Category: Economy

MIL-OSI USA: Governor Kehoe Takes Action on FY26 State Operating Budget Bills
Source: US State of Missouri

JUNE 30, 2025

Jefferson City — Delivering on his promise to present Missourians with a reasonable, conservative budget that continues to secure Missouri’s future, today Governor Mike Kehoe signed the Fiscal Year 2026 (FY26) state operating and capital improvement budget bills. Governor Kehoe’s action to deliver a $50.8 billion budget includes 208 vetoes, totaling nearly $300 million in general revenue, and 32 expenditure restrictions, totaling $211 million in general revenue.

The budget sent to the Governor’s Office added 450 items and nearly $775 million in additional spending beyond the Governor’s original budget recommendation. This excessive spending requires decisive action, particularly when combined with reduced pandemic federal dollars, broad tax cuts that benefit Missourians, and the undeniable need for extraordinary emergency disaster relief.

“We appreciate the work of the General Assembly in getting this budget to my desk,” said Governor Kehoe. “While we exercised veto authority to rein in unsustainable spending, we are proud to support funding for smart policies advancing our shared vision of a safer, stronger, and more prosperous Missouri. We believe this budget reflects our commitment to limited government, fiscal discipline, and a long-term vision to support public priorities.”

Approved Budgetary Spending

Prioritizing Public Safety

In his inaugural State of the State Address, Governor Kehoe emphasized that securing Missouri’s future begins with public safety. The FY26 budget includes critical law enforcement and crime prevention tools, training, and resources:
- $10 million in new funding to assist local communities who prioritize public safety with equipment and training needs through the Blue Shield Program.
- $7 million investment for fentanyl testing in wastewater systems at schools.
- $2 million in support for the Missouri sheriff’s retirement system.
For more public safety budget highlights, click here.

Emphasizing Economic Development

Missouri’s economy is driven by investing in initiatives that create jobs, enhance infrastructure, and provide critical support to families and businesses. By addressing needs such as rural roads, childcare access, and career-technical training, we foster innovation, strengthen communities, and ensure that Missouri remains a competitive and thriving state for all:
- $91 million for rural road improvements.
- $10 million to offer grant funding opportunities to support partnerships between employers, community partners, and the childcare industry to make more childcare slots available for Missouri families.
- $11 million in new funding to address equipment, space, and operational needs of career and technical centers across the state.
For more economic development budget highlights, click here.

Bolstering Agriculture

Missouri’s agriculture industry is the backbone of the state’s economy, feeding and clothing not just Missourians, but the world. To ensure the continued growth and resilience of this vital sector, Governor Kehoe is committed to investing in critical infrastructure, modernizing facilities, and supporting animal health initiatives. The FY26 budget includes:
- $55 million in bonding for Missouri State Fair facilities.
- $800,000 in ongoing funding for Missouri FFA.
- $330,871 to increase Missouri’s inspection and production capacity in the meat and poultry industry.
For more agriculture budget highlights, click here.

Strengthening Education

Governor Kehoe believes that funding our state’s education system ensures every student has the opportunity to achieve their full potential while preparing Missouri’s future workforce for success. The legislature approved the following education spending:
- $376.6 million to support the state’s full reimbursement of transportation costs to school districts, including $15 million in new funding.
- $50 million in general revenue funding to bolster the Empowerment Scholarship Account program.
- $33.4 million to ensure all teachers are paid at least the statutory minimum.
For more education budget highlights, click here.

Budget Vetoes & Expenditure Restrictions

The Missouri FY26 state operating budget is approximately $50.8 billion, including $15.4 billion in general revenue. In the FY26 budget approved by the General Assembly, nearly $775 million in new general revenue spending was added above the Governor’s budget recommendation, including 450 items that Governor Kehoe did not propose or went beyond his recommendation.

Additionally, the Office of Administration’s Division of Budget and Planning estimates a nearly $1 billon shortfall in general revenue starting in FY27. Contributing to this shortfall, ongoing general revenue spending authorized in the FY26 budget is projected to outpace ongoing revenues by over $1 billion and grow larger in future years. While Missouri currently has a general revenue fund balance to absorb some of this imbalance in the short term, the current trajectory of state-level spending grows this imbalance, exhausts any remaining surplus, and leads to the aforementioned $1 billion shortfall starting in FY27, if correction is not made.

There were also several budgetary and legislative decisions made during the 2025 Legislative Session and Extraordinary Session that were not considered in Governor Kehoe’s FY26 budget recommendation but compound the budgetary challenges the State is facing:
- Additional funding for the K-12 Foundation Formula – In his budget recommendation, Governor Kehoe proposed a $200 million increase for public education funding, representing the largest increase ever seen, and nearly 4 times larger than the average annual increase. The General Assembly chose to spend an additional $297 million on top of Governor Kehoe’s historic recommendation.
- Tax Cuts – The General Assembly approved, and Governor Kehoe has committed to signing, pro-growth legislation eliminating the income tax on capital gains, which is expected to reduce state revenues by approximately $400 million annually. Governor Kehoe supports tax cuts and is proud to return Missourians’ hard-earned dollars back to them, but the reduction in state revenues must be accounted for in current and future budget decisions.
- Disaster Relief – Unforeseen severe storms, tornadoes, and flooding have caused unprecedented damage to communities across the state. Governor Kehoe supported, and the General Assembly approved, over $210 million in extraordinary emergency disaster relief for Missourians. While the need is undeniable, the cost must still be reconciled in the budgetary process.
Governor Kehoe issued 208 vetoes, totaling nearly $300 million in general revenue. To view the complete list of budget vetoes, click here.

“As Governor, I have a constitutional obligation to balance the budget, and our administration will always follow the Constitution and rule of law,” said Governor Kehoe. “We support funding for education, and have proudly championed tax cuts for hard-working Missouri families and the desperately needed resources for our fellow Missourians affected by natural disasters this spring. However, these initiatives do not come without budgetary consequences.”

In addition to his vetoes in the FY26 budget, Governor Kehoe today also restricted spending on 32 budget items, totaling $211 million in general revenue, from the FY26 state operating budget. To view the complete list of expenditure restrictions, click here.

“We do not take this action lightly, but state government cannot spend beyond our means,” said Governor Kehoe. “With current circumstances, the fiscally responsible and conservative thing to do is reduce spending and protect Missouri’s nationally recognized financial strength in preparation for difficult budget years ahead. These restrictions are not an indication of project worthiness – we understand their value, and that’s why we chose not to veto them. Rather, these withholds allow us to direct Missourians’ hard-earned tax dollars toward the most critical programs and projects that support Missouri families.”

Governor Kehoe is taking these fiscally conservative steps now in an effort to help ease the burden of broader budget cuts required to balance the budget, a constitutional responsibility of the Missouri Governor, in FY27 and future years. Governor Kehoe and his Office of Administration’s Division of Budget and Planning budget team, working alongside the General Assembly, will continue to assess Missouri’s financial outlook and evaluate the likely need for additional budget restrictions moving forward.

“We want to assure Missourians that this action is not indicative of a larger economic problem, as our economy remains strong and resilient,” said Governor Kehoe. “Just as President Trump and the federal government is reigning in spending, the State of Missouri must do the same. While we do not have an economic problem in Missouri, we do have a spending problem in state government. By working with the General Assembly, our administration commits to the people of Missouri to get spending under control and support Missouri’s economic growth so that our fiscal outlook improves and these restrictions may be released in future years.”

To view the FY26 state operating budget bills, click here.

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MIL OSI USA News –
July 1, 2025
MIL-OSI: ServisFirst Bancshares, Inc. to Announce Second Quarter 2025 Financial Results July 21st

Source: GlobeNewswire (MIL-OSI)

BIRMINGHAM, Ala., June 30, 2025 (GLOBE NEWSWIRE) — ServisFirst Bancshares, Inc. (NYSE: SFBS) is scheduled to announce earnings and operating results for the quarter ended June 30, 2025 on July 21, 2025 at 4 p.m. ET. The news release will be available at www.servisfirstbancshares.com.

ServisFirst Bancshares, Inc. will host a live audio webcast to discuss earnings and results on Monday, July 21, 2025 beginning at 5:15 p.m. ET. The audio webcast can be accessed at www.servisfirstbancshares.com. A replay of the call will be available until July 31, 2025.

About ServisFirst Bancshares, Inc.

ServisFirst Bancshares, Inc. is a bank holding company based in Birmingham, Alabama. Through its subsidiary ServisFirst Bank, ServisFirst Bancshares, Inc. provides business and personal financial services from locations in Alabama, Florida, Georgia, North and South Carolina, Tennessee, and Virginia. Through the bank, we originate commercial, consumer and other loans and accept deposits, provide electronic banking services, such as online and mobile banking, including remote deposit capture, deliver treasury and cash management services and provide correspondent banking services to other financial institutions.

ServisFirst Bancshares, Inc. files periodic reports with the U.S. Securities and Exchange Commission (SEC). Copies of its filings may be obtained through the SEC’s website at www.sec.gov or at www.servisfirstbancshares.com.

More information about ServisFirst Bancshares, Inc. may be obtained over the Internet at www.servisfirstbancshares.com or by calling
(205) 949-0302.

Contact: ServisFirst Bank
Davis Mange (205) 949-3420
DMange@servisfirstbank.com

The MIL Network –

July 1, 2025
MIL-OSI: ServisFirst Bancshares, Inc. to Announce Second Quarter 2025 Financial Results July 21st

Source: GlobeNewswire (MIL-OSI)

BIRMINGHAM, Ala., June 30, 2025 (GLOBE NEWSWIRE) — ServisFirst Bancshares, Inc. (NYSE: SFBS) is scheduled to announce earnings and operating results for the quarter ended June 30, 2025 on July 21, 2025 at 4 p.m. ET. The news release will be available at www.servisfirstbancshares.com.

ServisFirst Bancshares, Inc. will host a live audio webcast to discuss earnings and results on Monday, July 21, 2025 beginning at 5:15 p.m. ET. The audio webcast can be accessed at www.servisfirstbancshares.com. A replay of the call will be available until July 31, 2025.

About ServisFirst Bancshares, Inc.

ServisFirst Bancshares, Inc. is a bank holding company based in Birmingham, Alabama. Through its subsidiary ServisFirst Bank, ServisFirst Bancshares, Inc. provides business and personal financial services from locations in Alabama, Florida, Georgia, North and South Carolina, Tennessee, and Virginia. Through the bank, we originate commercial, consumer and other loans and accept deposits, provide electronic banking services, such as online and mobile banking, including remote deposit capture, deliver treasury and cash management services and provide correspondent banking services to other financial institutions.

ServisFirst Bancshares, Inc. files periodic reports with the U.S. Securities and Exchange Commission (SEC). Copies of its filings may be obtained through the SEC’s website at www.sec.gov or at www.servisfirstbancshares.com.

More information about ServisFirst Bancshares, Inc. may be obtained over the Internet at www.servisfirstbancshares.com or by calling
(205) 949-0302.

Contact: ServisFirst Bank
Davis Mange (205) 949-3420
DMange@servisfirstbank.com

The MIL Network –

July 1, 2025
MIL-OSI USA: Senator Hassan Speaks on the Senate Floor Against GOP Budget Bill That Raises Costs & Takes Away Health Care From Millions of Americans

US Senate News:

Source: United States Senator for New Hampshire Maggie Hassan
WASHINGTON – U.S. Senator Maggie Hassan delivered remarks on the floor of the U.S. Senate late last night on the harms of the Republican budget bill, which will take health care away from tens of thousands of Granite Staters, raise costs for families, make massive cuts to health care, and explode the national debt by trillions of dollars in order to pay for tax giveaways for corporate special interests and billionaires.
Senator Hassan also took to the airwaves with interviews on WMUR and MSNBC to make sure Granite Staters are hearing about the devastating impacts of the Republican budget bill.
Click here to see Senator Hassan’s remarks.
Full Remarks as Delivered:
I’m here today because I’m joining the majority of Americans who are deeply alarmed by this plan from the President and his Congressional allies, a plan that will make life less affordable for more Americans.
When we return home for this Fourth of July, it’d be nice to be able to tell our constituents that we came together and passed bipartisan legislation to help bring down costs for families.
Instead, my colleagues who vote for this legislation will have to explain why, at a time when families’ pocketbooks are strained, they chose to support a partisan bill to make American life even less affordable.
What will America look like once this bill takes effect? Millions of people will have lost their health coverage thanks to the largest cut to Medicaid in American history. More people won’t be able to afford preventive care and cancer screenings. And more people will get sick.
Health care premiums will surge for everyone because fewer people will have care and the number of uninsured Americans will increase. Rural hospitals will close their doors because they lost Medicaid reimbursements that helped keep them afloat.
More people, especially in states like mine, will have to make long car rides just to get to a hospital 50 miles away…in those desperate moments when minutes feel like hours, and hours like eternities.
Seniors will be thrown into grave peril because this bill threatens hundreds of billions in Medicare cuts. And once this plan eviscerates food assistance programs, it will be much harder for families to afford to put food on the table…at a time when groceries are already far too expensive…let there be no mistake, more families and children who today are being fed will go hungry. And all the while, our children will be burdened with trillions more in debt.
In the name of what cause is all this done? Well, it’s all to pay for tax breaks for billionaires.
This bill will also make us an America where our people are less free. In New Hampshire, during my time as Governor we adopted Medicaid Expansion with support from both political parties – and we balanced the budget at the same time.
We understood that with health comes freedom; the freedom to work and provide for one’s family, the freedom from disease and despair, the freedom that comes from – why do I even have to say this – being alive. Granite Staters also understood that a great country like ours treats its people with great dignity.
In America, we don’t sacrifice the health of our neighbors…we don’t let families fall sick…and we do not imperil our economy, our debt, and our workforce…just to pay for a tax giveaway for a billionaire.
So what kind of country will we be with this bill? We will not only be less healthy, but we will be less prosperous and less free…in short, this bill is at odds with what we aspire to be as Americans.
It’s also worth noting how remarkably out of step this bill is with the American people’s plea to bring down costs. In a democracy like ours, theoretically the people’s representatives pass legislation that reflects the aspirations of the majority. I say theoretically because clearly that is not what is happening today.
Indeed, according to the data from the Joint Economic Committee – Minority, if one combines this bill with the President’s tariffs – firefighters, truck drivers, and teachers, for instance, will lose $470 or more next year; while the top 0.1%, that’s people who earn about 4 million dollars or more, will be $348,000 richer.
This bill would take away health care from tens of thousands of Granite Staters and would take a similar toll across the country. Indeed, in both Florida and Texas the number of people who will lose their health insurance is greater than the entire population of New Hampshire…millions of people losing care with a stroke of a pen.
What have these people done to deserve that? All the American people are asking for is for us to help bring down costs – so the President and the Republicans in Congress take away their health care?
Sometimes in Washington we’re faced with bills that fail to fully meet the moment to be sure. But it is rare to find legislation like this – a bill that makes life less affordable during a time when Americans of every political stripe are crying out for lower costs – a bill that seems as if it was drafted just to make a mockery of the wills and wishes of the majority of people in this country.
Lately, many of my colleagues and some political pundits have been talking about this bill as if it were inevitable; a runaway freight train so vast that it cannot be stopped, and in light of this inevitability, they suggest that some of the bill’s deficiencies can just be overlooked. But, of course, this bill was not inevitable – nor is it now.
So let’s be clear – each and every Senator in this body has free will. God given free will. Which means that the measures in this legislation that gut Medicaid weren’t written by mistake or by chance. We didn’t arrive at this day, with a vote on this terrible budget bill, by accident.
Let’s not delude ourselves…we’re only here because a majority in this body decided to ignore the majority of the country and made a series of decisions;
The Republican majority decided to gut Medicaid;
They decided to take away health care from millions;
They decided to raise insurance premiums for the rest of us;
They decided that closed hospitals were a risk worth taking;
They decided that taking food away from hungry kids was acceptable;
They decided that trillions more in debt was not a problem;
The Republican majority decided that depriving the American people of all these things and raising their costs were worth it, just as long as they paid for another tax break for billionaires.
Because that’s the bargain that this Administration along with my Republican colleagues is forcing the American people to accept. Our people will be less healthy, our kids will have more debt, but the President and billionaires like him will get a tax break.
Of course, part of what makes this bill so frustrating is that it includes some individual provisions that I’ve spent years trying to pass into law. This bill includes provisions I support, some even that I authored, like strengthening the R&D tax deduction to support our entrepreneurs and a tax cut for families to make child care more affordable.
I also support this bill’s provisions which would tackle our housing crisis by expanding the Low-Income Housing Tax Credit to bring down the cost of housing, as well as a provision making mortgage insurance tax deductible so that it’s easier to buy a home. And I’d support a bill with real tax cuts for the middle class and small businesses, unlike the token measures included in this bill.
If my Republican colleagues worked across the aisle to draft a bill that brought this bipartisan approach to other critical areas – like health care and food assistance – I’d vote for it.
Instead, my colleagues chose to take these commonsense solutions hostage by linking every good idea to three bad ones – turning this into a purely partisan endeavor.
So yes, I’m glad that some of these bipartisan provisions will be signed into law, but I regret that they aren’t a part of a truly bipartisan effort because of the politics of division and destruction that President Trump brings to Washington.
Now I know that there are many areas of common ground with my Republican colleagues in this body, but it has become far too difficult to move forward on finding solutions when at every turn the President seems far more interested in demonizing and dividing rather than bringing people together.
Turning areas of agreement into weapons to force disagreement…now that’s exactly the kind of cynical politics of division that does lasting damage to our families, our economy, and our democracy.
Now President Trump likely will get this bill passed – he may get enough of the Republican caucus to stand in line once again to pass it. Even though my Republican colleagues know that budget analysts have added up the financial cost of this bill and have told them that it adds trillions upon trillions to our national debt, burdening our children’s future.
But you know as important as the debt is, it’s not the only cost of passing this awful bill. There’s another kind of cost, a cost not simply of dollars and cents. I shouldn’t have to remind this Administration and my colleagues on the other side of the aisle about the nature of this cost – they know it.
But just to be clear, this tax break for corporate special interests and billionaires has a price, a price that can’t be summed up in a budget line or written off during tax season.
Because when we debate health care in America, some dress up these discussions with words like “reconciliation” and “program” and “discretionary spending” but what they’re talking about is being sick and being healthy, what they’re talking about – whether they want to admit it or not – is living and dying.
So how much does this bill cost?
The cost is millions of Americans losing their health care;
The cost is countless families feeling the pain of higher insurance premiums;
The cost is a mother being forced to choose between paying out of pocket for her own care or paying for groceries for her kids.
It’s a price that’s exacted in cancers that go undetected; it’s exacted in chronic illnesses that go untreated; it’s exacted in the health care challenges in our country that continue to go unaddressed because we spend all our energies simply trying to keep our heads above water in floods of the President’s own making.
The price tag is more than dollars and cents; it includes the cost of losing more people from our workforce because they’re too ill to work; it includes the gnawing pains of hunger and the slow toll of malnutrition that will come as food assistance programs are robbed; it includes the anguish of young parents no longer knowing how they will make ends meet;
It includes the lost hopes and deferred dreams of people held back by illness; it includes the cost of having to say more early goodbyes.
What is the price tag of this bill? The price, in the end, is the health and freedom of millions of Americans; a price that will be paid because somewhere on the road that brought us here…here in President Trump’s Washington…some people decided that the health of some child or her mother may be dear, but it doesn’t carry the same weight as a bigger tax return for a billionaire does.
Thank you, Madam President, I yield the floor.

