may be violating U.S. sanctions by continuing to sell and distribute iRay products in the United States.

Reps .Auchincloss and Krishnamoorthi write in the letter, “Given their subsidiary or other close relationship with iRay, InfiRay Outdoor, iRayUSA, Visir Inc., and Inlumen Technologies appear to potentially be in violation of U.S. sanctions. Your agencies should also consider whether the operations of these entities pose a national security risk to the United States given the dual-use nature of their products and the sensitive data obtained through them. Thermal technology is a critical enabler of lethality and capability on the modern battlefield, and PLA access to U.S. thermal sensor data could allow it to refine its own capabilities while degrading U.S. leadership in this field.”

The Treasury Department imposed sanctions on iRay on May 1, 2024 for operating in the technology sector of the Russian Federation, including by supplying Russia-based end users with items like telescopic thermal sights and military thermal imagers controlled by the Department of Commerce’s Bureau of Industry and Security Common High Priority List.

“It is highly concerning that iRay, a company sanctioned for supporting Russia’s brutal and illegal invasion of Ukraine, appears to still be peddling its products in the United States through a shell game of U.S.-based subsidiaries,” said Ranking Member Krishnamoorthi. “In addition, iRay’s potential access to data from American users of its advanced targeting technologies could allow China’s military to dominate these capabilities at U.S. expense. We urge the Treasury and Commerce Departments to investigate this activity and appropriate enforcement actions.”

“Federal authorities must enforce sanctions against Chinese & Russian military cooperation,” said Congressman Auchincloss. “Appeasement of one is weakness to another.”

The members request the Treasury Department and Commerce Department provide them with a briefing on any information available to the departments regarding iRay and its subsidiaries by no later than April 11, 2025.

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MIL OSI USA News –

April 24, 2025
MIL-OSI USA: Congressman Auchincloss and Senator Warren Call on SEC to Explain Legal Loophole for Trump’s Meme Coins

Source: United States House of Representatives – Representative Jake Auchincloss (Massachusetts, 4)

March 21, 2025

Washington, DC – Representative Jake Auchincloss (D-Mass.-04), Member of the House Committee on Energy and Commerce, and Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, sent a letter to the Securities and Exchange Commission (SEC) demanding answers about a new SEC Division of Corporate Finance Staff Statement that could shield President Donald Trump’s recently launched meme coins from regulatory scrutiny. The lawmakers’ letter comes as the SEC’s Crypto Task Force hosts its first roundtable in a series purportedly designed to determine the extent of the SEC’s authority to police crypto markets for fraud and scams.

“[T]he U.S. Securities and Exchange Commission’s (SEC) Division of Corporate Finance (Division) released a Staff Statement asserting that ‘persons who participate in the offer and sale of meme coins’ are not subject to federal securities laws. The Staff Statement comes just weeks after President Trump and First Lady Melania Trump launched their own meme coins, $TRUMP and $MELANIA, and conveniently presents a legal interpretation that could shield the President’s and First Lady’s coins from regulatory scrutiny,” wrote the lawmakers.

In the letter the lawmakers raise concerns about the timing and implications of this policy shift, which asserts that individuals who participate in the offer and sale of meme coins are not subject to federal securities laws. The statement, released by the agency just weeks after Donald and Melania Trump debuted their own meme coins, comes amid a broader pattern of SEC actions that benefit cryptocurrency firms at the expense of retail investors.

“The Staff Statement is, notably, just one of many recent SEC actions aiming to arbitrarily deregulate the cryptocurrency industry. In just the past two months, for example, the SEC has dropped ten major lawsuits and investigations against cryptocurrency platforms such as Coinbase, Binance, and Kraken,” wrote the lawmakers.

The SEC Staff Statement declaring that the SEC will not enforce the law against crypto coins like President Trump’s comes ahead of the first SEC-hosted roundtable on cryptocurrency of the Trump Administration.

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MIL OSI USA News –

April 24, 2025

MIL-OSI: Dassault Systèmes: Solid start to the year with strong subscription growth, EPS at the high end of guidance

Source: GlobeNewswire (MIL-OSI)

Press Release

VELIZY-VILLACOUBLAY, France — April 24, 2025

Dassault Systèmes: Solid start to the year with strong subscription growth, EPS at the high end of guidance

Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today reports its IFRS unaudited estimated financial results for the first quarter 2025 ended March 31, 2025. The Group’s Board of Directors approved these estimated results on April 23, 2025. This press release also includes financial information on a non-IFRS basis and reconciliations with IFRS figures in the Appendix.

Summary Highlights¹

(unaudited, non-IFRS unless otherwise noted,
all growth rates in constant currencies)

1Q25: Software revenue increased by 5% driven by recurring revenue up 7%;
1Q25: Strong subscription growth of 14%, bringing New business up 7%;
1Q25: 3DEXPERIENCE software revenue growth of 17%;
1Q25: Diluted EPS up 5% (6% as reported) to €0.32;
1Q25: Cash flow from operations grew 21%, as reported, to €813 million (IFRS);
FY25: Full year objectives unchanged, total revenue growth of 6-8% and diluted EPS of €1.36-€1.39.

Dassault Systèmes’ Chief Executive Officer Commentary

Pascal Daloz, Dassault Systèmes’ Chief Executive Officer, commented:

“In February this year we announced Gen 7, the new generation of representation of our customers’ virtual universes – we call it 3D UNIV+RSES. This seventh generation of MODSIM data, powered by AI and spatial computing, makes the 3DEXPERIENCE the next-generation platform for knowledge and know-how, establishing it as a global IP management platform. Early customer feedback confirms that platform-based AI leveraging virtual twins creates competitive advantage.

We’ve had a solid start to the year. In the first quarter, the Manufacturing Industries sector performed well led by Aerospace & Defense and High Tech, along with Transportation & Mobility in China, Japan and US. At the same time, we’re accelerating in Sovereign Infrastructure, where energy, security, and AI capabilities – through high-performance data centers – are becoming strategic imperatives for nations and territories.

We are committed to being the trusted partner for our customers – helping them stay ahead, while strengthening our leadership position for the long term and raising barriers to entry.”

Dassault Systèmes’ Chief Financial Officer Commentary

(revenue, operating margin and diluted EPS (‘EPS’) growth rates in constant currencies,
data on a non-IFRS basis)

Rouven Bergmann, Dassault Systèmes’ Chief Financial Officer, commented:

“In the first quarter, our revenue is driven by strong subscription growth of 14%. As a result, recurring revenue now represents 86% of software revenue, highlighting the resilience of our business model. Regarding operational efficiency, we reached the upper end of our EPS guidance and saw strong growth in operating cash flow, increasing by 21% as reported.

Entering 2025, our approach was to provide a risk-adjusted financial outlook. Since then, the introduction of new tariffs has created a more volatile market environment, which could lead to longer decision-making cycles. That said, our pipeline remains solid, and our current visibility aligns with the midpoint of our full year guidance.

Therefore, we keep our 2025 outlook of 6-8% total revenue growth and 7-10% EPS growth unchanged. In addition, we are slightly adjusting our operating margin target, expecting a year-over-year expansion of 50-70 basis points, versus 70-100 basis points prior, to gain additional flexibility and invest in Gen 7 to support our long-term growth.”

Financial Summary

In millions of Euros, except per share data and percentages	IFRS				Non-IFRS
In millions of Euros, except per share data and percentages	Q1 2025	Q1 2024	Change	Change in constant currencies	Q1 2025	Q1 2024	Change	Change in constant currencies
Total Revenue	1,573.0	1,499.7	5%	4%	1,573.0	1,499.7	5%	4%
Software Revenue	1,432.7	1,352.8	6%	5%	1,432.7	1,352.8	6%	5%
Operating Margin	19.4%	21.6%	(2.3)pts		30.9%	31.1%	(0.2)pt
Diluted EPS	0.20	0.21	(9)%		0.32	0.30	6%	5%

First Quarter 2025 Versus 2024 Financial Comparisons

(unaudited, IFRS and non-IFRS unless otherwise noted,
all revenue growth rates in constant currencies)

Total Revenue: Total revenue in the first quarter grew by 4% to €1.57 billion, and software revenue increased by 5% to €1.43 billion. Subscription & support revenue rose by 7%; recurring revenue represented 86% of software revenue, up 2 basis points versus last year. Licenses and other software revenue declined by 10% to €198 million. Services revenue was down 6% to €140 million, during the quarter.
Software Revenue by Geography: Revenue in the Americas increased by 7% to represent 43% of software revenue. This growth acceleration is driven by Aerospace & Defense, Transport & Mobility and High-Tech. Despite tariff uncertainty, Europe increased by 1%, led by good growth in Aerospace & Defense. Europe represented 36% of software revenue. In Asia, revenue increased by 5%, driven by India, Southeast Asia and Korea. Asia represented 22% of software revenue.
Software Revenue by Product Line:
- Industrial Innovation software revenue increased by 8% to €793 million. This strong broad-based performance was led by CATIA, ENOVIA, DELMIA and NETVIBES. Industrial Innovation software represented 55% of software revenue.

Life Sciences software revenue was stable at €293 million, accounting for 20% of software revenue. MEDIDATA was impacted by continued CRO² headwinds, while benefiting from the steady dynamic with Large Pharma and Mid-Market.
Mainstream Innovation software revenue increased by 2% to €347 million. SOLIDWORKS had a slow start to the year, but saw solid bookings and good momentum in 3DEXPERIENCE adoption. CENTRIC PLM was impacted by timing of renewals, after an exceptional year of growth in 2024. Mainstream Innovation represented 24% of software revenue, during the period.

Software Revenue by Industry: Aerospace & Defense, High Tech and Industrial Equipment were among the best performers during the quarter.
Key Strategic Drivers: 3DEXPERIENCE software revenue increased by 17%, driven by Aerospace & Defense, High Tech and Transportation & Mobility, along with opportunities in the sovereign infrastructure domain. 3DEXPERIENCE software revenue represented 39% of 3DEXPERIENCE eligible software revenue. Cloud software revenue grew by 7% and represented 25% of software revenue during the period. 3DEXPERIENCE Cloud software revenue increased by 41%.
Operating Income and Margin: IFRS operating income declined by 6% to €304 million, as reported. Non-IFRS operating income increased by 3% in constant currencies to €486 million (up 4% as reported). The IFRS operating margin stood at 19.4% compared to 21.6% in the first quarter of 2024. The non-IFRS operating margin totaled 30.9% versus 31.1% during the same period last year.
Earnings per Share: IFRS diluted EPS was €0.20, down 9% as reported. Non-IFRS diluted EPS grew to €0.32, up 6% as reported, or 5% in constant currencies.
Cash Flow from Operations (IFRS): Cash flow from operations totaled €813 million, an increase of 21% relative to the same period last year with strong cash collection. Cash flow from operations was principally used for the acquisition of ContentServ for €191 million (net of €11 million of cash acquired), repurchase of Treasury Shares for €80 million, repayment of debt for €59 million and €56 million for investments in CAPEX.
Balance Sheet (IFRS): Dassault Systèmes had a net cash position of €1.79 billion as of March 31, 2025, an increase of €0.33 billion, compared to €1.46 billion for the year ending December 31, 2024. Cash and cash equivalents totaled €4.24 billion at the end of March 2025.

Financial Objectives for 2025

Dassault Systèmes’ second quarter and 2025 financial objectives presented below are given on a non-IFRS basis and reflect the principal 2025 currency exchange rate assumptions for the US dollar and Japanese yen as well as the potential impact from additional non-Euro currencies:


		Q2 2025	FY 2025
Total Revenue (billion)		€1.520 – €1.580	€6.567 – €6.667
Growth		2 – 6%	6 – 7%
Growth ex FX		3 – 7%	6 – 8%

Software revenue growth *		3 – 7%	6 – 8%
	Of which licenses and other software revenue growth *	(6) – 1%	2 – 6%
	Of which recurring revenue growth *	5 – 8%	7 – 8%
Services revenue growth *		3 – 7%	4 – 6%

Operating Margin		29.8% – 29.9%	32.3% – 32.6%

EPS Diluted		€0.30 – €0.31	€1.36 – €1.39
Growth		(1) – 3%	7 – 9%
Growth ex FX		1 – 5%	7 – 10%

US dollar		$1.10 per Euro	$1.09 per Euro
Japanese yen (before hedging)		JPY 155.0 per Euro	JPY 156.4 per Euro
* Growth in Constant Currencies

These objectives are prepared and communicated only on a non-IFRS basis and are subject to the cautionary statement set forth below.

The 2025 non-IFRS financial objectives set forth above do not take into account the following accounting elements below and are estimated based upon the 2025 principal currency exchange rates above: no significant contract liabilities write-downs; share-based compensation expenses, including related social charges, estimated at approximately €213 million (these estimates do not include any new stock option or share grants issued after March 31, 2025); amortization of acquired intangibles and of tangibles reevaluation, estimated at approximately €353 million, largely impacted by the acquisition of MEDIDATA and lease incentives of acquired companies at approximately €1 million.

The above objectives also do not include any impact from other operating income and expenses, a net principally comprised of acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; from one-time items included in financial revenue; from one-time tax effects; and from the income tax effects of these non-IFRS adjustments. Finally, these estimates do not include any new acquisitions or restructuring completed after March 31, 2025.

Corporate Announcements

Today’s Webcast and Conference Call Information

Today, Thursday, April 24, 2025, Dassault Systèmes will host, from Paris, a webcasted presentation at 9:00 AM London Time / 10:00 AM Paris time, and will then host a conference call at 8:30 AM New York time / 1:30 PM London time / 2:30 PM Paris time. The webcasted presentation and conference calls will be available online by accessing investor.3ds.com.

Additional investor information is available at investor.3ds.com or by calling Dassault Systèmes’ Investor Relations at +33.1.61.62.69.24.

Investor Relations Events

Capital Markets Day: June 6, 2025
Second Quarter 2025 Earnings Release: July 24, 2025
Third Quarter 2025 Earnings Release: October 23, 2025
Fourth Quarter 2025 Earnings Release: February 11, 2026

Forward-looking Information

Statements herein that are not historical facts but express expectations or objectives for the future, including but not limited to statements regarding the Group’s non-IFRS financial performance objectives are forward-looking statements. Such forward-looking statements are based on Dassault Systèmes management’s current views and assumptions and involve known and unknown risks and uncertainties. Actual results or performances may differ materially from those in such statements due to a range of factors.

The Group’s actual results or performance may be materially negatively affected by numerous risks and uncertainties, as described in the “Risk Factors” section 1.9 of the 2024 Universal Registration Document (‘Document d’enregistrement universel’) filed with the AMF (French Financial Markets Authority) on March 18, 2025, available on the Group’s website www.3ds.com.

In particular, please refer to the risk factor “Uncertain Global Environment” in section 1.9.1.1 of the 2024 Universal Registration Document set out below for ease of reference:

“In light of the uncertainties regarding economic, business, social, health and geopolitical conditions at the global level, Dassault Systèmes’ revenue, net earnings and cash flows may grow more slowly, whether on an annual or quarterly basis, mainly due to the following factors:

the deployment of Dassault Systèmes’ solutions may represent a large portion of a customer’s investments in software technology. Decisions to make such an investment are impacted by the economic environment in which the customers operate. Uncertain global geopolitical, economic and health conditions and the lack of visibility or the lack of financial resources may cause some customers, e.g. within the automotive, aerospace, energy or natural resources industries, to reduce, postpone or cancel their investments, or to reduce or not renew ongoing paid maintenance for their installed base, which impact larger customers’ revenue with their respective sub-contractors;
the political, economic and monetary situation in certain geographic regions where Dassault Systèmes operates could become more volatile and negatively affect Dassault Systèmes’ business, and in particular its revenue, for example, due to stricter export compliance rules or the introduction of new customs barriers or controls on the exchange of goods and services;
continued pressure or volatility on raw materials and energy prices could also slow down Dassault Systèmes’ diversification efforts in new industries;
uncertainties regarding the extent and duration of costs inflation could adversely affect the financial position of Dassault Systèmes; and
the sales cycle of the Dassault Systèmes’ products – already relatively long due to the strategic nature of such investments for customers – could further lengthen.

The occurrence of crises – health and political crises in particular – could have consequences both for the health and safety of Dassault Systèmes’ employees and for the Company. It could also adversely impact the financial situation or financing and supply capabilities of Dassault Systèmes’ existing and potential customers, commercial and technology partners, some of whom may be forced to temporarily close sites or to cease operations. A deteriorating economic environment could generate increased price pressure and affect the collection of receivables, which would negatively affect Dassault Systèmes’ revenue, financial performance and market position.

Dassault Systèmes makes every effort to take into consideration this uncertain outlook. Dassault Systèmes’ business results, however, may not develop as anticipated. Furthermore, due to factors affecting sales of Dassault Systèmes’ products and services, there may be a substantial time lag between an improvement in global economic and business conditions and an upswing in the Company’s business results.

In preparing such forward-looking statements, the Group has in particular assumed an average US dollar to euro exchange rate of US$1.10 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY155.0 to €1.00, before hedging for the second quarter 2025. The Group has assumed an average US dollar to euro exchange rate of US$1.09 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY156.4 to €1.00, before hedging for the full year 2025. However, currency values fluctuate, and the Group’s results may be significantly affected by changes in exchange rates.

Non-IFRS Financial Information

Readers are cautioned that the supplemental non-IFRS financial information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered in isolation from or as a substitute for IFRS measurements. The supplemental non-IFRS financial information should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with IFRS. Furthermore, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Specific limitations for individual non-IFRS measures are set forth in the Company’s 2024 Universal Registration Document filed with the AMF on March 18, 2025.

In the tables accompanying this press release the Group sets forth its supplemental non-IFRS figures for revenue, operating income, operating margin, net income and diluted earnings per share, which exclude the effect of adjusting the carrying value of acquired companies’ deferred revenue, share-based compensation expense and related social charges, the amortization of acquired intangible assets and of tangibles reevaluation, certain other operating income and expense, net, including impairment of goodwill and acquired intangibles, the effect of adjusting lease incentives of acquired companies, certain one-time items included in financial revenue and other, net, and the income tax effect of the non-IFRS adjustments and certain one-time tax effects. The tables also set forth the most comparable IFRS financial measure and reconciliations of this information with non-IFRS information.

FOR MORE INFORMATION

Dassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions: http://www.3ds.com

ABOUT DASSAULT SYSTÈMES

Dassault Systèmes is a catalyst for human progress. Since 1981, the company has pioneered virtual worlds to improve real life for consumers, patients and citizens.
With Dassault Systèmes’ 3DEXPERIENCE platform, 370 000 customers of all sizes, in all industries, can collaborate, imagine and create sustainable innovations that drive meaningful impact.
For more information, visit www.3ds.com

Dassault Systèmes Investor Relations Team FTI Consulting

Beatrix Martinez: +33 1 61 62 40 73 Arnaud de Cheffontaines: +33 1 47 03 69 48

Jamie Ricketts : +44 20 3727 1600

investors@3ds.com

Dassault Systèmes Press Contacts

Corporate / France Arnaud MALHERBE

arnaud.malherbe@3ds.com

+33 (0)1 61 62 87 73

© Dassault Systèmes. All rights reserved. 3DEXPERIENCE, the 3DS logo, the Compass icon, IFWE, 3DEXCITE, 3DVIA, BIOVIA, CATIA, CENTRIC PLM, DELMIA, ENOVIA, GEOVIA, MEDIDATA, NETVIBES, OUTSCALE, SIMULIA and SOLIDWORKS are commercial trademarks or registered trademarks of Dassault Systèmes, a European company (Societas Europaea) incorporated under French law, and registered with the Versailles trade and companies registry under number 322 306 440, or its subsidiaries in the United States and/or other countries. All other trademarks are owned by their respective owners. Use of any Dassault Systèmes or its subsidiaries trademarks is subject to their express written approval.

APPENDIX TABLE OF CONTENTS

Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

Glossary of Definitions

Non-IFRS Financial Information

Acquisitions and Foreign Exchange Impact

Condensed consolidated statements of income

Condensed consolidated balance sheet

Condensed consolidated cash flow statement

IFRS – non-IFRS reconciliation

DASSAULT SYSTÈMES – Glossary of Definitions

Information in Constant Currencies

Dassault Systèmes has followed a long-standing policy of measuring its revenue performance and setting its revenue objectives exclusive of currency in order to measure in a transparent manner the underlying level of improvement in its total revenue and software revenue by activity, industry, geography and product lines. The Group believes it is helpful to evaluate its growth exclusive of currency impacts, particularly to help understand revenue trends in its business. Therefore, the Group provides percentage increases or decreases in its revenue and expenses (in both IFRS as well as non-IFRS) to eliminate the effect of changes in currency values, particularly the U.S. dollar and the Japanese yen, relative to the euro. When trend information is expressed “in constant currencies”, the results of the “prior” period have first been recalculated using the average exchange rates of the comparable period in the current year, and then compared with the results of the comparable period in the current year.

While constant currency calculations are not considered to be an IFRS measure, the Group believes these measures are critical to understanding its global revenue results and to compare with many of its competitors who report their financial results in U.S. dollars. Therefore, Dassault Systèmes includes this calculation for comparing IFRS revenue figures as well non-IFRS revenue figures for comparable periods. All information at constant currencies is expressed as a rounded percentage and therefore may not precisely reflect the absolute figures.

Information on Growth excluding acquisitions (“organic growth”)

In addition to financial indicators on the entire Group’s scope, Dassault Systèmes provides growth excluding acquisitions effect, also named organic growth. In order to do so, the data relating to the scope is restated excluding acquisitions, from the date of the transaction, over a period of 12 months.

Information on Industrial Sectors

The Group provides broad end-to-end software solutions and services: its platform-based virtual twin experiences combine modeling, simulation, data science and collaborative innovation to support companies in the three sectors it serves, namely Manufacturing Industries, Life Sciences & Healthcare, and Infrastructure & Cities.

These three sectors comprise twelve industries:

Manufacturing Industries: Transportation & Mobility; Aerospace & Defense; Marine & Offshore; Industrial Equipment; High-Tech; Home & Lifestyle; Consumer Packaged Goods – Retail. In Manufacturing Industries, Dassault Systèmes helps customers virtualize their operations, improve data sharing and collaboration across their organization, reduce costs and time-to-market, and become more sustainable;
Life Sciences & Healthcare: Life Sciences & Healthcare. In this sector, the Group aims to address the entire cycle of the patient journey to lead the way toward precision medicine. To reach the broader healthcare ecosystem from research to commercial, the Group’s solutions connect all elements from molecule development to prevention to care, and combine new therapeutics, medical practices, and Medtech;
Infrastructure & Cities: Infrastructure, Energy & Materials; Architecture, Engineering & Construction; Business Services; Cities & Public Services. In Infrastructure & Cities, the Group supports the virtualization of the sector in making its industries more efficient and sustainable, and creating desirable living environments.

Information on Product Lines

The Group’s product lines financial reporting include the following financial information:

Industrial Innovation software revenue, which includes CATIA, ENOVIA, SIMULIA, DELMIA, GEOVIA, NETVIBES, and 3DEXCITE brands;
Life Sciences software revenue, which includes MEDIDATA and BIOVIA brands;
Mainstream Innovation software revenue which includes SOLIDWORKS, as well as its CENTRIC PLM and 3DVIA brands.

Starting from 2022, OUTSCALE became a brand of the Group, extending the portfolio of software applications. As the first sovereign and sustainable operator on the cloud, OUTSCALE enables governments and corporations from all sectors to achieve digital autonomy through a Cloud experience and with a world-class cyber governance.

GEOs

Eleven GEOs are responsible for driving the development of the Company’s business and implementing its customer‑centric engagement model. Teams leverage strong networks of local customers, users, partners, and influencers.

These GEOs are structured into three groups:

the “Americas” group, made of two GEOs;
the “Europe” group, comprising Europe, Middle East and Africa (EMEA) and made of four GEOs;
the “Asia” group, comprising Asia and Oceania and made of five GEOs.

3DEXPERIENCE Software Contribution

To measure the relative share of 3DEXPERIENCE software in its revenues, Dassault Systèmes calculates the percentage contribution by comparing total 3DEXPERIENCE software revenue to software revenue for all product lines except SOLIDWORKS, MEDIDATA, CENTRIC PLM and other acquisitions (defined as “3DEXPERIENCE Eligible software revenue”).

Cloud revenue

Cloud revenue is generated from contracts that provide access to cloud-based solutions (SaaS), infrastructure as a service (IaaS), cloud solution development and cloud managed services. These offerings are delivered by Dassault Systèmes through its own cloud infrastructure or by third-party cloud providers. They are available through different deployment methods: Dedicated cloud, Sovereign cloud and International cloud. Cloud solutions are generally offered through subscription-based models or perpetual licenses with support and hosting services.

New business

New business is the combination of subscription revenue and licenses & other software revenue.

DASSAULT SYSTÈMES

NON-IFRS FINANCIAL INFORMATION

(unaudited; in millions of Euros, except per share data, percentages, headcount and exchange rates)

Non-IFRS key figures exclude the effects of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue), share-based compensation expense, including related social charges, amortization of acquired intangible assets and of tangible assets revaluation, lease incentives of acquired companies, other operating income and expense, net, including the acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets, certain one-time items included in financial loss, net, certain one-time tax effects and the income tax effects of these non-IFRS adjustments.

Comparable IFRS financial information and a reconciliation of the IFRS and non-IFRS measures are set forth in the separate tables within this Attachment.

