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Category: Economy

  • MIL-OSI: Deutsche Telekom’s T Wholesale and Nokia energize network API market with commercial deal to drive and simplify developer-created applications #MWC 2025

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    Deutsche Telekom’s T Wholesale and Nokia energize network API market with commercial deal to drive and simplify developer-created applications #MWC 2025

    • Two Deutsche Telekom network API use cases, SIM Swap and Number Verification that are key security and authentication solutions for industries such as financial services and retail, will be made available to developers through Nokia’s Network as Code platform with developer portal.
      • The two APIs will target Germany initially, with other European markets planned for later in the year. Additional Deutsche Telekom APIs, like Location Verification and Quality on Demand, are also expected to be made available on the Network as Code platform in the months ahead.

    27 February 2025
    Espoo, Finland — T Wholesale, which is part of Deutsche Telekom, one of Europe’s largest operators with more than 250 million subscribers, and Nokia have signed a commercial deal that will make two of the operator’s network API use cases, SIM Swap and Number Verification, available to developers through Nokia’s Network as Code platform with developer portal. The deal marks an important step for operators as they accelerate plans to monetize their network assets and core capabilities by exposing their network functions to developers.

    “Network APIs are a growing focus for Deutsche Telekom in Europe. In reaching this milestone, Nokia’s technology and approach give us the confidence that we can fully provide developers with the tools they require to successfully utilize our APIs to better service their own customers with innovative solutions,” said Carsten Bruns, Vice President of Internet & Content Services at T Wholesale.

    SIM Swap and Number Verification are key security and authentication solutions for industries such as financial services and retail, using telecom network capabilities to mitigate fraud and enhance user verification. A SIM Swap API works by detecting if a SIM card associated with a phone number was recently changed, which could trigger additional security verification checks. Number Verification can confirm whether a user has control over a phone number and if a commercial transaction request has come from the same device as the owner.

    “This agreement with Deutsche Telekom’s T Wholesale is a fantastic reflection of our collaboration and joint vision of maximizing the true value of network assets and supporting developers in creating new 5G and 4G applications. This is also an important validation point of Nokia’s solid execution of its network API strategy, technology, and, with our Rapid acquisition, go-to-market capabilities, which are peerless in our industry,” said Raghav Sahgal, President of Cloud and Network Services at Nokia.

    Nokia’s Network as Code platform provides developers with standardized access to network functions, without having to navigate any of the underlying network technologies. Nokia’s network API strategy is centered around connecting multiple API ecosystems through its Network as Code platform by offering operators the broadest range of network exposure options, paired with robust multi-tier API security and simplified access to network functionalities.

    Nokia further strengthened its capabilities recently with its acquisition of Rapid, the world’s largest public API hub that enables operators to seamlessly integrate their networks, actively control API usage and exposure, and enhance API lifecycle management.

    Since launching the Network as Code platform in September 2023, Nokia’s ecosystem of Network as Code platform partners has grown to 51 currently and includes BT, Orange, StarHub, Telefonica, and Telecom Argentina. Nokia’s commitment to API monetization extends beyond network-side aggregation and includes hyperscalers like Google Cloud; Communications Platform as a Service (CPaaS) platform providers such as Infobip; vertical independent software vendors like Elmo; and the world’s largest public API hub through Nokia’s acquisition of Rapid.

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

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation. 

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future. 

    Media inquiries 
    Nokia Press Office 
    Email: Press.Services@nokia.com  

    Follow us on social media 
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    The MIL Network –

  • MIL-OSI Economics: Development Asia: Ensuring Sustainable, Locally Relevant Vaccine R&D in Resource-Limited Settings

    Source: Asia Development Bank

    Decisions on vaccine platform choice should be context-specific.

    Various vaccine technologies or platforms are available to help the body defend against pathogens (Table 1). While mRNA-based vaccines were the fastest to be developed and the most effective against SARS-CoV-2, the technology is not a solution for all pathogens. Each vaccine platform has its advantages and limitations, and choosing one depends on factors such as the pathogen, immune response, outbreak situation, cost, and ease of manufacturing.

    The understanding of how the human body defends against different pathogens often guides vaccine technology selection. The two major protective, vaccine-induced immune components include: 1) neutralizing antibodies in the blood that can block infection and 2) immune T cells that kill infected cells. For example, the immune system combats bacterial infections through T-cell-dependent antibodies targeting the outer bacterial polysaccharide coating. As a result, most bacterial vaccines use polysaccharide conjugate vaccine technologies.

    Tackling pandemic versus endemic pathogens requires vastly different vaccine development considerations. During a pandemic, rapid vaccine development technologies, such as mRNA, are critical. However, for vaccines against endemic pathogens, priorities may shift to long-term immunity and cost-effectiveness. When developing vaccines in or for populations in low-resource settings, cost and manufacturing complexity are key considerations. Furthermore, up-to-date knowledge of the major circulating pathogen strains—both locally and globally—and their associated epidemiology should inform vaccine development.

    Investment in a range of vaccine platforms is critical for maximizing success.

    As countries tackle a vast range of emerging infectious diseases, experts recommend judicious R&D investments in a variety of platforms, as well as innovations in manufacturing. The “portfolio approach” by the Coalition for Epidemic Preparedness Innovations (CEPI) is a case in point. It refers to the deliberate investment in a diverse range of vaccine platforms. Portfolio diversification enhances overall success by ensuring that different platforms do not share the same features and risks of failure.

    Investment in early-stage R&D is instrumental for understanding how vaccine candidates provide protection and for generating evidence to support early go/no-go decisions in vaccine development. All vaccine R&D investments require a comprehensive assessment to evaluate market demand, barriers to access, and expected public health impact. For example, GAVI’s vaccine investment analysis framework aims to understand and capture the full value of vaccines, including social, economic, and population health benefits.

    CEPI’s 100-day mission proposes to build a global vaccine library to promote coordinated investments and a global collaborative network for rapid content sharing. This initiative aims to build a library of vaccine prototypes and incorporate AI tools to forecast virus variants for high-priority diseases before their emergence.

    Accelerating vaccine development requires multi-stakeholder effort.

    The COVID-19 pandemic highlighted the possibility of drastically shrinking clinical development timelines by combining clinical trial phases and using adaptive trial designs. The use of immune correlates of protection (CoP)—i.e., immune parameters responsible for vaccine-induced protection—also enabled the rapid licensure of several COVID-19 vaccines. This was achieved through bridging studies, where immunology results from completed clinical trials were extrapolated to different populations. Fundamental research on high-priority pathogens is therefore crucial for establishing and validating CoP for future pandemic pathogens. Newer methods, such as controlled human challenge models, offer further potential to provide rapid insights into protection and safety.

    Regulatory agility during the pandemic facilitated the expedited development of safe and high-quality vaccines. Similarly, regional and global collaboration in sharing manufacturing processes and vaccine safety and efficacy data further accelerated vaccine R&D. Therefore, continued data sharing, harmonization of regulatory requirements and resolving intellectual property issues will lead to faster availability of new vaccines during emergencies.

    Limited infrastructure, funding, technical expertise, operational and manpower limitations currently hamper trials in resource-limited countries. Equitable vaccine access may be facilitated through international public-private partnerships in vaccine development and technology transfer. Understanding the magnitude and extent of knowledge and expertise gaps in these countries is important for guiding capacity building initiatives.

    Affordability dictates the success of vaccine development programs in resource-limited countries.

    Innovative strategies are essential in ensuring financial sustainability of vaccine R&D in lower-resourced countries. Design and discovery of new and improved vaccine technologies usually require decades of investment in basic scientific research, which is mostly sustainable in high-resource settings. To level the playing field, initiatives such as the WHO mRNA transfer hub and private and philanthropic joint ventures like Hilleman laboratories are working to make new vaccine technologies more accessible to lower-resource countries through technology transfer mechanisms.

    Additionally, vaccine clinical trials require significant financial investments for setting up infrastructure, capacity development and clinical trial implementation. As a solution, WHO recently set up the Global Clinical Trials Forum to strengthen the clinical trial ecosystem in the Global South and promote domestic financing of clinical trials.

    Table 1: Major Vaccine Platforms and Considerations for Development in Resource Constrained Settings

    MIL OSI Economics –

  • MIL-OSI China: In Developing Hengqin, Always Remember the Original Aspiration

    Source: China State Council Information Office 2

    President Xi Jinping’s December visit to the Guangdong-Macao In-depth Cooperation Zone in Hengqin, his fifth in 15 years, once again highlighted his deep concern for what is regarded as a key engine of Macao’s development. He took the opportunity to reaffirm the central authorities’ intention in establishing the zone, stating, “Remember, the original aspiration in developing Hengqin is to support Macao in appropriately diversifying its economy.”

    MIL OSI China News –

  • MIL-OSI: Azerion publishes Interim Unaudited Financial Results Q4 2024 and Preliminary Unaudited Financial Results Full Year 2024

    Source: GlobeNewswire (MIL-OSI)

    Strong Platform performance driving profitability

    Highlights of FY and Q4 2024

    Our FY 2024 performance reflects the year long focus on efficiency and profitability driven by continued investment in the advertising platform: 

    • FY 2024 Revenues up 13% from € 486.7 million1 to € 551.2 million
    • FY 2024 Adjusted EBITDA up 21% YoY from € 62.2 million1 to € 75.1 million

    Specifically in Q4 2024, we focused on driving synergies and eliminating redundant costs in the advertising platform: 

    • Q4 2024 Adjusted EBITDA up 14% YoY from € 26.4 million to € 30.1 million 
    • Core segment Platform outperformed the group with Adjusted EBITDA up 15% from € 22.8 million in Q4 2023 to € 26.2 million in Q4 2024
    • Maintained Q4 2024 Revenues at € 168 million (-2%) while integrating and reorganising 2022 and 2023 acquisitions in order to phase out low margin revenues and focus on increased profitability

    At the same time we used the last quarter to strengthen our position through new partnerships, acquisitions and further financing:

    • Signed 90 new publishers and connected 3 additional SSPs and DSPs to expand our digital audiences across Europe and the Americas and further integrated our publisher monetisation tool OneFMS across regions.
    • Finalised the acquisition of Goldbach Austria GmbH, one of the foremost digital and linear advertising brokers in the DACH region providing Azerion with additional digital out of home footprint and an annual revenue run rate of over € 20 million.  
    • Entered new partnerships with Produpress in Belgium and Moneytizer in France to enrich the unique content and audiences that we make available for brands and agencies.
    • Successfully completed the placement of additional bonds for an amount of € 50 million under Azerion’s existing Senior Secured Callable Floating Rate Bond framework of € 300 million.

    In addition, we further invested in our platform’s multi-cloud infrastructure and AI capabilities:

    • Added Huawei as cloud partner alongside AWS and Google in our Azerion multi-cloud setup reducing our reliance on single cloud vendors and decreasing our total cost of ownership.
    • Migration of Eniro to the Azerion multi-cloud bringing them higher quality, lower latency service and annual cost savings of over € 1.5 million once fully implemented.
    • Deployed our latest version of AI enhanced creative performance benchmark and outcome intelligence tools helping our advertisers and our operators to better understand which ads work best for various audiences in different circumstances and allowing for machine optimisation of campaigns.

    1 (excluding the divested social card games portfolio)

    Selected KPIs

    Financial Results – Azerion Group N.V.

    in millions of €

      Q4 2024 Q4 2023 Growth FY 2024 FY 2023 Growth
                 
    Platform Segment            
    Advertising Platform 126.3 126.0 0% 412.3 348.6 18%
    AAA Game Distribution (e-commerce) 26.9 31.7 (15)% 85.0 88.8 (4)%
    Revenue 153.2 157.7 (3)% 497.3 437.4 14%
    Operating profit / (loss) 7.2 5.6 29% (1.7) (2.0) (15)%
    Adj. EBITDA 26.2 22.8 15% 62.4 53.2 17%
                 
    Premium Games Segment1)            
    Revenue  14.8 14.1 5% 53.9 77.6 (31)%
    Operating profit / (loss) (0.1) 0.5 (120)% (0.7) 74.8 (101)%
    Adj EBITDA 3.9 3.6 8% 12.7 18.7 (32)%
                 
    Group (excluding social card games)            
    Revenue 168.0 171.8 (2)% 551.2 486.7 13%
    Operating profit / (loss)  7.1 6.1 16% (2.4) (8.2) (71)%
    Adj. EBITDA  30.1 26.4 14% 75.1 62.2 21%
                 
    Group (including social card games)            
    Revenue 168.0 171.8 (2)% 551.2 515.0 7%
    Operating profit / (loss)  7.1 6.1 16% (2.4) 72.8 (103)%
    Adj. EBITDA 30.1 26.4 14% 75.1 71.9 5%

    1)2023 figures for Premium Games contain results of the social cards game portfolio that was divested in Q3 2023. For detailed split of Premium Games results please refer to respective section below.

      Q4 2024 Q4 2023   FY 2024 FY 2023  
    Adj. EBITDA Margin %            
    Platform 17% 15%   13% 12%  
    Premium Games 26% 26%   24% 24%  
    Group (excluding social card games) 18% 15%   14% 13%  
    Group 18% 15%   14% 14%  

    Message from the CEO 

    Q4 was a strong quarter for us, marked by a clear focus on profitability. By maintaining operational discipline and executing on our strategic priorities, we successfully met our full-year 2024 guidance. This achievement reflects our commitment to sustainable growth and value creation for our shareholders.Throughout the year, we have dedicated significant time and resources to building an ecosystem that truly supports European publishers. Our platform empowers them to create engaging content, monetize effectively, and manage their resources with greater predictability. By fostering a high-performance environment, we are enabling European publishers to thrive in an increasingly competitive digital landscape by giving them a truly European choice.

    Looking ahead, we continue to see AI as a major opportunity to drive further innovation and efficiency. Managing over 250,000 auctions per second gives us a unique vantage point to leverage data at scale. We have developed generative AI advertising solutions that enhance campaign performance, while our latest AI-powered creative performance benchmarks and outcome intelligence tools are delivering valuable insights to our partners. These advancements position us at the forefront of AI-driven advertising, helping our customers achieve better results with greater precision thanks to a long history of machine learning at the core of our platform.

    At the same time, we also see an increasing number of opportunities to accelerate our growth through strategic partnerships and acquisitions. We have built a strong pipeline of actionable opportunities and are well-positioned to execute on them. Stay tuned to hear more about our expansion through partnerships throughout this year, alongside the continued deployment of our AI platform.

    – Umut Akpinar

    Financial overview

    Revenue

    Q4 2024

    Revenue for the quarter amounted to € 168.0 million, down (2.2)% from € 171.8 million in Q4 2023, mainly driven by lower consumer spending in AAA game distribution. 

    FY 2024

    Revenue for FY 2024 amounted to € 551.2 million, up 13.3% from € 486.7 million in FY 2023 excluding the social card games portfolio divested in Q3 2023, mainly driven by higher advertising spend across the Platform Segment, particularly in Direct Sales and the integration of past acquisitions. 

    Revenue was up 7.0% from € 515.0 million in FY 2023 including the revenue from the social card games portfolio of € 28.3 million in FY 2023.

    Earnings 

    Q4 2024

    Adjusted EBITDA for the quarter was € 30.1 million compared to € 26.4 million in Q4 2023, an increase of 14.0% driven by improved performance in both Platform and Premium Games segments. Platform increase was largely due to the mix of Advertising Platform Revenue, increased share of Direct Sales and an increasingly efficient delivery operation. The Premium Games result was driven by the ongoing strong performance of Habbo Hotel Origins and product development across social casino and other metaverse titles, as well as further consolidation and integration efforts resulting in improved operational performance.

    The operating profit for the quarter amounted to € 7.1 million, compared to a profit of € 6.1 million in Q4 2023, mainly due to the successful integration of acquisitions and the subsequent synergies and cost reductions that were realised in the Platform segment.

    FY 2024

    Adjusted EBITDA in FY 2024 was € 75.1 million compared to € 62.2 million in FY 2023 excluding the divested social card games portfolio, an increase of 20.7% driven by higher advertising spend across the Platform Segment and improved performance of Premium Games, specifically metaverse titles due to the release and ongoing strong performance of Habbo Hotel Origins and product development across the social casino titles, plus efficiencies from the integration of previous acquisitions.. 

    Adjusted EBITDA in FY 2024 was up 4.5% from € 71.9 million in FY 2023 including the contribution from the social card games portfolio of € 9.7 million in FY 2023.

    The operating loss in FY 2024 amounted to € (2.4) million, compared to € (8.2) million in FY 2023 (excluding gain on the sale and the result of the social card games portfolio of € 81.0 million), driven by increased Platform revenue and contribution from Direct sales, improved performance of Premium Games, specifically metaverse titles due to the release and ongoing success of Habbo Hotel Origins and product development across the social casino titles plus efficiencies from optimisation and consolidation efforts, and notwithstanding the one-off increase in operating expenses related to the settlement of a commercial dispute and renegotiation of contingent consideration terms for one of the acquisitions.

    Cash flow

    Q4 2024

    Cash flow from operating activities in Q4 2024 was an inflow of € 10.0 million, mainly due to strong operating profit after cancellation of non-cash items of € 22.5 million, offset by movements in net working capital reflecting an increase in trade and other payables of € 4.9 million and an increase in trade and other receivables of € (7.6) million, net € (8.3) million paid in interest and € (1.2) million paid in income tax. 

    Cash flow from investing activities was an outflow of € (18.2) million, due to payments for tangible and intangible assets of € (6.5) million and net cash outflow on acquisition of subsidiaries of € (11.7) million. 

    Cash flow from financing activities was an inflow of € 31.5 million, mainly due to net proceeds in the amount of € 34.5 million (net of transaction costs) from additional bonds placed under the existing Senior Secured Callable Floating Rate Bond framework offset by repayments of external borrowings and the principal portion of lease liabilities amounting in total to € (3.0) million.

    FY 2024

    Cash flow from operating activities in FY 2024 was an inflow of € 7.0 million, mainly due to strong operating profit after cancellation of non-cash items of € 52.6 million, offset by movements in net working capital reflecting a decrease in trade and other payables of € (32.5) million and a decrease in trade and other receivables of € 19.9 million, utilisation of provisions of € (3.1) million, net € (25.7) million paid on interest and € (4.2) million paid in income tax. 

    Cash flow from investing activities was an outflow of € (36.8) million, mainly due to payments for tangible and intangible assets of € (20.8) million and net cash outflow on acquisition of subsidiaries of € (27.7) million, partly offset by the receipt of net deferred consideration for the sale of social card games portfolio in amount of € 11.2 million. 

    Cash flow from financing activities was an inflow of € 80.9 million, mainly due to net proceeds in the amount of € 92.1 million (net of transaction costs), consisting of € 82.7 million from additional bonds placed under the existing Senior Secured Callable Floating Rate Bond framework and a Revolving Credit Facility of € 9.4 million, offset by repayments of external borrowings and the principal portion of lease liabilities amounting in total to € (11.0) million.

    Capex

    Azerion capitalises development costs related to the internal development of assets, a core activity to support innovation in its platform. These costs primarily relate to developers’ time devoted to the development of the platform, games and other new features. In Q4 2024 Azerion capitalised € 4.8 million, equivalent to 19.2% (Q4 2023: € 3.4 million, equivalent to 12.4%) of gross personnel costs excluding restructuring provision expense. In FY 2024 Azerion capitalised € 16.2 million, equivalent to 16.0% (FY 2023: € 17.5 million, equivalent of 16.2%) of gross personnel costs excluding restructuring provision expense.

    Financial position and borrowing 

    Net interest-bearing debt*) amounted to € 203.8 million as at 31 December 2024, mainly comprising the outstanding bond loan with a nominal value of € 265 million (part of a total € 300 million framework) and lease liabilities with a balance of € 19.4 million less the cash and cash equivalents position of € 90.6 million.

    *)As defined in the Terms & Conditions of the Senior Secured Callable Floating Rate Bonds ISIN: NO0013017657. Please also refer to the Definitions section and the notes of this Interim Report for more information.

    Platform Segment

    Our Platform segment includes our digital advertising activities, AAA Game Distribution (formerly referred to as e-commerce), Casual Game Distribution (being the operation and distribution of casual games) and Azerion Sports. The Platform segment generates Revenue mainly by displaying digital advertisements in both game and general content, as well as selling and distributing AAA games. Advertisers are serviced through two models: i) Direct sales, which involve a direct engagement between Azerion’s commercial teams and advertisers or their agencies in the placement of digital advertisements, and ii) Automated auction sales in which advertising inventory is purchased through the open market. Platform is also integrated with parts of our Premium Games segment, leveraging inter-segment synergies.

    Selected business highlights in Q4 2024 include:

    • Azerion rated as the leading advertising network in France by Médiamétrie in collaboration with NetRatings.
    • 90 new publishers signed and launched including tuttocampo.it and allermedia.se providing greater reach for digital advertising.
    • Eniro has deployed our Full Monetisation Solution which we are continuing to roll out across all our regions, including Italy in Q4 2024.
    • Azerion Intelligence launched enabling new demographic segments in the Azerion DMP.
    • Azerion DMP is now integrated with Magnite and OpenX SSPs and our audiences for CTV are available via Pubmatic SSP.
    • Launched Smart AI Curation in the Azerion Marketplace further improving the ability to create custom audiences.
    • Azerion Casual Games Distribution expanded its reach in Q4 by onboarding 40 new publishers, including third-party channels such as Samsung Instant Plays. By the end of the quarter, its casual games portfolio exceeded 21,000 titles, demonstrating steady year-over-year growth

    Platform – Selected Financial KPIs

    Financial results – Platform

    In millions of €

      Q4 2024 Q4 2023 FY 2024 FY 2023
    Advertising Platform 126.3 126.0 412.3 348.6
    AAA Game Distribution (formerly e-commerce) 26.9 31.7 85.0 88.8
    Total Revenue 153.2 157.7 497.3 437.4
    Operating profit / (loss) 7.2 5.6 (1.7) (2.0)
    Adj. EBITDA 26.2 22.8 62.4 53.2
             
    Revenue growth % – Advertising Platform 0.2%   18.3%  
    Revenue growth % – AAA Game Distribution  (15.1%)   (4.3%)  
    Total Revenue growth % (2.9%)   13.7%  
    Adjusted EBITDA growth / (decrease) % 14.9%   17.3%  
    Adjusted EBITDA margin % 17.1% 14.5% 12.5% 12.2%

    Total Platform Revenue of € 153.2 million in Q4 2024, compared to € 157.7 million in Q4 2023, a decrease of (2.9)% mainly due to lower revenues in our AAA Game distribution. Total Platform Revenue of € 497.3 million in FY 2024, an increase of 13.7% compared to € 437.4 million in FY 2023, mainly due to growth in advertising revenue from Direct sales.

    Advertising Platform Revenue of € 126.3 million in Q4 2024, almost flat compared to the € 126.0 million in Q4 2023, mostly the result of an offset between growth in the direct business and the integration of revenues from acquired businesses. In Q4 2024, Azerion’s Direct sales contributed approximately 70% of Platform advertising revenue, with the balance provided by Automated auction sales. FY 2024 Advertising Platform Revenue came to € 412.3 million, up 18.3% compared to € 348.6 m in 2023.

