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MIL-OSI Economics: Lufthansa Group reports an operating profit of 1.3 billion euros for the third quarter following a strong summer travel season

Source: Lufthansa Group

Carsten Spohr, Chairman of the Executive Board and CEO of Deutsche Lufthansa AG:

“Today, we are reporting on another strong summer travel season, with a record seat load factor of 88 percent in August. Particularly in view of the fact that global air traffic again reached its capacity limits this summer, I would like to thank our employees for their efforts and our customers for the patience we sometimes had to ask for.
Global demand remains intact and bookings for the fourth quarter are also at a high level compared to the previous year, particularly in the premium classes.

With all passenger airlines operating at a profit, Eurowings, Austrian Airlines and Brussels Airlines even generated record results in the third quarter. Lufthansa Technik and Lufthansa Cargo also remain on track.
At the same time, delayed aircraft deliveries, punctuality issues at our hubs in Germany and regulatory disadvantages are impacting our core brand. Lufthansa Airlines has therefore launched the “Turnaround” program to address these and structural internal challenges.

Across the group, we are continuing to invest in the largest fleet modernization in our history, in premium offers for our guests and in an even more international positioning. These three central pillars of our strategy will enable us to further expand our role as the leading airline group in Europe.”

Results
The Group increased its revenue by five percent year-on-year to 10.7 billion euros (previous year: 10.3 billion euros) in the third quarter due to the higher number of flights and the revenue growth at Lufthansa Technik. This was the strongest quarter in terms of revenue in the history of the Lufthansa Group. The Group generated an operating profit (Adjusted EBIT) of 1.3 billion euros (previous year: 1.5 billion euros), resulting in an operating margin of 12.5 percent (previous year: 14.3 percent). The year-on-year decline was due to significant cost increases, particularly in fees, MRO expenses and personnel. Net profit fell to 1.1 billion euros (previous year: 1.2 billion euros).

Lufthansa Group Passenger Airlines expand capacity

The Lufthansa Group airlines welcomed more than 40 million guests on board their aircraft in the third quarter, an increase of six percent over the previous year. At 94 percent of available capacity (prior-year period: 88 percent), the seat load factor rose to 87 percent in the third quarter (previous year: 86 percent). In terms of the seat load factor, August was the strongest month in the company’s history, with a load factor of 88 percent.

Due to the industry-wide capacity growth, average yields fell by 3.5 percent compared to the previous year, although the development in the various traffic regions was mixed: While average yields in continental traffic in the third quarter remained almost at the previous year’s level (-0.4 percent), they fell significantly by 14 percent in the Asia/Pacific region. Due to the improved passenger load factor, the decline in unit revenues (RASK) was less pronounced at minus 2.7 percent. Unit costs increased by 4.5 percent compared to the previous year due to higher fees, as well as higher material and personnel costs.

Overall, the Group’s passenger airlines generated an Adjusted EBIT of 1.2 billion euros in the third quarter (previous year: 1.4 billion euros). The decline in the operating profit of the passenger airlines is mainly driven by the 234 million euros decline in the result of Lufthansa Airlines. Delays in the delivery of new aircraft and the associated need to continue operating older aircraft, increased location costs, higher staff costs and expenses for compensation payments following flight irregularities had an above-average impact on the result of Lufthansa Airlines.

Turnaround program at Lufthansa Airlines is making progress

Lufthansa Airlines is consistently implementing its Turnaround program. The aim is to increase efficiency, reduce complexity and improve product quality, thereby making the airline fit for the future. Among other things, the Turnaround plan envisages shifting more short-haul traffic to more cost-efficient flight operations. Further efficiency gains are to be achieved by optimizing the network and increasing flexibility and automation. By 2026, the measures will have a gross EBIT effect of around 1.5 billion euros.

Till Streichert, Chief Financial Officer of Deutsche Lufthansa AG:

“The Lufthansa Group will continue to focus on generating cash flow and creating value for our shareholders. For this, the Turnaround program at Lufthansa Airlines and the fleet modernization are core elements. I am confident that on this basis we will position all our passenger airlines to be sustainably efficient and profitable.”

Lufthansa Technik’s result on par with last year, positive performance at Lufthansa Cargo

In the third quarter, Lufthansa Technik continued to benefit from the high demand for air travel and the associated increase in demand from airlines worldwide for maintenance and repair services. Lufthansa Technik generated an Adjusted EBIT of 167 million euros in the third quarter (previous year: 168 million euros).

The airfreight business continued to recover in the third quarter compared with the previous quarter. Lufthansa Cargo achieved an operating profit of 38 million euros (previous year: 1 million euros) in the traditionally seasonally weak third quarter for air freight. This trend confirms the anticipated normalization in the air freight market. Furthermore, Lufthansa Cargo is optimally positioned to benefit from strong e-commerce business with Asia, which has prompted Lufthansa Cargo to shift capacity from the transatlantic to the Asia/Pacific region.

Adjusted free cash flow clearly positive, balance sheet further strengthened

The Lufthansa Group generated an operating cash flow of 635 million euros in the third quarter of 2020 (previous year: 1.2 billion euros). After deducting net capital expenditure, primarily for new fuel-efficient aircraft, the Group recorded an Adjusted free cash flow of 128 million euros in the quarter. In the first nine months, the Adjusted free cash flow was 1.0 billion euros (previous year: 1.7 billion euros).

The Group continued to strengthen its balance sheet during the first nine months of the year, supported by the positive cash flow. At 5.1 billion euros, net debt was below the year-end level 2023 (December 31, 2023: 5.7 billion euros). Net pension liabilities decreased to 2.6 billion euros (December 31, 2023: 2.7 billion euros). Compared to the beginning of the year, available liquidity increased by around 1 billion euros to 11.4 billion euros and was therefore well above the target range of 8-10 billion euros as of the reporting date.

Outlook

The Lufthansa Group expects demand for air travel to remain strong in the remaining months of the year. The load factors booked for November and December are well above the levels observed at the same time last year. Demand remains particularly high in the premium classes, i.e. Business Class and First Class.

The Lufthansa Group plans to increase its capacity in the fourth quarter further compared to the previous year. For the full year 2024, it expects a capacity of around 91 percent compared to the pre-crisis level.

The Group also expects to report a positive operating result in the fourth quarter. Overall, the Lufthansa Group is therefore confirming its expectation of achieving an Adjusted EBIT of 1.4 to 1.8 billion euros for the full year.

Further information

Further information on the results of individual business segments will be published in the report for the third quarter of 2024. This will be published at the same time as this press release on October 29, 2024, at 7:00 a.m. at

https://investor-relations.lufthansagroup.com/en/investor-relations.html.

The traffic figures for the third quarter of 2024 will also be published at 7:00 a.m. at https://investor-relations.lufthansagroup.com/en/financial-reports-publications/traffic-figures.html

		Jan. – Sept. 2024	Jan. – Sept. 2023	Change in %	July – Sept. 2024	July – Sept. 2023	Change in %
Revenue and result
Total revenue	€m	28,137	26,681	5	10,738	10,275	5
Of which traffic revenue	€m	23,578	22,583	4	9,246	8,832	5
Adjusted EBIT	€m	1,177	2,280	-48	1,340	1,468	-9
Adjusted EBIT margin	%	4.2%	8.5%	-4.3%p	12.5	14.3	-1.8%p
EBIT	€m	1,249	2,218	-44	1,461	1,441	1
Net profit / loss	€m	830	1,606	-48	1,095	1,192	-8
Earnings per Share	€	0,69	1,34	-49	0,92	1,00	-8
Key balance sheet and cash flow statement figures
Total assets	€m	46,439	46,591	0	–	–	–
Cash flow from operating activities	€m	3,423	4,320	-21	635	1,220	-48
Net capital expenditures	€m	1,815	2,421	-25	61	550	-89
Adjusted free cash flow	€m	1,006	1,663	-40	128	592	-78
Employees
Employees as of 30 September	Number	100,518	117,187	-14	–	–	–

MIL OSI Economics –

January 25, 2025

MIL-OSI Australia: Antisemitism at Australian universities referred to the Parliamentary Joint Committee on Human Rights

Source: Australian Executive Government Ministers

The Albanese Government has referred antisemitism at Australian universities to the Parliamentary Joint Committee on Human Rights for inquiry and report.

Every Australian deserves to feel safe and supported in our community, no matter who they are or what they believe.

There is no place for hatred or racism in our universities or anywhere else.

This inquiry was a recommendation of the Senate Legal and Constitutional Affairs Legislation Committee. The Committee was deeply troubled by the experiences of Jewish students and staff, and the responses to antisemitism by Australian universities.

The Parliamentary Joint Committee on Human Rights inquiry will consider the prevalence, nature and experiences of antisemitism at universities, including frameworks and policies to prevent and respond to it, and support provided to students and staff.

This inquiry is part of the Government’s multifaceted approach to addressing Australia’s complex experiences of racism.

The inquiry will complement other initiatives underway, including:

the Australian Human Rights Commission’s ‘Respect at Uni: Study into Antisemitism, Islamophobia, Racism and the experience of First Nations People’
the work of the Special Envoy to Combat Antisemitism and Special Envoy to Combat Islamophobia, and
legislation to establish an independent National Student Ombudsman.

The Committee has been asked report to both Houses of the Parliament by 31 March 2025.

Details of the inquiry, including the letter of referral and the terms of reference, will be available on the Parliamentary Joint Committee on Human Rights webpage.

Quotes attributable to Attorney-General Mark Dreyfus:

“All around Australia Jewish students and staff tell me they don’t feel welcome on campus and they don’t think their universities care.

“This is an intolerable situation and urgent action is needed to address the tensions on university campuses to protect the safety of students and staff. The Albanese Government is committed to ensuring we deal effectively with this disturbing situation.”

Quotes attributable to Minister for Education Jason Clare:

“There is nothing more important than the safety of students and staff on campus.

“This inquiry complements the existing actions the Government is taking to improve safety at our universities and I look forward to its recommendations.”

MIL OSI News –

January 25, 2025

MIL-OSI: Interim Financial Report Q1-Q3 2024

Source: GlobeNewswire (MIL-OSI)

Updated strategy and new long-term targets
Earnings per share declined by 2% to DKK 60.5 (Q1-Q3 2023: DKK 62.0)
The net profit was down by 1% to DKK 4,044m (Q1-Q3 2023: DKK 4,106m)
Net interest income rose by 1% to DKK 7,211m (Q1-Q3 2023: DKK 7,155m)
Core income was up by 1% to DKK 10,307m (Q1-Q3 2023: DKK 10,244m)
Core expenses rose by 6% to DKK 4,768m (Q1-Q3 2023: DKK 4,498m)
Loan impairment charges DKK 13m (Q1-Q3 2023: DKK 96m)
Capital ratio at 22.6%, of which common equity tier 1 capital ratio of 17.2% (Q1 – Q3: 2023: 20.9% and 16.7%, respectively)
Expected earnings per share in 2024 upgraded on 11 October to DKK 75-80 from the upper end of the range of DKK 64-76
Share buy-back programme of DKK 1.5bn completed on 3 October 2024.

Summary

”Earlier in the month, Jyske Bank upgraded its outlook for 2024 due to a continued positive development. We are now launching a strategy to become an even better bank for our customers,” says Lars Mørch, CEO and Managing Director, and continues:

“With a strong foundation in the Danish market and a number of positions of strength in servicing both personal and corporate customers, Jyske Bank will over the coming years do more of what we have shown that we are good at and accelerate development in the areas where we want to do better.“

“We support customers, e.g., in their sustainable transition and use digitization proactively to the benefit of the customers and to increase efficiency. Based on the strategy, we have set financial targets according to which we aim to obtain a return on tangible equity of 10% based on a cost/income ratio below 50 supplemented by an attractive distribution to shareholders,” says Lars Mørch, CEO and Managing Director.

Updated strategy
Jyske Bank utilizes the opportunities that arise to create value for customers, and the Group will seek out opportunities for cooperation and, in doing so, be an attractive partner for other players in the sector.

In the lead up to the strategy announcement, the Group has set up the organisation so that customer orientation is strengthened throughout the value chain and efforts and resources are efficiently channelled to where it benefits the customers the most and contributes the most to the Group’s profitability. At the same time, risk management and digitization have been strengthened.

Long-term financial targets
Jyske Bank expects a return on tangible equity of 10% in 2028 based on a presupposed common equity tier 1 capital ratio at the lower end of 15%-17%, a cost/income ratio below 50, and a normalised cost of risk of 8bp p.a. The ambition to distribute approx. 30% of shareholders’ result supplemented by share buy-backs is maintained. In the coming years, the Danish economy is expected to be dominated by lower interest rates and balanced growth with high levels of employment and moderate inflation.

The targets reflect an underlying improvement in profitability aimed at mitigating expectations of significantly lower interest rates over the coming years. The targets will be achieved through stronger customer-orientation and focus on capital-light income as well as structural cost measures, ensuring continued investment in new technology and higher efficiency.

Other initiatives
Prior to the update of its strategy, Jyske Bank changed its organisation to obtain stronger client orientation, higher professionalism in the Group’s control set-up and higher development and implementation efficiency. Subsequently, the Group Executive Board will consist of the CEO and Managing Director, a Managing Director of Corporate Clients and Capital Markets, a Managing Director of Personal Clients and Wealth Management, a Managing Director of Digitization and Operations as well as a Chief Risk Officer.

In continuation of the organisational change, Erik Gadeberg was appointed new member of the Group Executive Board as Managing Director, Corporate Clients and Capital Markets. Erik Gadeberg has prior to this held the position as Managing Director of Capital Markets at Jyske Bank. He joined Jyske Bank in 1990 and has primarily been employed in functions associated with Capital Markets, including large corporates and institutional clients.

Managing Director Per Skovhus retired at the end of June 2024. Jacob Gyntelberg will take office on 6 December 2024 as Managing Director, Chief Risk Officer (CRO) and new member of the Group Executive Board. Since 2021, Jacob Gyntelberg has been Director of Economic and Risk Analysis at the European Banking Authority (EBA). During the period 2019-2021, Jacob Gyntelberg was Deputy Chief Risk Officer at Nordea, and previously he held executive positions at Danske Bank, Bank for International Settlements (BIS), Nykredit and Danmarks Nationalbank.

In 2023, Jyske Bank acquired PFA Bank, and the integration was in the first half of 2024 successfully completed according to plan. The IT migration to Bankdata from BEC was implemented in the second quarter of 2024 when also administration and management of PFA Invest were taken over by BankInvest to ensure smooth transfer for the clients. The approach underlines Jyske Bank’s focus on client requirements which contributed to Jyske Bank’s Private Banking clients having been Denmark’s most satisfied clients for the past nine years running according to the research company Voxmeter.

In September 2024, Jyske Finans, which manages the Group’s leasing activities, announced the acquisition of a leasing portfolio from Opendo. The acquisition supports Jyske Finans’ leading position in the structurally growing leasing market with higher volume to the portfolio of cars on operational leasing contracts.

In Q1-Q3 2024, Jyske Bank introduced additional attractive savings products and sharper prices and offers for home loan products to personal clients. The flexible mortgage loan, Jyske Prioritet+, was highlighted by TÆNK, the Danish Consumer Council, with the rating ’Recommend’. Clients’ credit cards were also improved through travel insurance and purchase warranty as well as VISA’s loyalty programme with approx. 1,500 stores and web shops.

Jyske Bank’s target is to be an active and constructive part of the green transition and Jyske Bank’s target is net zero CO₂ emission across business-oriented activities in the form of loans and investments not later than in 2045 and 2050, respectively. In addition, Jyske Bank aims at lending growth contributing to offset climate changes, and the CO₂ emission from Jyske Bank’s own activities must be reduced by 65% from 2020 to 2030.

Earnings per share DKK 60.5 in Q1-Q3 2024
Earnings per share were DKK 60.5 against DKK 62.0 the previous year, corresponding to a net profit of DKK 2,623m or a return of 11.8% p.a. on equity against DKK 2,488m and 13.5% p.a., respectively in Q1-Q3 2023. Despite a lower pre-tax profit, the tax expense increased due to a higher special tax.

The reason for the lower results is particularly higher costs as a result of sector-wide, collectively prescribed salary increases and the acquisition of PFA Bank as well as lower gains from the sale of leasing cars. The development in Q1-Q3 2024 reflects a Danish economy growing moderately with continued high employment. The economy withstood interest rate hikes in 2022 and 2023, and an improved inflation outlook in June 2024 paved the way for Danmarks Nationalbank’s first interest rate cut for several years, followed up by further cuts in September and October.

Jyske Bank’s business volume showed an overall declining development in loans and deposits in Q1-Q3 2024, supplemented by a sizeable increase in the investment area. Bank loans decreased 5% due to lower loans to personal clients compared with end-2023. Bank deposits fell by 2% due to lower time deposits from corporate clients. Nominal mortgage loans were roughly unchanged since lower lending to personal clients were offset by a higher amount of lending to corporate clients. Assets under management rose by 14% due to a favourable development in the financial markets and net sales of investment solutions.

Core income rose by 1% relative to Q1-Q3 2023 due to a slight increase in most income items. Net interest income rose by 1% due to the higher level of interest rates. Net fee and commission income was up by 1% due to the acquisition of PFA Bank and a higher amount of assets under management. Value adjustments still contributed positively due to the development in the financial markets. Other income increased due to higher share dividends whereas a gradual normalisation of favourable sales conditions in the leasing car market caused a decline in income from operating lease (net).

Core expenses rose by 6% compared to Q1-Q3 2023. The increase can primarily be attributed to sector-wide, collectively prescribed salary increases of 3.7%, the derived effect from the abolishment of All Prayers Day and the effect from the acquisition of PFA Bank. In addition, the level of one-off items was at an elevated level.

Loan impairment charges amounted to DKK 13m in Q1-Q3 2024 compared with DKK 96m in Q1-Q3 2023. Management’s estimates relating to loan impairment charges were in Q1-Q3 2024 reduced by DKK 151m to DKK 1,783m as the result of lower macroeconomic risks. The credit quality is still solid with a low level of non-performing exposures.

At the end of Q1-Q3 2024, Jyske Bank’s common equity tier 1 capital ratio was 17.2%, which is above the targeted range of 15%-17%. In Q1-Q3 2024, Jyske Bank distributed a dividend of DKK 500m or DKK 7.78 per share and executed a share buy-back programme of DKK 1.5bn which was completed in early October. The share buy-back programme was the first since the acquisition of Handelsbanken Denmark and reflects a restored capital base supported by two capital issues in the first quarter of 2024. The issues contributed to an increase in the total capital ratio to 22.6%, above the targeted range at 20%-22%.

2024 outlook
For 2024, Jyske Bank estimates a net profit in the range of DKK 5.0bn-5.3bn, corresponding to earnings per share in the range of DKK 75-80. The outlook was in October 2024 upgraded from a net profit in the upper end of the range of DKK 4.3bn-5.1bn, corresponding to earnings per share in the upper half of the range of DKK 64-76. The upward revision was attributed to favourable financial markets and a solid credit quality.

Core income is expected to decline in 2024, in particular as a result of lower value adjustments which were at a historically high level in 2023. Expectations mirror moderate growth in the Danish economy and a reduction of Danmarks Nationalbank’s deposit rate at 1.0 percentage point in 2024. Core expenses inclusive of non-recurring costs are expected to be slightly higher in 2024 compared with 2023. Non-recurring expenses for the integration of Handelsbanken Denmark and PFA Bank are expected to total DKK 0.1bn.

As in 2023, loan impairment charges are expected to be at a low level in 2024. The expectations involve uncertainty and depend, for instance, on macroeconomic circumstances and the development in the financial markets.

Webcast and conference call
Jyske Bank will host a conference call in English targeting investors and analysts today at 2.00 p.m. CET (link). Conference call and presentation will be available via jyskebank.com/investorrelations.

Yours faithfully,
Jyske Bank

Contact:
Lars Mørch, CEO and Managing Director, tel. +45 89 89 20 01
Birger Krøgh Nielsen, CFO, tel. +45 89 89 64 44

Attachments

The MIL Network –

January 25, 2025

MIL-OSI Russia: GUU held the second strategic session for MBA students in the Republic of Belarus

Translation. Region: Russian Federation –

Source: State University of Management – Official website of the State –

The State University of Management held the second strategic session for students of the professional retraining program “Master of Business Administration (MBA)”, studying within the quota established by the Government of the Russian Federation.

The event was held at the Representative Office of Rossotrudnichestvo in the Republic of Belarus – the Russian House in Minsk.

The strategic session “Effective tools for analyzing business processes of an organization”, conducted by the head of the department of industrial organizations management of the Institute of Industry Management Victoria Borisova and associate professors of the department of project management of the Institute of Industry Management Natalia Titova and Tatyana Chernova, is dedicated to tools for constructing, analyzing and identifying problems in existing business processes in an organization.

During the two-day face-to-face session, MBA students also developed recommendations and projects for improving business processes in their organizations. More than 50 students of the program took part in the event.

Let us recall that the first strategic session for MBA program students was held in April of this year.

The State University of Management trains foreign citizens in additional professional education programs within the framework of the Eurasian Network University, whose activities are aimed at creating and developing a single educational space of EAEU universities. More than 250 students have already been trained in various additional professional programs in 2024.

Subscribe to the TG channel “Our GUU” Date of publication: 10/29/2024

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.

MIL OSI Russia News –

January 25, 2025

MIL-OSI Asia-Pac: “SME ReachOut: FUND Fair plus Tech Sourcing 2024” to be held today and tomorrow (with photos)

Source: Hong Kong Government special administrative region

With support from the Trade and Industry Department, the Hong Kong Productivity Council (HKPC) is holding “SME ReachOut: FUND Fair plus Tech Sourcing 2024” (the Fair) for two consecutive days starting today (October 29). The Fair seeks to provide information on government funding schemes and assist small and medium-sized enterprises (SMEs) in undertaking digital transformation, with a view to bringing new impetus to SMEs’ sustainable development.

Speaking at the opening ceremony, the Secretary for Commerce and Economic Development, Mr Algernon Yau, said that supporting SMEs in developing new markets and pursuing new growth areas, and assisting SMEs in digitalisation and green transformation have long been the priority tasks of the Commerce and Economic Development Bureau and the Trade and Industry Department. This year’s Policy Address announced a number of initiatives, such as injecting $1 billion into the BUD Fund (Dedicated Fund on Branding, Upgrading and Domestic Sales), expanding the geographical coverage of E-commerce Easy to the 10 ASEAN countries, and providing more targeted funding support for enterprises to implement green transformation projects. He encouraged the trade to make good use of the various support measures to expand their business and embrace changes.

The Fair, a leading annual event organised by “SME ReachOut”, contains five thematic zones, covering topics including government funding schemes, digital transformation, e-commerce, business expansion and ESG (environmental, social and governance). The Fair also features 10 thematic seminars, where experts will share information related to government funding schemes, digital transformation and e-commerce, enabling SMEs to understand the latest market trends and seek opportunities for co-operation and suitable solutions.

Operated by the HKPC under the support of the Government, “SME ReachOut” has been in service since January 2020 to assist SMEs in identifying suitable government funding schemes and answer questions related to applications. The enhanced services of “SME ReachOut” rolled out in October 2023 have strengthened the support to SMEs on government funding applications and provided capacity building services for SMEs, including one-on-one technology/business know-how consultation meetings with SMEs and networking events for SMEs, as well as annual large-scale events, such as the Fair.

Details of “SME ReachOut: FUND Fair plus Tech Sourcing 2024” are available at u.hkpc.org/fund_tech2024_en. For details of “SME ReachOut”, please visit smereachout.hkpc.org/en.

For enquiries, please contact “SME ReachOut” (Tel: 2788 6868).