MIL OSI USA News –

July 1, 2025
MIL-OSI Canada: Federal government strengthens the Canadian Free Trade Agreement

Source: Government of Canada News (2)

Ottawa, Ontario, (June 30, 2025) – Today, the Honourable Chrystia Freeland, Minister of Transport and Internal Trade, announced a historic step towards freer trade within Canada.

As part of the Government’s efforts to build one Canadian economy, the federal government will be removing all remaining federal exceptions from the Canadian Free Trade Agreement (CFTA), eliminating all 53 in the Agreement since its introduction in 2017.

Most of the exceptions removed focus on procurement, which will provide Canadian businesses with more opportunities to be competitive across the country. For example, as part of this last review, the federal government is removing procurement exceptions related to financial entities, commercial land development, transportation services and space projects.

All provincial and territorial governments have committed to undertaking a review of their respective exceptions under the CFTA. Together, they have made great progress and the results will be announced at the upcoming meeting of the Committee on Internal Trade on July 8, 2025.

Today’s announcement builds on the government’s efforts to strengthen the Canadian economy. Most recently, the government passed Bill C-5, the One Canadian Economy Act, which will remove federal barriers to internal trade and labour mobility, and advance nation-building projects to drive Canadian productivity, economic growth, and competitiveness.

The federal government will continue to show leadership in this area, and work with provinces and territories to strengthen the CFTA, advance mutual recognition, and ensure seamless labour mobility within Canada.

MIL OSI Canada News –

July 1, 2025
MIL-OSI Economics: Five years already!

Source: – Press Release/Statement:

Headline: Five years already!

The Canadian Renewable Energy Association celebrates 5th anniversary.

Ottawa, June 30, 2025—The Canadian Renewable Energy Association (CanREA) is proud to celebrate its fifth anniversary on July 1, 2025. CanREA launched on July 1, 2020, during the global pandemic, as the merger of Canada’s wind and solar industry associations (CanWEA and CanSIA), with the important addition of energy storage to the mandate.

Created to provide a unified voice for solar energy, wind energy, and energy storage in Canada, CanREA has since grown to a total of more than 330 members, with seven member Networks (federal, BC, Alberta, Saskatchewan & Manitoba, Ontario, Quebec and Atlantic Canada) and three national Programs (Operators, BTM Solar & Storage, and Utility GRID Integration), as well as four successful annual Summits, nearly 30 staff members, 10 annual networking events, an ongoing series of industry webinars, and the second-largest social media community of all the Canadian trade associations in any sector.

“I want to thank our members for their support over the past five years, which has enabled our advocacy work and helped secure many key successes for the industry so far. This five-year milestone is an occasion to look back and see how far we have come, but more importantly, to look ahead. CanREA is committed to advancing the Canadian wind, solar and energy storage industries for the next five years, and for many more years to come,” said Vittoria Bellissimo, CanREA’s President and CEO.

CanREA is marking the anniversary by launching a new Awards Program, and other activities throughout the year.

Top 5 priorities for 2025-26

As we enter our new fiscal year on July 1, 2025, CanREA has defined five ambitious new strategic objectives to guide our priorities. These include:

Executing a comprehensive advocacy plan to effectively respond to evolving government mandates;

Optimizing outcomes for ongoing procurement processes in Ontario, BC and Quebec;

Executing on our new BTM strategy;

Building strategic alliances to enhance key messaging, collect information on project economics, and advocate for infrastructure and other support initiatives, including energy corridors opportunities;

All the while providing excellent membership value for all our members.

Top 10 accomplishments: Annual report card 2024-25

Looking back on the past year, there is a lot for CanREA—and the industry—to celebrate. Here is a recap of Top Ten accomplishments of 2024-5, starting with the most recent items:

Advocacy in Ontario: CanREA successfully worked to reduce barriers and improve clarity for access to agricultural land and Crown land, shaping the LT2 contracts and RFPs that were launched in late June. This is the first time in a decade the industry can bid on new wind and solar projects in Ontario!

Advocacy in Manitoba: CanREA expanded the Saskatchewan Network to include Manitoba this year and devoted a Policy Director to this mandate. CanREA’s recommendations to Manitoba’s Minister of Finance were reflected in Manitoba Hydro’s 600 MW Call for Power for Indigenous Majority-Owned Wind, for which the Request for Expressions of Interest (REOI) was issued in June.

Indigenous engagement: This year, CanREA’s new Director of Indigenous Engagement led efforts to enhance Indigenous cultural awareness for the staff and Board of Directors, develop the outline for CanREA’s Indigenous Reconciliation Action Roadmap, expand the Indigenous Business Pavilion at ETC, and collaborate with Indigenous Clean Energy (ICE) to present CanREA’s Manitoba Wind Energy Indigenous Equity Summit in June.

Advocacy in BC: CanREA expanded its presence to BC this year, with a new BC Director, a new BC Network, and a MOU with Clean Energy BC. CanREA is now working with BC Hydro to support the integration of renewables into the grid in its new Call for Power, announced in May, and its two new requests for expressions of interest relevant to energy storage, announced in June.

Advocacy in Quebec: CanREA successfully worked to optimize the ongoing procurement process in Quebec. One highlight: in May, Hydro-Québec launched a 300 MW solar energy tender. This milestone represents the first major solar procurement in Quebec, part of a broader objective to develop 3,000 MW of solar capacity by 2035.

Utilities: CanREA launched a new Utility GRID Integration program in May. Evolving from CanREA’s NRCan-funded Electricity Transition Hub, the program helps members integrate clean, affordable and reliable electricity into Canada’s power grids.

Go Solar Guide 2025: In March, CanREA’s new BTM Solar and Storage Program launched a new and improved edition of our annual Go Solar Guide, encouraging more Canadians to generate their own solar energy at home and work, and listing of all CanREA’s solar installer members. Now available as a web portal, the information is free and accessible to all.

Advocacy in Atlantic Canada: CanREA is building momentum in Atlantic Canada, enabled by a new, full-time Policy Manager based in New Brunswick. Our renewed advocacy efforts have led to policy wins across the region, including the Nova Scotia Green Choice Program RFP, which awarded 625 MW of wind in January, nearly double the original call for 350 MW.

ITCs: CanREA successfully advocated with the federal government to optimize and accelerate the Investment Tax Credits (ITCs) in Canada, as the Clean Tech ITC was implemented into law in the fall.

Procurement calendar: In October, CanREA launched a new Clean Energy Procurement Calendar, which we continue to monitor and update as new procurements get announced or come online across the nation.

Quotes

“I want to thank our members for their support over the past five years, which has enabled our advocacy work and helped secure many key successes for the industry so far. This five-year milestone is an occasion to look back and see how far we have come, but more importantly, to look ahead. CanREA is committed to advancing the Canadian wind, solar and energy storage industries for the next five years, and for many more years to come.”

—Vittoria Bellissimo, President and CEO, Canadian Renewable Energy Association (CanREA)

For media inquiries or interview opportunities, please contact: 

CommunicationsCanadian Renewable Energy Associationcommunications@renewablesassociation.ca

About CanREA 

The Canadian Renewable Energy Association (CanREA) is the voice for wind energy, solar energy and energy storage solutions that will power Canada’s energy future. We work to create the conditions for a modern energy system through stakeholder advocacy and public engagement. Our diverse members are uniquely positioned to deliver clean, low-cost, reliable, flexible and scalable solutions for Canada’s energy needs. For more information on how Canada can use wind energy, solar energy and energy storage to help achieve its net-zero commitments, consult “Powering Canada’s Journey to Net-Zero: CanREA’s 2050 Vision.” Follow us on Bluesky and LinkedIn here. Learn more at renewablesassociation.ca.

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MIL OSI Economics –

July 1, 2025
MIL-OSI United Nations: UN Secretary-General’s remarks at the International Business Forum at the Conference on Financing for Development [bilingual, as delivered; scroll down for all-English]

Source: United Nations secretary general

This Forum reflects a fundamental fact.

Development is everyone’s business.

And the private sector is an essential partner in helping countries climb the development ladder, and achieve the Sustainable Development Goals.

Businesses are not just engines of jobs and economic growth.

They help propel the innovation, technology and investment that development demands.

We are here to boost support for initiatives that benefit people and planet.

We meet against the backdrop of an incredibly challenging global environment.

As we gather in Sevilla, trade barriers and macroeconomic risks are rising.

Major aid cuts are making a bad situation even worse.

Mistrust and geopolitical divisions are blocking effective global solutions.

And the financing gap for the Sustainable Development Goals has ballooned to $4 trillion.

When the world came together for this conference 10 years ago in Addis Ababa, countries recognized that achieving the Goals was impossible without mobilizing private capital at scale.

One decade later, we continue to fall short.

Last year, investment in infrastructure in developing countries dropped by 35 per cent — including in key sectors like renewable energy, water and sanitation.

And foreign direct investment has declined two years in a row, with investment flows largely bypassing Least Developed Countries altogether.

We need to create the conditions to change course.

And that begins here in Spain.

The Sevilla Commitment document includes important steps to get the engine of development revving again:

Through new domestic and global commitments that can channel public and private finance to the areas of greatest need…

By overhauling the world’s approach to debt to make borrowing work in service of sustainable development…

And by reforming the global financial architecture to reflect today’s realities and the urgent needs of developing countries.

The Sevilla Commitment also puts forward a number of specific actions to unlock private sector investment in sustainable development.

This includes steps to strengthen the way we blend public and private capital together to maximize the use of public money in crowding-in private funds.

It includes new approaches to manage currency risk that prevent otherwise promising investment opportunities from securing the capital required.

And it includes a call to review financial regulations to ensure that risk weightings are well-designed, and help — not hinder — institutional investors from embracing projects in frontier markets.

These are significant steps, informed by lessons learned over the past 10 years.

When, one looks at today’s world, the crises in the ODA, the crises in the global funds available, it is absolutely evident that we need to be able to multiply the resources available for investments.

And the main obligation, in my opinion, of public development banks, most national and international, should be today concentrated, not essentially, in their operations, and I understand the pressure of any bureaucracy to do their own things, but those public funds available in developing banks, should be more and more put to work to multiply resources through the risking private finances and private investments.

Giving guaranties, stablishing coalitions, in which they are the first risk takers, and creating the conditions to massively increase the massive private finance and private investment in countries in which without the necessary derisking it is practically impossible to see enough development.

This is a new mentally that we need to guaranty in the investment banks, the pubic investment banks, both national and international.

Señoras y senõres,

En todo momento, contamos con el liderazgo y la visión de todos ustedes para llevar adelante el espíritu de colaboración y adoptar soluciones audaces.

Al reunir a los líderes de los sectores público y privado, a los reguladores y a los bancos de desarrollo, podemos garantizar que esta conferencia no es un final, sino un principio.

El comienzo de una nueva era de acción y colaboración en algunos de los problemas más urgentes a los que se enfrenta hoy nuestro mundo.

Y un nuevo amanecer para la manera en que se financia el progreso del desarrollo en todo el mundo.

Gracias a todos ustedes por participar en este importante esfuerzo. Espero que la participación conjunta de los sectores público y privado pueda multiplicar los recursos que tenemos.

Sabiendo que mucha más inversión es necesaria en el mundo de hoy, pero que hay mecanismos que permiten que los fondos públicos disponibles movilicen muchísimo más que hoy la financiación y la inversión privada.

*****
[All-English]

This Forum reflects a fundamental fact.

Development is everyone’s business.

And the private sector is an essential partner in helping countries climb the development ladder, and achieve the Sustainable Development Goals.

Businesses are not just engines of jobs and economic growth.

They help propel the innovation, technology and investment that development demands.

We are here to boost support for initiatives that benefit people and planet.

We meet against the backdrop of an incredibly challenging global environment.

As we gather in Sevilla, trade barriers and macroeconomic risks are rising.

Major aid cuts are making a bad situation even worse.

Mistrust and geopolitical divisions are blocking effective global solutions.

And the financing gap for the Sustainable Development Goals has ballooned to $4 trillion.

When the world came together for this conference 10 years ago in Addis Ababa, countries recognized that achieving the Goals was impossible without mobilizing private capital at scale.

One decade later, we continue to fall short.

Last year, investment in infrastructure in developing countries dropped by 35 per cent — including in key sectors like renewable energy, water and sanitation.

And foreign direct investment has declined two years in a row, with investment flows largely bypassing Least Developed Countries altogether.

We need to create the conditions to change course.

And that begins here in Spain.

The Sevilla Commitment document includes important steps to get the engine of development revving again:

Through new domestic and global commitments that can channel public and private finance to the areas of greatest need…

By overhauling the world’s approach to debt to make borrowing work in service of sustainable development…

And by reforming the global financial architecture to reflect today’s realities and the urgent needs of developing countries.

The Sevilla Commitment also puts forward a number of specific actions to unlock private sector investment in sustainable development.

This includes steps to strengthen the way we blend public and private capital together to maximize the use of public money in crowding-in private funds.

It includes new approaches to manage currency risk that prevent otherwise promising investment opportunities from securing the capital required.

And it includes a call to review financial regulations to ensure that risk weightings are well-designed, and help — not hinder — institutional investors from embracing projects in frontier markets.

These are significant steps, informed by lessons learned over the past 10 years.

When, one looks at today’s world, the crises in the ODA, the crises in the global funds available, it is absolutely evident that we need to be able to multiply the resources available for investments.

And the main obligation, in my opinion, of public development banks, most national and international, should be today concentrated, not essentially, in their operations, and I understand the pressure of any bureaucracy to do their own things, but those public funds available in developing banks, should be more and more put to work to multiply resources through the risking private finances and private investments.

Giving guaranties, stablishing coalitions, in which they are the first risk takers, and creating the conditions to massively increase the massive private finance and private investment in countries in which without the necessary derisking it is practically impossible to see enough development.

This is a new mentally that we need to guaranty in the investment banks, the pubic investment banks, both national and international.

Ladies and gentleman,

Throughout, we are counting on the leadership and vision of all of you to carry forward the spirit of collaboration and bold solutions.

By uniting public and private sector leaders, regulators and development banks, we can ensure that this conference is not an end, but rather a beginning.

The beginning of a new era of action and collaboration on some of the most urgent issues facing our world today.

And a new dawn for how we finance development progress around the world.

Thank you all for being part of this important effort. I hope that the joint participation of the public and private sectors can multiply the resources we have.

Knowing that much more investment is needed in today’s world, but that there are mechanisms that allow available public funds to mobilize much more private financing and investment than today.