    In Q4 2024, AAA Game Distribution generated Revenue of € 26.9 million as compared to € 31.7 million in Q4 2023, a decrease of approximately (15.1)% due to fewer high-profile AAA game releases in Q4 2024 (for example Concord™ by PlayStation didn’t get the consumer traction Sony expected and was subsequently pulled from 3rd party distribution) and optimising towards profitability rather than revenue which meant that the business sold smaller but higher margin titles.  In Q4 2024, AAA Game Distribution Revenue represented 17.6% of total Platform Revenue, as compared to 20.1% in Q4 2023. 

    Total Platform Operating Profit of € 7.2 million in Q4 2024, compared to € 5.6 million in Q4 2023, a significant increase of 28.6% largely due to the successful integration of acquisitions and the subsequent synergies and cost reductions that were realised. Total Platform Operating Loss of € (1.7) million in FY 2024, compared to € (2.0) million in FY 2023, an improvement largely due the aforementioned results of our efforts to integrate acquisitions, create synergies and reduce costs throughout the year. 

    Total Platform Adjusted EBITDA of € 26.2 million in Q4 2024, compared to € 22.8 million in Q4 2023, an increase of 14.9% largely due to the mix of Advertising Platform Revenue, increased share of Direct Sales and an increasingly efficient delivery operation. Total Platform Adjusted EBITDA of € 62.4 million in FY 2024, compared to € 53.2 million in FY 2023, an increase of 17.3% mainly as a result of growth in advertising revenue from Direct sales and the integration of previous acquisitions.

    Advertising – Selected Operational KPIs

    Advertising – Operational KPIs

      Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
    Avg. Digital Ads Sold per Month (bn) 13.9 11.9 12.1 12.6 14.1
    Avg. Gross Revenue per Million Processed Ad Requests across the Azerion Platform (EUR)1) 34.5 25.4 29.0 23.4 24.3

    1)Average gross revenue per million processed ad requests across Azerion Platform is calculated by dividing gross advertising revenue (processed by Azerion’s advertising auction and monetisation platforms) by a million advertisement requests processed by Azerion’s advertising auction and monetisation platforms.

    Note: Both Advertising Operational KPIs now include data relating to the Hawk acquisition as of Q4 2023.

    The Average Digital Ads sold per Month increased to 14.1 billion in Q4 2024 from 13.9 billion in Q4 2023, an increase of 1.4%, reflecting the Platform’s demand side growth due to the integration of past acquisitions and the consolidation of Azerion’s monetisation technology into a single scalable media buying platform. 

    The Average Gross Revenue per Million Processed Ad Requests across the Azerion Platform in Q4 2024 was € 24.3, compared to € 34.5 in Q4 2023, a decline year on year as we onboarded several high volume but relatively low revenue publishing partners in Q4 2024.   

    Premium Games Segment

    Since the end of Q3 2023, the Premium Games segment has consisted of social casino games and metaverse games. Azerion completed the sale of its social card games portfolio to Playtika Holding Corp. on 28 August 2023 and its contribution to the Premium Games segment ceased at that date. The segment generates revenue mainly by offering users the ability to make in-game purchases for extra features and virtual goods to enhance their gameplay experience. This segment aims to stimulate social interaction among players and build communities, offering an extended value proposition to advertisers and generating cross-selling opportunities with the Platform segment. 

    Selected Q4 2024 business highlights

    • Habbo Origins revenue has continued to progress several months after its release demonstrating solid long term potential and we have released new features such as Boom, a new game within Habbo Origins, which is intended to increase user engagement.
    • ⁠New releases and packages for players of our Social Casino games such as dynamic bet sizes, bet roulette and Holiday themed collections.

    Premium Games – Selected Financial KPIs

    Financial results – Premium Games

    In millions of € 

      Q4 2024 Q4 2023 FY 2024 FY 2023
    Revenue (excluding social card games) 14.8 14.1 53.9 49.3
    Social card games portfolio – – – 28.3
    Total Revenue 14.8 14.1 53.9 77.6
    Operating profit / (loss) (excluding social card games) (0.1) 0.5 (0.7) (6.2)
    Social card games portfolio – – – 81.0
    Total Operating profit / (loss) (0.1) 0.5 (0.7) 74.8
    Adjusted EBITDA (excluding social card games) 3.9 3.6 12.7 9.0
    Social card games portfolio – – – 9.7
    Total Adjusted EBITDA 3.9 3.6 12.7 18.7
             
    Revenue growth % (excluding social card games) 5.0% – 9.3% –
    Adjusted EBITDA growth % (excluding social card games) 8.3% – 41.1% –
    Adjusted EBITDA margin % (excluding social card games) 26.4% 25.5% 23.6% 18.3%

    Revenue of € 14.8 million in Q4 2024, as compared to € 14.1 million in Q4 2023, an increase of 5.0%, mainly driven by the increased number of paying users in metaverse titles due to the ongoing strong performance of Habbo Hotel Origins combined with new Social Casinos sale features, improved discount strategies and increased partner user acquisition spend. Revenue was € 53.9 million in FY 2024, as compared to € 49.3 million in FY 2023 (excluding social card games), an increase of 9.3%, driven by social casino and metaverse performance and the factors previously described for Q4 2024, partly offset by the sale of Woozworld at the start of January 2024 (totaling € 1.7 million Revenue in FY 2023).

    Adjusted EBITDA of € 3.9 million in Q4 2024, compared to € 3.6 million in Q4 2023, an increase of 8.3%, mainly driven by improved performance from metaverse titles due to the ongoing strong performance of Habbo Hotel Origins, consolidation and integration efforts resulting in improved operational performance and product development across the social casino and other metaverse titles. Adjusted EBITDA of € 12.7 million in FY 2024, as compared to € 9.0 million (excluding social card games), an increase of 41.1% compared to FY 2023 reflecting the increased performance of our metaverse titles due to the launch of Habbo Hotel origins, consolidation and integration efforts resulting in improved operational performance and product development across the social casino and other metaverse titles offset by the shift in new user generation to mobile in Azerion’s social casino environment which has higher growth potential over time, but also higher transaction costs as compared to web.

    Operating Loss of € (0.1) million in Q4 2024, compared to Operating Profit of € 0.5 million in Q4 2023, mainly driven by end of year adjustments in depreciation and amortisation.

    Operating Loss of € (0.7) million in FY 2024, compared to € (6.2) million in FY 2023 (excluding social card games), an improvement once again reflecting the developments described for Adjusted EBITDA above.

    Premium Games – Selected Operational KPIs

    Premium Games – Operational KPIs

      Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
    Avg. Time in Game per Day (min) 95.0 87.0 81.0 84.7 89.3
    Avg. DAUs (thousands) 255.4 251.2 252.9 239.4 227.4
    Avg. ARPDAU (EUR) 0.47 0.42 0.53 0.57 0.59
    • The Average Time in Game per Day (min) decreased by (6)% in Q4 2024 to 89.3 minutes per day as compared to 95.0 minutes per day in Q4 2023 due to slightly shorter average game time in the newly released Habbo Origins title compared with the rest of the metaverse games.
    • The Average Daily Active Users (DAUs) decreased by (11)% in Q4 2024 to 227.4 compared to Q4 2023 of 255.4, mainly due to lower user acquisition spend and increased focus on greater engagement with higher paying users.  
    • The Average Revenue per Daily Active User (ARPDAU) increased by 26% in Q4 2024 to € 0.59 compared to Q4 2023 of € 0.47, driven by improved in-game sales mechanics in social casino, features and events. 

    Outlook

    With our Full Year 2024 Net Revenue at € 551 million, the closing of several partnerships in the last months of the year, our subsequent bond issue in December, and the opportunities we see for the coming year, our Full Year 2025 Net Revenue is expected to be in the range of approximately € 600 million to € 650 million, with annual growth thereafter in the medium term expected to be approximately 10%. 

    Adjusted EBITDA for full year 2025 is expected to be at least approximately € 85 million, with annual Adjusted EBITDA margin thereafter in the medium term expected to be in the range of approximately 14% to 16% through further integrations, synergies and scale effects.

    Other information

    Interest-bearing debt

    Interest-bearing debt

    in millions of €

      31 December 2024 31 December 2023
    Total non-current indebtedness 268.7 172.0
    Total current indebtedness 25.9 12.6
    Total financial indebtedness 294.6 184.6
    Deduct Zero interest-bearing loans (0.2) (0.1)
    Interest-bearing debt 294.4 184.5
    Less: Cash and cash equivalents (90.6) (40.3)
    Net Interest-bearing debt (Bond terms) 203.8 144.2

    References to bond terms in the table above refer to the terms as defined in the Senior Secured Callable Floating Rate Bonds ISIN: NO0013017657

    Reconciliation of Profit / (loss) for the period to Adjusted EBITDA  

    Reconciliation of Profit / (loss) for the period to Adjusted EBITDA – Q4

    in millions of €

      Q4
      2024 2023
      Azerion Group Premium Games Platform Other Azerion Group Premium Games Platform Other
    Profit / (loss) for the period 3.3       (7.2)      
    Income Tax expense (6.7)       (2.4)      
    Profit / (loss) before tax (3.4)       (9.6)      
    Net finance costs 11.0       15.7      
    Share in profit/(loss) of associate (0.5)       –      
    Operating profit / (loss) 7.1 (0.1) 7.2 – 6.1 0.5 5.6 –
    Depreciation & Amortisation 15.5 3.6 11.9 – 13.9 3.3 10.6 –
    Share in profit/(loss) of associate 0.5 – 0.5 – – – – –
    Other 4.1 1.2 2.9 – 1.7 (0.2) 1.9 –
    Acquisition expenses1) 2.8 (0.9) 3.7 – 3.9 (0.1) 4.0 –
    Restructuring 0.1 0.1 – – 0.8 0.1 0.7 –
    Adjusted EBITDA 30.1 3.9 26.2 – 26.4 3.6 22.8 –

    1)In the past, all changes to the fair value of liabilities for contingent considerations were adjusted out of EBITDA on the basis that these impacts were acquisition related. Management has decided to cease these adjustments where the consideration is contingent upon the achievement of financial targets, because these changes in fair value are offsetting opposite movements already included in the operational performance of the acquired entity. This change has been applied prospectively. 

    Reconciliation of Profit / (loss) for the period to Adjusted EBITDA – FY

    in millions of €

      FY
      2024 2023
      Azerion Group Premium Games Platform Other Azerion Group Premium Games Platform Other
    Profit / (loss) for the period (35.4)       25.1      
    Income Tax expense (6.0)       19.0      
    Profit / (loss) before tax (41.4)       44.1      
    Net finance costs 39.5       28.7      
    Share in profit/(loss) of associate (0.5)       –      
    Operating profit / (loss) (2.4) (0.7) (1.7) – 72.8 74.8 (2.0) –
    Depreciation & Amortisation 47.8 11.5 36.3 – 46.4 12.9 33.5 –
    Share in profit/(loss) of associate 0.5 – 0.5 – – – – –
    Social card games portfolio – – – – (72.6) (72.6) – –
    Other 5.7 1.5 4.2 – 3.2 0.7 2.5 –
    Acquisition expenses1) 22.2 – 22.2 – 14.4 1.1 13.3 –
    Restructuring 1.3 0.4 0.9 – 7.7 1.8 5.9 –
    Adjusted EBITDA 75.1 12.7 62.4 – 71.9 18.7 53.2 –

    1)In the past, all changes to the fair value of liabilities for contingent considerations were adjusted out of EBITDA on the basis that these impacts were acquisition related. Management has decided to cease these adjustments where the consideration is contingent upon the achievement of financial targets, because these changes in fair value are offsetting opposite movements already included in the operational performance of the acquired entity. This change has been applied prospectively. 

    Additional notes:

    Acquisition expenses for FY 2024 include € 7.7 million relating to:

    • € 4.8 million in Q2 2024 on one-off settlement of a commercial dispute and contingent consideration fair value loss (non-operational performance target) relating to a previous acquisition 
    • € 2.9 million in Q3 2024 on renegotiation of contingent consideration terms for one of the acquisitions.

    Operating expenses

    Breakdown of Operating expenses

    in millions of €

      Q4 FY
    2024 2023 2024 2023
    Personnel costs (20.2) (24.9) (86.2) (98.5)
    Includes:        
    Restructuring related expenses (0.1) (0.8) (1.3) (7.7)
    Acquisition related one-off items – – (1.7) –
             
    Other expenses (12.5) (8.7) (40.7) (37.3)
    Includes:        
    One-off settlement expenses – – (3.0) –
             
    Operating expenses (32.7) (33.6) (126.9) (135.8)

    Condensed consolidated statement of profit or loss and other comprehensive income

    Condensed consolidated statement of profit or loss and other comprehensive income

    In millions of €

      Q4 FY
      2024 2023 2024 2023
    Revenue 168.0 171.8 551.2 515.0
    Costs of services and materials (112.4) (117.9) (377.4) (332.3)
    Personnel costs (20.2) (24.9) (86.2) (98.5)
    Depreciation (3.0) (2.2) (9.0) (8.1)
    Amortisation (12.5) (11.7) (38.8) (38.3)
    Other gains and losses1) (0.3) (0.3) (1.5) 72.3
    Other expenses (12.5) (8.7) (40.7) (37.3)
    Operating profit / (loss) 7.1 6.1 (2.4) 72.8
             
    Finance income 3.1 1.0 7.0 8.5
    Finance costs (14.1) (16.7) (46.5) (37.2)
    Net Finance costs (11.0) (15.7) (39.5) (28.7)
             
    Share in profit/(loss) of associate 0.5 – 0.5 –
             
    Profit / (loss) before tax (3.4) (9.6) (41.4) 44.1
    Income tax expense 6.7 2.4 6.0 (19.0)
    Profit / (loss) for the period 3.3 (7.2) (35.4) 25.1
             
    Attributable to:        
    Owners of the company 3.3 (7.9) (36.7) 23.7
    Non-controlling interest – 0.7 1.3 1.4
             
    Exchange difference on translation of foreign operations (0.3) (0.3) 1.0 (0.6)
    Financial assets fair value through OCI 0.0 – (0.8) –
    Total other comprehensive income (0.3) (0.3) 0.2 (0.6)
    Total comprehensive income/(loss) 3.0 (7.5) (35.2) 24.5
             
    Attributable to:        
    Owners of the company 3.0 (8.2) (36.5) 23.1
    Non-controlling interest – 0.7 1.3 1.4

    1)Earn-out results have been reclassified from Other expenses to Other gains and losses

    Condensed consolidated statement of financial position

    Condensed consolidated statement of financial position

    in millions of €

      31 December 2024 31 December 2023
    Assets    
    Non-current assets 409.2 413.6
    Property, plant and equipment 24.3 17.0
    Goodwill 192.6 187.1
    Intangible assets 167.0 176.3
    Non-current financial assets 4.9 30.8
    Deferred tax asset 7.6 2.3
    Investment in joint venture and associate 12.8 0.1
         
    Current assets 299.6 238.4
    Trade and other receivables 208.4 196.7
    Current tax assets 0.6 1.4
    Cash and cash equivalents 90.6 40.3
    Total assets 708.8 652.0
         
    Equity    
    Share capital 1.2 1.2
    Share premium 143.6 140.2
    Legal reserve 33.2 27.7
    Share based payment reserve 12.6 12.7
    Currency translation reserve (1.0) (1.9)
    Fair value through OCI (0.8) –
    Retained earnings (117.1) (75.6)
    Shareholders’ equity 71.7 104.3
    Non-controlling interest 6.2 5.3
    Total equity 77.9 109.6
         
    Liabilities    
    Non-current liabilities 310.9 220.1
    Borrowings 256.0 161.9
    Lease liabilities 12.7 10.1
    Provisions 1.6 1.6
    Deferred tax liability 25.3 30.0
    Other non-current liability 15.3 16.5
         
    Current liabilities 320.0 322.3
    Borrowings 19.2 8.4
    Provisions 2.2 3.6
    Trade payables 136.9 142.0
    Accrued liabilities 97.5 112.7
    Current tax liabilities 14.0 13.4
    Lease liabilities 6.7 4.2
    Other current liabilities 43.5 38.0
    Total liabilities 630.9 542.4
    Total equity and liabilities 708.8 652.0

    Condensed consolidated statement of cash flow

    Condensed consolidated statement of cash flow

    In millions of €

      Q4 Q4 FY FY
      2024 2023 2024 2023
    Cash flows from operating activities        
    Operating profit / (loss) 7.1 6.1 (2.4) 72.8
    Adjustments for operating profit / (loss):        
    Depreciation and amortisation & Impairments 15.5 13.9 47.8 46.4
    Movements in provisions per profit and loss (0.1) 0.9 1.1 8.8
    Gain on sale of social card game portfolio – – – (72.6)
    Loss on sale of subsidiaries – 0.1 – 0.1
    Share-based payments expense – 0.1 0.4 0.8
    Adjustment for acquisitions and disposals presented under investing activities – – 5.7 (2.9)
             
    Changes in working capital items:         
    (Increase)/Decrease in trade and other receivables (7.6) (6.4) 19.9 12.2
    Increase (decrease) in trade payables and other payables 4.9 25.0 (32.5) 14.8
             
    Utilisation of provisions (0.3) (3.1) (3.1) (9.9)
    Interest received 0.2 0.3 1.1 0.3
    Interest paid (8.5) (3.2) (26.8) (17.2)
    Income tax paid (1.2) (2.7) (4.2) (3.7)
    Net cash provided by (used for) operating activities 10.0 31.0 7.0 49.9
             
    Cash flows from investing activities        
    Payments for property, plant and equipment (0.3) (0.1) (0.8) (1.5)
    Payments for intangibles (6.2) (3.7) (20.0) (23.3)
    Net cash outflow on acquisition of subsidiaries (11.7) (10.8) (27.7) (43.9)
    Net cash inflow/(outflow) from sale of business – – 11.2 66.0
    Distributions from equity method investees – – 0.5 –
    Net cash outflow on acquisition of securities and equity investments – – – (2.6)
    Net cash provided by (used for) investing activities (18.2) (14.6) (36.8) (5.3)
             
    Cash flows from financing activities        
    Proceeds from external borrowings 34.5 162.6 92.1 163.1
    Repayment of external borrowings (0.1) (200.7) (3.3) (204.3)
    Payment of principal portion of lease liabilities (2.9) (1.8) (7.7) (6.8)
    Early cancelation of lease liability – – – (1.5)
    Dividends paid to shareholders of non-controlling interests – – (0.2) (0.4)
    Costs related to the issuance of new bond – (3.5) – (3.5)
    Fees and costs related to the redemption of the old bond – (1.5) – (1.5)
    Other inflows (outflows) from financing activities – (0.5) – (0.5)
    Net cash provided by (used for) financing activities 31.5 (45.4) 80.9 (55.4)
             
    Net increase/(decrease) in cash and cash equivalents 23.3 (29.0) 51.1 (10.8)
    Effect of changes in exchange rates on cash and cash equivalents (1.0) 0.1 (0.8) 0.2
    Cash and cash equivalents at the beginning of the period 68.3 69.2 40.3 50.9
    Cash and cash equivalents at the end of the period 90.6 40.3 90.6 40.3

    Definitions

    Adjusted EBITDA represents Operating Profit / (Loss) excluding depreciation, amortisation, impairment of non-current assets, restructuring and acquisition related expenses and other items at management discretion, principally those assessed as extraordinary items or non-recurring items which are not in line with the ordinary course of business.

    Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of Revenue.

    Average gross revenue per million processed ad requests across Azerion Platform is calculated by dividing gross advertising revenue (processed by Azerion’s advertising auction and monetisation platforms) by a million advertisement requests processed by Azerion’s advertising  auction and monetisation platforms.

    Average time in game per day measures how many minutes per day, on average, the players of Premium Games spend in the games. This demonstrates their engagement with the games, which generates more opportunities to grow the ARPDAU.

    Average DAUs represents average daily active users, which is the number of distinct users per day averaged across the relevant period.

    ARPDAU represents Average Revenue per Daily Active User, which is revenue per period divided by days in the period divided by average daily active users in that period and represents average per user in-game purchases for the period.

    Financial Indebtedness represents as defined in the terms and conditions of the Senior Secured Callable Floating Rate Bonds ISIN: NO0013017657 any indebtedness in respect of:

    • monies borrowed or raised, including Market Loans;
    • the amount of any liability in respect of any Finance Leases;
    • receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis);
    • any amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing;
    • any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price (and, when calculating the value of any derivative transaction, only the mark to market value shall be taken into account, provided that if any actual amount is due as a result of a termination or a close-out, such amount shall be used instead);
    • any counter indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution; and
    • (without double counting) any guarantee or other assurance against financial loss in respect of a type referred to in the above paragraphs (1)-(6).

    Net Interest-bearing debt as defined in the terms and conditions of the Senior Secured Callable Floating Rate Bonds ISIN: NO0013017657 means the aggregate interest-bearing Financial Indebtedness less cash and cash equivalents (including any cash from a Subsequent Bond Issue standing to the credit on the Proceeds Account or another escrow arrangement for the benefit of the Bondholders) of the Group in accordance with the Accounting Principles (for the avoidance of doubt, excluding any Bonds owned by the Issuer, guarantees, bank guarantees, Subordinated Loans, any claims subordinated pursuant to a subordination agreement on terms and conditions satisfactory to the Agent and interest-bearing Financial Indebtedness borrowed from any Group Company) as such terms are defined in the terms and conditions of the Senior Secured Callable Floating Rate Bonds ISIN: NO0013017657.

    Operating expenses are defined as the aggregate of personnel costs and other expenses as reported in the statement of profit or loss and other comprehensive income. More details on the reporting of cost by nature can be found in the published annual financial statements of 2023.

    Operating Profit / (Loss) represents revenue less costs of services and materials, operating expenses, depreciation and amortisation and other gains and losses.

    Disclaimer and Cautionary Statements

    This communication contains information that qualifies as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

    This communication may include forward-looking statements. All statements other than statements of historical facts are, or may be deemed to be, forward-looking statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Azerion to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. Words and expressions such as aims, ambition, anticipates, believes, could, estimates, expects, goals, intends, may, milestones, objectives, outlook, plans, projects, risks, schedules, seeks, should, target, will or other similar words or expressions are typically used to identify forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks, uncertainties and other factors that are difficult to predict and that could cause the actual results, performance or events to differ materially from future results expressed or implied by such forward-looking statements contained in this communication. Readers should not place undue reliance on forward-looking statements.

    Any forward-looking statements reflect Azerion’s current views and assumptions based on information currently available to Azerion’s management. Forward-looking statements speak only as of the date they are made and Azerion does not assume any obligation to update or revise such statements as a result of new information, future events or other information, except as required by law.

    The interim financial results of Azerion Group N.V. as included in this communication are required to be disclosed pursuant to the terms and conditions of the Senior Secured Callable Floating Rate Bonds ISIN: NO0013017657.

    This report has not been reviewed or audited by Azerion’s external auditor.