MIL OSI Asia Pacific News –

January 25, 2025

MIL-OSI: 1300 Clients and Accelerating Growth: European Tech Scaleflex Unveils Visual Experience Platform to Disrupt $4.5B DAM Market

Source: GlobeNewswire (MIL-OSI)

Since 2020, the company has reached 1300 clients. The release of the Visual Experience Platform is set to reshape the $4.5B market of Digital Asset Management (DAM) and AI Visual Enhancement markets solutions. The DAM market is expected to reach $16.2B dollars by 2032.¹

PARIS, Oct. 29, 2024 (GLOBE NEWSWIRE) — With €2.5M in funding, France-founded solution provider Scaleflex introduces its new Visual Experience Platform (VXP).

Analysts expect the DAM market to reach a compound annual growth rate (CAGR) surpassing 17%². Key drivers include increased adoption of cloud-based architecture and the integration of AI and machine learning for asset management.

“VXP answers our clients’ call for a single platform that goes beyond traditional DAM — facilitating content optimization, enrichment, and distribution. Our work with L-Commerce, an E. Leclerc subsidiary, France’s leading grocery retailer, is proof. We helped them process assets faster, at lower costs, boosting both scalability and web performance. Both are critical for eCommerce success,” says Emil Novakov, co-founder and CEO of Scaleflex.

VXP is a first-of-its-kind software in the DAM market, offering integrated functions tailored to marketing, digital, and IT teams :

Digital Asset Management, a single source of truth to reference and distribute visual assets (images, videos…)
Visual AI-enhancement to automate tasks like Not safe for work moderation, enrichment, tagging and visual search (vector search)
Web Portals to collaborate and share assets such as brand guidelines, marketing campaigns…
Dynamic Media Optimization transforming visuals to increase web performance

The composable VXP helps IT & business teams from enterprise & midmarket companies optimize billions of visual assets. Over 1300 clients benefit from the VXP modules, including Michelin, Hyundai, Rakuten, Grupo Piñero, SeLoger, or the European Space Agency.

The VXP’s intuitive interface can be used by marketing, digital, and communications teams. In addition, IT departments can leverage a full headless approach thanks to scalable APIs that easily integrate into existing systems, driving faster innovation.

“With a cloud-agnostic architecture built to scale and provide blazing-fast performance for our customers, our platform easily integrates with any system, including MACH-based architectures, providing businesses the agility to adapt and scale their visual stack,” says Julian De Maestri, co-founder and CTO of Scaleflex. “VXP is a next-gen composable solution.”

About Scaleflex:

A fast-growing European Tech SaaS, Scaleflex provides comprehensive visual content management solutions. The company’s portfolio includes state-of-the-art tools that help business and IT teams maximize the value of their media assets, optimize content delivery, and improve digital experiences across the board. With a focus on performance, scalability, and innovation, Scaleflex is trusted by more than 1300 customers.
For more information, please visit www.scaleflex.com.

Media Contact:
Jonathan Britel
Phone: +33 6 77 91 18 49
Email: jonathan.britel@scaleflex.com
Side topics : Interview enquiries about IT & technology innovation in Retail, Real Estate, Tourism and Online Media

^¹ Fortune Business Insights. (2024, September). Digital Asset Management (DAM) Market Size, Share & Regional Forecast, 2024-2032. Report ID: FBI104914. https://www.fortunebusinessinsights.com/digital-asset-management-dam-market-104914

^² FNFR. (2024). Digital Asset Management (DAM) Market Size, Share, Growth Analysis Report 2020-2026. https://www.fnfresearch.com/digital-asset-management-dam-market

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/487a4984-c96d-4880-a2b3-2f7ae6c5f405

The MIL Network –

January 25, 2025

MIL-OSI USA News: FACT SHEET: President Joe Biden Announces $3 Billion to Strengthen Port Infrastructure, Create Good-Paying and Union Jobs, Bring Cleaner Air to Communities

Source: The White House

President Biden will travel to the Port of Baltimore to announce $147 million in awards, which will support up to 2,000 good-paying and union jobs at the Port

Today, President Biden will travel to the Port of Baltimore to announce a $3 billion investment from his Inflation Reduction Act to improve and electrify port infrastructure, support an estimated 40,000 good-paying and union jobs, reduce pollution, and combat the climate crisis. The announcement includes $147 million in awards for the Maryland Port Administration, which will support over 2,000 good-paying and union jobs by enabling the purchase and installation of zero-emission port equipment, charging infrastructure, and power improvements. During the visit, President Biden will highlight how his Investing in America agenda is making an historic impact on communities and workers in Baltimore and across the country.

$3 Billion Investment to Strengthen Port Infrastructure

Today, President Biden is announcing $3 billion in Environmental Protection Agency Clean Ports grants, funded by the Inflation Reduction Act, to 55 selectees across 27 states and territories, including $147 million in implementation and planning grants for the Maryland Port Administration. The nation’s ports are the lynchpin of our nation’s supply chains and employ over 100,000 union workers across the United States.

This funding will protect and create good-paying and union jobs and better working conditions by upgrading port operations and infrastructure to cleaner equipment, while ensuring cleaner air for port workers and nearby communities. The Clean Ports program will support an estimated 40,000 jobs across the economy, including over 6,500 manufacturing jobs, and is expected to increase demand for American manufactured electric cargo handling equipment at least six-fold over the life of the program.

While a major economic driver, our nation’s ports are a major source of pollution for workers and surrounding communities. Communities living near ports and other transportation corridors are exposed to toxic pollution which can cause respiratory and cardiovascular harm, especially in children. The Clean Ports program will improve air quality at ports across the country by installing clean, zero-emission freight and ferry technologies along with associated infrastructure, eliminating more than 3 million metric tons of carbon pollution over the first ten years of implementation, equivalent to 391,220 homes’ energy use for one year. The funds announced today will support the purchase of battery-electric and hydrogen-powered human-operated and human-maintained equipment, including over 1,500 units of cargo handling equipment, 1,000 drayage trucks, 10 locomotives, and 20 vessels, as well as shore power systems for ocean-going vessels, battery-electric and hydrogen vehicle charging and fueling infrastructure, and solar power generation. The Clean Ports program advances the President’s Justice40 Initiative and aligns with the Biden-Harris Administration’s goal for a zero-emission freight sector.

Investing in the Port of Baltimore

President Biden will announce the funding at the Port of Baltimore in Maryland. The Port of Baltimore is one of the busiest ports on the East Coast and is a major hub for the import and export of vehicles. More than 20,000 workers support daily Port operations, including unionized longshoreman and truckers. Each day the Port’s economic impact represents $192 million or more than $70 billion a year, representing 13% of Maryland’s gross domestic product.

The Maryland Port Administration’s Equipment Electrification and Terminal Decarbonization project has been selected to receive over $145 million to purchase zero-emission cargo handling equipment and drayage trucks and facilitate the transition of the port to a zero-emission facility, as well as a nearly $2 million planning grant to help the port chart a path to greater emissions reductions in the future, delivering cleaner air for the port and neighboring communities. The port is a major economic engine for the region, providing thousands of jobs and contributing billions of dollars to the local economy—and this new investment will support over 2,000 jobs, including more than 350 manufacturing jobs.

Creating Good Paying, Union Jobs in Baltimore and Across the Country

President Biden is the most pro-union president in history. He’s the first and only president to walk a picket line, and under his Administration, unions have secured historic labor wins. Last month, President Biden signed an Executive Order that calls on agencies to promote strong labor standards such as family-sustaining wages, workplace safety, and the free and fair choice to join a union, and encourages agencies to implement these standards through their Investing in America programs. This builds on a record of pro-worker accomplishments throughout the Biden-Harris Administration. For example:

Workers are filing for union representation at twice the rate they were at the start of the Biden-Harris Administration—the first Administration in five decades to have an increase in union petitions. In Maryland, union petitions increased by 55% percent. The National Labor Relations Board has met this historic moment by reducing unnecessary delays in union representation elections and by expanding remedies available to workers when their employers engage in unionbusting.
The vast majority of Investing in America programs require grantees to pay Davis-Bacon prevailing wages for workers. The Administration also published the first update to Davis-Bacon prevailing wages in nearly 40 years, which will increase pay for one million construction workers over time.
The Department of the Treasury finalized a rule implementing prevailing wage and apprenticeship bonus credits for certain clean energy projects funded by the President’s Inflation Reduction Act to ensure clean energy workers are paid good wages and that these projects create equitable pipelines to these good jobs.

Building on Historic Investments in Maryland’s Infrastructure and Economy

Today’s announcement builds on a historic investment in the state of Maryland under the Biden-Harris Administration. To date, the Investing in America agenda has delivered over $13 billion for over 970 projects in Maryland, spurring over $3 billion in private sector investments.

This includes a number of projects in Baltimore, for example:

$4.7 billion for Amtrak’s Frederick Douglass Tunnel—which will replace the 150-year-old Baltimore and Potomac tunnel that is currently one of the largest rail bottlenecks on the Northeast Corridor;
$213 million to replace the Maryland Transit Administration’s entire fleet of 52 aging light rail vehicles with new, modern rail cars;
$80 million for interchange improvements at the I-895 Baltimore Harbor Tunnel;
$68 million for upgrades at Baltimore Washington International Thurgood Marshall airport;
$43 million to identify and replace toxic lead pipes across Maryland;
$31 million to rehabilitate a section of the Dundalk Marine Terminal at the Port; and
$9 million to Baltimore City Public Schools for clean school buses.

Baltimore was also named an Investing in America Workforce Hub, where the Administration is bringing together industry, government, educators, non-profits and unions to help workers in Maryland access good jobs created by private and public sector investments in the state. In November 2023, Hub partners announced new efforts to train and hire local residents to support major infrastructure projects. These commitments include one from the State of Maryland to incorporate a Project Labor Agreement in the bidding process for nine projects covering $9 billion in investment and 11,000 jobs—including 7,000 construction jobs. One of these commitments includes Amtrak promising to invest at least $5 million in funding received through the Bipartisan Infrastructure Law to create recruitment and training programs for new jobs for Baltimore residents as part of the Frederick Douglass Tunnel Program.

The Department of Commerce also awarded the Maryland Department of Labor $23 million through the Economic Development Administration’s Good Jobs Challenge to create a new apprenticeship model for the growing offshore wind industry in Maryland, working with leading employers and local unions to develop a training model focused on underserved populations. The Maritime Administration is further supporting the Maryland offshore wind industry through a $47 million grant to Sparrows Point Steel to retool, a former Bethlehem Steel mill in Baltimore, to establish an offshore wind logistics and manufacturing hub in partnership with the United Steelworkers.

The Biden-Harris Administration’s Investing in America agenda has also unleashed $3 billion in private sector manufacturing and clean energy investments in Maryland, including:

A $350 million investment by United Safety Technology in Baltimore to produce critical medical supplies, including personal protective equipment.
A $300 million investment by AstraZeneca in a state-of-the-art facility in Rockville to launch life-saving cell therapy platforms for cancer trials.
A $230 million investment by Catalent to expand its advanced gene therapy manufacturing campus in Harmans.

The Administration’s Investing in America agenda continues to make critical investments that will improve the lives and futures of all Marylanders.

The Biden-Harris Administration’s Ongoing Support for Baltimore

President Biden was last in Baltimore in the immediate aftermath of the tragic collapse of the Francis Scott Key bridge, which claimed the lives of six construction workers and closed ship traffic in and out of the Port of Baltimore. There, he said his Administration would move heaven and earth to reopen the Port of Baltimore as quickly as possible to support Maryland’s workers and economy. A Unified Command led by the United States Coast Guard and the Army Corps of Engineers cleared 50,000 tons of wreckage from the channel, allowing the Port to fully reopen 78 days after the bridge collapse. The Department of Labor and Small Business Administration mobilized quickly to support workers and small businesses impacted by the port closure, including thousands of Longshoremen and Teamsters who rely on the port for their livelihood. And the Department of Transportation and the Supply Chain Disruptions Task Force worked to limit supply chain disruptions, keep costs down, and ensure cargo quickly returned to the Port once it reopened. Today, port workers are back on the job, once again moving more than 100,000 tons of cargo per day.

The President also committed to rebuilding the bridge as quickly as possible. Thanks to close collaboration with the Department of Transportation, Maryland is on the fast track to rebuild the bridge. In July, the Federal Highway Administration issued a Categorical Exclusion, allowing the project to clear a critical permitting milestone. And in August, Maryland selected a contractor to design and build the new bridge. Immediately following the bridge collapse, President Biden called on Congress to fully fund the replacement bridge and his Administration reiterated this request in July.

The Biden-Harris Administration also committed to holding the owners of the DALI cargo ship accountable for the disaster. Just last week, the Department of Justice announced a settlement of over $100 million with the owners of the DALI to cover federal government costs incurred in responding to the collapse. While the State of Maryland continues to pursue a separate lawsuit for damages incurred to the local economy, community, and families impacted by the collapse, the Biden-Harris Administration remains committed to working with Baltimore and the State of Maryland to ensure the city’s long-term recovery and success.

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MIL OSI USA News –

January 25, 2025

MIL-OSI United Kingdom: York care leavers celebrate award nomination

Source: City of York

Young care leavers from York’s Care Leavers Forum ‘I Still Matter’ are celebrating being nominated for a prestigious national award this Care Leavers’ Week (28 October-3 November).

The group, which represents care leavers across the city, and City of York Council’s Pathway Team, which supports care leavers, have been shortlisted for the National Voice Awards 2024 in The Collaboration Award category.

The shortlisting highlights the work the team and ‘I Still Matter’ group have been doing to work together to reshape and design the new local offer for care leavers. The project included consultations with wide groups of care leavers to ensure the new offering was designed around lived experiences, and includes increase support for care leavers who are parents and improvements to financial support, leisure and travel offering and wellbeing support. The awards will be announced on 30 October.

National Care Leavers’ Week gives young care leavers the opportunity to challenge the perceptions given to them and raise awareness of the issues those in care face, whilst also celebrating the incredible things many go on to achieve. The theme this year will be: All of us, we are one.

Events are being organised across the city to celebrate care leavers and the family, carers, friends, and mentors who support them.

The council is also launching its new Care Leavers’ Offer during Care Leavers’ Week. The document sets out what young people leaving care can expect from the council and how they can access help and support.

Danielle Johnson, the council’s, Director of Safeguarding, Children’s Services said:

We want to support our young people as they make the transition from care through to independent living and beyond, just as most parents support their children well into adulthood.

“In York, we’re incredibly fortunate to have the support of some fabulous businesses and partners who help support our care leavers, through opportunities or Christmas gifts, work experience placements or apprenticeships. I’d like to thank all those who have helped support our care leavers over the last year. It really does take a village – or in our case, a city – to raise a child.”

Abbie, a care leaver, said:

We’ve spent a lot of time working with the pathway team to co-produce the new offer.

“We wanted an offer that was tailored more to the individual rather than a blanket offer – because we all need different things at different times.”

Find more information on helping care leavers.

MIL OSI United Kingdom –

January 25, 2025

MIL-OSI Asia-Pac: CE leads delegation to visit Shanghai and attend seventh China International Import Expo

Source: Hong Kong Government special administrative region

CE leads delegation to visit Shanghai and attend seventh China International Import Expo
CE leads delegation to visit Shanghai and attend seventh China International Import Expo
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The Chief Executive, Mr John Lee, will lead a Hong Kong Special Administrative Region (HKSAR) Government delegation to visit Shanghai on November 4 and will attend the seventh China International Import Expo (CIIE). Members of the HKSAR Government delegation include the Financial Secretary, Mr Paul Chan; the Secretary for Commerce and Economic Development, Mr Algernon Yau; the Director of the Chief Executive’s Office, Ms Carol Yip; the Permanent Secretary for Financial Services and the Treasury (Financial Services), Ms Salina Yan; and the Permanent Secretary for Commerce and Economic Development, Ms Maggie Wong. On November 5, Mr Lee will attend the opening ceremony of the CIIE and the Hongqiao International Economic Forum and visit the booths of Hong Kong enterprises at the Hong Kong exhibition area to show support. In addition, the HKSAR Government and the Hong Kong Trade Development Council will hold a high-level event, namely the 2024 Hong Kong Investment Promotion Conference – Shanghai Forum, during the CIIE, where Mr Lee and Mr Chan will deliver speeches to promote Hong Kong’s advantages and its role as a connecting platform under the national dual circulation strategy to Mainland and overseas enterprises. “The CIIE is an important economic diplomatic event held after the victorious conclusion of the Third Plenary Session of the 20th Central Committee of the Communist Party of China, providing vast business opportunities for Hong Kong enterprises to tap into the domestic market. Hong Kong has always actively participated in and supported the CIIE. In addition to senior government officials attending, over 300 Hong Kong enterprises are taking part in the exposition this year, jointly promoting Hong Kong’s advantages and development opportunities in different areas and telling Hong Kong’s good stories,” Mr Lee said. During his visit to Shanghai, Mr Lee will meet with leaders of Shanghai to deepen Hong Kong-Shanghai cooperation. He will also exchange views with Hong Kong people and representatives of Hong Kong enterprises in Shanghai. Mr Lee will return to Hong Kong on November 6. During his absence, the Chief Secretary for Administration, Mr Chan Kwok-ki, will be the Acting Chief Executive. During the absence of Mr Paul Chan, the Deputy Financial Secretary, Mr Michael Wong, will be the Acting Financial Secretary. During the absence of Mr Yau, the Under Secretary for Commerce and Economic Development, Dr Bernard Chan, will be the Acting Secretary for Commerce and Economic Development.

Ends/Tuesday, October 29, 2024Issued at HKT 17:48

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MIL OSI Asia Pacific News –

January 25, 2025

MIL-OSI Australia: Second reading speech – Privacy and Other Legislation Amendment Bill 2024

Source: Australian Executive Government Ministers

Check Against Delivery

Introduction

The digital economy has unleashed enormous benefits for Australians. But it has also increased the privacy risks we face through the collection and storage of enormous amounts of our personal data.

The Privacy Act 1988 represented the first time that a comprehensive, integrated set of legal rules protecting interests in privacy existed in Australia. On introducing it, Attorney-General Lionel Bowen told the Parliament that “enormous developments in technology for the processing of information are providing new and, in some respects, undesirable opportunities for the greater use of personal information.”

In that respect, little has changed. Evolutions in technology and the way people use it continue to vex those who share information online, and those charged with regulating it. It is essential that Australians are protected by a legal framework that is flexible and agile enough to adapt to changes in the world around them.

The Privacy Act has not kept pace with the adoption of digital technologies. The vast data flows that underpin digital ecosystems have also created the conditions for significant harms – like major data breaches that have revealed the sensitive information of millions of Australians, exposing us to the risk of identity fraud and scams.

Strong privacy laws and protections are critical to building public trust and confidence in the digital economy, and driving the investments needed to keep people’s data safe.

The right to privacy is a fundamental human right. As Sir Zelman Cowen said in his 1969 Boyer Lectures, a person without privacy is a person without dignity. We must be vigilant in ensuring that evolving technology does not erode our ability to protect information about who we are, what we do and what we believe from being misused.

The Privacy and Other Legislation Amendment Bill 2024 is a significant step forward for Australian privacy law. It begins the much-needed work of updating our privacy laws to be fit-for-purpose in the digital age.

With this Bill, the Australian Government is taking the next step to ensure Australians’ privacy is respected and protected. It implements a first tranche of agreed recommendations of the Privacy Act Review, ahead of consultation on a second tranche of reforms.

It also delivers on a commitment made by the Albanese Government following the National Cabinet held in May to address gender-based violence, by outlawing the practice of “doxxing”, or the malicious release of personal data online.

Schedule 1 of the Bill will amend the Privacy Act to enhance its effectiveness, strengthen the enforcement tools available to the privacy regulator and better facilitate safe overseas data flows. It will require the development of a Children’s Online Privacy Code, streamline information-sharing in emergencies and following eligible data breaches, and increase transparency when entities are automating significant decisions which use personal information.

Schedule 2 of the Bill will introduce a new statutory tort to provide redress for serious invasions of privacy.

Schedule 3 of the Bill will amend the Criminal Code Act 1995 to introduce new criminal offences to target the harmful practice of doxxing.

Schedule 1 – Privacy Act amendments

Schedule 1 begins the work of bringing Australia’s privacy protection framework into the digital age. The amendments re-affirm the Government’s view that entities have a responsibility to protect Australians’ personal information and not treat it merely as a commercial asset.

Children’s privacy

While all Australians face privacy risks in the online environment, children are particularly vulnerable. For many Australian children, social media has been part of their lives from the time they were born. They have never lived in a world without it.

It has been estimated that by the time a child turns 13, around 72 million pieces of data will be collected about them.

This Bill will require the development of a Children’s Online Privacy Code which will apply to social media and other internet services which are likely to be accessed by children. The Children’s Online Privacy Code will specify how these entities must comply with privacy obligations in relation to children. The Code will align to the extent possible with similar codes in like-minded countries, such as the United Kingdom.

The Code will be developed by the Office of the Australian Information Commissioner, which will be provided with $3 million in funding over three years to do this important work.

Information-sharing declarations after data breaches and emergencies

Cyber incidents are growing in number, speed and sophistication. Data breaches are exposing millions of Australians to risk of fraud, identity theft and scams. This Bill will promote the importance of implementing technical and organisational controls – such as encrypting data and training staff on data protection – to address information security risks.

It will also support more effective responses to data breaches by introducing eligible data breach declarations. A declaration will permit the sharing of personal information following a notifiable data breach for the purpose of preventing or reducing the risk of harm to individuals.

Sharing information under these circumstances will enable entities such as banks to act quickly to prevent the misuse of compromised credentials. Safeguards are included to ensure that a declaration can only be made for a purpose that is related to preventing or reducing a risk of harm to individuals arising from a misuse of personal information from the eligible data breach.

An eligible data breach declaration can be issued quickly and will make clear the kinds of personal information that may be shared, and with whom they may be shared, which may include state and territory agencies.

Similarly, emergency declarations made under the Act permit personal information sharing following disasters or emergencies to support response efforts, including to assist affected individuals. The Bill will require emergency declarations to specify the kinds of personal information, types of entities permitted to share information and the purposes for which it may be shared. These changes will ensure that individuals’ privacy is protected while also addressing their broader interests, and will support enhanced coordination with states and territories in emergencies and disasters.

Overseas data flows

The flow of information across national borders is critical for international trade and services in a globalised world. To support the free flow of information with appropriate protections, the Bill provides for countries with substantially similar data privacy laws to Australia to be prescribed. Businesses and individuals will be able to have greater confidence that personal information will be kept safe. This will also reduce costs for business when entering into contracts and agreements with overseas entities.

Enforcement

Effective enforcement of the Privacy Act is essential to protect Australians’ interests. This Bill expands the suite of regulatory powers available to the Information Commissioner to effectively enforce the Act and provides a broader range of enforcement options available to do so. This will include new civil penalties and infringement notices for less serious privacy breaches.

To investigate potential privacy breaches in an increasingly complex digital landscape, the Information Commissioner requires modern investigative powers. This Bill provides the Information Commissioner with additional powers, including for search and seizure, which may be exercised under warrant when investigating breaches of the Act, and scalable enforcement options.

The Bill will empower a court to make appropriate orders where it has determined that an entity has breached a civil penalty provision, which may include compensation for loss or damage suffered.

Effective privacy protection requires proactive regulatory action. This Bill also strengthens the Information Commissioner’s capacity by expanding monitoring and assessment functions. The Bill also introduces new public inquiry powers which will enable the Information Commissioner to inquire into specified matters as directed or approved. This will enable the Information Commissioner to keep closer oversight of threats to privacy, including issues of a systemic nature, as they emerge.

Automated decision making

The safe and responsible development and deployment of automated decision making presents significant opportunities. These systems have the potential to increase the efficiency, accuracy and consistency of decisions, and they present opportunities for improved outcomes in health, environment, defence and national security.