In millions of Euros, except per share data, percentages, headcount and exchange rates	Non-IFRS reported
	Three months ended
	March 31, 2025	March 31, 2024	Change	Change in constant currencies
Total Revenue	€ 1,573.0	€ 1,499.7	5%	4%

Revenue breakdown by activity
Software revenue	1,432.7	1,352.8	6%	5%
Of which licenses and other software revenue	198.1	218.5	(9)%	(10)%
Of which subscription and support revenue	1,234.6	1,134.3	9%	7%
Services revenue	140.2	146.8	(4)%	(6)%

Software revenue breakdown by product line
Industrial Innovation	793.1	731.4	8%	8%
Life Sciences	292.6	284.7	3%	0%
Mainstream Innovation	347.1	336.7	3%	2%

Software Revenue breakdown by geography
Americas	611.1	553.6	10%	7%
Europe	513.2	503.2	2%	1%
Asia	308.4	296.0	4%	5%

Operating income	€ 486.1	€ 466.5	4%
Operating margin	30.9%	31.1%

Net income attributable to shareholders	€ 420.1	€ 397.2	6%
Diluted earnings per share	€ 0.32	€ 0.30	6%	5%

Closing headcount	26,225	25,780	2%

Average Rate USD per Euro	1.05	1.09	(3)%
Average Rate JPY per Euro	160.45	161.15	(0)%

DASSAULT SYSTÈMES

ACQUISITIONS AND FOREIGN EXCHANGE IMPACT

(unaudited; in millions of Euros)

In millions of Euros

Non-IFRS reported

o/w growth at constant rate and scope

o/w change of scope impact at current year rate

o/w FX impact on previous year figures

March 31,

2025

March 31,

2024

Change

Revenue QTD

1,573.0

1,499.7

73.3

52.6

0.9

19.8

DASSAULT SYSTÈMES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(unaudited; in millions of Euros, except per share data and percentages)

In millions of Euros, except per share data and percentages	IFRS reported
	Three months ended
	March 31,	March 31,
	2025	2024
Licenses and other software revenue	198.1	218.5
Subscription and Support revenue	1,234.6	1,134.3
Software revenue	1,432.7	1,352.8
Services revenue	140.2	146.8
Total Revenue	€ 1,573.0	€ 1,499.7
Cost of software revenue ⁽¹⁾	(129.2)	(111.9)
Cost of services revenue	(131.1)	(131.8)
Research and development expenses	(348.6)	(311.4)
Marketing and sales expenses	(446.5)	(420.3)
General and administrative expenses	(120.4)	(105.1)
Amortization of acquired intangible assets and of tangible assets revaluation	(88.3)	(93.3)
Other operating income and expense, net	(4.4)	(1.8)
Total Operating Expenses	(1,268.5)	(1,175.6)
Operating Income	€ 304.5	€ 324.1
Financial income (loss), net	30.3	30.2
Income before income taxes	€ 334.8	€ 354.2
Income tax expense	(75.5)	(68.3)
Net Income	€ 259.4	€ 286.0
Non-controlling interest	1.2	(0.3)
Net Income attributable to equity holders of the parent	€ 260.5	€ 285.7
Basic earnings per share	0.20	0.22
Diluted earnings per share	€ 0.20	€ 0.21
Basic weighted average shares outstanding (in millions)	1,312.3	1,313.6
Diluted weighted average shares outstanding (in millions)	1,332.2	1,331.1

⁽¹⁾ Excluding amortization of acquired intangible assets and of tangible assets revaluation.

IFRS reported	Three months ended March 31, 2025
IFRS reported	Change ⁽²⁾	Change in constant currencies
Total Revenue	5%	4%
Revenue by activity
Software revenue	6%	5%
Services revenue	(4)%	(6)%
Software Revenue by product line
Industrial Innovation	8%	8%
Life Sciences	3%	0%
Mainstream Innovation	3%	2%
Software Revenue by geography
Americas	10%	7%
Europe	2%	1%
Asia	4%	5%

⁽²⁾ Variation compared to the same period in the prior year.

DASSAULT SYSTÈMES

CONDENSED CONSOLIDATED BALANCE SHEET

(unaudited; in millions of Euros)

In millions of Euros	IFRS reported
	March 31,	December 31,
	2025	2024
ASSETS
Cash and cash equivalents	4,242.9	3,952.6
Trade accounts receivable, net	1,709.5	2,120.9
Contract assets	34.3	30.1
Other current assets	464.8	464.0
Total current assets	6,451.5	6,567.6
Property and equipment, net	928.7	945.8
Goodwill and Intangible assets, net	7,597.6	7,687.1
Other non-current assets	358.9	345.5
Total non-current assets	8,885.2	8,978.3
Total Assets	€ 15,336.7	€ 15,545.9
LIABILITIES
Trade accounts payable	199.5	259.9
Contract liabilities	1,716.0	1,663.4
Borrowings, current	411.4	450.8
Other current liabilities	1,109.7	1,147.4
Total current liabilities	3,436.6	3,521.5
Borrowings, non-current	2,043.3	2,042.8
Other non-current liabilities	887.9	900.9
Total non-current liabilities	2,931.3	2,943.7
Non-controlling interests	14.3	14.1
Parent shareholders’ equity	8,954.5	9,066.6
Total Liabilities	€ 15,336.7	€ 15,545.9

DASSAULT SYSTÈMES

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

(unaudited; in millions of Euros)

In millions of Euros	IFRS reported
	Three months ended
	March 31,	March 31,	Change
	2025	2024	Change
Net income attributable to equity holders of the parent	260.5	285.7	(25.2)
Non-controlling interest	(1.2)	0.3	(1.4)
Net income	259.4	286.0	(26.6)
Depreciation of property and equipment	50.5	47.6	2.8
Amortization of intangible assets	89.6	95.2	(5.6)
Adjustments for other non-cash items	16.1	37.7	(21.6)
Changes in working capital	397.4	204.4	193.0
Net Cash From Operating Activities	€ 813.0	€ 670.9	€ 142.1

Additions to property, equipment and intangibles assets	(55.9)	(57.2)	1.2
Payment for acquisition of businesses, net of cash acquired	(193.8)	(4.5)	(189.2)
Other	(37.8)	22.3	(60.1)
Net Cash Provided by (Used in) Investing Activities	€ (287.5)	€ (39.4)	€ (248.1)

Proceeds from exercise of stock options	22.2	21.3	0.8
Repurchase and sale of treasury stock	(80.1)	(131.1)	51.0
Acquisition of non-controlling interests	(0.2)	(2.6)	2.5
Repayment of borrowings	(58.9)	(0.1)	(58.8)
Repayment of lease liabilities	(22.6)	(24.0)	1.4
Net Cash Provided by (Used in) Financing Activities	€ (139.6)	€ (136.5)	€ (3.0)

Effect of exchange rate changes on cash and cash equivalents	(95.7)	32.7	(128.4)

Increase (decrease) in cash and cash equivalents	€ 290.3	€ 527.7	€ (237.4)


Cash and cash equivalents at beginning of period	€ 3,952.6	€ 3,568.3
Cash and cash equivalents at end of period	€ 4,242.9	€ 4,095.9

DASSAULT SYSTÈMES
SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION
IFRS – NON-IFRS RECONCILIATION
(unaudited; in millions of Euros, except per share data and percentages)

Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasons for presenting non-IFRS financial information, are set forth in the Group’s Document d’Enregistrement Universel for the year ended December 31, 2024 filed with the AMF on March 18, 2025. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Group’s consolidated financial statements prepared in accordance with IFRS.

In millions of Euros, except per share data and percentages	Three months ended March 31,						Change
	2025	Adjustment⁽¹⁾	2025	2024	Adjustment⁽¹⁾	2024	IFRS	Non-IFRS⁽²⁾
	IFRS	Adjustment⁽¹⁾	Non-IFRS	IFRS	Adjustment⁽¹⁾	Non-IFRS	IFRS	Non-IFRS⁽²⁾
Total Revenue	€ 1,573.0	–	€ 1,573.0	€ 1,499.7	–	€ 1,499.7	5%	5%
Revenue breakdown by activity
Software revenue	1,432.7	–	1,432.7	1,352.8	–	1,352.8	6%	6%
Licenses and other software revenue	198.1	–	198.1	218.5	–	218.5	(9)%	(9)%
Subscription and Support revenue	1,234.6	–	1,234.6	1,134.3	–	1,134.3	9%	9%
Recurring portion of Software revenue	86%		86%	84%		84%
Services revenue	140.2	–	140.2	146.8	–	146.8	(4)%	(4)%
Software Revenue breakdown by product line
Industrial Innovation	793.1	–	793.1	731.4	–	731.4	8%	8%
Life Sciences	292.6	–	292.6	284.7	–	284.7	3%	3%
Mainstream Innovation	347.1	–	347.1	336.7	–	336.7	3%	3%
Software Revenue breakdown by geography
Americas	611.1	–	611.1	553.6	–	553.6	10%	10%
Europe	513.2	–	513.2	503.2	–	503.2	2%	2%
Asia	308.4	–	308.4	296.0	–	296.0	4%	4%
Total Operating Expenses	€ (1,268.5)	€ 181.6	€ (1,086.9)	€ (1,175.6)	€ 142.4	€ (1,033.2)	8%	5%
Share-based compensation expense and related social charges	(88.5)	88.5	–	(46.7)	46.7	–
Amortization of acquired intangible assets and of tangible assets revaluation	(88.3)	88.3	–	(93.3)	93.3	–
Lease incentives of acquired companies	(0.4)	0.4	–	(0.7)	0.7	–
Other operating income and expense, net	(4.4)	4.4	–	(1.8)	1.8	–
Operating Income	€ 304.5	€ 181.6	€ 486.1	€ 324.1	€ 142.4	€ 466.5	(6)%	4%
Operating Margin	19.4%		30.9%	21.6%		31.1%
Financial income (loss), net	30.3	0.6	30.9	30.2	1.0	31.2	1%	(1)%
Income tax expense	(75.5)	(21.6)	(97.1)	(68.3)	(31.6)	(99.9)	11%	(3)%
Non-controlling interest	1.2	(0.9)	0.2	(0.3)	(0.3)	(0.5)	N/A	(141)%
Net Income attributable to shareholders	€ 260.5	€ 159.6	€ 420.1	€ 285.7	€ 111.5	€ 397.2	(9)%	6%
Diluted Earnings Per Share ⁽³⁾	€ 0.20	€ 0.12	€ 0.32	€ 0.21	€ 0.08	€ 0.30	(9)%	6%

⁽¹⁾ In the reconciliation schedule above, (i) all adjustments to IFRS revenue data reflect the exclusion of the effect of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue); (ii) adjustments to IFRS operating expense data reflect the exclusion of the amortization of acquired intangible assets and of tangible assets revaluation, share-based compensation expense, including related social charges, lease incentives of acquired companies, as detailed below, and other operating income and expense, net including acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; (iii) adjustments to IFRS financial loss, net reflect the exclusion of certain one-time items included in financial loss, net, and; (iv) all adjustments to IFRS income data reflect the combined effect of these adjustments, plus with respect to net income and diluted earnings per share, certain one-time tax effects and the income tax effect of the non-IFRS adjustments.

In millions of Euros, except percentages	Three months ended March 31,								Change
In millions of Euros, except percentages	2025 IFRS	Share-based compensation expense and related social charges	Lease incentives of acquired companies	2025 Non-IFRS	2024 IFRS	Share-based compensation expense and related social charges	Lease incentives of acquired companies	2024 Non-IFRS	IFRS	Non- IFRS
Cost of revenue	(260.3)	4.9	0.1	(255.2)	(243.8)	2.9	0.2	(240.6)	7%	6%
Research and development expenses	(348.6)	32.5	0.1	(316.0)	(311.4)	17.9	0.3	(293.2)	12%	8%
Marketing and sales expenses	(446.5)	24.5	0.1	(421.9)	(420.3)	13.7	0.1	(406.5)	6%	4%
General and administrative expenses	(120.4)	26.6	0.0	(93.8)	(105.1)	12.3	0.0	(92.7)	15%	1%
Total		€ 88.5	€ 0.4			€ 46.7	€ 0.7

⁽²⁾ The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
⁽³⁾ Based on a weighted average 1,332.2 million diluted shares for Q1 2025 and 1,331.1 million diluted shares for Q1 2024, and, for IFRS only, a diluted net income attributable to the sharehorlders of € 260.5 million for Q1 2025 (€ 285.7 million for Q1 2024). The Diluted net income attributable to equity holders of the Group corresponds to the Net Income attributable to equity holders of the Group adjusted by the impact of the share-based compensation plans to be settled either in cash or in shares at the option of the Group.

1 IFRS figures for 1Q25: total revenue at €1.57 billion, operating margin of 19.4% and diluted EPS at €0.20.

2 Contract Research Organizations

Attachment

Dassault Systèmes: Solid start to the year with strong subscription growth, EPS at the high end of guidance

The MIL Network –

April 24, 2025

MIL-OSI: Nokia Corporation Interim Report for Q1 2025

Source: GlobeNewswire (MIL-OSI)

Nokia Corporation

Interim report
24 April 2025 at 08:00 EEST

Nokia Corporation Interim Report for Q1 2025

Network Infrastructure delivers strong net sales growth to start 2025

Infinera acquisition completed during Q1, increasing Nokia’s scale in Optical Networks and with hyperscalers. Integration underway with many portfolio decisions already taken. Positive momentum with customers, with Q1 seeing strong order intake for Infinera driven by growth in hyperscalers.
Q1 net sales declined 3% y-o-y on a constant currency and portfolio basis (-1% reported) due to a challenging prior year comparison in Nokia Technologies. Network Infrastructure grew 11% on a constant currency and portfolio basis while Cloud and Network Services grew 8%. Mobile Networks grew 2%.
Comparable gross margin in Q1 decreased 820bps y-o-y to 42.3% (reported decreased 820bps to 41.5%), half of which is related to lower net sales in Nokia Technologies. It was also impacted by a contract settlement charge with net impact of EUR 120 million in Mobile Networks.
Q1 comparable operating margin decreased 990bps y-o-y to 3.6% (reported up 1 020bps to -1.1%), mainly due to lower gross margin and increased operating expenses resulting from targeted investments for long-term growth.
Q1 comparable diluted EPS for the period of EUR 0.03; reported diluted EPS for the period of EUR -0.01.
Q1 free cash flow of EUR 0.7 billion, net cash balance of EUR 3.0 billion.
Full year 2025 outlook unchanged with comparable operating profit of between EUR 1.9 billion and 2.4 billion and free cash flow conversion from comparable operating profit of between 50% and 80%.

This is a summary of the Nokia Corporation Interim Report for Q1 2025 published today. Nokia only publishes a summary of its financial reports in stock exchange releases. The summary focuses on Nokia Group’s financial information as well as on Nokia’s outlook. The detailed, segment-level discussion will be available in the complete financial report hosted at www.nokia.com/financials. A video interview summarizing the key points of our Q1 results will also be published on the website. Investors should not solely rely on summaries of Nokia’s financial reports and should also review the complete reports with tables.

JUSTIN HOTARD, PRESIDENT AND CEO, ON Q1 2025 RESULTS

In the following quote, net sales growth rates are on a constant currency and portfolio basis.
Since joining Nokia as President and CEO three weeks ago, I’ve had great engagements with some of our customers, partners and employees. I see great potential for Nokia, and my early focus is on capital allocation to ensure we both drive efficiency and invest sufficiently in the right growth segments for long-term value creation. I am impressed with our core technology base across our portfolio including in RAN and core as well as in IP, Optical and Fiber technologies. In speaking with customers, it is clear we play a critical role as a trusted partner operating their mobile and fixed networks and have the potential to expand our presence in hyperscale, enterprise and defense markets. Spending the time with our employees I’ve been excited by their innovative spirit, energy and drive to unlock Nokia’s full potential.

Our first quarter financial performance saw a net sales decline of 3%. However, excluding the catch-up element of licensing deals signed in the prior year, sales grew 7%. Our operating margin declined year-on-year due to the challenging prior year comparison in Nokia Technologies and a one-time charge in Mobile Networks, while profitability improved in both Network Infrastructure and Cloud and Network Services.

Network Infrastructure net sales grew 11% with all units contributing to growth and its backlog increased. The highlight of the first quarter was the completion of the Infinera acquisition. Our expanded Optical Networks business had a strong first quarter with 15% net sales growth along with several important design wins, particularly with hyperscalers. We have initiated the integration of Infinera and made many important roadmap decisions which we communicated to customers in early April. We are on track to deliver our synergy targets and I believe this acquisition has significant value creation potential for Nokia.

In Mobile Networks we continue to see positive signs of stabilization with further wins in addition to those we discussed last quarter. Today we have announced an important contract extension with T-Mobile US. Regarding our financial performance, net sales grew 2% but profitability was impacted by an unexpected one-time contract settlement with a net impact of EUR 120 million. The settlement related to a project for a single customer that started shipping in 2019 and the settlement fully resolves the situation.

Cloud and Network Services delivered net sales growth of 8% and we continue to see strong demand in the market for our 5G Core offers with additional footprint won at AT&T, Boost Mobile, Ooredoo Qatar and Telefónica. Nokia Technologies continued its execution with further deals signed in the quarter that increased the contracted annual net sales run-rate to approximately EUR 1.4 billion.

Looking forward, we are not immune to the rapidly evolving global trade landscape however based on early customer feedback, I believe our markets should prove to be relatively resilient. In 2025, we continue to expect strong net sales growth in Network Infrastructure, growth in Cloud and Network Services and largely stable net sales for Mobile Networks. In Nokia Technologies we expect approximately EUR 1.1 billion of operating profit.

Regarding the tariff situation, there could be some short-term disruption. We will continue to utilize the flexibility of our global manufacturing network to minimize impact of the evolving tariff landscape. Based on what we see today, we currently expect a EUR 20 to 30 million impact to our comparable operating profit in the second quarter from the current tariffs. Given the lack of visibility, we have not taken an assumption related to tariffs in the second half of 2025.

In terms of our outlook for the financial year 2025, we will continue to focus on investing in future growth opportunities and we now have an unexpected charge impacting Mobile Networks. Considering these factors, while achieving the top-end of the range will now be more challenging, our comparable operating profit guidance remains between EUR 1.9 and 2.4 billion. Our free cash flow guidance remains between 50% and 80% of comparable operating profit.

In the coming months I will continue to listen and learn from customers, employees, shareholders and other stakeholders. I will provide an update with our Q2 results and I look forward to presenting our complete value creation vision for Nokia at our capital markets day which we now expect to hold in November.

Justin Hotard
President and CEO

FINANCIAL RESULTS

EUR million (except for EPS in EUR)	Q1’25	Q1’24	YoY change
Reported results
Net sales	4 390	4 444	(1)%
Gross margin %	41.5%	49.7%	(820)bps
Research and development expenses	(1 145)	(1 125)	2%
Selling, general and administrative expenses	(728)	(693)	5%
Operating (loss)/profit	(48)	405	(112)%
Operating margin %	(1.1)%	9.1%	(1 020)bps
(Loss)/profit from continuing operations	(60)	451
Profit/(loss) from discontinued operations	—	(13)
(Loss)/profit for the period	(60)	438
EPS for the period, diluted	(0.01)	0.08
Net cash and interest-bearing financial investments	2 988	5 137	(42)%
Comparable results
Net sales	4 390	4 444	(1)%
Constant currency and portfolio YoY change⁽¹⁾			(3%)
Gross margin %	42.3%	50.5%	(820)bps
Research and development expenses	(1 115)	(1 076)	4%
Selling, general and administrative expenses	(587)	(584)	1%
Operating profit	156	600	(74)%
Operating margin %	3.6%	13.5%	(990)bps
Profit for the period	153	512	(70)%
EPS for the period, diluted	0.03	0.09	(67)%

Business group results	Network Infrastructure		Mobile Networks		Cloud and Network Services		Nokia Technologies		Group Common and Other
EUR million	Q1’25	Q1’24	Q1’25	Q1’24	Q1’25	Q1’24	Q1’25	Q1’24	Q1’25	Q1’24
Net sales	1 722	1 439	1 729	1 682	567	546	369	757	4	23
YoY change	20%		3%		4%		(51)%		(83)%
Constant currency and portfolio YoY change⁽¹⁾	11%		2%		8%		(52)%		(83)%
Gross margin %	40.6%	40.8%	30.9%	40.9%	45.9%	39.4%	100.0%	100.0%
Operating profit/(loss)	135	85	(152)	(32)	14	(37)	259	658	(99)	(75)
Operating margin %	7.8%	5.9%	(8.8)%	(1.9)%	2.5%	(6.8)%	70.2%	86.9%

(1) This metric provides additional information on the growth of the business and adjusts for both currency impacts and portfolio changes. The full definition is provided in the Alternative performance measures section in Nokia Corporation Interim Report for Q1 2025.

SHAREHOLDER DISTRIBUTION

Dividend

The Board of Directors proposes that the Annual General Meeting 2025 to be held on 29 April 2025 authorizes the Board to resolve on the distribution of an aggregate maximum of EUR 0.14 per share to be paid in respect of the financial year 2024. The authorization would be used to distribute dividend and/or assets from the reserve for invested unrestricted equity in four installments during the authorization period unless the Board decides otherwise for a justified reason. Subject to approval by the Annual General Meeting, the Board is expected to resolve on the amount and timing of each distribution so that the preliminary record and payment dates will be as set out in the Board’s proposal to the Annual General Meeting. Accordingly, the first expected record date would be 5 May 2025 and the expected payment date would be 12 May 2025. The actual dividend payment date outside Finland will be determined by the practices of the intermediary banks transferring the dividend payments.

Share buyback program

On 27 June 2024, Nokia announced its intention to acquire Infinera in a transaction that valued Infinera at US$1.7 billion equity value with up to 30% of the consideration to be paid in Nokia American depositary shares, depending on the elections of Infinera shareholders. To offset the dilution from the transaction to Nokia shareholders, on 22 November 2024 Nokia announced a share buyback program targeting to repurchase 150 million shares. This share buyback program was completed on 2 April 2025. Under this program, Nokia repurchased 150 million of its own shares at an average price per share of approximately EUR 4.69. The repurchases reduced the company’s unrestricted equity by approximately EUR 703 million and the repurchased shares were cancelled on 23 April 2025.

OUTLOOK

The outlook provided below reflects the acquisition of Infinera.

	Full Year 2025
Comparable operating profit⁽¹⁾	EUR 1.9 billion to EUR 2.4 billion
Free cash flow⁽¹⁾	50% to 80% conversion from comparable operating profit

¹Please refer to Alternative performance measures section in Nokia Corporation Interim Report for Q1 2025 for a full explanation of how these terms are defined.

The outlook and all of the underlying outlook assumptions described below are forward-looking statements subject to a number of risks and uncertainties as described or referred to in the Risk Factors section later in this report.

Along with Nokia’s official outlook targets provided above, Nokia provides the below additional assumptions that support the group level financial outlook.

	Full year 2025	Comment
Group Common and Other operating expenses	approximately EUR 400 million
Comparable financial income and expenses	Positive EUR 50 to 150 million
Comparable income tax rate	~25%
Cash outflows related to income taxes	EUR 500 million (update)	Mainly reflecting evolving regional mix and the inclusion of Infinera
Capital Expenditures	EUR 650 million (update)	Reflecting the inclusion of Infinera
Recurring gross cost savings	EUR 400 million	Related to ongoing cost savings program and not including Infinera-related synergies
Restructuring and associated charges related to cost savings programs	EUR 250 million	Related to ongoing cost savings program and not including Infinera-related synergies
Restructuring and associated cash outflows	EUR 400 million	Related to ongoing cost savings program and not including Infinera-related synergies

ADDITIONAL TOPICS

Completion of Infinera acquisition

On 28 February 2025, Nokia announced the completion of the acquisition of Infinera Corporation, pursuant to the definitive agreement announced on 27 June 2024. Infinera, the San Jose based global supplier of innovative open optical networking solutions and advanced optical semiconductors, has become part of the Nokia group effective as of the closing with Nokia holding 100% of its equity and voting rights. The total purchase consideration was EUR 2.5 billion, consisting of cash proceeds, Nokia shares in the form of American Depositary Shares, the fair value of the portion of Infinera’s performance and restricted shares attributable to pre-combination services that were replaced with Nokia’s share-based payment awards and the fair value of Infinera’s convertible senior notes in line with relevant bond indentures. For more information regarding the acquisition, refer to Note 3. Acquisitions in Nokia Corporation Interim Report for Q1 2025.

“Constant currency and portfolio net sales growth” alternative performance metric

In Q1 2025, Nokia has introduced a new alternative performance metric (APM), “constant currency and portfolio net sales growth”. Constant currency and portfolio net sales growth is presented on a constant currency basis and also assumes certain specific acquisitions had already been owned during both periods and as if disposals had already occurred in both comparison periods. This has been added to mainly consider the acquisition of Infinera and is an evolution of the constant currency APM that had been previously used.

RISK FACTORS

Nokia and its businesses are exposed to a number of risks and uncertainties which include but are not limited to:

Competitive intensity, which is expected to continue at a high level as some competitors seek to take share;
Changes in customer network investments related to their ability to monetize the network;
Our ability to ensure competitiveness of our product roadmaps and costs through additional R&D investments;
Our ability to procure certain standard components and the costs thereof, such as semiconductors;
Disturbance in the global supply chain;
Impact of inflation, increased global macro-uncertainty, major currency fluctuations, changes in tariffs and higher interest rates;
Potential economic impact and disruption of global pandemics;
War or other geopolitical conflicts, disruptions and potential costs thereof;
Other macroeconomic, industry and competitive developments;
Timing and value of new, renewed and existing patent licensing agreements with licensees;
Results in brand and technology licensing; costs to protect and enforce our intellectual property rights; on-going litigation with respect to licensing and regulatory landscape for patent licensing;
The outcomes of on-going and potential disputes and litigation;
Our ability to execute, complete, successfully integrate and realize the expected benefits from transactions;
Timing of completions and acceptances of certain projects;
Our product and regional mix;
Uncertainty in forecasting income tax expenses and cash outflows, over the long-term, as they are also subject to possible changes due to business mix, the timing of patent licensing cash flow and changes in tax legislation, including potential tax reforms in various countries and OECD initiatives;
Our ability to utilize our Finnish deferred tax assets and their recognition on our balance sheet;
Our ability to meet our sustainability and other ESG targets, including our targets relating to greenhouse gas emissions;

as well the risk factors specified under Forward-looking statements of this release, and our 2024 annual report on Form 20-F published on 13 March 2025 under Operating and financial review and prospects-Risk factors.

FORWARD-LOOKING STATEMENTS

Certain statements herein that are not historical facts are forward-looking statements. These forward-looking statements reflect Nokia’s current expectations and views of future developments and include statements regarding: A) expectations, plans, benefits or outlook related to our strategies, projects, programs, product launches, growth management, licenses, sustainability and other ESG targets, operational key performance indicators and decisions on market exits; B) expectations, plans or benefits related to future performance of our businesses (including the expected impact, timing and duration of potential global pandemics, geopolitical conflicts and the general or regional macroeconomic conditions on our businesses, our supply chain, the timing of market changes or turning points in demand and our customers’ businesses) and any future dividends and other distributions of profit; C) expectations and targets regarding financial performance and results of operations, including market share, prices, net sales, income, margins, cash flows, cost savings, the timing of receivables, operating expenses, provisions, impairments, tariffs, taxes, currency exchange rates, hedging, investment funds, inflation, product cost reductions, competitiveness, value creation, revenue generation in any specific region, and licensing income and payments; D) ability to execute, expectations, plans or benefits related to transactions, investments and changes in organizational structure and operating model; E) impact on revenue with respect to litigation/renewal discussions; and F) any statements preceded by or including “anticipate”, “continue”, “believe”, “envisage”, “expect”, “aim”, “will”, “target”, “may”, “would”, “could“, “see”, “plan”, “ensure” or similar expressions. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from such statements. These statements are based on management’s best assumptions and beliefs in light of the information currently available to them. These forward-looking statements are only predictions based upon our current expectations and views of future events and developments and are subject to risks and uncertainties that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Factors, including risks and uncertainties that could cause these differences, include those risks and uncertainties identified in the Risk Factors above.