    Certain financial data included in this communication consist of alternative performance measures (“non-IFRS financial measures”), including Adjusted EBITDA. The non-IFRS financial measures, along with comparable IFRS measures, are used by Azerion’s management to evaluate the business performance and are useful to investors. They may not be comparable to similarly titled measures as presented by other companies, nor should they be considered as an alternative to the historical financial results or other indicators of Azerion Group N.V.’s cash flow based on IFRS. Even though the non-IFRS financial measures are used by management to assess Azerion Group N.V.’s financial position, financial results and liquidity and these types of measures are commonly used by investors, they have important limitations as analytical tools, and the recipients should not consider them in isolation or as a substitute for analysis of Azerion Group N.V.’s financial position or results of operations as reported under IFRS.

    For all definitions and reconciliations of non-IFRS financial measures please also refer to www.azerion.com/investors.

    This report may contain forward-looking non-IFRS financial measures. The Company is unable to provide a reconciliation of these forward-looking non-IFRS financial measures to the most comparable IFRS financial measures because certain information needed to reconcile those non-IFRS financial measures to the most comparable IFRS financial measures is dependent on future events some of which are outside the control of Azerion. Moreover, estimating such IFRS financial measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-IFRS financial measures in respect of future periods which cannot be reconciled to the most comparable IFRS financial measure are calculated in a manner which is consistent with the accounting policies applied in Azerion Group N.V.’s consolidated financial statements.

    This communication does not constitute an offer to sell, or a solicitation of an offer to buy, any securities or any other financial instruments.

    Contact

    Investor Relations: ir@azerion.comMedia relations: press@azerion.com 

    Attachment

    The MIL Network –

  • MIL-OSI USA: Murphy, Blumenthal, Senate Democrats Press HUD Secretary Turner On Threat Of Rising Housing Costs From Plan To Reprivatize Fannie Mae And Freddie Mac

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    February 26, 2025

    WASHINGTON—U.S Senators Chris Murphy (D-Conn) and Richard Blumenthal (D-Conn.) on Wednesday joined a group of eleven Senate Democrats in sending a letter pressing U.S. Secretary of Housing and Urban Development (HUD) Scott Turner on whether his plan to reprivatize Fannie Mae and Freddie Mac will make mortgages more expensive. Following his confirmation, Secretary Turner said he would act as “quarterback” in the Trump Administration’s plan to reprivatize the multi-trillion-dollar companies.

    “During your confirmation process, you repeatedly spoke of the desire to reduce housing costs, a goal we share. However, right out of the gate, you are actively advocating for policy changes that would likely raise housing costs for hardworking Americans,” the senators wrote.

    The senators continued: “Changes to the ownership of Fannie Mae and Freddie Mac would be a monumental undertaking that would affect our entire housing system and touch the lives of homeowners and renters across the country. If mismanaged, ending the conservatorships and Treasury’s role with Fannie Mae and Freddie Mac could make mortgages more expensive, cut off access to mortgage credit, destroy many of the important reforms made over the past 16 years, and compromise our entire housing market and the broader U.S. economy.”

    The senators also raised concerns that privatization could result in a taxpayer-funded giveaway worth billions for wealthy investors and hedge funds, quoting one investor’s optimism that “Trump and his team will get the job done.”

    They concluded: “Our housing finance system is a complex, multi-trillion-dollar market that touches the lives of every American family. It is critical that any effort to reprivatize Fannie Mac and Freddie Mac does not result in windfalls for wealthy investors while raising housing costs for American families. We look forward to your prompt and thorough reply on this urgent matter.”

    U.S. Senators Elizabeth Warren (D-Mass.), Chuck Schumer (D-N.Y.), Lisa Blunt Rochester (D-Del.), Cory Booker (D-N.J.), Dick Durbin (D-Ill.), Andy Kim (D-N.J.), Jeff Merkley (D-Ore.), Jack Reed (D-R.I.), and Ron Wyden (D-Ore.) also signed the letter.

    Full text of the letter is available HERE and below:

    Dear Secretary Turner:

    We are writing with questions about your role in any effort to reprivatize the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) and requesting your commitment that any reprivatization process will not raise housing costs for American families. During your confirmation process, you repeatedly spoke of the desire to reduce housing costs, a goal we share. However, right out of the gate, you are actively advocating for policy changes that would likely raise housing costs for hardworking Americans. One of the first policy issues you addressed as Secretary, in an interview on the day you were sworn in, was privatizing Fannie Mae and Freddie Mac. You indicated that the Department of Housing and Urban Development (HUD) would be “one of” the “partners at the table” in the privatization effort and that you will serve as the “quarterback” in the process. You did not indicate who your additional partners would be in these discussions.

    Reprivatization of Fannie Mae and Freddie Mac threatens to raise the cost of mortgages and rent and make it even harder to access credit for purchasing a home. At a time when so many Americans are struggling with housing costs, we must ask why you are choosing as one of your first priorities a policy that only makes it harder for Americans to afford housing.

    Since 2008, when Fannie Mae and Freddie Mac (the Enterprises) experienced severe financial stress and needed a significant investment from taxpayers, the Treasury Department has held senior preferred shares and warrants to purchase 79.9% of common shares in the two companies. At the same time that Treasury made this investment, the Enterprises’ regulator, the Federal Housing Finance Agency (FHFA), placed them in conservatorship and began operating as both their regulator and conservator.

    In conservatorship, the Enterprises have made significant changes that have improved their operations to reduce risk and better serve homebuyers and renters, providing access to affordable mortgages for hardworking Americans across the country. This includes families who often go underserved in our housing system, including lower income families and people in rural areas.

    Changes to the ownership of Fannie Mae and Freddie Mac would be a monumental undertaking that would affect our entire housing system and touch the lives of homeowners and renters across the country. If mismanaged, ending the conservatorships and Treasury’s role with Fannie Mae and Freddie Mac could make mortgages more expensive, cut off access to mortgage credit, destroy many of the important reforms made over the past 16 years, and compromise our entire housing market and the broader U.S. economy. It could also generate billions of dollars for hedge funds and other wealthy investors in the Enterprises at taxpayers’ expense. One prominent hedge fund manager and investor in the Enterprises’ common shares has written that he sees “large asymmetric upside” in investments in the Enterprises because he believes there is a “credible path for their removal from conservatorship” and he expects that “Trump and his team will get the job done.”

    Given the enormous housing affordability threats posed by the privatization of Fannie Mae and Freddie Mac, we request that you respond to the following questions by March 12, 2025:

    1. Will HUD, and you as HUD Secretary, be the quarterback of any efforts to make changes to Fannie Mae and Freddie Mac? What specific responsibilities will you have in this role?
    2. If you help lead the process to end the conservatorships of Fannie Mae and Freddie Mac, do you commit to ensuring that any changes do not raise mortgage costs or make it more difficult to access mortgage credit for American homebuyers?
    3. Will you commit to ensuring that any changes to Fannie Mae and Freddie Mac will not result in higher rents for American families?
    4. You have said that “[t]here are partners that will be at the table” on efforts to reprivatize Fannie Mae and Freddie Mac, and that “[w]hen you’re a quarterback, you’ve got to work with the entire huddle.” What other partners will be at the table when discussing changes to Fannie Mae and Freddie Mac?
    5. HUD does not play a direct role in oversight of Fannie Mae and Freddie Mac, and recent public documents and agreements regarding the conservatorships and Treasury’s investments in the Enterprises have only involved the Treasury Department and FHFA. What authority does HUD have with respect to the Enterprises and their ongoing conservatorships?
    6. Will you commit to ensuring that hedge funds and other wealthy investors who stand to profit off of an end to the conservatorship or any changes to Treasury’s ownership stake in Fannie Mae and Freddie Mac do not have an opportunity to unduly influence potential changes to Fannie Mae or Freddie Mac?
    7. Will you commit to running a transparent and open process with regard to all meetings and deliberations over potential changes to Fannie Mae and Freddie Mac?
    8. Will you ensure that the Administration adheres to the public process outlined in the recent side letter agreement between Treasury and FHFA prior to taking any actions regarding the conservatorships or privatization of Fannie Mae and Freddie Mac?
    9. Will you work with all relevant agencies to conduct a thorough analysis of any housing market, mortgage cost, and financial stability impacts of any planned changes to the Enterprises prior to making any changes that would affect the Enterprises’ conservatorship status, Treasury’s ownership stake in the Enterprises, or taxpayers’ compensation for their investment in the Enterprises?

    Our housing finance system is a complex, multi-trillion-dollar market that touches the lives of every American family. It is critical that any effort to reprivatize Fannie Mac and Freddie Mac does not result in windfalls for wealthy investors while raising housing costs for American families. We look forward to your prompt and thorough reply on this urgent matter.

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI Russia: Government restricts gasoline exports until August 31

    Translartion. Region: Russians Fedetion –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Resolution of February 26, 2025 No. 229

    Document

    Resolution of February 26, 2025 No. 229

    The government is introducing a ban on the export of motor gasoline from March 1 to August 31 inclusive. The decree on this has been signed.

    The restriction will not apply to supplies carried out directly by producers of petroleum products.

    The decision was made to maintain a stable situation on the domestic fuel market, support the oil refining economy, and counteract the grey export of motor gasoline.

    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 –

  • MIL-OSI: Saudi Arabia’s Ministry of Energy awards prestigious feedstock allocation for joint project between Sipchem and LyondellBasell

    Source: GlobeNewswire (MIL-OSI)

    AL KHOBAR, Kingdom of Saudi Arabia and HOUSTON, Feb. 27, 2025 (GLOBE NEWSWIRE) — Sipchem and LyondellBasell (LYB) have been awarded a feedstock allocation from the Ministry of Energy of Saudi Arabia supporting a joint feasibility study for a world-scale mixed feed cracker complex combined with a diversified derivative portfolio. Sipchem and LYB will assess the viability and optimal structure for the project, which will be advanced on a 60% (Sipchem) | 40% (LYB) ownership basis. The allocation lays the foundation for both parties to define the technical, financial and commercial configuration for the project. Construction of the joint project would result in the manufacturing of petrochemical products and derivatives to serve customers both within the Kingdom of Saudi Arabia and global export markets while creating several thousand local job opportunities.

    With cost-advantaged feedstocks, world-scale assets, leading technologies, and proximity to key international markets, the joint project has the potential to create lasting value. The project will benefit from LYB’s technologies to produce differentiated grades of polyethylene and polypropylene, including the Catalloy product line of elastomeric polyolefins.

    Sipchem and LYB will jointly explore carbon management solutions including the use of low emission technologies, in support of the parties’ and the Kingdom’s net zero ambitions. 

    “Our partnership with LyondellBasell marks an important milestone in our pursuit of ambitious goals for sustainable growth and the strengthening of our position within the petrochemical market locally and globally,” said Abdullah Al-Saadoon, Sipchem chief executive officer. “Through this collaboration, we will leverage the latest cutting-edge, energy-efficient technologies, significantly contributing to our environmental objectives and enhancing the sustainability of our operations. We extend our gratitude to the Ministry of Energy for its unwavering support of the petrochemical industry, which has been instrumental in enabling us to achieve our shared goals. We are enthusiastic about advancing this project and are committed to delivering high-quality products that will drive the development of the industrial sector in the Kingdom of Saudi Arabia.” 

    “This feedstock allocation is a vital step in our collaboration with Sipchem,” said Peter Vanacker, LyondellBasell chief executive officer. “As we move forward with our joint study, with a long-term partnership in mind, we further strengthen our commitment to Saudi Arabia. Thank you to the Ministry of Energy for their support and collaboration as we build on our successful partnership. We look forward to being a larger part of the Kingdom’s thriving economy, which continues to grow and provide numerous opportunities for development and innovation.”

    About LyondellBasell

    We are LyondellBasell (NYSE: LYB) ― a leader in the global chemical industry creating solutions for everyday sustainable living. Through advanced technology and focused investments, we are enabling a circular and low carbon economy. Across all we do, we aim to unlock value for our customers, investors and society. As one of the world’s largest producers of polymers and a leader in polyolefin technologies, we develop, manufacture and market high-quality and innovative products for applications ranging from sustainable transportation and food safety to clean water and quality healthcare. For more information, please visit www.lyondellbasell.com or follow @LyondellBasell on LinkedIn. 

    About Sipchem

    Sipchem, officially known as Sahara International Petrochemical Company (TASI: SIPCHEM) ― a Saudi-based leading innovator in the petrochemical sector, founded in 1999. The company provides high-quality chemical and polymer products that serve diverse industries, including construction, automotive, electronics, and packaging. With a strong focus on sustainability, Sipchem integrates energy efficiency, waste reduction, and advanced technologies into its operations to support a circular economy and minimize its environmental impact. Through continuous investment in research and development, Sipchem delivers innovative solutions that address evolving global needs and contribute to long-term growth. For more information, please visit www.Sipchem.com or follow @SipchemGlobal on LinkedIn.

    Cautionary Note Regarding Forward-looking Statements

    The statements in this release relating to matters that are not historical facts are forward-looking statements. Actual results could differ materially based on factors including, but not limited to, our ability to meet the requirements of the allocation award; the results of the feasibility study described in this release; future investment decisions and the successful development, construction and operation of the proposed facilities described in this release; our ability to implement our strategy and successfully align our asset base with that strategy; and general economic conditions in the Kingdom of Saudi Arabia and globally. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section of our Form 10-K for the year ended December 31, 2023, which can be found at www.LyondellBasell.com on the Investor Relations page and on the Securities and Exchange Commission’s website at www.sec.gov. There is no assurance that any of the actions, events or results of the forward-looking statements will occur, or if any of them do, what impact they will have on our results of operations or financial condition. Forward-looking statements speak only as of the date they were made and are based on the estimates and opinions of management of LyondellBasell at the time the statements are made. LyondellBasell does not assume any obligation to update forward-looking statements should circumstances or management’s estimates or opinions change, except as required by law. 

    NEWS INQUIRIES:

    Phone: +1-713-309-4791

    Email: nick.facchin@lyondellbasell.com

    Or

    Phone: +966 13 801 9385

    Email: dokelly@sipchem.com

    The MIL Network –

  • MIL-OSI: Bitget Wallet Introduces Smart Authorization Detection to Safeguard Assets

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Feb. 27, 2025 (GLOBE NEWSWIRE) — Bitget Wallet, a leading Web3 non-custodial wallet, has launched an upgraded authorization detection feature to give users greater control over their assets and enhance security. This upgrade allows users to review all past DApp and token approvals, identify potential risks, and revoke unsafe permissions with a single tap.

    At a time when security concerns are growing in the crypto space, Bitget Wallet reinforces its commitment to providing a safer, more transparent Web3 experience. Many users unknowingly grant excessive permissions that allow DApps to access their assets indefinitely, increasing security risks. Bitget Wallet’s enhanced tool helps users detect these risks by categorizing authorizations as Low, Medium, or High risk. Common high-risk approvals include unlimited token transfers, staking or withdrawal permissions, contract upgrade backdoors, and NFT transfer rights. By updating to version V8.29, users can access the “Approval Detection” feature from the wallet’s homepage to scan and revoke unnecessary or risky authorizations, reducing the chances of unauthorized asset movement.

    As a non-custodial wallet, Bitget Wallet ensures users have full control over their private keys, eliminating counterparty risks associated with centralized platforms. To enhance security, Bitget Wallet employs Multi-Party Computation (MPC) technology, which distributes private key shares across multiple entities, preventing single points of failure. Additionally, it integrates the Double Encryption Storage Mechanism (DESM) for an extra layer of private key protection. To further safeguard transactions, Bitget Wallet’s GetShield security engine continuously scans DApps, smart contracts, and websites, detecting phishing attacks, malicious addresses, and fraudulent contracts before users interact with them.

    Bitget Wallet also collaborates with leading security firms like CertiK, SlowMist, and GoPlus Security, ensuring comprehensive code audits, risk monitoring, and proactive threat detection. Beyond advanced security infrastructure, it offers financial protection through its industry-leading Protection Fund, initially established at $300 million and now valued at $625 million, backed by 6,500 BTC in onchain reserves. This fund serves as a safety net for users in the event of a platform-related security incident. By integrating robust security technology, proactive risk detection, and a transparent protection fund, Bitget Wallet delivers one of the most secure Web3 experiences available today.

    “The recent industry events highlight the importance of true self-custody and strong security measures,” said Alvin Kan, COO of Bitget Wallet. “Security has always been our top priority. We are committed to empowering users with full control over their assets while providing robust security tools and financial protection. With our upgraded authorization detection, MPC technology, and Protection Fund, we continue to set the standard for a safer and more resilient Web3 experience.”

    About Bitget Wallet
    Bitget Wallet is the home of Web3, uniting endless possibilities in one non-custodial wallet. With over 60 million users, it offers comprehensive onchain services, including asset management, instant swaps, rewards, staking, trading tools, live market data, a DApp browser, an NFT marketplace and crypto payment. Supporting over 100 blockchains, 20,000+ DApps, and 500,000+ tokens, Bitget Wallet enables seamless multi-chain trading across hundreds of DEXs and cross-chain bridges, along with a $300+ million protection fund to ensure safety of users’ assets. Experience Bitget Wallet Lite to start a Web3 journey.

    For more information, visit: X | Telegram | Instagram | YouTube | LinkedIn | TikTok | Discord | Facebook
    For media inquiries, please contact media.web3@bitget.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/65645222-e7fe-472d-a62b-6e21f0a2717f

    The MIL Network –

  • MIL-OSI:   Ageas reports full-year results 2024

    Source: GlobeNewswire (MIL-OSI)

    Ageas reports full-year results 2024

    • Successful completion of Impact24, delivering on all financial targets
    • Strong commercial performance accelerated across businesses and segments, resulting in a 10% growth
    • Continued strengthening of the business profitability leading to a Net Operating Result of EUR 1.24 billion, at the top half of the 2024 full-year guidance
    • Holding cash position above EUR 1.0 billion
    • Proposed total dividend of EUR 3.50 per share. Final dividend of EUR 2.00 per share
    Key Figures 2024
    Result
    • Net Operating Result of EUR 1,240 million, representing a Return on Equity of 16.3%
    • Net Result of EUR 1,118 million
    • Operational Capital Generation of EUR 2.2 billion
    • Operational Free Capital Generation of EUR 1.5 billion
    Inflows
    (at constant exchange rate and constant scope)
    • Inflows amounted to EUR 18.5 billion, representing a strong growth of +10%
    • Life inflows rose to EUR 11.7 billion (+9%) thanks to a return to growth in Belgium and Europe and a maintained solid performance in Asia
    • Non-Life inflows increased to EUR 6.8 billion (+14%) with significant business growth in all segments and product lines
    Operating Performance
    • Combined ratio of 93.3%
      • Guaranteed Margin of 149 bps and Unit Linked Margin of 41 bps
    Balance Sheet
    • Comprehensive Equity of EUR 16.1 billion or EUR 88.14 per share
    • Pillar II Solvency II ratio improved, reaching 218%, well above the Group’s neutral risk appetite
    • General account Total Liquid Assets as at 31 December 2024 stood at EUR 1,066 million
    • Life Liabilities excl. UG/L stood at EUR 91.4 billion
    Non-financial and Sustainability Targets
     
    • During the Impact24 cycle, Ageas’s scores from the six ESG rating agencies assessing the Group significantly improved, reaching Top Quartile with one.
    • 29% of Gross Written Premiums comes from sustainable products, while EUR 14,6 billion was invested in sustainable assets.
    • Six entities have achieved a Top Quartile cNPS score and five a Top Quartile eNPS score.
    • Significant progress has been made in diversifying distribution, encompassing both agency and digital platforms.

    Hans De Cuyper, CEO Ageas: “I am very pleased to announce an excellent performance in 2024. We grew inflows considerably, increased the profitability of our business and secured a Net Operating Result of 1.24 billion euro at the upper half of our guidance, while maintaining a strong cash and solvency position. This strong performance enables us to announce a total gross cash dividend of 3.50 euro for 2024, consistent with our Impact24 commitment. I am also proud that we successfully completed our Impact24 strategic cycle, achieving sustainable growth, strengthening profitability, and diversifying cash flows, while meeting all financial targets and most non-financial ones. While we have made significant progress in various aspects of our business, I am especially pleased that our ESG efforts have been recognised by rating agencies, which has led to the inclusion of the Ageas share in the BEL®ESG index. Barring unforeseen circumstances, we anticipate a cash upstream from the business between 850 to 900 million euro in 2025, giving us a good starting position to meet our Elevate27 dividend commitment.”

    Attachment

    The MIL Network –

  • MIL-OSI: BW Offshore: Fourth quarter and full year results 2024

    Source: GlobeNewswire (MIL-OSI)

    Fourth quarter and full year results 2024

    HIGHLIGHTS

    • Q4 EBITDA USD 72 million and 2024 EBITDA USD 318 million in line with guidance
    • Strong commercial performance with Q4 operating cashflow of USD 79 million and 2024 operating cashflow of USD 363 million
    • Robust balance sheet with an equity ratio 30.8% and USD 540 million in available liquidity
    • Q4 cash dividend raised to USD 0.14 per share
    • Increased cash flow in sight with Barossa FPSO on track for April sail-away
    • Full-year 2025 EBITDA guidance in the range of USD 220-250 million

    BW Offshore continues to progress the Barossa project according to schedule and well within the updated budget. As of end January 2025, construction and integration was 99% complete and commissioning at 85% completion. The vessel is currently being prepared for sail-away in late April. The FPSO is on track for first gas in mid-2025.

    For 2025, BW Offshore expects to report EBITDA in the range of USD 220 to 250 million. The EBITDA outlook reflects the firm backlog for BW Adolo and BW Catcher and the expected start of IFRS revenue recognition from BW Opal at full practical completion during the fourth quarter. Dayrate received for the BW Opal during the start-up and early production phase from mid-2025 will be amortised over the 15-year contract period. Contract negotiations for BW Pioneer are progressing well, however no guidance on EBITDA has been included beyond firm contract.

    The Board of Directors has declared a quarterly cash dividend of USD 0.14 per share. The shares will trade ex-dividend from 3 March 2025. Shareholders recorded in VPS following the close of trading on Oslo Børs on 4 March 2025, will be entitled to the distribution payable on or around 11 March 2025. The total dividend for 2024 amounts to USD 59.2 million, equal to 50% of net Income for the year.

    “We continue to maintain a strong balance sheet supported by consistent high commercial uptime and robust cash generation from the fleet with 2024 EBITDA above initial guidance. Our commitment to returning value to shareholders stands firm as reflected in the increased fourth-quarter dividend, and a total distribution for 2024 reflecting 50% of net profit for a second consecutive year,” said Marco Beenen, CEO of BW Offshore. “As BW Opal progresses to schedule and soon departs the yard in Singapore for the Barossa field, we are moving ahead with potential new FPSO projects that meet our selection criteria in a market with high tendering and FEED activity.”

    FINANCIALS
    EBITDA for the fourth quarter of 2024 was USD 71.9 million (USD 83.2 million in Q3). The EBITDA reflects solid operational performance across the FPSO fleet. Third quarter EBITDA was higher due to the final contribution from engineering and design work on the Sakarya project.

    EBIT for the fourth quarter was USD 30.8 million (USD 37.6 million).