The Bill will provide individuals with transparency about the use of their personal information in automated decisions which significantly affect their interests. Entities will need to specify the kinds of personal information used in these sorts of decisions in their privacy policies.

Importantly these requirements will apply to decisions that are wholly or substantially automated, ensuring that the new requirements cannot be avoided by ‘tokenistic’ human involvement in a decision-making process.

Schedule 2 – statutory tort for serious invasions of privacy

A statutory tort applying to breaches of privacy has been talked about in Australia for a long, long time – as early as 1969, when Sir Zelman Cowen, then Vice-Chancellor of the University of New England, endorsed legislation to create an actionable right to seek redress for breaches of privacy.

There is currently no tortious right of action for invasion of privacy under the Act or any other Commonwealth, state or territory statute. The creation of a statutory tort was recommended by the Australian Law Reform Commission in its 2014 Report “Serious Invasions of Privacy in the Digital Era”, which I commissioned in 2013. It has been recommended by many other inquiries before and since.

In its 2014 report, the Commission stated the creation of a statutory tort would “fill an increasingly conspicuous gap in Australian law, helping to protect the privacy of Australians, while respecting and reinforcing other fundamental rights and values, including freedom of expression”.

Schedule 2 to the Bill will provide a new statutory cause of action, or tort, for individuals who have suffered a serious invasion of their privacy. This will include an intrusion on a person’s physical privacy, so the tort will complement the Privacy Act, which focusses on the narrower concept of information privacy.

There are parts of our lives that we reasonably expect to be able to keep to ourselves. The freedom to enjoy a private and family life, and express ourselves and our beliefs in safety, is critical to our wellbeing and dignity.

Ensuring that individuals have a clear right to seek a legal remedy against people or entities who seriously invade their privacy is a key part of ensuring that our privacy laws keep pace with community expectations and advances in technology.

Schedule 2 to the Bill provides that an individual has a cause of action for serious privacy invasions, either by an intrusion upon the individual’s seclusion – for example by physically intruding into their private space – or by misuse of their information, in circumstances where the individual had a reasonable expectation of privacy.

A plaintiff will have a cause of action without having to prove that any damage arose from the invasion of privacy. The damage or harm a plaintiff suffers will be a relevant factor in assessing the seriousness of the invasion, and the remedies that may be awarded.

For a claim to succeed, the plaintiff will need to demonstrate the public interest in protecting their privacy outweighs any competing public interest raised by the defendant.

In addition to the public interest balancing test, a range of defences will apply, including where the conduct of the defendant was required or authorised by law or was necessary because of a serious threat to life, health or safety.

The Bill will provide specific exemptions from liability under the tort, including for journalism, enforcement bodies and intelligence agencies. These exemptions are important to protect press freedom and ensure that legitimate activities of government can be delivered effectively.

The journalism exemption provides that invasions of privacy which occur in the course of the collection, preparation or publication of journalistic material, by a journalist, their employer, or someone assisting them, would not be liable under the tort. The Bill requires that to be considered a ‘journalist’, the person must work in that professional capacity and be subject to applicable standards of professional conduct or a code of practice.

The journalism exemption also operates in addition to the requirement that a court balance the public interest in the plaintiff’s privacy with other public interests. This may involve consideration of the public interest in freedom of the media, or freedom of expression.

A court will have the flexibility to choose the remedy or remedies that are most appropriate in the circumstances. This may include compensation for non-economic loss or an order requiring the defendant to apologise to the plaintiff.

Schedule 3 – doxxing criminal offences

Schedule 3 of the Bill will amend the Criminal Code 1995 to create new criminal offences targeting the release of personal data in a manner that is menacing or harassing—a practice known as ‘doxxing’.

The prevalence of social media and online platforms has rapidly increased the capacity of malicious individuals to obtain personal data, and to release that online—either to the public at large on social media platforms, or to their associates on forum and messaging platforms.

Doxxing exposes victims to significant and enduring harm, including public embarrassment, humiliation, shaming, discrimination, stalking and identify theft and financial fraud. It can lead to threats to a victim’s life and safety, and the lives and safety of their families and friends. It can inflict significant and lasting psychological harm.

Doxxing is a damaging form of abuse that can affect all Australians but is often used against women in the context of domestic and family violence.

The creation of this offence also responds to a recent, shocking incident of a group who were targeted with doxxing on the basis of their religion.

The Bill creates a new offence that applies where a person:

uses a carriage service to make available, publish or otherwise distribute the personal data of one or more individuals; and
the person does so in a way that reasonable persons would regard as being menacing or harassing towards those individuals.

The new offence will carry a maximum penalty of 6 years’ imprisonment.

The Bill also introduces a further offence, with a more serious maximum penalty of 7 years’ imprisonment, where a person or group is targeted because of their race, religion, sex, sexual orientation, gender identity, intersex status, disability, nationality or national or ethnic origin.

The Government recognises that there are circumstances in which people legitimately publish and distribute personal data, including individuals’ names, contact details and movements.

The new offences will apply only where a reasonable person would consider the conduct to be, in all the circumstances, menacing or harassing, to ensure that legitimate conduct is not inappropriately criminalised.

‘Personal data’, in the context of these new offences, means information about an individual that enables them to be identified, contacted or located. This includes their name, photograph, telephone number, email address, online account, residential or work address, and place of education or worship. This definition recognises that doxxing can occur in a number of different ways.

The Albanese Government is committed to the protection of Australians from online harm, and these new offences will ensure that perpetrators of doxxing are held to account.

These new offences will complement work that is underway across government, to strengthen online safety for all Australians. This includes the takedown powers of the eSafety Commissioner, the Cyberbullying Scheme and the Adult Cyber Abuse Scheme under the Online Safety Act 2021.

Conclusion

This Bill is an important first step in the Government’s privacy reform agenda, but it will not be the last. Over the coming months, the Attorney-General’s Department will develop the next tranche of privacy reform for targeted consultation, including draft provisions. The Government is approaching this important reform work carefully, to ensure increased privacy protections are balanced alongside other impacts, and that we deliver the fairest outcome for all Australians.

After many years of inaction, this Labor Government is committed to genuine privacy reform. The Australian people expect no less – for themselves and their children.

MIL OSI News –

January 25, 2025

MIL-OSI: UP Fintech Announces Full Exercise of Over-Allotment Option in Follow-on Public Offering of American Depositary Shares

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, Oct. 29, 2024 (GLOBE NEWSWIRE) — UP Fintech Holding Limited (Nasdaq: TIGR) (“UP Fintech” or the “Company”), a leading online brokerage firm focusing on global investors, today announced that the underwriters of the Company’s follow-on public offering have fully exercised their option to purchase an aggregate of 2,250,000 additional American Depositary Shares (“ADSs”), each representing 15 Class A ordinary shares of the Company, from the Company at the public offering price of US$6.25 per ADS.

Deutsche Bank AG, Hong Kong Branch, China International Capital Corporation Hong Kong Securities Limited and US Tiger Securities, Inc. acted as the joint bookrunners for the ADS offering.

The ADS offering has been made pursuant to an automatic shelf registration statement on Form F-3 filed with the United States Securities and Exchange Commission (the “SEC”) and is available on the SEC’s website at http://www.sec.gov. The ADS offering has been made only by means of a prospectus supplement and an accompanying prospectus included in the Form F-3. The Form F-3 and the prospectus supplement are available on the SEC’s website at http://www.sec.gov. The final prospectus supplement has been filed with the SEC and is available on the SEC’s website at: http://www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus may be obtained by contacting Deutsche Bank AG, Hong Kong Branch, Level 60, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong; China International Capital Corporation Hong Kong Securities Limited 29/F, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong; or, US Tiger Securities, Inc., 437 Madison Avenue, 27th Floor, New York, NY 10022, United States of America.

This announcement shall not constitute an offer to sell, or a solicitation of an offer to buy, the securities described herein, nor shall there be any offer, solicitation or sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About UP Fintech Holding Limited

UP Fintech Holding Limited is a leading online brokerage firm focusing on global investors. The Company’s proprietary mobile and online trading platform enables investors to trade in equities and other financial instruments on multiple exchanges around the world. The Company offers innovative products and services as well as a superior user experience to customers through its “mobile first” strategy, which enables it to better serve and retain current customers as well as attract new ones. The Company offers customers comprehensive brokerage and value-added services, including trade order placement and execution, margin financing, IPO subscription, ESOP management, investor education, community discussion and customer support. The Company’s proprietary infrastructure and advanced technology are able to support trades across multiple currencies, multiple markets, multiple products, multiple execution venues and multiple clearinghouses.

For more information on the Company, please visit: https://ir.itigerup.com.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “might,” “aim,” “likely to,” “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements or expressions. Among other statements, the business outlook and quotations from management in this announcement, the Company’s strategic and operational plans and expectations regarding growth and expansion of its business lines, and the Company’s plans for future financing of its business contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20−F and 6−K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties, including the earnings conference call. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s ability to effectively implement its growth strategies; trends and competition in global financial markets; changes in the Company’s revenues and certain cost or expense accounting policies; and governmental policies and regulations affecting the Company’s industry and general economic conditions in China, Singapore and other countries. Further information regarding these and other risks is included in the Company’s filings with the SEC, including the Company’s annual report on Form 20-F filed with the SEC on April 22, 2024. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. Further information regarding these and other risks is included in the Company’s filings with the SEC.

For investor and media inquiries please contact:

Investor Relations Contact
UP Fintech Holding Limited
Email: ir@itiger.com

The MIL Network –

January 25, 2025

MIL-OSI Asia-Pac: Pradhan Mantri Mudra Yojana

Source: Government of India (2)

Pradhan Mantri Mudra Yojana

Loan Limit Raised to ₹20 Lakh from ₹10 Lakh

Posted On: 29 OCT 2024 3:00PM by PIB Delhi

“Millions of common men and women of this country, who run small business, have almost remained outside the net of formal institutional finance, in spite of their large contribution to the economy. MUDRA is our innovation of funding the unfunded.”

~ Prime Minister Narendra Modi

The Pradhan Mantri MUDRA Yojana (PMMY), launched by the Prime Minister on April 8, 2015, has played a pivotal role in empowering non-corporate, non-farm small and micro enterprises by providing loans of up to ₹10 lakh. To strengthen support for aspiring entrepreneurs, the finance minister announced an increase in the loan limit to ₹20 lakh during the Union Budget 2024-25 on July 23, 2024. This new limit took effect on October 24, 2024.

This announcement also introduces a new loan category, Tarun Plus, designed specifically for those who have previously availed and successfully repaid loans under the Tarun category, allowing them to access funding between ₹10 lakh and ₹20 lakh. Additionally, the Credit Guarantee Fund for Micro Units (CGFMU) will now provide guarantee coverage for these enhanced loans, further reinforcing the government’s commitment to nurturing a robust entrepreneurial ecosystem in India.

Mudra Yojana

MUDRA,³ which stands for Micro Units Development & Refinance Agency Ltd, is a financial institution set up by the Government of India under PMMY for development and refinancing micro unit enterprises. PMMY aims to provide financial inclusiveness and support to the marginalized and hitherto socio-economically neglected classes. PMMY has given wings to the dreams and aspirations of millions, along with a feeling of self-worth and independence.

Need for the MUDRA Yojana

India is a young country brimming with youthful enthusiasm and aspirations. In order to provide a fertile ground for sowing the seeds of India’s development it is very important to harness this innovative zeal of young India which can provide new age solutions to existing gaps in the economic ecosystem of the country. Understanding the need to harness the latent potential of entrepreneurship in India, the Union Government launched the Pradhan Mantri MUDRA Yojana.

MUDRA Loans: Categories

Under PMMY collateral free loans up to Rs. 20 Lakh are extended by Member Lending Institutions (MLIs) viz Scheduled Commercial Banks, Regional Rural Banks (RRBs), Small Finance Banks (SFBs), Non-Banking Financial Companies (NBFCs), Micro Finance Institutions (MFIs) etc. The loans are given for income generating activities in manufacturing, trading and services sectors and for activities allied to agriculture.

MUDRA loans now will be offered in four categories namely, ‘Shishu’, ‘Kishore’and ‘Tarun’ and newly added category ‘Tarun Plus’ which signifies the stage of growth or development and funding needs of the borrowers:-

Shishu: covering loans upto Rs. 50,000/-
Kishore: covering loans above Rs. 50,000/- and up to Rs. 5 lakhs
Tarun: covering loans above Rs. 5 lakh and up to Rs. 10 lakhs
Tarun Plus: Rs. 10 lakh and up to Rs. 20 lakhs

Achievements of PMMY

Under Pradhan Mantri Mudra Yojana (PMMY) amount sanctioned and disbursed in the financial year 2023-24 under various categories:[4]

Women Borrowers: A total of ₹1,08,472.51 crore was disbursed under the Shishu category, ₹1,00,370.49 crore under Kishore, and ₹13,454.27 crore under the Tarun category.
Minority Borrowers: The disbursements amounted to ₹15,759.66 crore under Shishu, ₹20,766.3 crore under Kishore, and ₹8562.27 crore under Tarun.
New Entrepreneurs / Accounts:
- Shishu category: 88,49,101 accounts with a sanctioned amount of ₹29,445.41 crore and disbursed amount of ₹28,839.75 crore.
- Kishore category: 34,06,239 accounts with ₹62,290.58 crore sanctioned and ₹60,407.02 crore disbursed.
- Tarun category: 7,57,456 accounts with a sanctioned amount of ₹70,294.35 crore and ₹68,861.13 crore disbursed.
Unique Borrowers (from 8th April 2015 to 31st March 2024):
- ₹44,891.82 crore was sanctioned under Shishu.
- ₹24,575.57 crore was sanctioned under Kishore.
- ₹19,120.58 crore was sanctioned under Tarun.

Mudra Card

MUDRA Card[5] is an innovative credit product wherein the borrower can avail of credit in a hassle free and flexible manner. It provides a facility of working capital arrangement in the form of an overdraft facility to the borrower. Since MUDRA Card is a RuPay debit card, it can be used for drawing cash from ATM or Business Correspondent or make purchase using Point of Sale (POS) machine. Facility is also there to repay the amount, as and when, surplus cash is available, thereby reducing the interest cost.

MUDRA App- “MUDRA MITRA”

MUDRA MITRA is a mobile phone application available in Google Play Store and Apple App Store, providing information regarding ‘Micro Units Development and RefinanceAgency Ltd. (MUDRA)’ and its various products/ schemes. It will guide a loan seeker to approach a Banker in availing MUDRA loan under PMMY. Users can also access useful loan related material including sample loan application forms in this app.

Steps taken to improve implementation of the Scheme:[6]

Handholding support for facilitating submission of loan applications
Provision for online applications through PSBloansin59minutes and Udyamimitra portal
Intensive publicity campaigns for increased visibility of the scheme amongst the stakeholders
Simplification of application forms
Nomination of MUDRA Nodal Officers in Public Sector Banks (PSBs)
Periodic monitoring of performance of PSBs with regard to PMMY
Interest Subvention of 2% on prompt repayment of Shishu loans extended under PMMY for a period of 12 months to all eligible borrowers.
Announced by Union Finance Minister on 14.05.2020 under Aatmanirbhar Bharat Package, the scheme has been formulated as a specific response to an unprecedented situation and aims to alleviate financial stress for borrowers at the ‘bottom of the pyramid’ by reducing their cost of credit.

Conclusion

The Pradhan Mantri MUDRA Yojana (PMMY) has fundamentally reshaped the landscape of entrepreneurship in India, driving significant progress in financial inclusion. By providing critical funding support, the scheme has enabled countless new entrepreneurs to turn their business ideas into reality. Over the years, it has also empowered women and minority communities, creating opportunities for economic upliftment and fostering a more inclusive growth environment. As the loan limit expands to ₹20 lakh, PMMY continues to play a vital role in nurturing small businesses and fueling the nation’s journey toward a more equitable and prosperous future.

References:

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Santosh Kumar/ Sarla Meena/ Kamna Lakaria

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MIL OSI Asia Pacific News –

January 25, 2025

MIL-OSI Europe: EIB Global and the European American Chamber of Commerce New York establish the Transatlantic Resilient Infrastructure Alliance

Source: European Investment Bank

The European Investment Bank (EIB) and the European American Chamber of Commerce New York (EACCNY) signed a Memorandum of Understanding on Monday to establish the Transatlantic Resilient Infrastructure Alliance, a platform for engaging with the private sector to boost infrastructure financing in low- and middle-income countries.

This alliance will provide a new grouping for a set of actors interested in infrastructure development and financing, building a transatlantic platform with major organisations from the US and Europe. Participants will include banks, institutional investors (such as pension funds, insurers, asset managers), and industry, all of which will join in an effort to develop sustainable financing options, identify and advance priority projects, and collaborate on the promotion of resilient infrastructure to build a sustainable future.

TRIA will take as a basis the EIB’s long experience in financing infrastructure investments and complement this through dialogue with European and US businesses keen to support global sustainability goals.

Based on the MoU, the alliance will regularly convene meetings between EIB senior staff and leaders from EACCNY member companies and associated organisations to improve shared understanding of the financing needs and opportunities in infrastructure projects in developing countries. The members of the alliance will work together to identify gaps in existing financing mechanisms and seek to identify solutions.

“The initiative will allow us to build closer relationships with existing and potential clients and other partners interested in transatlantic cooperation in low- and middle-income countries,” said Markus Berndt, Head of the European Investment Bank’s Representation in Washington. “The EACCNY brings together a range of important corporates and institutions who have a lot of valuable insights, as we seek to ensure that more private sector finance reaches high priority investments.”

“Considering the enormous needs in global infrastructure development at this critical moment in time, it is essential that Europe and the United States, two major economic powerhouses, come together and strategically address this challenge,” said Yvonne Bendinger-Rothschild, Executive Director of the EACCNY. “Bringing together public and private financing and expertise will help bridge the gap and improve the speed and efficiency of infrastructure investment around the world. Our members are ready to be part of this ambitious project.”

The Transatlantic Resilient Infrastructure Alliance is aligned with the broader objectives of the EU’s Global Gateway strategy and the G7 Partnership for Global Infrastructure and Investment, aiming to promote sustainable investment in line with EU and international standards. The scope of TRIA will include all sectors of the Global Gateway strategy, namely digital, climate and energy, transport, health, and education, and their associated value chains.

The European American Chamber of Commerce New York (EACCNY) is a platform connecting public and private sector entities on both sides of the Atlantic. The goal of the EACCNY is to stimulate transatlantic investment, cross-border business development and to facilitate networking and relationships between its members. To do this, the EACCNY provides its members with access to information, resources and support, on matters affecting business activities between Europe and the US.

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner in Global Gateway. We aim to support €100 billion of investment by the end of 2027, around one third of the overall target of this EU initiative. With Team Europe, EIB Global fosters strong, focused partnerships, alongside fellow development finance institutions and civil society. EIB Global brings the Group closer to people, companies and institutions through our offices around the world.

EIB Global and the European American Chamber of Commerce New York establish the Transatlantic Resilient Infrastructure Alliance
EIB Global and the European American Chamber of Commerce New York establish the Transatlantic Resilient Infrastructure Alliance
©EIB
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MIL OSI Europe News –

January 25, 2025

MIL-OSI China: Announcement on Open Market Business No.7 [2024]

Source: Peoples Bank of China

Announcement on Open Market Business No.7 [2024]

(Open Market Operations Office, October 28, 2024)

To keep liquidity in the banking system adequate at a reasonable level and to further enrich the monetary policy toolkit of the central bank, the People’s Bank of China (PBOC) decided to use the instrument of outright reverse repo operations on the open market as of today. Open to primary dealers of open market operations, it is to be conducted on a monthly basis in principle with a tenor of not more than one year. The operations adopt variable-rate tender with a fixed quantity and multi-price auction, trading central government bonds, local government bonds, financial bonds and unsecured corporate bonds. The result of operations will be released under relevant columns on the PBOC official website.

The notice is hereby released.

Date of last update Nov. 29 2018

2024年10月28日

MIL OSI China News –

January 25, 2025

MIL-OSI United Kingdom: New UK-EU Competition Cooperation Agreement

Source: United Kingdom – Executive Government & Departments

UK Government and the European Union have formally concluded technical negotiations on the UK-EU Competition Cooperation Agreement.

Negotiations conclude to support international cooperation on competition
Will allow for closer cooperation between CMA and EU’s competition authorities
New agreement will supplement UK-EU Trade and Cooperation Agreement (TCA)

The UK Government and the European Union have formally concluded technical negotiations on the UK-EU Competition Cooperation Agreement.

This agreement is aimed at improving cooperation between the UK’s and EU’s competition authorities, allowing for greater dialogue between the Competition and Markets Authority in the UK and

European Commission and the National Competition Authorities of the EU Member States. The agreement will ensure more effective enforcement of global competition laws, helping to support businesses both in the UK and EU as well as protecting consumers.

This is expected to help when it comes to work on similar or parallel cases going forwards – for example cooperating and sharing information on investigations into companies for unfair competition practices which cross borders between the UK and EU Members States. This agreement is one example of where we can strengthen UK- EU cooperation for mutual benefit.

Announcement complements the Prime Minister’s call at the International Investment Summit for UK regulators to support the Government’s growth mission.

The UK and EU have negotiated the agreement with a view to signature in the coming year. Parliament will have the opportunity to consider the agreement in detail once the text is published for scrutiny.

Business & Trade Secretary Jonathan Reynolds said:

This forthcoming agreement recognises the importance of our continued cooperation between UK and EU competition authorities. This milestone underscores our shared recognition of the importance of international cooperation in an increasingly globalised economy.

When competition law is enforced well across global markets, it helps to ensure businesses and consumers are protected while supporting economic growth, which is why this agreement is so important.

Sarah Cardell, CEO of the Competition and Markets Authority, said:

We welcome this cooperation agreement, which will allow us to work even more closely with EU competition authorities on shared cases and common competition issues – without unnecessary barriers.

Effective competition has a key role to play in driving economic growth so, with many companies now operating globally, it’s important that competition authorities can cooperate more freely with each other to get the best outcomes for fair-playing businesses and consumers.

The UK Government is committed to promoting open and fair competition globally to ensure the best opportunities for UK businesses and consumers, which is why the agreement will help support those global aims via close international cooperation.

These types of agreements help to establish how competition authorities work with their overseas counterparts by providing a framework on how to work together.

Published 29 October 2024

MIL OSI United Kingdom –

January 25, 2025

MIL-OSI United Kingdom: Ed Whiting OBE set to be appointed new permanent Leeds City Council chief executive

Source: City of Leeds

Full council to formally approve appointment in November

Leeds City Council has today announced Ed Whiting OBE is set to be appointed as its new permanent chief executive.

Following an extensive recruitment process which ended last week, full council will be asked to formally approve the recommendation of its employment committee to appoint Ed into the role when it meets at Civic Hall on Wednesday 13 November.

Ed is currently Director of Cities and Local Growth in the Department for Business and Trade and Ministry for Housing, Communities and Local Government, based in Leeds, and is leading place-based economic growth partnerships with UK Mayors and other leaders.

He has also held senior civil service roles in HM Treasury and 10 Downing Street. Previously he was Director of Strategy for Wellcome, where he led the development of their new organisational strategy and global partnerships, and was the executive sponsor for equality, diversity and inclusion.

Ed is very familiar with Leeds having grown up in the city. He now lives in West Yorkshire with his partner, David, and they are foster carers to a young baby.

Leader of Leeds City Council Councillor James Lewis said:

“Throughout the extensive recruitment and selection process, Ed’s understanding of Leeds, our collective city ambitions, our values, our challenges and ideas for the future made him the best candidate for the role. I am looking forward to working with Ed as we move forward with our positive vision for the future, one which recognises the amazing strengths and opportunities we have and focuses on tackling poverty and inequality, whilst delivering high-quality public services for everyone who lives and works in our city.”