ANALYST WEBCAST

Nokia’s webcast will begin on 24 April 2025 at 11.30 a.m. Finnish time (EEST). The webcast will last approximately 60 minutes.
The webcast will be a presentation followed by a Q&A session. Presentation slides will be available for download at www.nokia.com/financials.
A link to the webcast will be available at www.nokia.com/financials.
Media representatives can listen in via the link, or alternatively call +1-412-317-5619.

FINANCIAL CALENDAR

Nokia’s Annual General Meeting 2025 is planned to be held on 29 April 2025.
Nokia plans to publish its second quarter and half year 2025 results on 24 July 2025.
Nokia plans to publish its third quarter and January-September 2025 results on 23 October 2025.

About Nokia

At Nokia, we create technology that helps the world act together.

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Attachment

2025 Q1 Nokia_ Earnings_release_English

The MIL Network –

April 24, 2025

MIL-OSI: STMicroelectronics Reports 2025 First Quarter Financial Results

Source: GlobeNewswire (MIL-OSI)

PR No: C3332C

STMicroelectronics Reports 2025 First Quarter Financial Results

Q1 net revenues $2.52 billion; gross margin 33.4%; operating income $3 million; net income $56 million
Business outlook at mid-point: Q2 net revenues of $2.71 billion and gross margin of 33.4%
Company-wide program to reshape manufacturing footprint and resize global cost base on track; annual cost savings target in the high triple-digit million-dollar range exiting 2027 confirmed.

Geneva, April 24, 2025 – STMicroelectronics N.V. (“ST”) (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, reported U.S. GAAP financial results for the first quarter ended March 29, 2025. This press release also contains non-U.S. GAAP measures (see Appendix for additional information).

ST reported first quarter net revenues of $2.52 billion, gross margin of 33.4%, operating income of $3 million and net income of $56 million or $0.06 diluted earnings per share.

Jean-Marc Chery, ST President & CEO, commented:

“Q1 net revenues came in line with the midpoint of our business outlook range, driven by higher revenues in Personal Electronics offset by lower-than-expected revenues in Automotive and Industrial. Gross margin was slightly below the mid-point of our business outlook range mainly due to product mix.”
“On a year-over-year basis, Q1 net revenues decreased 27.3%, operating margin decreased to 0.1% from 15.9% and net income decreased 89.1% to $56 million.”
“In the first quarter, our book-to-bill ratio improved with both Automotive and Industrial above parity.”
“Our second quarter business outlook, at the mid-point, is for net revenues of $2.71 billion, decreasing year-over-year by 16.2% and increasing sequentially by 7.7%; gross margin is expected to be about 33.4%, impacted by about 420 basis points of unused capacity charges.”
“We plan to maintain our Net Capex (non-U.S. GAAP¹) plan for 2025 between $2.0 billion and $2.3 billion mainly to execute the reshaping of our manufacturing footprint.”
“While we see Q1 2025 as the bottom, in the current uncertain environment we are focusing on what we can control: keep on innovating to continuously improve and accelerate the competitiveness of our product and technology portfolio, focus on advanced manufacturing and tightly manage our costs. In this respect our company-wide program to reshape ST manufacturing footprint and resize our global cost base is on track and we confirm the annual cost savings target in the high triple-digit million-dollar range exiting 2027.”

Quarterly Financial Summary

U.S. GAAP (US$ m, except per share data)	Q1 2025	Q4 2024	Q1 2024	Q/Q	Y/Y
Net Revenues	$2,517	$3,321	$3,465	-24.2%	-27.3%
Gross Profit	$841	$1,253	$1,444	-32.9%	-41.7%
Gross Margin	33.4%	37.7%	41.7%	-430 bps	-830 bps
Operating Income	$3	$369	$551	-99.2%	-99.5%
Operating Margin	0.1%	11.1%	15.9%	-1,100 bps	-1,580 bps
Net Income	$56	$341	$513	-83.6%	-89.1%
Diluted Earnings Per Share	$0.06	$0.37	$0.54	-83.8%	-88.9%

First Quarter 2025 Summary Review
ST made some adjustments to its segment reporting effective starting January 1, 2025. Prior year comparative periods have been adjusted accordingly. See Appendix for more detail.

Net Revenues by Reportable Segment² (US$ m)	Q1 2025	Q4 2024	Q1 2024	Q/Q	Y/Y
Analog products, MEMS and Sensors (AM&S) segment	1,069	1,348	1,406	-20.7%	-23.9%
Power and discrete products (P&D) segment	397	602	631	-34.1%	-37.1%
Subtotal: Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group	1,466	1,950	2,037	-24.8%	-28.0%
Embedded Processing (EMP) segment	742	1,002	1,047	-26.0%	-29.1%
RF & Optical Communications (RF&OC) segment	306	366	378	-16.5%	-19.2%
Subtotal: Microcontrollers, Digital ICs and RF products (MDRF) Product Group	1,048	1,368	1,425	-23.4%	-26.5%
Others	3	3	3	–	–
Total Net Revenues	$2,517	$3,321	$3,465	-24.2%	-27.3%

Net revenues totaled $2.52 billion, representing a year-over-year decrease of 27.3%. Year-over-year net sales to OEMs and Distribution decreased 25.7% and 31.2%, respectively. On a sequential basis, net revenues decreased 24.2%, 20 basis points better than the mid-point of ST’s guidance.

Gross profit totaled $841 million, representing a year-over-year decrease of 41.7%. Gross margin of 33.4%, 40 basis points below the mid-point of ST’s guidance, decreased 830 basis points year-over-year, mainly due to product mix and, to a lesser extent, higher unused capacity charges and lower sales price.

Operating income decreased 99.5% to $3 million, compared to $551 million in the year-ago quarter. ST’s operating margin decreased 1,580 basis points on a year-over-year basis to 0.1% of net revenues, compared to 15.9% in the first quarter of 2024. Excluding Impairment, restructuring charges and other related phase-out costs³, operating income stood at $11 million in the first quarter.

By reportable segment, compared with the year-ago quarter:

In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group:

Analog products, MEMS and Sensors (AM&S) segment:

Revenue decreased 23.9% mainly due to a decrease in Analog.
Operating profit decreased by 66.7% to $82 million. Operating margin was 7.7% compared to 17.5%.

Power and Discrete products (P&D) segment:

Revenue decreased 37.1%.
Operating profit decreased from a positive $77 million to a negative $28 million. Operating margin was -6.9% compared to 12.1%.

In Microcontrollers, Digital ICs and RF products (MDRF) Product Group:

Embedded Processing (EMP) segment:

Revenue decreased 29.1% mainly due to a decrease in GPAM.
Operating profit decreased by 71.5% to $66 million. Operating margin was 8.9% compared to 22.2%.

RF & Optical Communications (RF&OC) segment:

Revenue decreased 19.2%.
Operating profit decreased by 59.0% to $43 million. Operating margin was 13.9% compared to 27.4%.

Net income and diluted Earnings Per Share decreased to $56 million and $0.06 respectively compared to $513 million and $0.54 respectively in the year-ago quarter. Excluding Impairment, restructuring charges and other related phase-out costs net of the relevant tax impact, Net income and diluted Earnings Per Share² stood at $63 million and $0.07 respectively in the first quarter of 2025.

Cash Flow and Balance Sheet Highlights

				Trailing 12 Months
(US$ m)	Q1 2025	Q4 2024	Q1 2024	Q1 2025	Q1 2024	TTM Change
Net cash from operating activities	574	681	859	2,680	5,531	– 51.5%
Free cash flow (non-U.S. GAAP¹)	30	128	(134)	453	1,434	– 68.4%

Net cash from operating activities was $574 million in the first quarter compared to $859 million in the year-ago quarter.

Net Capex (non-U.S. GAAP), was $530 million in the first quarter compared to $967 million in the year-ago quarter.

Free cash flow (non-U.S. GAAP) was positive at $30 million in the first quarter, compared to negative $134 million in the year-ago quarter.

Inventory at the end of the first quarter was $3.01 billion, compared to $2.79 billion in the previous quarter and $2.69 billion in the year-ago quarter. Days sales of inventory at quarter-end was 167 days, compared to 122 days for both the previous quarter and the year-ago quarter.

In the first quarter, ST paid cash dividends to its stockholders totaling $72 million and executed a $92 million share buy-back, as part of its current share repurchase program.

ST’s net financial position (non-U.S. GAAP⁴) remained strong at $3.08 billion as of March 29, 2025, compared to $3.23 billion as of December 31, 2024 and reflected total liquidity of $5.96 billion and total financial debt of $2.88 billion. Adjusted net financial position (non-U.S. GAAP¹), taking into consideration the effect on total liquidity of advances from capital grants for which capital expenditures have not been incurred yet, stood at $2.71 billion as of March 29, 2025.

Corporate developments

On April 10, 2025, ST detailed its company-wide program to reshape manufacturing footprint and resize global cost base and confirmed the annual cost savings target in the high triple-digit million-dollar range exiting 2027. Specifically, ST disclosed further elements of its program to reshape its global manufacturing footprint.

Business Outlook

ST’s guidance, at the mid-point, for the 2025 second quarter is:

Net revenues are expected to be $2.71 billion, an increase of 7.7% sequentially, plus or minus 350 basis points.
Gross margin of 33.4%, plus or minus 200 basis points.
This outlook is based on an assumed effective currency exchange rate of approximately $1.08 = €1.00 for the 2025 second quarter and includes the impact of existing hedging contracts.
The second quarter will close on June 28, 2025.

This business outlook does not include any impact for potential further changes to global trade tariffs compared to the current situation.

Conference Call and Webcast Information

ST will conduct a conference call with analysts, investors and reporters to discuss its first quarter 2025 financial results and current business outlook today at 9:30 a.m. Central European Time (CET) / 3:30 a.m. U.S. Eastern Time (ET). A live webcast (listen-only mode) of the conference call will be accessible at ST’s website, https://investors.st.com, and will be available for replay until May 9, 2025.

Use of Supplemental Non-U.S. GAAP Financial Information

This press release contains supplemental non-U.S. GAAP financial information.

Readers are cautioned that these measures are unaudited and not prepared in accordance with U.S. GAAP and should not be considered as a substitute for U.S. GAAP financial measures. In addition, such non-U.S. GAAP financial measures may not be comparable to similarly titled information from other companies. To compensate for these limitations, the supplemental non-U.S. GAAP financial information should not be read in isolation, but only in conjunction with ST’s consolidated financial statements prepared in accordance with U.S. GAAP.

See the Appendix of this press release for a reconciliation of ST’s non-U.S. GAAP financial measures to their corresponding U.S. GAAP financial measures.

Forward-looking Information

Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities Exchange Act of 1934, each as amended) that are based on management’s current views and assumptions, and are conditioned upon and also involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those anticipated by such statements due to, among other factors:

changes in global trade policies, including the adoption and expansion of tariffs and trade barriers, that could affect the macro-economic environment and adversely impact the demand for our products;
uncertain macro-economic and industry trends (such as inflation and fluctuations in supply chains), which may impact production capacity and end-market demand for our products;
customer demand that differs from projections which may require us to undertake transformation measures that may not be successful in realizing the expected benefits in full or at all;
the ability to design, manufacture and sell innovative products in a rapidly changing technological environment;
changes in economic, social, public health, labor, political, or infrastructure conditions in the locations where we, our customers, or our suppliers operate, including as a result of macro-economic or regional events, geopolitical and military conflicts, social unrest, labor actions, or terrorist activities;
unanticipated events or circumstances, which may impact our ability to execute our plans and/or meet the objectives of our R&D and manufacturing programs, which benefit from public funding;
financial difficulties with any of our major distributors or significant curtailment of purchases by key customers;
the loading, product mix, and manufacturing performance of our production facilities and/or our required volume to fulfill capacity reserved with suppliers or third-party manufacturing providers;
availability and costs of equipment, raw materials, utilities, third-party manufacturing services and technology, or other supplies required by our operations (including increasing costs resulting from inflation);
the functionalities and performance of our IT systems, which are subject to cybersecurity threats and which support our critical operational activities including manufacturing, finance and sales, and any breaches of our IT systems or those of our customers, suppliers, partners and providers of third-party licensed technology;
theft, loss, or misuse of personal data about our employees, customers, or other third parties, and breaches of data privacy legislation;
the impact of IP claims by our competitors or other third parties, and our ability to obtain required licenses on reasonable terms and conditions;
changes in our overall tax position as a result of changes in tax rules, new or revised legislation, the outcome of tax audits or changes in international tax treaties which may impact our results of operations as well as our ability to accurately estimate tax credits, benefits, deductions and provisions and to realize deferred tax assets;
variations in the foreign exchange markets and, more particularly, the U.S. dollar exchange rate as compared to the Euro and the other major currencies we use for our operations;
the outcome of ongoing litigation as well as the impact of any new litigation to which we may become a defendant;
product liability or warranty claims, claims based on epidemic or delivery failure, or other claims relating to our products, or recalls by our customers for products containing our parts;
natural events such as severe weather, earthquakes, tsunamis, volcano eruptions or other acts of nature, the effects of climate change, health risks and epidemics or pandemics in locations where we, our customers or our suppliers operate;
increased regulation and initiatives in our industry, including those concerning climate change and sustainability matters and our goal to become carbon neutral in all direct and indirect emissions (scopes 1 and 2), product transportation, business travel, and employee commuting emissions (our scope 3 focus), and to achieve our 100% renewable electricity sourcing goal by the end of 2027;
epidemics or pandemics, which may negatively impact the global economy in a significant manner for an extended period of time, and could also materially adversely affect our business and operating results;
industry changes resulting from vertical and horizontal consolidation among our suppliers, competitors, and customers;
the ability to successfully ramp up new programs that could be impacted by factors beyond our control, including the availability of critical third-party components and performance of subcontractors in line with our expectations; and
individual customer use of certain products, which may differ from the anticipated uses of such products and result in differences in performance, including energy consumption, may lead to a failure to achieve our disclosed emission-reduction goals, adverse legal action or additional research costs.

Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of our business to differ materially and adversely from the forward-looking statements. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as “believes”, “expects”, “may”, “are expected to”, “should”, “would be”, “seeks” or “anticipates” or similar expressions or the negative thereof or other variations thereof or comparable terminology, or by discussions of strategy, plans or intentions.

Some of these risk factors are set forth and are discussed in more detail in “Item 3. Key Information — Risk Factors” included in our Annual Report on Form 20-F for the year ended December 31, 2024 as filed with the Securities and Exchange Commission (“SEC”) on February 27, 2025. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this press release as anticipated, believed or expected. We do not intend, and do not assume any obligation, to update any industry information or forward-looking statements set forth in this release to reflect subsequent events or circumstances.

Unfavorable changes in the above or other factors listed under “Item 3. Key Information — Risk Factors” from time to time in our Securities and Exchange Commission (“SEC”) filings, could have a material adverse effect on our business and/or financial condition.

About STMicroelectronics

At ST, we are 50,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An integrated device manufacturer, we work with more than 200,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of cloud-connected autonomous things. We are on track to be carbon neutral in all direct and indirect emissions (scopes 1 and 2), product transportation, business travel, and employee commuting emissions (our scope 3 focus), and to achieve our 100% renewable electricity sourcing goal by the end of 2027. Further information can be found at www.st.com.

For further information, please contact:

INVESTOR RELATIONS:
Jérôme Ramel
EVP Corporate Development & Integrated External Communication
Tel: +41 22 929 59 20
jerome.ramel@st.com

MEDIA RELATIONS:
Alexis Breton
Group VP Corporate External Communications
Tel: + 33 6 59 16 79 08
alexis.breton@st.com

STMicroelectronics N.V.
CONSOLIDATED STATEMENTS OF INCOME
(in millions of U.S. dollars, except per share data ($))

	Three months ended
	March 29,	March 30,
	2025	2024
	(Unaudited)	(Unaudited)

Net sales	2,513	3,444
Other revenues	4	21
NET REVENUES	2,517	3,465
Cost of sales	(1,676)	(2,021)
GROSS PROFIT	841	1,444
Selling, general and administrative expenses	(390)	(425)
Research and development expenses	(489)	(528)
Other income and expenses, net	49	60
Impairment, restructuring charges and other related phase-out costs	(8)	–
Total operating expenses	(838)	(893)
OPERATING INCOME	3	551
Interest income, net	48	59
Other components of pension benefit costs	(4)	(4)
Gain (loss) on financial instruments, net	25	–
INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTEREST	72	606
Income tax expense	(13)	(92)
NET INCOME	59	514
Net income attributable to noncontrolling interest	(3)	(1)
NET INCOME ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS	56	513

EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS	0.06	0.57
EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS	0.06	0.54

NUMBER OF WEIGHTED AVERAGE SHARES USED IN CALCULATING DILUTED EPS	933.6	942.3


STMicroelectronics N.V.
CONSOLIDATED BALANCE SHEETS
As at	March 29,	December 31,	March 30,
In millions of U.S. dollars	2025	2024	2024
	(Unaudited)	(Audited)	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	1,781	2,282	3,133
Short-term deposits	1,650	1,450	1,226
Marketable securities	2,528	2,452	1,880
Trade accounts receivable, net	1,385	1,749	1,787
Inventories	3,014	2,794	2,685
Other current assets	1,050	1,007	1,183
Total current assets	11,408	11,734	11,894
Goodwill	299	290	298
Other intangible assets, net	338	346	366
Property, plant and equipment, net	11,178	10,877	10,866
Non-current deferred tax assets	490	464	585
Long-term investments	96	71	22
Other non-current assets	1,114	961	942
	13,515	13,009	13,079
Total assets	24,923	24,743	24,973

LIABILITIES AND EQUITY
Current liabilities:
Short-term debt	988	990	238
Trade accounts payable	1,373	1,323	1,642
Other payables and accrued liabilities	1,290	1,306	1,547
Dividends payable to stockholders	16	88	6
Accrued income tax	72	66	133
Total current liabilities	3,739	3,773	3,566
Long-term debt	1,889	1,963	2,875
Post-employment benefit obligations	392	377	372
Long-term deferred tax liabilities	48	47	49
Other long-term liabilities	896	904	912
	3,225	3,291	4,208
Total liabilities	6,964	7,064	7,774
Commitment and contingencies
Equity
Parent company stockholders’ equity
Common stock (preferred stock: 540,000,000 shares authorized, not issued; common stock: Euro 1.04 par value, 1,200,000,000 shares authorized, 911,281,920 shares issued, 894,410,472 shares outstanding as of March 29, 2025)	1,157	1,157	1,157
Additional Paid-in Capital	3,142	3,088	2,931
Retained earnings	13,514	13,459	12,982
Accumulated other comprehensive income	495	236	468
Treasury stock	(582)	(491)	(463)
Total parent company stockholders’ equity	17,726	17,449	17,075
Noncontrolling interest	233	230	124
Total equity	17,959	17,679	17,199
Total liabilities and equity	24,923	24,743	24,973


STMicroelectronics N.V.

SELECTED CASH FLOW DATA

Cash Flow Data (in US$ millions)	Q1 2025	Q4 2024	Q1 2024

Net Cash from operating activities	574	681	859
Net Cash used in investing activities	(796)	(1,259)	(1,254)
Net Cash from (used in) financing activities	(282)	(209)	308
Net Cash decrease	(501)	(795)	(89)

Selected Cash Flow Data (in US$ millions)	Q1 2025	Q4 2024	Q1 2024

Depreciation & amortization	428	451	430
Net payment for Capital expenditures	(538)	(501)	(994)
Dividends paid to stockholders	(72)	(88)	(48)
Change in inventories, net	(172)	(2)	(12)

Appendix
ST
Changes to reportable segments

Following ST’s reorganization announced in January 2024 into two Product Groups and four reportable segments, we have made further progress in analyzing our global product portfolio, resulting in the following adjustments to our segments, effective starting January 1, 2025, without modifying subtotals at Product Group level:

In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group:
- The transfer of VIPower products from Power and Discrete products (“P&D”) reportable segment to Analog products, MEMS and Sensors (“AM&S”) reportable segment.
In Microcontrollers, Digital ICs and RF products (MDRF) Product Group:
- the newly created ‘Embedded Processing’ (“EMP”) reportable segment includes the former ‘MCU’ segment (excluding the RF ASICs mentioned below) as well as Custom Processing products (Automotive ADAS products).
- the newly created ‘RF & Optical Communications’ (“RF&OC”) reportable segment includes the former ‘D&RF’ segment (excluding Automotive ADAS products) as well as some RF ASICs which were previously part of the former ‘MCU’ segment.

We believe these adjustments are critical for implementing synergies and optimizing resources, which are necessary to fully deliver the benefits expected from our new organization.

Our four reportable segments – within each Product Group – are now as follows:

In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group:
- Analog products, MEMS and Sensors (“AM&S”) reportable segment, comprised of ST analog products (now including VIPower products), MEMS sensors and actuators, and optical sensing solutions.
- Power and Discrete products (“P&D”) reportable segment, comprised of discrete and power transistor products (now excluding VIPower products).

In this Press Release, “Analog” refers to analog products, “MEMS” to MEMS sensors and actuators and “Imaging” to optical sensing solutions.

In Microcontrollers, Digital ICs and RF products (MDRF) Product Group:
- Embedded Processing (“EMP”) reportable segment, comprised of general-purpose and automotive microcontrollers, connected security products and Custom Processing Products (Automotive ADAS)
- RF & Optical Communications (“RF&OC”) reportable segment, comprised of Space, Ranging & Connectivity products, Digital Audio & Signaling Solutions and Optical & RF COT.

In this Press release, “GPAM” refers to General purpose & automotive microcontrollers, “Connected Security” to connected security products, “Custom Processing” to automotive ADAS products.

Prior year comparative periods have been adjusted accordingly.

(Appendix – continued)
ST Supplemental Financial Information

	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024
Net Revenues By Market Channel (%)
Total OEM	71%	73%	76%	73%	70%
Distribution	29%	27%	24%	27%	30%

€/$ Effective Rate	1.06	1.09	1.08	1.08	1.09

Reportable Segment Data (US$ m)
Analog products, MEMS and Sensors (AM&S) segment
– Net Revenues	1,069	1,348	1,340	1,336	1,406
– Operating Income	82	220	216	193	246
Power and Discrete products (P&D) segment
– Net Revenues	397	602	652	576	631
– Operating Income	(28)	45	80	61	77
Subtotal: Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group
– Net Revenues	1,466	1,950	1,992	1,912	2,037
– Operating Income	54	265	296	254	323
Embedded Processing (EMP) segment
– Net Revenues	742	1,002	898	906	1,047
– Operating Income	66	181	146	126	232
RF & Optical Communications (RF&OC) segment
– Net Revenues	306	366	357	410	378
– Operating Income	43	95	84	96	103
Subtotal: Microcontrollers, Digital ICs and RF products (MDRF) Product Group
– Net Revenues	1,048	1,368	1,255	1,316	1,425
– Operating Income	109	276	230	222	335
Others ^(a)
– Net Revenues	3	3	4	4	3
– Operating Income (Loss)	(160)	(172)	(145)	(101)	(107)
Total
– Net Revenues	2,517	3,321	3,251	3,232	3,465
– Operating Income	3	369	381	375	551

(a) Net revenues of Others include revenues from sales assembly services and other revenues. Operating income (loss) of Others include items such as unused capacity charges, including incidents leading to power outage, impairment and restructuring charges, management reorganization costs, start-up and phase out costs, and other unallocated income (expenses) such as: strategic or special research and development programs, certain corporate-level operating expenses, patent claims and litigations, and other costs that are not allocated to reportable segments, as well as operating earnings of other products. Others includes:

(US$ m)	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024
*Unused capacity charges*	*123*	*118*	*104*	84	63

(Appendix – continued)
ST Supplemental Non-U.S. GAAP Financial Information
U.S. GAAP – Non-U.S. GAAP Reconciliation

The supplemental non-U.S. GAAP information presented in this press release is unaudited and subject to inherent limitations. Such non-U.S. GAAP information is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for U.S. GAAP measurements. Also, our supplemental non-U.S. GAAP financial information may not be comparable to similarly titled non-U.S. GAAP measures used by other companies. Further, specific limitations for individual non-U.S. GAAP measures, and the reasons for presenting non-U.S. GAAP financial information, are set forth in the paragraphs below. To compensate for these limitations, the supplemental non-U.S. GAAP financial information should not be read in isolation, but only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP.

ST believes that these non-U.S. GAAP financial measures provide useful information for investors and management because they offer, when read in conjunction with ST’s U.S. GAAP financials, (i) the ability to make more meaningful period-to-period comparisons of ST’s on-going operating results, (ii) the ability to better identify trends in ST’s business and perform related trend analysis, and (iii) to facilitate a comparison of ST’s results of operations against investor and analyst financial models and valuations, which may exclude these items.

Non-U.S. GAAP Net Earnings and Non-U.S. GAAP Earnings Per Share (non-U.S. GAAP measures)

Operating income before impairment and restructuring charges and one-time items is used by management to help enhance an understanding of ongoing operations and to communicate the impact of the excluded items, such as impairment, restructuring charges and other related phase-out costs. Adjusted net earnings and earnings per share (EPS) are used by management to help enhance an understanding of ongoing operations and to communicate the impact of the excluded items like impairment, restructuring charges and other related phase-out costs attributable to ST and other one-time items, net of the relevant tax impact.

Q1 2025 (US$ m, except per share data)	Gross Profit	Operating Income	Net Earnings	Corresponding Diluted EPS
U.S. GAAP	841	3	56	0.06
Impairment, restructuring charges and other related phase-out costs	–	8	8	0.01
Estimated income tax effect	–	–	(1)	–
Non-U.S. GAAP	841	11	63	0.07

(Appendix – continued)

Net Financial Position and Adjusted Net Financial Position (non-U.S. GAAP measures)

Net Financial Position, a non-U.S. GAAP measure, represents the difference between our total liquidity and our total financial debt. Our total liquidity includes cash and cash equivalents, restricted cash, if any, short-term deposits, and marketable securities, and our total financial debt includes short-term debt and long-term debt, as reported in our Consolidated Balance Sheets. ST also presents adjusted net financial position as a non-U.S. GAAP measure, to take into consideration the effect on total liquidity of advances received on capital grants for which capital expenditures have not been incurred yet.