MIL OSI United Nations News –

July 1, 2025
MIL-OSI: BTC Miner Cloud Mining: A Million-Dollar Opportunity Amid Crypto Market Turbulence
Source: GlobeNewswire (MIL-OSI)

New York City, NY, June 30, 2025 (GLOBE NEWSWIRE) — The global crypto market continues to sway between volatility and opportunity. Bitcoin has broken through key resistance levels several times in the past month, only to swiftly retrace. Ethereum is navigating complex upgrades, while XRP has surged and plummeted under legal clouds and geopolitical ripples. In such an environment, many investors are asking a pressing question: Is there a way to participate in crypto while still earning stable, predictable returns?

A rapidly growing UK-based company, BTC Miner, believes it has found the answer.

Cloud Mining, No Hardware Required

Unlike traditional mining, which demands expensive hardware and technical know-how, BTC Miner champions a cloud mining model. Users do not need to purchase mining rigs, pay sky-high electricity bills, or worry about outdated hardware. By registering online and purchasing a mining contract, BTC Miner allocates computing power across its global data centers, where mining operations run automatically.

“We want everyday people to enjoy the benefits of mining income,” says the BTC Miner team. “Cryptocurrency shouldn’t belong exclusively to a handful of tech insiders.”

$500 Welcome Bonus Lowers Entry Barriers

To help more users experience cloud mining with zero risk, BTC Miner offers an attractive welcome bonus:

New users who register instantly receive a $500 bonus, which can be used to purchase a $500 mining contract. Users can start earning daily profits without depositing their own funds upfront.

This means even newcomers with no prior crypto experience can safely dip their toes into the mining world — an especially appealing proposition during volatile times.

FCA Regulation Ensures Compliance and Safety

Unlike many unregulated crypto projects, BTC Miner is officially registered in the UK and operates under the strict oversight of the Financial Conduct Authority (FCA).

“Compliance is the cornerstone of our business strategy. The security of investors’ funds and the transparency of our operations are our highest priorities,” BTC Miner states.

All client funds are held in top-tier bank accounts and secured with SSL encryption and insurance protection.

Referral Rewards Create Multiple Income Streams

BTC Miner goes beyond mining profits by offering a generous referral program. The platform’s two-tier commission system works as follows:
- Earn 7% commission on the total investments of every user you directly refer.
- Earn an additional 2% commission if your referred users bring in new users themselves.
This dual-layer structure means that even those who prefer not to expand their own investments can still build substantial passive income simply by sharing their referral link.

How to Make Money: Four Simple Steps

BTC Miner makes it simple for anyone to earn crypto profits through four easy steps:
1. Register an Account
  Visit https://btcminer.net and sign up for a free account to claim your $500 welcome bonus.
2. Select a Mining Contract
  Explore various cloud mining plans on the platform, choosing one that suits your budget and timeframe.
3. Start Mining Automatically
  Once you purchase a contract, the system assigns mining power and begins operations automatically — no technical expertise required.
4. Daily Profit Settlement
  Every 24 hours, the platform calculates mining earnings and credits them to your account balance. Users can track profits in real time via their dashboards.
Additionally, users can maximize earnings through BTC Miner’s referral program, inviting others to join and invest.

Stable Earnings, Paid Daily

BTC Miner guarantees that all mining profits are calculated and settled every 24 hours, providing a level of fixed daily income that shields users from the extreme volatility that often plagues traditional crypto trading. For investors seeking consistency, this model offers a refreshing alternative.

Cloud Mining Rising in Popularity Amid Market Instability

With global crypto markets remaining unpredictable, investors are increasingly looking for ways to generate returns without being exposed to constant price swings. BTC Miner — combining regulatory compliance, the convenience of cloud mining, and innovative revenue streams — is emerging as a leading solution for those seeking to balance crypto potential with financial stability.

From first-time crypto explorers to seasoned investors, many are starting to view BTC Miner as a trusted shield against market volatility — and a gateway to substantial passive income.

Ready to unlock your own million-dollar opportunity in cloud mining?
Visit BTC Miner and claim your $500 welcome bonus： https://btcminer.net

Official email: info@btcminer.net

Attachment

The MIL Network –
July 1, 2025
MIL-OSI: Hawthorn Bancshares joins Russell 3000® and Russell 2000® Indexes in FTSE Russell’s 2025 Reconstitution

Source: GlobeNewswire (MIL-OSI)

Jefferson City, Mo., June 30, 2025 (GLOBE NEWSWIRE) — Hawthorn Bancshares, Inc. (NASDAQ: HWBK), (the “Company”), the bank holding company for Hawthorn Bank, is pleased to announce they met the criteria for inclusion in the broad-market Russell 3000^® Index (the “Russell 3000”) and the small-cap Russell 2000^® Index (the “Russell 2000”) at the conclusion of the Russell indexes’ reconstitution. The inclusion is effective today with the opening of the U.S. market.

Inclusion in the Russell 2000, which is maintained for one year, is based on inclusion in the broader Russell 3000. The Company’s common stock will be automatically added to the appropriate growth and value indexes.

The Russell 3000 is comprised of the largest 3,000 U.S. public companies by market capitalization. The Russell 2000 is a subset of the Russell 3000 that is limited to small-cap companies. The indexes are reconstituted by ranking companies based on total market capitalization as of the reconstitution rank date. Index membership results in automatic inclusion in the relevant growth and value style indexes.

“We are pleased to join these key market indexes,” said Brent M. Giles, Director and CEO of Hawthorn Bancshares, Inc. “Our inclusion in the Russell 3000 and the Russell 2000 is representative of our growth and progress over the past few years. We believe the recognition enhances our visibility in the broader investment community and serves as validation of our ability to drive value to our shareholders.”

The Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. According to the data as of the end of June 2024, about $10.6 trillion in assets are benchmarked against the Russell US indexes, which belong to FTSE Russell, the global index provider.

For more information on the Russell 2000, Russell 3000, and the Russell indexes’ reconstitution, visit the “Russell Reconstitution” section on the FTSE Russell website.

About Hawthorn Bancshares, Inc.

Hawthorn Bancshares, Inc., a financial-bank holding company headquartered in Jefferson City, Missouri, is the parent company of Hawthorn Bank, which has served families and businesses for more than 150 years. Hawthorn Bank has multiple locations, including in the greater Kansas City metropolitan area, Jefferson City, Columbia, Springfield, and Clinton.

Contact:

Hawthorn Bancshares, Inc.
Brent M. Giles
Chief Executive Officer
TEL: 573.761.6100
www.HawthornBancshares.com

Statements made in this press release that suggest Hawthorn Bancshares’ or management’s intentions, hopes, beliefs, expectations, or predictions of the future include “forward-looking statements” within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended. It is important to note that actual results could differ materially from those projected in such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those projected in such forward-looking statements is contained from time to time in the company’s quarterly and annual reports filed with the Securities and Exchange Commission. These forward-looking statements are made as of the date of this communication, and the Company disclaims any obligation to update any forward-looking statement or to publicly announce the results of any revisions to any of the forward-looking statements included herein, except as required by law.

The MIL Network –

July 1, 2025
MIL-Evening Report: Sexy K-pop demons, a human lie detector and shearers on strike: what to watch in July

Source: The Conversation (Au and NZ) – By John Mickel, Adjunct Associate Professor, School of Justice, Queensland University of Technology

Tomorrow marks exactly halfway through 2025. Luckily there’s a suite of streaming options to help get you through the mid-year bump.

We’ve got iconic classics celebrating major anniversaries, as well as an animated K-Pop spectacle, and a documentary trawling through the controversial tenure of former Queensland premier Joh Bjelke-Petersen.

Joh: Last King of Queensland

Stan

The new documentary film Joh: Last King of Queensland offers a dramatised account of Sir Joh Bjelke-Petersen’s premiership from 1968 to 1987.

Directed by Kriv Stenders, using reenactments (Bjelke-Petersen is played by Richard Roxburgh), archival footage and contemporary interviews, the film portrays him as a complex and polarising figure. Roxburgh highlights Bjelke-Petersen’s rhetorical simplicity. He presented himself as an advocate for “ordinary” Queenslanders, especially in rural and conservative communities.

We are given a man who is socially conservative, economically ambitious and politically divisive. A man who profoundly shaped Queensland’s governance and development. But while the film effectively captures his popular appeal and role in the state’s economic transformation, it simplifies key aspects of his political ascent.

In particular, it doesn’t capture the complexities of electoral mechanics, internal party manoeuvring and the influence of the public service.

Bjelke-Petersen’s legacy continues to polarise. To supporters, he remains a visionary who championed economic growth and conservative values. To critics, he presided over an era of democratic erosion, civil rights suppression and entrenched corruption.

His story reflects the enduring tension between executive authority and democratic accountability in modern Australian political history.

– John Mickel

Read more:
Joh: Last King of Queensland captures Bjelke-Petersen’s political persona – but omits key details of the story

Jaws

Various platforms

Steven Spielberg’s Jaws, released 50 years ago, was the first summer blockbuster, received Academy Awards for sound, editing and music, and became the first film to earn US$100 million at the United States box office.

Chief of Police Martin Brody has recently moved from New York City to Amity Island with his wife and two children. As the small town prepares for its crucial 4th of July celebrations, a series of shark attacks threatens the festivities – and the town’s summer economy.

The mayor insists on keeping the beaches open for “summer dollars”. When the shark strikes again, local fisherman Quint is hired to hunt it down. Brody and visiting marine biologist Matt Hooper insist on joining the expedition to save the island.

Apart from one scene using real underwater shark footage from Australians Ron and Valerie Taylor, the shark was mechanical. The mechanical shark sank … a lot. No wonder Spielberg named the temperamental and unreliable shark after his lawyer.

With the lack of a functioning shark, Spielberg made the artistic decision – echoing Alfred Hitchcock – to suggest the shark’s presence rather than show it outright in the film’s first half. Even without appearing onscreen, the shark has an overwhelming presence and effect on the audience, thanks to John Williams’ music.

Jaws is now a cinema classic.

It launched Spielberg’s illustrious career, scared an entire generation from going into the water, and also inspired a new generation of marine activists – such as myself – who love sharks and the ocean.

– Will Jeffery

Read more:
Jaws at 50: the first summer blockbuster is still a film that bites – even when the shark didn’t work

KPop Demon Hunters

Netflix

KPop Demon Hunters is an animated movie that follows a Korean girl band, Huntrix, whose members happen to be covert demon hunters. Their songs and slays have the power to maintain the barrier between the human world and the underworld (called the “honmoon”).

Annoyed demon overlord Gwi-ma (voiced by Lee Byong-Hun) greenlights a devilishly sexy boy band, Saja Boys, to steal the girls’ fans (and their souls). The attack proves to be more than a challenge for lead singer, Rumi (Arden Cho), who has a dark secret she’s keeping under wraps.

For fans of the Spider-Verse films, the animation style will be familiar: a blend of 2D and 3D techniques, with a high-contrast colour palette. KPop Demon Hunters goes an aesthetic step further by adding some distinctive anime touches, such as by using the chibi style, when characters have intense reactions.

The film also showcases several musical interludes voiced by actual K-pop stars such as EJAE, Kevin Woo, Andrew Choi and Rei Ami – as well as an anthem performed by members of TWICE, famous for their 2016 megahit Cheer Up.

To older viewers, the success of this watchable yet somewhat predictable flick may be puzzling, but KPop Demon Hunters will resonate with any Gen Zs in the house. After all, it has catchy tunes, jokes that land, female empowerment, epic battle scenes, and a smidge of teen romance.

There’s also a deeper thematic around the duality of identity, and a message about confronting one’s own demons.

– Phoebe Hart

Poker Face, season two

Stan

Charlie Cale (Natasha Lyonne) is back for season two of Poker Face. Creator Rian Johnson is clearly a lover of the whodunnit genre. Between Poker Face and the Knives Out films, Johnson continues to pay homage to the format while pushing it into new directions.

Poker Face takes the format of the inverted detective story, made famous by popular series Columbo (1968–2003), where the episode opens with the killer committing the crime, only for the detective to arrive on the scene.

The joy of Poker Face lies in the viewer trying to figure out how the detective will catch the killer, while also enjoying comedic allusions to several genres. Charlie Cale has a unique skill in that she can always tell when someone is lying: “bullshit”, she calmly says when someone doesn’t tell the truth.

Season two continues the show’s all-star cameo lineup from different eras of popular culture. Standouts include Cynthia Erivo in the opening episode, Cheers star Rhea Perlman, Katie Holmes, and Awkwafina accusing Alia Shawkat of sleeping with her grandma to steal a rent-controlled apartment.

The strongest episode of the season features John Cho and Melanie Lynskey, where Charlie meet a group of scammers at a hotel bar. Cho plays the scammer and Lynskey is his unwitting victim. When Lyonne’s Charlie becomes involved, it becomes a game of who is playing who.

The episodic format never feels tired, as each mystery’s eccentricities and generic allusions shift in each episode. Natasha Lyonne’s performance anchors the show, allowing for the emotional beats to shift seamlessly, from the sadness of death, to the humour of each ridiculous situation.

– Stuart Richards

Sirens

Netflix

Much like The Perfect Couple (2024–), or Succession (2018–23), Sirens offers all the guilty pleasures of watching wealthy but dysfunctional families scheme and unravel inside their opulent homes. It contains the usual metamodern mix of irony, plot twists, clever dialogue and dark comedy (with hints of murder) we’ve come to expect from series that rank in Netflix’s top ten.

However, it’s not quite as binge-worthy or provocative as other shows in this genre. It also drags in the middle. You could probably watch the first episode and the last chapter to follow the narrative and catch all the best scenes.

Sirens tries to distinguish itself by foregrounding strong female leads, and leaning heavily into its postfeminist take on manipulative women of different ages competing against each other. They’re not fighting over the man (played by Kevin Bacon), so much as his estate and the social capital that comes with it.

Unlike Poison Ivy and other 90s classics I have explored, Sirens presents a more sympathetic and nuanced portrayal of the sexy, younger class usurper. Simone DeWitt (played by Milly Alcock) is the working-class personal assistant determined to improve her social positioning by any means necessary.

The series also attempts to elevate itself through images and sounds which reference Greek mythology, with lots of scenes of beautiful women perched precariously on cliff tops, while hapless men are lured in by their haunting high-pitched singing.

The ambiguous politics of it all will leave you wondering if you, too, have been just as expertly manipulated.

– Susan Hopkins

Sunday Too Far Away

Brollie and ABC iView

Released 50 years ago, Sunday Too Far Away deals episodically with a group of shearers led by Foley (Jack Thompson), and the events leading up to the national shearers’ strike of 1956.

The shearers are a ragtag group held together by rum, unionism and competitiveness – as Foley must deal with the camp cook from hell, as well as a threat to his “gun” status.

Like its contemporary Wake in Fright (1971), Sunday also centres on rural male mateship. But while Wake in Fright is revolted by it, Sunday strives for an elegiac celebration that might have drawn from Henry Lawson, of union-based mateship as the only defence against the harshness of life.

It is hard to overstate Sunday’s importance for the Australian film industry and for its producer, the South Australian Film Corporation (SAFC), founded in 1972 by the new Labor government. Sunday would be the organisation’s first film, budgeted at $231,000, with the commonwealth providing half this figure. It was a remarkable demonstration of maximum involvement by a state government body.

Sunday was accepted into the Directors’ Fortnight at Cannes, the first Australian film bestowed the honour, and it went on to win eight of the 12 awards on offer at the Australian Film Institute Awards. The success of Sunday Too Far Away, followed closely by Picnic at Hanging Rock (1975) and Storm Boy (1976), succeeded in establishing the SAFC as a prime mover in Australian film.

– Michael Walsh

Read more:
Sunday Too Far Away at 50: how a story about Aussie shearers launched a local film industry

Michael Walsh is a consultant for the SAFC on its digitisation project. He has previously written a commissioned history for the organisation.

John Mickel, Phoebe Hart, Stuart Richards, Susan Hopkins, and Will Jeffery do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Sexy K-pop demons, a human lie detector and shearers on strike: what to watch in July – https://theconversation.com/sexy-k-pop-demons-a-human-lie-detector-and-shearers-on-strike-what-to-watch-in-july-259907

MIL OSI Analysis – EveningReport.nz –

July 1, 2025
MIL-Evening Report: Sexy K-pop demons, a human lie detector and shearers on strike: what to watch in July

Source: The Conversation (Au and NZ) – By John Mickel, Adjunct Associate Professor, School of Justice, Queensland University of Technology

Tomorrow marks exactly halfway through 2025. Luckily there’s a suite of streaming options to help get you through the mid-year bump.

We’ve got iconic classics celebrating major anniversaries, as well as an animated K-Pop spectacle, and a documentary trawling through the controversial tenure of former Queensland premier Joh Bjelke-Petersen.

Joh: Last King of Queensland

Stan

The new documentary film Joh: Last King of Queensland offers a dramatised account of Sir Joh Bjelke-Petersen’s premiership from 1968 to 1987.

Directed by Kriv Stenders, using reenactments (Bjelke-Petersen is played by Richard Roxburgh), archival footage and contemporary interviews, the film portrays him as a complex and polarising figure. Roxburgh highlights Bjelke-Petersen’s rhetorical simplicity. He presented himself as an advocate for “ordinary” Queenslanders, especially in rural and conservative communities.