On his recommendation for the post Ed Whiting OBE said:

“I’m over the moon to be recommended to full council as our next chief executive. I love Leeds and am excited to be part of the next chapter of our city’s story. Through the recruitment process I’ve enjoyed getting to know Team Leeds better, and have been impressed with the dedication across our council team and partners, and the strong shared commitment to do their best for all Leeds residents.

“I’m looking forward to joining the team as we work together on both the challenges and opportunities that lie ahead for our brilliant city.”

Ed is expected to join the council early next year, with Mariana Pexton remaining in post as interim chief executive until then. The new permanent chief executive succeeds Tom Riordan CBE, who left the council last month after 14 years in the role.

ENDS

For media enquiries please contact:

Leeds City Council communications and marketing,

Email: communicationsteam@leeds.gov.uk

Tel: 0113 378 6007

MIL OSI United Kingdom –

January 25, 2025

MIL-OSI Asia-Pac: Expo seeks to boost SMEs’ growth

Source: Hong Kong Information Services

A fair aimed at helping small and medium-sized enterprises (SMEs) to undertake digital transformation is being held today and tomorrow.

Held annually, “SME ReachOut: FUND Fair plus Tech Sourcing 2024” is organised by the Productivity Council’s SME ReachOut and supported by the Trade & Industry Department. It provides information on government funding schemes and assists SMEs in their digital transformation efforts with a view to bolstering their sustainable development.

The event includes five thematic zones, covering government funding schemes, digital transformation, e-commerce, business expansion and ESG (environmental, social and governance). It also involves 10 thematic seminars, at which experts will discuss government funding schemes, digital transformation and e-commerce, helping SMEs to understand market trends and find opportunities for co-operation and technology adoption.

Speaking at the opening ceremony, Secretary for Commerce & Economic Development Algernon Yau urged the trade to make good use of the Government’s support measures to expand their operations and embrace change.

The 2024 Policy Address unveiled a number of initiatives, such as an injection of $1 billion into the BUD Fund (Dedicated Fund on Branding, Upgrading & Domestic Sales), the expansion of E-commerce Easy to cover Association of Southeast Asian Nations markets, and the provision of more targeted funding support for enterprises to implement green transformation projects.

MIL OSI Asia Pacific News –

January 25, 2025

MIL-OSI United Kingdom: Local entrepreneur sets up shop in city centre Pop Up

Source: City of Portsmouth

Local entrepreneur and e-tailer JAQUARD&Co are the second business to open in the city centre Portsmouth Pop Up shop. This business started online last year and has already achieved a six figure turnover selling quality home furnishings and décor. They will open for business on Saturday 2 November in the Portsmouth Pop Up shop located in Cascades.

Paula Haq, entrepreneur and owner of JAQUARD&Co said:

“I am thrilled to take on the Portsmouth Pop Up shop as a new experience for one of my brands. Not only will it give me exposure and new insights, but it is also a development for my business that I am grateful to explore.

With the success of JAQUARD&CO online, I would love to see my small business expanding here in Portsmouth alongside the other upcoming brands I’m working on.

The Portsmouth Pop Up scheme is a great opportunity for me to test run a physical store alongside my online business and grow my business”

The Portsmouth Pop-Up shop, a joint venture between Portsmouth City Council, Cascades, and Flude, opened in February to address the increasing demand for business space in the city. The first tenant, Goly Natural, a local natural skincare business, has been so successful that they plan to establish a permanent shop next year.

The Portsmouth Pop Up enables local entrepreneurs and small businesses to trade in a high street location without the commitment or cost of a longer-term lease.

Councillor Steve Pitt, Leader of the council with responsibility for Economic Development said:

“Despite changing behaviour on the high street, the retail property market remains promising. Pop Up shop schemes can help to bring life back into towns and city centres, whilst giving independent businesses a great opportunity to have a shop front in a prime retail location.

It is fantastic to see the Portsmouth Pop Up initiative thriving and supporting local businesses like JAQUARD&Co to grow. This is a fantastic example of how we’re working together to regenerate the city centre. “

Paula added:

“I’ve been buying and selling products and services since I was 21 alongside my everyday job. When I bought my first house , decorating was my favourite thing to do. The homeware market was short on the things I wanted and instantly that became a business idea.

I’m very excited to be opening my first ever store and I’m ready for the challenge”

JAQUARD&Co move into Cascades ready for Christmas offering a range of simple, quality and affordable home furnishings and décor including, cushions, throws, candles, ornaments, dinnerware and kitchenware.

Businesses can apply to rent the pop-up shop in Cascades, in Portsmouth’s city centre for a minimum of 13 weeks giving them a chance to engage with customers and launch products and services.

For more information about Portsmouth Pop Up

MIL OSI United Kingdom –

January 25, 2025

MIL-OSI USA: EPA Awards $400,000 to Greenlife Tech Corporation in North Carolina for Developing Environmental Technologies

Source: US Environment Protection Agency

Greenlife Tech Corporation is one of only seven small businesses selected nationwide for this award

October 25, 2024

RALEIGH, N.C. – Today, October 25, 2024, the U.S. Environmental Protection Agency announced $2.8 million in funding to seven small businesses to further develop and commercialize their environmental technologies. With these awards from EPA’s Small Business Innovation Research (SBIR) program, businesses will be tackling complex challenges including destroying PFAS, cleaning indoor air during wildfires, enhancing recycling systems, reducing food waste, and improving disaster response.

Greenlife Tech Corporation of Banner Elk, North Carolina was selected for its development of an autonomous system that controls oxygen levels in refrigerators to preserve produce for a longer time. The company will receive about $400,000 to continue development of this technology.

“Congratulations to these small businesses for continuing to pursue innovative solutions to some of our most pressing environmental challenges,” said Maureen Gwinn, Acting Assistant Administrator for EPA’s Office of Research and Development. “EPA is proud to invest in these small businesses as they work to help protect human health and the environment across many sectors and help grow the American economy.”

“We congratulate Greenlife Tech Corporation for developing this promising new technology to prevent and reduce food waste, which is a significant problem in our country and the world,” said acting Regional Administrator Jeaneanne Gettle of EPA’s Southeast Region. “In 2015, EPA and our sister agency USDA announced a goal to reduce food waste in the U.S. by 50 percent by 2030. New technologies, like this refrigeration technique developed by Greenlife Tech, will help us achieve this important goal.”

For over 40 years, EPA’s SBIR program has funded small businesses as they create environmental technologies and bring them to the marketplace. SBIR projects are funded in a phased approach. For Phase I, EPA awards contracts of up to $100,000 for six months for “proof of concept” of the proposed technology. Small businesses that have received a Phase I award can compete for a Phase II award of $400,000 to further develop and commercialize the technology.

Six other businesses selected nationwide for this award are receiving about $400,000 each in SBIR Phase II awards for the following projects:

DiPole Materials, Inc., Baltimore, Maryland, to design a biodegradable filter made of electro-spun nanofibers to clean indoor air during wildfires.
Fourth State LLC, Ann Arbor, Michigan, for a plasma treatment technology to destroy PFAS in complex water matrices.
Holochip Corporation, Torrance, California, to build an artificial intelligence application to map sites to improve the safety and efficacy of disaster response.
KLAW Industries LLC, Binghamton, New York, to produce a rapidly deployable, autonomous robotic sorting system to improve recycling facilities in disadvantaged communities.
Valis Insights, Inc., Worcester, Massachusetts, to develop an automated and AI-driven technology that helps optimize the sorting process for metals recycling.
Water Illumination, Inc., Riverside, California, to create a novel chemical-free UV based PFAS destruction technology for saline wastewater treatment.

Learn more about the winning projects.

Learn more about EPA’s SBIR program.

Learn more about SBIR.

Learn more about food waste and efforts to prevent it.

###

MIL OSI USA News –

January 25, 2025

MIL-OSI: Anchor Peabody Signals Growth, Expansion with Slate of New Hires

Source: GlobeNewswire (MIL-OSI)

DELRAY BEACH, Fla., Oct. 28, 2024 (GLOBE NEWSWIRE) — Anchor Peabody, a leading investment banking firm for the building products and services industry, has expanded its team of senior executives and banking professionals as part of its ongoing strategy to build the leading M&A advisory team in the building, construction and home services industries.

Chobun Hieblinger has joined Anchor Peabody as Managing Director. Mr. Hieblinger has over 17 years of financial advisory and investment banking experience, the bulk of which is in building products, including roles with the Lehman Brothers (now Barclays Investment Bank) and RBC Capital Markets. Most recently, Mr. Hieblinger was Managing Director and Head of Building Products at B. Riley Securities in Los Angeles.

“After two years of slower demand due to higher interest rate and post-COVID dynamics, the building industry is poised for strong growth, driven by favorable demographic trends, aging housing stock, and years of under-building,” said Hieblinger. “With deep relationships, particularly in the tile and stone space, I look forward to helping owners and operators capitalize on this very positive M&A dynamic.”

Greg Hicks has joined Anchor Peabody as Business Development Director. Mr. Hicks has nearly 20 years of investment banking, principal investing, and corporate development experience, having focused primarily on building products and general industrials. He began his professional career with Lincoln International in Chicago, with stints in Frankfurt and London. Following Lincoln, he helped found Desco Capital, a private equity / family office. Mr. Hicks then ran Alesco Holdings, an outsourced business development firm, and most recently led M&A for W.W. Williams, one of the nation’s largest industrial distribution, repair and service companies.

“I’m excited to align myself with Anchor Peabody, where secular tailwinds are expected to produce a robust M&A environment in the home services space for the foreseeable future. I look forward to providing thought-leadership and advice tailored to the HVAC, plumbing and electrical market and its participants,” said Hicks. “The HVAC, plumbing, and electrical M&A market is normalizing after a surge in 2021-2022, with deal volumes returning to more sustainable levels. Private equity and strategic buyers remain active, with a focus on service-based businesses with recurring revenue streams.”

About Anchor Peabody
Anchor Peabody is an investment banking firm comprised of former owners, operators and investors in the building products and services industry. The firm combines over 100 years of capital and mergers & acquisition experience with a modern approach to banking to align with client objectives and eliminate banker burnout from the industry model. For more information, visit www.anchorpeabody.com.

The MIL Network –

January 25, 2025

MIL-OSI: Pipe Launches Embedded Business Card for Software and Payment Companies, Expanding Their Suite of Embedded Financial Solutions

Source: GlobeNewswire (MIL-OSI)

SAN FRANCISCO, Oct. 28, 2024 (GLOBE NEWSWIRE) — Pipe, a fintech company partnering with software platforms to deliver embedded financial solutions for SMBs, today announced it has expanded its suite of products with the launch of Pipe Business Card¹. With the Pipe Business Card, software and payments companies can now launch a new business card program for their customers without managing underwriting, capital markets, fraud, or credit risk on their own.

77% of SMBs are concerned about capital access² and 55% of them have reported putting business-related expenses on a personal credit card just to get by³. SMBs need spend management solutions just like mid-market and enterprise businesses have access to today.

The Pipe Business Card is designed specifically for small to medium-sized businesses and is available as an embedded offering for Pipe’s software partners. It’s an SMB-friendly business card with up to 1.5% unlimited cash back⁴, up to 45 days to pay for day-to-day business expenses, and no annual fees. No personal guarantees or credit checks are required to apply for the card.

A growing number of small businesses are obtaining capital in minutes through Pipe and its partners, based on their business performance, without the traditional lengthy and arduous application process. The launch of the Pipe Business Card is part of Pipe’s commitment to making capital and financial tools more accessible to SMBs that need them. The Pipe Business Card utilizes the same underwriting model as Pipe Capital, which is based on a customer’s revenue. It integrates directly into the software and payment applications SMBs use day-to-day. Pipe intends to roll out additional services through its partners over the next 12 to 18 months, such as spend management solutions for SMBs.

Pipe offers software companies numerous advantages when launching the Pipe Business Card to their customers, including:

Speed to market – Pipe can help partners rapidly launch an embedded card program in days, not months.
Tailored underwriting models – Pipe’s customized underwriting models can be calibrated for partners based on revenue data from their customer base to provide optimal access to capital.
Comprehensive support – Pipe’s US-based customer success team handles all dispute management and resolution for partners.

“In the six months since we launched our embedded Capital, Pipe, and its partners, have helped to finance the dreams of tens of thousands of small businesses. We will continue to develop innovative products that remove the friction from their business,” said Luke Voiles, Chief Executive Officer, Pipe. “The Pipe Business Card is the logical expansion of our suite of capital services, and we expect it to have a meaningful impact on our customers, partners, and the overall SMB market.”

_______________
¹ Pipe Business Cards are issued by First Internet Bank of Indiana, Member FDIC, pursuant to a license from Visa ® Inc. and may be used everywhere Visa credit cards are accepted. The Pipe Business Card will be a pay-in-full charge card. Your Statement Balance must be paid in full 15 days after the close of your statement period. Any outstanding statement balance will be automatically debited from your designated payment due date. If a payment fails, your card will be locked and a percentage of your daily sales will be collected until your balance has been repaid in full.
^²Goldman Sachs 10,000 Voices Survey, January 2024.
^³WalletHub, Small Business Survey, April 2024.
^⁴ Cash Back refers to rewards earned as a percentage discount on eligible purchases.

About Pipe
Pipe makes customer-friendly capital and smart financial tools accessible to growing businesses inside the software they use every day. Our embedded solutions are built to scale and give business builders across industries the power to grow on their own terms. To learn more, visit www.pipe.com or follow us on X @pipe.

Media Contact
For Pipe
Merrill Freund
merrill@freundpr.com

The MIL Network –

January 25, 2025

MIL-OSI United Kingdom: Dinosaur Trail brings roar-some fun to city centre

Source: Scotland – City of Aberdeen

Locals and visitors alike took part in a new dinosaur trail in the city centre throughout the October holidays.

The Iconic Bricks Dinosaur Trail was a two-week event from 12th to 27th October which saw 18 brick model dinosaurs placed in businesses across the city centre, with free car parking also available in two city centre car parks.

Aberdeen City Council Co-Leader Councillor Christian Allard said: “It has been wonderful to see so many people taking part in the Iconic Bricks Dinosaur Trail and exploring our city centre.

“My grandchildren loved the trail, and I would like to extend my thanks to each business who took part and helped create a fun and exciting atmosphere across the city centre.”

Education and Children’s Services Convener Councillor Martin Greig said: “This has been a great way for all ages to visit the city centre and take part in a fun new event.

“Dinosaurs are always a popular attraction for children and adults alike and has helped capture imaginations.”

Visitors taking part in the trail were able to get an insight into how each model was made and learn more about the creations, including how many bricks were used to build the model and learn a fun dinosaur fact.

Monica and her family from Aberdeen said: “This has been lovely for the children and a great free activity to do. We have enjoyed walking around the city doing the trail.”

Businesses taking part in the trail recorded seeing increased footfall, with the Maritime Museum having had its busiest week since 2019.

Kenny Bruce, Trinity Centre Aberdeen Manager, said: “Trinity Aberdeen was delighted to take part in the Ionic Bricks Dinosaur Trail this year, the event has brought increased visitors to the centre and seen our stores offer unique dinosaur discounts in Shot n Roll and Resting Brunch Face, even a special guest appearance from The Works mascot Rex the Dinosaur.

“It’s fantastic to support an event that offers customers a chance to come and explore our city centre.”

Lynne Clark, Communications Lead for Michies Pharmacy, said: “The Iconic Bricks Dinosaur Trail has been a roaring success for Michies! It has been a joy to see so many children and families through our doors, many of whom have never visited Michies before. It was a wonderful initiative to get people out and about having fun and exploring our city centre!”

The Hidden Lego Minifigure Trail also ran throughout the October Holidays, which saw small Lego figures hidden across ten shop windows around the Upperkirkgate and Belmont Street area for people of all ages to find in a treasure-hunt style challenge.

Once each minifigure was found, there was the chance to enter into a prize draw to win an Aberdeen Gift Card worth £20.

Additional activities also took place throughout the October Holidays across businesses taking part in the trail, including storytelling and dinosaur-themed Bookbug.

The Iconic Bricks Dinosaur Trail received £30,000 from the UK Government through the UK Shared Prosperity Fund.

Free weekend parking is still available in the Denburn and Frederick Street car parks throughout October and the first weekend in November. Parking for £1 will be available after 5pm at Virginia Street, the Gallowgate, Frederick Street, Summer Street, Chapel Street, West North Street and the Denburn. Normal charging rates will resume from 8am.

MIL OSI United Kingdom –

January 25, 2025

MIL-OSI Russia: SUM will act as a partner of the International Forum “World Quality Day – 2024”

Translation. Region: Russian Federation –

Source: State University of Management – Official website of the State –

From November 11 to 15, the International Forum “World Quality Day 2024” will be held, with the State University of Management as a partner.

The International Forum “World Quality Day” will be held for the fifth time. The event is held as part of the Quality Week, dedicated to World Quality Day, which this year falls on November 14.

The forum will be held in two formats – in-person and hybrid. Offline events are planned in Moscow, St. Petersburg, Ufa, Sochi. Everyone who registers on the forum website will be able to watch the online broadcast of the sessions, and later the recording.

In 2023, 60 sessions were held as part of the business program. They were attended by 437 speakers from 16 countries. The broadcast of the business program was watched by over 3 million people from 65 countries.

As in previous years, the business program will feature leading experts from various sectors of the economy, representatives of federal and regional authorities, businesses and public organizations. Participants will exchange experiences in improving quality standards, implementing innovative management methods and sustainable development practices, and discuss quality infrastructure and industry development vectors.

Traditionally, the main event of the forum will be the plenary session “Development Horizons” with the participation of representatives of government bodies. The participation of the First Deputy Chairman of the Government of the Russian Federation Denis Manturov, the Minister of Industry and Trade of the Russian Federation Anton Alikhanov, the Minister of Health of the Russian Federation Mikhail Murashko, the State Secretary – Deputy Minister of Economic Development of the Russian Federation Alexey Khersontsev and others is expected. The experts will discuss key tasks and update the priorities that the state faces until the end of the decade and beyond.

The business program will include sessions on business excellence, food safety, tourism, retail, HR, finance, business and much more. You can view the full program and register for events on the official forum website.

Two sessions of the business program will be held at the State University of Management: – November 14, 12:00-13:30 – Session “New Horizons for the Development of the Labor Market in the Russian Federation”; – November 14, 14:00-15:30 – Session “Assessment of Management Quality: Approaches, Methods, Tools, Personnel”.

The forum is held by the Ministry of Industry and Trade of Russia, the Ministry of Economic Development of Russia, Roskachestvo, Rosstandart and Rosaccreditation with the support of the Chamber of Commerce and Industry of the Russian Federation and other organizations.

The Forum partners are the Russian Society “Knowledge”, PAO Promsvyazbank (PSB), the State University of Management, Plekhanov Russian University of Economics, ROSBIOTECH, the Financial University under the Government of the Russian Federation, RUDN University and other universities and organizations.

Subscribe to the tg channel “Our State University” Announcement date: 10/28/2024

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.

MIL OSI Russia News –

January 25, 2025

MIL-OSI Russia: GUU took part in a seminar on the implementation of the Presidential Program for the Training of Management Personnel

Translation. Region: Russian Federation –

Source: State University of Management – Official website of the State –

On October 25, 2024, the head of the Presidential Program for the Training of Management Personnel for Organizations of the National Economy of the Russian Federation of the State University of Management, Vice-Rector Dmitry Bryukhanov took part in an interregional seminar on improving the implementation of the Presidential Program, organized by the Government of the Moscow Region and the Federal Resource Center of the Ministry of Economic Development of the Russian Federation.

The participants of the seminar – employees of regional commissions and regional resource centers, representatives of educational organizations participating in the implementation of the Presidential Program, representatives of the Presidential Program graduate associations – discussed the main directions and possibilities for improving the implementation of the Presidential Program.

Dmitry Bryukhanov gave a report in which he presented the experience of modernizing the Russian internship within the framework of the Presidential Program. The Russian internship is a mandatory element of the curriculum of the Presidential Program and is aimed at developing the management skills of students, exchanging experience, studying best practices in the field of organizational management, marketing, production organization, and project management.

In 2024, the State University of Management modernized the Russian internship program, focusing on visits to enterprises and organizations, during which students master best practices and adopt management experience. Such a program promotes more effective application of acquired management skills and technologies in the implementation of individual project assignments of participants.

The developed format of the program is in many ways similar to the foreign internships of graduates of the Presidential Program, which are aimed at establishing business contacts and partnerships, developing export-import relations between the business community of Russia and foreign countries.

Let us recall that the State University of Management implements two Presidential programs of professional training: “Practice of Business Project Management” (type A) and “Organizational and Economic Foundations of Effective Functioning of the Production Complex” (type B). In addition, the State University of Management has been organizing foreign internships for the third year in a row, commissioned by the Federal Resource Center.

Subscribe to the TG channel “Our GUU” Date of publication: 10/28/2024

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.

MIL OSI Russia News –

January 25, 2025

MIL-OSI: BrainHQ Awarded New Army Contract

Source: GlobeNewswire (MIL-OSI)

SAN FRANCISCO, Oct. 28, 2024 (GLOBE NEWSWIRE) — Posit Science, the maker of the brain health and fitness app BrainHQ, announced that it has been awarded a new contract by the U.S. Army’s Training and Doctrine Command (TRADOC).

“We are proud to be expanding our work with the military,” said Dr. Henry Mahncke, the CEO of Posit Science. “The science has shown that our plasticity-based brain training exercises can improve cognitive performance in both top performers and in those recovering from concussions and blast exposures or even more severe brain injuries. BrainHQ brain health assessments can contribute to rapid, precise evaluations of cognitive readiness.”

“BrainHQ is already in use by the military in a variety of settings, including military hospitals, such as the Walter Reed National Intrepid Center of Excellence, and special forces units. There’s an opportunity for the military to gain true cognitive dominance over adversaries by employing BrainHQ assessments to evaluate cognitive readiness at the individual and unit level, and to use BrainHQ’s proven cognitive training exercises to enable service members to achieve peak cognitive performance, and to recover performance after combat-related injuries,” Dr. Mahncke continued. “Over time, we expect our work with the military to contribute to readiness, resilience, and recovery.”

For the past two decades, Posit Science has transformed applied neuroscience by designing, testing, and validating dozens of breakthrough brain exercises, which have been shown to improve neuropsychological and physical measures of cognitive performance and health across the brain, and which have been used by millions of people.

In recent years, Posit Science has also developed and normed dozens of cognitive assessments, each of which takes about three minutes to complete. The assessments can be self-administered remotely and can be arranged to be taken one at a time or in batteries designed for different purposes. Greater use of these quick and validated assessments allows individuals and organizations to easily take a baseline of health and performance (across the brain) and to monitor changes over time.

Because the BrainHQ assessments were developed under the same umbrella as the BrainHQ cognitive exercises, they also can provide a roadmap for which BrainHQ cognitive exercises can improve performance and, when appropriate, help drive faster and more complete recovery.

“In the near future, we expect most of us will be able to take this type of assessment on our own, just as easily as people already measure their weight, temperature, blood pressure, or blood sugar at home,” Dr. Mahncke said. “That helps move us toward the promise of 21^st Century Medicine — to be predictive, preventative, personalized, and participatory — and should improve brain health, performance, and resilience.”

BrainHQ exercises have shown benefits in hundreds of studies. Such benefits include gains in cognition (attention, speed, memory, decision-making), in quality of life (depressive symptoms, confidence and control, health-related quality of life) and in real-world activities (health outcomes, balance, driving, workplace activities). BrainHQ is offered by leading health and Medicare Advantage plans, by leading medical centers, clinics, and communities, and by military, law enforcement, sports, and other organizations focused on peak performance. Consumers can try a BrainHQ exercise for free daily at https://www.brainhq.com.