    Net financial items were positive at USD 19.4 million (negative USD 16.4 million), of which net interest expense amounted to USD 3.0 million (USD 4.3 million). Fourth quarter was impacted by the recognition of a valuation gain on the finance liability related to the Barossa project, due to changes in timing of future expected cash flows and a positive mark-to-market adjustment on interest rate hedges resulting from an increase in swap rates.

    The share of loss from equity-accounted investments was USD 9.5 million, including a valuation adjustment on the Barossa finance receivable related to changes in timing of future expected cash flows (loss of USD 5.7 million).

    Net profit for the fourth quarter increased significantly to USD 40.8 million (USD 13.0 million).

    Total equity as of 31 December 2024 was USD 1 246.6 million (USD 1 208.6 million). The equity ratio was 30.8% at the end of the quarter (29.6%).

    As a result of strong cash generation from the fleet and the sale of BW Energy shares in 2024, the Company was net cash positive by USD 74.4 million as of 31 December 2024 (USD 38.4 million net cash positive at the end of September).

    Available liquidity was USD 540 million, excluding consolidated cash from BW Ideol and including USD 233.8 million available under the corporate loan facility.

    FPSO OPERATIONS
    The FPSO fleet continued to deliver stable uptime in the quarter with a weighted average fleet uptime of 99.2% (98.9% in the third quarter).

    BW Adolo delivered strong commercial performance as fourth quarter production increased to 37,150 barrels per day (bbls/day), resulting in strong cash flow stemming from the tariff under the contract that generate USD 1.5/bbl for the first 20,000 bbls/day of production and USD 3/bbl for production beyond 20,000 bbls/day.

    Performance from BW Catcher and BW Pioneer was stable and consistent with high commercial uptime.

    FPSO PROJECTS
    In January, BW Offshore was selected to perform the pre-FEED study for the Bay du Nord FPSO project by Equinor. The project reflects BW Offshore’s expertise in floating production solutions for harsh environment conditions, and commitment to delivering sustainable and innovative solutions. The pre-FEED study will play an important role in supporting Equinor’s strategic goals for the Bay du Nord development.

    LOW CARBON ENERGY SOLUTIONS
    BW Offshore is committed to contribute to the energy transition by developing low-carbon offshore energy production solutions, by leveraging FPSO expertise to deliver low-carbon energy and expand into new sectors, focusing on low-emission oil and gas, CO2 transport, gas-to-power and floating ammonia to meet evolving energy demands. The Company maintains a disciplined approach with selective and diligent allocation of capital and a commitment to creating shareholder value.

    BW Offshore also owns 64% of BW Ideol. BW Ideol is a leader in offshore floating wind technology and co-development, with over 14 years of experience in the development of floating wind projects.

    In December, BW Ideol’s project partners, EDF Renewables and Maple Power, were awarded the Mediterranean Tender (AO6) floating offshore wind project in France. The 250-megawatt (MW) development will leverage BW Ideol’s proprietary Damping Pool® technology, a proven solution that optimises the stability and performance of floating wind turbines in challenging marine environments. A total of 12 floating foundations and turbines are planned to be installed at the site.

    OUTLOOK
    Growing energy demand continues to drive interest in developing new infrastructure-type FPSO projects with long production profiles, low break-even costs and focus on lower emissions. Increased project complexity, combined with higher construction costs, necessitates financial structures with significant day rate prepayments during the construction period for new lease and operate projects.

    Alternatively, oil and gas majors may finance and own FPSOs, relying on FPSO specialists for the design, construction and installation scope, combined with operation and maintenance services. BW Offshore is well positioned to offer both solutions.

    In recent years, the number of sanctioned FPSO projects have lagged market expectations. Consequently, there is a growing number of projects at various stages of maturity, reflecting a pent-up demand for FPSOs. Increased FEED and tendering activity is a function of this, and BW Offshore expects that a number of the FPSO projects the Company is engaging with will reach a final investment decision over the next 12 to 36 months. The market dynamics, combined with the high competence levels required for project execution, should enable better risk-reward and improved margins for FPSO companies going forward.

    BW Offshore continues to selectively evaluate new projects that meet required return targets, offer contracts with no residual value risk after firm period, and provide a financeable structure with strong national or investment-grade counterparties.

    BW Offshore expects that the fleet will continue to generate significant cash flows in the time ahead, supported by the USD 5.3 billion firm contract backlog at the end of December 2024.

    Please see attached the Q4 Presentation. The earnings tables are available at:

    https://www.bwoffshore.com/ir/

    BW Offshore will host a webcast of the financial results 09:00 (CET) today. The presentation will be given by CEO Marco Beenen and CFO Ståle Andreassen.

    Webcast information:
    You can follow the presentation via webcast with supporting slides and a Q&A module, available on:

    BW Offshore Limited – Q4 Presentation Webcast

    Please note, that if you follow the webcast via the above URL, you will experience a 30 second delay compared to the main conference call. The web page works best in an updated browser – Chrome is recommended.

    For further information, please contact:
    Ståle Andreassen, CFO, +47 91 71 86 55
    IR@bwoffshore.com or www.bwoffshore.com

    About BW Offshore:
    BW Offshore engineers innovative floating production solutions. The Company has a fleet of 3 FPSOs with potential and ambition to grow. By leveraging four decades of offshore operations and project execution, the Company creates tailored offshore energy solutions for evolving markets world-wide. BW Offshore has around 1,100 employees and is publicly listed on the Oslo Stock Exchange.

    This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

    Attachments

    The MIL Network –

  • MIL-OSI: Alm. Brand A/S – Annual Report 2024

    Source: GlobeNewswire (MIL-OSI)

    Alm. Brand released its preliminary statement of financial results for 2024 on 5 February 2025.

    Please find attached the Group’s Annual Report for 2024.

    Contact

    Please direct any questions regarding this announcement to:

    Investors and equity analysts:         
    Head of Investor Relations, Rating & ESG Reporting        
    Mads Thinggaard         
    Mobile no. +45 2025 5469        

    Press:        

    Media Relations Manager
    Mikkel Luplau Schmidt
    Mobile no. +45 2052 3883

    Attachments

    The MIL Network –

  • MIL-Evening Report: Politics and property – how our leaders are among the privileged using legal loopholes to build their wealth

    Source: The Conversation (Au and NZ) – By Rod Campbell, Honorary fellow, Deakin University

    Not so long ago, former Liberal prime minister Malcolm Turnbull was branded “Mr Harbourside Mansion”, a moniker bestowed upon him by his own side of politics.

    Turnbull’s estimated A$200 million in wealth when he entered politics was well known. So too was the estimated $56 million in riches accrued outside of politics by Labor prime minister Kevin Rudd and his family.

    Not all politicians are multimillionaires like Turnbull and Rudd. But generally, they are wealthier than their constituents. They are also more likely to own more than one home.

    A recent ABC analysis of the parliamentary public interests register found 215 of Australia’s 227 members and senators own at least one property. 77 of them recorded interest in three or more properties.

    Out of touch pollies?

    Australians know their politicians tend to be richer than they are and sometimes it makes waves.

    Anthony Albanese’s purchase of a $4 million home on the New South Wales Central Coast dominated headlines for weeks, and it’s still being raised in focus and research groups as an issue with voters.

    Crucially, like Turnbull and Rudd’s wealth, Albanese’s cash splash on his coastal dream home has always been publicly available information.

    Veiled wealth

    But Opposition Leader Peter Dutton has mostly managed to skate by in the conversations about MPs and their money. He has kept the media’s focus on his brief career as a Queensland police officer, rather than the riches he has accrued through investing in property.

    While Dutton has not made a secret of his previous investments, and elements of his wealth have dripped into the public domain in the past, his affluence has rarely been discussed in whole terms. That changed this week with the Nine newspapers estimating his property investments at $30 million in transactions across 26 pieces of real estate.

    The portfolio, bought and sold over 35 years, eclipse Albanese’s property interests several times over.

    Dutton’s story highlights a tension that continues to frustrate voters: politicians who enjoy superior wealth are the ones who decide the financial circumstances of their constituents’ lives.

    Uncomfortable questions

    The stories highlighting Dutton’s prosperity have pointed out his past use of tax structures, including discretionary trusts, self-managed super funds and family companies to manage his money.

    Dutton has defended the millions he has made in property purchases. He’s accused his political rivals of mounting a “smear campaign” by trying to discredit him for being an “astute investor”.

    On the other side of politics, Albanese has refused to say if he used negative gearing before he became prime minister to reduce his tax bill.

    Exposing and debating the wealth of our leaders may be uncomfortable for them, but it’s an opportunity to push all sides of politics to address the aspects of our tax system that make it less fair.

    Tax loopholes for some

    The first thing to understand is that there are far fewer tax loopholes for avoiding tax on wages. If you work for a living, like most Australians, there are not many tax tricks for you.

    If you own assets and earn income from investments, however, things are a little different. How you own the assets is also important. Simply owning your own home is nice, but not as good as owning assets through a discretionary trust, a self-managed super fund, or a family company.

    Financial vehicles

    A discretionary trust is a way of holding income earning assets where the income stream can be split between beneficiaries. This means money can be directed to the people in the trust who face the lowest marginal tax rates, such as adult children, rather than a higher-earning parent, who faces a higher tax rate.

    The income earned from trusts overwhelmingly goes to high income earners. Treasury estimates (page 47) that the top 10% of income earners receive 63% of the income from trusts, while the bottom half of income earners get just 11% of the income.

    A self-managed super fund helps reduces taxation because of the various tax breaks for superannuation. For example, an owner might have their business in their self-managed super fund, with the income to the fund being taxed at a lower rate than it would have if it was owned in the business owner’s name.

    A family company, like trusts and self-managed super funds, is a vehicle for owning assets. If the assets are owned by a family company, then profits are subject to company tax rates. This can be as low as 25% if the company turnover is less than $50 million per year.

    All three of these asset-owning vehicles are entirely legal. And they can have legitimate uses. But they also provide tax loopholes that can be used to reduce the amount of tax someone has to pay and to obscure who actually owns the assets.

    Level the playing field

    This is fundamentally unfair. These structures for reducing tax are mostly only available to the wealthy. The average wage earner cannot structure their income through such complex tax structures.

    Scrapping the capital gains tax discount, getting rid of discretionary trusts, placing more limits on the types of assets that can be held in self-managed super funds, and increasing tax rates on people with big super balances would reduce the ability of the wealthy to avoid paying tax.

    It is hard to reform tax loopholes because most people don’t understand them and the people who do understand them reap the biggest benefits from them.

    The current discussion around Dutton’s investments might help more people become cognisant of these tax structures and how some of the biggest beneficiaries are politicians pretending to understand what it’s like to be a worker in a cost-of-living crisis.

    Rod Campbell is the Research Director at The Australia Institute, an independent research organisation based in Canberra. See www.australiainstitute.org.au

    – ref. Politics and property – how our leaders are among the privileged using legal loopholes to build their wealth – https://theconversation.com/politics-and-property-how-our-leaders-are-among-the-privileged-using-legal-loopholes-to-build-their-wealth-250929

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Bigbank AS Results for January 2025

    Source: GlobeNewswire (MIL-OSI)

    Bigbank started 2025 with continued growth and strong profitability.

    The loan portfolio growth was driven by focus products: the home loan portfolio increased by 18 million euros and the business loan portfolio by 11 million euros in a month. The consumer loan portfolio remained close to the level at the end of 2024, growing by 1 million euros over the month. In total, the loan portfolio grew by nearly 30 million euros in the first month of the year.

    The deposit portfolio grew even more in January. In a declining interest rate environment, Bigbank offered attractive deposit rates on both term and savings deposits across all its home markets. As a result, the portfolios of both deposit products increased by more than 75 million euros, bringing the bank’s total deposit portfolio growth to 151 million euros. This is a strong result that confirms Bigbank’s ability to significantly expand its depositor customer base and grow its deposit portfolio even in a short period.

    Interest income increased compared to January of the previous year – the positive impact of the larger loan portfolio outweighed the negative impact of the declining interest rate environment on interest income. At the same time, interest expenses also increased significantly due to the growth of the deposit portfolio. As a combined effect of these factors, net interest income in January amounted to 8.5 million euros, which was 0.6 million euros lower than in January of the previous year.

    A positive development was that, despite the significantly increased loan portfolio, the net cost of expected credit losses and provisions decreased by 0.4 million euros compared to January of the previous year, totaling 1.8 million euros. The credit quality of the loan portfolio remained at a similar level to the end of 2024.

    Net profit for January was 3.0 million euros – considering the continuing decline in the interest rate environment and the resulting pressure on net interest income, this is a solid result. Several positive developments stood out: compared to January 2024, operating expenses remained at the same level, and net fee and commission income increased by 0.1 million euros. A negative development was the increase in income tax expenses by 0.3 million euros, primarily due to the higher income tax rates that came into effect in Estonia and Lithuania at the beginning of 2025.

    Bigbank’s financial results for January 2025:

    • Deposits from customers and loans received increased by 550 million euros year-on-year, reaching 2.55 billion euros (+27%).
    • Loans to customers grew by 535 million euros year-on-year, reaching 2.22 billion euros (+32%).
    • Net interest income in January was 8.5 million euros, decreasing by 0.6 million euros compared to January of the previous year (-7%).
    • Net allowance for expected credit losses and provision expenses amounted to 1.8 million euros in January, which is 0.4 million euros less than a year ago (-18%).
    • Net profit for January was 3.0 million euros, decreasing by 0.2 million euros compared to the same period in 2024 (-7%).
    • Return on equity in January was 13.4%.
    Income statement, in thousands of euros Jan 2025 YTD25 YTD24 Difference YoY
    Total net operating income, incl. 9,334 9,334 9,675 -341 -4%
    Net interest income 8,479 8,479 9,087 -608 -7%
    Net fee and commission income 833 833 722 112 +15%
    Total expenses, incl. -3,924 -3,924 -3,918 -7 +0%
    Salaries and associated charges -2,406 -2,406 -2,214 -191 +9%
    Administrative expenses -826 -826 -1,025 199 -19%
    Profit before loss allowances 5,409 5,409 5,757 -348 -6%
    Net allowance for expected credit losses and provision expenses -1,773 -1,773 -2,150 378 -18%
    Income tax expense -615 -615 -358 -257 +72%
    Profit for the period from continuing operations 3,022 3,022 3,248 -226 -7%
    Profit or loss before tax from discounted operations 0 0 0 0  
    Profit for the period 3,022 3,022 3,248 -226 -7%
               
               
    Business volumes, in thousands of euros Jan 2025 YTD25 YTD24 Difference YoY
    Customer deposits and loans received 2,552,433 2,552,433 2,002,513 549,920 +27%
    Loans to customers 2,222,375 2,222,375 1,687,528 534,847 +32%
               
    Key figures Jan 2025 YTD25 YTD24 Difference YoY
    ROE 13.4% 13.4% 15.5% -2.1pp  
    Cost / income ratio (C/I) 42.0% 42.0% 40.5% +1.6pp  
    Net promoter score (NPS) 58 58 57 +1  

    Compared to the financial results published for January 2024, the net interest income and the net allowance for expected credit losses for the prior period have been adjusted, both reduced by 0.3 million euros. The adjustment is related to an identified error, where interest income from impaired financial assets had been accrued on the gross exposure of the financial assets, rather than on net basis. This correction does not impact the net profit for January 2024.

    Bigbank AS (www.bigbank.eu), with over 30 years of operating history, is a commercial bank owned by Estonian capital. As of 31 January 2025, the bank’s total assets amounted to 2.9 billion euros, with equity of 273 million euros. Operating in nine countries, the bank serves more than 168,000 active customers and employs over 500 people. The credit rating agency Moody’s has assigned Bigbank a long-term bank deposit rating of Ba1, along with a baseline credit assessment (BCA) and an adjusted BCA of Ba2.

    Argo Kiltsmann
    Member of the Management Board
    Tel: +372 53 930 833
    Email: Argo.Kiltsmann@bigbank.ee 
    www.bigbank.ee

    The MIL Network –

  • MIL-OSI: Unifiedpost delivers on strategic refocus and improves balance sheet strength

    Source: GlobeNewswire (MIL-OSI)

    Press  release – Regulated information –  Inside inforrmation

    La Hulpe, Belgium – February 27, 2025, 7:00 a.m. CET – [REGULATED INFORMATION] Unifiedpost Group SA (Euronext: UPG) (Unifiedpost), a leading provider of integrated business communications solutions, presents its results for FY 2024. Unifedpost has executed its strategic priorities, including portfolio rationalisation, while improving its balance sheet strength and operational efficiencies.

    Strategic & Operational Highlights

    • Completed divestments of FitekIN/ONEA and Wholesale Identity Access Business
    • De-risked balance sheet through partial repayment of Francisco Partners’ senior facility loan by €95m
    • Significantly reduced net debt position by ~€ 73m at year-end
    • Enhanced governance structure with a strengthened Board and new CEO
    • Strategic partnerships delivering value creation across key markets

    FY 2024 Financial Highlights – Continuing operations1

    • Reported first contributions from income from client money2 amounting to €0,7m
    • Steady growth in Subscription and Transaction3 revenue of 8,2% y/y and 9,3% y/y, respectively
    • Digital service gross margin (incl. net income from client money) increased by 1,7%pts y/y to 59,7%
    • EBITDA (incl. net income from client money) improved to € -9,2m from € -11,0m in FY 2024

    FY 2025 Guidance (based on current reporting structure)

    • ~25% increase in Subscription revenue, with a gradual improvement expected throughout the year
    • FCF4 positive by year-end

    Commenting on the FY 2024 results, Nicolas de Beco, CEO, remarked: “2024 was marked by strategic refocusing and important structural changes. We have streamlined our business with the completed divestments of FitekIN/ONEA and the Wholesale Identify Access Business, the reduction of complexity and the de-risking of our balance sheet. While our financial performance reflects these necessary adjustments, this marks a key turning point – we have established a solid framework which allows us to move forward with greater clarity and direction. There is strong engagement from our customers, teams, and stakeholders.

    Looking to 2025, we have a clear roadmap and a strong commitment to execution. Our focus will be on selected geographies where e-invoicing regulations are expected to come into force within the next 12-18 months, strengthening strategic partnerships, and embedding payment solutions as a key upselling driver. At the same time, we remain committed to disciplined cost and cash management. As a SaaS business, accelerating growth remains a priority. We have set clear subscription revenue targets for the next 12 months, and with continued discipline, collaboration, and focus, we are well-placed to make progress on our objectives.”

    Key financial figures – Continuing operations1 (unless otherwise stated)

    (EUR thousands) FY 2024 FY 2023 Change (%)
    Group revenue and income from client money 84.273 94.169 -10,5%
    Digital service revenue 47.132 50.336 -6,4%
               Subscription 14.435 13.343 +8,2%
               Transaction 20.192 18.472 +9,3%
    • of which includes income from client money2
    		 723 – N/A
                Other 12.505 18.521 -32,5%
    Traditional communication service revenue 37.141 43.833 -15,3%
    Gross profit digital services (incl. net income from client money) 28.119 29.207 -3,7%
    Gross margin digital services 59,7% 58,0% +1,7%pts
    EBITDA (incl. net income from client money) (9.204) (11.032) 16,6%
    Profit/(loss) for the period (continuing and discontinuing operations)5 71.195 (83.146) N/A
    Cash and cash equivalents at the end of the period6 14.525 22.534 -35,5%

    Portfolio rationalisation and value crystallisation

    Throughout 2024, Unifiedpost executed several strategic divestments of non-core assets that substantially strengthened its financial position while maintaining valuable commercial partnerships.

    In July, Unifiedpost completed the divestment of FitekIN/ONEA for €7,2m and announced the sale of 21 Grams to PostNord Strålfors, which remains subject to regulatory approval from the Swedish Competition Authority.

    In December, Unifiedpost completed the sale of its Wholesale Identity Access Business to Your.World B.V. for an aggregate equity purchase price projected between € 108,4m and € 116,1m, subject to the realisation of the earn-out condition. Unifiedpost has utilised part of the proceeds from the sale of the Wholesale Identity Access business to reduce its debt obligations to Francisco Partners Credit. Upon completion of the transaction, Unifiedpost repaid a principal amount of €75 million, along with accrued and due interest, bringing the total repayment to €94,8 million. The remaining balance is expected to be paid back within 2025.

    Looking ahead, Unifiedpost will continue to evaluate opportunities for divesting non-digital services as part of its strategic focus on core digital offerings and platform development.

    Digital services business

    Both subscription and transaction revenue reported steady growth of 8,2% and 9,3% y/y, respectively. Meanwhile, other revenue decreased from € 18,5m to € 12,5m, reflecting a higher base effect from one-off deals in Q4 2023, and the ending of low margin professional service contracts.

    The gross margin percentage increased by 1,7% pts y/y to 59,7%, driven by two key factors: (i) improvement in cost efficiencies, and (ii) income from client money.

    The income from client money, results from leveraging our network and upselling embedded payment services. Income from client money amounted to € 0,7m in 2024, with momentum building in the fourth quarter.

    Moving forward, Unifiedpost will focus on accelerating subscription revenue growth as a key performance indicator. This growth will primarily be driven by opportunities in core European geographies where regulatory requirements for e-invoicing and digital business communications are expected to come into force within the next 12-18 months. Unifiedpost is positioned to capitalise on these regulatory catalysts, particularly in Benelux, France and Germany, where mandatory e-invoicing requirements will create market opportunities.

    Furthermore, the European Commission’s VAT in the Digital Age (ViDA) initiative represents a shift in digital reporting and e-invoicing requirements across the EU, creating additional momentum for digital adoption. This regulatory framework will require businesses to implement digital solutions for real-time transaction reporting and e-invoicing, aligning with Unifiedpost’s platform capabilities and market positioning.

    Traditional communication services business

    Traditional communication services revenue decreased as expected (€ 37,1m in FY 2024 compared to € 43,8m in FY 2023), driven by a continued shift towards digital solutions and a decrease in managed service volumes. This led to a corresponding reduction in gross profit of € 2,9m. Additionally, the gross margin percentage decreased by 3,0%pts to 23,9%.

    Execution of cost-saving plan 2023-2024

    Unifiedpost launched a cost-saving plan in 2023, resulting in an overall cost decrease of € 5,9m y/y and a decrease in cash outflows of € 6,9m y/y.

    • R&D expenses decreased from € 18,4m y/y to € 17,0m. The cash component within these costs decreased by € 3,2m, while non-cash expenses (amortisation) rose by € 1,8m.
    • G&A expenses decreased from € 34,0m y/y to € 30,9m. Expenses for 2024 included € 0,7m in non-recurring costs directly associated with legal and consultancy costs.
    • S&M expenses decreased from € 21,1m y/y to € 19,6m.

    Significantly reduced net debt position by ~€73m at year end

    As at December 31, 2024, the net debt position amounts to € 29,5m, a decrease of € 72,9m compared to December 31, 2023.
    At the end of 2024, Unifiedpost reported a financial position with cash and cash equivalents totalling € 14,5m, including € 1,2m of restricted cash.

    Management remains committed to achieving a positive free cash flow7 position by the end of 2025. 