We are given a man who is socially conservative, economically ambitious and politically divisive. A man who profoundly shaped Queensland’s governance and development. But while the film effectively captures his popular appeal and role in the state’s economic transformation, it simplifies key aspects of his political ascent.

In particular, it doesn’t capture the complexities of electoral mechanics, internal party manoeuvring and the influence of the public service.

Bjelke-Petersen’s legacy continues to polarise. To supporters, he remains a visionary who championed economic growth and conservative values. To critics, he presided over an era of democratic erosion, civil rights suppression and entrenched corruption.

His story reflects the enduring tension between executive authority and democratic accountability in modern Australian political history.

– John Mickel

Read more:
Joh: Last King of Queensland captures Bjelke-Petersen’s political persona – but omits key details of the story

Jaws

Various platforms

Steven Spielberg’s Jaws, released 50 years ago, was the first summer blockbuster, received Academy Awards for sound, editing and music, and became the first film to earn US$100 million at the United States box office.

Chief of Police Martin Brody has recently moved from New York City to Amity Island with his wife and two children. As the small town prepares for its crucial 4th of July celebrations, a series of shark attacks threatens the festivities – and the town’s summer economy.

The mayor insists on keeping the beaches open for “summer dollars”. When the shark strikes again, local fisherman Quint is hired to hunt it down. Brody and visiting marine biologist Matt Hooper insist on joining the expedition to save the island.

Apart from one scene using real underwater shark footage from Australians Ron and Valerie Taylor, the shark was mechanical. The mechanical shark sank … a lot. No wonder Spielberg named the temperamental and unreliable shark after his lawyer.

With the lack of a functioning shark, Spielberg made the artistic decision – echoing Alfred Hitchcock – to suggest the shark’s presence rather than show it outright in the film’s first half. Even without appearing onscreen, the shark has an overwhelming presence and effect on the audience, thanks to John Williams’ music.

Jaws is now a cinema classic.

It launched Spielberg’s illustrious career, scared an entire generation from going into the water, and also inspired a new generation of marine activists – such as myself – who love sharks and the ocean.

– Will Jeffery

Read more:
Jaws at 50: the first summer blockbuster is still a film that bites – even when the shark didn’t work

KPop Demon Hunters

Netflix

KPop Demon Hunters is an animated movie that follows a Korean girl band, Huntrix, whose members happen to be covert demon hunters. Their songs and slays have the power to maintain the barrier between the human world and the underworld (called the “honmoon”).

Annoyed demon overlord Gwi-ma (voiced by Lee Byong-Hun) greenlights a devilishly sexy boy band, Saja Boys, to steal the girls’ fans (and their souls). The attack proves to be more than a challenge for lead singer, Rumi (Arden Cho), who has a dark secret she’s keeping under wraps.

For fans of the Spider-Verse films, the animation style will be familiar: a blend of 2D and 3D techniques, with a high-contrast colour palette. KPop Demon Hunters goes an aesthetic step further by adding some distinctive anime touches, such as by using the chibi style, when characters have intense reactions.

The film also showcases several musical interludes voiced by actual K-pop stars such as EJAE, Kevin Woo, Andrew Choi and Rei Ami – as well as an anthem performed by members of TWICE, famous for their 2016 megahit Cheer Up.

To older viewers, the success of this watchable yet somewhat predictable flick may be puzzling, but KPop Demon Hunters will resonate with any Gen Zs in the house. After all, it has catchy tunes, jokes that land, female empowerment, epic battle scenes, and a smidge of teen romance.

There’s also a deeper thematic around the duality of identity, and a message about confronting one’s own demons.

– Phoebe Hart

Poker Face, season two

Stan

Charlie Cale (Natasha Lyonne) is back for season two of Poker Face. Creator Rian Johnson is clearly a lover of the whodunnit genre. Between Poker Face and the Knives Out films, Johnson continues to pay homage to the format while pushing it into new directions.

Poker Face takes the format of the inverted detective story, made famous by popular series Columbo (1968–2003), where the episode opens with the killer committing the crime, only for the detective to arrive on the scene.

The joy of Poker Face lies in the viewer trying to figure out how the detective will catch the killer, while also enjoying comedic allusions to several genres. Charlie Cale has a unique skill in that she can always tell when someone is lying: “bullshit”, she calmly says when someone doesn’t tell the truth.

Season two continues the show’s all-star cameo lineup from different eras of popular culture. Standouts include Cynthia Erivo in the opening episode, Cheers star Rhea Perlman, Katie Holmes, and Awkwafina accusing Alia Shawkat of sleeping with her grandma to steal a rent-controlled apartment.

The strongest episode of the season features John Cho and Melanie Lynskey, where Charlie meet a group of scammers at a hotel bar. Cho plays the scammer and Lynskey is his unwitting victim. When Lyonne’s Charlie becomes involved, it becomes a game of who is playing who.

The episodic format never feels tired, as each mystery’s eccentricities and generic allusions shift in each episode. Natasha Lyonne’s performance anchors the show, allowing for the emotional beats to shift seamlessly, from the sadness of death, to the humour of each ridiculous situation.

– Stuart Richards

Sirens

Netflix

Much like The Perfect Couple (2024–), or Succession (2018–23), Sirens offers all the guilty pleasures of watching wealthy but dysfunctional families scheme and unravel inside their opulent homes. It contains the usual metamodern mix of irony, plot twists, clever dialogue and dark comedy (with hints of murder) we’ve come to expect from series that rank in Netflix’s top ten.

However, it’s not quite as binge-worthy or provocative as other shows in this genre. It also drags in the middle. You could probably watch the first episode and the last chapter to follow the narrative and catch all the best scenes.

Sirens tries to distinguish itself by foregrounding strong female leads, and leaning heavily into its postfeminist take on manipulative women of different ages competing against each other. They’re not fighting over the man (played by Kevin Bacon), so much as his estate and the social capital that comes with it.

Unlike Poison Ivy and other 90s classics I have explored, Sirens presents a more sympathetic and nuanced portrayal of the sexy, younger class usurper. Simone DeWitt (played by Milly Alcock) is the working-class personal assistant determined to improve her social positioning by any means necessary.

The series also attempts to elevate itself through images and sounds which reference Greek mythology, with lots of scenes of beautiful women perched precariously on cliff tops, while hapless men are lured in by their haunting high-pitched singing.

The ambiguous politics of it all will leave you wondering if you, too, have been just as expertly manipulated.

– Susan Hopkins

Sunday Too Far Away

Brollie and ABC iView

Released 50 years ago, Sunday Too Far Away deals episodically with a group of shearers led by Foley (Jack Thompson), and the events leading up to the national shearers’ strike of 1956.

The shearers are a ragtag group held together by rum, unionism and competitiveness – as Foley must deal with the camp cook from hell, as well as a threat to his “gun” status.

Like its contemporary Wake in Fright (1971), Sunday also centres on rural male mateship. But while Wake in Fright is revolted by it, Sunday strives for an elegiac celebration that might have drawn from Henry Lawson, of union-based mateship as the only defence against the harshness of life.

It is hard to overstate Sunday’s importance for the Australian film industry and for its producer, the South Australian Film Corporation (SAFC), founded in 1972 by the new Labor government. Sunday would be the organisation’s first film, budgeted at $231,000, with the commonwealth providing half this figure. It was a remarkable demonstration of maximum involvement by a state government body.

Sunday was accepted into the Directors’ Fortnight at Cannes, the first Australian film bestowed the honour, and it went on to win eight of the 12 awards on offer at the Australian Film Institute Awards. The success of Sunday Too Far Away, followed closely by Picnic at Hanging Rock (1975) and Storm Boy (1976), succeeded in establishing the SAFC as a prime mover in Australian film.

– Michael Walsh

Read more:
Sunday Too Far Away at 50: how a story about Aussie shearers launched a local film industry

Michael Walsh is a consultant for the SAFC on its digitisation project. He has previously written a commissioned history for the organisation.

John Mickel, Phoebe Hart, Stuart Richards, Susan Hopkins, and Will Jeffery do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Sexy K-pop demons, a human lie detector and shearers on strike: what to watch in July – https://theconversation.com/sexy-k-pop-demons-a-human-lie-detector-and-shearers-on-strike-what-to-watch-in-july-259907

MIL OSI Analysis – EveningReport.nz –

July 1, 2025

MIL-OSI Russia: IMF Executive Board Concludes the 2025 Article IV Consultation with the Republic of Serbia and Completes the First Review Under the Policy Coordination Instrument

Source: IMF – News in Russian

June 30, 2025

Serbia’s prudent macroeconomic policies have supported economic resilience in an uncertain global environment. After a brief slowdown in early 2025, growth is expected to reaccelerate in 2026 and 2027.
The authorities are maintaining fiscal discipline and implementing macro-critical structural reforms under the Policy Coordination Instrument, having completed the first review. While Serbia faces domestic and external uncertainties, it has built strong buffers to withstand potential shocks.
Reinvigorating reforms to improve the business environment and governance would help sustain Serbia’s strong growth over the medium term.

Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the 2025 Article IV Consultation with the Republic of Serbia and completed the first review of Serbia’s performance under the Policy Coordination Instrument (PCI).[1] The authorities have consented to the publication of the Staff Report prepared for the consultation and the review.[2]

Serbia’s macroeconomic performance remains resilient amid a challenging global environment. IMF staff projects real GDP growth at 3 percent in 2025, rising to 4 percent in 2026 and 4.5 percent in 2027. Headline inflation has returned to National Bank of Serbia’s target band (3 percent +/-1.5 percentage points), driven by declining energy prices and moderating core inflation. The monetary policy stance is appropriately restrictive.

Despite increased public investment, the fiscal deficit remains under control due to strong revenue performance and prudent management of current spending. While the current account deficit has widened, reflecting higher imports supporting the public investment drive and weak external demand, international reserves remain ample.

Fiscal structural reforms are progressing, including in further strengthening public financial management and public investment management. Energy sector reforms are also advancing but more remains to be done to ensure financial sustainability and operational efficiency in state-owned energy enterprises. Reinvigorating reforms to strengthen the business environment and improve governance is important for supporting Serbia’s growth rates over the medium term.

Downside risks to the outlook are elevated. A global slowdown and further geoeconomic fragmentation could weigh on exports and foreign direct investment. Domestically, heightened political tensions could erode consumer and investor confidence. But Serbia is well-positioned to manage potential shocks— international reserves and government deposits are high, public debt is declining, and banks are well-capitalized and liquid.

At the conclusion of the Board discussion on the Republic of Serbia, Ms. Gita Gopinath, First Deputy Managing Director, made the following statement:

“Serbia’s prudent macroeconomic policies and strong engagement with the IMF have delivered impressive results. Growth has been resilient, and fiscal and external buffers have strengthened. Reflecting these accomplishments, Serbia received its first-ever investment grade sovereign rating in 2024. Under the Policy Coordination Instrument (PCI), the Serbian authorities have continued their commitment to sound economic policies and structural reforms.

“In light of easing inflation and heightened domestic and external challenges, the planned fiscal expansion focused on growth-enhancing investment, can help cushion the near-term slowdown while boosting medium-term growth. Fiscal policy anchored to the deficit target, which safeguards hard-earned fiscal credibility and contains pressures on current spending, is critical. As the current investment cycle winds down, gradual fiscal consolidation is needed to rebuild buffers against external shocks. Advancing fiscal structural reforms remains essential, particularly to strengthen public financial management, enhance governance and transparency in public investment management, and address emerging fiscal risks.

“A restrictive monetary policy stance remains appropriate until disinflation is firmly sustained. While banks have been resilient and systemic risks remain contained, financial intermediation would benefit from additional improvements in regulatory and supervisory frameworks, including by closer alignment with EU standards. Continued progress on strengthening AML/CFT is also important.

“Further energy reforms remain crucial for securing sustainable and stable energy supplies. Increases in grid fees and electricity tariffs would improve cost recovery and the financial strength of energy state-owned enterprises and allow for investment in a more diversified and less carbon-intensive energy mix.

“Serbia faces medium-term challenges including from population aging. Enhancing productivity will be critical to sustaining income convergence with advanced economies. This will require structural and governance reforms to attract higher value-added FDI and domestic private investment to support growth. Improving the business environment will require measures to enhance commercial judicial frameworks, foster innovation, and strengthen governance.”

Executive Board Assessment[3]

Executive Directors agreed with the thrust of the staff appraisal. They commended Serbia’s prudent macroeconomic policies and strong commitment to reforms and welcomed the satisfactory performance under the Policy Coordination Instrument. Noting the heightened domestic and external risks to the outlook, Directors emphasized the importance of sustaining fiscal discipline, rebuilding buffers to shocks, and increasing productivity to support more sustainable growth.

Directors underscored that a fiscal deficit of 3.0 percent of GDP or lower would allow for priority investment spending, while preserving hard won credibility. They recognized the authorities’ commitment to adhere to the wage and pension special fiscal rules, which should help to keep public debt firmly on a downward path and support investor confidence. Directors welcomed the focus on ensuring transparent, accountable, and efficient government operations. Measures to improve public financial and investment management and fiscal risk management will help to maintain fiscal discipline, while ensuring the delivery of quality public investment. Directors also underscored the need to strengthen tax administration capacity. They welcomed the authorities’ commitment to addressing domestic arrears and preventing the accumulation of new arrears.

Directors agreed on the need to maintain a monetary policy tightening bias to achieve sustained disinflation. While noting that the banking sector has been resilient and systemic risks remain contained, Directors stressed the need for continued efforts to enhance regulatory and supervisory frameworks, including through closer alignment with EU standards. Continued efforts to strengthen AML/CFT frameworks are also important.

Directors highlighted that energy sector reforms remain essential to secure sustainable and stable energy supplies and support decarbonization. Accordingly, they welcomed the authorities’ commitment to strengthen the financial viability of energy state owned enterprises and support investment in a more diversified energy mix. In this regard, ensuring cost recovery through increased household electricity tariffs is important.

Directors agreed that ambitious structural and governance reforms are critical to achieving strong and sustainable medium term growth. Noting the impact of the aging population, Directors stressed the need to enhance employment opportunities for women and youth and to ensure better matching of skills with evolving labor market demands. They also supported intensified efforts to improve the business environment, including by enhancing commercial judicial frameworks, fostering innovation, and improving governance. Continued efforts to reduce corruption are important.

It is expected that the next Article IV consultation with the Republic of Serbia will be held on the 24-month cycle.

Serbia: Selected Economic and Social Indicators, 2024–27

	2024	2025		2026		2027
	Est.	PCI Request	Proj.	PCI Request	Proj.	PCI Request	Proj.
Output
Real GDP growth (%)	3.8	4.2	3.0	4.2	4.0	4.5	4.5

Employment
Unemployment rate (labor force survey) (%)	8.6	8.5	8.5	8.4	8.4	8.3	8.3

Prices
Inflation (%), end of period	4.3	3.4	3.3	3.3	3.2	3.2	3.2

General Government Finances
Revenue (% GDP)	40.9	41.2	40.9	40.9	40.4	40.9	40.1
Expenditure (% GDP)	42.9	44.2	43.9	43.9	43.4	43.9	43.1
Fiscal balance (% GDP)	-2.0	-3.0	-3.0	-3.0	-3.0	-3.0	-3.0
Public debt (% GDP)	47.5	47.7	46.8	46.9	46.5	46.4	46.4

Money and Credit
Broad money, eop (% change)	13.6	8.0	7.8	7.8	8.0	8.3	8.8
Credit to the private sector, eop (% change) 1/	8.5	7.9	9.3	5.7	9.6	9.2	10.5

Balance of Payments
Current account (% GDP)	-4.7	-5.1	-5.4	-5.2	-5.6	-5.5	-4.5
FDI (% GDP)	5.6	5.1	4.4	4.8	4.8	4.7	4.4
Reserves (months of prospective imports)	7.3	6.6	7.0	6.3	6.5	5.9	6.5
External debt (% GDP)	61.9	60.3	61.3	58.7	59.3	55.9	54.8

Exchange Rate
REER (% change)	2.3	…	…	…	…	…	…

Sources: Serbian authorities and IMF staff estimates. 1/ Calculated at a constant exchange rate to exclude the valuation effects.

[1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

[2] Under the IMF’s Articles of Agreement, publication of documents that pertain to member countries is voluntary and requires the member consent. The staff report will be shortly published on the www.imf.org/Serbia page.