ST believes its Net Financial Position and Adjusted Net Financial Position provide useful information for investors and management because they give evidence of our global position either in terms of net indebtedness or net cash by measuring our capital resources based on cash and cash equivalents, restricted cash, if any, short-term deposits and marketable securities and the total level of our financial debt. Our definitions of Net Financial Position and Adjusted Net Financial Position may differ from definitions used by other companies, and therefore, comparability may be limited.

(US$ m)	Mar 29 2025	Dec 31 2024	Sep 28 2024	June 29 2024	Mar 30 2024
Cash and cash equivalents	1,781	2,282	3,077	3,092	3,133
Short term deposits	1,650	1,450	977	975	1,226
Marketable securities	2,528	2,452	2,242	2,218	1,880
Total liquidity	5,959	6,184	6,296	6,285	6,239
Short-term debt	(988)	(990)	(1,003)	(236)	(238)
Long-term debt ^(a)	(1,889)	(1,963)	(2,112)	(2,850)	(2,875)
Total financial debt	(2,877)	(2,953)	(3,115)	(3,086)	(3,113)
Net Financial Position (non-U.S. GAAP)	3,082	3,231	3,181	3,199	3,126
Advances received on capital grants	(377)	(385)	(366)	(402)	(351)
Adjusted Net Financial Position (non-U.S. GAAP)	2,705	2,846	2,815	2,797	2,775

^(a)Long-term debt contains standard conditions but does not impose minimum financial ratios. Committed credit facilities for $618 million equivalent, are currently undrawn.

(Appendix – continued)

Net Capex and Free Cash Flow (non-U.S. GAAP measures)

ST presents Net Capex as a non-U.S. GAAP measure, which is reported as part of our Free Cash Flow (non-U.S. GAAP measure), to take into consideration the effect of advances from capital grants received on prior periods allocated to property, plant and equipment in the reporting period.

Net Capex, a non-U.S. GAAP measure, is defined as (i) Payment for purchase of tangible assets, as reported plus (ii) Proceeds from sale of tangible assets, as reported plus (iii) Proceeds from capital grants and other contributions, as reported plus (iv) Advances from capital grants allocated to property, plant and equipment in the reporting period.

ST believes Net Capex provides useful information for investors and management because annual capital expenditures budget includes the effect of capital grants. Our definition of Net Capex may differ from definitions used by other companies.

(US$ m)	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024
Payment for purchase of tangible assets, as reported	(587)	(584)	(669)	(690)	(1,145)
Proceeds from sale of tangible assets, as reported	2	–	2	1	2
Proceeds from capital grants and other contributions, as reported	47	83	66	143	149
Advances from capital grants allocated to property, plant and equipment	8	31	36	18	27
Net Capex (non-U.S. GAAP)	(530)	(470)	(565)	(528)	(967)

Free Cash Flow, which is a non-U.S. GAAP measure, is defined as (i) net cash from operating activities plus (ii) Net Capex plus (iii) payment for purchase (and proceeds from sale) of intangible and financial assets and (iv) net cash paid for business acquisitions, if any.

ST believes Free Cash Flow provides useful information for investors and management because it measures our capacity to generate cash from our operating and investing activities to sustain our operations.

Free Cash Flow reconciles with the total cash flow and the net cash increase (decrease) by including the payment for purchases of (and proceeds from matured) marketable securities and net investment in (and proceeds from) short-term deposits, the net cash from (used in) financing activities and the effect of changes in exchange rates, and by excluding the advances from capital grants received on prior periods allocated to property, plant and equipment in the reporting period. Our definition of Free Cash Flow may differ from definitions used by other companies.

(US$ m)	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024
Net cash from operating activities	574	681	723	702	859
Net Capex	(530)	(470)	(565)	(528)	(967)
Payment for purchase of intangible assets, net of proceeds from sale	(14)	(32)	(20)	(15)	(26)
Payment for purchase of financial assets, net of proceeds from sale	–	(51)	(2)	–	–
Free Cash Flow (non-U.S. GAAP)	30	128	136	159	(134)

(Appendix – continued)
Financial Calendar

The financial calendar for 2025 is as follows:

March 16, 2025 – April 24,2025:

Quiet period

April 24,2025:

Q1 2025 Financial Results

June 16, 2025 – July 24,2025:

Quiet period

July 24,2025:

Q2 2025 Financial Results

September 16, 2025 – October 23,2025:

Quiet period

October 23,2025:

Q3 2025 Financial Results

These dates are preliminary and are subject to final confirmation.

¹Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why the Company believes these measures are important.
²See Appendix for the definition of reportable segments.
³Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why the Company believes these measures are important.
⁴Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why the Company believes these measures are important.

Attachment

C3332C -Q125 Earnings PR – April 24 2025

The MIL Network –

April 24, 2025

MIL-OSI China: China further shortens market access negative list

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

BEIJING, April 24 — China has further shortened its market access negative list, which specifies fields that are off-limits to both domestic and overseas market entities, the National Development and Reform Commission (NDRC) announced on Thursday.

The new version of the market access negative list reduced the number of items from 117 to 106, a decrease of 11 items, according to the NDRC.

Replacing the version issued on March 12, 2022, the new version of the list was jointly published by the NDRC, the Ministry of Commerce and the State Administration for Market Regulation, after approval by the Communist Party of China Central Committee and the State Council.

MIL OSI China News –

April 24, 2025
MIL-Evening Report: The phrase ‘fuzzy wuzzy angels’ is far from affectionate – it reflects 500 years of racism

Source: The Conversation (Au and NZ) – By Erika K. Smith, Associate Lecturer, School of Social Sciences, Western Sydney University

This article contains mention of racist terms in historical context.

Every Anzac Day, Australians are presented with narratives that re-inscribe particular versions of our national story.

One such narrative persistently claims “fuzzy wuzzy angel” was used as an “affectionate” name for local stretcher-bearers of sick and wounded Australian soldiers during the New Guinea campaign of 1942 to 1945.

Papua New Guineans called Australian soldiers masta (master), taubada (big man), and bos (boss). Australian soldiers called Papua New Guinean people by racist phrases including boong, nigger, kanaka, coon, boi, boy and wog.

Our new research shows that, far from being “affectionate”, the phrase fuzzy wuzzy angel is best understood in this context – and in the context of 500 years of anti-Black racism.

These other offensive terms used by soldiers are largely gone from the public domain, yet fuzzy wuzzy angel persists. We decided to explore this apparently acceptable form of contemporary racism.

Power relations across the centuries

In 1526 the Portuguese explorer Jorge de Menezes named islands in the west of what is now West Papua Ilhas dos Papuas.

“Papuas” was a borrowed word by the Portuguese of Malay/Indonesian origin, meaning “frizzled” or “curly-haired”. The islands were therefore known as the “islands of the frizzy-haired people”.

In 1545, the Spanish explorer Yñigo Ortiz de Retez named the east mainland Nueva Guinea (New Guinea). As historian J.H.F. Sollewijn Gelpke describes it, Ortiz de Retez saw a physical resemblance to the “frizzy haired inhabitants […] of the Guinea Coast in West Africa”.

The first usage we found of the phrase fuzzy wuzzy angels relating to the New Guinea campaign was in an article in the Sydney’s The Daily Mirror in 1942. A war correspondent reported troops along the Track were reciting a “catchy verse with a swing in it”.

The “catchy verse” appears to borrow directly from the 1892 poem Fuzzy Wuzzy, by English writer Rudyard Kipling. Kipling borrowed the phrase from how British soldiers referred to the Beja warriors of north-east Africa during the Mahdist (Anglo–Sudan) War of 1881–99.

Shortly after the poem was published in The Daily Mirror, the image of the “fuzzy wuzzy angel” was immortalised in a photograph. George Silk’s image shows Raphael Oimbari (Hanau village, Oro Province) walking with injured Australian soldier Private George “Dick” Whittington (2/10th Battalion) on Christmas Day, 1942.

While Whittington was identified as the injured soldier, it wasn’t until the 1970s that Oimbari was identified and named as the Papua New Guinean guide.

The cultural journey of Kipling’s poem in Africa to Australian infantry on the Kokoda follows the same route as Spanish and Portuguese sailors from African Guinea to Papua New Guinea.

This focus on frizzy or fuzzy hair homogenised Blackness under the colonial gaze.

Continuing racial relations

Far from being just stretcher bearers, local people during the Kokoda Campaign were often forced to support the Australian war effort in roles including cooks, cleaners, labourers, construction workers, farm hands and carriers of ammunition.

These roles have also disappeared from our national narrative, along with the more racist forms of address.

In place of historically accurate accounts is a distilled national narrative: iconic stretcher bearers “affectionately” known as fuzzy wuzzy angels.

New Guinea native carriers meet Australian officers at a rest spot on the Kokoda Trail, August 1942.
Australian War Memorial

There was little interest in the Australian war story in Papua New Guinea and the Kokoda Track between the end of the war and the early 1990s. Then, in 1992, Prime Minister Paul Keating kissed the foot of the Kokoda Memorial.

Attention by subsequent prime ministers and an increased number of books and films propelled the Kokoda Track into mainstream Australian consciousness.

Prime Minister John Howard made the “affectionate” usage claim in a speech to Papua New Guinea Prime Minister Bill Skate in 1998.

Papua New Guinean scholar Regis Tove Stella wrote in 2007 that fuzzy wuzzy angel is “belittling and consistent with the discourse of paternalism that largely characterised colonial administrative policy”.

Yet we continue to see Indigenous perspectives erased in favour of the “affectionate” account.

When Malcolm Turnbull laid a 75th anniversary wreath in April 2017, the Australian Associated Press included this explanatory paragraph:

Local Papua New Guinean men, dubbed affectionately the ‘Fuzzy Wuzzy Angels’, assisted and escorted wounded and injured Australian soldiers along the trail.

In 2024, “affectionate” was reinscribed by Peter Dutton in an address to parliament to honour Papua New Guinea Prime Minister James Marape.

500 years of a racist phrase

Australia’s northernmost island, Saibai Island of Zenadh Kes/Torres Strait Islands, is less than 4 kilometres from Papua New Guinea – yet most Australians know little about our closest neighbours.

This year marks the 50th anniversary of Papua New Guinea’s independence from Australia, mobilised by the Whitlam government, some 25 years behind the post-war decolonisation movement.

Yet official decolonisation has not stopped Australians from insisting that it is affectionate – and, by implication, not racist – to use colonial naming practices that date back some 500 years.

This article draws on research conducted during Erika K. Smith’s doctoral candidature which was financially supported by an Australian Postgraduate Award and a Western Sydney University Postgraduate Research Scholarship.

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

– ref. The phrase ‘fuzzy wuzzy angels’ is far from affectionate – it reflects 500 years of racism – https://theconversation.com/the-phrase-fuzzy-wuzzy-angels-is-far-from-affectionate-it-reflects-500-years-of-racism-253953

MIL OSI Analysis – EveningReport.nz –

April 24, 2025
MIL-Evening Report: This may be as good as it gets: NZ and Australia face a complicated puzzle when it comes to supermarket prices
Source: The Conversation (Au and NZ) – By Richard Meade, Adjunct Associate Professor, Centre for Applied Energy Economics and Policy Research, Griffith University

Daria Nipot/Shutterstock

With ongoing cost of living pressures, the Australian and New Zealand supermarket sectors are attracting renewed political attention on both sides of the Tasman.

Allegations of price gouging have become a political issue in the Australian federal election. At the same time, the New Zealand government has announced that “all options” are on the table to address a lack of competition in the sector – including possible breakup of the existing players.

But it is not clear breaking up the supermarkets or other government interventions will improve the sector for shoppers and suppliers.

In 2022, I co-authored a government-commissioned analysis looking at whether New Zealand’s two main supermarket groups should be forced to sell some of their stores to create a third competing chain.

We found it was possible under some scenarios that breakup could benefit consumers. But key uncertainties and implementation risks meant consumers could lose overall.

A lot hinges on whether breakup causes supermarkets’ input costs to rise or product variety to fall. Even in more positive scenarios at least some consumers could be left worse off.

Watchdog concerns

Competition authorities – the Australian Competition and Consumer Commission (ACCC) and New Zealand’s Commerce Commission – have conducted supermarket sector studies. They each expressed concern at significant barriers to entry and expansion in the sector and supermarkets’ resulting high levels of profitability.

This year, the ACCC concluded margins earned by Australia’s main supermarkets are among the highest of supermarket businesses in comparable countries. Similarly, in 2022 the Commerce Commission found New Zealand’s supermarkets were earning excess profits of around NZ$430m a year.

While high profits might mean that market power is being abused, it could also mean managers are doing a good job. Or have had a great run of luck. Alternative explanations for high profits would need to be ruled out before putting fingers on regulatory triggers.

New Zealand’s Finance Minister Nicola Willis says everything is on the table when it comes to addressing the concentration of the supermarket sector.
Hagen Hopkins/Getty Images

Barriers to entry

The starting point is to acknowledge that high profits and prices go hand in hand with barriers to entry and challenges in achieving economies of scale.

In other words, some sectors are less competitive than others simply because a lack of demand or high costs make it unprofitable for additional competitors to either enter or remain in the market.

Countries like Australia and New Zealand, with low population densities and large service areas, face high costs of nationwide supply. They also face significant shipping distances from other countries. This limits the ability of overseas entrants using their existing buying and supply infrastructures.

That said, some barriers to entry might be artificial or caused by existing firms stifling new competitors.

Existing supermarkets in both countries have gained controlling stakes in the land needed to set up new supermarkets – something regulatory settings can prevent.

Another challenge for new chains is the process of getting planning and land use consents – something policymakers can address.

This points to key elements of a test for whether supermarkets are charging too much. One is a recognition that there can be natural reasons for limited competition, and unless technologies or consumer preferences change that will remain the case.

Another is a focus on the things that can be changed – whether at the firm or policy level – in a way that benefits consumers and suppliers. Finally, policymakers need to consider whether the benefits of implementing them outweigh the costs.

Testing the market

Building on work developed by Nobel economist Oliver Williamson, a “three-limb test” was used in the 2017 government-commissioned assessment of fuel pricing in New Zealand that I co-authored. The same could be used to assess the supermarket sector.

That three-limb test asks
- are there features of the existing industry structure and conduct giving cause for concern
- can those causes for concern be remedied
- would the benefits of remedying those concerns outweigh the costs of doing so?
If the answer to all three limbs is yes, that suggests suppliers are charging too much (or delivering too little) since there are practical ways to improve on the status quo.

A virtue of such a test is that is can be applied in any sector where there are high firm concentration, barriers to entry and high profit margins.

Importantly, the test looks beyond just what firms are (or are not) doing and asks whether policy and regulatory settings are ripe for improvements too.

The test is also pragmatic – it shouldn’t trigger changes unless they are clearly expected to do more good than harm. This is important if interventions are risky, costly or irreversible, especially in sectors that are important to all of us.

Politicians on both sides of the Tasman are floating the possibility of supermarket breakup, among other possible interventions. The three-limb test helps to identify whether any proposed interventions are a good idea and whether supermarket prices are higher than they need to be.

Richard Meade co-authored a 2022 study funded by the Ministry of Business, Innovation and Employment examining the costs and benefits of breaking up New Zealand’s major supermarkets. The views expressed in this article are his own, and do not purport to represent those of any other party or organisation.

– ref. This may be as good as it gets: NZ and Australia face a complicated puzzle when it comes to supermarket prices – https://theconversation.com/this-may-be-as-good-as-it-gets-nz-and-australia-face-a-complicated-puzzle-when-it-comes-to-supermarket-prices-254987
MIL OSI Analysis – EveningReport.nz –
April 24, 2025
MIL-OSI Russia: Like at the city’s leading enterprises: new workshops and laboratories will be created in Moscow colleges

Translation. Region: Russian Federal

Source: Moscow Government – Government of Moscow –

Large-scale modernization of workshops and laboratories continues in the capital’s colleges. They are equipped with the same equipment as modern enterprises in the city. This allows students to master the skills necessary for subsequent employment from their first year, the press service reported. Department of Education and Science of the City of Moscow.

“Modern conditions for student training are being created together with partner employers. New laboratories and workshops are being opened in colleges, and innovative equipment will be installed in existing ones, like in the capital’s largest enterprises. 650 updated laboratories and workshops were modernized in colleges last year, and by the end of this year their total number will reach almost 1.5 thousand,” the department’s press service noted.

So, inPolytechnic College named after P.A. Ovchinnikov digital metrology laboratories were updated. They were equipped with high-precision measuring instruments for quality control of products. Two new workshops with an automated surface mounting line and a full set of equipment for working with electronic boards were opened to train specialists in radio electronics.

IN College of Communications No. 54 named after P.M. Vostrukhin The technical maintenance and repair area for power supply devices began operating. Here, students practice their skills in installing, maintaining, and troubleshooting industrial equipment, transformer substations, distribution devices, and overhead power lines. The college also opened the largest production line for assembling printed circuit boards and an electrical and radio assembly workshop, and modernized the quantum communications laboratory, which now has the latest quantum key encryption equipment.

IN Moscow College of Business Technologies Six IT laboratories were modernized. They installed 180 high-performance computers with domestic software. With their help, students hone their professional skills in the field of creating mobile and web applications, analyzing network security, providing technical support to users, protecting data, backing up and restoring virtual, physical and cloud environments. The equipment allows working with several programs simultaneously and quickly processing graphics to create complex illustrations and animations.

In the educational complex of urban development “Capital” opened two modern sites for practical training. In the laboratory of ornamental plant growing, students master the technologies of vertical gardening and plant care, using rare watering systems and special lighting. The soil science workshop was equipped with modern equipment – electronic scales and ion pH meters. Here, students analyze seed material, determine the quality of seeds and select optimal soils for industrial use.

IN College of Automation and Information Technology No. 20 The electrical engineering and electronics laboratory was modernized. It was equipped with modern measuring instruments, including multimeters and oscilloscopes. Students learn to create and configure digital and analog circuits, gaining practical skills for work in the fields of IT, robotics, industrial automation and electronics.

A new laboratory for practical training of forensic expert skills has opened in Police College. High-tech digital fingerprint scanners and expert lighting have appeared here. Thanks to the “Virtual Forensic Scientist” system, students can practice their investigative skills using virtual reality glasses.

Detailed information about the in-demand professions and specialties taught in the capital’s colleges is available in the section “Colleges” on the portal“School. Moscow”, in the telegram channel “Colleges of Moscow” and the community of the same name on the social network “VKontakte».

Practical classes for students of Moscow colleges are held in modern workshops and laboratories. This contributes to the formation and development of professional skills in students and corresponds to the objectives of the “Professionalism” project of the national project “Youth and Children”.

Get the latest news quickly official telegram channel the city of Moscow.

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: //vv.mos.ru/nevs/ite/153067073/

MIL OSI Russia News –

April 24, 2025
MIL-OSI Australia: Deputy Commissioner Louise Clarke discusses Bendel decision
Source: New places to play in Gungahlin

Private Wealth Client Experience Deputy Commissioner, Louise Clarke, shares her thoughts on some common questions we are hearing from private companies and their advisers, regarding the Commissioner of Taxation v Bendel [2025] FCAFC 15External Link (Bendel) case decision and court process. Louise strongly encourages taxpayers to review our published Interim Decision Impact Statement, and to seek advice about their individual circumstances.

Can you explain the current situation regarding the Bendel decision?

For more than 15 years, the ATO has had a published view about the tax consequences of unpaid present entitlements (UPEs) owing to corporate beneficiaries.

The Bendel case is the first time that the ATO’s longstanding view has been considered by the Courts. In February, the Full Federal Court reached a decision that is contrary to the ATO’s published position.

We’ve sought special leave to appeal this decision to the High Court because the decision is of wide interest and will impact many private company taxpayers.

Our published Interim Decision Impact Statement explains that we don’t intend to revise our current views relating to private company entitlements to trust income, as detailed in Taxation Determination TD 2022/11: Income tax: Division 7A: when will an unpaid present entitlement or amount held on sub-trust become the provision of ‘financial accommodation’?, until the appeal process is exhausted

How long will the process take?

I won’t second guess the workings of the High Court. However, we can anticipate that they’ll decide whether to grant the Commissioner special leave to appeal in the next few months. If the High Court decides to hear our appeal, the whole process could take a little while, allowing for a hearing to be scheduled and the High Court time to consider its decision. If the High Court chooses not to hear our appeal, we will, as a priority and almost immediately, publish practical guidance for taxpayers by updating our Decision Impact Statement. Of course, over a period of weeks and months, we will also review and update relevant ATO guidance products.

Will the Commissioner grant a deferral to the lodgment of tax returns of affected private companies until the special leave application outcome is known?

It is not usual practice to grant lodgment deferrals as a matter progresses through the Courts.

Similarly, in this case, we are not going to grant a blanket extension of time for affected companies to lodge their tax returns pending the High Court’s decision about the ATO’s special leave application, or any subsequent appeal.

We appreciate that some private company taxpayers will need to decide how to treat unpaid present entitlements (UPEs) when preparing their 2024 tax return. To assist with the decision-making process, our published Interim Decision Impact Statement explains that taxpayers need to be mindful that pending the outcome of our special leave application to the High Court, we are maintaining our view in TD 2022/11. We also observe that the basis on which private company beneficiaries deal with UPEs may have consequences under other integrity provisions in the tax law, including section 100A and subdivision EA.

The application of section 100A and subdivision EA does not depend on the outcome of the Bendel High court process. So, in this regard, we consider that there’s a clear pathway for taxpayers who don’t wish to risk potential exposure to other integrity provisions, regardless of the outcome of the current High Court proceedings.

Where a deemed dividend has arisen due to a group arranging their affairs in reliance on the views expressed by the Full Federal Court, will the Commissioner exercise the discretion in section 109RB to disregard any deemed dividends if he is ultimately successful in the High Court?

We won’t be granting a blanket exercise of the discretion.

Section 109RB allows the Commissioner to consider exercising his discretion to disregard the operation of Division 7A or to allow a deemed dividend to be franked where a deemed dividend arose if there has been an honest mistake or inadvertent omission. In this regard, each case turns on its own individual facts and circumstances and must be considered on a case-by-case basis and the Commissioner can only exercise the discretion in an individual case when a deemed dividend has actually arisen.

Should taxpayers convert UPEs to loans and place them on complying loan terms, pending the ultimate outcome of the Bendel case?

Taxpayers will need to consider their circumstances and make their own decision pending the finalisation of the appeal process.

The Commissioner’s updated Interim Decision Impact Statement highlights the consequences that might arise if UPEs aren’t on Division 7A complying loan terms. This is regardless of the outcome of the Commissioner’s special leave application and any possible appeal.

Where a UPE isn’t converted into a complying Division 7A loan, taxpayers face the prospect that other integrity provisions may apply to their arrangement (depending on the particular facts), for example Subdivision EA and section 100A.

Placing a UPE on Division 7A complying loan terms requires all the elements of section 109N to be satisfied, including that there’s a written loan agreement between the parties. That is, relevant UPEs must be converted to loans to comply with section 109N.

What’s your advice to a taxpayer who has previously followed ATO guidance and is now considering their Division 7A loan or PS LA 2010/4 arrangement?

If a taxpayer has been following the ATO guidance and if they continue to do so, then they will have certainty regardless of the outcome of the High Court proceedings. That is, they will not be facing the prospects of a deemed dividend or potential application of other integrity provisions.

Of course, it is up to individual taxpayers to decide their approach post the Full Court’s decision. However, any decision needs to be made with knowledge of the relevant risks and their individual circumstances. I strongly encourage impacted taxpayers to seek advice appropriate to their particular circumstances.

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MIL OSI News –
April 24, 2025
MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for April 24, 2025

ER Report: Here is a summary of significant articles published on EveningReport.nz on April 24, 2025.

The ocean can look deceptively calm – until it isn’t. Here’s what ‘hazardous surf’ really means
Source: The Conversation (Au and NZ) – By Samuel Cornell, PhD Candidate, Beach Safety Research Group, School of Population Health, UNSW Sydney Over the Easter weekend, seven people drowned along the Australian coast. Most were swept off rock platforms – extremely dangerous locations that are increasingly prevalent in Australia’s coastal fatality data. The weather was

The major parties have announced their plans to address domestic and family violence. How do they stack up?
Source: The Conversation (Au and NZ) – By Kate Fitz-Gibbon, Professor (Practice), Faculty of Business and Economics, Monash University In the past week, at least seven women have been killed in Australia, allegedly by men. These deaths have occurred in different contexts – across state borders, communities and relationships. But are united by one truth:

The biggest losers: how Australians became the world’s most enthusiastic gamblers
Source: The Conversation (Au and NZ) – By Wayne Peake, Adjunct research fellow, School of Humanities and Communication Arts, Western Sydney University The story goes that the late billionaire Australian media magnate Kerry Packer once visited a Las Vegas casino, where a Texan was bragging about his ranch and how many millions it was worth.