    Statement from the external auditor

    We are currently finalising the financial statements for the year ended 31 December 2024. Our independent auditor has confirmed that its audit procedures in relation to the financial information for the year ended 31 December 2024 as included in this press release are substantially completed and have not revealed any material corrections required to be made to the financial information included in this press release. Should any material changes arise during the audit’s finalisation, an additional press release will be issued.

    Investors & Media webcast

    Management will host a live video webcast for analysts, investors and media today at 11:00 a.m. CET.

    To register and attend the webcast, please click here:

    https://unifiedpost-group-full-year-2024-financial-results.open-exchange.net/registration

    A full replay will be available after the webcast at: https://investors.unifiedpostgroup.com/

    Financial Calendar:

    • 17 April 2025: Publication of the Annual Report for 2024
    • 20 May 2025: General Shareholder Meeting
    • 23 May 2025: Publication of the Q1 2025 business update
    • 26 August 2025: Publication of the H1 2025 results (webcast)

    Contact

    Alex Nicoll
    Investor Relations
    Unifiedpost Group
    alex.nicoll@unifiedpost.com

    Consolidated statement of profit or loss and other comprehensive income (unaudited)

    Thousands of Euro, except per share data   For the period ended 31 December
        2024 2023 (*)
           
    Digital services revenues   46.409 50.336
    Digital services cost of services   (18.874) (21,129)
    Digital services gross profit   27,535 29.207
           
    Traditional communication services revenues   37.141 43.833
    Traditional communication services cost of services   (28.282) (32,075)
    Traditional communication services gross profit   8.859 11.758
           
    Research and development expenses   (17.022) (18.414)
    General and administrative expenses   (30.924) (33.961)
    Selling and marketing expenses   (19.592) (21.074)
    Other income / (expenses) – net   (1.160) (72)
    Net impairment losses   – (39.000)
    Loss from operations   (32.305) (71.556)
           
    Net financial income from client money   584 –
    Financial income   268 62
    Financial expenses   (22.998) (15.441)
    Share of profit / (loss) of associates and joint ventures   146 (573)
    Gain upon losing control over a subsidiary   3,972 –
    Loss before tax   (50.333) (87.508)
           
    Corporate income tax   (846) (745)
    Deferred tax   152 243
    LOSS FOR THE PERIOD FROM CONTINUING OPERATIONS   (51.027) (88.011)
           
    Net profit from discontinued operations   122.222 4.865
    PROFIT / (LOSS) FOR THE PERIOD   71.195 (83.146)
    Other comprehensive income / (loss):   (656) (15)
    Items that will not be reclassified to profit or loss, net of tax:      
    Remeasurements of defined benefit pension obligations   (37) 123
    Items that will or may be reclassified to profit or loss, net of tax:      
    Exchange gains arising on translation of foreign operations   104 36
    Exchange losses arising on translation of foreign operations related to discontinued operations   (723) (174)
    TOTAL COMPREHENSIVE PROFIT / (LOSS) FOR THE PERIOD   70.539 (83.161)
    Total loss for the period is attributable to:      
    Owners of the parent   71,031 (83,899)
    Continuing operations   (51,191) (88,764)
    Discontinued operations   122,222 4,865
    Non-controlling interests   164 753
    Total comprehensive loss for the period is attributable to:      
    Owners of the parent   70,375 (83,914)
    Continuing operations   (51,124) (88,604)
    Discontinued operations   121,499 4,690
    Non-controlling interests   164 753
    Profit/(loss) per share attributable to the equity holders of the parent:      
    Basic   1,94 (2,32)
    Diluted   1,94 (2,32)
    Loss from continuing operations per share attributable to the equity holders of the parent:      
    Basic   (1,41) (2,46)
    Diluted   (1,41) (2,46)

    (*) The comparative figures for period ended 31 December 2023 have been restated to reflect the restatement of the profit and loss related to the discontinued operations in accordance with IFRS 5

    Consolidated statement of financial position (unaudited)

    Thousands of Euro   As at 31 December As at 31 December
        2024 2023
           
    ASSETS      
    Goodwill   92.048 113.069
    Other intangible assets   66.725 82.856
    Property and equipment   1.486 7.420
    Right-of-use-assets   9.391 9.734
    Investments in associates   2.400 1.493
    Deferred tax assets   39 776
    Other non-current assets   3.036 2.561
    Non-current assets   175.125 217.909
    Inventories   544 612
    Trade and other receivables   16.494 25.318
    Contingent consideration receivable   7.774 –
    Current tax assets   291 770
    Prepaid expenses   1.483 1.901
    Restricted cash related to client money8   75.798 3.789
    Cash and cash equivalents   14.525 22.534
    Current assets from continuing operations   116.909 54.924
    Assets classified as held for sale   31.250 5.145
    Current assets   148.159 60.069
    TOTAL ASSETS   323.284 277.978
           
    SHAREHOLDERS’ EQUITY AND LIABILITIES      
    Share capital   329.238 326.806
    Costs related to equity issuance   (16.029) (16.029)
    Share premium reserve   492 492
    Accumulated deficit   (164.603) (232.257)
    Reserve for share-based payments   175 1.831
    Other reserve   2.697 (1.581)
    Cumulative translation adjustment reserve   (4.470) (3.851)
    Equity attributable to equity holders of the parent   147.500 75.411
    Non-controlling interests   758 499
    Total shareholders’ equity   148.258 75.910
    Non-current loans and borrowings   29.010 110.517
    Liabilities associated with puttable non-controlling interests     200
    Non-current lease liabilities   6.376 6.193
    Non-current contract liabilities   387 4.430
    Deferred tax liabilities   1.463 4.636
    Non-current liabilities   37.236 125.976
    Current loans and borrowings   5.698 5.059
    Current liabilities associated with puttable non-controlling interests   3.980 7.560
    Current lease liabilities   3.232 3.547
    Trade and other payables   31.127 40.194
    Liabilities related to client money8   75.774 3.736
    Contract liabilities   5.330 13.487
    Current income tax liabilities   410 1.845
    Current liabilities from continuing operations   125.551 75.428
    Liabilities directly associated with assets classified as held for sale   12.239 664
    Current liabilities   137.790 76.092
    TOTAL EQUITY AND LIABILITIES   323.284 277.978

    Consolidated statement of changes in equity (unaudited)

    Thousands of Euro

     

    		  

     

     

     

    		 Share capital Costs related to equity issuance Share premium reserve Accumulated deficit Share based payments Other reserves Cumulative translation adjustment reserve Non-controlling interests Total equity
    Balance at 1 Jan 2024 326.806 (16.029) 492 (232.257) 1.831 (1.581) (3.851) 499 75.910
                         
    Result for the period   – – – 71.031 – – – 164 71.195
                         
    Other comprehensive income / (loss)   – – – (37) – – (619) – (656)
    Total comprehensive loss for the period   – – – 70.994 – – (619) 164 70.539
                         
    Conversion subscription rights   2.432 – – – (1.656) 1.656 – – 2.432
                         
    Current period profit AND OCI of NCI with put option   – – – – – 171 – (171) –
                         
    Changes in carrying value of liabilities associated with puttable NCI   – – – – – 280 – – 280
                         
    Acquisition of 20% of the shares in Unifiedpost d.o.o.   – – – (2.437) – 2.437 – – –
                         
    Release of NCI due to acquisition of 20% of the shares in Unifiedpost d.o.o.   – – – – – (266) – 266 –
                         
    Dividend payments   – – – (965) – – – – (965)
                         
    Other   – – – 62 – – – – 62
                         
    Balance at 31 Dec 2024 329.238 (16.029) 492 (164.603) 175 2.697 (4.470) 758 148.258
    Thousands of Euro

     

     

     

    		 Share capital Costs related to equity issuance Share premium reserve Accumulated deficit Share based payments Other reserves Cumulative translation adjustment reserve Non-controlling interests Total equity
    Balance at 1 Jan 2023 326.806 (16.029) 492 (148.497) 1.813 (2.864) (3.713) 281 158.290
                         
    Result for the period   – – – (83.899) – – – 753 (83.146)
                         
    Other comprehensive income / (loss)   – – – 123 – – (138) – (15)
    Total comprehensive loss for the period   – – – (83.776) – – (138) 753 (83.161)
                         
    Share-based payments   – – – – 18 – – – 18
                         
    Current period profit AND OCI of NCI with put option   – – – – – 535 – (535) –
                         
    Changes in carrying value of liabilities associated with puttable NCI   – – – – – 750 – – 750
                         
    Other   – – – 16 – (3) – – 13
                         
    Balance at 31 Dec 2023 326.806 (16.029) 492 (232.257) 1.831 (1.581) (3.851) 499 75.910

    Consolidated statement of cash flows (unaudited)

    Thousands of Euro For the period ended 31 December
        2024 2023
    CASH FLOWS FROM OPERATING ACTIVITIES      
    Loss for the period   71.195 (83.146)
    Adjustments for:      
    • Amortisation and impairment of intangible fixed assets
    		   20.546 21.332
    • Impairment losses of goodwill
    		   – 38.574
    • Depreciation of property. plant & equipment
    		   1.041 1.489
    • Depreciation of right-of-use-assets
    		   4.129 4.429
    • Impairment of trade receivables
    		   (389) 335
    • Gain on disposal of fixed assets
    		   (15) (33)
    • Financial income
    		   (334) (174)
    • Financial expenses
    		   23.579 15.910
    • (Gain) realised upon losing control over subsidiaries
    		   (124.168) –
    • Loss of remeasurement at fair value less costs to sell for disposal groups
    		   6.342 –
    • Share of profit / (loss) of associate
    		   (146) 573
    • Income tax expense / (income)
    		   3.894 2.319
    • Deferred income tax expense
    		   (841) (1.387)
    • Share-based payment expense / own shares
    		   – 18
    Subtotal   4.833 238
           
    Changes in Working Capital      
    • (Increase) / decrease in trade receivables and contract assets
    		   (5.318)                         6.145
    • (Increase) / decrease in other current and non-current receivables
    		   (448) (61)
    • (Increase) / decrease in inventories
    		   (93) 209
    • Increase / (decrease) in trade and other liabilities
    		   9.420 7.729
    Cash generated from / (used in) operations   8.394 14.260
    Income taxes paid   (1.763) (3.222)
    Net cash provided by / (used in) operating activities   6.631 11.038
           
    CASH FLOWS FROM INVESTING ACTIVITIES      
    Payments made for the purchase of associate   (282) –
    Payments received for divestment of business   114.388 –
    Payments made for the purchase of intangibles and development expenses   (16.015) (16.372)
    Proceeds from the disposal of intangibles and development expenses   415 15
    Payments made for the purchase of property, plant & equipment   (247) (739)
    Proceeds from the disposal of property, plant & equipment   442 17
    Interest received   – 175
    Net cash provided by / (used in) investing activities   98.701 (16.904)
           
    CASH FLOWS FROM FINANCING ACTIVITIES      
    Conversion of subscription rights   2.432 –
    Proceeds from loans and borrowings   2.720 3.913
    Repayments of loans and borrowings – Francisco Partners   (75.000) –
    Repayments of loans and borrowings – other   (6.813) (6.367)
    Repayment of lease liabilities   (4.485) (4.524)
    Interest received   334 –
    Interest paid on loans and borrowings – Francisco Partners   (21.590) (3.286)
    Interest paid on loans and borrowings – other   (1.898) (1.295)
    Net cash provided by / (used in) financing activities   (104.300) (11.559)
    FX impact cash   (487) –
    Net increase / (decrease) in cash & cash equivalents   545 (17.425)
    Cash classified within current assets held for sale   (5.423) (74)
    Cash movement due to change in the consolidation range   (3.131) –
    Net increase/(decrease) in cash & cash equivalents, including cash classified within current assets held for sale   (8.009) (17.499)
    Cash and cash equivalents at the beginning of the period   22.534 40.033
    Cash and cash equivalents at the end of the period   14.525 22.534
           
           
           
               

    About Unifiedpost Group

    Unifiedpost is a leading SaaS company for SME business services built on “Documents”, “Identity” and “Payments”. Unifiedpost operates and develops a 100% SaaS-based platform for administrative and financial services that allows real-time and seamless connections between Unifiedpost’s customers, their suppliers, their customers, and other parties along the financial value chain. With its one-stop-shop solutions, Unifiedpost’s mission is to make administrative and financial processes simple and smart for its customers. For more information about Unifiedpost Group and its offerings, please visit our website: Unifiedpost Group | Global leaders in digital solutions

    Cautionary note regarding forward-looking statements: The statements contained herein may include prospects, statements of future expectations, opinions, and other forward-looking statements in relation to the expected future performance of Unifiedpost Group and the markets in which it is active. Such forward-looking statements are based on management’s current views and assumptions regarding future events. By nature, they involve known and unknown risks, uncertainties, and other factors that appear justified at the time at which they are made but may not turn out to be accurate. Actual results, performance or events may, therefore, differ materially from those expressed or implied in such forward-looking statements. Except as required by applicable law, Unifiedpost Group does not undertake any obligation to update, clarify or correct any forward-looking statements contained in this press release in light of new information, future events or otherwise and disclaims any liability in respect hereto. The reader is cautioned not to place undue reliance on forward-looking statements.

    1 Excludes discontinued operations: Wholesale Identity Access Business and 21 Grams

    2 Money a company receives from or holds for, or on behalf of, a client (application IAS 7)

    3 Income from client money is a result of e-payment services and is included in digital services transaction revenue

    4 Free cash flow is defined as net income (i) plus non-cash items in the income statement, (ii) minus cash out for IFRS 16 adjustments, (iii) minus capital expenditure, (iv) minus reimbursement on loans and leasing for the reporting period

    5 Including capital gains from divested transactions

    6 Excluding restricted cash related to client money

    7 Free cash flow is defined as net income (i) plus non-cash items in the income statement, (ii) minus cash out for IFRS 16 adjustments, (iii) minus capital expenditure, (iv) minus reimbursement on loans and leasing for the reporting period

    8 The comparative figures 2023 have been restated to demonstrate the accounting policy related to client money.

    Attachment

    The MIL Network –

  • MIL-OSI: Planisware delivered strong revenue growth, profitability and cash generation in 2024

    Source: GlobeNewswire (MIL-OSI)

    Planisware delivered strong revenue growth, profitability and cash generation in 2024

    • Revenue up +17.4% in constant currencies to € 183.4 million
    • Adjusted EBITDA* up +23.7% to € 64.6 million, representing 35.2% of revenue (+180bps year-on-year)
    • Adjusted FCF* up +24.5% to € 54.6 million, representing a 84.5% cash conversion rate*
    • Proposed dividend representing 50% of profit for the period, above Group policy
    • 2025 objectives:
      • Mid-to-high teens revenue growth in constant currencies
      • c. 35% adjusted EBITDA margin*
      • Cash Conversion Rate* of c. 80%

    Paris, France, February 27, 2025 – Planisware, a leading B2B provider of SaaS in the rapidly growing Project Economy market, announces today its FY 2024 results. Revenue amounted to € 183.4 million, up by +17.3% in current currencies, mainly led by the continued success of the Group’s market-leading SaaS platform. In constant currencies, revenue growth reached +17.4% (€+27.2 million), in line with the 17% to 18% 2024 objective. Recurring revenue amounted to € 162.7 million (89% of total revenue) and was up by +21.0% in constant currencies.

    Adjusted EBITDA1 reached € 64.6 million (+23.7% vs. FY 2023), representing 35.2% of revenue, above the c. 34% 2024 objective. The year-on-year improvement by c. +180 basis points resulted from revenue growth, positive mix effect, and further efficiency gains on employee-related costs, in particular on R&D spendings benefitting from increased usage of AI tools.

    Current operating profit reached € 51.8 million, up by +20.8% compared to FY 2023 and Profit for the period amounted to € 42.7 million.

    Cash generation was particularly strong with adjusted FCF* reaching € 54.6 million, up by +24.5% year-on-year. It represented a cash conversion rate* of 84.5%, above the c. 80% 2024 objective. Net cash position* was € 176.1 million as of December 31, 2024, compared to € 142.6 million as of December 31, 2023 and € 156.4 million as of June 30, 2024.

    Loïc Sautour, CEO of Planisware, commented: “In 2024, Planisware continued to deliver sustainable and profitable growth. Despite significant uncertainties in the macroeconomic and geopolitical context, our clients continued to trust Planisware for their digital transformation and operational excellence efforts. These close relationships enabled us to deliver a robust revenue growth.

    We also delivered profitability and cash generation above this year’s objectives thanks to the continuous positive mix effect of our activities and further efficiencies on employee-related costs, in particular on R&D spendings benefitting from increased usage of AI tools.

    In parallel, Planisware’s CSR efforts were recognized by the EcoVadis gold medal award, the all-round Great Place to Work certification, and by a satisfying B score for our first rating by CDP. These distinctions illustrate Planisware’s rapid progress and ongoing commitment to building a more responsible society.

    For 2025, taking into account our strong commercial pipeline on one hand and uncertainties in the timing of contract starts and the evolution of sales cycle length on the other hand, we set the mid-to-high teens range for revenue growth objective. We also intend to maintain a strong profitability and to keep delivering a best-in-class cash conversion rate.”

    FY 2024 revenue by revenue stream

    To address the needs of strategic defense-sector clients who require mission-critical solutions to operate on their own infrastructures rather than through Cloud-based SaaS, Planisware has introduced a new delivery mode that includes annual licenses. These multi-year agreements allow the solution to be licensed on a yearly basis. Planisware anticipates that this innovative delivery mode will be particularly relevant for companies with specific security and sovereignty requirements. Planisware reports this line of revenue for the first time in 2024, within its recurring revenue (under Planisware’s SaaS model), since first such contracts was signed in Q4 2024.

    In € million FY 2024 FY 2023 Variation
    YoY    		 Variation
    in cc*
    Recurring revenue 162.7 134.7 +20.8% +21.0%
    SaaS & Hosting 82.0 64.6 +27.1% +27.1%
    Annual licences 1.1 – N/A N/A
    Evolutive support 48.7 42.0 +16.0% +16.3%
    Subscription support 11.9 9.4 +26.5% +26.4%
    Maintenance 19.1 18.8 +1.8% +1.8%
    Non-recurring revenue 20.7 21.1 -1.7% -1.7%
    Perpetual licenses 7.5 5.7 +30.8% +30.8%
    Implementation & others non-recurring 13.3 15.4 -13.8% -13.8%
    Revenue with customers 183.4 155.7 +17.8% +17.9%
    Other revenue – 0.7    
    Total revenue 183.4 156.4 +17.3% +17.4%

    * Revenue evolution in constant currencies, i.e. at FY 2023 average exchange rates

    Reaching € 183.4 million in 2024, revenue was up by +17.3% in current currencies and +17.4% in constant currencies. The exchange rates effect was almost mostly related to the appreciation of the euro versus the Japanese yen compared to FY 2023. In order to reflect the underlying performance of the Company independently from exchange rate fluctuations, the following analysis refers to revenue evolution in constant currencies, applying FY 2023 average exchange rates to FY 2024 revenue figures, unless expressly stated otherwise.

    Recurring revenue

    Representing 89% of 2024 total revenue versus 86% in 2023, recurring revenue reached € 162.7 million, up by +21.0%.

    Revenue growth was led by +24.1% growth of Planisware’s SaaS model (i.e. SaaS & Hosting, Evolutive & Subscription support, and Annual licenses), of which SaaS & Hosting revenue was up by +27.1% thanks to contracts secured with new customers as well as continued expansion within the installed base. Revenue of support activities (Evolutive & Subscription support), intrinsically related to Planisware’s SaaS offering, grew by +18.1%. Finally, Annual licenses contributed for €+1.1 million in Q4 2024.

    Maintenance revenue was up by +1.8% in the context of the Group’s shift from its prior Perpetual license model to a SaaS model.

    Non-recurring revenue

    Non-recurring revenue was slightly down by -1.7% over the year, with a contrasted trend of Perpetual licenses up by +30.8% and Implementation down by -13.8%.

    Perpetual licenses benefited from a strong demand for extensions and upgrades from existing customers with specific on-premises needs, mostly in the defense industry. On the other hand, Planisware’s focus on shorter implementations and faster delivery to customers, combined with project start delays, led to revenue decline in Implementation.

    FY 2024 revenue by region

    In € million FY 2024 FY 2023 Variation
    YoY    		 Variation
    in cc*
    Europe 87.2 76.1 +14.7% +14.5%
    North America 80.3 68.5 +17.3% +17.3%
    APAC & ROW 15.9 11.2 +41.8% +44.0%
    Revenue with customers 183.4 155.7 +17.8% +17.9%
    Other revenue – 0.7    
    Total revenue 183.4 156.4 +17.3% +17.4%

    * Revenue evolution in constant currencies, i.e. at FY 2023 average exchange rates

    In 2024, all key geographies contributed to Planisware revenue growth, although with contrasted contributions for each semester of the year:

    • Representing 44% of total revenue in 2024, North America strongly contributed to year-end growth (+19.0% in H2 2024) after having faced elongated customer’ decision-making processes translating into slower growth in non-recurring activities and Implementation services in particular over the first periods of the year (+15.6% in H1 2024). All in all, thanks to a significant level of cross-selling and up-selling with existing customers and new customer wins, North America grew by +17.3% over the year.
    • By contrast, after a decent growth in H1 2024 (+18.1%) driven in particular by strong dynamics in Germany, revenue growth in Europe significantly slowed down in H2 2024 (+11.4%) due to macroeconomic uncertainties and political concerns in France as well as difficulties seen in some of the Group’s key verticals such as automotive. As a result, revenue in Europe grew by +14.5% in 2024.
    • Planisware’s growth in APAC & rest of the world of +44.0% resulted from a strong commercial momentum in Japan, Singapore, and the Middle East, as well as from the consolidation of IFT KK and, to a lesser extent, of Planisware MIS.

    FY 2024 revenue by pillar

    In € million FY 2024 FY 2023 Variation
    YoY    		 Variation
    in cc*
    Product Development & Innovation 97.8 87.5 +11.8% +11.9%
    Project Controls & Engineering 37.2 27.4 +35.7% +35.6%
    IT Governance & Digital Transformation** 32.2 26.8 +20.2% +20.1%
    Project Business Automation 15.9 13.6 +16.5% +17.0%
    Others 0.4 0.4 -5.7% -5.7%
    Revenue with customers 183.4 155.7 +17.8% +17.9%
    Other revenue – 0.7    
    Total revenue 183.4 156.4 +17.3% +17.4%

    * Revenue evolution in constant currencies, i.e. at FY 2023 average exchange rates

    In 2024, all key pillars contributed to Planisware’s revenue growth with the most recent ones ramping-up as growth relays:

    • Product Development & Innovation (“PD&I”) drives R&D and product development teams with a focus on companies in the life sciences, manufacturing and engineering, automotive design and fast-moving consumer goods sectors. In 2024, it remained Planisware’s principal pillar, with 53% of total revenue and +11.9% growth, resulting from both new customer wins and the expansion of offerings to existing customers.
    • Project Controls & Engineering (“PC&E”) supports production teams in industries with sophisticated products, plants and infrastructure, such as aerospace and defense, energy and utilities, manufacturing and engineering and life sciences. While still a recent pillar for Planisware, it represented 20% of 2024 total revenue. Supported by the successful roll-out of offerings in North America, PC&E grew by +35.6%.
    • IT Governance & Digital Transformation (“IT&DT)** helps IT teams across all sectors develop comprehensive solutions to automate IT portfolio management, accelerate digital transformation and simplify IT architecture. IT&DT represented 18% of 2024 total revenue and grew by +20.1%, fueled by continuous cross-sell to Planisware clients needing to accelerate their digital transformation.
    • Project Business Automation (“PBA”) supports companies in all industries that seek to increase their revenue-based projects and enhance their operating results through automated processes. Due to a more recent entry of Planisware in the market relating to this pillar, PBA represented only 9% of 2024 total revenue and was up by +17.0% thanks to new customer wins and cross-selling.