[3] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Camila Perez

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

https://www.imf.org/en/News/Articles/2025/06/30/pr-25228-serbia-imf-concludes-2025-art-iv-consult-completes-1st-rev-policy-coor-instrument

MIL OSI

MIL OSI Russia News –

July 1, 2025

MIL-OSI USA News: Providing for the Revocation of Syria Sanctions

Source: US Whitehouse

By the authority vested in me as President by the Constitution and the laws of the United States of America, including the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.), the National Emergencies Act (50 U.S.C. 1601 et seq.) (NEA), the Syria Accountability and Lebanese Sovereignty Restoration Act of 2003 (Public Law 108-175) (Syria Accountability Act), the Chemical and Biological Weapons Control and Warfare Elimination Act of 1991 (Public Law 102-182, title III) (CBW Act), the Caesar Syria Civilian Protection Act of 2019, as amended (22 U.S.C. 8791 note) (Caesar Act), the Illicit Captagon Trafficking Suppression Act of 2023 (Public Law 118-50, div. P), and section 301 of title 3, United States Code, it is hereby ordered:

Section 1. Background. The United States is committed to supporting a Syria that is stable, unified, and at peace with itself and its neighbors. A united Syria that does not offer a safe haven for terrorist organizations and ensures the security of its religious and ethnic minorities will support regional security and prosperity. The Secretary of State and the Secretary of the Treasury have taken initial steps towards this goal through the issuance on May 23, 2025, of General License 25 and a waiver of sanctions under the Caesar Act.

Sec. 2. Policy. It is the policy of the United States to recognize that circumstances that gave rise to the actions taken in the Executive Orders described in section 3(a) of this order, related to the policies and actions of the former regime of Bashar al-Assad, have been transformed by developments over the past 6 months, including the positive actions taken by the new Syrian government under President Ahmed al-Sharaa. This order supports United States national security and foreign policy goals by directing additional actions, including the removal of sanctions on Syria, the issuance of waivers that permit the relaxation of export controls and other restrictions on Syria, and other actions to be taken by the Secretary of State, the Secretary of the Treasury, and the Secretary of Commerce, as well as by other executive departments and agencies (agencies) of the United States, without providing relief to ISIS or other terrorist organizations, human rights abusers, those linked to chemical weapons or proliferation-related activities, or other persons that threaten the peace, security, or stability of the United States, Syria, and its neighbors.

Sec. 3. Revocation of Syria Sanctions. (a) Effective July 1, 2025, I hereby terminate the national emergency declared in Executive Order 13338 of May 11, 2004 (Blocking Property of Certain Persons and Prohibiting the Export of Certain Goods to Syria), and revoke that order, as well as Executive Order 13399 of April 25, 2006 (Blocking Property of Additional Persons in Connection With the National Emergency With Respect to Syria), Executive Order 13460 of February 13, 2008 (Blocking Property of Additional Persons in Connection With the National Emergency With Respect to Syria), Executive Order 13572 of April 29, 2011 (Blocking Property of Certain Persons with Respect to Human Rights Abuses in Syria), Executive Order 13573 of May 18, 2011 (Blocking Property of Senior Officials of the Government of Syria), and Executive Order 13582 of August 17, 2011 (Blocking Property of the Government of Syria and Prohibiting Certain Transactions with Respect to Syria).
(b) Pursuant to section 202(a) of the NEA (50 U.S.C. 1622(a)), termination of the national emergency declared in Executive Order 13338, as modified in scope and relied upon for additional steps taken in Executive Order 13399, Executive Order 13460, Executive Order 13572, Executive Order 13573, and Executive Order 13582 shall not affect any action taken or pending proceeding not finally concluded or determined as of July 1, 2025, any action or proceeding based on any act committed prior to July 1, 2025, or any rights or duties that matured or penalties that were incurred prior to July 1, 2025.

Sec. 4. Accountability for the Former Regime of Bashar al‑Assad. I find that additional steps must be taken to ensure meaningful accountability for perpetrators of war crimes, human rights violations and abuses, and the proliferation of narcotics trafficking networks in and in relation to Syria during the former regime of Bashar al-Assad and by those associated with it. Perpetrators of such actions threaten to undermine peace, security, and stability in the region, and thereby constitute an unusual and extraordinary threat to the national security and foreign policy of the United States.
(a) I hereby expand the scope of the national emergency declared in Executive Order 13894 of October 14, 2019 (Blocking Property and Suspending Entry of Certain Persons Contributing to the Situation in Syria), as amended in and relied on for additional steps taken in Executive Order 14142 of January 15, 2025 (Taking Additional Steps With Respect to the Situation in Syria), to deal with that threat, and accordingly further amend Executive Order 13894 by:
(i) striking section 1(a) and inserting, in lieu thereof, the following:
“Section 1. (a) All property and interests in property that are in the United States, that hereafter come within the United States, or that are or hereafter come within the possession or control of any United States person of the following persons are blocked and may not be transferred, paid, exported, withdrawn, or otherwise dealt in:
(i) any person determined by the Secretary of the Treasury, in consultation with the Secretary of State:
(A) to be responsible for or complicit in, or to have directly or indirectly engaged in, or attempted to engage in, any of the following in or in relation to Syria:
(1) actions or policies that further threaten the peace, security, stability, or territorial integrity of Syria; or
(2) the commission of serious human rights abuse;
(B) to be a former government official of the former regime of Bashar al-Assad or a person who acted for or on behalf of such an official;
(C) to have engaged in, or attempted to engage in, activities or transactions that have materially contributed to, or pose a significant risk of materially contributing to, the illicit production and international illicit proliferation of captagon;
(D) to be responsible for or complicit in, to have directly or indirectly engaged in, or to be responsible for ordering, controlling, or otherwise directing, instances in which a United States national ((i) as defined in 8 U.S.C. 1101(a)(22) or 8 U.S.C. 1408, or (ii) a lawful permanent resident with significant ties to the United States) went missing in Syria during the former regime of Bashar al-Assad;
(E) to have materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of:
(1) the former regime of Bashar al-Assad;
(2) any activity described in subsections (a)(i)(A)–(a)(i)(D) of this section; or
(3) any person whose property and interests in property are blocked pursuant to this order;
(F) to be owned or controlled by, or to have acted or purported to act for or on behalf of, directly or indirectly, any person whose property and interests in property are blocked pursuant to this order; or
(G) to be an adult family member of a person designated under subsections (a)(i)(A)–(a)(i)(D) of this section.”; and
(ii) striking section 2(a) and inserting, in lieu thereof, the following:
“Sec. 2. (a) The Secretary of State, in consultation with the Secretary of the Treasury and other officials of the United States Government as appropriate, is hereby authorized to impose on a foreign person any of the sanctions described in subsections (b) and (c) of this section, upon determining that the person, on or after the date of this order:
(i) is responsible for or complicit in, has directly or indirectly engaged in, or attempted to engage in, or financed the obstruction, disruption, or prevention of efforts to promote a Syria that is stable, unified, and at peace with itself and its neighbors, including:
(A) the convening and conduct of a credible and inclusive Syrian-led constitutional process;
(B) the preparation for and conduct of supervised elections, pursuant to the new constitution, that are free and fair and to the highest international standards of transparency and accountability; or
(C) the development of a Syrian government that is representative and reflects the will of the Syrian people;
(ii) is an adult family member of a person designated under subsection (a)(i) of this section; or
(iii) is responsible for or complicit in, or has directly or indirectly engaged in, or attempted to engage in, the expropriation of property, including real property, for personal gain or political purposes in Syria.”
(b) I additionally amend Executive Order 13606 of April 22, 2012 (Blocking the Property and Suspending Entry into the United States of Certain Persons With Respect to Grave Human Rights Abuses by the Governments of Iran and Syria Via Information Technology), by removing the following text from the preamble: “Executive Order 13338 of May 11, 2004, as modified in scope and relied upon for additional steps in subsequent Executive Orders” and replacing it with: “Executive Order 13894 of October 14, 2019, and relied upon for additional steps and further amended in subsequent Executive Orders.”

Sec. 5. Caesar Act. The Secretary of State, in consultation with the Secretary of the Treasury, shall examine whether the criteria set forth in section 7431(a) of the Caesar Act have been met, and on the basis of that examination may, pursuant to the Presidential Memorandum of March 31, 2020 (Delegation of Certain Functions and Authorities Under the National Defense Authorization Act for Fiscal Year 2020), suspend in whole or in part the imposition of sanctions otherwise required under the Caesar Act. If the Secretary of State determines to suspend in whole or in part the imposition of such sanctions, the Secretary of State, in consultation with the Secretary of the Treasury, shall provide the briefing to the appropriate congressional committees required by section 7431(b) of the Caesar Act within 30 days of such determination. Further, the Secretary of State, in consultation with the Secretary of the Treasury, shall continue to review the situation in Syria, and if the Secretary of State, in consultation with the Secretary of the Treasury, determines that the criteria set forth in section 7431(a) are no longer met, the Secretary of State shall reimpose sanctions.

Sec. 6. Syria Accountability Act. I hereby determine pursuant to section 5(b) of the Syria Accountability Act that it is in the national security interest of the United States to waive the application of subsection (a)(1), with respect to items on the Commerce Control List (supp. No. 1 to 15 C.F.R. part 774) only, and subsection (a)(2)(A) of the Syria Accountability Act only. The Secretary of State shall submit to the appropriate congressional committees the report required under section 5(b) of that Act.

Sec. 7. CBW Act. (a) Pursuant to section 307(d)(1)(B) of the CBW Act, I hereby determine and certify that there has been a fundamental change in the leadership and policies of the Government of the Syrian Arab Republic. Accordingly, I hereby waive the following sanctions imposed on Syria for the prior use of chemical weapons under the former regime of Bashar al-Assad:
(i) the restriction on foreign assistance under section 307(a)(1) of the CBW Act;
(ii) the restriction on United States Government credit, credit guarantees, or other financial assistance under section 307(a)(4) of the CBW Act;
(iii) the restrictions on the export of national security-sensitive goods and technology under section 307(a)(5) of the CBW Act and on all other goods and technology under section 307(b)(2)(C) of the CBW Act; and
(iv) the restriction on United States banks from making any loan or providing any credit to the Government of Syria under section 307(b)(2)(B) of the CBW Act.
(b) The Secretary of State shall transmit this waiver determination and report as required by sections 307(d)(1)(B) and (d)(2) of the CBW Act to the appropriate congressional committees. This waiver shall be effective 20 days after it has been so transmitted.

Sec. 8. Counterterrorism Designations. (a) The Secretary of State, in consultation with the Secretary of the Treasury and the Attorney General, shall take all appropriate action with respect to the designation of al-Nusrah Front, also known as Hay’at Tahrir al-Sham and other aliases, as a Foreign Terrorist Organization under 8 U.S.C. 1189 and as a Specially Designated Global Terrorist under 50 U.S.C. 1702 and Executive Order 13224, as well as the designation of Abu Muhammad al Jawlani, commonly known as Ahmed al-Sharaa, as a Specially Designated Global Terrorist.
(b) The Secretary of State shall take all appropriate action to review the designation of Syria as a State Sponsor of Terrorism consistent with section 1754(c) of the National Defense Authorization Act for Fiscal Year 2019 (Public Law 115-232; 50 U.S.C. 4813(c)), section 40 of the Arms Export Control Act (Public Law 90-629, as amended; 22 U.S.C. 2780), and section 620A of the Foreign Assistance Act of 1961 (Public Law 87-195, as amended; 22 U.S.C. 2371).

Sec. 9. United Nations. The Secretary of State shall take appropriate steps to advance United States policy objectives at the United Nations to support a Syria that is stable and at peace and to support Syrian efforts to counter terrorism and comply with its responsibilities and obligations concerning weapons of mass destruction, including chemical and biological weapons. The Secretary of State is further directed to explore avenues at the United Nations to provide sanctions relief in support of these objectives.

Sec. 10. Implementation. The Secretary of State, the Secretary of the Treasury, and the Secretary of Commerce, as appropriate, are hereby authorized to take such actions, including adopting rules and regulations, as may be necessary to implement this order. The Secretary of State, the Secretary of the Treasury, and the Secretary of Commerce may, consistent with applicable law, redelegate any of these functions within their respective agencies. The Secretary of State, in consultation with the Secretary of the Treasury, the Secretary of Commerce, and the Secretary of Transportation, as appropriate, is authorized to exercise the functions and authorities conferred upon the President in section 5 of the Syria Accountability Act and to redelegate these functions and authorities consistent with applicable law. All agencies of the United States shall take all appropriate measures within their authority to implement this order, consistent with applicable law.

Sec. 11. General Provisions. (a) Nothing in this order shall be construed to impair or otherwise affect:
(i) the authority granted by law to an executive department or agency, or the head thereof; or
(ii) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.
(b) This order shall be implemented consistent with applicable law and subject to the availability of appropriations.
(c) This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.
(d) The costs for publication of this order shall be borne by the Department of State.

DONALD J. TRUMP

THE WHITE HOUSE,
June 30, 2025.

MIL OSI USA News –

July 1, 2025
MIL-OSI USA News: National Security Presidential Memorandum/NSPM-5

Source: US Whitehouse

MEMORANDUM FOR THE VICE PRESIDENT

THE SECRETARY OF STATE

THE SECRETARY OF THE TREASURY

THE SECRETARY OF DEFENSE

THE ATTORNEY GENERAL

THE SECRETARY OF THE INTERIOR

THE SECRETARY OF AGRICULTURE

THE SECRETARY OF COMMERCE

THE SECRETARY OF HEALTH AND HUMAN SERVICES

THE SECRETARY OF TRANSPORTATION

THE SECRETARY OF HOMELAND SECURITY

THE DIRECTOR OF NATIONAL INTELLIGENCE

THE DIRECTOR OF THE CENTRAL INTELLIGENCE

   AGENCY

THE CHAIRMAN OF THE JOINT CHIEFS OF STAFF

THE ASSISTANT TO THE PRESIDENT AND CHIEF OF

   STAFF

THE DIRECTOR OF THE OFFICE OF MANAGEMENT AND

   BUDGET

THE ASSISTANT TO THE PRESIDENT FOR NATIONAL

   SECURITY AFFAIRS

THE ASSISTANT TO THE PRESIDENT AND HOMELAND

  SECURITY ADVISOR

THE COUNSEL TO THE PRESIDENT

THE ASSISTANT TO THE PRESIDENT FOR ECONOMIC

  POLICY

THE UNITED STATES TRADE REPRESENTATIVE

THE DIRECTOR OF THE OFFICE OF SCIENCE AND

TECHNOLOGY POLICY

THE REPRESENTATIVE OF THE UNITED STATES OF

   AMERICA TO THE UNITED NATIONS

THE ADMINISTRATOR OF THE SMALL BUSINESS

   ADMINISTRATION

THE ADMINISTRATOR OF THE UNITED STATES AGENCY FOR

   INTERNATIONAL DEVELOPMENT

THE DIRECTOR OF THE OFFICE OF PERSONNEL

   MANAGEMENT

SUBJECT:       Reissuance of and Amendments to National Security Presidential Memorandum 5 on Strengthening the Policy of the United States Toward Cuba

Section 1. Purpose. The United States recognizes the need for more freedom and democracy, improved respect for human rights, and increased free enterprise in Cuba. The Cuban people have long suffered under a Communist regime that suppresses their legitimate aspirations for freedom and prosperity and fails to respect their essential human dignity.

My Administration’s policy will be guided by the national security and foreign policy interests of the United States, as well as solidarity with the Cuban people. I will seek to promote a stable, prosperous, and free country for the Cuban people. To that end, we must channel funds toward the Cuban people and away from a regime that has failed to meet the most basic requirements of a free and just society.

In Cuba, dissidents and peaceful protesters are arbitrarily detained and held in terrible prison conditions. Violence and intimidation against dissidents occur with impunity. Families of political prisoners are retaliated against for peacefully protesting the improper confinement of their loved ones. Worshippers are harassed, and free association by civil society organizations is blocked. The right to speak freely, including through access to the internet, is denied, and there is no free press. The United States condemns these abuses.

The initial actions set forth in this memorandum, including restricting certain financial transactions and travel, encourage the Cuban government to address these abuses. My Administration will continue to evaluate its policies so as to improve human rights, encourage the rule of law, foster free markets and free enterprise, and promote democracy in Cuba.

Sec. 2. Policy. It shall be the policy of the executive branch to:

(a) End economic practices that disproportionately benefit the Cuban government or its military, intelligence, or security agencies or personnel at the expense of the Cuban people.

(b) Ensure adherence to the statutory ban on tourism to Cuba.

(c) Support the economic embargo of Cuba described in section 4(7) of the Cuban Liberty and Democratic Solidarity (LIBERTAD) Act of 1996 (the embargo), including by opposing measures that call for an end to the embargo at the United Nations and other international forums and through regular reporting on whether the conditions of a transition government exist in Cuba.

(d) Amplify efforts to support the Cuban people through the expansion of internet services, free press, free enterprise, free association, and lawful travel.

(e) Not reinstate the “Wet Foot, Dry Foot” policy, which encouraged untold thousands of Cuban nationals to risk their lives to travel unlawfully to the United States.

(f) Ensure that engagement between the United States and Cuba advances the interests of the United States and the Cuban people. These interests include: advancing Cuban human rights; encouraging the growth of a Cuban private sector independent of government control; enforcing final orders of removal against Cuban nationals in the United States; protecting the national security and public health and safety of the United States, including through proper engagement on criminal cases and working to ensure the return of fugitives from American justice living in Cuba or being harbored by the Cuban government; supporting United States agriculture and protecting plant and animal health; advancing the understanding of the United States regarding scientific and environmental challenges; and facilitating safe civil aviation.