A golden era for personalized medicine is approaching, but are we ready?
Source: The Conversation (Au and NZ) – By Nazia Pathan, PhD, Postdoctoral Researcher, Population Health Research Institute, McMaster University Biobanks have become some of the most transformative tools in medical research, enabling scientists to study the relationships between genes, health and disease on an unprecedented scale (Piqsels/Siyya) If there’s a disease that seems to run

The billions spent on NZ’s accommodation supplement is failing to make rent affordable – so what will?
Source: The Conversation (Au and NZ) – By Edward Yiu, Associate Professor, School of Business, University of Auckland, Waipapa Taumata Rau Pixelbliss/Shutterstock New Zealand’s unaffordable housing market has left many low and middle-income families reliant on the accommodation supplement to cover rent and mortgage payments. But our new research has found the scheme, which costs

Fossil teeth show extinct giant kangaroos spent their lives close to home – and perished when the climate changed
Source: The Conversation (Au and NZ) – By Christopher Laurikainen Gaete, PhD Candidate, University of Wollongong Chris Laurikainen Gaete Large kangaroos today roam long distances across the outback, often surviving droughts by moving in mobs to find new food when pickings are slim. But not all kangaroos have been this way. In new research published

The billions spent on NZ’s accomodation supplement is failing to make rent affordable – so what will?
Source: The Conversation (Au and NZ) – By Edward Yiu, Associate Professor, School of Business, University of Auckland, Waipapa Taumata Rau Pixelbliss/Shutterstock New Zealand’s unaffordable housing market has left many low and middle-income families reliant on the accommodation supplement to cover rent and mortgage payments. But our new research has found the scheme, which costs

The gambling industry has women in its sights. Why aren’t policymakers paying attention?
Source: The Conversation (Au and NZ) – By Simone McCarthy, Postdoctoral Research Fellow – Commercial Determinants of Health, Deakin University Wpadington/Shutterstock Whatever the code, whatever the season, Australian sports fans are bombarded with gambling ads. Drawing on Australians’ passion, loyalty and pride for sport, the devastating health and social consequences of gambling – including financial

When ‘equal’ does not mean ‘the same’: Liberals still do not understand their women problem
Source: The Conversation (Au and NZ) – By Carol Johnson, Emerita Professor, Department of Politics and International Relations, University of Adelaide “Women’s” issues are once again playing a significant role in the election debate as Labor and the Liberals trade barbs over which parties’ policies will benefit women most. In the latest salvo, the opposition

Tremors, seizures and paralysis: this brain disorder is more common than multiple sclerosis – but often goes undiagnosed
Source: The Conversation (Au and NZ) – By Benjamin Scrivener, PhD Candidate, Faculty of Medical and Health Sciences, University of Auckland, Waipapa Taumata Rau Kateryna Kon/Shutterstock Imagine suddenly losing the ability to move a limb, walk or speak. You would probably recognise this as a medical emergency and get to hospital. Now imagine the doctors

The origin story of the Anzac biscuit is largely myth – but that shouldn’t obscure the history of women during the war
Source: The Conversation (Au and NZ) – By Garritt C. Van Dyk, Senior Lecturer in History, University of Waikato Australian Comforts Fund buffet in Longueval, France, 1916. Australian War Memorial The Anzac biscuit is a cultural icon, infused with mythical value, representing the connection between women on the home front and soldiers serving overseas during

Politics with Michelle Grattan: historian Frank Bongiorno on dramatic shifts in how elections are fought and won
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra This election has been lacklustre, without the touch of excitement of some past campaigns. Through the decades, campaigning has changed dramatically, adopting new techniques and technologies. This time, we’ve seen politicians try to jump onto viral podcasts. To discuss old

Albanese government announces $1.2 billion plan to purchase critical minerals
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra A re-elected Albanese government will take the unprecedented step of buying or obtaining options over key critical minerals to protect Australia’s national interest and boost its economic resilience. The move follows US President Donald Trump’s ordering a review into American

Why special measures to boost Fiji women’s political representation remain a distant goal
RNZ Pacific Despite calls from women’s groups urging the government to implement policies to address the underrepresentation of women in politics, the introduction of temporary special measures (TSM) to increase women’s political representation in Fiji remains a distant goal. This week, leader of the Social Democratic Liberal Party (Sodelpa), Cabinet Minister Aseri Radrodro, and opposition

Albanese government announces $1.2 billion in plan to purchase critical minerals
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra A re-elected Albanese government will take the unprecedented step of buying or obtaining options over key critical minerals to protect Australia’s national interest and boost its economic resilience. The move follows US President Donald Trump’s ordering a review into American

Flooding incidents in Ghana’s capital are on the rise. Researchers chase the cause
Source: The Conversation (Au and NZ) – By Stephen Appiah Takyi, Senior Lecturer, Department of Planning, Kwame Nkrumah University of Science and Technology (KNUST) Urban flooding is a major problem in the global south. In west and central Africa, more than 4 million people were affected by flooding in 2024. In Ghana, cities suffer damage

Australia needs bold ideas on defence. The Coalition’s increased spending plan falls disappointingly short
Source: The Conversation (Au and NZ) – By Peter Layton, Visiting Fellow, Strategic Studies, Griffith University Just as voting has begun in this year’s federal election, the Coalition has released its long-awaited defence policy platform. The main focus, as expected, is a boost in defence spending to 3% of Australia’s GDP within the next decade.

Sniping koalas from helicopters: here’s what’s wrong with Victoria’s unprecedented cull
Source: The Conversation (Au and NZ) – By Liz Hicks, Lecturer in Law, The University of Melbourne Roberto La Rosa/Shutterstock Snipers in helicopters have shot more than 700 koalas in the Budj Bim National Park in western Victoria in recent weeks. It’s believed to be the first time koalas have been culled in this way.

Rather than short-term fixes, communities need flexible plans to prepare for a range of likely climate impacts
Source: The Conversation (Au and NZ) – By Tom Logan, Senior Lecturer Above the Bar of Civil Systems Engineering, University of Canterbury Dave Rowland/Getty Images As New Zealanders clean up after ex-Cyclone Tam which left thousands without power and communities once again facing flooding, it’s tempting to seek immediate solutions. However, after the cleanup and

Why do Labor and the Coalition have so many similar policies? It’s simple mathematics
Source: The Conversation (Au and NZ) – By Gabriele Gratton, Professor of Politics and Economics and ARC Future Fellow, UNSW Sydney Pundits and political scientists like to repeat that we live in an age of political polarisation. But if you sat through the second debate between Prime Minister Anthony Albanese and Opposition leader Peter Dutton

MIL OSI Analysis – EveningReport.nz –

April 24, 2025
MIL-OSI USA: Ernst Glad SBA Revises Disastrous Biden-Era Underwriting Standards Within 7(a) Program

US Senate News:

Source: United States Senator Joni Ernst (R-IA)

Published: April 23, 2025

WASHINGTON – U.S. Senate Committee on Small Business and Entrepreneurship Chair Joni Ernst (R-Iowa) released the following statement in response to the Small Business Administration’s (SBA) changes to the 7(a) program’s standard operating procedure.
Ernst discussed undoing the damage of the Biden administration and fixing the financial integrity of the 7(a) loan program with Administrator Kelly Loeffler during her confirmation hearing.
“It is reassuring to see Administrator Loeffler continue to undo the damage done by the reckless Biden-era changes to the 7(a) loan program,” said Ernst. “Eroding underwriting standards led to a wave of defaults that could have forced taxpayers to foot the bill. I am encouraged that the SBA is following my recommendations to restore responsible fiscal management to its flagship lending program and looking after tax dollars.”
Background:
During a hearing earlier this year, Ernst detailed how the Biden administration’s loosening of rules and reckless expansion of the program increased the risk for American taxpayers. She went on to describe how the Trump SBA could fix the 7(a) program.
In a letter to President Trump on his first day in office, Ernst highlighted Biden’s mismanagement of the program that threatened to force taxpayers to foot the bill.
Ernst repeatedly raised concerns that the Biden administration’s rapid expansion of the 7(a) lending program was leaving taxpayers on the hook for risky lending practices by non-bank lenders.

MIL OSI USA News –

April 24, 2025
MIL-Evening Report: The major parties have announced their plans to address domestic and family violence. How do they stack up?
Source: The Conversation (Au and NZ) – By Kate Fitz-Gibbon, Professor (Practice), Faculty of Business and Economics, Monash University

In the past week, at least seven women have been killed in Australia, allegedly by men. These deaths have occurred in different contexts – across state borders, communities and relationships. But are united by one truth: they are part of the ongoing national crisis of men’s violence against women and children.

While in the first four weeks of the election campaign there was silence from the major parties on this issue, now – with one week to go – both have released their commitments.

The Coalition announced its plan last night, following Labor’s promises earlier in the week.

Neither represent a commitment to ending gender-based violence. They both propose a patchwork of largely reactive initiatives. These will fail to deliver holistic reform to prevent violence and to intervene early enough to meaningfully reduce it.

What has Labor pledged?

Labor’s “commitment to women” announcement focuses on addressing financial abuse, a “fast growing and insidious form” of abuse. Key strategies proposed include:
- preventing perpetrators from using tax and corporate systems to accrue debts as a form of coercive control
- making perpetrators liable for debts incurred by the victim-survivor because of coercive control
- and exploring options to stop perpetrators accessing the superannuation of victim-survivors after death.
Labor has also pledged $8.6 million for perpetrator responses, including early interventions for young people.

What about the Coalition?

The Coalition’s approach is much more scatter gun, providing a list of disconnected strategies. It outlines 14 commitments.

The announcement promises to improve support by expanding the Safe Places Emergency Accommodation Program and the Leaving Violence Program (which provides one-off funding to help cover the cost of leaving an abusive relationship).

The Coalition will also increase crisis helpline support to ensure victim-survivors “have their calls answered and get the immediate assistance they require”.

This is much needed. Frontline services are consistently under-resourced and have been calling for at least $1 billion annually to meet demand.

The question of funding

The Coalition’s $90 million pledge, with no clear timeframe or detail on how it will be distributed, represents less than 10% of what frontline services say is needed every year.

Labor’s earlier announcement does not detail the funding commitment that will be allocated to their suite of proposed initiatives, other than to say $8.6 million will be provided for perpetrator interventions.

Neither party has committed to multiyear funding models for domestic, family and sexual violence frontline services. This is essential for workforce retention and to ensure consistent delivery of trauma-informed care.

We cannot criminalise our way out

Law and order responses dominate the Coalition’s announcement. These include implementation of a national domestic violence register and the development of uniform national knife laws.

Legal accountability is important and we need to improve information sharing across state and territory borders. But we cannot police or prosecute our way out of a problem rooted in structural inequality and social attitudes. It also fails to recognise that for many victim-survivors, the criminal legal system can be re-traumatising and does not meet their justice needs.

The Coalition also commits to introducing new offences for online coercive behaviour and spyware use. This would be a significant legal shift by introducing family and domestic violence offences and bail laws for certain abusive behaviours at the federal level.

It’s unclear how this would translate into state and territory criminal laws, or whether it is even necessary. All states and territories currently have laws prohibiting stalking and monitoring behaviours. Some states are in the early stages of developing or implementing coercive control offences.

The Coalition has also reiterated its 2023 promise to hold a Royal Commission into sexual abuse in Indigenous communities.

Indigenous scholars and organisations have previously rejected this proposal, particularly in light of the failure of the Northern Territory Intervention which required the suspension of the Racial Discrimination Act to implement.

Evidence shows First Nations-led solutions should be prioritised over punitive approaches.

What’s missing?

The proposals from the two parties miss several critical areas.

There’s no mention of sexual violence. While it would be optimistic to hope this is yet to come, it’s disappointing to see it has fallen off the agenda.

The proposals don’t say anything about housing or recovery support beyond emergency accommodation. A lack of access to safe, long-term housing is one of the most significant barriers for victim-survivors escaping and recovering from violence. In the middle of a broader housing crisis, this is an essential component of any strategy.

Children remain largely invisible. While the Coalition’s announcement commits to improving child protection, it offers nothing on delivering age-appropriate crisis responses, and to support the recovery needs of children and young people as victim-survivors in their own right.

Read more:
Australia had a national reckoning over domestic violence, but where’s the focus this election?

Much has been written in recent weeks about the need to effectively engage men and boys, but they’re also barely mentioned by either party.

Finally, there is no discussion of the need for greater monitoring and evaluation efforts. We cannot fix what we do not measure.

Both parties’ announcements promise to build on the National Plan to End Violence Against Women and Children, which aspires to eliminate gender-based violence in one generation.

Nearly three years into the delivery of that plan, the persistent prevalence of this violence shows we must do more. We need visible, bipartisan leadership that treats this issue with the same gravity we afford to other national emergencies.

The National Sexual Assault, Family and Domestic Violence Counselling Line – 1800 RESPECT (1800 737 732) – is available 24 hours a day, seven days a week for any Australian who has experienced, or is at risk of, family and domestic violence and/or sexual assault. The Men’s Referral Service (call 1300 766 491) offers advice and counselling to men looking to change their behaviour.

Kate has received funding for research on violence against women and children from a range of federal and state government and non-government sources. Currently, Kate receives funding from Australia’s National Research Organisation for Women’s Safety (ANROWS), the South Australian government, Safe Steps, Australian Childhood Foundation, and 54 Reasons. This piece is written by Kate Fitz-Gibbon in her role at Monash University and Sequre Consulting, and is wholly independent of Kate Fitz-Gibbon’s role as chair of Respect Victoria and membership on the Victorian Children’s Council.

Hayley has received funding for research on violence against women and children and criminal justice-related issues from a range of federal and state government and non-government sources. Currently, Hayley receives funding from ANROWS, and the ACT Justice Reform Branch.

– ref. The major parties have announced their plans to address domestic and family violence. How do they stack up? – https://theconversation.com/the-major-parties-have-announced-their-plans-to-address-domestic-and-family-violence-how-do-they-stack-up-255127
MIL OSI Analysis – EveningReport.nz –
April 24, 2025
MIL-OSI: Jade Power Announces Director Appointment

Source: GlobeNewswire (MIL-OSI)

TORONTO, April 23, 2025 (GLOBE NEWSWIRE) — Jade Power Trust (“Jade Power” or the “Trust”) (NEX:JPWR.H) is pleased to announce the appointment of an independent director, Bruce McCannel, to the Board of Directors of Jade Power Administrator Inc., effective immediately.

Bruce is currently a corporate consultant primarily focused on government and stakeholder engagement and communications strategies. Holding a Master of Public Administration degree, Bruce worked in budget development for the Saskatchewan Ministry of Finance, was an Executive Director for the Ministry of Parks, Culture and Sport, and was on the board of directors for the Canadian Parks Council. When he was the head coach of the University of Regina Cougars Track and Field program, Bruce was a member of the board of directors for Saskatchewan Athletics and the Excel Athletika Track and Field Club.

David Barclay, Chief Executive Officer stated “We look forward to working with Bruce on the Board. We are excited by the value that his experience in government and stakeholder relations will bring to the Trust.”

For further information please contact:

David Barclay
Chief Executive Officer
+1 954-895-7217
david.barclay@bellsouth.net

About Jade Power

The Trust, through its direct and indirect subsidiaries in Canada, the Netherlands and Romania, was formed to acquire interests in renewable energy assets in Romania, other countries in Europe and abroad that can provide stable cash flow to the Trust and a suitable risk-adjusted return on investment. All material information about the Trust may be found under Jade Power’s issuer profile at www.sedarplus.ca.

Forward-Looking Statements

Statements in this press release contain forward-looking information. Such forward-looking information may be identified by words such as “anticipates”, “plans”, “proposes”, “estimates”, “intends”, “expects”, “believes”, “may” and “will”. The forward-looking statements are founded on the basis of expectations and assumptions made by the Trust. Details of the risk factors relating to Jade Power and its business are discussed under the heading “Business Risks and Uncertainties” in the Trust’s annual Management’s Discussion & Analysis for the year ended December 31, 2023, a copy of which is available on Jade Power’s SEDAR+ profile at www.sedarplus.ca. Most of these factors are outside the control of the Trust. Investors are cautioned not to put undue reliance on forward-looking information. These statements speak only as of the date of this press release. Except as otherwise required by applicable securities statutes or regulation, Jade Power expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

Neither the TSXV nor its regulation services provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

The MIL Network –

April 24, 2025
MIL-OSI Australia: First cohort graduates from global initiative shaping the future of defence and space

Source:

24 April 2025

Global Executive MBA in Defence and Space graduate Glen Gallagher in Washington, DC.

The first hand-picked cohort from a specialist global program tailored to meet the pressing challenges facing the defence and space sectors graduated from the University of South Australia this week.

Students from UniSA’s Global Executive MBA in Defence and Space have completed the customised 18-month program, a world-first to help build a global pipeline of talent for the two sectors, specifically benefitting international alliances such as AUKUS.

The graduates, who include executives and uniformed personnel from defence and space organisations operating in Australia, the US, UK and Europe, will help address critical skills gaps in cyber security, space systems, geopolitics and defence procurement and build the innovation and leadership capabilities required across the sectors.

UniSA partnered with the University of Exeter (UK) and Carnegie Mellon University (US) to deliver the program, with students undertaking online study and intensive in-person residentials in each of the three AUKUS countries.

Professor Lan Snell, Dean of Programs (Postgraduate), UniSA Business, says the value of the program lies in its global structure.

“Throughout the program students develop global experiences, networks and competencies in the defence and space sectors that other Executive MBA programs can’t match. That is not only attractive to SA locals, but to potential recruits and their employers nationally and internationally,” she says.

Professor Snell says the 2025 graduates are well equipped to tackle the complexities associated with the multi-decade projects that will make up the AUKUS arrangement.

“Our graduates have built on a range of skills and capabilities ranging from technical skills through to project management and leadership capabilities,” she says. “We now have heightened technical understandings and better developed future-focused capabilities such as communication, teamwork and problem solving.”

Global Executive MBA in Defence and Space graduate Glen Gallagher says the program directly influenced his career progression over the past two years as he transitioned from Operations Manager at Boeing Defence Australia to Director, Advanced Systems at South Australian Government agency, Defence SA.

“I think taking part in the program did influence my career path in terms of my confidence, skills and ability to tackle a senior executive role. If I hadn’t been undertaking the Global Executive MBA in Defence and Space, I might not have backed myself or had the necessary attributes to be successful in my current role,” he says.

“The value of the program is also in the establishment of multiple networks with peers, colleagues and industry professionals from around the world that you wouldn’t typically be exposed to unless you take up a lot of international travel.”

Gallagher says highlights of the program included the two-week residentials in the US and UK, particularly travelling to Washington, DC, in the lead up to the US election in November 2024.

“Part of the program was held near Capitol Hill and that was amazing to witness in terms of the build-up in geopolitics at that time. It was an experience that can’t ever be beaten.”

The next Global Executive MBA in Defence and Space cohort will commence at Adelaide University in 2026.

…………………………………………………………………………………………………………………………
Media contact: Melissa Keogh, UniSA Media M: +61 403 659 154 E: Melissa.Keogh@unisa.edu.au

Other articles you may be interested in

MIL OSI News –

April 24, 2025
MIL-OSI USA: Kean Applauds SBA Extension of Business Recovery Center in Wharton and Pushes for Broader State Aid

Source: US Representative Tom Kean, Jr. (NJ-07)

(April 23, 2025) Bernardsville, NJ – Today, Congressman Tom Kean, Jr. (NJ-07) issued the following statement after the U.S. Small Business Administration (SBA) extended operations at the Business Recovery Center in Wharton, NJ, through May 6, providing additional time for small businesses impacted by the I-80 sinkhole related closures to receive in-person support.

The Congressman previously announced that the SBA approved New Jersey’s disaster declaration request, making Economic Injury Disaster Loans available to small businesses in Morris County and adjacent counties impacted by the closures. The extension of the Business Recovery Center offers affected businesses more time to access federal resources and guidance directly from SBA personnel.

Congressman Kean also urged Governor Phil Murphy and New Jersey Economic Development Authority (NJEDA) to expand the geographic scope of its Route 80 Business Assistance Grant Program beyond Morris County to include Sussex County. While this state-level grant program is available to small businesses in Morris County, it does not help nearby businesses in Sussex County, which have also experienced significant economic hardship due to the sinkhole-related disruptions.

“The SBA’s rapid approval of Economic Injury Disaster Loans for small businesses impacted by the I-80 closure continues to provide meaningful relief for businesses in Morris County, as well as the adjacent counties,” said Congressman Tom Kean, Jr. “With the Business Recovery Center in Wharton now extended through May 6, affected businesses have additional time to access critical, on-the-ground support. State-level support programs should also be expanded beyond Morris County to help other severely impacted businesses, including those in Sussex County.”

Background:

On March 28th, Congressman Kean sent a letter to Governor Murphy urging him to submit an official disaster declaration request to the SBA. After subsequent submission, the SBA granted this request within one day, unlocking federal assistance for small businesses suffering substantial economic loss due to the I-80 sinkhole related closures. Eligible businesses in Morris, Essex, Hunterdon, Passaic, Somerset, Sussex, Union, and Warren counties can apply HERE for an Economic Injury Disaster Loan.

The SBA’s Business Recovery Center at the Wharton Municipal Building will now remain open through Tuesday, May 6, operating Monday through Friday from 8:30am to 5:00pm, and on Saturdays from 10:00am to 2:00pm. SBA representatives will continue offering personalized assistance to business owners navigating the loan application process and recovery resources.

For more information on disaster assistance, contact the SBA Customer Service Center Line at (800) 659-2955.

###

MIL OSI USA News –

April 24, 2025
MIL-OSI New Zealand: BusinessNZ – More detail needed on vocational education reforms

Source: BusinessNZ

Government announcements on work-based learning appear to recognise the importance of industry leadership in vocational training, but the timeframe for standing up a new system is very tight and more clarity is needed to ensure a smooth transition, says BusinessNZ Chief Executive Katherine Rich.

“As the system is pivoted back toward having more industry involvement in qualifications and quality assurance, it is important the Government works with industry closely to ensure that both businesses, apprentices, parents and training providers can have confidence in what the future system will look like.

“We need to ensure that in the transition, employers can work with the training provider that delivers best for their company.

“The new system is due to stand up on 1 January 2026, and we need clarity on the number of organisations, functions of the new organisations and funding to support businesses delivering industry training.

“Countries with high productivity have gold standard training and apprenticeship systems. Industry training is the most efficient and effective way to train with high employment rates post-graduation. With the significant outflow of skills over the last year, we need to build the skills pipeline and make it easy for employers to develop a highly skilled workforce to support economic recovery and growth,” Mrs Rich said.

The BusinessNZ Network including BusinessNZ, EMA, Business Central, Business Canterbury and Business South, represents and provides services to thousands of businesses, small and large, throughout New Zealand.

MIL OSI New Zealand News –

April 24, 2025
MIL-OSI United Kingdom: Prime Minister launches major boost for UK clean energy industry
Source: United Kingdom – Executive Government & Departments

Press release

Prime Minister launches major boost for UK clean energy industry

Prime Minister brings forward £300 million for Great British Energy to invest in offshore wind supply chains ahead of the Future of Energy Security summit.
Prime Minister brings forward an initial £300 million investment ahead of Spending Review through Great British Energy to win global offshore wind investment for the UK

Fund will boost domestic jobs, mobilise additional private investment, and secure manufacturing facilities for critical clean energy supply chains like floating offshore platforms

Prime Minister and Energy Secretary to announce pro-investment plans at major international summit bringing together governments and industry from around the world to drive collective energy security

Communities across the country will benefit from new investment in domestic clean energy supply chains – driving economic growth and supporting thousands of jobs through the Plan for Change.

Workers and businesses in the UK’s industrial heartlands will benefit from an initial £300 million of funding through Great British Energy to invest in supply chains for domestic offshore wind. It is expected that the investment will directly and indirectly mobilise billions in additional private investment – helping de-risk clean energy projects and supporting thousands of jobs and revitalising the UK’s industrial heartlands.

The public investment complements the £43 billion of private investment pledged for clean energy projects since July.

Britain’s engineers, technicians, and welders are being backed by this fast-tracked funding, brought forward by the Prime Minister ahead of the Comprehensive Spending Review, which will allow Great British Energy, the country’s publicly-owned clean energy company, to invest in new supply chains for offshore wind manufacturing components such as floating offshore platforms and cables. This builds on the government’s landmark investment in domestic supply chains through initiatives such as the Clean Industry Bonus and the National Wealth Fund.

As part of the government’s modern Industrial Strategy, which will turbocharge growth in the UK’s key sectors including clean energy, the new investment in domestic offshore wind is part of the Prime Minister’s drive to ensure that the clean energy future is ‘built in Britain’. The funding will ensure that the nation builds resilient domestic supply chains for components which are essential to delivering clean power by 2030.

It comes after the Prime Minister said that a new era of global insecurity means that the government must go further and faster in reshaping the economy through the Plan for Change, and that this requires a new muscular industrial policy that supports British industry to forge ahead.

Prime Minister Keir Starmer said:

Delivering the Plan for Change means winning the race for the clean energy jobs of the future, which will drive growth and help us reach clean power by 2030.

That is why I am bringing forward much-needed investment in our domestic offshore wind supply chains, strengthening our security and creating good jobs for our welders, electricians, and engineers.

Let my message to the world go out: come and build the clean energy future in Britain.

Energy Secretary Ed Miliband said:

It is only by taking back control of our energy that we can protect families and businesses from the rollercoaster of global markets we don’t control.

That is why this government is doubling down on our clean energy superpower mission – driving economic growth, good jobs and investment across our country.

The Prime Minister, ministers and business leaders will gather in London today for the 2-day summit on the Future of Energy Security – hosted by the UK government and International Energy Agency – as countries take action to protect themselves from future energy shocks in these unstable times. Leaders from around the world, including the President of the EU Commission Ursula von der Leyen, will come together to address the global challenges and opportunities of speeding up the clean energy transition.

The Energy Secretary Ed Miliband, Business Secretary Jonathan Reynolds, the Minister for Investment Baroness Poppy Gustafsson, National Wealth Fund CEO John Flint and Great British Energy Chair Juergen Maier will today write to global clean energy developers and investors inviting them to invest here in Britain. It follows the government announcing a series of pro-growth measures including major reforms to speed up grid connections and overhaul planning rules.

Dan McGrail, interim CEO of Great British Energy, said:

Great British Energy will help the UK win the global race for clean energy jobs and growth by investing in homegrown supply chains and ensuring key infrastructure parts are made here in Britain.

We will work closely with businesses across the clean energy sector to get funding out as fast as possible and get projects off the ground.

Deputy CEO of RenewableUK, Jane Cooper, said,

There’s a huge opportunity for the UK to secure thousands of new jobs and supply chain investment in the sector, which will make our home-grown energy supply even more secure.

The Prime Minister’s funding will be critical to ensuring the UK grasps the industrial opportunities in the offshore wind supply chain, at a time of intense global competition for clean energy investment. By nurturing existing UK companies, and ensuring we’re a competitive location for international investors, there’s an opportunity to triple our manufacturing capacity over the next decade, adding £25 billion to the UK economy and creating an additional 10,000 jobs in the supply chain.

This new government funding is a clear signal of intent to secure those priorities and is vital to unlocking further co-investment from industry.

The funding for supply chains will be made available as part of the £8.3 billion for Great British Energy over this parliament, with individual companies able to apply for grants if they can show that they will produce long-term investments in UK supply chains.

Great British Energy, the country’s publicly-owned clean energy company, will produce a return on investment for the British people, and ensure British billpayers reap the benefits of clean, secure, home-grown energy. This first phase of grant funding is needed to capture investment now and reap benefits of jobs and growth.

Notes to editors

More details on the £43 billion announced since July can be found here: Clean energy projects prioritised for grid connections .

Great British Energy’s supply chain fund is expected to be open for applications by the end of the year, with an initial £300 million available for offshore wind schemes over this Parliament. Further details on criteria and eligibility will be published in due course.

The investment comes in the context of the 2024 Industrial Growth Plan, in which the Offshore Wind Industry Council proposed to match fund £300 million of grant investment in the UK’s supply chains with private sector investment.