    Commercial dynamic

    In 2024, despite elongated sales cycles, Planisware welcomed a significant number of new clients from a wide range of industries, further diversifying its customer base and solidifying its position as a trusted partner for organizations of all sizes. Revenue growth is driven both by contracts with new customers and the expansion of Planisware’s solutions and services within its existing customer base.

    In 2024, Planisware’s customer loyalty remained high, as translated in the 121% Net Retention Rate* (NRR), reflecting Planisware ability to grow within its installed base. At 2.2% of revenue, 2024 churn rate* remained low thanks to Planisware’ ability to leverage strong product capabilities and high industry recognition, resulting in high customer loyalty.

    FY 2024 key financial figures

    In € million FY 2024 FY 2023 Variation
    YoY
    Total revenue 183.4 156.4 +17.3%
    Cost of sales -50.1 -45.1 +11.1%
    Gross profit 133.3 111.3 +19.8%
    Gross margin 72.7% 71.2% +150 bps
    Operating expenses -81.5 -68.4 +19.1%
    Current operating profit 51.8 42.9 +20.8%
    Other operating income & expenses -5.7 3.0  
    Share of profit of equity-accounted investees**              – 0.3 -100.0%
    Operating profit 46.1 46.2 -0.1%
    Profit for the period 42.7 41.8 +2.1%
           
    Adjusted EBITDA* 64.6 52.2 +23.7%
    Adjusted EBITDA margin* 35.2% 33.4% +180 bps
           
    Adjusted FCF* 54.6 43.8 +24.5%
    Cash Conversion Rate* 84.5% 84.0% +60 bps
    Net cash position* 176.1 142.6 +23.5%

    * Net of tax
    ** Non-IFRS measure. Non-IFRS measures included in this document are defined in the disclaimer at the end of this document

    Gross profit

    Cost of sales increased by €+5.0 million (or +11.1%) year-on-year to € 50.1 million. As a percentage of revenue, cost of sales decreased by -150 basis points thanks to a continued strict monitoring of costs, in particular with respect to recruitment, and the internalization of outsourced services.

    This enabled Planisware to deliver a € 133.3 million gross profit (+19.8% year-on-year), representing a 72.7% gross margin, a significant improvement of c. +150 basis points compared to 71.2% in 2023.

    Operating profit

    R&D expenses, consisting primarily of staff expenses directly associated with R&D teams, as well as amortization of capitalized development costs and the benefits from the French research tax credit, reached € 22.2 million and represented 12% of revenue compared to 13% in 2023. While Planisware intends to maintain a high level of R&D spending, the R&D efficiency improves thanks to the deployment of AI tools, boosting the Group’s ability to leverage its R&D efforts to provide innovative products and software solutions, expand its offering portfolio and promote its offerings in the project management market. In 2024, capitalized development costs amounted to € 2.5 million, +21.9% compared to € 2.0 million in 2023.

    Reaching € 33.3 million in 2024 (18% of revenue), Sales & marketing expenses increased by +23.1% compared to 2023, led in particular by the increase in employee-related costs in the salesforce and marketing team. Sales & marketing expenses are expected to increase in absolute amounts in the future as Planisware plans on strengthening its leading market position.

    Representing 14% of revenue in 2024, as in 2023, General & administrative expenses reached € 26.0 million. Planisware continued to strengthen its global support functions to contribute to the growth of the business and the international expansion of the Group. Planisware expects that, as the Company continues to scale up in the future, General & administrative expenses will slightly decrease as a percentage of revenue.

    As a result, current operating profit reached € 51.8 million in 2024, up by +20.8% compared to 2023.

    Other operating income & expenses amounted to a net expense of € 5.7 million related to IPO costs.

    As a results of the above, operating profit reached € 46.1 million in 2024, stable compared to € 46.2 million in 2023, which benefited from € 7.5 million non-taxable gains on remeasurement at fair value of investments in associates.

    Adjusted EBITDA

    Adjusted EBITDA** reached € 64.6 million, a strong increase compared to 2023 (€+12.4 million, or +23.7%). It represented 35.2% of 2024 revenue, c. +180 basis points compared to 33.4% in 2023. The increase of adjusted EBITDA reflects the revenue growth, a positive mix effect, and further efficiency gains on employee-related costs, in particular on R&D spending benefitting from increased usage of AI tools.

    Profit for the period and dividend

    Reaching € 5.4 million in 2024, financial income significantly increased compared to € 2.5 million in 2023. This was primarily driven by income from time deposits and realized and unrealized gains on marketable securities, as well as foreign exchange gains and losses arising from the revaluation at closing rates of cash and cash equivalents held in foreign currencies.

    Income tax expense amounted to € 8.8 million in 2024, up by +27.8% compared to € 6.9 million in 2023, in line with taxable profit increase.

    As a result of these evolutions, profit for the period reached € 42.7 million in 2024, up by +2.1% compared to 2023.

    Finally, subject to the approval of the Annual General Meeting of the Company’s shareholders and effective approbation of 2024 consolidated financial statements by the Board of directors, and in line with its historical dividend distribution, the Group will pay a dividend representing 50% of its profit for the period. This would represent € 21.4 million or € 0.31 per share.

    Cash generation and net cash position

    Reflecting the growth of subscription contracts billed in advance of the services rendered, change in working capital was €+2.5 million, compared to €+3.6 million in 2023 which benefited from a catch-up effect form negative change in 2022. Capital expenditures totaled € 5.5 million, representing 3.0% of revenue, compared to € 4.9 million in 2023 (3.1% of revenue), in line with the usual c. 3% level targeted. Tax paid in 2024 was € 8.4 million compared to € 7.5 million in 2023.

    As a result, Cash Conversion Rate* reached 84.5%, above the 80% level that the Group considers being the normative Cash Conversion Rate for the coming years, and adjusted Free Cash Flow* totaled € 54.6 million, +24.5% compared to € 43.8 million in 2023.

    As of December 31, 2024, except for lease liabilities related to offices and datacenter facilities which amounted to € 17.0 million (€ 14.9 million as of December 31, 2023) and small amounts of bank overdrafts, Planisware did not have any financial debt. As a result, the Group’s net cash position* as of December 31, 2024 amounted to € 176.1 million, compared to € 142.6 million as of December 31, 2023.

    2025 objectives

    Taking into account its strong commercial pipeline on one hand and uncertainties in the timing of contract starts and the evolution of sales cycle length on the other hand, Planisware’s 2025 objectives are:

    • Mid-to-high teens revenue growth in constant currencies
    • c. 35% adjusted EBITDA margin*
    • Cash Conversion Rate* of c. 80%

    Appendices

    Q4 2024 revenue by revenue stream

    In € million Q4 2024 Q4 2023 Variation
    YoY    		 Variation
    in cc*
    Recurring revenue 44.7 38.3 +16.7% +16.2%
    SaaS & Hosting 22.4 17.9 +25.3% +24.8%
    Annual licences 1.1 – N/A N/A
    Evolutive support 12.8 12.2 +5.0% +4.6%
    Subscription support 3.4 3.1 +9.8% +9.0%
    Maintenance 5.0 5.1 -2.5% -2.8%
    Non-recurring revenue 5.2 5.8 -11.2% -11.5%
    Perpetual licenses 1.3 2.1 -36.4% -36.7%
    Implementation & others non-recurring 3.8 3.7 +3.1% +2.8%
    Total revenue 49.9 44.1 +13.0% +12.5%

    * Revenue evolution in constant currencies, i.e. at Q4 2023 average exchange rates

    Non-IFRS measures reconciliations

    In € million FY 2024 FY 2023
    Current operating profit after share of profit of equity-accounted investee 51.8 43.2
    Depreciation and amortization of intangible, tangible and right-of-use assets 7.7 7.2
    Share-based payments 5.1 1.9
    Adjusted EBITDA** 64.6 52.2
    In € million FY 2024 FY 2023
    Net cash from operating activities 59.0 47.3
    Capital expenditures -5.5 -4.9
    Other finance income/costs -4.7 -2.8
    IPO costs paid 5.7 4.2
    Adjusted Free Cash Flow** 54.6 43.8

    ** Non-IFRS measure. Non-IFRS measures included in this document are defined in the disclaimer at the end of this document

    FY 2024 revenue Investors & Analysts conference call

    Planisware’s management team will host an international conference call on February 27, 2025 at 8:00am CET to details FY 2024 performance and key achievements, by means of a presentation followed by a Q&A session. The webcast and its subsequent replay will be available on planisware.com.

    Upcoming event

    • April 29, 2025:                 Q1 2025 revenue publication
    • June 19, 2025:                 Annual General Meeting of shareholders
    • July 31, 2025:                 H1 2025 results publication
    • October 21, 2025:         Q3 2025 revenue publication

    Contact

    About Planisware

    Planisware is a leading business-to-business (“B2B”) provider of Software-as-a-Service (“SaaS”) in the rapidly growing Project Economy. Planisware’s mission is to provide solutions that help organizations transform how they strategize, plan and deliver their projects, project portfolios, programs and products.

    With circa 750 employees across 16 offices, Planisware operates at significant scale serving around 600 organizational clients in a wide range of verticals and functions across more than 30 countries worldwide. Planisware’s clients include large international companies, medium-sized businesses and public sector entities.

    Planisware is listed on the regulated market of Euronext Paris (Compartment A, ISIN code FR001400PFU4, ticker symbol “PLNW”).

    For more information, visit: https://planisware.com/ and connect with Planisware on LinkedIn.

    Disclaimer

    The primary financial statements for the year ended December 31, 2024 were approved by the Board of Directors on February 26, 2025. The audit procedures and verifications related to the information contained in the sustainability report are in progress. The full consolidated financial statements will be published on completion of these procedures.

    Forward-looking statements

    This document contains statements regarding the prospects and growth strategies of Planisware. These statements are sometimes identified by the use of the future or conditional tense, or by the use of forward-looking terms such as “considers”, “envisages”, “believes”, “aims”, “expects”, “intends”, “should”, “anticipates”, “estimates”, “thinks”, “wishes” and “might”, or, if applicable, the negative form of such terms and similar expressions or similar terminology. Such information is not historical in nature and should not be interpreted as a guarantee of future performance. Such information is based on data, assumptions, and estimates that Planisware considers reasonable. Such information is subject to change or modification based on uncertainties in the economic, financial, competitive or regulatory environments.

    This information includes statements relating to Planisware’s intentions, estimates and targets with respect to its markets, strategies, growth, results of operations, financial situation and liquidity. Planisware’s forward-looking statements speak only as of the date of this document. Absent any applicable legal or regulatory requirements, Planisware expressly disclaims any obligation to release any updates to any forward-looking statements contained in this document to reflect any change in its expectations or any change in events, conditions or circumstances, on which any forward-looking statement contained in this document is based. Planisware operates in a competitive and rapidly evolving environment; it is therefore unable to anticipate all risks, uncertainties or other factors that may affect its business, their potential impact on its business or the extent to which the occurrence of a risk or combination of risks could have significantly different results from those set out in any forward-looking statements, it being noted that such forward-looking statements do not constitute a guarantee of actual results.

    Rounded figures

    Certain numerical figures and data presented in this document (including financial data presented in millions or thousands and certain percentages) have been subject to rounding adjustments and, as a result, the corresponding totals in this document may vary slightly from the actual arithmetic totals of such information.

    Variation in constant currencies

    Variation in constant currencies represent figures based on constant exchange rates using as a base those used in the prior year. As a result, such figures may vary slightly from actual results based on current exchange rates.

    Non-IFRS measures

    This document includes certain unaudited measures and ratios of the Group’s financial or non-financial performance (the “non-IFRS measures”), such as “recurring revenue”, “non-recurring revenue”, “gross margin”, “Adjusted EBITDA”, “Adjusted EBITDA margin”, “Adjusted Free Cash Flow”, “cash conversion rate”, “Net cash position”, “churn rate” and “Net Retention Rate” (or “NRR”). Non-IFRS financial information may exclude certain items contained in the nearest IFRS financial measure or include certain non-IFRS components. Readers should not consider items which are not recognized measurements under IFRS as alternatives to the applicable measurements under IFRS. These measures have limitations as analytical tools and readers should not treat them as substitutes for IFRS measures. In particular, readers should not consider such measurements of the Group’s financial performance or liquidity as an alternative to profit for the period, operating income or other performance measures derived in accordance with IFRS or as an alternative to cash flow from (used in) operating activities as a measurement of the Group’s liquidity. Other companies with activities similar to or different from those of the Group could calculate non-IFRS measures differently from the calculations adopted by the Group.

    Non-IFRS measures included in this document are defined as follows:

    • Adjusted EBITDA is calculated as Current operating profit including share of profit of equity-accounted investees, plus amortization and depreciation as well as impairment of intangible assets and property, plant and equipment, plus either non-recurring items or non-operating items.
    • Adjusted EBITDA margin is the ratio of Adjusted EBITDA to total revenue.
    • Adjusted FCF (Free Cash Flow) is calculated as cash flows from operating activities, plus IPO costs paid, if any, less other financial income and expenses classified as operating activities in the cash-flow statement, and less net cash relating to capital expenditures.
    • Cash Conversion Rate is defined as Adjusted FCF divided by Adjusted EBITDA. Planisware considers Cash Conversion Rate to be a meaningful financial measure to assess and compare the Group’s capital intensity and efficiency.
    • Net cash position is defined as Cash minus indebtedness excluding lease liabilities.
    • Net Retention Rate (NRR) is the percentage of recurring revenue generated in a given year compared to the prior year by customers’ existing in the prior year, excluding terminated contracts, in constant currency.
    • Churn rate is defined as percentage of recurring revenue generated in year N-1, by customers terminating in year N, compared to recurring revenues generated by clients existing at the start of year N, in constant currency.

    1 Non-IFRS measure. Non-IFRS measures included in this document are defined in the disclaimer at the end of this document.

    Attachment

    The MIL Network –

  • MIL-Evening Report: New report slaps an official price tag on Australia’s precious natural assets

    Source: The Conversation (Au and NZ) – By John Hawkins, Senior Lecturer, Canberra School of Politics, Economics and Society, University of Canberra

    Roadwarrior Photography/Shutterstock

    Climate regulation through carbon storage was worth A$43.2 billion to Australia in 2020-21, according to a report released today which seeks to put a monetary value on the benefits flowing from our natural assets.

    Australia’s first national ecosystem accounts were released by the Australian Bureau of Statistics today. Together, they reveal the key ways our environment contributes to Australia’s economic and social wellbeing in dollar terms.

    Ecosystems covered by the accounts include desert, grasslands, native forests, rivers, streams, coastal areas and oceans.

    The accounts provide a holistic view of Australia’s land, freshwater and marine environments. They intend to help policymakers look beyond GDP to a broader measurement of how ecosystems contribute to society and the economy.

    Valuing our ecosystems

    The accounts cover services provided by Australia’s ecosystems in 2020–21.

    Australian ecosystems stored more than 34.5 billion tonnes of carbon – the most valuable service by ecosystems examined in the accounts, according to the ABS.

    It brought a $43.2 billion benefit to Australia in the form of climate regulation. Plants and other organisms reduce greenhouse gases in the atmosphere by removing and storing them. This helps stabilise the climate, avoiding damage caused by climate change.

    Grasslands made the biggest contribution to carbon storage, followed by native forests and savannas.

    The accounts show grazed biomass, or grasslands, provide $40.4 billion in benefits, through the forage provided to cattle and sheep. The dollar figure represents what farmers would otherwise have spent on feeding their livestock.

    The accounts also examined the provision of surface water taken from ecosystems, and used for drinking, energy production, cooling, irrigation and manufacturing. This was valued at $1.4 billion.

    The provision of wild fish, sold to consumers to eat, was put at $39.2 million.

    The accounts also reveal how coral reefs, sandbanks, dunes and mangroves protect our coastlines against tides and storm surges.

    The ABS estimates mangroves protected 4,006 dwellings around Australian coastlines. This prevented more than $57 million worth of building damage.

    The accounts also track changes in Australia’s ecosystems.

    Some 281,000 hectares of mostly farmland were converted to urban and industrial uses between 2015–16 and 2020–21. And 169,000 hectares of “steppe” land – flat, unforested grassland – was converted to sown pastures and fields.

    Feral animal and weed species continue to spread. Meanwhile, the number of threatened native species is increasing.

    Why do we need ecosystem accounting?

    Think of a logged forest. The value of the timber produced counts towards Australia’s gross domestic product. But cutting trees down also produces a loss. For example, the forest is no longer there for the community to enjoy. And it no longer provides “services” such as filtering water and preventing soil erosion.

    There are many reasons to measure the value of those services. For example, governments might then be able to charge a logging company a licence fee which reflects the community value of the forest. A government may decide the forest is too valuable to allow logging at all, or the fee may just be set too high for any company to find it profitable to log it.

    To date, the value lost when trees are cut down, or other ecosystems are damaged, has not been included in the national accounts. The new environmental accounts seek to change this.

    Obviously, ecosystems are complex and difficult to measure. The ABS has been guided by an international framework developed by the United Nations.

    The ecosystem accounts are a collaboration between several federal agencies: the ABS, the Department of Climate Change, Energy, the Environment and Water, and the CSIRO.

    Boundless plains and golden soil, girt by sea

    The accounts distinguish between environmental “realms”.

    About half of Australia’s terrestrial (dry land) realm is desert. About a quarter is savanna and grassland. Intensively used land, such as pastures, is a smaller proportion.

    There are contrasts between the states. Western Australia has 158 million hectares of desert while Victoria, Tasmania and the Australian Capital Territory have none. Queensland, Western Australia and the Northern Territory host 97% of Australia’s mangroves.

    About half of Australia is the marine realm, covering 681 million hectares. Some 30% of this is the marine shelf and 70% deep sea. About 14 million hectares comprise coral reefs. The darker areas in the map below show where most fish are caught.

    The coastal realm comprises mangroves and saltmarsh. In 2021, mangroves covered an estimated 1.1 million hectares of Australia’s coastal areas.

    A small but important proportion of Australia is our freshwater realm, comprising rivers and streams. The accounts show between 2015–16 and 2020–21, 4% of natural environments along perennial rivers were converted to higher intensity land uses.

    Where to now?

    These accounts are just the first step in estimating the value of Australia’s natural assets.

    The ABS will update Australia’s ecosystem accounts annually. It describes the inaugural accounts as “experimental” and says the government agencies involved will run a consultation process to improve them.

    We can expect the accounts to become more useful over time as data accrues and trends can be identified.

    According to the ABS, policy uses for the accounts include managing healthy and resilient ecosystems, and integrating biodiversity into planning.

    Poet and playwright Oscar Wilde defined a cynic as someone who “knows the price of everything but the value of nothing”. In today’s society we often underrate things that do not have a dollar value attached.

    So this compilation of Australia’s ecosystems, and their value to us, is a welcome development. It should lead to more informed, holistic decisions about whether natural assets should be protected, or damaged for economic benefit.

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

    – ref. New report slaps an official price tag on Australia’s precious natural assets – https://theconversation.com/new-report-slaps-an-official-price-tag-on-australias-precious-natural-assets-250623

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Murkowski: In Alaska, We Do Have an Energy Emergency

    US Senate News:

    Source: United States Senator for Alaska Lisa Murkowski

    02.26.25

    Washington, DC – U.S. Senator Lisa Murkowski (R-Alaska) today voted against S.J.Res.10, a resolution to terminate the national energy emergency declared by President Trump on January 20, 2025. Murkowski spoke on the Senate floor in advance of the chamber’s vote to defeat the resolution, detailing the energy emergency in Alaska—which includes supply in Southcentral, affordability in rural and remote communities, and low throughput in the Trans-Alaska Pipeline System—while also pointing out the United States’ deep, self-inflicted vulnerabilities on mineral security.

    View Senator Murkowski’s remarks here

    A transcript of Murkowski’s floor statement is below.

    TRANSCRIPT

    Murkowski: Mr. President, I join my colleague from Utah, the Chairman of the Energy Committee, in speaking today in clear opposition to Senate Joint Resolution 10, which would terminate the energy emergency that has been declared by President Trump.

    I think my colleagues here on both sides of the aisle know that I’m not afraid to suggest when I think that the President may be heading in the wrong direction, but folks, on this one, he has absolutely, positively, clearly hit the mark. And I think that the Chairman of the Energy Committee has outlined in pretty good detail how that has come about.

    We know that our country is blessed with extraordinary, extraordinary assets. We have the potential to become the world’s leading resource superpower. But in order to do that, we have to be able to produce more energy domestically, and we have to be able to extract more minerals. We have to be able to build more transmission lines. We need to be able to overhaul what is clearly a broken federal permitting process. And we can do this.

    We can do this in a way that is cheaper, that is more reliable, more clean, than any other nation in the world. But wewe’ve got to kind of dig out now from where we have been over these past four years, where we saw setback after setback for resource producing states like mine, the state of Alaska.

    Let me give you a little detail in terms of what we’re facing in the state of Alaska, a state that, again, is known for its resource wealth.

    Right now, in the southcentral part of the state, we’re on the verge of importing LNG to meet the needs of some 75% of our population during the colder winter months. I’ll just repeat that: Alaska, the place where everybody knows we’ve got extraordinary oil resources, we have extraordinary natural gas potential, not only on the North Slope, but down in Cook Inlet. Well, Cook Inlet reserves are on the decline, and we are actually talking about importing LNG from Canada. That ought to just be considered a non-starter for anyone who knows and understands the extraordinary potential for resource development that we have in our state, with the wealth that we have.

    Right now, in some of our remote communities across the state, residents are truly in what I would describe as an energy emergency. They might not use that term anymore, because they’ve just gotten so used to the fact that they’re paying so much to keep their lights on and to keep warm. We have residents in many communities that are spending up to one half of their incomes on energy just to, again, to keep the lights on and to keep warm.

    Think about what that means when you’re spending half of what you what you make for just the basic necessities. It means that you have less to feed your family, to educate your kids. We’ve got communities where power costs 10 times the national average, where gasoline can easily exceed $10 a gallon, and that includes diesel as well. And those costs, of course, impact everything, everything – because you’ve got to move your food, your goods, usually by airplane, sometimes over the water, sometimes you’re able to drive it, but when you’re paying this much for diesel, gasoline, for avgas, it impacts everything.