Sec. 3. Implementation. The heads of executive departments and agencies (agencies) shall begin to implement the policy set forth in section 2 of this memorandum as follows:

(a) Within 30 days of the date of this memorandum, the Secretary of the Treasury and the Secretary of Commerce, as appropriate and in coordination with the Secretary of State and the Secretary of Transportation, shall initiate a process to adjust current regulations regarding transactions with Cuba.

(i)    As part of the regulatory changes described in this subsection, the Secretary of State shall identify any entities or subentities, as appropriate, that are under the control of, or act for or on behalf of, or for the benefit of, the Cuban military, intelligence, or security services or personnel (such as Grupo de Administracion Empresarial S.A. (GAESA), its affiliates, subsidiaries, and successors), and publish a list of those identified entities and subentities with which direct or indirect financial transactions would disproportionately benefit such services or personnel at the expense of the Cuban people or private enterprise in Cuba.

(ii) Except as provided in subsection (a)(iii) of this section, the regulatory changes described in this subsection shall prohibit direct or indirect financial transactions with those entities or subentities on the list published pursuant to subsection (a)(i) of this section.

(iii) The regulatory changes described in this subsection shall not prohibit transactions that the Secretary of the Treasury or the Secretary of Commerce, in coordination with the Secretary of State, determines are consistent with the policy set forth in section 2 of this memorandum and:

(A) concern Federal Government operations, including Naval Station Guantanamo Bay and the United States mission in Havana;

(B) support programs to build democracy in Cuba;

(C) concern air and sea operations that support permissible travel, cargo, or trade;

(D) support the acquisition of visas for permissible travel;

(E) support the expansion of direct telecommunications and internet access for the Cuban people;

(F) support the sale of agricultural commodities, medicines, and medical devices sold to Cuba consistent with the Trade Sanctions Reform and Export Enhancement Act of 2000 (22 U.S.C. 7201 et seq.) and the Cuban Democracy Act of 2002 (22 U.S.C. 6001 et seq.);

(G) relate to sending, processing, or receiving authorized remittances;

(H) otherwise further the national security or foreign policy interests of the United States; or

(I) are required by law.

(b) Within 30 days of the date of this memorandum, the Secretary of the Treasury, in coordination with the Secretary of State, shall initiate a process to adjust current regulations to ensure adherence to the statutory ban on tourism to Cuba.

(i)    The amended regulations shall require that educational travel be for legitimate educational purposes. Except for educational travel that was permitted by regulation in effect on January 27, 2011, all educational travel shall be under the auspices of an organization subject to the jurisdiction of the United States, and all such travelers must be accompanied by a representative of the sponsoring organization.

(ii)   The regulations shall further require that those traveling for the permissible purposes of non academic education or to provide support for the Cuban people:

(A) engage in a full-time schedule of activities that enhance contact with the Cuban people, support civil society in Cuba, or promote the Cuban people’s independence from Cuban authorities; and

(B) meaningfully interact with individuals in Cuba.

(iii) The regulations shall continue to provide that every person engaging in travel to Cuba shall keep full and accurate records of all transactions related to authorized travel, regardless of whether they were effected pursuant to license or otherwise, and such records shall be available for examination by the Department of the Treasury for at least 5 years after the date they occur.

(iv) The Secretary of State, the Secretary of the Treasury, the Secretary of Commerce, and the Secretary of Transportation shall review their respective agencies’ enforcement of all categories of permissible travel within 90 days of the date the regulations described in this subsection are finalized to ensure such enforcement accords with the policies outlined in section 2 of this memorandum.

(c) The Secretary of the Treasury shall regularly audit travel to Cuba to ensure that travelers are complying with relevant statutes and regulations. The Secretary of the Treasury shall request that the Inspector General of the Department of the Treasury inspect the actions taken by the Department of the Treasury to implement this audit requirement. The Inspector General of the Department of the Treasury shall provide a report to the President, through the Secretary of the Treasury, summarizing the results of that inspection within 180 days of the adjustment of current regulations described in subsection (b) of this section and annually thereafter.

(d) The Secretary of the Treasury shall adjust the Department of the Treasury’s current regulation defining the term “prohibited officials of the Government of Cuba” so that, for purposes of title 31, part 515 of the Code of Federal Regulations, it includes Ministers and Vice-Ministers; members of the Council of State and the Council of Ministers; members and employees of the National Assembly of People’s Power; members of any provincial assembly; local sector chiefs of the Committees for the Defense of the Revolution; Director Generals and sub-Director Generals and higher of all Cuban ministries and state agencies; employees of the Ministry of the Interior (MININT); employees of the Ministry of Defense (MINFAR); secretaries and first secretaries of the Confederation of Labor of Cuba (CTC) and its component unions; chief editors, editors, and deputy editors of Cuban state-run media organizations and programs, including newspapers, television, and radio; and members and employees of the Supreme Court (Tribuno Supremo Nacional).

(e) The Secretary of State and the Representative of the United States of America to the United Nations shall oppose efforts at the United Nations or (with respect to the Secretary of State) any other international forum to lift the embargo until a transition government in Cuba, as described in section 205 of the LIBERTAD Act, exists.

(f) The Secretary of State, in coordination with the Attorney General, shall provide a report to the President assessing whether and to what degree the Cuban government has satisfied the requirements of a transition government as described in section 205(a) of the LIBERTAD Act, taking into account the additional factors listed in section 205(b) of that Act. This report shall include a review of human rights abuses committed against the Cuban people, such as unlawful detentions, arbitrary arrests, and inhumane treatment.

(g) The Attorney General shall, within 90 days of the date of this memorandum, issue a report to the President on issues related to fugitives from American justice living in Cuba or being harbored by the Cuban government.

(h) The Secretary of State and the Administrator of the United States Agency for International Development shall review all democracy development programs of the Federal Government in Cuba to ensure that they align with the criteria set forth in section 109(a) of the LIBERTAD Act.

(i) The Secretary of State shall convene a task force, composed of relevant agencies, including the Office of Cuba Broadcasting, and appropriate non-governmental organizations and private-sector entities, to examine the technological challenges and opportunities for expanding internet access in Cuba, including through Federal Government support of programs and activities that encourage freedom of expression through independent media and internet freedom so that the Cuban people can enjoy the free and unregulated flow of information.

(j) The Secretary of State and the Secretary of Homeland Security shall continue to discourage dangerous, unlawful migration that puts Cuban and American lives at risk. The Secretary of Defense shall continue to provide support, as necessary, to the Department of State and the Department of Homeland Security in carrying out duties regarding interdiction of migrants.

(k) The Secretary of State, in coordination with the Secretary of the Treasury, the Secretary of Defense, the Attorney General, the Secretary of Commerce, and the Secretary of Homeland Security, shall annually report to the President regarding the engagement of the United States with Cuba to ensure that engagement is advancing the interests of the United States.

(l) All activities conducted pursuant to subsections (a) through (k) of this section shall be carried out in a manner that furthers the interests of the United States, including by appropriately protecting sensitive sources, methods, and operations of the Federal Government.

Sec. 4. Earlier Presidential Actions. (a) This memorandum amends sections 1 and 3 of National Security Presidential Memorandum 5 of June 16, 2017 (Strengthening the Policy of the United States Toward Cuba) (NSPM-5), and reissues NSPM-5 in its entirety. It does not otherwise amend the text or timelines reflected in the original NSPM-5 and is not intended to direct agencies to repeat actions already implemented under that NSPM.

(b) This memorandum supersedes and replaces both National Security Presidential Directive 52 of June 28, 2007 (U.S. Policy toward Cuba), and Presidential Policy Directive 43 of October 14, 2016 (United States-Cuba Normalization).

(c) This memorandum does not affect either Executive Order 12807 of May 24, 1992 (Interdiction of Illegal Aliens), or Executive Order 13276 of November 15, 2002 (Delegation of Responsibilities Concerning Undocumented Aliens Interdicted or Intercepted in the Caribbean Region).

Sec. 5. General Provisions. (a) Nothing in this memorandum shall be construed to impair or otherwise affect:

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

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

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

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

(d) The Secretary of State is hereby authorized and directed to publish this memorandum in the Federal Register.

DONALD J. TRUMP

MIL OSI USA News –

July 1, 2025
MIL-OSI USA News: Fact Sheet: President Donald J. Trump Strengthens the Policy of the United States Toward Cuba
Source: US Whitehouse
STRENGTHENING THE POLICY OF THE UNITED STATES TOWARD CUBA: Today, President Donald J. Trump signed a National Security Presidential Memorandum (NSPM) to strengthen the policy of the United States toward Cuba.
- This NSPM restores and strengthens the robust Cuba policy from the President’s first term, reversing the Biden Administration’s revocation that eased pressure on the Cuban regime.
- The NSPM ends economic practices that disproportionately benefit the Cuban government, military, intelligence, or security agencies at the expense of the Cuban people.
  
  Direct or indirect financial transactions with entities controlled by the Cuban military, such as Grupo de Administracion Empresarial S.A. (GAESA), and its affiliates are prohibited, with exceptions for transactions that advance U.S. policy goals or support the Cuban people.
- It enforces the statutory ban on U.S. tourism to Cuba and ensures compliance through regular audits and mandatory record-keeping of all travel-related transactions for at least five years.
- The NSPM supports the economic embargo of Cuba and opposes calls in the United Nations and other international forums for its termination.
- The NSPM amplifies efforts to support the Cuban people through the expansion of internet services, free press, free enterprise, free association, and lawful travel.
- It ensures the “Wet Foot, Dry Foot” policy remains terminated to discourage dangerous, unlawful migration.
- The NSPM ensures that engagement between the United States and Cuba advances the interests of the United States and the Cuban people, including through promoting human rights, fostering a private sector independent of government control, and enhancing national security.
- The NSPM mandates a review of human rights abuses in Cuba, including unlawful detentions and inhumane treatment, and requires a report on fugitives from American justice living in Cuba or being harbored by the Cuban government.
PROMOTING A STABLE, PROSPEROUS, AND FREE CUBA: President Trump is committed to fostering a free and democratic Cuba, addressing the Cuban people’s long-standing suffering under a Communist regime.
- The Cuban people have long suffered under a Communist regime that suppresses their legitimate aspirations for freedom and prosperity, arbitrarily detains dissidents, and holds political prisoners in inhumane conditions.
- Violence and intimidation against dissidents occur with impunity, while families of political prisoners face retaliation for their advocacy.
- The regime harasses worshippers, blocks free association by civil society organizations, and denies free speech, including through limited internet access and the absence of a free press.
- The Cuban government harbors fugitives of American justice and fails to meet the basic requirements of a free and just society.
HOLDING THE CUBAN REGIME ACCOUNTABLE: President Trump is continuing efforts from his first term to stand with the Cuban people and hold the regime accountable.
- In his first term, President Trump implemented a robust policy towards Cuba, reversing the Obama Administration’s one-sided deal that eased restrictions without securing meaningful reforms for the Cuban people.
- Now, President Trump is once again implementing a firm policy stance.
  
  President Trump is fulfilling his campaign promise: “As president, I will again stand with the people of Cuba in their long quest for justice, liberty and freedom.”
- President Trump also recently implemented a new travel ban that applies to Cuba.
  
  It lists Cuba as a state sponsor of terrorism and cites its failure to cooperate or share sufficient law enforcement information with the United States, its historical refusal to accept back its removable nationals, and its high visa overstay rate.
MIL OSI USA News –
July 1, 2025

MIL-OSI: Ellomay Capital Reports Results for the Three Months Ended March 31, 2025

Source: GlobeNewswire (MIL-OSI)

TEL-AVIV, Israel, June 30, 2025 (GLOBE NEWSWIRE) — Ellomay Capital Ltd. (NYSE American; TASE: ELLO) (“Ellomay” or the “Company”), a renewable energy and power generator and developer of renewable energy and power projects in Europe, USA and Israel, today reported its unaudited interim consolidated financial results for the three month period ended March 31, 2025.

Financial Highlights

Total assets as of March 31, 2025 amounted to approximately €721.2 million, compared to total assets as of December 31, 2024 of approximately €677.3 million.
Revenues for the three months ended March 31, 2025 were approximately €8.9 million, compared to revenues of approximately €8.2 million for the three months ended March 31, 2024.
Profit for the three months ended March 31, 2025 was approximately €6.8 million, compared to loss of approximately €4.9 million for the three months ended March 31, 2024.
EBITDA for the three months ended March 31, 2025 was approximately €2.9 million, compared to EBITDA of approximately €1.6 million for the three months ended March 31, 2024. See below under “Use of Non-IFRS Financial Measures” for additional disclosure concerning EBITDA.

Financial Overview for the Three Months Ended March 31, 2025

Revenues were approximately €8.9 million for the three months ended March 31, 2025, compared to approximately €8.2 million for the three months ended March 31, 2024. The increase in revenues mainly results from revenues generated from our 19.8 MW and 18.1 MW Italian solar facilities that were connected to the grid in February-May 2024 and in January 2025, respectively.
Operating expenses were approximately €4.6 million for the three months ended March 31, 2025, compared to approximately €4.6 million for the three months ended March 31, 2024. Depreciation and amortization expenses were approximately €4.2 million for the three months ended March 31, 2025, compared to approximately €4.1 million for the three months ended March 31, 2024.
Project development costs were approximately €1 million for the three months ended March 31, 2025, compared to approximately €1.4 million for the three months ended March 31, 2024. The decrease in project development costs is mainly due to projects that reached “ready to build” status, which results in the commencement of the capitalization of expenses related to such projects into fixed assets.
General and administrative expenses were approximately €1.7 million for the three months ended March 31, 2025, compared to approximately €1.6 million for the three months ended March 31, 2024.
The Company’s share of profits of equity accounted investee, after elimination of intercompany transactions, was approximately €1.2 million for the three months ended March 31, 2025, compared to approximately €1.3 million for the three months ended March 31, 2024.
Other income was approximately €0.2 million for the three months ended March 31, 2025, compared to €0 for the three months ended March 31, 2024. The income during the three months ended March 31, 2025 was recognized based on insurance compensation in connection with the fire near the Talasol and Ellomay Solar facilities in Spain in July 2024 due to loss of income in 2025.
Financing income, net, were approximately €7.2 million for the three months ended March 31, 2025, compared to financing expenses of approximately €3.3 million for the three months ended March 31, 2024. The change in financing expenses, net, was mainly attributable to higher income resulting from exchange rate differences that amounted to approximately €10.7 million for the three months ended March 31, 2025, compared to loss from exchange rate differences of approximately €0.6 million for the three months ended March 31, 2024, an aggregate change of approximately €11.3 million. The exchange rate differences were mainly recorded in connection with the New Israeli Shekel (“NIS”) cash and cash equivalents and the Company’s NIS denominated debentures and were caused by the 5.9% devaluation of the NIS against the euro during the three months ended March 31, 2025, compared to a revaluation of 0.8% during the three months ended March 31, 2024. The increase in financing income for the three months ended March 31, 2025 was partially offset by an increase in financing expenses of approximately €0.9 million in connection with derivatives and warrants for the three months ended March 31, 2025, compared to the three months ended March 31, 2024.
Tax benefit was approximately €0.9 million for the three months ended March 31, 2025, compared to tax benefit of approximately €0.8 million for the three months ended March 31, 2024.
Loss from discontinued operation (net of tax) was €0 for the three months ended March 31, 2025, compared to a loss from discontinued operation (net of tax) of approximately €0.3 million for the three months ended March 31, 2024.
Profit for the three months ended March 31, 2025 was approximately €6.8 million, compared to loss of approximately €4.9 million for the three months ended March 31, 2024.
Total other comprehensive loss was approximately €4.9 million for the three months ended March 31, 2025, compared to total other comprehensive income of approximately €12 million in the three months ended March 31, 2024. The change in total other comprehensive income (loss) is primarily as the result of foreign currency translation adjustments due to the change in the NIS/euro exchange rate and by changes in fair value of cash flow hedges, including a material decrease in the fair value of the liability resulting from the financial power swap that covers approximately 80% of the output of the Talasol solar plant (the “Talasol PPA”). The Talasol PPA experienced a high volatility due to the substantial change in electricity prices in Europe. In accordance with hedge accounting standards, the changes in the Talasol PPA’s fair value are recorded in the Company’s shareholders’ equity through a hedging reserve and not through the accumulated deficit/retained earnings. The changes do not impact the Company’s consolidated net profit/loss or the Company’s consolidated cash flows.
Total comprehensive income was approximately €1.9 million for the three months ended March 31, 2025, compared to total comprehensive income of approximately €7.1 million for the three months ended March 31, 2024.
EBITDA was approximately €2.9 million for the three months ended March 31, 2025, compared to approximately €1.6 million for the three months ended March 31, 2024.
Net cash from operating activities was approximately €0.3 million for the three months ended March 31, 2025, compared to approximately €1.2 million for the three months ended March 31, 2024.
On February 16, 2025, the Company issued in an Israeli public offering an aggregate principal amount of NIS 214,479,000 of newly issued Series G Debentures, due December 31, 2032. The net proceeds of the offering, net of related expenses such as consultancy fee and commissions, were approximately NIS 211.7 million (approximately €56.7 million as of the issuance date).