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Published 24 April 2025
MIL OSI United Kingdom –
April 24, 2025
MIL-OSI United Kingdom: £1,000 retirement savings boost from plans to bring together small pension pots
Source: United Kingdom – Executive Government & Departments

Press release

£1,000 retirement savings boost from plans to bring together small pension pots

Millions of Brits will find it easier to track their pension savings with the creation of a small pensions pot consolidator, in reforms unveiled by the pensions minister today (Thursday 24 April).
Government unveils reforms to combine small pension pots to make working people better off as part of Plan for Change

Move is set to boost retirement savings for the average worker by around £1000 and save businesses £225 million a year in unnecessary admin costs

Comes as part of Pension Schemes Bill which will drive investment in pensions industry and deliver on the government’s growth mission

This new initiative will tackle the growing problem of small, forgotten pension pots that many people accumulate as they move between employers over their working lives. There are now 13 million of these small pots, holding £1,000 or less, with the number increasing by around one million a year.

This is a hassle for savers and can stop them getting a good return on their savings if they have to pay multiple flat rate charges. Overseeing all these small pots also costs the pensions industry around £225 million in unnecessary admin costs.

Under reforms introduced by this government as part of the Pension Schemes Bill, each individual’s small pots will be brought together into one pension scheme that is certified as delivering good value to savers. Individuals will retain the right to opt out.

This will cut costs for savers and make it easier to keep track of their pensions while boosting living standards and make working people better off. It will also cut red tape for businesses managing the schemes and unlock economic growth as part of the Plan for Change.

This announcement will reduce costs as well as hassle for savers, in time increasing the pension pot of an average earner by around £1,000 – boosting living standards and making working people better off. It will also cut red tape for businesses managing the schemes and unlock economic growth as part of the Plan for Change.

Minister for Pensions Torsten Bell said:

It’s great news that more people are saving for their retirement. But I want to make pension saving as simple and rewarding as possible.

There are now more small pension pots in the UK than pensioners – raising costs and hassle for workers trying to track their savings. It also costs the pensions industry hundreds of millions of pounds every year.

We will automatically bring together people’s small pots into one high performing pension, reducing costs as well as hassle for savers. In time this could boost the pension of an average earner by around £1,000 as part of our Plan for Change to put more money in people’s pockets.

The announcement follows the work of the Small Pots Delivery Group. Their findings, aimed at supporting the design and implementation of the new small pots consolidator scheme, include:

A Small Pots Data Platform to identify and source the pension pots that could be consolidated.

A framework setting out the rules a scheme would need to follow to become a consolidator scheme. These would include already being in an Automatic Enrolment qualifying scheme, having a specified level of scale to manage expansion, providing good value for money for their members and providing additional protection for members from flat fee charges.

Safeguards for savers whose pension pots would be consolidated which include a member op-out option.

Transforming the pension landscape through the Pension Schemes Bill, set to be introduced in Parliament later this Spring, will deliver on the government’s manifesto commitment to boost investment and returns for savers and make working people better off.

The Bill will help over 15 million people, boost pension pots by £11,000 and spur on greater investment in productive assets.

Zoe Alexander, Director of Policy and Advocacy at the Pensions and Lifetime Savings Association, said:

The accumulation of small pots creates unnecessary cost and complexity for savers and schemes alike. The PLSA has worked extensively with industry and the DWP to propose solutions and supports the model being proposed by the Government.

We look forward to working on delivering the recommendations of the Small Pots Development Group and are pleased the Government is tackling this long-standing issue in the Pension Schemes Bill.

Rocio Concha, Which? Director of Policy and Advocacy, said:

Which? called for the consolidation of small pots under £1,000 before the election, so we are delighted that the government is committing to doing this – a move that will provide greater value for savers and support them to keep track of their pensions.

Which? looks forward to working with the government to ensure the pensions system is fit for the modern age.

Gail Izat, Workplace Managing Director at Standard Life, part of Phoenix Group said:

The number of small pots in the system is growing at a rate of knots and ultimately heightens the risk that people will lose track of their hard-earned savings.

The introduction of consolidators that can administer these pots effectively and invest them dynamically will be a step forward and when combined with pension dashboards will empower people to take control of their savings. We look forward to working with government on the creation of this new system.

Additional Information

The Delivery Group was chaired by the DWP and had representation from:

The Financial Conduct Authority

The Pensions Regulator

Pension and Lifetime Savings Association

Association of British Insurers

Pensions Administration Standards Association

Chartered Institute of Payroll Professionals

Association of Pensions Lawyers

Which?

Federation of Small Businesses

Confederation of British Industry

Chair of the industry led Small Pots Coordination Group

Pensions Policy Institute

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Published 24 April 2025
MIL OSI United Kingdom –
April 24, 2025
MIL-OSI United Kingdom: Build it in Britain: invitation to clean energy developers and investors

Source: United Kingdom – Executive Government & Departments

Correspondence

Build it in Britain: invitation to clean energy developers and investors

Open letter to clean energy developers and investors inviting them to support the clean energy mission by ‘building it in Britain’.

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Build it in Britain: an open letter to clean energy developers and investors

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Build it in Britain: an open letter to clean energy developers and investors

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The Energy Secretary Ed Miliband, Business Secretary Jonathan Reynolds, the Minister for Investment Baroness Poppy Gustafsson, National Wealth Fund CEO John Flint and Great British Energy Chair Juergen Maier have written to clean energy developers and investors inviting them to invest here in Britain.

This follows the government announcing an initial £300 million of funding through Great British Energy to invest in domestic offshore wind supply chains, as well as a series of pro-growth measures including major reforms to speed up grid connections and overhaul planning rules.

The clarity, consistency and urgency of the UK’s Clean Energy Superpower Mission provides certainty and stability for global investors to ensure the UK takes advantage of the enormous opportunities created by the clean energy transition.

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Published 24 April 2025

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MIL OSI United Kingdom –

April 24, 2025
MIL-OSI United Kingdom: National roadshow kicks off to get businesses exporting and grow the economy
Source: United Kingdom – Executive Government & Departments

Press release

National roadshow kicks off to get businesses exporting and grow the economy

SMEs from across the UK will benefit from new government support to match them up with international buyers and markets.
Export Roadshows, created to get more small businesses exporting and grow the economy, kick off today in the North East

Taking place across all nations and regions of the UK, events will bring together small firms, industry experts, trade bodies and government

Part of the modern Industrial Strategy, the roadshow aims to channel government support to growth-driving sectors, as part of the Plan for Change

SMEs from across the UK will benefit from new government support to match them up with international buyers and markets, to turbocharge UK exports and grow the economy as part of the Plan for Change.

The ‘Made in the UK, Sold to the World’ roadshows, kicking off today [24 April] in Blyth and taking place across all nations and regions of the UK, have been designed to directly connect international buyers with SME exporters ready to seize the opportunity to grow their businesses. Through these events, the Government is working to maximise international opportunities for UK businesses by highlighting tangible opportunities that exist in new markets.

Each event will be aligned to one of the eight key growth driving sectors outlined in Britain’s modern Industrial Strategy, channelling government support to sectors with the highest potential to create jobs, boost productivity and grow the economy. All of which will help deliver the Plan for Change to put more money in more working people’s pockets.

Highlighted sectors include clean energy, advanced manufacturing, technology, life sciences, digital and technology, and financial services.

Gareth Thomas, Minister for Services, Small Businesses and Exports, said:

Maximising the UK’s export potential is crucial to achieving our Plan for Change, by creating good jobs with high wages, raising productivity, and boosting the economy.

Through these roadshows, the government is focussing on supporting key growth sectors, making it quicker and easier for smaller businesses to connect with markets, grasp export opportunities and expand.

The focus of the first roadshow, taking place today, is exporting in the clean energy sector.

There will be 100 attendees at the event – made up of small businesses, trade bodies, and government representatives, as well as 30 Commercial Officers from UK embassies and consulates from around the world, and 97 buyers, all of whom will join the event virtually through pre-planned meetings.

The 97 buyers span 19 markets worldwide, from Argentina to Austria, Thailand, Turkey, Mexico, India, and the UAE.

All roadshow events will provide opportunities for delegates to meet with domestic and international Commercial Officers, who will be on hand to offer expert support and advice on specific products, markets, and export opportunities.

There will also be a designated advice zone for SMEs to learn about wider export support services offered by the Department for Business and Trade, as well as those provided by other public sectors partners like regional Growth Hubs, and trusted private sector providers like the Chambers of Commerce, Federation of Small Business, UKEF and MAKE UK.

A range of workshops and seminars on topical issues such as ‘conducting market research’ and ‘routes to market’ will take place throughout the day, led by the UK Export Academy. Several of these will feature DBT Export Champions who will speak of their own experiences in target markets.

Alex Marshall, Group Business Development Director at Clarke Energy, said:

From the Americas, Africa, Asia to Australasia, clean technologies are now established as one of the most important pillars of the global economy.

So as an Export Champion and a UK business developing innovative clean technology solutions across the world, this Made in the UK, Sold to the World roadshow event is an excellent place to discuss the latest international trends and export opportunities for UK businesses in the clean energy sector.

We know that when SMEs trade around the world, the whole economy benefits, which is why this government is so committed to supporting smaller businesses grow and export.

Just last month, the Department of Business and Trade relaunched the Board of Trade, to help businesses, and in particular the UK’s 5.5 million SMEs, boost their exports.

And later this year, we will be launching a small business strategy to raise growth and productivity across the UK’s SME population and boost the number of scale-ups.

UK businesses can access DBT’s wealth of export support via Great.gov.uk. This comprises an online support offer and a wider network of support including the Export Academy, UK Export Finance, the International Markets network, and one-to-one support from International Trade Advisers.

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Published 24 April 2025
MIL OSI United Kingdom –
April 24, 2025
MIL-OSI USA News: Preparing Americans for High-Paying Skilled Trade Jobs of the Future

Source: The White House

By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered:

Section 1. Purpose. To maximize my Administration’s historic investments in America’s reindustrialization and economic growth, my Administration will fully equip the American worker to produce world-class products and implement world-leading technologies. My Administration will also consolidate and streamline fragmented Federal workforce development programs that are too disconnected from propelling workers into secure, well-paying, and high-need American jobs.

Sec. 2. Policy. It is the policy of the United States to optimize and target Federal investments in workforce development to align with our country’s reindustrialization needs and equip American workers to fill the growing demand for skilled trades and other occupations. My Administration will further protect and strengthen Registered Apprenticeships and build on their successes to seize new opportunities and unlock the limitless potential of the American worker.

Sec. 3. Comprehensive Worker Investment and Development Strategy. Within 90 days of the date of this order, the Secretary of Labor, the Secretary of Commerce, and the Secretary of Education shall review all Federal workforce development programs and submit to the Assistant to the President for Domestic Policy and the Director of the Office of Management and Budget a report setting forth strategies to help the American worker. That report shall identify the following:

(a) Opportunities to integrate systems and realign resources to address critical workforce needs and in-demand skills of emerging industries and companies investing in the United States as determined, to the extent permissible by law, by prospective employers. The report shall include:

(i)    administrative reforms to agency policies and programmatic requirements;

(ii)   process improvements to better the experience for program participants; and

(iii) recommendations to further restructure and consolidate programs.

(b) Federal workforce development and education programs, or related spending within these programs, that are ineffective or otherwise fail to achieve their desired outcomes. Each identified program should be accompanied by a proposal to reform the program, redirect its funding, or eliminate it.

(c) Available statutory authorities to promote innovation and system integration in pursuit of better employment and earnings outcomes for program participants.

(d) Opportunities to invest in the upskilling of incumbent workers to meet rapidly evolving skill demands of their industries, including the use of Artificial Intelligence in the workplace.

(e) Strategies to identify alternative credentials and assessments to the 4-year college degree that can be mapped to the specific skill needs of prospective employers.

(f) Efficiencies to streamline information collection, including through:

(i)    harmonizing performance measures;

(ii)   reducing the burden on grantees; and

(iii) ensuring that performance outcomes are measured using the most reliable data sources.

Sec. 4. Expanding Registered Apprenticeships. Within 120 days of the date of this order, the Secretary of Labor, the Secretary of Commerce, and the Secretary of Education shall submit to the Assistant to the President for Domestic Policy and the Director of the Office of Management and Budget a plan to reach and surpass 1 million new active apprentices. That plan shall identify the following:

(a) Avenues to expand Registered Apprenticeships to new industries and occupations, including high-growth and emerging sectors.

(b) Measures to scale this proven model across the country, improve its efficiency, and provide consistent support to program participants.

(c) Opportunities, including through the Carl D. Perkins Career and Technical Education (Perkins V) Act and Federal student aid, to enhance connections between the education system and Registered Apprenticeships.

Sec. 5. Delivering Unprecedented Transparency and Accountability. The Secretary of Labor, the Secretary of Commerce, and the Secretary of Education shall improve transparency on the performance outcomes of workforce development programs and credentials supported through Federal investments, including earnings and employment data, for all Federal workforce development programs.

Sec. 6. General Provisions. (a) Nothing in this order shall be construed to impair or otherwise affect:

(i)   the authority granted by law to an executive department or agency, or the head thereof; or

(ii) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

(b) This order shall be implemented consistent with applicable law and subject to the availability of appropriations.

(c) This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

DONALD J. TRUMP

THE WHITE HOUSE,

    April 23, 2025.

MIL OSI USA News –

April 24, 2025
MIL-OSI USA News: Restoring Equality of Opportunity and Meritocracy

Source: The White House

class=”has-text-align-left”>By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered:

Section 1.  Purpose. A bedrock principle of the United States is that all citizens are treated equally under the law. This principle guarantees equality of opportunity, not equal outcomes. It promises that people are treated as individuals, not components of a particular race or group. It encourages meritocracy and a colorblind society, not race- or sex-based favoritism. Adherence to this principle is essential to creating opportunity, encouraging achievement, and sustaining the American Dream.
But a pernicious movement endangers this foundational principle, seeking to transform America’s promise of equal opportunity into a divisive pursuit of results preordained by irrelevant immutable characteristics, regardless of individual strengths, effort, or achievement. A key tool of this movement is disparate-impact liability, which holds that a near insurmountable presumption of unlawful discrimination exists where there are any differences in outcomes in certain circumstances among different races, sexes, or similar groups, even if there is no facially discriminatory policy or practice or discriminatory intent involved, and even if everyone has an equal opportunity to succeed. Disparate-impact liability all but requires individuals and businesses to consider race and engage in racial balancing to avoid potentially crippling legal liability. It not only undermines our national values, but also runs contrary to equal protection under the law and, therefore, violates our Constitution.
On a practical level, disparate-impact liability has hindered businesses from making hiring and other employment decisions based on merit and skill, their needs, or the needs of their customers because of the specter that such a process might lead to disparate outcomes, and thus disparate-impact lawsuits. This has made it difficult, and in some cases impossible, for employers to use bona fide job-oriented evaluations when recruiting, which prevents job seekers from being paired with jobs to which their skills are most suited — in other words, it deprives them of opportunities for success. Because of disparate-impact liability, employers cannot act in the best interests of the job applicant, the employer, and the American public.
Disparate-impact liability imperils the effectiveness of civil rights laws by mandating, rather than proscribing, discrimination. As the Supreme Court put it, “[t]he way to stop discrimination on the basis of race is to stop discriminating on the basis of race.”
Disparate-impact liability is wholly inconsistent with the Constitution and threatens the commitment to merit and equality of opportunity that forms the foundation of the American Dream. Under my Administration, citizens will be treated equally before the law and as individuals, not consigned to a certain fate based on their immutable characteristics.

Sec. 2. Policy. It is the policy of the United States to eliminate the use of disparate-impact liability in all contexts to the maximum degree possible to avoid violating the Constitution, Federal civil rights laws, and basic American ideals.

Sec 3. Revoking Certain Presidential Actions. The following Presidential approvals of the regulations promulgated under 42 U.S.C. 2000d-1 are hereby revoked:
(a) the Presidential approval of July 25, 1966, of the Department of Justice Title VI regulations (31 Fed. Reg. 10269), as applied to 28 C.F.R. 42.104(b)(2) in full; and
(b) the Presidential approval of July 5, 1973, of the Department of Justice Title VI regulations (38 Fed. Reg. 17955, FR Doc. 73-13407), as applied to the words “or effect” in both places they appear in 28 C.F.R. 42.104(b)(3), and as applied to 28 C.F.R. 42.104(b)(6)(ii) and 28 C.F.R. 42.104(c)(2) in full.

Sec. 4. Enforcement Discretion to Ensure Lawful Governance. Given the limited enforcement resources of executive departments and agencies (agencies), the unlawfulness of disparate-impact liability, and the policy of this order, all agencies shall deprioritize enforcement of all statutes and regulations to the extent they include disparate-impact liability, including but not limited to 42 U.S.C. 2000e-2, 28 C.F.R. 42.104(b)(2)–(3), 28 C.F.R. 42.104(b)(6)(ii), and 28 C.F.R. 42.104(c)(2).

Sec. 5. Existing Regulations. (a) As delegated by Executive Order 12250 of November 2, 1980 (Leadership and Coordination of Nondiscrimination Laws), the Attorney General shall initiate appropriate action to repeal or amend the implementing regulations for Title VI of the Civil Rights Act of 1964 for all agencies to the extent they contemplate disparate-impact liability.
(b) Within 30 days of the date of this order, the Attorney General, in coordination with the heads of all other agencies, shall report to the President, through the Assistant to the President for Domestic Policy:
(i)   all existing regulations, guidance, rules, or orders that impose disparate-impact liability or similar requirements, and detail agency steps for their amendment or repeal, as appropriate under applicable law; and
(ii) other laws or decisions, including at the State level, that impose disparate-impact liability and any appropriate measures to address any constitutional or other legal infirmities.

Sec. 6. Review of Current Matters. (a) Within 45 days of the date of this order, the Attorney General and the Chair of the Equal Employment Opportunity Commission shall assess all pending investigations, civil suits, or positions taken in ongoing matters under every Federal civil rights law within their respective jurisdictions, including Title VII of the Civil Rights Act of 1964, that rely on a theory of disparate-impact liability, and shall take appropriate action with respect to such matters consistent with the policy of this order.
(b) Within 45 days of the date of this order, the Attorney General, the Secretary of Housing and Urban Development, the Director of the Consumer Financial Protection Bureau, the Chair of the Federal Trade Commission, and the heads of other agencies responsible for enforcement of the Equal Credit Opportunity Act (Public Law 93-495), Title VIII of the Civil Rights Act of 1964 (the Fair Housing Act (Public Law 90-284, as amended)), or laws prohibiting unfair, deceptive, or abusive acts or practices shall evaluate all pending proceedings that rely on theories of disparate-impact liability and take appropriate action with respect to such matters consistent with the policy of this order.
(c) Within 90 days of the date of this order, all agencies shall evaluate existing consent judgments and permanent injunctions that rely on theories of disparate-impact liability and take appropriate action with respect to such matters consistent with the policy of this order.

Sec. 7. Future Agency Action. (a) In coordination with other agencies, the Attorney General shall determine whether any Federal authorities preempt State laws, regulations, policies, or practices that impose disparate-impact liability based on a federally protected characteristic such as race, sex, or age, or whether such laws, regulations, policies, or practices have constitutional infirmities that warrant Federal action, and shall take appropriate measures consistent with the policy of this order.
(b) The Attorney General and the Chair of the Equal Employment Opportunity Commission shall jointly formulate and issue guidance or technical assistance to employers regarding appropriate methods to promote equal access to employment regardless of whether an applicant has a college education, where appropriate.

Sec. 8.  Severability. If any provision of this order, or the application of any provision to any individual or circumstance, is held to be invalid, the remainder of this order and the application of its other provisions to any other individuals or circumstances shall not be affected thereby.

Sec. 9.  General Provisions. (a) Nothing in this order shall be construed to impair or otherwise affect: 
(i)   the authority granted by law to an executive department, agency, or the head thereof; or 
(ii) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals. 
(b) This order shall be implemented consistent with applicable law and subject to the availability of appropriations. 
(c) This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person. 

                               DONALD J. TRUMP

THE WHITE HOUSE,
    April 23, 2025.

MIL OSI USA News –

April 24, 2025
MIL-OSI New Zealand: Better compensation for scam victims

Source: New Zealand Government

Banks have responded to the Government’s expectation to better protect Kiwi consumers from scams by introducing stronger safeguards and a compensation scheme, Commerce and Consumer Affairs Minister Scott Simpson says.
“New commitments from banks mean that if a bank fails to adequately warn and protect a consumer from a scam, they will reimburse the victim up to $500,000,” Mr Simpson says.
“This is an important win for bank customers, who have been advocating for some time for better recognition from banks of the role they play as the final gate between a consumer and a scammer.
“Last year the Government wrote to banks outlining our expectation that banks take greater responsibility for protecting Kiwi consumers. I am pleased that banks have responded to this directive and are updating their Code of Banking Practice with five new commitments to better protect customers, including pre-transaction warnings and identification of high-risk transactions.
“Banks will also take a more active role in preventing scams, by participating in information sharing agreements across industry and government and educating people. Stopping scams before they happen is the best strategy.
“Online scams cause immense harm to our wider economy, as consumers lose confidence transacting online. The fear generated by scams runs directly counter to efforts to digitise our economy.
“While people still need to remain vigilant and take responsibility for their own online safety, these changes will enable consumers to check a payment is legitimate before transferring money.
“I have been clear with banks that the journey doesn’t stop here. I expect banks to continue to prioritise security and adapt to the ever-evolving scams environment.
“I have made similar expectations clear to telecommunications companies and digital platforms and look forward to progressing a cross-industry approach with them.
“Improving the safety and ease of doing business is part of our plan to grow the economy.”
Notes to editors:
The five commitments introduced to the New Zealand Banking Associate Code of Banking Practice include:

a Confirmation of Payee service for customers to check that the name of the person they are paying matches the account number, which has already commenced roll-out
pre-transaction warnings to consumers based on the payment purpose
identification of and response to high-risk transactions or unusual account transaction activity, and the ability to block or delay transactions in some cases
providing a 24/7 reporting channel for customers who think they’ve been scammed, and responding to protect accounts
sharing scammer account information with other banks to help prevent criminal activity, and freezing funds where appropriate

The updated Code comes into force on 30 November 2025. This is to allow the banks time to get all the protections in place.

MIL OSI New Zealand News –

April 24, 2025
MIL-OSI New Zealand: Consumer NZ – Despite low confidence in government efforts, people want urgent action to lower grocery bills

Source: Consumer NZ

Consumer NZ calls for stronger regulation of supermarket pricing and promotional practices following its new survey on supermarkets.

Consumer’s NZ Grocery Survey, carried out in mid-April, reveals a strong public appetite for government action to improve access to affordable food. Many respondents called for clear and effective intervention by the government, while also expressing low confidence in its ability to deliver.

“New Zealanders are struggling to access quality food at affordable prices, and they’re not seeing meaningful change at the checkout,” says Consumer NZ chief executive Jon Duffy.

“We’re pleased the government has kicked off a request for information process to explore how new entrants could help increase competition and deliver better grocery prices for New Zealanders. But the urgency is real.”

The survey also revealed the growing impact of rising prices on households. Thirty percent of people have needed help over the past year to get food – for example, from foodbanks, friends, family or Work and Income – based on the survey results.

The cost of living remains the highest concern for New Zealanders across all age groups and has for three years according to its Sentiment Tracker.

Low confidence in government action

The nationally representative survey shows most New Zealanders don’t believe the government is doing enough to keep food affordable.

Two-thirds of people (66%) said they have low confidence in current government policies, while just 9% expressed high confidence in government action.

Distrust in supermarkets also rising

These results provide valuable insights into more recent trends in public trust in supermarkets and the government, as shown in Consumer NZ’s Sentiment Tracker.

Source: Consumer Sentiment Tracker

Shoppers also report limited or declining trust in supermarkets to price and promote products fairly — an issue that raises additional concerns about consumer protection.

“There’s increasing discomfort with how data is being used in loyalty schemes, and whether the deals offered actually benefit the consumer,” Duffy says.

Strong support for government regulation

When asked in the Grocery Survey what could be done to keep food accessible, hundreds of respondents said food is simply too expensive and urgent action is needed. Many supported stronger regulation and clearer rules to stop misleading promotions, not just more competition in the sector.

“Consumers want the government to take a harder line — not only in promoting competition, but also in actively regulating how prices are set and how promotions are run,” says Duffy.

Shoppers adapt to high costs

Consumers are increasingly turning to cost-saving strategies, such as shopping around and buying in bulk, to deal with rising food prices and growing pressure on household budgets.

More than half of respondents said they compare prices across supermarkets – most commonly through supermarket websites or apps, rather than in-store checks. This behaviour signals the need for unit pricing and easy price comparison across retailers.

Loyalty programme perceptions are mixed

Perceptions of supermarket loyalty programmes are divided. Nearly two in five consumers feel loyalty schemes offer little or no benefit, while around one in three see them as worthwhile.

“Consumers are rightly questioning the real value of loyalty programmes,” says Duffy.

“Our research found 84% of New Zealanders use loyalty cards, but the so-called ‘specials’ don’t always reflect the lowest prices available at the checkout.”

While the Commerce Commission has not recommended a full review of loyalty programmes, it has called on supermarkets to ensure transparency in how data is collected and used, and to clearly disclose the terms of these schemes.

Time for action

“We are hearing loud and clear that shoppers feel unsupported and are losing trust – not just in supermarkets, but in the laws and systems that are meant to protect them,” Duffy says.

“To restore confidence, we need tougher regulation and greater enforcement to tackle pricing practices and market power in New Zealand’s grocery sector.”

Consumer NZ continues to push for measures that ensure fairer pricing, improved transparency, and increased competition in the supermarket industry.

Note

Consumer NZ surveyed 1,005 New Zealanders aged 18 and over online, between 10 and 15 April 2025 for the NZ Grocery Survey. The sample was provided by Dynata and reflects national population profiles based on Stats NZ data.

The Consumer NZ Sentiment Tracker is a quarterly survey that explores the interests and concerns of New Zealanders. The nationally representative survey of 1,000 respondents is conducted every three months.