    So, it’s not unusual to go into a village store and, if you can actually find a gallon of milk, see that it costs $18 a gallon. I do my comparison shopping by checking the prices of a box of Tide. People need to be able to wash their clothing for sanitary purposes. In almost every village that I’m going to, you’re looking at prices over $50 a box. $50 for a box of Tide laundry detergent. And it’s not because Tide is any more expensive than anything else, it’s just the reality of what we’re paying there. So, I think we’ve got an energy emergency when it comes to affordability.

    Right now, in our state, we also have an oil pipeline that is just one-quarter filled. We’ve had this pipeline pumping oil safely from the North Slope to delivery down in Valdez, going to other parts of the country for refining. That oil pipeline was completed in 1977 and has been producing for America ever since. But right now, it’s about one-quarter full. What’s happening is you have the federal government controlling most surrounding lands, and that has led to decreased opportunities to expand production up there, and a pipeline that again is about one-quarter full.

    I mentioned the benefits of oil here. I talked about natural gas, but we also have known deposits of about 50 critical minerals, the building blocks of our modern society and our national security. We have just about everything that our nation needs to break its deep dependence on China, to be able to rebuild our supply chains. But if you can’t access it, you can’t produce it, we can’t benefit from it.

    We tried to build a road from the Dalton Highway to the Ambler mining district that is explicitly provided by a 1980 federal law. We authorized this as part of a grand compromise. The road corridor was in exchange for creation of a massive National Park and Preserve. But we can get the Ambler project approved in one administration, only to have the next one come in, reopen it, ignore the law, and then make a political decision to reject it. And then here in Congress, we run into a partisan wall with some less interested in the rule of law than the whims of the very same environmental groups that pushed this resolution. And then meanwhile, what’s happening when we’re not able to produce in our own home states? China is cutting us off from its mineral exports, including the gallium and the germanium that we could produce from the Ambler district, if only the federal government would uphold its promise to allow Alaskans to responsibly access it.

    So, yeah, when I when I look at my home state, when I look at Alaska, I do see an energy emergency. I see several actually. And I see even more reasons to be concerned nationally. As the Chairman of the Energy Committee just noted, electricity demand is growing, and yet we can’t permit new power plants or build transmission lines. We can’t build pipelines in the Northeast or almost anything, particularly mines, on federal lands in the West. And you know, I’m listening to some of the arguments that are there being presented here, and maybe I’d feel differently if my home state was producing more than two million barrels of oil per day, as some are. But we’re not, and it’s not because we can’t, it’s because we’ve been denied the opportunity to do so. And that’s why I’m very thankful for President Trump and the administration for the focus that they have given to the state of Alaska with a specific executive order to allow us to unleash Alaska’s energy and resource potential.

    I have shared with the Secretary of the Interior, as well as the Secretary of Energy, that we need to stop treating energy like it’s some kind of an evil or a bad thing. We need to recognize that it is good. When I was chairman of the Energy Committee, we had a little bumper sticker, and I summed up my whole policy with: energy is good. I haven’t deviated from that policy. Energy makes us stronger, makes us less vulnerable, and it is an asset, not a liability, and we need to treat it as such.

    We need to be unleashing our resources, including all of our renewables, because that’s all part of the energy basket as well. So, it’s not an either-or, in my view, it’s all of the above. And that’s good for our economy. It’s good for our security, it’s good for our geopolitical power. America’s resource production is good for the global environment, because when we’re producing our resources, we stop paying countries that have little to no environmental standards, no interest in reducing their emissions, who often rely on child slave labor, and who frankly don’t even like us. So why not seize the opportunities we have here?

    Why not seize the opportunities that we have here, benefit our own people, our own economies, and again, benefit the global environment as well? If an energy emergency helps us figure this all out, then I’m good with that. And if it helps us remove the federal sanctions that we have seen on Alaska and returns my state to the heart of our national strategy for resource production, then that is also good. I think we’ll all be better off.

    MIL OSI USA News –

  • MIL-OSI: LZ Technology Holdings Limited Announces Pricing of Initial Public Offering

    Source: GlobeNewswire (MIL-OSI)

    HUZHOU, China, Feb. 26, 2025 (GLOBE NEWSWIRE) — LZ Technology Holdings Limited (“LZ Technology” or the “Company”), an information technology and advertising company, today announced the pricing of its initial public offering of 1,800,000 Class B ordinary shares, par value $0.000025 per share (the “Class B Ordinary Shares”), at a public offering price of $4.00 per share. The Company’s Class B Ordinary Shares are expected to begin trading on the Nasdaq Capital Market on February 27, 2025 under the ticker symbol “LZMH.”

    The Company expects to receive aggregate gross proceeds of US$7.2 million from this offering, before deducting underwriting discounts and offering expenses payable by the Company. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 270,000 Class B Ordinary Shares at the public offering price, less underwriting discounts.

    LZ Technology intends to use the net proceeds from this offering for research and development, international expansions, strategic acquisitions, marketing efforts and working capital.

    The offering is expected to close on February 28, 2025, subject to the satisfaction of customary closing conditions.

    The offering is being conducted on a firm commitment basis. Benjamin Securities, Inc. and D. Boral Capital LLC are acting as underwriters for the Offering (the “Underwriters”). Bevilacqua PLLC is acting as U.S. securities counsel to the Company, and Hunter Taubman Fischer & Li LLC is acting as U.S. securities counsel to the Underwriters in connection with the offering.

    A registration statement on Form F-1 (File No. 333-276234) relating to the offering, as amended, has been filed with the U.S. Securities and Exchange Commission (the “SEC”) and was declared effective by the SEC on February 26, 2025. The offering is being made only by means of a prospectus, forming part of the registration statement. You may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, copies of the prospectus relating to the Offering may be obtained, when available, from Benjamin Securities, Inc. by email at info@benjaminsecurities.com, by standard mail to 3 West Garden Street, Suite 407, Pensacola, FL 32502, or by telephone at +1 (516) 931-1090; or from D. Boral Capital LLC by standard mail to D. Boral Capital LLC, 590 Madison Ave 39th Floor, New York, NY 10022, or by email at info@dboralcapital.com, or by telephone at +1 (212)-970-5150.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the 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 such state or jurisdiction.

    About LZ Technology Holdings Limited

    LZ Technology Holdings Limited is an information technology and advertising company operating through its subsidiaries in China. The Company’s business spans three key verticals: Smart Community, Out-of-Home Advertising, and Local Life. Its Smart Community services provide intelligent access control and safety management systems, installed in thousands of residential communities in China. Its Out-of-Home Advertising division offers multi-channel advertising solutions through a vast network of monitors across approximately 120 cities in China, with ad placements on access control screens, SaaS platforms, and third-party advertising spaces. The Company’s Local Life vertical connects businesses with consumers through online promotions, social media marketing, and retail sales of various products and services. LZ Technology is committed to providing high-quality services to communities and businesses.

    Forward-Looking Statements

    Certain statements in this press release are “forward-looking statements” as defined under the federal securities laws, including, but not limited to, the Company’s statements regarding the success of the offering or the use of proceeds from the sale of the Company’s shares in the offering. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “believe”, “plan”, “expect”, “intend”, “should”, “seek”, “estimate”, “will”, “aim” and “anticipate”, or other similar expressions in this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

    For further information, please contact:

    Michael Wu
    Investor Relations
    LZ Technology Holdings Limited
    michael@lzmh.co

    The MIL Network –

  • MIL-OSI: Bitget Updates Proof of Reserves for February 2025, Reserve Ratios Increase to 186%

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Feb. 27, 2025 (GLOBE NEWSWIRE) — Bitget, the world’s leading cryptocurrency exchange and Web3 company, has released their proof-of-reserves report for February 2025. The newest snapshot shows the updated data highlights an increase of reserves to 186% up from its commitment of 100%. Bitget’s latest proof of reserves reaffirms its financial stability and transparency, showcasing a strong total reserve ratio. 

    The exchange holds substantial reserves across major assets, ensuring more than full backing of user funds. The breakdown reveals a 322% reserve ratio for Bitcoin, with over 19,393 BTC held against user liabilities of 6,030 BTC. Similarly, Ethereum reserves stand at 173%, with holdings of 199,433 ETH exceeding the 115,051 ETH in user assets. Stablecoin reserves are also robust, with USDT at 138% and USDC at 121%, showing strong backing.

    The Merkle root hash verification adds an extra layer of transparency, allowing users to independently verify their assets within Bitget’s system. With 35 million records included in the Merkle tree, the exchange continues to prioritize accountability. The report highlights Bitget’s commitment to safeguarding user assets while maintaining operational integrity. By consistently holding reserves well above liabilities, Bitget reinforces trust in its financial health, positioning itself as a secure and reliable platform for crypto traders and investors.

    The updated PoR showcases Bitget’s efforts in maintaining more than industry standard 100% reserves, which effectively guarantees that users’ assets are safe. The platform is capable of covering user withdrawals, even if all user assets are withdrawn.

    In addition to maintaining a higher than industry standard PoR, Bitget insures its users further with a $300M Protection Fund, now valued over $570 million according to its latest protection fund report. This gives the platform an extra layer of resilience against cybersecurity threats.

    For real-time PoR tracking, please visit here.

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 100 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

    Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

    For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

    For media inquiries, please contact: media@bitget.com

    Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7e6e37dd-29ad-4275-b259-d9650b21488f

    The MIL Network –

  • MIL-OSI China: Insurance platform for NEV helps 114,000 units get insured since inauguration

    Source: China State Council Information Office

    As of Tuesday, an insurance platform dedicated to ensuring proper coverage for new energy vehicles (NEVs) had successfully helped 114,000 units get insured, a significant step in China’s border efforts to strengthen insurance support for the growing NEV sector.

    Launched on Jan. 25, the platform has attracted 185,000 registered users and provided insurance coverage totaling 94.49 billion yuan (about 13.17 billion U.S. dollars), according to the Insurance Association of China and the Shanghai Insurance Exchange.

    For years, NEV owners have struggled with high premiums and the risk of being denied coverage, while insurers have been burdened by mounting financial losses due to the high repair costs of NEVs.

    China launched its first-ever guidelines for insuring NEVs last month to address the challenges.

    Insurers participating in the platform are prohibited from denying coverage.

    China’s NEV sector has seen rapid development in recent years. By the end of 2024, the number of NEVs in use in China had reached 31.4 million, data from the Ministry of Public Security showed.

    MIL OSI China News –

  • MIL-OSI USA: Padilla, Lofgren Ask DOJ to Investigate United Kingdom Notice to Apple Threatening U.S. Cybersecurity Interests

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    Padilla, Lofgren Ask DOJ to Investigate United Kingdom Notice to Apple Threatening U.S. Cybersecurity Interests

    WASHINGTON, D.C. — Today, U.S. Senator Alex Padilla (D-Calif.) and Representative Zoe Lofgren (D-Calif.-18) requested that the Department of Justice (DOJ) review the United Kingdom’s recently reported notice that would provide the British government access to Apple iCloud users’ protected data and could severely limit Apple’s ability to offer encrypted iCloud backups around the world. The lawmakers asked DOJ to investigate whether the United Kingdom may have breached the terms of the U.S.-U.K. Agreement on Access to Electronic Data for the Purpose of Countering Serious Crime and that DOJ reevaluate the United Kingdom’s eligibility for an agreement under the Clarifying Lawful Overseas Use of Data (CLOUD) Act. The CLOUD Act allows select foreign governments to seek data directly from U.S. technology companies for the investigation and prosecution of crimes without individualized review by the U.S. government.
    The U.K.’s notice reportedly requires Apple to weaken the encryption of its entire global iCloud backup service and give the U.K. government the “blanket capability” to access customers’ data in plaintext. Reports further suggest the U.K. believes its notice applies not just domestically to U.K. companies, but across borders with global effect. The U.K. law could conflict with the laws and public policy of other jurisdictions, intrude on the rights of people across the globe, and significantly hamper the United States’ ability to make sure American companies follow responsible cybersecurity practices. Last week, Apple announced the company can no longer offer encrypted cloud backup in the U.K. to new users, and that current U.K. users would eventually need to disable this security feature.
    “If these press reports are true, they necessitate the Department of Justice’s review of its approval of the U.K. as a qualifying nation under the CLOUD Act, and whether the notice may violate or otherwise be inconsistent with U.S. law and public policy, as well as with the Agreement,” wrote the lawmakers.
    “Encryption is also acknowledged by all to be a critical means to secure information systems essential to the national security and economy of our country,” added the lawmakers. “… It is difficult to see the U.K.’s notice to Apple, if the reports are accurate, as anything less than an action that undermines U.S. law, public policy, and information security by requiring U.S. companies to take such reckless action as undermining encryption for all users globally.”
    “Therefore, given the U.K.’s reported conduct, and Congress’s important oversight role in these matters, we respectfully request that the DOJ conduct a review of the U.K.’s compliance with the statutory requirements of the CLOUD Act and the terms of the Agreement, taking into account the factual predicates behind the CLOUD Act, the sovereign interests of the U.S. in regulating the conduct of U.S. companies, and cybersecurity public policy imperatives,” continued the lawmakers. “This review is essential to ensure that agreements under the CLOUD Act uphold the privacy, security, and human rights standards that Congress set in enacting the CLOUD Act and will inform Congress as to whether statutory reforms are necessary to protect these strong U.S. interests.”
    In the 2018 CLOUD Act, Congress enacted one of the first significant changes in decades to U.S. law governing cross-border access by law enforcement to electronic communications held by private companies. CLOUD Act agreements remove legal restrictions on certain foreign nations’ ability to seek data directly from U.S. providers in cases involving “serious crimes,” provided that the data requests do not target U.S. persons, and so long as the Executive Branch has determined that the foreign nation’s laws adequately protect privacy and civil liberties, among other requirements. The CLOUD Act also gives Congress the power to prevent a proposed executive agreement from entering into force through expedited congressional review provisions after the agreement certifications are provided by the DOJ.
    The United Kingdom received the first CLOUD Act agreement in 2019, which went into force in 2022. These agreements are authorized for five years, and the U.K. agreement was renewed in November 2024.
    Notably, U.S. cybersecurity officials have urged Americans to use encrypted services to protect their communications, including in the wake of recent significant cybersecurity compromises, such as China’s Salt Typhoon operation attacking AT&T and Verizon’s systems.
    The lawmakers also asked Attorney General Pam Bondi to respond to additional questions regarding the U.K.’s concerning notice by March 5, 2025.
    Full text of the letter is available here and below:
    Dear Attorney General Bondi:
    We write to seek the Department of Justice’s views on whether the United Kingdom (U.K.) may have breached or otherwise acted inconsistently with the terms or spirit of the U.S.-U.K.’s Agreement on Access to Electronic Data for the Purpose of Countering Serious Crime (“Agreement”) authorized by the Clarifying Lawful Overseas Use of Data Act (“CLOUD Act”).
    According to press reports, the U.K.’s Home Secretary served Apple, a major U.S. technology firm, with a secret technical capabilities notice (“Notice”) last month. This notice reportedly requires the U.S. company to weaken the encryption of its entire global iCloud backup service and give the U.K. government the “blanket capability” to access customers’ data in plaintext. Reports further suggest the U.K. believes its notice applies not just domestically to U.K. companies, but across borders with global effect. As reported, the U.K. law is no mere domestic law and could conflict with the laws and public policy of other jurisdictions, intrude on the rights of far more people than just U.K. citizens, and significantly affect U.S. interests in ensuring U.S. companies follow responsible cybersecurity practices. Last week, Apple announced the company can no longer offer encrypted cloud backup in the U.K. to new users, and that current U.K. users would eventually need to disable this security feature, giving rise to the inference that the U.K. did indeed issue a notice to Apple, as reported. Apple is reportedly prohibited from acknowledging that it received such a notice, which limits Congressional oversight into the matter, including the extent to which the U.K. is asserting its authority over U.S. persons and entities outside of the U.K.
    If these press reports are true, they necessitate the Department of Justice’s review of its approval of the U.K. as a qualifying nation under the CLOUD Act, and whether the notice may violate or otherwise be inconsistent with U.S. law and public policy, as well as with the Agreement.
    The case made for the CLOUD Act rested on the argument, asserted by U.K. officials in hearings before Congress and elsewhere, that without it, the U.K. would not be able to reach providers under U.S. jurisdiction to assist in investigating serious crime without those providers violating U.S. law. As you know, relying on these representations, Congress authorized the DOJ via the CLOUD Act to form an executive agreement with qualifying jurisdictions, which would partially lift the U.S. legal prohibitions on providers voluntarily honoring foreign legal process. The Attorney General, with the concurrence of the Secretary of State, must determine and submit a written certification to Congress that the criteria set out in the CLOUD Act have been met. The certification must also include an explanation of each of the statutory considerations.
    Section 2523(b)(3) of Title 18 emphasizes that agreements must not create an obligation that providers be capable of decrypting data. While the statute does not say that a qualifying jurisdiction is barred from adopting laws that undermine encryption, the U.K.’s notice to Apple has the effect of extending to U.K. disclosure demands made under the Agreement the obligation to decrypt. This obligation would not exist but for the fact that the Agreement effectively removes the bar to disclosure on which Apple would otherwise rely in refusing to make the disclosure. It splits the finest of hairs to say that because the Agreement itself does not contain an obligation to decrypt that a CLOUD Act country can impose such an obligation on a U.S. provider, issue disclosure orders under the Agreement that rely on such obligation, and impose penalties for non-disclosure when compliance with such orders is refused.
    Notably, there is no obligation under U.S. law to require a provider subject to U.S. jurisdiction to take the actions reportedly required by the U.K. notice. Encryption is also acknowledged by all to be a critical means to secure information systems essential to the national security and economy of our country. In the wake of recent significant cybersecurity compromises, such as the Salt Typhoon hack, U.S. officials have encouraged the adoption of encrypted communications. It is difficult to see the U.K.’s notice to Apple, if the reports are accurate, as anything less than an action that undermines U.S. law, public policy, and information security by requiring U.S. companies to take such reckless action as undermining encryption for all users globally.
    In addition, to qualify for an agreement with the U.S. and gain the benefits of streamlined enforcement, section 2523(b)(1)(B)(v) of Title 18 requires the foreign government’s domestic surveillance law to have sufficient accountability and transparency. The complete secrecy surrounding this matter suggests serious cause for concern that this requirement is being violated by the U.K. Gagging the recipient of such a notice to disclose its effect to its users – or even to the U.S. government – seems inconsistent with the commitment to transparency on which the certification of the Agreement in part rests.
    These agreements are a product of legislation passed by the Congress. The statute contemplates Congress continuing to play a significant role in the agreements signed between the United States and foreign governments. As you know, the CLOUD Act gives Congress the power to prevent a proposed executive agreement from entering into force through expedited congressional review provisions after the certifications are provided by the Department.
    Therefore, given the U.K.’s reported conduct, and Congress’s important oversight role in these matters, we respectfully request that the DOJ conduct a review of the U.K.’s compliance with the statutory requirements of the CLOUD Act and the terms of the Agreement, taking into account the factual predicates behind the CLOUD Act, the sovereign interests of the U.S. in regulating the conduct of U.S. companies, and cybersecurity public policy imperatives. This review is essential to ensure that agreements under the CLOUD Act uphold the privacy, security, and human rights standards that Congress set in enacting the CLOUD Act and will inform Congress as to whether statutory reforms are necessary to protect these strong U.S. interests.
    In addition to your broader review, we ask that you respond in writing to the following questions:
    1. Was the Department of Justice or anyone in the Trump Administration notified of, or consulted about, the U.K. Home Secretary’s Notice? And if so, by what means and when?
    2. Is the Department of Justice aware of the issuance of such a Notice to any other U.S. tech company respecting an encrypted service offered by such company, or of any plans by the U.K. government to issue such a Notice to any other U.S. tech company with respect to an encrypted service?
    3. What is the Department’s view on whether the U.K.’s Notice is evidence that the domestic authorities under the U.K.’s Investigatory Powers Act may be inconsistent with the statutory criteria required of the CLOUD Act?
    4. What is the Department’s view as to whether because of the U.K.’s Notice or the nontransparent nature of its issuance, the DOJ should reassess the U.K. as a qualifying foreign government for purposes of the CLOUD Act?
    5. What is the Department’s view on the imposition of extraterritorial regulations by a foreign government on U.S. providers that are contrary to U.S. law or public policy?
    6. In its report to Congress accompanying the renewal of the U.S.-U.K. CLOUD Act Agreement in November 2024, the DOJ stated that it had “taken the opportunity of this determination to remind the U.K. of the statute’s requirements that the terms of the Agreement shall not create any obligation that providers be capable of decrypting data or limitation that prevents providers from decrypting data.” Please share with whom the DOJ met, what specifically was communicated, and whether the DOJ considered whether the U.K.’s use of its Investigatory Powers Act might undermine U.S. interests.
    7. Has the DOJ taken any steps to protect U.S. interests as contemplated by the CLOUD Act and the Agreement before or since the reports became public?
    8. If Apple were to comply with the Notice as initially reported: (a) could the U.K. obtain U.S. person data, which would have been encrypted absent compliance with the Notice, through means other than the CLOUD Act, and (b) could other jurisdictions obtain data, which would have been encrypted, absent compliance with the Notice?
    We appreciate your timely attention to this serious matter and welcome hearing your response by March 5, 2025.
    Sincerely,

    MIL OSI USA News –

  • MIL-OSI Australia: Shannon Durrant appointed to Harness Racing NSW Board

    Source: New South Wales Government 2

    Headline: Shannon Durrant appointed to Harness Racing NSW Board

    Published: 27 February 2025

    Released by: Minister for Gaming and Racing

    Minister for Gaming and Racing David Harris has announced the appointment of Shannon Durrant to the Harness Racing NSW (HRNSW) Board.

    Ms Durrant brings extensive expertise in compliance, audit and risk management, with senior leadership experience in the financial services sector. She is currently the Group Chief Risk Officer at Grimsey Wealth and has previously held key roles at Colonial First State and AMP.

    Alongside her corporate background, Ms Durrant is deeply engaged in equine sports. She serves as a Director and Company Secretary of Riding for the Disabled Association Australia and is a former Director of Pony Club Australia.

    Ms Durrant has been appointed for a four-year term, until February 2029, following a merit-based selection process.

    Her appointment replaces Peter Nugent, who is voluntarily departing the board after serving two four-year tenures.

    HRNSW is the independent body responsible for the governance, regulation and development of harness racing in NSW. Ms Durrant’s appointment reflects the NSW Government’s commitment to strong leadership and strategic oversight in the industry.

    For more information about HRNSW and the full list of Board members, visit the HRNSW website: https://www.hrnsw.com.au/hrnsw/about-us/board

    Minister for Gaming and Racing David Harris said:

    “Harness racing plays an important role in communities across NSW, supporting jobs, entertainment and our regional economy. This is particularly highlighted with the Carnival of Cups series currently showcasing the sport across our state.

    “Shannon Durrant is highly respected in her field, and her expertise in risk management and compliance, combined with her passion for equine sports, makes her an outstanding addition to the Harness Racing NSW Board.

    “Her leadership will help strengthen governance, assist growth and ensure the ongoing integrity of the industry.