CEO Review for the First Quarter of 2025

In the first quarter, the Company’s revenues amounted to €8.9 million, an increase of approximately 9% in revenues compared to the corresponding quarter last year. These revenues do not include the Company’s share of Dorad’s revenues. The Company presented an increase of approximately 81% in EBITDA compared to the corresponding quarter last year (€2.9 million compared to €1.6 million in the corresponding quarter last year). The Company’s first quarter is a winter quarter and is characterized by low production and revenues compared to the other quarters of the year.

In the first half of 2025, the Company recorded significant progress in the start of construction and connection to the grid of new projects, which are expected to contribute to revenue growth in the near future.

In Italy – Financing agreements were signed for solar projects with a total capacity of 198 MW (of which 38 MW are already connected to the electricity grid), and a transaction was signed and consummated with Clal Insurance to enter as a partner (49%) in the aforementioned 198 MW. Construction work on 160 MW has begun and construction is progressing as planned. The remainder of the portfolio held by the Company (100%) is approximately 264 MW solar, of which 124 MW have received construction permits and the rest are expected to receive permits in the near future. These 264 MW are scheduled to begin construction in the last quarter of 2026.

In the US – The Company is advancing additional solar projects with a capacity of approximately 50 MW (beyond the existing portfolio (49 MW) which has completed construction), which are expected to begin construction during 2025. The intention is that these projects will be able to enjoy the full tax benefit currently in effect. The addition of battery storage to each of the projects is also under planning.

In the Netherlands – the Company received, after March 31, 2025, a license to increase production at the GGG facility by 64%. Licenses to increase production at the two additional facilities are in advanced stages. The new regulation for the obligation to blend green gas with fossil gas will commence according to the law in January 2027 (a delay of one year), but the targets for the first year have increased. Agreements have been signed for the sale of green certificates issued under the new regulation at a price of approximately €1 per certificate. The blending obligation is expected to significantly increase the profitability of operations in the Netherlands at current production capacity. The expected increase in production capacity from 16 million cubic meters of gas per year to around 24 million cubic meters of gas per year is expected to add significantly beyond that.

In Israel – the Company is in negotiations with the Israeli Electricity Authority for compensation for delays and war damage to the Manara project. Ellomay Luzon (50% owned) provided a notice of exercise of its right of first refusal on the Zorlu-Phoenix transaction for the sale of Dorad’s shares. Ellomay Luzon and another shareholder exercised their right of first refusal with respect to all of the shares offered (15% of Dorad’s shares), and, subject to the timely fulfillment of the conditions to closing, Ellomay Luzon and the other shareholder are expected to share these shares in equal parts.

In Spain – The Company’s development activity in Spain focuses on battery storage, due to the high volatility in electricity prices in Spain, which stems from an excess of renewable energy during the transition seasons and causes damage to the stability of the grid. In the Company’s assessment, the solution is a significant increase in storage capacity, which is currently at very low levels in Spain. Regulation in Spain is also starting to move in this direction.

Use of Non-IFRS Financial Measures

EBITDA is a non-IFRS measure and is defined as earnings before financial expenses, net, taxes, depreciation and amortization. The Company presents this measure in order to enhance the understanding of the Company’s operating performance and to enable comparability between periods. While the Company considers EBITDA to be an important measure of comparative operating performance, EBITDA should not be considered in isolation or as a substitute for net income or other statement of operations or cash flow data prepared in accordance with IFRS as a measure of profitability or liquidity. EBITDA does not take into account the Company’s commitments, including capital expenditures and restricted cash and, accordingly, is not necessarily indicative of amounts that may be available for discretionary uses. Not all companies calculate EBITDA in the same manner, and the measure as presented may not be comparable to similarly-titled measure presented by other companies. The Company’s EBITDA may not be indicative of the Company’s historic operating results; nor is it meant to be predictive of potential future results. The Company uses this measure internally as performance measure and believes that when this measure is combined with IFRS measure it add useful information concerning the Company’s operating performance. A reconciliation between results on an IFRS and non-IFRS basis is provided on page 17 of this press release.

About Ellomay Capital Ltd.

Ellomay is an Israeli based company whose shares are registered with the NYSE American and with the Tel Aviv Stock Exchange under the trading symbol “ELLO”. Since 2009, Ellomay focuses its business in the renewable energy and power sectors in Europe, USA and Israel.

To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy, Spain, the Netherlands and Texas, USA, including:

Approximately 335.9 MW of operating solar power plants in Spain (including a 300 MW solar plant in owned by Talasol, which is 51% owned by the Company) and 51% of approximately 38 MW of operating solar power plants in Italy;
9.375% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel’s largest private power plants with production capacity of approximately 850MW, representing about 6%-8% of Israel’s total current electricity consumption;
Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland B.V., project companies operating anaerobic digestion plants in the Netherlands, with a green gas production capacity of approximately 3 million, 3.8 million and 9.5 million Nm3 per year, respectively;
83.333% of Ellomay Pumped Storage (2014) Ltd., which is involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel;
51% of solar projects in Italy with an aggregate capacity of 160 MW that commenced construction processes;
Solar projects in Italy with an aggregate capacity of 134 MW that have reached “ready to build” status; and
Solar projects in the Dallas Metropolitan area, Texas, USA with an aggregate capacity of approximately 27 MW that are connected to the grid and additional 22 MW that are awaiting connection to the grid.

For more information about Ellomay, visit http://www.ellomay.com.

Information Relating to Forward-Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties, including statements that are based on the current expectations and assumptions of the Company’s management. All statements, other than statements of historical facts, included in this press release regarding the Company’s plans and objectives, expectations and assumptions of management are forward-looking statements. The use of certain words, including the words “estimate,” “project,” “intend,” “expect,” “believe” and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the Company’s forward-looking statements. Various important factors could cause actual results or events to differ materially from those that may be expressed or implied by the Company’s forward-looking statements, including changes in electricity prices and demand, regulatory changes increases in interest rates and inflation, changes in the supply and prices of resources required for the operation of the Company’s facilities (such as waste and natural gas) and in the price of oil, the impact of the war and hostilities in Israel and Gaza and between Israel and Iran, the impact of the continued military conflict between Russia and Ukraine, technical and other disruptions in the operations or construction of the power plants owned by the Company, inability to obtain the financing required for the development and construction of projects, inability to advance the expansion of Dorad, increases in interest rates and inflation, changes in exchange rates, delays in development, construction, or commencement of operation of the projects under development, failure to obtain permits – whether within the set time frame or at all, climate change, and general market, political and economic conditions in the countries in which the Company operates, including Israel, Spain, Italy and the United States. and general market, political and economic conditions in the countries in which the Company operates, including Israel, Spain, Italy and the United States. These and other risks and uncertainties associated with the Company’s business are described in greater detail in the filings the Company makes from time to time with Securities and Exchange Commission, including its Annual Report on Form 20-F. The forward-looking statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:
Kalia Rubenbach (Weintraub)
CFO
Tel: +972 (3) 797-1111
Email: hilai@ellomay.com

Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Statements of Financial Position
	March 31,	December 31,	March 31,
	2025	2024	2025
	Unaudited	Audited	Unaudited
	€ in thousands		Convenience Translation into US$ in thousands*
Assets
Current assets:
Cash and cash equivalents	35,148	41,134	38,021
Short term deposits	36,301	–	39,268
Restricted cash	656	656	710
Intangible asset from green certificates	195	178	211
Trade and revenue receivables	5,911	5,393	6,394
Other receivables	15,518	15,341	16,786
Derivatives asset short-term	650	146	703
	94,379	62,848	102,093
Non-current assets
Investment in equity accounted investee	40,107	41,324	43,385
Advances on account of investments	547	547	592
Fixed assets	487,100	482,747	526,914
Right-of-use asset	41,276	34,315	44,650
Restricted cash and deposits	15,569	17,052	16,842
Deferred tax	8,525	9,039	9,222
Long term receivables	13,882	13,411	15,017
Derivatives	19,855	15,974	21,478
	626,861	614,409	678,100

Total assets	721,240	677,257	780,193

Liabilities and Equity
Current liabilities
Current maturities of long-term bank loans	20,761	21,316	22,458
Current maturities of other long-term loans	5,866	5,866	6,345
Current maturities of debentures	47,233	35,706	51,094
Trade payables	9,928	8,856	10,738
Other payables	8,913	10,896	9,642
Current maturities of derivatives	40	1,875	43
Current maturities of lease liabilities	733	714	793
Warrants	1,740	1,446	1,882
	95,214	86,675	102,995
Non-current liabilities
Long-term lease liabilities	32,673	25,324	35,344
Long-term bank loans	242,177	245,866	261,972
Other long-term loans	29,578	30,448	31,996
Debentures	186,691	155,823	201,951
Deferred tax	2,652	2,609	2,869
Other long-term liabilities	950	939	1,028
Derivatives	135	288	146
	494,856	461,297	535,306
Total liabilities	590,070	547,972	638,301

Equity
Share capital	25,613	25,613	27,707
Share premium	86,275	86,271	93,327
Treasury shares	(1,736)	(1,736)	(1,878)
Transaction reserve with non-controlling Interests	5,697	5,697	6,163
Reserves	7,381	14,338	7,984
Accumulated deficit	(3,567)	(11,561)	(3,859)
Total equity attributed to shareholders of the Company	119,663	118,622	129,444
Non-Controlling Interest	11,507	10,663	12,448
Total equity	131,170	129,285	141,892
Total liabilities and equity	721,240	677,257	780,193

* Convenience translation into US$ (exchange rate as at March 31, 2025: euro 1 = US$ 1.082)

Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Interim Statements of Profit or Loss and Other Comprehensive Income (Loss)
	For the three months ended March 31,		For the year ended December 31,	For the three months ended March 31,
	2025	2024	2024	2025
	Unaudited		Audited	Unaudited
	€ in thousands (except per share data)			Convenience Translation into US$*
Revenues	8,860	8,243	40,467	9,584
Operating expenses	(4,627)	(4,563)	(19,803)	(5,005)
Depreciation and amortization expenses	(4,238)	(4,055)	(15,887)	(4,584)
Gross profit (loss)	(5)	(375)	4,777	(5)

Project development costs	(1,045)	(1,415)	(4,101)	(1,130)
General and administrative expenses	(1,662)	(1,620)	(6,063)	(1,798)
Share of profits of equity accounted investee	1,189	1,286	11,062	1,286
Other income	198	–	3,409	214
Operating profit (loss)	(1,325)	(2,124)	9,084	(1,433)

Financing income	11,483	631	2,495	12,422
Financing income (expenses) in connection with derivatives and warrants, net	(376)	536	1,140	(407)
Financing expenses in connection with projects finance	(1,375)	(1,501)	(6,190)	(1,487)
Financing expenses in connection with debentures	(1,741)	(1,711)	(6,641)	(1,883)
Interest expenses on minority shareholder loan	(476)	(554)	(2,144)	(515)
Other financing expenses	(294)	(713)	(8,311)	(318)
Financing income (expenses), net	7,221	(3,312)	(19,651)	7,812
Profit (loss) before taxes on income	5,896	(5,436)	(10,567)	6,379
Tax benefit	922	828	1,424	997
Profit (loss) from continuing operations	6,818	(4,608)	(9,143)	7,376
Profit (loss) from discontinued operation (net of tax)	–	(312)	137	–
Profit (loss) for the period	6,818	(4,920)	(9,006)	7,376
Profit (loss) attributable to:
Owners of the Company	7,994	(3,613)	(6,524)	8,647
Non-controlling interests	(1,176)	(1,307)	(2,482)	(1,271)
Profit (loss) for the period	6,818	(4,920)	(9,006)	7,376

Other comprehensive income items
That after initial recognition in comprehensive income were or will be transferred to profit or loss:
Foreign currency translation differences for foreign operations	(9,538)	1,124	8,007	(10,318)
Foreign currency translation differences for foreign operations that were recognized in profit or loss	–	–	255
Effective portion of change in fair value of cash flow hedges	4,264	10,461	5,631	4,613
Net change in fair value of cash flow hedges transferred to profit or loss	337	457	(813)	365
Total other comprehensive income	(4,937)	12,042	13,080	(5,340)

Total other comprehensive income (loss) attributable to:
Owners of the Company	(6,957)	6,656	10,039	(7,526)
Non-controlling interests	2,020	5,386	3,041	2,186
Total other comprehensive income (loss)	(4,937)	12,042	13,080	(5,340)
Total comprehensive income for the period	1,881	7,122	4,074	2,036

Total comprehensive income for the period attributable to:
Owners of the Company	1,037	3,043	3,515	1,121
Non-controlling interests	844	4,079	559	915
Total comprehensive income for the period	1,881	7,122	4,074	2,036

* Convenience translation into US$ (exchange rate as at March 31, 2025: euro 1 = US$ 1.082)

Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Interim Statements of Profit or Loss and Other Comprehensive Income (Loss) (cont’d)
	For the three months ended March 31,		For the year ended December 31,	For the three months ended March 31,
	2025	2024	2024	2025
	Unaudited		Audited	Unaudited
	€ in thousands (except per share data)			Convenience Translation into US$*

Basic profit (loss) per share	0.62	(0.28)	(0.51)	0.67
Diluted profit (loss) per share	0.62	(0.28)	(0.51)	0.67

Basic profit (loss) per share continuing operations	0.62	(0.31)	(0.52)	0.67
Diluted profit (loss) per share continuing operations	0.62	(0.31)	(0.52)	0.67

Basic profit (loss) per share discontinued operation	–	(0.02)	0.01	–
Diluted profit (loss) per share discontinued operation	–	(0.02)	0.01	–

* Convenience translation into US$ (exchange rate as at March 31, 2025: euro 1 = US$ 1.082)

Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Interim Statements of Changes in Equity

Attributable to shareholders of the Company

Non- controlling

Total

Interests

Equity

Share capital

Share premium

Accumulated Deficit

Treasury shares

Translation reserve from
foreign operations

Hedging Reserve

Interests Transaction reserve with
non-controlling Interests

Total

€ in thousands

For the three months

ended March 31, 2025 (unaudited):

Balance as at January 1, 2025

25,613

86,271

(11,561)

(1,736)

8,446

5,892

5,697

118,622

10,663

129,285

Profit for the period

–

7,994

–

7,994

(1,176)

6,818

Other comprehensive income for the period

–

(9,329)

2,372

–

(6,957)

2,020

(4,937)

Total comprehensive income for the period

–

7,994

–

(9,329)

2,372

–

1,037

844

1,881

Transactions with owners of the Company, recognized directly in equity:

Share-based payments

–

Balance as at March 31, 2025

25,613

86,275

(3,567)

(1,736)

(883)

8,264

5,697

119,663

11,507

131,170

For the three months

ended March 31, 2024 (unaudited):

Balance as at January 1, 2024

25,613

86,159

(5,037)

(1,736)

385

3,914

5,697

114,995

10,104

125,099

Loss for the period

–

(3,613)

–

(3,613)

(1,307)

(4,920)

Other comprehensive income for the period

–

1,088

5,568

–

6,656

5,386

12,042

Total comprehensive income (loss) for the period

–

(3,613)

–

1,088

5,568

–

3,043

4,079

7,122

Transactions with owners of the Company, recognized directly in equity:

Share-based payments

–

Balance as at March 31, 2024

25,613

86,189

(8,650)

(1,736)

1,473

9,482

5,697

118,068

14,183

132,251

Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Interim Statements of Changes in Equity (cont’d)
			Attributable to shareholders of the Company						Non- controlling	Total
									Interests	Equity
	Share capital	Share premium	Accumulated Deficit	Treasury shares	Translation reserve from foreign operations	Hedging Reserve	Interests Transaction reserve with non-controlling Interests	Total
	€ in thousands
For the year ended
December 31, 2024 (audited):
Balance as at January 1, 2024	25,613	86,159	(5,037)	(1,736)	385	3,914	5,697	114,995	10,104	125,099
Loss for the year	–	–	(6,524)	–	–	–	–	(6,524)	(2,482)	(9,006)
Other comprehensive income for the year	–	–	–	–	8,061	1,978	–	10,039	3,041	13,080
Total comprehensive income (loss) for the year	–	–	(6,524)	–	8,061	1,978	–	3,515	559	4,074
Transactions with owners of the Company, recognized directly in equity:
Share-based payments	–	112	–	–	–	–	–	112	–	112
Balance as at December 31, 2024	25,613	86,271	(11,561)	(1,736)	8,446	5,892	5,697	118,622	10,663	129,285

Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Interim Statements of Changes in Equity (cont’d)

Attributable to shareholders of the Company

Non- controlling
Interests

Total
Equity

Share capital

Share premium

Accumulated Deficit

Treasury shares

Translation reserve from
foreign operations

Hedging Reserve

Interests Transaction reserve with
non-controlling Interests

Total

Convenience translation into US$ (exchange rate as at March 31, 2025: euro 1 = US$ 1.082)

For the three months

ended March 31, 2025 (unaudited):

Balance as at January 1, 2025

27,707

93,323

(12,506)

(1,878)

9,136

6,374

6,163

128,319

11,533

139,852

Loss for the period

–

8,647

–

8,647

(1,271)