MIL OSI New Zealand News –

April 24, 2025
MIL-OSI USA: Rosen Blasts Trump Administration Plan to Cut Funding for Head Start

US Senate News:

Source: United States Senator Jacky Rosen (D-NV)

According to Reports, Trump Will Submit A Budget Proposal to Congress That Would Eliminate All Funding for Head Start Program
WASHINGTON, DC – U.S. Senator Jacky Rosen (D-NV) released the following statement in response to reports that the Trump Administration is going to submit a budget proposal that eliminates all funding for Head Start, a federally funded early education program that provides no-cost educational, health, nutritional, social and other services to more than half a million children, including thousands of Nevada children. Studies have shown that high-quality early childhood education programs, like Head Start, contribute to success later in life. Last week, Senator Rosen visited a local Head Start classroom in Carson City, Nevada – where she reaffirmed her commitment to this early childhood education program.
“At a time when child care is already too expensive and out of reach for hardworking Nevada families, it’s outrageous and cruel for the Trump Administration to propose eliminating Head Start, taking away this lifeline from families who need it most,” said Senator Rosen. “Studies have shown that Head Start improves children’s lives, and I won’t let this critical program be sacrificed by Republicans to pay for more tax cuts for billionaires. If the Trump Administration sends a budget proposal to Congress that guts Head Start funding, I’m going to do everything in my power to oppose it and fight back.”
According to the National Head Start Association, children who participate in the Head Start program are more likely to meet key educational benchmarks, have been shown to perform considerably better on cognitive and social-emotional measures, exhibit fewer attention problems, and display fewer negative behaviors. Head Start children also have a higher likelihood of graduating from high school, attending college, and receiving a post-secondary degree, license, or certification.
Senator Rosen has been a strong advocate for the Head Start program and has repeatedly pushed for additional funding to ensure that early education programs can continue serving Nevada families. Rosen has also actively worked to reduce costs and expand access to child care for Nevadans. Earlier this year, Rosen introduced the bipartisan Small Business Child Care Investment Act, which allows non-profit child care providers that otherwise qualify as small businesses to access larger and more flexible loans from the U.S. Small Business Administration, and it passed out of committee.

MIL OSI USA News –

April 24, 2025
MIL-OSI Security: Memphis Woman Sentenced in Healthcare Fraud Scheme and Schemes to Defraud COVID-19 Relief Program

Source: Office of United States Attorneys

Memphis, TN – A federal judge has sentenced Nakita Cannady, 49, to 14 months in federal prison to be followed by two years of supervised release for healthcare fraud and making false statements in connection with loan applications for the Covid-19 Relief Program. The final sentencing hearing was concluded on April 4, 2025, with the entry of an order by Senior United States District Judge John T. Fowlkes, Jr. directing the defendant to pay more than $500,000.00 dollars in restitution to the victims. Joseph C. Murphy, Jr., Interim United States Attorney for the Western District of Tennessee, announced the sentence today.

According to the original federal indictment in the healthcare fraud case, Cannady owned and operated What About Us In-Home Healthcare, a home healthcare services business that purported to provide custodial healthcare services 24-hours a day, 7 days a week to mostly elderly patients. From May 29, 2017 through December 23, 2019, Cannady fraudulently billed Cigna Insurance for 24 hours a day of home healthcare when she knew the patients had only received 8 or 12 hours a day of home healthcare. Cannady was ordered to make restitution to Cigna Insurance in the amount of $193,508.10.

According to the second federal indictment, from June 17, 2020 through April 15, 2021, Cannady submitted six fraudulent Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) applications for four purported businesses she controlled, specifically: What About Us Childcare, What About Us Foundation, What About Us Adult Daycare, and What About Us In-Home Healthcare. Cannady’s loan applications contained false information concerning the dates of operation, gross revenues, costs of goods sold, number of employees, and amount of payroll related to the businesses. Cannady was ordered to make restitution to the Small Business Administration in the amount of $346,882.13.

“Those who exploit health care programs for personal gain will be held accountable to the fullest extent of the law,” said Special Agent in Charge Joseph E. Carrico of the Federal Bureau of Investigation (FBI) Nashville Field Office. “Health care fraud is a priority for the FBI, and we will continue to work with our partners to investigate those who prioritize greed over the well-being of others.”

Interim United States Attorney Joseph C. Murphy, Jr. and Assistant United States Attorney Raney Irwin prosecuted this case on behalf of the United States. Assistant United States Attorney Christopher Cotten and former Assistant United States Attorneys Courtney Lewis and Murrell Foster also assisted in the prosecution of this case. The FBI Nashville Field Office – Memphis Resident Agency and the Tennessee Bureau of Investigation investigated this case.

###

For more information, please contact the media relations team at USATNW.Media@usdoj.gov. Follow the U.S. Attorney’s Office on Facebook or on X at @WDTNNews for office news and updates.

MIL Security OSI –

April 24, 2025
MIL-OSI USA News: Fact Sheet: President Donald J. Trump Modernizes American Workforce Programs for the High-Paying Skilled Trade Jobs of the Future
Source: The White House
OVERHAULING FEDERAL WORKFORCE TRAINING: Today, President Donald J. Trump signed an Executive Order to modernize American workforce programs to prepare citizens for the high-paying skilled trade jobs of the future.
- The order directs the Secretaries of Labor, Education, and Commerce to review all federal workforce programs to modernize, integrate, and re-align programs to address critical workforce needs in emerging industries.
- These Secretaries shall provide President Trump with a streamlined and integrated plan to re-orient federal workforce programs to prepare the American economy for the opportunities presented by reshoring and re-industrialization.
- This Comprehensive Workforce Strategy will further America’s global economic leadership and domination of key sectors by, among other things, capitalizing on the AI revolution.
PROVIDING RETURN ON WORKFORCE INVESTMENT: After years of shuffling Americans through an economically unproductive postsecondary system, President Trump will refocus young Americans on career preparation.
- Decades of failed political leadership have left America with a one-size-fits-all approach to workforce preparedness, which previous Administrations promoted as “college for all.”
- The Federal Government invests over $700 billion a year in American higher education, but only about half of new college graduates find jobs that require college degrees.
- Meanwhile, the Federal Government spends $4.1 billion on the Workforce Investment and Opportunity Act and $1.4 billion on Career and Technical Education through the Perkins Act. Neither of these programs are structured to promote apprenticeships or have incentives to meet workforce training needs.
- The Trump Administration is putting American workers first, unleashing domestic advanced manufacturing to produce the best American-made products and implement world-leading, American-developed technologies.
BACK TO THE FUTURE OF JOBS: After decades of leadership by so-called “Experts” making wrong predictions on what the future will hold, President Trump will restore focus on sectors and programs that Made the American Economy Great in the first place.
- In 2024, there was a shortage of 447,00 construction workers and 94,000 durable goods workers. The Bureau of Labor Statistics projects that the annual shortage of skilled tradesman over the next decade will be close to half a million—and grow as the years go by.
- This understates the problem—and the opportunity. Even the best federal government statisticians cannot predict the future. As the potential of American AI increases, and as America reshores manufacturing and makes Made in America a mark of international envy, America will need more skilled tradesman than we’re prepared to train.
- President Trump’s Executive Order will meet the needs of the future with a focus on registered apprenticeships. The Administration will submit a plan to support more than 1 million apprenticeships per year.
MIL OSI USA News –
April 24, 2025
MIL-OSI USA: Rep. Mike Levin Reintroduces Legislation to Ban Drilling Off of Southern California
Source: United States House of Representatives – Representative Mike Levin (CA-49)

April 22, 2025

Washington, D.C. – Today, Rep. Mike Levin (CA-49) reintroduced the Southern California Coast and Ocean Protection Act, which would prohibit offshore drilling along the Southern California coast, as a part of a larger initiative to ban offshore drilling in sensitive areas and protect our vibrant coastal communities.

Rep. Levin’s bill, The Southern California Coast and Ocean Protection Act, would prevent new leasing for the exploration, development, or production of oil or natural gas along the Southern California coast, from San Diego to the northern border of San Luis Obispo County.

Rep. Levin introduced this bill along with:
- Rep. Huffman’s (D-CA) West Coast Ocean Protection Act
- Rep. Pallone’s (D-NJ) Clean Ocean and Safe Tourism (COAST) Anti-Drilling Act
- Rep. Castor’s (D-FL) Florida Coast Protection Act
- Rep. Carbajal’s (D-CA) California Clean Coast Act
- Rep. Panetta’s (D-CA) Central Coast of California Conservation Act of 2025
- Rep. Magaziner’s (D-RI) New England Coastal Protection Act of 2025
- Rep. Ross’ (D-NC) Defend our Coast Act
These bills would prohibit the Secretary of the Interior from issuing any oil and gas lease leases or any other authorizations along the entire coast of California and in other coastal areas across the country. Together, these bills will protect valuable ecosystems and the economic viability of communities concerned about oil spills.

“I’m joining my colleagues to permanently protect our beautiful coasts and put a stop to offshore drilling in sensitive areas,” said Rep. Mike Levin. “These bills take a vitally important step in protecting our communities from the consequences of offshore drilling, especially as the Trump Administration attempts to unleash drilling on our coastline in San Diego and Orange County. The Administration wants to risk disastrous environmental impacts on our beaches, threatening our coastal economy and way of life to line the pockets of oil executives. I’m proud to join my colleagues in the California Delegation and across the country in taking a stand against offshore drilling nationwide.”

Rep. Levin has advocated extensively for a ban on offshore drilling. In November 2024, Rep. Levin sent a letter to the Biden Administration that resulted in the withdrawal of future oil and natural gas leasing in sensitive coastal areas across the country, including in Southern California. In January 2025, the Trump Administration once again opened these areas to drilling and has taken measures to expand offshore drilling and roll back environmental regulations

“The Southern California Coast and Ocean Protection Act will protect our environment, economy, climate, and way of life from the harmful effects of offshore oil and gas development. The 2021 Amplify Energy Oil Spill off Orange County showed the damage that offshore drilling can inflict on coastal ecosystems and marine wildlife and triggered beach and fishery closures that disrupted southern California’s tourism-based economy. The Surfrider Foundation urges members of Congress to support these and other bills to permanently prohibit new offshore drilling in U.S. waters,” said Pete Stauffer, Ocean Protection Manager, Surfrider Foundation.

“Southern California’s coastal communities depend on thriving oceans and wildlife, and they know all too well the devastating costs of offshore spills, busted pipelines, and oil-covered beaches,” said Joseph Gordon, Oceana Campaign Director. “Oceana commends Congressman Levin for reintroducing this important legislation that would permanently protect the Golden State’s beloved southern coast from the dangers of oil and gas drilling and spilling. This bill is part of a state and national movement to safeguard our multi-billion-dollar coastal economies from dirty and dangerous offshore drilling.”

“The Surf Industry Members Association is proud to support the Southern California Coast and Ocean Protection Act. Our coastline is not just a vital economic engine—it’s the heart of our culture and way of life for millions across the region. Prohibiting new offshore oil and gas leasing in Southern California is a critical step to protect our waves, our marine ecosystems, and the communities that depend on them. We urge Congress to pass it to ensure a clean, thriving ocean for generations to come,” said Vipe Desai, Executive Director, Surf Industry Members Association

“This administration is determined to sell off our oceans to pad Big Oil pockets. Permanently protecting the waters off southern California puts coastal communities and wildlife above polluters and brings us closer to a world where our waters are free from oil spills, endangered whale populations are free from seismic blasting, and ecosystems have a chance to thrive,” said Taryn Kiekow Heimer, Director of Ocean Energy at NRDC (Natural Resources Defense Council). “Now more than ever, we need leadership from Congress to set us back on track to tackle climate change and protect our ocean from an industry that only cares about its bottom line.”

This legislation is endorsed by organizations including: Natural Resources Defense Council (NRDC), Earthjustice, Oceana, Sierra Club, Surfrider Foundation, League of Conservation Voters, Futureswell, Ocean Conservancy, Environment America, WILDCOAST, Surf Industry Members Association, Food & Water Watch, Peace Boat US, Defenders of Wildlife, Ocean Defense Initiative, Center for Biological Diversity, The Ocean Project, Business Alliance to Protect the Pacific Coast, Animal Welfare Institute, U.S. Climate Action Network, American Bird Conservancy, Hispanic Access Foundation

###

MIL OSI USA News –
April 24, 2025

MIL-OSI: Northfield Bancorp, Inc. Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

NOTABLE ITEMS FOR THE QUARTER INCLUDE:

DILUTED EARNINGS PER SHARE WERE $0.19 FOR THE CURRENT QUARTER COMPARED TO $0.27 FOR THE TRAILING QUARTER, AND $0.15 FOR THE FIRST QUARTER OF 2024.
- Fourth Quarter 2024 earnings included a gain of $3.4 million, or $0.06 per share, on the sale and consolidation of a branch in December 2024.
NET INTEREST MARGIN INCREASED TO 2.38% FOR THE CURRENT QUARTER AS COMPARED TO 2.18% FOR THE TRAILING QUARTER AND 2.03% FOR THE FIRST QUARTER OF 2024, REFLECTING LOWER FUNDING COSTS AND HIGHER YIELDS ON INTEREST-EARNING ASSETS.
DEPOSITS (EXCLUDING BROKERED) INCREASED $133.6 MILLION, OR 13.8% ANNUALIZED, FROM DECEMBER 31, 2024. COST OF DEPOSITS AT MARCH 31, 2025 WAS 1.94% AS COMPARED TO 1.95% AT DECEMBER 31, 2024.
LOANS DECLINED BY $30.7 MILLION, OR 3.0% ANNUALIZED, FROM DECEMBER 31, 2024, PRIMARILY DUE TO A DECREASE IN MULTIFAMILY LOANS, PARTIALLY OFFSET BY INCREASES IN HOME EQUITY AND CONSTRUCTION AND LAND LOANS.
ASSET QUALITY REMAINS STRONG WITH NON-PERFORMING LOANS TO TOTAL LOANS AT 0.48% AT MARCH 31, 2025 AND 0.51% AT DECEMBER 31, 2024.
THE COMPANY MAINTAINED STRONG LIQUIDITY WITH APPROXIMATELY $1.12 BILLION IN UNPLEDGED AVAILABLE-FOR-SALE SECURITIES AND LOANS READILY AVAILABLE-FOR-PLEDGE OF APPROXIMATELY $547 MILLION.
THE BOARD OF DIRECTORS APPROVED A $10.0 MILLION REPURCHASE PLAN ON APRIL 23, 2025. THE PREVIOUSLY APPROVED $5.0 MILLION PLAN WAS COMPLETED DURING THE CURRENT QUARTER AND THE COMPANY REPURCHASED 440,150 SHARES.
CASH DIVIDEND DECLARED OF $0.13 PER SHARE OF COMMON STOCK, PAYABLE ON MAY 21, 2025, TO STOCKHOLDERS OF RECORD AS OF MAY 7, 2025.

WOODBRIDGE, N.J., April 23, 2025 (GLOBE NEWSWIRE) — NORTHFIELD BANCORP, INC. (Nasdaq:NFBK) (the “Company”), the holding company for Northfield Bank, reported net income of $7.9 million, or $0.19 per diluted share, for the three months ended March 31, 2025, compared to $11.3 million, or $0.27 per diluted share, for the three months ended December 31, 2024, and $6.2 million, or $0.15 per diluted share, for the three months ended March 31, 2024. The decrease in net income for the three months ended March 31, 2025, compared to the trailing quarter was primarily due to a $3.4 million, or $0.06 per share, gain on sale of property in the trailing quarter. The increase in net income in the current quarter as compared to the first quarter of 2024 was primarily the result of an increase in net interest income, attributable to lower funding costs and higher yields on interest-earning assets, partially offset by an increase in the provision for credit losses on loans.

Commenting on the quarter, Steven M. Klein, the Company’s Chairman and Chief Executive Officer stated, “The Northfield team continued to focus on growing our franchise, deploying our strong capital base, and delivering solid financial performance for the quarter.” Mr. Klein commented further, “We remained focused on serving our communities, and the fundamentals of reducing our funding costs and increasing the yield on our interest-earning assets resulting in higher net interest income and net interest margin.” Mr. Klein further stated, “We remain committed to prudently managing our operating expenses, maintaining strong asset quality, and managing our strong capital levels through dividends and stock repurchases.”

Mr. Klein concluded, “I am pleased to announce that the Board of Directors has declared a cash dividend of $0.13 per common share, payable on May 21, 2025 to stockholders of record on May 7, 2025.”

Results of Operations

Comparison of Operating Results for the Three Months Ended March 31, 2025 and 2024

Net income was $7.9 million and $6.2 million for the three months ended March 31, 2025 and March 31, 2024, respectively. Significant variances from the comparable prior year period are as follows: a $3.9 million increase in net interest income, a $2.2 million increase in the provision for credit losses on loans, a $359,000 decrease in non-interest income, an $897,000 decrease in non-interest expense, and a $616,000 increase in income tax expense.

Net interest income for the three months ended March 31, 2025, increased $3.9 million, or 14.0%, to $31.8 million, from $27.9 million for the three months ended March 31, 2024, due to a $2.5 million decrease in interest expense and a $1.4 million increase in interest income. The decrease in interest expense was primarily due to a decrease in the cost of interest-bearing liabilities which decreased by 15 basis points to 2.74% for the three months ended March 31, 2025, from 2.89% for the three months ended March 31, 2024, driven by a 20 basis point decrease in the cost of borrowed funds to 3.67% from 3.87%, partially offset by a two basis point increase in the cost of interest-bearing deposits to 2.51% from 2.49%, due to a higher concentration of certificates of deposit. The decrease in the average balance of interest-bearing liabilities was primarily due to a $413.6 million, or 37.3% decrease in the average balance of borrowed funds, partially offset by a $307.8 million, or 9.9%, increase in the average balance of interest-bearing deposits. The increase in interest income was primarily due to a 23 basis point increase in the yield on interest-earning assets, specifically higher yields on mortgage-backed securities, partially offset by a $104.0 million, or 1.9%, decrease in the average balance of interest earning assets. The decrease in the average balance of interest-earning assets was primarily due to decreases in the average balance of other securities of $273.9 million, the average balance of loans of $167.4 million and the average balance of interest-earning deposits in financial institutions of $143.9 million, partially offset by an increase in the average balance of mortgage-backed securities of $483.9 million.

Net interest margin increased by 35 basis points to 2.38% for the three months ended March 31, 2025, from 2.03% for the three months ended March 31, 2024. The increase in net interest margin was primarily due to higher yields on mortgage-backed securities, coupled with a decrease in the cost of borrowed funds. The Company accreted interest income related to purchased credit-deteriorated (“PCD”) loans of $223,000 for the three months ended March 31, 2025, as compared to $426,000 for the three months ended March 31, 2024. Net interest income for the three months ended March 31, 2025, included loan prepayment income of $245,000 as compared to $351,000 for the three months ended March 31, 2024.

The provision for credit losses on loans increased by $2.2 million to $2.6 million for the three months ended March 31, 2025, compared to $415,000 for the three months ended March 31, 2024, primarily due to higher net charge-offs, changes in model assumptions, including a reduction in prepayment speeds and an increase in loss given defaults in the multifamily loans related to risk rating downgrades of certain loans in the portfolio. Net charge-offs were $2.8 million for the three months ended March 31, 2025, primarily due to $2.4 million in net charge-offs on small business unsecured commercial and industrial loans, as compared to net charge-offs of $911,000 for the three months ended March 31, 2024. Management continues to closely monitor the small business unsecured commercial and industrial loan portfolio, which totaled $25.5 million at March 31, 2025.

Non-interest income decreased by $359,000, or 10.6%, to $3.0 million for the three months ended March 31, 2025, compared to $3.4 million for the three months ended March 31, 2024. The decrease was primarily due to a decrease of $998,000 in gains on sales of trading securities, partially offset by an increase in income on bank-owned life insurance of $675,000, primarily related to the exchange of certain policies late in the fourth quarter of 2024 which have higher yields. Losses on trading securities in the three months ended March 31, 2025, were $299,000, as compared to gains of $699,000 in the three months ended March 31, 2024. The trading portfolio is utilized to fund the Company’s deferred compensation obligation to certain employees and directors of the plan. The participants of this plan, at their election, defer a portion of their compensation. Gains and losses on trading securities have no effect on net income since participants benefit from, and bear the full risk of, changes in the trading securities market values. Therefore, the Company records an equal and offsetting amount in compensation expense, reflecting the change in the Company’s obligations under the plan.

Non-interest expense decreased $897,000, or 4.0%, to $21.4 million for the three months ended March 31, 2025, compared to $22.3 million for the three months ended March 31, 2024. The decrease was primarily due to a $990,000 decrease in employee compensation and benefits, primarily attributable to a decrease in deferred compensation expense, which is described above, and had no effect on net income. Additionally, there was a $268,000 decrease in advertising expense. Partially offsetting the decreases were increases of $263,000 in professional fees related to outsourced audit services and recruitment fees and $164,000 in other expense.

The Company recorded income tax expense of $2.9 million for the three months ended March 31, 2025, compared to $2.3 million for the three months ended March 31, 2024. The effective tax rate for both the three months ended March 31, 2025, and March 31, 2024, was 27.0%. The effective tax rate for three months ending March 31, 2025, and March 31, 2024, were negatively impacted by increased tax expense of $79,000 and $18,000, respectively, as a result of vesting of stock awards.

Comparison of Operating Results for the Three Months Ended March 31, 2025 and December 31, 2024

Net income was $7.9 million and $11.3 million for the quarters ended March 31, 2025, and December 31, 2024, respectively. Significant variances from the prior quarter are as follows: a $2.1 million increase in net interest income, a $640,000 increase in the provision for credit losses on loans, a $4.0 million decrease in non-interest income, a $613,000 increase in non-interest expense, and a $246,000 increase in income tax expense.

Net interest income for the quarter ended March 31, 2025, increased by $2.1 million, or 7.1%, primarily due to a $1.7 million decrease in interest expense and a $370,000 increase in interest income. The decrease in interest expense was primarily due to an 11 basis point decrease in the cost of interest-bearing liabilities to 2.74% for the quarter ended March 31, 2025, from 2.85% for the quarter ended December 31, 2024, and a $7.0 million, or 0.2%, decrease in the average balance of interest-bearing liabilities attributable to an $80.4 million decrease in the average balance of borrowed funds, partially offset by a $73.3 million increase in the average balance of interest-bearing deposits. The increase in interest income was primarily due to an 11 basis point increase in the yield on interest-earning assets and a $206,000 increase in the average balance of interest-earning assets primarily due to an increase in the average balance of mortgage-backed securities of $182.4 million, partially offset by decreases in the average balance of interest-earning deposits in financial institutions of $85.2 million, the average balance of other securities of $59.4 million, and the average balance of loans of $37.5 million.

Net interest margin increased by 20 basis points to 2.38% for the quarter ended March 31, 2025, from 2.18% for the quarter ended December 31, 2024, primarily due to higher yields on loans and mortgage-backed securities coupled with a decrease in the cost of funds. Net interest income for the quarter ended March 31, 2025, included loan prepayment income of $245,000 as compared to $215,000 for the quarter ended December 31, 2024. The Company accreted interest income related to PCD loans of $223,000 for the quarter ended March 31, 2025, as compared to $568,000 for the quarter ended December 31, 2024.

The provision for credit losses on loans increased by $640,000 to $2.6 million for the quarter ended March 31, 2025, from $1.9 million for the quarter ended December 31, 2024. The increase in the provision for the current quarter was primarily due to an increase in reserves in the commercial and industrial and in multifamily loans related to risk rating downgrades of certain loans in the portfolio, and higher net charge-offs. Net charge-offs were $2.8 million for the quarter ended March 31, 2025, as compared to net charge-offs of $2.0 million for the quarter ended December 31, 2024.

Non-interest income decreased by $4.0 million, or 56.9%, to $3.0 million for the quarter ended March 31, 2025, from $7.0 million for the quarter ended December 31, 2024. The decrease was primarily due to a $3.4 million gain on sale of property in the quarter ended December 31, 2024. Additionally, there was a $367,000 decrease in gains on sales of trading securities, net, and a $561,000 decrease in other income, primarily due to lower swap fee income. For the quarter ended March 31, 2025, losses on trading securities, net, were $299,000, compared to gains of $68,000 for the quarter ended December 31, 2024. Partially offsetting the decreases was a $362,000 increase in income on bank owned life insurance, primarily related to the exchange of certain policies late in the fourth quarter of 2024 which have higher yields.

Non-interest expense increased by $613,000, or 2.9%, to $21.4 million for the quarter ended March 31, 2025, from $20.8 million for the quarter ended December 31, 2024. The increase was primarily due to increases of $280,000 in occupancy expense, related to higher repairs and maintenance costs, $201,000 in data processing costs due to an increase in core system expenses, $310,000 in professional fees primarily due to an increase in outsourced audit services and recruitment fees, and a $158,000 increase in credit loss expense/(benefit) for off-balance sheet exposure. The increase in credit loss/(benefit) for off-balance sheet exposure was due to a provision of $103,000 recorded during the quarter ended March 31, 2025, as compared to a benefit of $55,000 recorded during the quarter ended December 31, 2024. Partially offsetting the decreases was a $283,000 decrease in other expense.

The Company recorded income tax expense of $2.9 million for the quarter ended March 31, 2025, compared to $2.7 million for the quarter ended December 31, 2024. The effective tax rate for the quarter ended March 31, 2025 was 27.0%, compared to 19.2% for the quarter ended December 31, 2024. The effective tax rate for the quarter ending December 31, 2024, was positively impacted by the revaluation of certain state deferred tax assets.

Financial Condition

Total assets increased by $43.6 million, or 0.8%, to $5.71 billion at March 31, 2025, from $5.67 billion at December 31, 2024. The increase was primarily due to an increase in available-for-sale debt securities of $145.7 million, or 13.2%, partially offset by decreases in cash and cash equivalents of $66.1 million, or 39.4%, loans receivable of $30.7 million, or 0.8% and other assets of $4.5 million, or 9.6%.

Cash and cash equivalents decreased by $66.1 million, or 39.4%, to $101.7 million at March 31, 2025, from $167.7 million at December 31, 2024, as excess liquidity was deployed into purchasing higher-yielding mortgage-backed securities. Balances fluctuate based on the timing of receipt of security and loan repayments and the redeployment of cash into higher-yielding assets such as loans and securities, or the funding of deposit outflows or borrowing maturities.

Loans held-for-investment, net, decreased by $30.7 million, or 0.8%, to $3.99 billion at March 31, 2025 from $4.02 billion at December 31, 2024, primarily due to decreases in multifamily real estate loans, partially offset by increases in home equity and lines of credit and construction and land loans. The decrease in loan balances reflects the Company’s continued strategic focus on managing concentration risk within its commercial and multifamily real estate loan portfolios, while maintaining disciplined loan pricing. Multifamily loans decreased $29.6 million, or 1.1%, to $2.57 billion at March 31, 2025 from $2.60 billion at December 31, 2024, commercial real estate loans decreased $7.2 million, or 0.8%, to $882.6 million at March 31, 2025 from $889.8 million at December 31, 2024, one-to-four family residential loans decreased $3.4 million, or 2.3%, to $146.8 million at March 31, 2025 from $150.2 million at December 31, 2024, and commercial and industrial loans decreased $1.3 million, or 0.8%, to $162.1 million at March 31, 2025 from $163.4 million at December 31, 2024, and other loans decreased $754,000, or 34.8%, to $1.4 million at March 31, 2025 from $2.2 million at December 31, 2024. Partially offsetting these decreases were increases in home equity and lines of credit of $7.3 million, or 4.2%, to $181.4 million at March 31, 2025 from $174.1 million at December 31, 2024, and construction and land loans of $4.4 million, or 12.2%, to $40.3 million at March 31, 2025 from $35.9 million at December 31, 2024.