The MIL Network –

January 25, 2025

MIL-OSI: NANO Nuclear Energy Announces Closing of Upsized $36 Million Underwritten Offering

Source: GlobeNewswire (MIL-OSI)

Additional capital following public offerings in May and July 2024 to fund technology advancements and growth opportunities

New York, N.Y., Oct. 28, 2024 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear”), a leading vertically integrated advanced nuclear energy and technology company developing portable clean nuclear energy solutions, today announced that it has closed its previously announced upsized $36 million firm commitment, registered underwritten public offering.

In the offering, NANO Nuclear sold 2,117,646 shares of common stock and warrants to purchase 1,217,646 shares of common stock at $17.00 per share and associated warrant, less underwriting discounts and expenses. Such warrants include warrants to purchase 158,823 shares of common stock which were purchased by the underwriter at closing pursuant to a partial exercise of its offering over-allotment option. The underwriter retains an option through November 22, 2024, to purchase an additional 317,646 shares of common stock. The warrants are exercisable immediately, have a term of five years, and have an exercise price of $17.00 per share. The warrants will not trade on any market.

This offering follows NANO Nuclear’s initial public offering which closed on May 10, 2024, and its underwritten follow-on offering which closed on July 15, 2024, from which NANO Nuclear received total gross proceeds of over $30 million.

NANO Nuclear expects its net proceeds from the offering, after underwriting commissions and offering expenses, will be approximately $32.6 million. NANO Nuclear intends to use the net proceeds from this offering for (i) research and development of its products and technologies, including its ‘ZEUS’ and ‘ODIN’ microreactors and nuclear fuel transportation design optimization, fuel facility investigations and development, test work and scoping studies, and other technology research and development; (ii) marketing, promotion and business development activities; and (iii) regulatory compliance, intellectual property protection, hiring additional employees, retaining additional contractors and building out NANO Nuclear’s new Nuclear Technology Headquarters in Oak Ridge, Tennessee. NANO Nuclear will also use the proceeds for general working capital and may also use a portion of the net proceeds to acquire, license and invest in complementary products, technologies, or additional businesses, although NANO Nuclear currently has no agreements or commitments with respect to any such transaction.

“We have worked extremely hard to establish NANO Nuclear as one of the leaders in the U.S. advanced nuclear energy market. It is incredibly gratifying to see the continued support from our current shareholder base as well as new fundamental and institutional investors in this oversubscribed financing round, which will fuel our efforts to further develop and refine our proprietary technologies,” said Jay Yu, Founder and Chairman of NANO Nuclear Energy. “With over $65 million raised in under 6 months as a public company, we are positioned to drive shareholder value and realize our vision of becoming a leading, diversified, and vertically integrated nuclear energy company.”

The Benchmark Company, LLC acted as the sole book-running representative for the offering. Ellenoff Grossman & Schole LLP acted as counsel to NANO Nuclear. Lucosky Brookman LLP acted as counsel to The Benchmark Company. Withum Smith+Brown PC are NANO Nuclear’s registered independent auditors.

Registration statements relating to this public offering were filed with the Securities and Exchange Commission and declared. This registration statement can be obtained by visiting the SEC website at www.sec.gov. Please see such registration statement for additional information regarding NANO Nuclear.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About NANO Nuclear Energy Inc.

NANO Nuclear Energy Inc. (NASDAQ: NNE) is an advanced technology-driven nuclear energy company seeking to become a commercially focused, diversified, and vertically integrated company across four business lines: (i) cutting edge portable microreactor technology, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation and (iv) nuclear industry consulting services. NANO Nuclear believes it is the first portable nuclear microreactor company to be listed publicly in the U.S.

Led by a world-class nuclear engineering team, NANO Nuclear’s products in technical development are “ZEUS”, a solid core battery reactor, and “ODIN”, a low-pressure coolant reactor, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors.

Advanced Fuel Transportation Inc. (AFT), a NANO Nuclear subsidiary, is led by former executives from the largest transportation company in the world aiming to build a North American transportation company that will provide commercial quantities of HALEU fuel to small modular reactors, microreactor companies, national laboratories, military, and DOE programs. Through NANO Nuclear, AFT is the exclusive licensee of a patented high-capacity HALEU fuel transportation basket developed by three major U.S. national nuclear laboratories and funded by the Department of Energy. Assuming development and commercialization, AFT is expected to form part of the only vertically integrated nuclear fuel business of its kind in North America.

HALEU Energy Fuel Inc. (HEF), a NANO Nuclear subsidiary, is focusing on the future development of a domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline for NANO Nuclear’s own microreactors as well as the broader advanced nuclear reactor industry.

NANO Nuclear Space Inc. (NNS), a NANO Nuclear subsidiary, is exploring the potential commercial applications of NANO Nuclear’s developing micronuclear reactor technology in space. NNS is focusing on applications such as power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS’ initial focus will be on cis-lunar applications, referring to uses in the space region extending from Earth to the area surrounding the Moon’s surface.

For further information, please contact:

Email: IR@NANONuclearEnergy.com
Business Tel: (212) 634-9206

Cautionary Note Regarding Forward Looking Statements

This news release and statements of NANO Nuclear’s management in connection with this news release or related events contain or may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements (including statements related to the public offering and the proposed use of proceeds from such offering, as described herein) related to future events, which may impact our expected future business and financial performance, and often contain words such as “seek,” “expects”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors, some of which may be beyond our control. Readers are cautioned that actual results may differ materially and adversely from the results implied in forward-looking statements. For NANO Nuclear, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following: (i) risks related to our U.S. Department of Energy (“DOE”) or related state nuclear fuel licensing submissions, (ii) risks related the development of new or advanced technology, including difficulties with design and testing, cost overruns, regulatory delays and the development of competitive technology, (iii) our ability to obtain contracts and funding to be able to continue operations, (iv) risks related to uncertainty regarding our ability to technologically develop and commercially deploy a competitive advanced nuclear reactor or other technology in the timelines we anticipate, if ever, (v) risks related to the impact of government regulation and policies including by the DOE and the U.S. Nuclear Regulatory Commission, including those associated with the recently enacted ADVANCE Act, and (vi) similar risks and uncertainties associated with the business of a start-up business operating a highly regulated industry. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all of the factors that could cause actual results to differ from those discussed in any forward-looking statement, and the Company therefore encourages investors to review other factors that may affect future results in the Company’s filings with the SEC, which are available for review at www.sec.gov and at https://ir.nanonuclearenergy.com/financial-information/sec-filings. Readers are cautioned not to place undue reliance on forward-looking statements, which apply only as of the date of this news release, and forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

The MIL Network –

January 25, 2025

MIL-OSI: SWA Lithium and Koch Technology Solutions Sign License for First Commercial DLE Project in North America

Source: GlobeNewswire (MIL-OSI)

EL DORADO, Ark., Oct. 28, 2024 (GLOBE NEWSWIRE) — SWA Lithium, the Joint Venture between Standard Lithium and Equinor which is developing the South West Arkansas Project (“SWA” or the “Project”), is pleased to announce that it has entered into a license agreement with Koch Technology Solutions LLC (“KTS”) to deploy and use KTS’ Li-Pro^TM Lithium Selective Sorption (“Li-Pro LSS”) technology at the JV’s commercial plant for the SWA Phase 1 Project.

The license agreement allows the JV to utilize KTS’ technology for the lifetime of the first phase of the Project, with an option for utilization in subsequent phases of the Project. Considerations and benefits of the license agreement include:

Rights to use the Li-Pro LSS technology for subsequent phases of the JV’s SWA Project;
Certain technology performance guarantees for lithium recovery, contaminant rejection and water use;
- Lithium recovery ≥ 95.00%
- Impurity rejection Calcium, Sodium, Potassium & Magnesium ≥ 99%
Technical support from KTS to fully integrate the Li-Pro LSS technology into overall process plant design;
Continued exclusive joint development of the technology in the Smackover Formation;
Technical support from KTS during commissioning and startup;
License payment phased over several milestones; and
Continued collaboration and technology refinement between SWA Lithium and KTS.

Standard Lithium’s Director, President & COO, Dr. Andy Robinson commented: “Signing this license agreement is the culmination of over two years of close work with the KTS team to refine the direct lithium extraction (‘DLE’) technology and integrate it into the JV’s flowsheet. The Li-Pro LSS technology is now sufficiently scaled-up, tested and derisked, so not only is the JV comfortable committing to its use at commercial scale, but KTS is also able to offer performance guarantees for its commercial deployment. We view this as a significant derisking event for the Project, and it points to the successful ongoing partnership with the KTS team.”

Garrett Krall, Business Leader for Koch Technology Solutions, said: “This license agreement for use of our Li-Pro LSS technology is another key milestone in the development of DLE as a commercially viable, economic and environmentally responsible solution to deliver against future lithium demand.”

UPDATED PERFORMANCE OF COMMERCIAL-SCALE DLE COLUMN

Standard Lithium is also pleased to announce the continued successful operation of the commercial-scale DLE column at its wholly-owned Demonstration Plant (“Demo Plant”) near El Dorado, Arkansas. The Company installed a commercial-scale DLE column in late March 2024 and has been operating the column continuously. The column is a Li-Pro LSS unit, supplied by KTS and identical to those currently being integrated into the front-end engineering and design (FEED) study for the SWA Project.

Since commissioning, the column has exceeded the targeted design parameters for lithium recovery and rejection of impurities. Key technical highlights of the commercial-scale DLE column are provided below:

Lithium recovery efficiency of 95.4%: During a four-month continuous operating period (1^st April to 31^st July 2024), the Li-Pro LSS process achieved an average lithium recovery (i.e. after loading and elution) of 95.4% from the 90 gallons per minute (gpm) incoming brine flow (the average incoming brine contained 183 mg/L lithium during the same period).
Excellent contamination rejection rate: During the same period, the DLE process rejected, on average;
- Sodium – 99.9%
- Calcium – 99.6%
- Magnesium – 99.2%
- Potassium – 99.7%
- Boron – 95.4%
  High and consistent contaminant rejection at the DLE stage means that the eluate (the initial lithium chloride solution) is easier and cheaper to further refine and concentrate using tested and proven steps to make a concentrated and purified lithium chloride solution. This solution can then be converted to a battery quality carbonate, as has been demonstrated multiple times and at several different scales, both at the Demo Plant and off-site with various third-party vendors.
Nearly 10,000 operational cycles for the Li-Pro LSS technology: The commercial-scale Li-Pro LSS column has completed over 725 operational cycles, and the Li-Pro LSS technology has completed over 9,740 operational cycles at the Demo Plant (as of early October 2024).
Over 24 million gallons of brine processed: As of the end of September 2024, the Demo Plant had processed 24,446,306 gallons (92,539,335 litres) of Smackover brine, produced directly from the formation and reinjected continuously back into the same formation.

Figure 1 – Side elevation of operators working on the commercial-scale DLE column at Standard Lithium’s Demonstration Plant near El Dorado, Arkansas.

About Standard Lithium Ltd.

Standard Lithium is a leading near-commercial lithium development company focused on the sustainable development of a portfolio of large, high-grade lithium-brine properties in the United States. The Company prioritizes projects characterized by the highest quality resources, robust infrastructure, skilled labor, and streamlined permitting. Standard Lithium aims to achieve sustainable, commercial-scale lithium production via the application of a scalable and fully integrated Direct Lithium Extraction (“DLE”) and purification process. The Company’s flagship projects are located in the Smackover Formation, a world-class lithium brine asset, focused in Arkansas and Texas. In partnership with global energy leader Equinor ASA, Standard Lithium is advancing the South West Arkansas project, a greenfield project located in southern Arkansas, and actively exploring promising lithium brine prospects in East Texas. Additionally, the Company is advancing the Phase 1A project in partnership with LANXESS Corporation, a brownfield development project located in southern Arkansas. Standard Lithium also holds an interest in certain mineral leases in the Mojave Desert in San Bernardino County, California.

Standard Lithium trades on both the TSX Venture Exchange and the NYSE American under the symbol “SLI”; and on the Frankfurt Stock Exchange under the symbol “S5L”. Please visit the Company’s website at www.standardlithium.com.

About Equinor

Equinor is an international energy company committed to long-term value creation in a low-carbon future. Our purpose is to turn natural resources into energy for people and progress for society. Equinor’s portfolio of projects encompasses oil and gas, renewables and low-carbon solutions, with an ambition of becoming a net-zero energy company by 2050. Headquartered in Stavanger (Norway), Equinor is the leading operator on the Norwegian continental shelf. We are present in around 30 countries worldwide.

About Koch Technology Solutions (KTS)

Koch Technology Solutions is the technology licensing business of Koch Engineered Solutions (KES). KTS creates value for its customers across a growing portfolio of technologies including direct lithium extraction, the polyester value chain, and 1,4-Butananediol plus its derivates. KTS combines its exclusive technologies, expertise, and capabilities with those of other KES companies to provide overall solutions to optimize customer’s capital investments and existing manufacturing assets.

Qualified Person

Marek Dworzanowski, EUR ING, CEng, HonFSAIMM, FIMMM, a qualified person as defined by National Instrument 43 -101 – Technical Report Standards of Disclosure for Mineral Projects, and a Consulting Metallurgical Engineer who is independent of the Company, has reviewed and approved the relevant scientific and technical information in this news release.

Twitter: @standardlithium
LinkedIn: https://www.linkedin.com/company/standard-lithium/

Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. This news release may contain certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward looking information” within the meaning of applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to intended development timelines, future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, continued operation of the LSS column, regulatory or government requirements or approvals, the reliability of third party information, the continued accuracy of current contaminant rejection rates, continued access to mineral properties or infrastructure, fluctuations in the market for lithium and its derivatives, changes in exploration costs and government regulation in Canada and the United States, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0c4dea63-0750-44b2-bea8-e287cc9be29c

The MIL Network –

January 25, 2025

MIL-OSI: Citizens Community Bancorp, Inc. Reports Third Quarter 2024 Earnings of $0.32 Per Share; Nine Month 2024 Earnings of $1.07 Per Share

Source: GlobeNewswire (MIL-OSI)

EAU CLAIRE, Wis., Oct. 28, 2024 (GLOBE NEWSWIRE) — Citizens Community Bancorp, Inc. (the “Company”) (Nasdaq: CZWI), the parent company of Citizens Community Federal N.A. (the “Bank” or “CCFBank”), today reported earnings of $3.3 million and earnings per diluted share of $0.32 for the third quarter ended September 30, 2024, compared to $3.7 million and earnings per diluted share of $0.35 for the quarter ended June 30, 2024, and $2.5 million and $0.24 earnings per diluted share for the quarter ended September 30, 2023, respectively.

The Company’s third quarter 2024 operating results reflected the following changes from the second quarter of 2024: (1) no loan forbearance interest income in the third quarter compared to $0.2 million in the second quarter; (2) a $1.1 million decrease in negative provision for credit losses to $0.4 million in the third quarter; and (3) higher non-interest income of $1.0 million due to $0.5 million higher gain on sale of loans and $0.6 million lower net losses on sale of equity securities in the third quarter of 2024.

Book value per share improved to $17.88 at September 30, 2024, compared to $17.10 at June 30, 2024, and $15.80 at September 30, 2023. Tangible book value per share (non-GAAP)¹ was $14.64 at September 30, 2024, compared to $13.91 at June 30, 2024, and a 16.1% increase from $12.61 at September 30, 2023. For the third quarter of 2024, tangible book value was positively influenced by net income, net unrealized gains on the available for sale securities portfolio and intangible amortization. Stockholders’ equity as a percentage of total assets was 10.01% at September 30, 2024, compared to 9.77% at June 30, 2024. Tangible common equity (“TCE”) as a percent of tangible assets (non-GAAP)¹ was 8.35% at September 30, 2024, compared to 8.09% at June 30, 2024, with the changes above impacted favorably by asset shrinkage.

“We continued to execute on our strategic objectives during the third quarter that further strengthened franchise value. The quarter reflected our balance sheet optimization efforts, which increased tangible common equity levels and allowed for the continued repurchase of shares at prices that were accretive to tangible book value per share and earnings per share. The TCE ratio increased to 8.35%, from 8.09% in the prior quarter, which included the impact of repurchasing 223 thousand shares. Deposits, net of the decrease in brokered deposits, increased $31 million. While credit metrics were impacted by an increase in nonperforming loans, the increase largely reflected one lending relationship. Meanwhile, we continue to maintain a healthy reserve for credit losses to total loans at 1.47%,” stated Stephen Bianchi, Chairman, President, and Chief Executive Officer.

September 30, 2024, Highlights:

Quarterly earnings were $3.3 million, or $0.32 per diluted share for the quarter ended September 30, 2024, a decrease from the quarter ended June 30, 2024, earnings of $3.7 million, or $0.35 per diluted share, and an increase from the quarter ended September 30, 2023, earnings of $2.5 million, or $0.24 per diluted share.
Net interest income decreased $0.3 million for the current quarter ended September 30, 2024, from $11.6 million for the quarter ended June 30, 2024, and decreased from $12.1 million for the quarter ended September 30, 2023. The decrease in net interest income from the second quarter of 2024 was primarily due to lower non-recurring interest income of $0.2 million recognized in the second quarter from curing technical defaults on performing loans.
The net interest margin was 2.63% for the quarter ended September 30, 2024, compared to 2.72% for the previous quarter, and 2.79% for the quarter ended September 30, 2023. The net interest margin declined nine basis points in the third quarter, of which five basis points were due to no interest income recognition from curing technical defaults.
In the third quarter ended September 30, 2024, a negative provision for credit losses of $0.4 million was recorded compared to a negative provision for credit losses of $1.525 million in the quarter ended June 30, 2024, and a negative provision for credit losses of $0.30 million for the quarter ended September 30, 2023. The third quarter’s negative provision was due to decreases in on-balance sheet allowance for credit losses (“ACL”) of $0.1 million and a $0.3 million decrease in off-balance sheet ACL due to a reduction in unfunded loan commitments.
Non-interest income increased $1.0 million in the third quarter of 2024, due to $0.5 million of higher gain on sale of loans and $0.6 million of lower net losses on equity securities and was $0.4 million higher compared to the third quarter of 2023, due to higher gain on sale of loans.
Non-interest expense increased $122 thousand to $10.4 million from $10.3 million for the previous quarter and increased $452 thousand from $10.0 million one year earlier.
Gross loans decreased by $3.9 million during the third quarter ended September 30, 2024, to $1.43 billion, compared to June 30, 2024.
Total deposits increased $1.1 million, more than offsetting the $30.1 million decrease in brokered deposits during the quarter ended September 30, 2024, to $1.52 billion, compared to June 30, 2024.
Federal Home Loan Bank advances decreased $10.5 million to $21.0 million at September 30, 2024, from $31.5 million at June 30, 2024.
The effective tax rate was 21.48% for the quarter ended September 30, 2024, compared to 22.1% for the quarter ended June 30, 2024, and 50.5% for the quarter ended September 30, 2023. The change in tax rate from 2023 is largely due to the Wisconsin state legislation in the third quarter of 2023, eliminating the Company’s state income tax in Wisconsin.
Nonperforming assets increased to $17.1 million at September 30, 2024, compared to $10.3 million at June 30, 2024. The increase was largely due to one agricultural real estate loan relationship in forestry services that moved from special mention to substandard and was placed on nonaccrual in the third quarter.
Common stock totaling 223 thousand shares were repurchased in the third quarter of 2024 at an average price of $12.91 per share.
The efficiency ratio was 72% for the quarters ended September 30, 2024 and June 30, 2024.

Balance Sheet and Asset Quality

Total assets decreased by $3.2 million during the quarter to $1.80 billion at September 30, 2024.

Securities available for sale (“AFS”) increased $3.0 million during the quarter ended September 30, 2024, to $149.4 million from $146.4 million at June 30, 2024. The increase was due to: (1) pre-tax unrealized gains of $4.6 million; and (2) a purchase of $2.9 million of agency MBS to support the Bank’s CRA program partially offset by principal repayments of $4.5 million.

Securities held to maturity (“HTM”) decreased $1.6 million to $87.0 million during the quarter ended September 30, 2024, from $88.6 million at June 30, 2024, due to principal repayments.

The on-balance sheet liquidity ratio, which is defined as the fair market value of AFS and HTM securities that are not pledged and cash on deposit with other financial institutions, was 11.46% of total assets at September 30, 2024, compared to 11.48% at June 30, 2024. On-balance sheet liquidity, collateralized new borrowing capacity and uncommitted federal funds borrowing availability was $718 million, or 269%, of uninsured and uncollateralized deposits at September 30, 2024, and $714 million, or 289%, at June 30, 2024.

Gross loans decreased by $3.9 million during the third quarter ended September 30, 2024, due to loan payoffs exceeding origination activity and construction loan fundings.

The office loan portfolio totaled $31.0 million at quarter end and consists of 71 loans. There was one criticized loan in this portfolio during the quarter ended September 30, 2024, totaling $0.2 million and there have been no charge-offs in the trailing twelve months.

The allowance for credit losses on loans decreased by $0.2 million to $21.0 million at September 30, 2024, representing 1.47% of total loans receivable compared to 1.48% of total loans receivable at June 30, 2024. For the quarter ended September 30, 2024, the Bank recorded negative provision of $0.4 million which included a negative provision on ACL for loans of $0.1 million and a negative provision of $0.3 million on ACL for unfunded commitments.

Allowance for Credit Losses (“ACL”) – Loans Percentage

(in thousands, except ratios)

	September 30, 2024			June 30, 2024			December 31, 2023			September 30, 2023
Loans, end of period	$	1,424,828		$	1,428,588		$	1,460,792		$	1,447,529
Allowance for credit losses – Loans	$	21,000		$	21,178		$	22,908		$	22,973
ACL – Loans as a percentage of loans, end of period		1.47	%		1.48	%		1.57	%		1.59	%

In addition to the ACL – Loans, the Company has established an ACL – Unfunded Commitments of $0.460 million at September 30, 2024, $0.712 million at June 30, 2024, and $1.571 million at September 30, 2023, classified in other liabilities on the consolidated balance sheets.

Allowance for Credit Losses – Unfunded Commitments:
(in thousands)

	September 30, 2024 and Three Months Ended			September 30, 2023 and Three Months Ended		September 30, 2024 and Nine Months Ended			September 30, 2023 and Nine Months Ended
ACL – Unfunded commitments – beginning of period	$	712		$	1,544	$	1,250		$	—
Cumulative effect of ASU 2016-13 adoption		—			—		—			1,537
(Reductions) additions to ACL – Unfunded commitments via provision for credit losses charged to operations		(252	)		27		(790	)		34
ACL – Unfunded commitments – end of period	$	460		$	1,571	$	460		$	1,571

Special mention loans increased by $2.2 million to $11.0 million at September 30, 2024, compared to $8.8 million at June 30, 2024. The increase is largely due to one loan of $8.7 million, which is secured by a multi-family unit. The addition of the multi-family unit to special mention was partially offset by the movement of a $7.7 million agricultural real estate loan relationship in forestry services that moved to substandard and was placed on nonaccrual.

Substandard loans increased by $6.8 million to $21.2 million at September 30, 2024, compared to $14.4 million at June 30, 2024, due to the addition of the forestry services loan relationship noted above.

Nonperforming assets increased to $17.1 million at September 30, 2024, compared to $10.3 million at June 30, 2024 largely due to the previously mentioned forestry services loan relationship.

	(in thousands)
	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Special mention loan balances	$	11,047	$	8,848	$	13,737	$	18,392	$	20,043
Substandard loan balances		21,202		14,420		14,733		19,596		16,171
Criticized loans, end of period	$	32,249	$	23,268	$	28,470	$	37,988	$	36,214

Total deposits increased $1.1 million during the quarter ended September 30, 2024, to $1.52 billion. Consumer deposits increased $22.1 million, including an increase in CDs of $17.9 million. Commercial deposits increased by $20.0 million. Brokered deposits decreased $30.1 million as the company decreased brokered MMDAs by $24.6 million and $5.5 million in brokered CDs matured and were not replaced. Public deposits decreased $10.9 million, largely due to expected seasonal outflows.