    “I would like to acknowledge the contributions of outgoing Board member Peter Nugent over the past eight years and thank him for his dedicated service to the industry.”

    MIL OSI News –

  • MIL-OSI Economics: Money Market Operations as on February 25, 2025

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 5,94,039.41 6.24 5.15-6.65
         I. Call Money 14,886.68 6.31 5.15-6.65
         II. Triparty Repo 4,19,180.40 6.23 5.90-6.35
         III. Market Repo 1,58,098.13 6.28 5.75-6.45
         IV. Repo in Corporate Bond 1,874.20 6.45 6.45-6.45
    B. Term Segment      
         I. Notice Money** 62.30 6.22 5.80-6.35
         II. Term Money@@ 749.00 – 6.40-7.50
         III. Triparty Repo 374.00 6.32 6.25-6.40
         IV. Market Repo 2,090.71 6.37 6.30-6.61
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Tue, 25/02/2025 2 Thu, 27/02/2025 75,012.00 6.26
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Tue, 25/02/2025 1 Wed, 26/02/2025 817.00 6.50
      Tue, 25/02/2025 2 Thu, 27/02/2025 78.00 6.50
    4. SDFΔ# Tue, 25/02/2025 1 Wed, 26/02/2025 1,02,416.00 6.00
      Tue, 25/02/2025 2 Thu, 27/02/2025 10,425.00 6.00
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -36,934.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo Fri, 21/02/2025 14 Fri, 07/03/2025 41,046.00 6.26
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo Fri, 21/02/2025 45 Mon, 07/04/2025 57,951.00 6.26
      Fri, 14/02/2025 49 Fri, 04/04/2025 75,003.00 6.28
      Fri, 07/02/2025 56 Fri, 04/04/2025 50,010.00 6.31
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       9,095.71  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     2,33,105.71  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     1,96,171.71  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on February 25, 2025 9,47,293.60  
         (ii) Average daily cash reserve requirement for the fortnight ending March 07, 2025 9,22,740.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ February 25, 2025 75,012.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on February 07, 2025 -1,973.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    ^ As per the Press Release No. 2024-2025/2013 dated January 27, 2025, Press Release No. 2024-2025/2138 dated February 12, 2025, and Press Release No. 2024-2025/2209 dated February 20, 2025.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/2254

    MIL OSI Economics –

  • MIL-OSI USA: Trump’s Systemic Takedown of CFPB is Making U.S. Consumers Less Safe & Increasing Financial Risks for Military Families and Veterans

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed

    WASHINGTON, DC — Despite the fact that the Consumer Financial Protection Bureau (CFPB) has returned over $21 billion to American consumers who were ripped off by abusive and illegal financial activity since 2011, the Trump Administration is working to dismantle the watchdog agency. 

    The Trump White House has moved to dismiss the agency’s entire workforce, canceled the lease for the agency’s headquarters, suspended supervision of big banks, and dismissed open-and-shut cases against predatory lenders for deceiving consumers into paying usurious interest rates.  Two weeks ago, President Trump said in the Oval Office that his goal is for the CFPB to “be totally eliminated.”  Billionaire tycoon Elon Musk—a White House employee who donated $288 million to Trump’s 2024 campaign could personally benefit from rolling back the CFPB’s oversight capabilities— proposed “deleting” the agency.

    U.S. Senator Jack Reed (D-RI) says millions of Americans are more likely to be scammed and ripped off by junk fees after the Trump Administration took recent steps to incapacitate the CFPB, which was set up after the last major financial crisis.  And Reed, who created CFPB’s Office of Servicemember Affairs to help protect military families from financial fraud, says the Trump Administration’s efforts to dismantle the CFPB increase financial risks to service members.

    “Apparently the Trump-Musk administration thinks consumers never get the short end of the stick from unscrupulous businesses, but that’s not the experience of families.  Billionaires don’t have to worry about having enough money to pay the mortgage and feed their kids, but the vast majority of Americans do.  The CFPB exists so that every American has a strong consumer watchdog looking out for their financial well-being, preventing scams, stopping special interests from running amok, and holding offenders accountable.  This is especially true for servicemembers, veterans, and their families, who are disproportionally targeted by predatory lenders and abusive mortgage, debt collection, payday lending, and auto lending schemes and often face greater financial risks than civilian borrowers due to the nature of their military service,” said Senator Reed.  “Since the CFPB was created, it has made real progress taking on special interests, rooting out scammers, and punishing financial abuse, from deceptive mortgages to unfair credit card terms to unscrupulous payday lenders.  We should be building on that progress, not tearing it down and empowering bad actors.”

    The Trump Administration’s short-sighted decision to stop supervision, enforcement, and litigation eliminates key Military Lending Act (MLA) protections that prevent servicemembers from being exploited. The financial and legal protections in these bipartisan laws–most notably a cap on interest rates on mortgages, credit cards, and auto loans–are critical to national defense and military readiness. Troops should focus on their service obligations while on active duty, rather than worrying about making ends meet at home.

    U.S. service members submitted approximately 84,600 complaints to the CFPB in 2023, a 27 percent increase over the previous year.

    Many elderly veterans are targeted for fraud and deceptive schemes, including scams operated by unaccredited veterans benefits claims agents, who charge exorbitant fees for illegitimate assistance with claims.

    At a special CFPB forum in Washington, DC this week, Senator Reed had a chance to speak with Stacey McCall, an Army veteran who was trapped in a doom loop with an auto lender, unable to transfer her title back home after her assignment overseas ended and being unfairly charged for a Toyota vehicle she couldn’t drive.  She worked for nearly a year to resolve it, unsuccessfully, until the CFPB came to the rescue.

    Senator Reed noted his own experience in uniform and how he saw fellow Army soldiers unfairly treated by unscrupulous car dealers: “I discovered how soldiers, sailors, airmen, guardians are used by financial companies a long time ago.  I was the executive officer of a parachute company in the 82nd Airborne Division, and I spent a lot of time talking to my troops and wondering why they signed a contract to buy a car with 250 percent interest. I thought that was a little outrageous.  But more importantly, why would anyone try to exploit a soldier serving the nation and defending the nation?  So, it got me a little bit upset and put it in the back in my mind.”

    Reed cited his experience in the military as one of the reasons for supporting a regulator whose mission is to focus on consumer protection and military families.

    “Whether serving stateside or abroad, U.S. military personnel and their families and veterans deserve financial protection and a watchdog that actively looks out for their financial well-being.  The CFPB’s Office of Servicemember Affairs has been staffed by real people who have done outstanding work providing personalized assistance to those in need.  The Trump Administration is cutting that service off and as a result, more troops will lose their hard-earned paychecks and more families will fall victim to abusive and predatory financial practices,” said Reed.

    The Senate Banking Committee plans to hold a confirmation hearing Thursday for Jonathan McKernan, President Trump’s nominee to lead the CFPB.  Senator Reed says he plans to ask Mr. McKernan about his plans to protect consumers, including military families, and take meaningful enforcement actions against predatory lending.

    MIL OSI USA News –

  • MIL-OSI China: China’s tax policies invigorate private economy

    Source: China State Council Information Office

    China’s tax cuts, fee reductions and tax refunds aimed at supporting sci-tech innovation and the manufacturing industry benefited privately-owned market entities and stimulated the country’s private sector in 2024, official data showed on Wednesday.

    Total tax cuts, fee reductions and tax refunds resulting from these supportive policies amounted to approximately 2.63 trillion yuan (about 366.54 billion U.S. dollars) last year, according to data from the State Taxation Administration.

    Taxpayers from the private sector, including private enterprises and individual businesses, enjoyed more than 60 percent, or around 1.59 trillion yuan, of this total.

    These favorable policies have injected impetus into the private sector’s development. The growth rate in the sales revenue of the private sector outpaced the national average for all enterprises by 0.5 percentage points in 2024, the data revealed.

    Within the private sector, sales revenue in the high-tech manufacturing and digital economy industries increased by 13 percent and 4.7 percent year on year, respectively.

    MIL OSI China News –

  • MIL-OSI China: China to lower asset threshold for HK, Macao institutions investing in mainland insurers

    Source: China State Council Information Office

    The National Financial Regulatory Administration (NFRA) on Wednesday announced that China will lower the asset requirement threshold for Hong Kong and Macao financial institutions to invest in mainland insurers, as part of its efforts to deepen opening-up in the financial sector.

    From March 1, Hong Kong and Macao financial institutions will no longer be required to have assets totaling no less than 2 billion U.S. dollars at the end of the previous year to invest in mainland insurance companies, the NFRA said.

    The adjustment follows agreements signed in October 2024 between the mainland and Hong Kong, as well as between the mainland and Macao, to revise the services trade protocols under the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) and the CEPA between the mainland and Macao. These revisions include changes to the qualification requirements for Hong Kong and Macao financial institutions looking to invest in mainland insurers.

    This latest move is a significant step in expanding financial opening-up, according to the NFRA. It is expected to help mainland insurance companies attract high-quality investors from Hong Kong and Macao financial institutions, strengthen their capital base, and optimize their equity structures. 

    MIL OSI China News –

  • MIL-OSI China: Chinese FM holds talks with New Zealand deputy PM

    Source: China State Council Information Office

    Chinese Foreign Minister Wang Yi, also a member of the Political Bureau of the Communist Party of China Central Committee, meets with Deputy Prime Minister and Foreign Minister of New Zealand Winston Peters in Beijing, China, on Feb. 26, 2025. [Photo/Chinese Ministry of Foreign Affairs]

    Chinese Foreign Minister Wang Yi held talks with Deputy Prime Minister and Foreign Minister of New Zealand Winston Peters in Beijing on Wednesday.

    Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, said that China-New Zealand relations have maintained sound, steady development and have long been at the forefront of China’s relations with Western countries.

    China is ready to work with New Zealand to implement the important consensus reached by the leaders of the two countries, strengthen strategic communication, and push forward their comprehensive strategic partnership, he said.

    Wang noted that the two sides should adhere to the principle of mutual respect and the correct understanding of each other, and become partners with mutual trust. Certain specific differences can be resolved properly through constructive dialogue.

    Wang said that the two countries should upgrade their economic and trade cooperation, launch negotiations on the negative list for trade in services as soon as possible, and work together to create new growth engines such as artificial intelligence and the green economy.

    Wang said that China has implemented a unilateral visa-free travel policy for New Zealand, and hopes that New Zealand will continue to provide a good environment for Chinese students and overseas Chinese citizens.

    The Asia-Pacific region is the shared home of China and New Zealand, and China respects New Zealand’s traditional relations with Pacific island countries, Wang said.

    Noting that China is an important partner of New Zealand, Peters said that New Zealand will, as always, adhere to the one-China policy and looks forward to developing closer exchange practices with China at all levels. New Zealand also stands ready to strengthen exchange and cooperation with China in fields such as the economy, trade, agriculture and defense, as well as Antarctica, and to deepen communication and coordination on regional and international affairs.

    New Zealand is willing to strengthen cooperation with China within multilateral institutions, and to push for the greater development of bilateral relations, Peters said.

    MIL OSI China News –

  • MIL-OSI China: 1st Ocean Decade Int’l Coastal Cities Conference held in Qingdao, E China

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

    1st Ocean Decade Int’l Coastal Cities Conference held in Qingdao, E China

    Updated: February 27, 2025 09:45 Xinhua
    Deputy Coordinator of the UN Ocean Decade Alison Clausen speaks at the first Ocean Decade International Coastal Cities Conference in Qingdao, east China’s Shandong Province, Feb. 26, 2025. Hosted by the Qingdao Municipal People’s Government in collaboration with UNESCO’S Intergovernmental Oceanographic Commission (IOC-UNESCO), the conference themed “Better Ocean, Better City” was held here on Wednesday to facilitate knowledge exchange and experience sharing on blue economy, climate change, and science-based solutions for sustainable development of coastal cities. [Photo/Xinhua]
    This photo taken on Feb. 26, 2025 shows the scene of the First Ocean Decade International Coastal Cities Conference in Qingdao, east China’s Shandong Province. [Photo/Xinhua]
    Guests attend the first Ocean Decade International Coastal Cities Conference in Qingdao, east China’s Shandong Province, Feb. 26, 2025. [Photo/Xinhua]
    Chang Jingtian from Beijing Institute of Technology speaks at the first Ocean Decade International Coastal Cities Conference in Qingdao, east China’s Shandong Province, Feb. 26, 2025. [Photo/Xinhua]
    Julian Barbiere, head of Marine Policy and Regional Coordination Section, IOC-UNESCO and Global coordinator of the UN Ocean Decade, speaks at the first Ocean Decade International Coastal Cities Conference in Qingdao, east China’s Shandong Province, Feb. 26, 2025. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI New Zealand: Tech and Security – New Zealand coming second in the region in the number of malware incidents, new analysis shows – NordVPN

    Source: NordVPN

    According to new research by the cybersecurity company NordVPN, over 83 million malware incidents have been recorded in 2024 in New Zealand, emphasizing the growing cybersecurity threats.

    Internet users should be extra careful when clicking links seemingly sent by Big Tech companies – there’s quite a big chance it might be a deliberately misspelled phishing link. Data shows that Google, Facebook, and Microsoft are the top three brands most likely to be impersonated for credential harvesting.

    “In fact, the majority of all phishing attacks use around 300 brand names for deception. The brands themselves are not at fault – such fakes hurt their reputation as well, forcing companies to actively hunt them down. However, high brand awareness can lull victims into a false sense of security and get them to lower their guard,” says Adrianus Warmenhoven, a cybersecurity advisor at NordVPN.

    According to the same research, last year there were almost 85,000 fake URLs that impersonate Google websites and services. With more than 6,000 fake URLs online, Facebook takes second place as the scammers’ favorite. Microsoft is in third place, with almost 5,000 fake URLs. Fake AT&T, Yahoo!, and Netflix links should be evaluated more carefully as well. In each of those cases there were around 4,000 fake URLs online.

    New Zealand experienced more than 83 million malware incidents in 2024 – the second number in Oceania, with Australia leading the region with more than 351 million incidents per year.

    An array of security threats

    Data analysed by NordVPN suggest you should also stay away from free video hosting sites (yes, that includes anime hosting websites) and a few other categories. Throughout 2024, NordVPN’s Threat Protection Pro feature blocked more than 1.5 billion malware infection attempts on video hosting sites. Other domain categories with the most malware are: entertainment (almost 1 billion malware blocked) and sports (124 million). Just a little behind are adult content sites (109 million malware blocked) and file sharing and storage websites (almost 74 million).

    “The above mentioned categories, free video hosting sites in particular, tend to contain a variety of  security and privacy threats. Not only malware, but intrusive ads and trackers as well. Over the past year, Threat Protection Pro blocked almost 7 billion ads and more than 119 billion trackers on video hosting sites alone. This accounts for 25% off all blocked trackers by Threat Protection Pro in 2024,” says Adrianus Warmenhoven.

    Know your enemy

    Web trackers are a broad category of privacy-invading tools that collect information on user activity. Trackers typically take the form of special scripts, browser cookies, or tracking pixels. Businesses use trackers to paint an accurate picture of you for targeted advertising – but if they suffer a data breach, the stored tracker data could end up falling into the hands of cybercriminals.

    Warmenhoven adds that websites often share or sell data collected by trackers to third parties. Those who want to protect their privacy can use several tools to become less trackable, such as tracker blockers, which prevent websites and advertisers from collecting data about your online activity.

    Malware refers to any kind of programming that was deliberately designed to harm you or your device. This includes malicious software like viruses, trojans, ransomware, and spyware. Malware can steal sensitive data, encrypt important files, or even take over the machine, putting the criminal in complete control.

    “It is important to know that malware must be actively brought onto your device, such as by downloading an infected file. One of the most common ways to get infected with malware is through phishing attacks. Scammers use deceptive misspellings of popular brands (such as spelling “Amazon” as “Arnazon”) to trick victims into clicking phishing links and downloading infected files. So you should always check the spelling before clicking,” notes Warmenhoven.

    Intrusive advertising refers to ads that actively interfere with your online experience. Intrusive ads aren’t content to just stay on the sidelines – they may distract you by popping up randomly while you’re scrolling, open additional browser tabs, hog bandwidth with lengthy videos, or even hijack the page you’re on. Even worse, some intrusive ads may try to infect your device or redirect you to malicious websites.

    Cybersecurity expert advice on how to protect yourself

    To protect yourself from common cybersecurity threats like malware, trackers, and intrusive ads, Adrianus Warmenhoven advises to take these precautions:

    Avoid a “free lunch.” Certain web domain categories are much more likely to host malware that could compromise your device than others. One of the most prominent categories is free video hosting sites.

    Be wary of unsolicited emails and messages. Phishing scams are one of the main methods used by criminals to steal personal and financial data. Emails promising too-good-to-be-true promotions, invitations, or gifts, are probably not true. Messages asking you to update your data or just click on a link may also be versions of phishing.

    Don’t get scared and check the links. Cybercriminals prey on confusion and ignorance. They try to scare people, hoping that victims will act on emotion. Don’t do that. Try not to click on links that try to scare you or promise you riches – check the spelling first.

    Verify downloads. Malware executables may be disguised as or hidden in legitimate files. Always verify the website you want to download from, and always use anti-malware tools like Threat Protection Pro to inspect the files you download.

    Limit data exposure. Information such as location, full name, and other personal details can be used by criminals for scams and cyberattacks. Adjust your privacy settings and avoid sharing sensitive data publicly, such as on social networks.

    Keep your devices updated. Outdated software is an easy target for cyberattacks. Make sure to keep your operating system, applications, and antivirus software up to date to fix vulnerabilities and ensure greater protection.

    Methodology: The statistics mentioned above were acquired by analyzing aggregated data gathered by NordVPN’s Threat Protection Pro service from January 1, 2024 to January 1, 2025. NordVPN is not endorsed by, maintained, sponsored by, affiliated, or in any way associated with the owners of the mentioned brands. Brands are indicated solely for the purpose of accurately reporting information related to brands that were most likely to be impersonated for spreading malware.

    ABOUT NORDVPN

    NordVPN is the world’s most advanced VPN service provider, used by millions of internet users worldwide. NordVPN provides double VPN encryption and Onion Over VPN and guarantees privacy with zero tracking. One of the key features of the product is Threat Protection , which blocks malicious websites, malware during downloads, trackers, and ads. The latest service by the Nord Security team is Saily — a new global eSIM. NordVPN is very user friendly, offers one of the best prices on the market, and has over 6,200 servers covering 111 countries worldwide. For more information: https://nordvpn.com.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Business – Connecting New Zealand Businesses Globally; Airwallex Expands Cross-Border Payment Capabilities for Kiwi Businesses

    Source:  Airwallex

    • Airwallex launches in New Zealand, appointing Lowry Gladwell as Associate Director and first local employee.
    • Commitment to local growth, with plans to expand the team to 10 employees on ground by the end of 2025.
    • New product rollouts, including corporate cards, online payments and expanded Airwallex for Startups offerings, to support Kiwi businesses.
    • Partnering with top NZ brands, already working with Rodd & Gunn, Tracksuit and Auror.

    Auckland, New Zealand, 26 February, 2025 – Global fintech leader Airwallex has officially launched in Aotearoa, marking a significant milestone in its mission to provide businesses with faster, cost-effective, and more innovative financial solutions.

    With a firm commitment to supporting New Zealand’s thriving business ecosystem, Airwallex has appointed Lowry Gladwell as its Associate Director of New Zealand, the company’s first local employee, to lead its ambitious expansion plans. Gladwell will be joined by Matt Sek, a key regional leader, as Airwallex aims to grow its New Zealand team to 10 employees by the end of 2025.

    “With New Zealand businesses increasingly looking for agile, cost-effective financial solutions, Airwallex is here to challenge the status quo,” said Gladwell. “Our entry into this market represents more than just expansion — it’s about providing Kiwi businesses with the tools they need to grow globally without the friction and high costs of traditional banking.”

    A New Era of Financial Solutions for New Zealand Businesses

    As part of its expansion, Airwallex is rolling out several new product offerings tailored to the needs of New Zealand businesses. The company’s corporate cards offering will be bolstered with a physical card version to complement the existing virtual option. These solutions will empower Kiwi companies to manage expenses more efficiently, reducing high transaction fees and improving financial control. In addition, online payments  will sit alongside existing FX, global accounts and company and employee cards.

    “Managing business spending shouldn’t be a hassle,” said Matt Sek, VP SME & Growth, ANZ. “Our new corporate card solution makes it easier for teams to handle expenses while ensuring greater transparency and efficiency, while payment acceptance allows businesses to accept payments from customers around the globe with fast, flexible settlements and a seamless checkout experience. This is just the beginning of our commitment to providing smarter, more intuitive financial tools for New Zealand businesses.”

    A Tailored Approach for New Zealand’s Unique Market

    New Zealand’s business environment, while dynamic, has long been dominated by a concentrated banking sector, leading to high fees and sluggish international transactions. Airwallex is set to disrupt the market by offering lower costs, competitive FX rates, and faster payments — critical advantages for businesses operating globally, particularly in New Zealand’s high-growth SaaS and export sectors.

    With the country’s economic recovery underway following a challenging period, Airwallex’s presence comes at a crucial time. The company’s solutions will provide much-needed financial agility for businesses looking to scale, particularly as New Zealand strives to double its export growth over the next decade.

    Empowering New Zealand Startups and “Soonicorns”

    Airwallex has already demonstrated strong support for startups in New Zealand, with significant sign-ups under its Airwallex for Startups initiative. By offering streamlined international payments, global accounts, and competitive FX rates, Airwallex is positioning itself as a vital partner for the country’s burgeoning startup ecosystem.

    “We see huge potential in New Zealand’s startup space,” added Gladwell. “We want to support the next wave of ‘soonicorns’ by providing them with the financial infrastructure needed to scale globally.”

    Industry Expertise and Established Partnerships

    “We understand that the key industries of growth in New Zealand include Tourism,  eCommerce, and Tech,” said Gladwell. “Airwallex is already working with some of the country’s most innovative and well-established brands, including Rodd & Gunn, Tracksuit and Auror. Our deep knowledge of these industries allows us to tailor our solutions to meet the unique needs of Kiwi businesses, helping them navigate global expansion with ease.”

    Looking Ahead

    Airwallex’s entry into New Zealand marks a long-term investment in the country’s business landscape. As the company continues to grow its local team and expand its offerings, it remains committed to helping Kiwi businesses navigate the evolving financial landscape with confidence.

    “Our goal is simple,” concluded Gladwell. “We’re here to provide New Zealand businesses with better experiences, lower fees, and faster payments in a market that’s crying out for competition. We’re excited for what’s ahead.”

    About Airwallex

    Airwallex is a leading global financial platform for modern businesses, offering trusted solutions to manage everything from payments, treasury, and spend management to embedded finance. With our proprietary infrastructure, Airwallex takes the friction out of global payments and financial operations, empowering businesses of all sizes to unlock new opportunities and grow beyond borders. Proudly founded in Melbourne, Airwallex supports over 150,000 businesses globally and is trusted by brands such as AS Colour, Rodd & Gun, Tracksuit and many more. For more information, visit http://www.airwallex.com

    MIL OSI New Zealand News –