As of March 31, 2025, non-owner occupied commercial real estate loans (as defined by regulatory guidance) to total risk-based capital was estimated at approximately 424%. Management believes that Northfield Bank (the “Bank”) maintains appropriate risk management practices including risk assessments, board-approved underwriting policies and related procedures, which includes monitoring Bank portfolio performance, performing market analysis (economic and real estate), and stressing of the Bank’s commercial real estate portfolio under severe, adverse economic conditions. Although management believes the Bank has implemented appropriate policies and procedures to manage its commercial real estate concentration risk, the Bank’s regulators could require it to implement additional policies and procedures or could require it to maintain higher levels of regulatory capital, which might adversely affect its loan originations, the Company’s ability to pay dividends, and overall profitability.

Our real estate portfolio includes credit risk exposure to loans collateralized by office buildings and multifamily properties in New York State subject to some form of rent regulation limiting rent increases for rent stabilized multifamily properties. At March 31, 2025, office-related loans represented $182.4 million, or 4.6% of our total loan portfolio, with an average balance of $1.7 million (although we have originated these type of loans in amounts substantially greater than this average) and a weighted average loan-to-value ratio of 59%. Approximately 39% were owner-occupied. The geographic locations of the properties collateralizing our office-related loans are: 50.0% in New York, 48.5% in New Jersey and 1.5% in Pennsylvania. At March 31, 2025, our largest office-related loan had a principal balance of $90.0 million (with a net active principal balance for the Bank of $29.5 million as we have a 33.3% participation interest), was secured by an office facility located in Staten Island, New York, and was performing in accordance with its original contractual terms. At March 31, 2025, multifamily loans that have some form of rent stabilization or rent control totaled approximately $435.8 million, or approximately 11% of our total loan portfolio, with an average balance of $1.7 million (although we have originated these type of loans in amounts substantially greater than this average) and a weighted average loan-to-value ratio of 51%. At March 31, 2025, our largest rent-regulated loan had a principal balance of $16.7 million, was secured by an apartment building located in Staten Island, New York, and was performing in accordance with its original contractual terms. Management continues to closely monitor its office and rent-regulated portfolios. For further details on our rent-regulated multifamily portfolio see “Asset Quality”.

PCD loans totaled $9.0 million and $9.2 million at March 31, 2025 and December 31, 2024, respectively. The majority of the remaining PCD loan balance consists of loans acquired as part of a Federal Deposit Insurance Corporation-assisted transaction. The Company accreted interest income of $223,000 attributable to PCD loans for three months ended March 31, 2025, compared to $426,000 for three months ended March 31, 2024. PCD loans had an allowance for credit losses of approximately $2.7 million at March 31, 2025.

Loan balances are summarized as follows (dollars in thousands):

	March 31, 2025		December 31, 2024
Real estate loans:
Multifamily	$	2,567,913	$	2,597,484
Commercial mortgage		882,600		889,801
One-to-four family residential mortgage		146,791		150,217
Home equity and lines of credit		181,354		174,062
Construction and land		40,284		35,897
Total real estate loans		3,818,942		3,847,461
Commercial and industrial loans		162,133		163,425
Other loans		1,411		2,165
Total commercial and industrial and other loans		163,544		165,590
Loans held-for-investment, net (excluding PCD)		3,982,486		4,013,051
PCD loans		9,043		9,173
Total loans held-for-investment, net	$	3,991,529	$	4,022,224

The Company’s available-for-sale debt securities portfolio increased by $145.7 million, or 13.2%, to $1.25 billion at March 31, 2025, from $1.10 billion at December 31, 2024. The increase was primarily attributable to purchases of securities, partially offset by paydowns and maturities. At March 31, 2025, $1.21 billion of the portfolio consisted of residential mortgage-backed securities issued or guaranteed by Fannie Mae, Freddie Mac, or Ginnie Mae. In addition, the Company held $33.4 million in corporate bonds, substantially all of which were investment grade, $683,000 in municipal bonds and $608,000 in U.S. Government agency securities at March 31, 2025. Unrealized losses, net of tax, on available-for-sale debt securities and held-to-maturity securities approximated $16.7 million and $307,000, respectively, at March 31, 2025, and $21.8 million and $400,000, respectively, at December 31, 2024.

Equity securities were $10.9 million at March 31, 2025 and $14.3 million at December 31, 2024. Equity securities are primarily comprised of an investment in a Small Business Administration Loan Fund. This investment is utilized by the Bank as part of its Community Reinvestment Act program. The decrease in equity securities was primarily due to a decrease in money market mutual funds.

Total liabilities increased $37.2 million, or 0.7%, to $5.00 billion at March 31, 2025, from $4.96 billion at December 31, 2024. The increase was primarily attributable to an increase in borrowings of $42.8 million, partially offset by a decrease in total deposits of $6.5 million. The Company routinely utilizes brokered deposits and borrowed funds to manage interest rate risk, the cost of interest-bearing liabilities, and funding needs related to loan originations and deposit activity.

Deposits decreased $6.5 million, or 0.2%, to $4.13 billion at March 31, 2025 as compared to $4.14 billion at December 31, 2024. Brokered deposits decreased by $140.1 million, or 53.2%, as the Company placed less reliance on brokered deposits which were used as a lower-cost alternative to borrowings in the trailing quarter. Deposits, excluding brokered deposits, increased $133.6 million, or 3.4%. The increase in deposits, excluding brokered deposits, was primarily attributable to increases of $97.1 million in transaction accounts and $41.6 million in time deposits, partially offset by decreases of $4.5 million in savings accounts, and $579,000 in money market accounts. Growth in transaction accounts and time deposits was primarily due to new municipal relationships and new commercial customer relationships.

Estimated gross uninsured deposits at March 31, 2025 were $1.95 billion. This total includes fully collateralized uninsured governmental deposits and intercompany deposits of $1.01 billion, leaving estimated uninsured deposits of approximately $934.7 million, or 22.6%, of total deposits. At December 31, 2024, estimated uninsured deposits totaled $896.5 million, or 21.7% of total deposits.

Deposit account balances are summarized as follows (dollars in thousands):

	March 31, 2025		December 31, 2024
Transaction:
Non-interest bearing checking	$	722,994	$	706,976
Negotiable orders of withdrawal and interest-bearing checking		1,367,219		1,286,154
Total transaction		2,090,213		1,993,130
Savings and money market:
Savings		899,674		904,163
Money market		271,566		272,145
Total savings		1,171,240		1,176,308
Certificates of deposit:
$250,000 and under		602,959		580,940
Over $250,000		144,255		124,681
Brokered deposits		123,289		263,418
Total certificates of deposit		870,503		969,039
Total deposits	$	4,131,956	$	4,138,477

Included in the table above are business and municipal deposit account balances as follows (dollars in thousands):

	March 31, 2025		December 31, 2024

Business customers	$	891,545	$	885,769
Municipal (governmental) customers	$	929,611	$	859,319

Borrowed funds increased to $770.7 million at March 31, 2025, from $727.8 million at December 31, 2024. The increase in borrowings for the period was primarily due to a $67.0 million increase in borrowings under an overnight line of credit, partially offset by a decrease of $24.2 million in other borrowings due to maturities. Management utilizes borrowings to mitigate interest rate risk, for short-term liquidity, and to a lesser extent from time to time, as part of leverage strategies.

The following table sets forth borrowing maturities (excluding overnight borrowings and subordinated debt) and the weighted average rate by year at March 31, 2025 (dollars in thousands):

Year	Amount	Weighted Average Rate
2025	$160,684	3.89%
2026	148,000	4.36%
2027	173,000	3.19%
2028	154,288	3.96%
	$635,972	3.83%

Total stockholders’ equity increased by $6.5 million to $711.1 million at March 31, 2025, from $704.7 million at December 31, 2024. The increase was attributable to net income of $7.9 million for the three months ended March 31, 2025, an $8.1 million increase in accumulated other comprehensive income, associated with an increase in the estimated fair value of our debt securities available-for-sale portfolio, and a $900,000 increase in equity award activity, partially offset by $5.0 million in stock repurchases and $5.4 million in dividend payments. On February 26, 2025, the Board of Directors of the Company approved a $5.0 million stock repurchase program. During the three months ended March 31, 2025, the Company repurchased 440,150 of its common stock outstanding at an average price of $11.36 for a total of $5.0 million pursuant to approved stock repurchase plan. As of March 31, 2025, the Company has no outstanding repurchase program.

The Company’s most liquid assets are cash and cash equivalents, corporate bonds, and unpledged mortgage-related securities issued or guaranteed by the U.S. Government, Fannie Mae, or Freddie Mac, that we can either borrow against or sell. We also have the ability to surrender bank-owned life insurance contracts. The surrender of these contracts would subject the Company to income taxes and penalties for increases in the cash surrender values over the original premium payments. We also have the ability to obtain additional funding from the Federal Home Loan Bank and Federal Reserve Bank of New York utilizing unencumbered and unpledged securities and multifamily loans. The Company expects to have sufficient funds available to meet current commitments in the normal course of business. The Company’s on-hand liquidity ratio as of March 31, 2025 was 24.3%.

The Company had the following primary sources of liquidity at March 31, 2025 (dollars in thousands):

Cash and cash equivalents⁽¹⁾	$	89,139
Corporate bonds⁽²⁾	$	19,323
Multifamily loans⁽²⁾	$	547,043
Mortgage-backed securities (issued or guaranteed by the U.S. Government, Fannie Mae, or Freddie Mac)⁽²⁾	$	1,102,759

(1) Excludes $12.5 million of cash at Northfield Bank.
(2) Represents estimated remaining borrowing potential.

The Company and the Bank utilize the Community Bank Leverage Ratio (“CBLR”) framework. At March 31, 2025, the Company and the Bank’s estimated CBLR ratios were 12.08% and 12.62%, respectively, which exceeded the minimum requirement to be considered well-capitalized of 9%.

Asset Quality

The following table details total non-accrual loans (excluding PCD), non-performing assets, loans over 90 days delinquent on which interest is accruing, and accruing loans 30 to 89 days delinquent at March 31, 2025 and December 31, 2024 (dollars in thousands):

	March 31, 2025			December 31, 2024
Non-accrual loans:
Held-for-investment
Real estate loans:
Multifamily	$	2,565		$	2,609
Commercial mortgage		4,565			4,578
Home equity and lines of credit		1,267			1,270
Commercial and industrial		4,972			5,807
Total non-accrual loans		13,369			14,264
Loans delinquent 90 days or more and still accruing:
Held-for-investment
Real estate loans:
Multifamily		—			164
One-to-four family residential		878			882
Home equity and lines of credit		140			140
Total loans held-for-investment delinquent 90 days or more and still accruing		1,018			1,186
Non-performing loans held-for-sale
Commercial mortgage		4,397			4,397
Commercial and industrial		500			500
Total non-performing loans held-for-sale		4,897			4,897
Total non-performing loans		19,284			20,347
Total non-performing assets	$	19,284		$	20,347
Non-performing loans to total loans		0.48	%		0.51	%
Non-performing assets to total assets		0.34	%		0.36	%
Accruing loans 30 to 89 days delinquent	$	6,845		$	9,336

Accruing Loans 30 to 89 Days Delinquent

Loans 30 to 89 days delinquent and on accrual status totaled $6.8 million and $9.3 million at March 31, 2025 and December 31, 2024, respectively. The following table sets forth delinquencies for accruing loans by type and by amount at March 31, 2025 and December 31, 2024 (dollars in thousands):

	March 31, 2025		December 31, 2024
Held-for-investment
Real estate loans:
Multifamily	$	1,296	$	2,831
Commercial mortgage		147		78
One-to-four family residential		2,584		2,407
Home equity and lines of credit		1,141		1,472
Commercial and industrial loans		1,674		2,545
Other loans		3		3
Total delinquent accruing loans held-for-investment	$	6,845	$	9,336

The decrease in delinquent multifamily loans was primarily due to one relationship totaling $2.1 million that became current during the quarter ended March 31, 2025. The decrease in delinquent commercial and industrial loans was primarily due to five unsecured small business loans that were charged off totaling $797,000. Management continues to monitor the unsecured small business commercial and industrial loan portfolio which represents the majority of the commercial and industrial delinquencies in the table above.

PCD Loans (Held-for-Investment)

The Company accounts for PCD loans at estimated fair value using discounted expected future cash flows deemed to be collectible on the date acquired. Based on its detailed review of PCD loans and experience in loan workouts, management believes it has a reasonable expectation about the amount and timing of future cash flows and accordingly has classified PCD loans ($9.0 million at March 31, 2025 and $9.2 million at December 31, 2024, respectively) as accruing, even though they may be contractually past due. At March 31, 2025, 2.1% of PCD loans were past due 30 to 89 days, and 25.2% were past due 90 days or more, as compared to 2.9% and 27.1%, respectively, at December 31, 2024.

Our multifamily loan portfolio at March 31, 2025 totaled $2.57 billion, or 64% of our total loan portfolio, of which $435.8 million, or 11%, included loans collateralized by properties in New York with units subject to some percentage of rent regulation. The table below sets forth details about our multifamily loan portfolio in New York (dollars in thousands).

% Rent Regulated	Balance		% Portfolio Total NY Multifamily Portfolio		Average Balance		Largest Loan		LTV^*		Debt Service Coverage Ratio (DSCR)^*	30-89 Days Delinquent		Non-Accrual		Special Mention		Substandard
0	$	279,630	39.1	%	$	1,175	$	16,441	50.6	%	1.48x	$	580	$	499	$	—	$	1,800
>0-10		4,696	0.6			1,565		2,107	50.9		1.33		—		—		—		—
>10-20		18,397	2.6			1,415		2,834	48.7		1.40		—		—		—		—
>20-30		19,268	2.7			2,141		5,449	53.2		1.65		—		—		—		—
>30-40		14,958	2.1			1,247		3,037	47.8		1.59		—		—		—		—
>40-50		21,558	3.0			1,268		2,710	46.9		1.77		—		—		—		—
>50-60		9,298	1.3			1,550		2,313	39.4		1.80		—		—		—		—
>60-70		20,765	2.9			2,966		11,181	53.4		1.51		—		—		—		—
>70-80		22,158	3.1			2,462		4,874	47.5		1.43		—		—		—		—
>80-90		20,516	2.9			1,140		3,124	46.1		1.64		—		—		1,124		—
>90-100		284,164	39.7			1,733		16,698	51.6		1.60		665		2,067		3,630		4,389
Total	$	715,408	100.0	%	$	1,442	$	16,698	50.6	%	1.55x	$	1,245	$	2,566	$	4,754	$	6,189

The table below sets forth our New York rent-regulated loans by county (dollars in thousands).

County	Balance		LTV^*		DSCR^*
Bronx	$	116,944	51.2	%	1.60x
Kings		184,545	50.5	%	1.57
Nassau		2,155	35.8	%	1.88
New York		48,838	46.3	%	1.61
Queens		37,633	44.3	%	1.69
Richmond		32,258	60.1	%	1.41
Westchester		13,405	58.7	%	1.78
Total	$	435,778	50.6	%	1.59x

* Weighted Average

None of the loans that are rent-regulated in New York are interest only. During the remainder of 2025, 27 loans with an aggregate principal balance of $46.0 million will re-price.

About Northfield Bank

Northfield Bank, founded in 1887, operates 37 full-service banking offices in Staten Island and Brooklyn, New York, and Hunterdon, Middlesex, Mercer, and Union counties, New Jersey. For more information about Northfield Bank, please visit www.eNorthfield.com.

Forward-Looking Statements: This release may contain certain “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and may be identified by the use of such words as “may,” “believe,” “expect,” “anticipate,” “should,” “plan,” “estimate,” “predict,” “continue,” and “potential” or the negative of these terms or other comparable terminology. Examples of forward-looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of Northfield Bancorp, Inc. Any or all of the forward-looking statements in this release and in any other public statements made by Northfield Bancorp, Inc. may turn out to be wrong. They can be affected by inaccurate assumptions Northfield Bancorp, Inc. might make or by known or unknown risks and uncertainties as described in our SEC filings, including, but not limited to, those related to general economic conditions, particularly in the market areas in which the Company operates, competition and demand for financial services in our market area, fluctuations in real estate values and both residential and commercial real estate market conditions, changes in liquidity, the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio, competition among depository and other financial institutions, including with respect to fees and interest rates, changes in laws or government regulations or policies affecting financial institutions, including changes in the monetary policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the imposition of tariffs or other domestic or international governmental policies, changes in the quality and/or composition of our loan and securities portfolios, prepayment speeds, charge-offs and/or credit loss provisions, our ability to access cost-effective funding, changes in the value of our goodwill or other intangible assets, changes in regulatory fees, assessments and capital requirements, inflation and changes in the interest rate environment that reduce our margins, reduce the fair value of financial instruments or reduce our ability to originate loans, the failure to maintain current technologies and to successfully implement future information technology enhancements, cyber security and fraud risks against our information technology and those of our third-party providers, the ability of third-party providers to perform their obligations to us, the effects of war, conflict, and acts of terrorism, our ability to successfully integrate acquired entities, and adverse changes in the securities markets. Consequently, no forward-looking statement can be guaranteed. Northfield Bancorp, Inc. does not intend to update any of the forward-looking statements after the date of this release, or conform these statements to actual events.

Company Contact:
William R. Jacobs
Chief Financial Officer
Tel: (732) 499-7200 ext. 2519

(Tables follow)

NORTHFIELD BANCORP, INC.
SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA
(Dollars in thousands, except per share amounts) (unaudited)

	At or For the Three Months Ended
	March 31,				December 31
	2025		2024		2024
Selected Financial Ratios:
Performance Ratios ⁽¹⁾
Return on assets (ratio of net income to average total assets)	0.56	%	0.43	%	0.79	%
Return on equity (ratio of net income to average equity)	4.52		3.59		6.40
Average equity to average total assets	12.43		12.04		12.28
Interest rate spread	1.76		1.39		1.54
Net interest margin	2.38		2.03		2.18
Efficiency ratio ⁽²⁾	61.57		71.43		56.75
Non-interest expense to average total assets	1.53		1.55		1.46
Non-interest expense to average total interest-earning assets	1.61		1.63		1.53
Average interest-earning assets to average interest-bearing liabilities	129.42		128.66		129.20
Asset Quality Ratios:
Non-performing assets to total assets	0.34		0.29		0.36
Non-performing loans ⁽³⁾to total loans ⁽⁴⁾	0.48		0.41		0.51
Allowance for credit losses to non-performing loans ⁽⁵⁾	242.73		214.83		227.72
Allowance for credit losses to total loans held-for-investment, net ⁽⁶⁾	0.87		0.89		0.87

(1) Annualized where appropriate.
(2) The efficiency ratio represents non-interest expense divided by the sum of net interest income and non-interest income.
(3) Non-performing loans consist of non-accruing loans and loans 90 days or more past due and still accruing (excluding PCD loans), and are included in total loans held-for-investment, net.
(4) Includes originated loans held-for-investment, PCD loans, acquired loans and loans held-for-sale.
(5) Excludes loans held-for-sale.
(6) Includes originated loans held-for-investment, PCD loans, and acquired loans.

NORTHFIELD BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share and per share amounts) (unaudited)

	March 31, 2025			December 31, 2024
ASSETS:
Cash and due from banks	$	12,523		$	13,043
Interest-bearing deposits in other financial institutions		89,139			154,701
Total cash and cash equivalents		101,662			167,744
Trading securities		13,003			13,884
Debt securities available-for-sale, at estimated fair value		1,246,473			1,100,817
Debt securities held-to-maturity, at amortized cost		8,883			9,303
Equity securities		10,855			14,261
Loans held-for-sale		4,897			4,897
Loans held-for-investment, net		3,991,529			4,022,224
Allowance for credit losses		(34,921	)		(35,183	)
Net loans held-for-investment		3,956,608			3,987,041
Accrued interest receivable		19,648			19,078
Bank-owned life insurance		177,398			175,759
Federal Home Loan Bank of New York stock, at cost		38,350			35,894
Operating lease right-of-use assets		27,345			27,771
Premises and equipment, net		21,431			21,985
Goodwill		41,012			41,012
Other assets		42,435			46,932
Total assets	$	5,710,000		$	5,666,378

LIABILITIES AND STOCKHOLDERS’ EQUITY:
LIABILITIES:
Deposits	$	4,131,956		$	4,138,477
Federal Home Loan Bank advances and other borrowings		709,159			666,402
Subordinated debentures, net of issuance costs		61,498			61,442
Lease liabilities		31,630			32,209
Advance payments by borrowers for taxes and insurance		29,270			24,057
Accrued expenses and other liabilities		35,338			39,095
Total liabilities		4,998,851			4,961,682

STOCKHOLDERS’ EQUITY:
Total stockholders’ equity		711,149			704,696
Total liabilities and stockholders’ equity	$	5,710,000		$	5,666,378

Total shares outstanding		42,676,274			42,903,598
Tangible book value per share⁽¹⁾	$	15.70		$	15.46

(1) Tangible book value per share is calculated based on total stockholders’ equity, excluding intangible assets (goodwill and core deposit intangibles), divided by total shares outstanding as of the balance sheet date. Core deposit intangibles were $57 and $69 at March 31, 2025 and December 31, 2024, respectively, and are included in other assets.

NORTHFIELD BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except share and per share amounts) (unaudited)

	For the Three Months Ended
	March 31,					December 31,
		2025			2024		2024
Interest income:
Loans	$	45,283		$	46,047	$	45,902
Mortgage-backed securities		12,009			4,398		9,160
Other securities		797			3,841		1,428
Federal Home Loan Bank of New York dividends		862			970		885
Deposits in other financial institutions		1,141			3,392		2,347
Total interest income		60,092			58,648		59,722
Interest expense:
Deposits		21,191			19,273		22,031
Borrowings		6,291			10,663		7,169
Subordinated debt		819			828		837
Total interest expense		28,301			30,764		30,037
Net interest income		31,791			27,884		29,685
Provision for credit losses		2,582			415		1,942
Net interest income after provision for credit losses		29,209			27,469		27,743
Non-interest income:
Fees and service charges for customer services		1,620			1,615		1,634
Income on bank-owned life insurance		1,639			964		1,277
(Losses)/gains on trading securities, net		(299	)		699		68
Gain on sale of property		—			—		3,402
Other		62			103		623
Total non-interest income		3,022			3,381		7,004
Non-interest expense:
Compensation and employee benefits		11,775			12,765		11,761
Occupancy		3,533			3,553		3,253
Furniture and equipment		414			484		436
Data processing		2,122			2,147		1,921
Professional fees		1,072			809		762
Advertising		250			518		287
Federal Deposit Insurance Corporation insurance		617			588		625
Credit loss expense/(benefit) for off-balance sheet exposures		103			83		(55	)
Other		1,549			1,385		1,832
Total non-interest expense		21,435			22,332		20,822
Income before income tax expense		10,796			8,518		13,925
Income tax expense		2,920			2,304		2,674
Net income	$	7,876		$	6,214	$	11,251
Net income per common share:
Basic	$	0.19		$	0.15	$	0.28
Diluted	$	0.19		$	0.15	$	0.27
Basic average shares outstanding		40,864,529			42,367,243		40,889,355
Diluted average shares outstanding		40,922,829			42,408,953		41,029,275

NORTHFIELD BANCORP, INC.
ANALYSIS OF NET INTEREST INCOME
(Dollars in thousands) (unaudited)

	For the Three Months Ended
	March 31, 2025						December 31, 2024						March 31, 2024
	Average Outstanding Balance		Interest		Average Yield/ Rate⁽¹⁾		Average Outstanding Balance		Interest		Average Yield/ Rate⁽¹⁾		Average Outstanding Balance		Interest		Average Yield/ Rate⁽¹⁾
Interest-earning assets:
Loans⁽²⁾	$	4,007,266	$	45,283	4.58	%	$	4,044,787	$	45,902	4.51	%	$	4,174,668	$	46,047	4.44	%
Mortgage-backed securities⁽³⁾		1,132,715		12,009	4.30			950,309		9,160	3.83			648,811		4,398	2.73
Other securities⁽³⁾		118,082		797	2.74			177,462		1,428	3.20			391,980		3,841	3.94
Federal Home Loan Bank of New York stock		36,929		862	9.47			37,065		885	9.50			39,599		970	9.85
Interest-earning deposits in financial institutions		118,983		1,141	3.89			204,146		2,347	4.57			262,884		3,392	5.19
Total interest-earning assets		5,413,975		60,092	4.50			5,413,769		59,722	4.39			5,517,942		58,648	4.27
Non-interest-earning assets		277,586						277,067						266,428
Total assets	$	5,691,561					$	5,690,836					$	5,784,370

Interest-bearing liabilities:
Savings, NOW, and money market accounts	$	2,502,664	$	12,148	1.97	%	$	2,424,370	$	11,997	1.97	%	$	2,464,297	$	12,331	2.01	%
Certificates of deposit		923,713		9,043	3.97			928,658		10,034	4.30			654,328		6,942	4.27
Total interest-bearing deposits		3,426,377		21,191	2.51			3,353,028		22,031	2.61			3,118,625		19,273	2.49
Borrowed funds		695,281		6,291	3.67			775,722		7,169	3.68			1,108,880		10,663	3.87
Subordinated debt		61,461		819	5.40			61,406		837	5.42			61,239		828	5.44
Total interest-bearing liabilities		4,183,119		28,301	2.74			4,190,156		30,037	2.85			4,288,744		30,764	2.89
Non-interest bearing deposits		706,217						703,886						699,640
Accrued expenses and other liabilities		94,819						97,918						99,594
Total liabilities		4,984,155						4,991,960						5,087,978
Stockholders’ equity		707,406						698,876						696,392
Total liabilities and stockholders’ equity	$	5,691,561					$	5,690,836					$	5,784,370

Net interest income			$	31,791					$	29,685					$	27,884
Net interest rate spread⁽⁴⁾					1.76	%					1.54	%					1.39	%
Net interest-earning assets⁽⁵⁾	$	1,230,856					$	1,223,613					$	1,229,198
Net interest margin⁽⁶⁾					2.38	%					2.18	%					2.03	%
Average interest-earning assets to interest-bearing liabilities					129.42	%					129.20	%					128.66	%

(1) Average yields and rates are annualized.
(2) Includes non-accruing loans.
(3) Securities available-for-sale and other securities are reported at amortized cost.
(4) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
(5) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(6) Net interest margin represents net interest income divided by average total interest-earning assets.

The MIL Network –

April 24, 2025

Category: Commerce

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