Deposit Portfolio Composition
(in thousands)

	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Consumer deposits	$	844,808	$	822,665	$	827,290	$	814,899	$	794,970
Commercial deposits		432,361		412,385		414,088		423,762		429,358
Public deposits		176,844		187,698		202,175		182,172		163,734
Brokered deposits		66,654		96,796		83,936		98,259		85,173
Total deposits	$	1,520,667	$	1,519,544	$	1,527,489	$	1,519,092	$	1,473,235

Deposit Composition
(in thousands)

	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Non-interest-bearing demand deposits	$	256,840	$	255,703	$	248,537	$	265,704	$	275,790
Interest-bearing demand deposits		346,971		353,477		361,278		343,276		336,962
Savings accounts		169,096		170,946		177,595		176,548		183,702
Money market accounts		366,067		370,164		387,879		374,055		312,689
Certificate accounts		381,693		369,254		352,200		359,509		364,092
Total deposits	$	1,520,667	$	1,519,544		1,527,489	$	1,519,092	$	1,473,235

At September 30, 2024, the deposit portfolio composition was 56% consumer, 28% commercial, 12% public, and 4% brokered deposits compared to 54% consumer, 27% commercial, 12% public, and 7% brokered deposits at June 30, 2024.

Uninsured and uncollateralized deposits were $267.1 million, or 18% of total deposits, at September 30, 2024, and $246.7 million, or 16% of total deposits, at June 30, 2024. Uninsured deposits alone at September 30, 2024, were $413.6 million, or 27% of total deposits, and $401.6 million, or 26% of total deposits at June 30, 2024.

Federal Home Loan Bank advances decreased $10.5 million to $21.0 million at September 30, 2024, from $31.5 million one quarter earlier.

Common stock totaling 223 thousand shares were repurchased in the third quarter of 2024 at an average price of $12.91 per share. For the nine-month period ended September 30, 2024, 382 thousand shares of common stock were repurchased at an average price of $12.32 per share. There are 333 thousand shares remaining under the July 2024 Board of Director repurchase authorization plan.

Review of Operations

Net interest income decreased $0.3 million for the current quarter ended September 30, 2024, from $11.6 million for the quarter ended June 30, 2024, and decreased from $12.1 million for the quarter ended September 30, 2023. The decrease in net interest income from the second quarter of 2024 was primarily due to lower non-recurring interest income of $0.2 million recognized from curing technical defaults on performing loans during the prior quarter. The net interest margin declined nine basis points in the third quarter, of which five basis points were due to no interest income recognition from curing technical defaults.

Net interest income and net interest margin analysis:
(in thousands, except yields and rates)

	Three months ended
	September 30, 2024					June 30, 2024					March 31, 2024					December 31, 2023					September 30, 2023
	Net Interest Income			Net Interest Margin		Net Interest Income			Net Interest Margin		Net Interest Income			Net Interest Margin		Net Interest Income			Net Interest Margin		Net Interest Income			Net Interest Margin
As reported	$	11,285		2.63	%	$	11,576		2.72	%	$	11,905		2.77	%	$	11,747		2.69	%	$	12,121		2.79	%
Less accretion for PCD loans		(45	)	(0.01	)%		(62	)	(0.01	)%		(75	)	(0.02	)%		(37	)	(0.01	)%		(39	)	(0.01	)%
Less scheduled accretion interest		(33	)	(0.01	)%		(32	)	(0.01	)%		(33	)	(0.01	)%		(33	)	(0.01	)%		(77	)	(0.02	)%
Without loan purchase accretion	$	11,207		2.61	%	$	11,482		2.70	%	$	11,797		2.74	%	$	11,677		2.67	%	$	12,005		2.76	%

Non-interest income increased $1.0 million in the third quarter of 2024, due to $0.5 million of higher gain on sale of loans and $0.6 million of lower net losses on equity securities. Non-interest income was $0.4 million higher compared to the third quarter of 2023 due to higher gain on sale of loans.

Non-interest expense increased $122 thousand to $10.4 million in the third quarter of 2024 from $10.3 million for the previous quarter and increased $452 thousand from $10.0 million one year earlier. The increase in the current quarter relative to the second quarter was primarily related to one-time data processing costs, modest REO losses and higher quarterly marketing spending, partially offset by $0.2 million in branch closure costs in the second quarter.

Provision for income taxes decreased to $0.9 million in the third quarter of 2024 from $1.0 million in the second quarter of 2024 largely due to lower pre-tax income. The effective tax rate was 21.48% for the quarter ended September 30, 2024, 22.1% for the quarter ended June 30, 2024, and 50.5% for the quarter ended September 30, 2023. The change in tax rate from 2023 is largely due to the Wisconsin state legislation in the third quarter of 2023, eliminating the Company’s state income tax in Wisconsin.

These financial results are preliminary until Form 10-Q is filed in November 2024.

About the Company

Citizens Community Bancorp, Inc. (NASDAQ: “CZWI”) is the holding company of the Bank, a national bank based in Altoona, Wisconsin, currently serving customers primarily in Wisconsin and Minnesota through 22 branch locations. Its primary markets include the Chippewa Valley Region in Wisconsin, the Twin Cities and Mankato markets in Minnesota, and various rural communities around these areas. The Bank offers traditional community banking services to businesses, ag operators and consumers, including residential mortgage loans.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements contained in this release are considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified using forward-looking words or phrases such as “anticipate,” “believe,” “could,” “expect,” “estimates,” “intend,” “may,” “on pace,” “preliminary,” “planned,” “potential,” “should,” “will,” “would” or the negative of those terms or other words of similar meaning. Such forward-looking statements in this release are inherently subject to many uncertainties arising in the operations and business environment of the Company and the Bank. These uncertainties include: conditions in the financial markets and economic conditions generally; the impact of inflation on our business and our customers; geopolitical tensions, including current or anticipated impact of military conflicts; higher lending risks associated with our commercial and agricultural banking activities; future pandemics (including new variants of COVID-19); cybersecurity risks; adverse impacts on the regional banking industry and the business environment in which it operates; interest rate risk; lending risk; changes in the fair value or ratings downgrades of our securities; the sufficiency of allowance for credit losses; competitive pressures among depository and other financial institutions; disintermediation risk; our ability to maintain our reputation; our ability to maintain or increase our market share; our ability to realize the benefits of net deferred tax assets; our inability to obtain needed liquidity; our ability to raise capital needed to fund growth or meet regulatory requirements; our ability to attract and retain key personnel; our ability to keep pace with technological change; prevalence of fraud and other financial crimes; the possibility that our internal controls and procedures could fail or be circumvented; our ability to successfully execute our acquisition growth strategy; risks posed by acquisitions and other expansion opportunities, including difficulties and delays in integrating the acquired business operations or fully realizing the cost savings and other benefits; restrictions on our ability to pay dividends; the potential volatility of our stock price; accounting standards for credit losses; legislative or regulatory changes or actions, or significant litigation, adversely affecting the Company or Bank; public company reporting obligations; changes in federal or state tax laws; and changes in accounting principles, policies or guidelines and their impact on financial performance. Stockholders, potential investors, and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Such uncertainties and other risks that may affect the Company’s performance are discussed further in Part I, Item 1A, “Risk Factors,” in the Company’s Form 10-K, for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on March 5, 2024 and the Company’s subsequent filings with the SEC. The Company undertakes no obligation to make any revisions to the forward-looking statements contained in this news release or to update them to reflect events or circumstances occurring after the date of this release.

¹Non-GAAP Financial Measures

This press release contains non-GAAP financial measures, such as net income as adjusted, net income as adjusted per share, tangible book value, tangible book value per share, tangible common equity as a percent of tangible assets and return on average tangible common equity, which management believes may be helpful in understanding the Company’s results of operations or financial position and comparing results over different periods.

Net income as adjusted and net income as adjusted per share are non-GAAP measures that eliminate the impact of certain expenses such as branch closure costs and related severance pay, accelerated depreciation expense and lease termination fees, and the gain on sale of branch deposits and fixed assets. Tangible book value, tangible book value per share, tangible common equity as a percentage of tangible assets and return on average tangible common equity are non-GAAP measures that eliminate the impact of goodwill and intangible assets on our financial position. Management believes these measures are useful in assessing the strength of our financial position.

Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this press release. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other banks and financial institutions.

Contact: Steve Bianchi, CEO
(715)-836-9994

(CZWI-ER)


CITIZENS COMMUNITY BANCORP, INC.
Consolidated Balance Sheets
(in thousands, except shares and per share data)

	September 30, 2024 (unaudited)			June 30, 2024 (unaudited)			December 31, 2023 (audited)			September 30, 2023 (unaudited)
Assets
Cash and cash equivalents	$	36,632		$	36,886		$	37,138		$	32,532
Securities available for sale “AFS”		149,432			146,438			155,743			153,414
Securities held to maturity “HTM”		87,033			88,605			91,229			92,336
Equity investments		5,096			5,023			3,284			2,433
Other investments		12,311			13,878			15,725			15,109
Loans receivable		1,424,828			1,428,588			1,460,792			1,447,529
Allowance for credit losses		(21,000	)		(21,178	)		(22,908	)		(22,973	)
Loans receivable, net		1,403,828			1,407,410			1,437,884			1,424,556
Loans held for sale		697			275			5,773			2,737
Mortgage servicing rights, net		3,696			3,731			3,865			3,944
Office properties and equipment, net		17,365			17,774			18,373			19,465
Accrued interest receivable		6,235			6,289			5,409			5,936
Intangible assets		1,158			1,336			1,694			1,873
Goodwill		31,498			31,498			31,498			31,498
Foreclosed and repossessed assets, net		1,572			1,662			1,795			1,046
Bank owned life insurance (“BOLI”)		25,901			25,708			25,647			25,467
Other assets		16,683			15,794			16,334			18,741
TOTAL ASSETS	$	1,799,137		$	1,802,307		$	1,851,391		$	1,831,087
Liabilities and Stockholders’ Equity
Liabilities:
Deposits	$	1,520,667		$	1,519,544		$	1,519,092		$	1,473,235
Federal Home Loan Bank (“FHLB”) advances		21,000			31,500			79,530			114,530
Other borrowings		61,548			61,498			67,465			67,407
Other liabilities		15,773			13,720			11,970			10,513
Total liabilities		1,618,988			1,626,262			1,678,057			1,665,685
Stockholders’ equity:
Common stock— $0.01 par value, authorized 30,000,000; 10,074,136, 10,297,341, 10,440,591, and 10,468,091 shares issued and outstanding, respectively		101			103			104			105
Additional paid-in capital		115,455			117,838			119,441			119,612
Retained earnings		78,438			75,501			71,117			67,424
Accumulated other comprehensive loss		(13,845	)		(17,397	)		(17,328	)		(21,739	)
Total stockholders’ equity		180,149			176,045			173,334			165,402
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,799,137		$	1,802,307		$	1,851,391		$	1,831,087

Note: Certain items previously reported were reclassified for consistency with the current presentation.

CITIZENS COMMUNITY BANCORP, INC.
Consolidated Statements of Operations
(in thousands, except per share data)

	Three Months Ended									Nine Months Ended
	September 30, 2024 (unaudited)			June 30, 2024 (unaudited)			September 30, 2023 (unaudited)			September 30, 2024 (unaudited)			September 30, 2023 (unaudited)
Interest and dividend income:
Interest and fees on loans	$	20,115		$	19,921		$	19,083		$	60,204		$	54,169
Interest on investments		2,397			2,542			2,689			7,450			8,053
Total interest and dividend income		22,512			22,463			21,772			67,654			62,222
Interest expense:
Interest on deposits		10,165			9,338			7,388			28,712			17,898
Interest on FHLB borrowed funds		128			576			1,210			1,216			4,595
Interest on other borrowed funds		934			973			1,053			2,960			3,127
Total interest expense		11,227			10,887			9,651			32,888			25,620
Net interest income before provision for credit losses		11,285			11,576			12,121			34,766			36,602
(Negative) provision for credit losses		(400	)		(1,525	)		(325	)		(2,725	)		175
Net interest income after provision for credit losses		11,685			13,101			12,446			37,491			36,427
Non-interest income:
Service charges on deposit accounts		513			490			491			1,474			1,464
Interchange income		577			579			601			1,697			1,743
Loan servicing income		643			526			611			1,751			1,679
Gain on sale of loans		752			226			299			1,998			1,501
Loan fees and service charges		165			309			140			704			308
Net realized gains on debt securities		—			—			—			—			12
Net (losses) gains on equity securities		(78	)		(658	)		116			(569	)		170
Bank Owned Life Insurance (BOLI) death benefit		—			184			—			184			—
Other		349			257			307			859			893
Total non-interest income		2,921			1,913			2,565			8,098			7,770
Non-interest expense:
Compensation and related benefits		5,743			5,675			5,293			16,901			15,967
Occupancy		1,242			1,333			1,335			3,942			4,117
Data processing		1,665			1,525			1,536			4,787			4,440
Amortization of intangible assets		178			179			179			536			576
Mortgage servicing rights expense, net		163			116			150			427			456
Advertising, marketing and public relations		225			186			185			575			472
FDIC premium assessment		201			200			204			606			608
Professional services		336			347			342			1,249			1,153
Losses (gains) on repossessed assets, net		65			(18	)		100			47			62
Other		603			756			645			2,427			2,085
Total non-interest expense		10,421			10,299			9,969			31,497			29,936
Income before provision for income taxes		4,185			4,715			5,042			14,092			14,261
Provision for income taxes		899			1,040			2,544			3,043			4,895
Net income attributable to common stockholders	$	3,286		$	3,675		$	2,498		$	11,049		$	9,366
Per share information:
Basic earnings	$	0.32		$	0.35		$	0.24		$	1.07		$	0.89
Diluted earnings	$	0.32		$	0.35		$	0.24		$	1.07		$	0.89
Cash dividends paid	$	—		$	—		$	—		$	0.32		$	0.29
Book value per share at end of period	$	17.88		$	17.10		$	15.80		$	17.88		$	15.80
Tangible book value per share at end of period (non-GAAP)	$	14.64		$	13.91		$	12.61		$	14.64		$	12.61

Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)

(in thousands, except per share data)

	Three Months Ended						Nine Months Ended
	September 30, 2024		June 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023

GAAP pretax income	$	4,185	$	4,715	$	5,042	$	14,092	$	14,261
Branch closure costs (1)		—		168		—		168		—
Pretax income as adjusted (2)	$	4,185	$	4,883	$	5,042	$	14,260	$	14,261
Provision for income tax on net income as adjusted (3)		899		1,077		2,544		3,079		4,895
Net income as adjusted (non-GAAP) (2)	$	3,286	$	3,806	$	2,498	$	11,181	$	9,366
GAAP diluted earnings per share, net of tax	$	0.32	$	0.35	$	0.24	$	1.07	$	0.89
Branch closure costs, net of tax		—		0.01		—		0.01		—
Diluted earnings per share, as adjusted, net of tax (non-GAAP)	$	0.32	$	0.36	$	0.24	$	1.08	$	0.89

Average diluted shares outstanding		10,204,195		10,373,089		10,470,098		10,339,802		10,474,685

(1) Branch closure costs include severance pay recorded in compensation and benefits and depreciation and right of use lease asset accelerated expense included in other non-interest expense in the consolidated statement of operations.
(2) Pretax income as adjusted and net income as adjusted are non-GAAP measures that management believes enhances the market’s ability to assess the underlying business performance and trends related to core business activities.
(3) Provision for income tax on net income as adjusted is calculated at our effective tax rate for each respective period presented.

Loan Composition

(in thousands)

	September 30, 2024			June 30, 2024			December 31, 2023			September 30, 2023
Total Loans:
Commercial/Agricultural real estate:
Commercial real estate	$	730,459		$	729,236		$	750,531		$	750,282
Agricultural real estate		76,043			78,248			83,350			84,558
Multi-family real estate		239,191			234,758			228,095			219,193
Construction and land development		87,875			87,898			110,941			109,799
C&I/Agricultural operating:
Commercial and industrial		119,619			127,386			121,666			121,033
Agricultural operating		27,550			27,409			25,691			24,552
Residential mortgage:
Residential mortgage		134,944			133,503			129,021			125,939
Purchased HELOC loans		2,932			2,915			2,880			2,881
Consumer installment:
Originated indirect paper		4,405			5,110			6,535			7,175
Other consumer		5,438			5,860			6,187			6,440
Gross loans	$	1,428,456		$	1,432,323		$	1,464,897		$	1,451,852
Unearned net deferred fees and costs and loans in process		(2,703	)		(2,733	)		(2,900	)		(3,048	)
Unamortized discount on acquired loans		(925	)		(1,002	)		(1,205	)		(1,275	)
Total loans receivable	$	1,424,828		$	1,428,588		$	1,460,792		$	1,447,529

Nonperforming Assets
Loan Balances at Amortized Cost

(in thousands, except ratios)

	September 30, 2024			June 30, 2024			December 31, 2023			September 30, 2023
Nonperforming assets:
Nonaccrual loans
Commercial real estate	$	4,778		$	5,350		$	10,359		$	10,570
Agricultural real estate		6,193			382			391			469
Construction and land development		106			—			54			94
Commercial and industrial (“C&I”)		1,956			422			—			—
Agricultural operating		901			1,017			1,180			1,373
Residential mortgage		1,088			1,145			1,167			923
Consumer installment		20			36			33			27
Total nonaccrual loans	$	15,042		$	8,352		$	13,184		$	13,456
Accruing loans past due 90 days or more		530			256			389			971
Total nonperforming loans (“NPLs”) at amortized cost		15,572			8,608			13,573			14,427
Foreclosed and repossessed assets, net		1,572			1,662			1,795			1,046
Total nonperforming assets (“NPAs”)	$	17,144		$	10,270		$	15,368		$	15,473
Loans, end of period	$	1,424,828		$	1,428,588		$	1,460,792		$	1,447,529
Total assets, end of period	$	1,799,137		$	1,802,307		$	1,851,391		$	1,831,087
Ratios:
NPLs to total loans		1.09	%		0.60	%		0.93	%		1.00	%
NPAs to total assets		0.95	%		0.57	%		0.83	%		0.85	%

Average Balances, Interest Yields and Rates

(in thousands, except yields and rates)

	Three Months Ended September 30, 2024						Three Months Ended June 30, 2024						Three Months Ended September 30, 2023
	Average Balance		Interest Income/ Expense		Average Yield/ Rate		Average Balance		Interest Income/ Expense		Average Yield/ Rate		Average Balance		Interest Income/ Expense		Average Yield/ Rate
Average interest earning assets:
Cash and cash equivalents	$	25,187	$	360	5.69	%	$	18,894	$	272	5.79	%	$	21,298	$	302	5.63	%
Loans receivable		1,429,928		20,115	5.60	%		1,439,535		19,921	5.57	%		1,435,284		19,083	5.27	%
Investment securities		236,960		1,966	3.30	%		238,147		2,012	3.40	%		252,226		2,119	3.33	%
Other investments		12,553		71	2.25	%		13,051		258	7.95	%		15,511		268	6.85	%
Total interest earning assets	$	1,704,628	$	22,512	5.25	%	$	1,709,627	$	22,463	5.28	%	$	1,724,319	$	21,772	5.01	%
Average interest-bearing liabilities:
Savings accounts	$	170,777	$	450	1.05	%		174,259	$	429	0.99	%	$	199,279	$	328	0.65	%
Demand deposits		357,201		2,152	2.40	%		354,850	$	2,023	2.29	%		354,073		1,863	2.09	%
Money market accounts		381,369		3,126	3.26	%		377,346	$	2,958	3.15	%		298,098		1,889	2.51	%
CD’s		379,722		4,437	4.65	%		352,323	$	3,928	4.48	%		358,238		3,308	3.66	%
Total deposits	$	1,289,069	$	10,165	3.14	%	$	1,258,778	$	9,338	2.98	%	$	1,209,688	$	7,388	2.42	%
FHLB advances and other borrowings		80,338		1,062	5.26	%		121,967	$	1,549	5.11	%		182,967		2,263	4.91	%
Total interest-bearing liabilities	$	1,369,407	$	11,227	3.26	%	$	1,380,745	$	10,887	3.17	%	$	1,392,655	$	9,651	2.75	%
Net interest income			$	11,285					$	11,576					$	12,121
Interest rate spread					1.99	%					2.11	%					2.26	%
Net interest margin					2.63	%					2.72	%					2.79	%
Average interest earning assets to average interest-bearing liabilities					1.24						1.24						1.24

	Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023
	Average Balance		Interest Income/ Expense		Average Yield/ Rate		Average Balance		Interest Income/ Expense		Average Yield/ Rate
Average interest earning assets:
Cash and cash equivalents	$	19,073	$	823	5.76	%	$	19,066	$	768	5.39	%
Loans receivable		1,441,972		60,204	5.58	%		1,420,423		54,169	5.10	%
Interest bearing deposits		—		—	—	%		84		1	1.59	%
Investment securities		240,054		6,038	3.36	%		261,507		6,505	3.33	%
Other investments		12,983		589	6.06	%		16,447		779	6.33	%
Total interest earning assets	$	1,714,082	$	67,654	5.27	%	$	1,717,527	$	62,222	4.84	%
Average interest-bearing liabilities:
Savings accounts	$	173,946	$	1,300	1.00	%	$	208,446	$	1,103	0.71	%
Demand deposits		355,356		6,192	2.33	%		370,235		5,047	1.82	%
Money market accounts		378,740		9,005	3.18	%		298,957		4,759	2.13	%
CD’s		364,131		12,215	4.48	%		300,279		6,989	3.11	%
Total deposits	$	1,272,173	$	28,712	3.01	%	$	1,177,917	$	17,898	2.03	%
FHLB advances and other borrowings		108,897		4,176	5.12	%		214,034		7,722	4.82	%
Total interest-bearing liabilities	$	1,381,070	$	32,888	3.18	%	$	1,391,951	$	25,620	2.46	%
Net interest income			$	34,766					$	36,602
Interest rate spread					2.09	%					2.38	%
Net interest margin					2.71	%					2.85	%
Average interest earning assets to average interest bearing liabilities					1.24						1.23

Key Financial Metric Ratios:

	Three Months Ended						Nine Months Ended
	September 30, 2024		June 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Ratios based on net income:
Return on average assets (annualized)	0.72	%	0.81	%	0.54	%	0.81	%	0.68	%
Return on average equity (annualized)	7.34	%	8.52	%	5.97	%	8.46	%	7.59	%
Return on average tangible common equity⁴ (annualized)	9.38	%	10.92	%	7.74	%	10.78	%	9.91	%
Efficiency ratio	72	%	72	%	67	%	71	%	66	%
Net interest margin with loan purchase accretion	2.63	%	2.72	%	2.79	%	2.71	%	2.85	%
Net interest margin without loan purchase accretion	2.61	%	2.70	%	2.76	%	2.69	%	2.82	%
Ratios based on net income as adjusted (non-GAAP)
Return on average assets as adjusted² (annualized)	0.72	%	0.84	%	0.54	%	0.82	%	0.68	%
Return on average equity as adjusted³ (annualized)	7.34	%	8.82	%	5.97	%	8.56	%	7.59	%

Reconciliation of Return on Average Assets

(in thousands, except ratios)

	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023

GAAP earnings after income taxes	$	3,286		$	3,675		$	2,498		$	11,049		$	9,366
Net income as adjusted after income taxes (non-GAAP) (1)	$	3,286		$	3,806		$	2,498		$	11,181		$	9,366
Average assets	$	1,810,826		$	1,815,693		$	1,836,775		$	1,822,106		$	1,832,832
Return on average assets (annualized)		0.72	%		0.81	%		0.54	%		0.81	%		0.68	%
Return on average assets as adjusted (non-GAAP) (annualized)		0.72	%		0.84	%		0.54	%		0.82	%		0.68	%

(1) See Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)

Reconciliation of Return on Average Equity

(in thousands, except ratios)

	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
GAAP earnings after income taxes	$	3,286		$	3,675		$	2,498		$	11,049		$	9,366
Net income as adjusted after income taxes (non-GAAP) (1)	$	3,286		$	3,806		$	2,498		$	11,181		$	9,366
Average equity	$	178,050		$	173,462		$	166,131		$	174,436		$	165,075
Return on average equity (annualized)		7.34	%		8.52	%		5.97	%		8.46	%		7.59	%
Return on average equity as adjusted (non-GAAP) (annualized)		7.34	%		8.82	%		5.97	%		8.56	%		7.59	%

(1) See Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)

Reconciliation of Efficiency Ratio

(in thousands, except ratios)

	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Non-interest expense (GAAP)	$	10,421		$	10,299		$	9,969		$	31,497		$	29,936
Less amortization of intangibles		(178	)		(179	)		(179	)		(536	)		(576	)
Efficiency ratio numerator (GAAP)	$	10,243		$	10,120		$	9,790		$	30,961		$	29,360

Non-interest income	$	2,921		$	1,913		$	2,565		$	8,098		$	7,770
Add back net losses on debt and equity securities		(78	)		(658	)		—			(569	)		—
Subtract net gains on debt and equity securities		—			—			116			—			182
Net interest income		11,285			11,576			12,121			34,766			36,602
Efficiency ratio denominator (GAAP)	$	14,284		$	14,147		$	14,570		$	43,433		$	44,190
Efficiency ratio (GAAP)		72	%		72	%		67	%		71	%		66	%

Reconciliation of tangible book value per share (non-GAAP)

(in thousands, except per share data)

Tangible book value per share at end of period	September 30, 2024			June 30, 2024			December 31, 2023			September 30, 2023
Total stockholders’ equity	$	180,149		$	176,045		$	173,334		$	165,402
Less: Goodwill		(31,498	)		(31,498	)		(31,498	)		(31,498	)
Less: Intangible assets		(1,158	)		(1,336	)		(1,694	)		(1,873	)
Tangible common equity (non-GAAP)	$	147,493		$	143,211		$	140,142		$	132,031
Ending common shares outstanding		10,074,136			10,297,341			10,440,591			10,468,091
Book value per share	$	17.88		$	17.10		$	16.60		$	15.80
Tangible book value per share (non-GAAP)	$	14.64		$	13.91		$	13.42		$	12.61

Reconciliation of tangible common equity as a percent of tangible assets (non-GAAP)

(in thousands, except ratios)

Tangible common equity as a percent of tangible assets at end of period	September 30, 2024			June 30, 2024			December 31, 2023			September 30, 2023
Total stockholders’ equity	$	180,149		$	176,045		$	173,334		$	165,402
Less: Goodwill		(31,498	)	$	(31,498	)		(31,498	)	$	(31,498	)
Less: Intangible assets		(1,158	)	$	(1,336	)		(1,694	)	$	(1,873	)
Tangible common equity (non-GAAP)	$	147,493		$	143,211		$	140,142		$	132,031
Total Assets	$	1,799,137		$	1,802,307		$	1,851,391		$	1,831,087
Less: Goodwill		(31,498	)		(31,498	)		(31,498	)	$	(31,498	)
Less: Intangible assets		(1,158	)		(1,336	)		(1,694	)	$	(1,873	)
Tangible Assets (non-GAAP)	$	1,766,481		$	1,769,473		$	1,818,199		$	1,797,716
Total stockholders’ equity to total assets ratio		10.01	%		9.77	%		9.36	%		9.03	%
Tangible common equity as a percent of tangible assets (non-GAAP)		8.35	%		8.09	%		7.71	%		7.34	%

Reconciliation of Return on Average Tangible Common Equity (non-GAAP)

(in thousands, except ratios)

	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Total stockholders’ equity	$	180,149		$	176,045		$	165,402		$	180,149		$	165,402
Less: Goodwill		(31,498	)		(31,498	)		(31,498	)		(31,498	)		(31,498	)
Less: Intangible assets		(1,158	)		(1,336	)		(1,873	)		(1,158	)		(1,873	)
Tangible common equity (non-GAAP)	$	147,493		$	143,211		$	132,031		$	147,493		$	132,031
Average tangible common equity (non-GAAP)	$	145,305		$	140,539		$	132,671		$	141,512		$	131,425
GAAP earnings after income taxes		3,286			3,675			2,498			11,049			9,366
Amortization of intangible assets, net of tax		140			140			89			374			378
Tangible net income	$	3,426		$	3,815		$	2,587		$	11,423		$	9,744
Return on average tangible common equity (annualized)		9.38	%		10.92	%		7.74	%		10.78	%		9.91	%

¹Net income as adjusted and net income as adjusted per share are non-GAAP financial measures that management believes enhances investors’ ability to better understand the underlying business performance and trends related to core business activities. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)”.

²Return on average assets as adjusted is a non-GAAP measure that management believes enhances investors’ ability to better understand the underlying business performance and trends relative to average assets. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of Return on Average Assets as Adjusted (non-GAAP)”.

³Return on average equity as adjusted is a non-GAAP measure that management believes enhances investors’ ability to better understand the underlying business performance and trends relative to average equity. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of Return on Average Equity as Adjusted (non-GAAP)”.

⁴Tangible book value, tangible book value per share, tangible common equity as a percent of tangible assets and return on tangible common equity are non-GAAP measures that management believes enhances investors’ ability to better understand the Company’s financial position. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of tangible book value per share (non-GAAP)”, “Reconciliation of tangible common equity as a percent of tangible assets (non-GAAP)”, and “Reconciliation of return on average tangible common equity)”.

The MIL Network –

January 25, 2025

MIL-OSI: PSB Holdings, Inc. Reports Earnings of $0.69 per Share for Q3 2024; Net Interest Margin and Tangible Book Value Increase; Asset Quality Improves

Source: GlobeNewswire (MIL-OSI)

WAUSAU, Wis., Oct. 28, 2024 (GLOBE NEWSWIRE) — PSB Holdings, Inc. (“PSB”) (OTCQX: PSBQ), the holding company for Peoples State Bank (“Peoples”) serving Northcentral and Southeastern Wisconsin reported third quarter earnings ending September 30, 2024 of $0.69 per common share on net income of $2.9 million, compared to $0.56 per common share on net income of $2.3 million during the second quarter ending June 30, 2024, and $0.29 per common share on net income of $1.2 million during the third quarter ending September 30, 2023.

PSB’s third quarter 2024 operating results reflected the following changes from the second quarter of 2024: (1) higher net interest margin increased 6 basis points; (2) slightly lower non-interest income; (3) lower non-interest expense due to the second quarter reflecting elevated severance expenses; and (4) the return of a $2.5 million non-performing loan to performing status and a corresponding release in specific reserves.

“Over the past year, we have increased shareholders’ tangible book value per share 18.7% and paid $0.62 in dividends to our shareholders, up 12.7% from the 12 month period ended September 30, 2023. With the rapid rise in short term interest rates over the past couple of years coming to an apparent end, we expect our net interest margin to be stable and operating expenses to continue to be well managed and efficient. Additionally, as funds become available from investment and loan repayments and maturities, we expect the funds to be reinvested into higher yielding assets which should lessen the volatility in fair market value adjustments reflected in our tangible book value,” stated Scott Cattanach, President and CEO.

September 30, 2024, Highlights:

Net interest income increased to $9.9 million for the quarter ended September 30, 2024, from $9.4 million for the quarter ended June 30, 2024, as increases in asset and loan yields outpaced the increases in funding costs.
Noninterest income decreased slightly to $1.8 million for the quarter ended September 30, 2024, compared to $1.9 million the prior quarter.
Noninterest expenses decreased during the quarter ended September 30, 2024, reflecting lower salary and benefit expenses. Included in salary and benefit expenses for the prior quarter were non-recurring expenses totaling approximately $404,000.
Tangible book value per common share increased $1.86 per share to $26.41 at September 30, 2024, compared to $24.55 one quarter earlier, and increased $4.16 per share, or 18.7%, compared to $22.25 at September 30, 2023. Additionally, PSB paid dividends totaling $0.62 per share over the past year. During the third quarter ended September 30, 2024, tangible book value per share was positively influenced by higher net income, intangible asset amortization, an increase in fair market value of investment securities and consistent stock repurchase activity.
Loans decreased $16.9 million in the third quarter ended September 30, 2024, to $1.06 billion largely due to not replacing certain out of market maturing loans. Allowance for credit losses increased to 1.18% of gross loans.
Non-performing assets declined to 0.71% of total assets at September 30, 2024 from 0.84% at June 30, 2024 as a $2.5 million loan returned to performing status.
Total deposits decreased $13.2 million during the quarter ended September 30, 2024 to $1.14 billion, with a large portion of the decrease attributable to a large overnight deposit held at June 30, 2024 which was withdrawn in early July.
Return on average tangible common equity was 10.96% for the quarter ended September 30, 2024, compared to 9.34% the prior quarter and 5.17% in the year ago quarter.

Balance Sheet and Asset Quality Review

Total assets decreased $9.7 million to $1.48 billion at September 30, 2024. Investment securities available for sale increased $9.7 million to $174.9 million at September 30, 2024, from $165.2 million one quarter earlier. Total collateralized liquidity available to meet cash demands was approximately $321 million at September 30, 2024, with an additional $343 million that could be raised in a short time frame from the brokered CDs market.

Total loans receivable decreased $16.9 million to $1.06 billion at September 30, 2024, due primarily to lower commercial and construction lending. Commercial non-real estate loans decreased $9.1 million to $139.0 million at September 30, 2024, from $148.2 million one quarter earlier. Gross construction lending decreased $9.6 million to $61.0 million at September 30, 2024, from $70.5 million at June 30, 2024, while loans in process declined $3.6 million during the quarter ended September 30, 2024. Commercial real estate loans decreased $2.6 million to $541.6 million at September 30, 2024, from $544.2 million the prior quarter. Meanwhile, residential real estate loans increased slightly from the prior quarter to $341.3 million from $340.9 million. The loan portfolio remains well diversified with commercial real estate and construction loans totaling 55.4% of gross loans followed by residential real estate loans at 31.4% of gross loans, commercial non-real estate loans at 12.8% and consumer loans at 0.4%.

The allowance for credit losses increased slightly to 1.18% of gross loans at September 30, 2024, from 1.16% the prior quarter. Annualized net charge-offs to average loans were zero for the last five quarters. Non-performing assets totaled 0.71% of total assets at September 30, 2024, compared to 0.84% at June 30, 2024. During the quarter ended September 30, 2024, a loan totaling $2.5 million was returned to performing status, while a loan on a recreation facility totaling $3.3 million was added to nonaccrual status. Additionally, one loan relationship to an equipment dealership on nonaccrual status totaling $5.1 million at June 30, 2024 was paid down to $2.8 million at September 30, 2024 on sale of the equipment inventory. For the seventh consecutive quarter, the Bank did not own any foreclosed real estate.

Total deposits decreased $13.2 million to $1.14 billion at September 30, 2024, from $1.15 billion at June 30, 2024. The decrease in deposits reflects a $13.1 million decrease in interest-bearing demand and savings deposits, a $19.7 million decrease in money market deposits partially offset by a $14.6 million increase in non-interest bearing deposits and a $5.4 million increase in retail and local time deposits. The decrease in money market deposits reflected a large deposit of $49 million on June 30, 2024 that was drawn down in early July 2024.

At September 30, 2024, non-interest bearing demand deposits increased to 23.3% of total deposits from 21.6% the prior quarter, while interest-bearing demand and savings deposits decreased to 28.4% of deposits, compared to 29.3% at June 30, 2024. Uninsured and uncollateralized deposits decreased to 21.6% of total deposits at September 30, 2024, from 24.0% of total deposits at June 30, 2024.

FHLB advances decreased to $181.3 million at September 30, 2024, compared to $184.9 million at June 30, 2024.

Tangible stockholder equity as a percent of total tangible assets increased to 7.85% at September 30, 2024, compared to 7.32% at June 30, 2024, and 6.98% at September 30, 2023.

Tangible net book value per common share increased $4.16, to $26.41, at September 30, 2024, compared to $22.25 one year earlier, an increase of 18.7% after dividends of $0.62 were paid to shareholders. Relative to the prior quarter, tangible net book value per common share increased due to continued earnings, a fair market value increase in the investment portfolio which reduced unrealized losses reflected in accumulated other comprehensive income and amortization of intangible assets. The accumulated other comprehensive loss on the investment portfolio was $15.8 million at September 30, 2024, compared to $20.5 million one quarter earlier.

Operations Review

Net interest income increased to $9.9 million (on a net margin of 2.90%) for the third quarter of 2024, from $9.4 million (on a net margin of 2.84%) for the second quarter of 2024, and $9.6 million (on a net margin of 2.88%) for the third quarter of 2023. Earning asset yields increased by 8 basis points to 5.29% during the third quarter of 2024 from 5.21% during the second quarter of 2024, while interest bearing deposit and borrowing costs increased 7 basis points to 3.13% compared to 3.06% during the second quarter of 2024.

The increase in earning asset yields was primarily due to higher yields on loan originations and renewals. Loan yields increased during the third quarter of 2024 to 5.78% from 5.67% for the second quarter of 2024, up 11 basis points. Taxable security yields were 3.01% for the quarter ended September 30, 2024, compared to 3.02% for the quarter ended June 30, 2024, while tax-exempt security yields were 3.31% for the quarter ended September 30, 2024 compared to 3.33% the prior quarter.

The cost of all deposits was 2.11% for the quarter ended September 30, 2024, compared to 2.11% the prior quarter, while the overall cost of funds increased 7 basis points from 3.06% to 3.13% during the same time period. Deposit costs for money market deposits decreased during the quarter ended September 30, 2024, to 2.69% from 2.72% the prior quarter. The cost of time deposits and FHLB advances continued to increase and were primarily responsible for the rise in the Bank’s cost of funds in the current quarter. The cost of time deposits increased to 4.04% for the third quarter ended September 30, 2024, from 3.97% the prior quarter. FHLB advance costs rose to 4.44% during the third quarter ended September 30, 2024, from 4.28% the prior quarter.

Total noninterest income decreased slightly for the third quarter of 2024 to $1.84 million, from $1.91 million for the second quarter of 2024. Mortgage banking income remained at $433,000 in the September 30, 2024 quarter while various decreases in nominal revenue sources accounted for the slight decline in non-interest income during the third quarter ended September 30, 2024. At September 30, 2024, the Bank serviced $371 million in secondary market residential mortgage loans for others which provide fee income.

Noninterest expenses decreased to $8.2 million for the third quarter of 2024, compared to $8.4 million for the second quarter of 2024. The second quarter ended June 30, 2024, reflected higher salary and benefit expenses related to non-recurring costs. Relative to one year earlier, salary and benefit cost increased 5.7% to $4.8 million for the quarter ended September 30, 2024, compared to $4.5 million for the third quarter ended September 30, 2023.

Taxes increased $183,000 during the third quarter to $593,000, from $410,000 one quarter earlier. The increase generally reflects higher pre-tax income. The effective tax rate for the quarter ended September 30, 2024, was 16.6% compared to 14.4% for the second quarter ended June 30, 2024, and 63.8% for the third quarter ended September 30, 2023, when higher tax expenses were incurred to recognize the loss of certain deferred tax assets following a change in Wisconsin tax law that eliminated state taxes on certain qualified assets.

About PSB Holdings, Inc.

PSB Holdings, Inc. is the parent company of Peoples State Bank. Peoples is a community bank headquartered in Wausau, Wisconsin, serving northcentral and southeastern Wisconsin from twelve full-service banking locations in Marathon, Oneida, Vilas, Portage, Milwaukee and Waukesha counties and a loan production office in Dane County. Peoples also provides investment and insurance products, along with retirement planning services, through Peoples Wealth Management, a division of Peoples. PSB Holdings, Inc. is traded under the stock symbol PSBQ on the OTCQX Market. More information about PSB, its management, and its financial performance may be found at www.psbholdingsinc.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current expectations, estimates and projections about PSB’s business based, in part, on assumptions made by management and include, without limitation, statements with respect to the potential growth of PSB, its future profits, expected stock repurchase levels, future dividend rates, future interest rates, and the adequacy of its capital position. Forward-looking statements can be affected by known and unknown risks, uncertainties, and other factors, including, but not limited to, strength of the economy, the effects of government policies, including interest rate policies, risks associated with the execution of PSB’s vision and growth strategy, including with respect to current and future M&A activity, and risks associated with global economic instability. The forward-looking statements in this press release speak only as of the date on which they are made and PSB does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.

PSB Holdings, Inc.
Consolidated Balance Sheets
September 30, June 30, and March 31, 2024, September 30, 2023, unaudited, December 31, 2023 derived from audited financial statements

	Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,
(dollars in thousands, except per share data)		2024			2024			2024			2023			2023

Assets

Cash and due from banks	$	23,554		$	16,475		$	13,340		$	20,887		$	12,881
Interest-bearing deposits		5,126			251			105			1,431			668
Federal funds sold		58,434			69,249			2,439			5,462			7,764

Cash and cash equivalents		87,114			85,975			15,884			27,780			21,313
Securities available for sale (at fair value)		174,911			165,177			165,566			164,024			160,883
Securities held to maturity (fair values of $82,389, $79,993, $81,234, $82,514 and
$75,236 respectively)		86,847			86,825			87,104			87,081			86,908
Equity securities		1,752			1,661			1,474			1,474			2,273
Loans held for sale		–			2,268			865			230			971
Loans receivable, net (allowance for credit losses of $12,598, $12,597, $12,494,
$12,302 and $12,267 respectively)		1,057,974			1,074,844			1,081,394			1,078,475			1,098,019
Accrued interest receivable		4,837			5,046			5,467			5,136			4,716
Foreclosed assets		–			–			–			–			–
Premises and equipment, net		14,065			14,048			13,427			13,098			13,242
Mortgage servicing rights, net		1,727			1,688			1,657			1,664			1,684
Federal Home Loan Bank stock (at cost)		8,825			8,825			7,006			6,373			6,373
Cash surrender value of bank-owned life insurance		24,565			24,401			24,242			24,085			23,931
Core deposit intangible		212			229			249			273			297
Goodwill		2,541			2,541			2,541			2,541			2,541
Other assets		10,598			12,111			11,682			11,866			14,094

TOTAL ASSETS	$	1,475,968		$	1,485,639		$	1,418,558		$	1,424,100		$	1,437,245

Liabilities

Non-interest-bearing deposits	$	265,078		$	250,435		$	247,608		$	266,829		$	288,765
Interest-bearing deposits		874,035			901,886			865,744			874,973			883,474

Total deposits		1,139,113			1,152,321			1,113,352			1,141,802			1,172,239

Federal Home Loan Bank advances		181,250			184,900			158,250			134,000			128,000
Other borrowings		6,128			5,775			8,096			8,058			5,660
Senior subordinated notes		4,779			4,778			4,776			4,774			4,772
Junior subordinated debentures		12,998			12,972			12,947			12,921			12,896
Allowance for credit losses on unfunded commitments		477			477			477			577			512
Accrued expenses and other liabilities		12,850			13,069			10,247			12,681			10,258

Total liabilities		1,357,595			1,374,292			1,308,145			1,314,813			1,334,337

Stockholders’ equity

Preferred stock – no par value:
Authorized – 30,000 shares; no shares issued or outstanding
Outstanding – 7,200 shares, respectively		7,200			7,200			7,200			7,200			7,200
Common stock – no par value with a stated value of $1.00 per share:
Authorized – 18,000,000 shares; Issued – 5,490,798 shares
Outstanding – 4,105,594, 4,128,382, 4,147,649, 4,164,735 and
4,174,197 shares, respectively		1,830			1,830			1,830			1,830			1,830
Additional paid-in capital		8,567			8,527			8,466			8,460			8,421
Retained earnings		138,142			135,276			134,271			132,666			131,624
Accumulated other comprehensive income (loss), net of tax		(15,814	)		(20,503	)		(20,775	)		(20,689	)		(26,190	)
Treasury stock, at cost – 1,385,204, 1,362,416, 1,343,149, 1,326,063 and
1,316,601 shares, respectively		(21,552	)		(20,983	)		(20,579	)		(20,180	)		(19,977	)

Total stockholders’ equity		118,373			111,347			110,413			109,287			102,908

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,475,968		$	1,485,639		$	1,418,558		$	1,424,100		$	1,437,245

PSB Holdings, Inc.
Consolidated Statements of Income
	Quarter Ended												Nine Months Ended
(dollars in thousands,	Sep. 30,		Jun. 30,		Mar. 31,			Dec. 31,			Sep. 30,		September
except per share data – unaudited)	2024		2024		2024			2023			2023		2024			2023

Interest and dividend income:
Loans, including fees	$	15,634	$	15,433	$	15,109		$	14,888		$	14,263	$	46,176		$	38,745
Securities:
Taxable		1,345		1,295		1,197			1,147			1,114		3,837			3,772
Tax-exempt		522		521		526			532			533		1,569			1,605
Other interest and dividends		699		265		343			320			238		1,307			531

Total interest and dividend income		18,200		17,514		17,175			16,887			16,148		52,889			44,653

Interest expense:
Deposits		5,905		5,838		6,082			5,526			4,817		17,825			11,467
FHLB advances		2,038		1,860		1,450			1,349			1,321		5,348			3,068
Other borrowings		57		58		60			54			51		175			161
Senior subordinated notes		59		58		59			59			59		176			179
Junior subordinated debentures		252		255		251			254			255		758			731

Total interest expense		8,311		8,069		7,902			7,242			6,503		24,282			15,606

Net interest income		9,889		9,445		9,273			9,645			9,645		28,607			29,047
Provision for credit losses		–		100		95			100			150		195			350

Net interest income after provision for credit losses		9,889		9,345		9,178			9,545			9,495		28,412			28,697

Noninterest income:
Service fees		367		350		336			360			349		1,053			1,088
Mortgage banking income		433		433		308			247			345		1,174			981
Investment and insurance sales commissions		230		222		121			100			158		573			810
Net loss on sale of securities		–		–		(495	)		(297	)		–		(495	)		(279	)
Increase in cash surrender value of life insurance		165		159		157			154			155		481			461
Life insurance death benefit		–		–		–			–			–		–			533
Other noninterest income		648		742		617			540			675		2,007			2,022

Total noninterest income		1,843		1,906		1,044			1,104			1,682		4,793			5,616

Noninterest expense:
Salaries and employee benefits		4,771		5,167		5,123			4,244			4,514		15,061			14,404
Occupancy and facilities		757		733		721			675			689		2,211			2,086
Loss (gain) on foreclosed assets		1		–		–			1			–		1			(46	)
Data processing and other office operations		1,104		1,047		1,022			1,001			953		3,173			2,784
Advertising and promotion		164		171		129			244			161		464			489
Core deposit intangible amortization		17		20		24			24			24		61			85
Other noninterest expenses		1,337		1,257		1,306			1,169			1,113		3,900			3,388

Total noninterest expense		8,151		8,395		8,325			7,358			7,454		24,871			23,190

Income before provision for income taxes		3,581		2,856		1,897			3,291			3,723		8,334			11,123
Provision for income taxes		593		410		169			878			2,374		1,172			3,967

Net income	$	2,988	$	2,446	$	1,728		$	2,413		$	1,349	$	7,162		$	7,156
Preferred stock dividends declared	$	122	$	122	$	122		$	122		$	122	$	366		$	366

Net income available to common shareholders	$	2,866	$	2,324	$	1,606		$	2,291		$	1,227	$	6,796		$	6,790
Basic earnings per common share	$	0.69	$	0.56	$	0.39		$	0.55		$	0.29	$	1.64		$	1.61
Diluted earnings per common share	$	0.69	$	0.56	$	0.39		$	0.55		$	0.29	$	1.64		$	1.61

PSB Holdings, Inc.
Quarterly Financial Summary
(dollars in thousands, except per share data)		Quarter ended
		Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,
Earnings and dividends:			2024			2024			2024			2023			2023

	Interest income	$	18,200		$	17,514		$	17,175		$	16,887		$	16,148
	Interest expense	$	8,311		$	8,069		$	7,902		$	7,242		$	6,503
	Net interest income	$	9,889		$	9,445		$	9,273		$	9,645		$	9,645
	Provision for credit losses	$	–		$	100		$	95		$	100		$	150
	Other noninterest income	$	1,843		$	1,906		$	1,044		$	1,104		$	1,682
	Other noninterest expense	$	8,151		$	8,395		$	8,325		$	7,358		$	7,454
	Net income available to common shareholders	$	2,866		$	2,324		$	1,606		$	2,291		$	1,227

	Basic earnings per common share (3)	$	0.69		$	0.56		$	0.39		$	0.55		$	0.29
	Diluted earnings per common share (3)	$	0.69		$	0.56		$	0.39		$	0.55		$	0.29
	Dividends declared per common share (3)	$	–		$	0.32		$	–		$	0.30		$	–
	Tangible net book value per common share (4)	$	26.41		$	24.55		$	24.21		$	23.84		$	22.25

	Semi-annual dividend payout ratio	n/a				33.60	%	n/a				38.14	%	n/a
	Average common shares outstanding		4,132,218			4,139,456			4,154,702			4,168,924			4,186,940


Balance sheet – average balances:
	Loans receivable, net of allowances for credit loss	$	1,066,795		$	1,088,013		$	1,081,936		$	1,081,851		$	1,076,158
	Assets	$	1,445,613		$	1,433,749		$	1,429,437		$	1,424,240		$	1,425,522
	Deposits	$	1,110,854		$	1,111,240		$	1,138,010		$	1,148,399		$	1,149,624
	Stockholders’ equity	$	114,458		$	110,726		$	109,473		$	105,060		$	105,745


Performance ratios:
	Return on average assets (1)		0.82	%		0.69	%		0.49	%		0.67	%		0.38	%
	Return on average common stockholders’ equity (1)		10.63	%		9.03	%		6.32	%		9.29	%		4.94	%
	Return on average tangible common
	stockholders’ equity (1)(4)		10.96	%		9.34	%		6.57	%		9.64	%		5.17	%
	Net loan charge-offs to average loans (1)		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
	Nonperforming loans to gross loans		0.97	%		1.15	%		1.08	%		0.54	%		0.55	%
	Nonperforming assets to total assets		0.71	%		0.84	%		0.83	%		0.42	%		0.42	%
	Allowance for credit losses to gross loans		1.18	%		1.16	%		1.14	%		1.13	%		1.10	%
	Nonperforming assets to tangible equity
	plus the allowance for credit losses (4)		8.71	%		11.09	%		10.59	%		5.38	%		5.87	%
	Net interest rate margin (1)(2)		2.90	%		2.84	%		2.80	%		2.88	%		2.88	%
	Net interest rate spread (1)(2)		2.16	%		2.15	%		2.12	%		2.20	%		2.27	%
	Service fee revenue as a percent of
	average demand deposits (1)		0.56	%		0.56	%		0.54	%		0.52	%		0.50	%
	Noninterest income as a percent
	of gross revenue		9.20	%		9.81	%		5.73	%		6.14	%		9.43	%
	Efficiency ratio (2)		68.43	%		72.52	%		78.93	%		67.04	%		64.58	%
	Noninterest expenses to average assets (1)		2.24	%		2.35	%		2.34	%		2.05	%		2.07	%
	Average stockholders’ equity less accumulated
	other comprehensive income (loss) to
	average assets		9.06	%		9.03	%		8.98	%		8.88	%		9.00	%
	Tangible equity to tangible assets (4)		7.85	%		7.32	%		7.60	%		7.49	%		6.98	%

Stock price information:

	High	$	25.00		$	21.40		$	22.50		$	22.30		$	22.50
	Low	$	20.30		$	19.75		$	20.05		$	20.10		$	20.35
	Last trade value at quarter-end	$	25.00		$	20.40		$	21.25		$	22.11		$	21.15

(1) Annualized
(2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.
(3) Due to rounding, cumulative quarterly per share performance may not equal annual per share totals.
(4) Tangible stockholders’ equity excludes goodwill and core deposit intangibles.

PSB Holdings, Inc.
Consolidated Statements of Comprehensive Income

			Quarter Ended
			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,
(dollars in thousands – unaudited)				2024			2024			2024			2023			2023

Net income			$	2,988		$	2,446		$	1,728		$	2,413		$	1,349

Other comprehensive income, net of tax:

	Unrealized gain (loss) on securities available
		for sale		4,738			184			(615	)		5,278			(3,085	)

	Reclassification adjustment for security
		loss included in net income		–			–			391			280			–

	Accretion of unrealized loss included in net
		income on securities available for sale
		deferred tax adjustment for Wisconsin
		Act 19		–			–			(35	)		–			–

	Amortization of unrealized loss included in net
		income on securities available for sale
		transferred to securities held to maturity		90			89			91			91			91

	Unrealized gain (loss) on interest rate swap			(101	)		39			123			(109	)		79

	Reclassification adjustment of interest rate
		swap settlements included in earnings		(38	)		(40	)		(41	)		(39	)		(35	)


Other comprehensive income (loss)				4,689			272			(86	)		5,501			(2,950	)

Comprehensive income (loss)			$	7,677		$	2,718		$	1,642		$	7,914		$	(1,601	)

PSB Holdings, Inc.
Nonperforming Assets as of:
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,
(dollars in thousands)		2024			2024			2024			2023			2023

Nonaccrual loans (excluding restructured loans)	$	10,116		$	12,184		$	11,498		$	5,596		$	5,807
Nonaccrual restructured loans		25			28			30			34			42
Restructured loans not on nonaccrual		292			299			304			310			256
Accruing loans past due 90 days or more		–			–			–			–			–

Total nonperforming loans		10,433			12,511			11,832			5,940			6,105
Other real estate owned		–			–			–			–			–

Total nonperforming assets	$	10,433		$	12,511		$	11,832		$	5,940		$	6,105

Nonperforming loans as a % of gross loans receivable		0.97	%		1.15	%		1.08	%		0.54	%		0.55	%
Total nonperforming assets as a % of total assets		0.71	%		0.84	%		0.83	%		0.42	%		0.42	%
Allowance for credit losses as a % of nonperforming loans		120.75	%		100.69	%		105.59	%		207.10	%		200.93	%

PSB Holdings, Inc.
Nonperforming Assets >= $500,000 net book value before specific reserves
At September 30, 2024
(dollars in thousands)
		Gross			Specific
Collateral Description	Asset Type	Principal			Reserves

Real estate – Recreation Facility	Nonaccrual	$	3,291		$	–
Real estate – Independent Auto Repair	Nonaccrual		562			–
Real estate – Equipment Dealership	Nonaccrual		2,808			660


Total listed nonperforming assets		$	6,661		$	660
Total bank wide nonperforming assets		$	10,433		$	1,220
Listed assets as a % of total nonperforming assets			64	%		54	%

PSB Holding, Inc.
Loan Composition by Collateral Type
Quarter-ended (dollars in thousands)	Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023

Commercial:
Commercial and industrial	$	115,234		$	125,508		$	118,821		$	117,207		$	138,299
Agriculture		11,203			11,480			12,081			12,304			12,464
Municipal		12,596			11,190			28,842			31,530			27,186

Total Commercial		139,033			148,178			159,744			161,041			177,949

Commercial Real Estate:
Commercial real estate		541,577			544,171			546,257			536,209			539,488
Construction and development		60,952			70,540			63,375			81,701			86,456

Total Commercial Real Estate		602,529			614,711			609,632			617,910			625,944

Residential real estate:
Residential		269,954			270,944			274,300			274,453			274,632
Construction and development		34,655			36,129			34,158			33,960			33,141
HELOC		36,734			33,838			31,357			29,766			29,044

Total Residential Real Estate		341,343			340,911			339,815			338,179			336,817

Consumer installment		4,770			4,423			4,867			4,357			4,350

Subtotals – Gross loans		1,087,675			1,108,223			1,114,058			1,121,487			1,145,060
Loans in process of disbursement		(17,836	)		(21,484	)		(20,839	)		(31,359	)		(35,404	)

Subtotals – Disbursed loans		1,069,839			1,086,739			1,093,219			1,090,128			1,109,656
Net deferred loan costs		733			702			669			649			630
Allowance for credit losses		(12,598	)		(12,597	)		(12,494	)		(12,302	)		(12,267	)

Total loans receivable	$	1,057,974		$	1,074,844		$	1,081,394		$	1,078,475		$	1,098,019

PSB Holding, Inc.
Selected Commercial Real Estate Loans by Purpose
	Sept 30,				June 30,				Mar 31,				Dec 31,				Sept 30,
(dollars in thousands)		2024				2024				2024				2023				2023

	Total Exposure		% of Portfolio (1)		Total Exposure		% of Portfolio (1)		Total Exposure		% of Portfolio (1)		Total Exposure		% of Portfolio (1)		Total Exposure		% of Portfolio (1)
Multi Family	$	140,307	14.7	%	$	146,873	15.2	%	$	142,001	14.4	%	$	132,386	13.2	%	$	133,466	13.3	%
Industrial and Warehousing		86,818	9.1			86,025	8.9			85,409	8.6			83,817	8.3			88,906	8.9
Retail		33,020	3.5			34,846	3.6			33,177	3.4			35,419	3.5			35,281	3.5
Hotels		31,611	3.3			34,613	3.6			35,105	3.6			36,100	3.6			31,819	3.2
Office		6,378	0.7			6,518	0.7			6,655	0.7			6,701	0.7			6,746	0.7

(1) Percentage of commercial and commercial real estate portfolio and commitments.

PSB Holdings, Inc.
Deposit Composition

Insured and Collateralized Deposits	September 30,				June 30,				March 31,				December 31,				September 30,
(dollars in thousands)		2024				2024				2024				2023				2023
	$		%		$		%		$		%		$		%		$		%

Non-interest bearing demand	$	210,534	18.6	%	$	202,343	17.5	%	$	199,076	17.8	%	$	197,571	17.3	%	$	209,133	17.9	%
Interest-bearing demand and savings		305,631	26.8	%		304,392	26.5	%		318,673	28.7	%		317,984	27.8	%		307,620	26.3	%
Money market deposits		138,376	12.2	%		137,637	12.0	%		143,167	12.9	%		142,887	12.5	%		135,910	11.4	%
Retail and local time deposits <= $250		155,988	13.7	%		149,298	13.0	%		148,404	13.3	%		149,145	13.1	%		144,738	12.4	%

Total core deposits		810,529	71.3	%		793,670	69.0	%		809,320	72.7	%		807,587	70.7	%		797,401	68.0	%
Retail and local time deposits > $250		23,500	2.1	%		22,500	2.0	%		24,508	2.3	%		23,000	2.0	%		22,750	1.9	%
Broker & national time deposits <= $250		1,241	0.1	%		1,490	0.1	%		2,229	0.2	%		3,470	0.3	%		3,222	0.3	%
Broker & national time deposits > $250		56,164	4.9	%		56,328	4.9	%		61,752	5.5	%		70,020	6.1	%		88,614	7.6	%

Totals	$	891,434	78.4	%	$	873,988	76.0	%	$	897,809	80.7	%	$	904,077	79.1	%	$	911,987	77.8	%

PSB Holdings, Inc.
Deposit Composition

Uninsured Deposits	September 30,				June 30,				March 31,				December 31,				September 30,
(dollars in thousands)		2024				2024				2024				2023				2023
	$		%		$		%		$		%		$		%		$		%

Non-interest bearing demand	$	54,544	4.7	%	$	48,092	4.1	%	$	48,532	4.4	%	$	69,258	6.1	%	$	79,632	6.8	%
Interest-bearing demand and savings		18,317	1.6	%		32,674	2.8	%		20,535	1.8	%		20,316	1.8	%		22,847	1.9	%
Money market deposits		157,489	13.8	%		177,954	15.4	%		124,766	11.2	%		124,518	10.9	%		133,653	11.4	%
Retail and local time deposits <= $250		–	0.0	%		–	0.0	%		–	0.0	%		–	0.0	%		–	0.0	%

Total core deposits		230,350	20.1	%		258,720	22.3	%		193,833	17.4	%		214,092	18.8	%		236,132	20.1	%
Retail and local time deposits > $250		17,329	1.5	%		19,613	1.7	%		21,710	1.9	%		23,633	2.1	%		24,120	2.1	%
Broker & national time deposits <= $250		–	0.0	%		–	0.0	%		–	0.0	%		–	0.0	%		–	0.0	%
Broker & national time deposits > $250		–	0.0	%		–	0.0	%		–	0.0	%		–	0.0	%		–	0.0	%

Totals	$	247,679	21.6	%	$	278,333	24.0	%	$	215,543	19.3	%	$	237,725	20.9	%	$	260,252	22.2	%

PSB Holdings, Inc.
Deposit Composition

Total Deposits	September 30,				June 30,				March 31,				December 31,				September 30,
(dollars in thousands)		2024				2024				2024				2023				2023
	$		%		$		%		$		%		$		%		$		%

Non-interest bearing demand	$	265,078	23.3	%	$	250,435	21.6	%	$	247,608	22.2	%	$	266,829	23.4	%	$	288,765	24.7	%
Interest-bearing demand and savings		323,948	28.4	%		337,066	29.3	%		339,208	30.5	%		338,300	29.6	%		330,467	28.2	%
Money market deposits		295,865	26.0	%		315,591	27.4	%		267,933	24.1	%		267,405	23.4	%		269,563	22.8	%
Retail and local time deposits <= $250		155,988	13.7	%		149,298	13.0	%		148,404	13.3	%		149,145	13.1	%		144,738	12.4	%

Total core deposits		1,040,879	91.4	%		1,052,390	91.3	%		1,003,153	90.1	%		1,021,679	89.5	%		1,033,533	88.1	%
Retail and local time deposits > $250		40,829	3.6	%		42,113	3.7	%		46,218	4.2	%		46,633	4.1	%		46,870	4.0	%
Broker & national time deposits <= $250		1,241	0.1	%		1,490	0.1	%		2,229	0.2	%		3,470	0.3	%		3,222	0.3	%
Broker & national time deposits > $250		56,164	4.9	%		56,328	4.9	%		61,752	5.5	%		70,020	6.1	%		88,614	7.6	%

Totals	$	1,139,113	100.0	%	$	1,152,321	100.0	%	$	1,113,352	100.0	%	$	1,141,802	100.0	%	$	1,172,239	100.0	%

PSB Holdings, Inc.
Average Balances ($000) and Interest Rates
(dollars in thousands)

	Quarter ended September 30, 2024							Quarter ended June 30, 2024							Quarter ended September 30, 2023
	Average					Yield /		Average					Yield /		Average					Yield /
	Balance			Interest		Rate		Balance			Interest		Rate		Balance			Interest		Rate
Assets
Interest-earning assets:
Loans (1)(2)	$	1,079,393		$	15,674	5.78	%	$	1,100,518		$	15,520	5.67	%	$	1,088,137		$	14,337	5.23	%
Taxable securities		177,520			1,345	3.01	%		172,563			1,295	3.02	%		173,287			1,114	2.55	%
Tax-exempt securities (2)		79,472			661	3.31	%		79,564			659	3.33	%		81,327			675	3.29	%
FHLB stock		8,825			176	7.93	%		7,931			182	9.23	%		6,368			127	7.91	%
Other		36,680			523	5.67	%		8,241			83	4.05	%		8,195			111	5.37	%

Total (2)		1,381,890			18,379	5.29	%		1,368,817			17,739	5.21	%		1,357,314			16,364	4.78	%

Non-interest-earning assets:
Cash and due from banks		17,162							17,345							19,299
Premises and equipment,
net		14,216							13,930							13,266
Cash surrender value ins		24,458							24,297							23,840
Other assets		20,485							21,865							23,782
Allowance for credit
losses		(12,598	)						(12,505	)						(11,979	)

Total	$	1,445,613						$	1,433,749						$	1,425,522

Liabilities & stockholders’ equity
Interest-bearing liabilities:
Savings and demand
deposits	$	323,841		$	1,515	1.86	%	$	331,740		$	1,467	1.78	%	$	335,214		$	1,198	1.42	%
Money market deposits		277,884			1,876	2.69	%		271,336			1,835	2.72	%		255,823			1,489	2.31	%
Time deposits		247,296			2,514	4.04	%		257,006			2,536	3.97	%		279,971			2,130	3.02	%
FHLB borrowings		182,414			2,038	4.44	%		174,596			1,860	4.28	%		134,386			1,321	3.90	%
Other borrowings		6,702			57	3.38	%		6,870			58	3.40	%		5,681			51	3.56	%
Senior sub. notes		4,779			59	4.91	%		4,777			58	4.88	%		4,772			59	4.91	%
Junior sub. debentures		12,985			252	7.72	%		12,960			255	7.91	%		12,883			255	7.85	%

Total		1,055,901			8,311	3.13	%		1,059,285			8,069	3.06	%		1,028,730			6,503	2.51	%

Non-interest-bearing liabilities:
Demand deposits		261,833							251,158							278,616
Other liabilities		13,421							12,580							12,431
Stockholders’ equity		114,458							110,726							105,745

Total	$	1,445,613						$	1,433,749						$	1,425,522

Net interest income				$	10,068						$	9,670						$	9,861
Rate spread						2.16	%						2.15	%						2.27	%
Net yield on interest-earning assets						2.90	%						2.84	%						2.88	%

(1) Nonaccrual loans are included in the daily average loan balances outstanding.
(2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.

PSB Holdings, Inc.
Average Balances ($000) and Interest Rates
(dollars in thousands)
	Nine months ended September 30, 2024							Nine months ended September 30, 2023
	Average					Yield/		Average					Yield/
	Balance			Interest		Rate		Balance			Interest		Rate
Assets
Interest-earning assets:
Loans (1)(2)	$	1,091,366		$	46,393	5.68	%	$	1,025,955		$	38,851	5.06	%
Taxable securities		173,971			3,837	2.95	%		189,583			3,772	2.66	%
Tax-exempt securities (2)		79,822			1,986	3.32	%		81,670			2,032	3.33	%
FHLB stock		7,755			523	9.01	%		4,943			228	6.17	%
Other		18,804			784	5.57	%		8,154			303	4.97	%

Total (2)		1,371,718			53,523	5.21	%		1,310,305			45,186	4.61	%

Non-interest-earning assets:
Cash and due from banks		17,291							17,403
Premises and equipment,
net		13,778							13,311
Cash surrender value ins		24,301							24,446
Other assets		21,146							23,364
Allowance for credit
losses		(12,496	)						(12,004	)

Total	$	1,435,738						$	1,376,825

Liabilities & stockholders’ equity
Interest-bearing liabilities:
Savings and demand
deposits	$	335,317		$	4,654	1.85	%	$	350,928		$	3,286	1.25	%
Money market deposits		274,405			5,608	2.73	%		241,594			3,508	1.94	%
Time deposits		256,287			7,563	3.94	%		257,639			4,673	2.43	%
FHLB borrowings		166,703			5,348	4.29	%		110,460			3,068	3.71	%
Other borrowings		7,373			175	3.17	%		7,082			161	3.04	%
Senior sub. notes		4,778			176	4.92	%		4,965			179	4.82	%
Junior sub. debentures		12,972			758	7.81	%		12,857			731	7.60	%

Total		1,057,835			24,282	3.07	%		985,525			15,606	2.12	%

Non-interest-bearing liabilities:
Demand deposits		254,134							273,699
Other liabilities		12,720							12,165
Stockholders’ equity		111,049							105,436

Total	$	1,435,738						$	1,376,825

Net interest income				$	29,241						$	29,580
Rate spread						2.14	%						2.49	%
Net yield on interest-earning assets						2.85	%						3.02	%

(1) Nonaccrual loans are included in the daily average loan balances outstanding.
(2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.

The MIL Network –

January 25, 2025

MIL-OSI: Helport AI to Report Fiscal Year 2024 Financial Results on Thursday, October 31, 2024

Source: GlobeNewswire (MIL-OSI)

Management to Host Business Update Conference Call on Wednesday, November 6, 2024 at 5:30 pm ET

SINGAPORE and SAN DIEGO, Oct. 28, 2024 (GLOBE NEWSWIRE) — Helport AI Limited (NASDAQ: HPAI) (“Helport” or the “Company”), an AI technology company serving enterprise clients with intelligent products, solutions and a digital platform, will report financial results for its fiscal full year ended June 30, 2024, after the market close on Thursday, October 31, 2024.

The Company will hold a Business Update Conference Call on Wednesday, November 6, 2024, at 5:30 p.m. Eastern time to discuss its financial results, recent consumption of its business combination and Nasdaq listing, ongoing initiatives and upcoming milestones.

Guanghai Li, Chief Executive Officer, and Tao Ke, Chief Financial Officer, will host the conference call, followed by a question-and-answer session. The conference call will be accompanied by a presentation, which can be viewed during the webcast or accessed via the investor relations section of the Company’s website here.

To access the call, please use the following information:

Date:	Wednesday, November 6, 2024
Time:	5:30 p.m. Eastern Time, 2:30 p.m. Pacific Time
Toll-free dial-in number:	1-800-445-7795
International dial-in number:	1-203-518-9848
Conference ID (Required for Entry):	HELPORT

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact MZ Group at 1-949-491-8235.

The conference call will be broadcast live and available for replay at https://viavid.webcasts.com/starthere.jsp?ei=1695608&tp_key=0c8510f685 and via the investor relations section of the Company’s website here.

A replay of the webcast will be available after 9:30 p.m. Eastern Time through February 6, 2025.

Toll-free replay number:	1-844-512-2921
International replay number:	1-412-317-6671
Replay ID:	11157509

About Helport

Helport AI (NASDAQ: HPAI) is a premier provider of AI-driven solutions, specializing in enhancing professional capabilities across industries. Focused on delivering measurable outcomes, Helport AI is transforming the way businesses operate by ensuring that professionals have the tools they need to succeed. The company serves enterprise-level customer contact services through intelligent products, solutions, and a digital platform, helping businesses optimize their operations and improve customer engagement. Our mission is to Empower everyone to work as an expert. For more information, please visit Helport’s website: https://ir.helport.ai/.

Forward-Looking Statements

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

Investor Relations Contact:
Chris Tyson
Executive Vice President
MZ North America
Direct: 949-491-8235
HPAI@mzgroup.us
www.mzgroup.us

The MIL Network –

January 25, 2025

Category: Commerce

MIL-OSI Economics: Lufthansa Group reports an operating profit of 1.3 billion euros for the third quarter following a strong summer travel season

Jan. – Sept.2024

Jan. – Sept. 2023

Change in %

July – Sept.2024

July – Sept. 2023

Change in %

Revenue and result

Total revenue

€m

28,137

26,681

5

10,738

10,275

5

Of which traffic revenue

€m

23,578

22,583

4

9,246

8,832

5

Adjusted EBIT

€m

1,177

2,280

-48

1,340

1,468

-9

Adjusted EBIT margin

%

4.2%

8.5%

-4.3%p

12.5

14.3

-1.8%p

EBIT

€m

1,249

2,218

-44

1,461

1,441

1

Net profit / loss

€m

830

1,606

-48

1,095

1,192

-8

Earnings per Share

€

0,69

1,34

-49

0,92

1,00

-8

Key balance sheet and cash flow statement figures

Jan. – Sept.
2024

July – Sept.
2024