7,376

Other comprehensive income for the period

–

(10,092)

2,566

–

(7,526)

2,186

(5,340)

Total comprehensive income for the period

–

8,647

–

(10,092)

2,566

–

1,121

915

2,036

Transactions with owners of the Company, recognized directly in equity:

Share-based payments

–

Balance as at March 31, 2025

27,707

93,327

(3,859)

(1,878)

(956)

8,940

6,163

129,444

12,448

141,892

Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Interim Statements of Cash Flow
	For the three months ended March 31,		For the year ended December 31,	For the three months ended March 31,
	2025	2024	2024	2025
	Unaudited		Audited	Unaudited
	€ in thousands			Convenience Translation into US$*
Cash flows from operating activities
Profit (loss) for the period	6,818	(4,920)	(9,006)	7,376
Adjustments for:
Financing expenses (income), net	(7,221)	3,167	19,247	(7,812)
Loss from settlement of derivatives contract	–	–	316	–
Impairment losses on assets of disposal groups classified as held-for-sale	–	601	405	–
Depreciation and amortization expenses	4,238	4,084	15,935	4,584
Share-based payment transactions	4	30	112	4
Share of profit of equity accounted investees	(1,189)	(1,286)	(11,062)	(1,286)
Payment of interest on loan from an equity accounted investee	–	–	–	–
Change in trade receivables and other receivables	6,178	(2,342)	(8,824)	6,683
Change in other assets	(496)	–	3,770	(537)
Change in receivables from concessions project	–	315	793	–
Change in trade payables	1,267	(68)	(31)	1,371
Change in other payables	(5,538)	2,796	4,455	(5,796)
Tax benefit	(922)	(805)	(1,429)	(997)
Income taxes refund (paid)	–	564	623	–
Interest received	351	907	2,537	380
Interest paid	(3,408)	(1,892)	(9,873)	(3,687)
	(6,556)	6,071	16,974	(7,093)
Net cash from operating activities	262	1,151	7,968	283

Cash flows from investing activities
Acquisition of fixed assets	(18,550)	(9,020)	(72,922)	(20,066)
Interest paid capitalized to fixed assets	(876)	–	(2,515)	(948)
Proceeds from sale of investments	–	–	9,267	–
Advances on account of investments	–	–	(163)	–
Proceeds from advances on account of investments	–	–	514	–
Investment in settlement of derivatives, net	–	14	(316)	–
Proceed from restricted cash, net	1,307	1,153	689	1,414
Proceeds from investment in short-term deposits	(39,132)	(28)	1,004	(42,331)
Net cash used in investing activities	(57,251)	(7,881)	(64,442)	(61,931)

Cash flows from financing activities
Issuance of warrants	–	3,735	2,449	–
Cost associated with long term loans	(658)	(638)	(2,567)	(712)
Payment of principal of lease liabilities	(372)	(299)	(2,941)	(402)
Proceeds from long-term loans	306	380	19,482	331
Repayment of long-term loans	(1,792)	(2,357)	(11,776)	(1,938)
Repayment of debentures	—	–	(35,845)	–
Proceeds from issuance of debentures, net	56,729	36,450	74,159	61,366
Net cash from financing activities	54,213	37,271	42,961	58,645

Effect of exchange rate fluctuations on cash and cash equivalents	(3,210)	1,667	3,092	(3,472)
Increase (decrease) in cash and cash equivalents	(5,986)	32,208	(10,421)	(6,475)
Cash and cash equivalents at the beginning of year	41,134	51,555	51,127	44,496
Cash from disposal groups classified as held-for-sale	–	(1,041)	428	–
Cash and cash equivalents at the end of the period	35,148	82,722	41,134	38,021

* Convenience translation into US$ (exchange rate as at March 31, 2025: euro 1 = US$ 1.082)

Ellomay Capital Ltd. and its Subsidiaries

Operating Segments

Italy

Spain

USA

Netherlands

Israel

Total

Subsidized

28 MV

reportable

Total

Solar

Plants

Solar

Talasol

Solar

Biogas

Dorad

Manara

segments

Reconciliations

consolidated

For the three months ended March 31, 2025

€ in thousands

Revenues

945

786

406

3,246

–

3,477

15,061

–

23,921

(15,061)

8,860

Operating expenses

(435)

(105)

(84)

(1,024)

(305)

(3,206)

(11,693)

–

(16,851)

12,224

(4,627)

Depreciation expenses

(225)

(229)

(252)

(2,839)

–

(676)

(1,268)

–

(5,489)

1,251

(4,238)

Gross profit (loss)

313

452

(617)

(305)

(405)

2,100

–

1,623

(1,628)

(5)

Adjusted gross profit (loss)

313

452

(617)

(305)

(405)

2,100

–

1,623

(1,628)

(5)

Project development costs

(1,045)

General and administrative expenses

(1,662)

Share of loss of equity accounted investee

1,189

Other income, net

198

Operating profit

(1,325)

Financing income

11,483

Financing income in connection

with derivatives and warrants, net

(376)

Financing expenses in connection with projects finance

(1,375)

Financing expenses in connection with debentures

(1,741)

Interest expenses on minority shareholder loan

(476)

Other financing expenses

(294)

Financing expenses, net

7,221

Loss before taxes on income

5,896

Segment assets as at March 31, 2025

87,185

13,242

19,475

223,844

60,458

32,801

108,858

180,504

726,366

(5,126)

721,240

Ellomay Capital Ltd. and its Subsidiaries
Reconciliation of Profit (Loss) to EBITDA
	For the three months ended March 31,		For the year ended December 31,	For the three months ended March 31,
	2025	2024	2024	2025
	€ in thousands			Convenience Translation into US$*
Net profit (loss) for the period	6,818	(4,920)	(9,006)	7,376
Financing expenses (income), net	(7,221)	3,312	19,651	(7,812)
Tax benefit	(922)	(828)	(1,424)	(997)
Depreciation and amortization expenses	4,238	4,055	15,887	4,584
EBITDA	2,913	1,619	25,108	3,151

* Convenience translation into US$ (exchange rate as at March 31, 2025: euro 1 = US$ 1.082)

Ellomay Capital Ltd. and its Subsidiaries
Information for the Company’s Debenture Holders

Financial Covenants

Pursuant to the Deeds of Trust governing the Company’s Series C, Series D, Series E, Series F and Series G Debentures (together, the “Debentures”), the Company is required to maintain certain financial covenants. For more information, see Items 4.A and 5.B of the Company’s Annual Report on Form 20-F submitted to the Securities and Exchange Commission on April 30, 2025, and below.

Net Financial Debt

As of March 31, 2025, the Company’s Net Financial Debt, (as such term is defined in the Deeds of Trust of the Company’s Debentures), was approximately €170 million (consisting of approximately €303¹ million of short-term and long-term debt from banks and other interest bearing financial obligations, approximately €241.4² million in connection with (i) the Series C Debentures issuances (in July 2019, October 2020, February 2021 and October 2021), (ii) the Series D Convertible Debentures issuance (in February 2021), (iii) the Series E Secured Debentures issuance (in February 2023), (iv) the Series F Debentures issuance (in January, April, August and November 2024) and (v) the Series G Debentures issuance (in February 2025)), net of approximately €71.4 million of cash and cash equivalents, short-term deposits and marketable securities and net of approximately €303³ million of project finance and related hedging transactions of the Company’s subsidiaries).

Discussion concerning Warning Signs

Upon the issuance of the Company’s Debentures, the Company undertook to comply with the “hybrid model disclosure requirements” as determined by the Israeli Securities Authority and as described in the Israeli prospectuses published in connection with the public offering of the company’s Debentures. This model provides that in the event certain financial “warning signs” exist in the Company’s consolidated financial results or statements, and for as long as they exist, the Company will be subject to certain disclosure obligations towards the holders of the Company’s Debentures.

One possible “warning sign” is the existence of a working capital deficiency if the Company’s Board of Directors does not determine that the working capital deficiency is not an indication of a liquidity problem. In examining the existence of warning signs as of March 31, 2025, the Company’s Board of Directors noted the working capital deficiency as of March 31, 2025, in the amount of approximately €0.96 million. The Company’s Board of Directors reviewed the Company’s financial position, outstanding debt obligations and the Company’s existing and anticipated cash resources and uses and determined that the existence of a working capital deficiency as of March 31, 2025, does not indicate a liquidity problem. In making such determination, the Company’s Board of Directors noted the following: (i) the execution of the agreement to sell tax credits in connection with the US solar projects, which is expected to contribute approximately $19 million during the next twelve months, (ii) the Company’s positive cash flow from operating activities during 2023 and 2024, and (iii) funds received from the investment transaction with Clal Insurance Company Ltd. that was consummated in June 2025.

Ellomay Capital Ltd.
Information for the Company’s Debenture Holders (cont’d)

Information for the Company’s Series C Debenture Holders

The Deed of Trust governing the Company’s Series C Debentures (as amended on June 6, 2022, the “Series C Deed of Trust”), includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for two consecutive quarters is a cause for immediate repayment. As of March 31, 2025, the Company was in compliance with the financial covenants set forth in the Series C Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series C Deed of Trust) was approximately €116.6 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 59.3%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA,⁴ was 6.3.

The following is a reconciliation between the Company’s profit and the Adjusted EBITDA (as defined in the Series C Deed of Trust) for the four-quarter period ended March 31, 2025:

		For the four-quarter period ended March 31, 2025
		Unaudited
		€ in thousands
Profit for the period		2,274
Financing expenses, net		9,118
Taxes on income		(1,641)
Depreciation and amortization expenses		16,651
Share-based payments		86
Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model		484
Adjusted EBITDA as defined the Series C Deed of Trust		26,972

The Series C Debentures were fully repaid on June 30, 2025 in accordance with their terms.

Ellomay Capital Ltd.
Information for the Company’s Debenture Holders (cont’d)

Information for the Company’s Series D Debenture Holders

The Deed of Trust governing the Company’s Series D Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series D Deed of Trust is a cause for immediate repayment. As of March 31, 2025, the Company was in compliance with the financial covenants set forth in the Series D Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series D Deed of Trust) was approximately €116.6 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 59.3%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA⁵ was 6.1.

The following is a reconciliation between the Company’s profit and the Adjusted EBITDA (as defined in the Series D Deed of Trust) for the four-quarter period ended March 31, 2025:

		For the four-quarter period ended March 31, 2025
		Unaudited
		€ in thousands
Loss for the period		2,274
Financing expenses, net		9,118
Taxes on income		(1,641)
Depreciation and amortization expenses		16,651
Share-based payments		86
Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model		484
Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters⁶		899
Adjusted EBITDA as defined the Series D Deed of Trust		27,871

Ellomay Capital Ltd.

Information for the Company’s Debenture Holders (cont’d)

Information for the Company’s Series E Debenture Holders

The Deed of Trust governing the Company’s Series E Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series E Deed of Trust is a cause for immediate repayment. As of March 31, 2025, the Company was in compliance with the financial covenants set forth in the Series E Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series E Deed of Trust) was approximately €116.6 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 59.3%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA⁷ was 6.1.

The following is a reconciliation between the Company’s profit and the Adjusted EBITDA (as defined in the Series E Deed of Trust) for the four-quarter period ended March 31, 2025:

		For the four-quarter period ended March 31, 2025
		Unaudited
		€ in thousands
Profit for the period		2,274
Financing expenses, net		9,118
Taxes on income		(1,641)
Depreciation and amortization expenses		16,651
Share-based payments		86
Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model		484
Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters⁸		899
Adjusted EBITDA as defined the Series E Deed of Trust		27,871

In connection with the undertaking included in Section 3.17.2 of Annex 6 of the Series E Deed of Trust, no circumstances occurred during the reporting period under which the rights to loans provided to Ellomay Luzon Energy Infrastructures Ltd. (formerly U. Dori Energy Infrastructures Ltd. (“Ellomay Luzon Energy”)), which were pledged to the holders of the Company’s Series E Debentures, will become subordinate to the amounts owed by Ellomay Luzon Energy to Israel Discount Bank Ltd.

As of March 31, 2025, the value of the assets pledged to the holders of the Series E Debentures in the Company’s books (unaudited) is approximately €40.1 million (approximately NIS 161.3 million based on the exchange rate as of such date).

Ellomay Capital Ltd. and its Subsidiaries

Information for the Company’s Debenture Holders (cont’d)

Information for the Company’s Series F Debenture Holders

The Deed of Trust governing the Company’s Series F Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series F Deed of Trust is a cause for immediate repayment. As of March 31, 2025, the Company was in compliance with the financial covenants set forth in the Series F Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series F Deed of Trust) was approximately €115.9 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 59.4%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA⁹ was 6.1.

The following is a reconciliation between the Company’s profit and the Adjusted EBITDA (as defined in the Series F Deed of Trust) for the four-quarter period ended March 31, 2025:

		For the four-quarter period ended March 31, 2025
		Unaudited
		€ in thousands
Profit for the period		2,274
Financing expenses, net		9,118
Taxes on income		(1,641)
Depreciation and amortization expenses		16,651
Share-based payments		86
Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model		484
Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters¹⁰		899
Adjusted EBITDA as defined the Series F Deed of Trust		27,871

Ellomay Capital Ltd. and its Subsidiaries

Information for the Company’s Debenture Holders (cont’d)

Information for the Company’s Series G Debenture Holders

The Deed of Trust governing the Company’s Series G Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series G Deed of Trust is a cause for immediate repayment. As of March 31, 2025, the Company was in compliance with the financial covenants set forth in the Series G Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series G Deed of Trust) was approximately €115.9 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 59.4%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA¹¹ was 6.1.

The following is a reconciliation between the Company’s profit and the Adjusted EBITDA (as defined in the Series G Deed of Trust) for the four-quarter period ended March 31, 2025:

		For the four-quarter period ended March 31, 2025
		Unaudited
		€ in thousands
Profit for the period		2,274
Financing expenses, net		9,118
Taxes on income		(1,641)
Depreciation and amortization expenses		16,651
Share-based payments		86
Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model		484
Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters¹²		899
Adjusted EBITDA as defined the Series G Deed of Trust		27,871

____________________________
¹ The amount of short-term and long-term debt from banks and other interest-bearing financial obligations provided above, includes an amount of approximately €4.5 million costs associated with such debt, which was capitalized and therefore offset from the debt amount that is recorded in the Company’s balance sheet.

² The amount of the debentures provided above includes an amount of approximately €6.7 million associated costs, which was capitalized and discount or premium and therefore offset from the debentures amount that is recorded in the Company’s balance sheet. This amount also includes the accrued interest as at March 31, 2025 in the amount of approximately €0.8 million.

³ The project finance amount deducted from the calculation of Net Financial Debt includes project finance obtained from various sources, including financing entities and the minority shareholders in project companies held by the Company (provided in the form of shareholders’ loans to the project companies).

⁴ The term “Adjusted EBITDA” is defined in the Series C Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef solar plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments. The Series C Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series C Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of NON-IFRS Financial Measures.”

⁵ The term “Adjusted EBITDA” is defined in the Series D Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series D Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series D Deed of Trust). The Series D Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series D Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of NON-IFRS Financial Measures.”

⁶ The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the year ended December 31, 2024 (two plants) and the three months ended March 31, 2025 (one plant). The Company recorded revenues and only direct expenses in connection with these solar plants from the connection to the grid and until PAC (Preliminary Acceptance Certificate – reached with respect to two of the three plants during the fourth quarter of 2024). However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.

⁷ The term “Adjusted EBITDA” is defined in the Series E Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series E Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series E Deed of Trust). The Series E Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series E Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of NON-IFRS Financial Measures.”

⁸ The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the year ended December 31, 2024 (two plants) and the three months ended March 31, 2025 (one plant). The Company recorded revenues and only direct expenses in connection with these solar plants from the connection to the grid and until PAC (Preliminary Acceptance Certificate – reached with respect to two of the three plants during the fourth quarter of 2024). However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.

⁹ The term “Adjusted EBITDA” is defined in the Series F Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series F Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series F Deed of Trust). The Series F Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series F Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of Non-IFRS Financial Measures.”

¹⁰ The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the year ended December 31, 2024 (two plants) and the three months ended March 31, 2025 (one plant). The Company recorded revenues and only direct expenses in connection with these solar plants from the connection to the grid and until PAC (Preliminary Acceptance Certificate – reached with respect to two of the three plants during the fourth quarter of 2024). However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.

¹¹ The term “Adjusted EBITDA” is defined in the Series G Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series G Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series G Deed of Trust). The Series G Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series G Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of Non-IFRS Financial Measures.”

¹² The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the year ended December 31, 2024 (two plants) and the three months ended March 31, 2025 (one plant). The Company recorded revenues and only direct expenses in connection with these solar plants from the connection to the grid and until PAC (Preliminary Acceptance Certificate – reached with respect to two of the three plants during the fourth quarter of 2024). However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.

The MIL Network –

July 1, 2025

MIL-OSI Africa: CORRECTION: African Development Bank, Asian Infrastructure Investment Bank (AIIB) sign Memorandum of Understanding (MOU) renewing their collaboration on sustainable economic development for Africa

The African Development Bank (www.AfDB.org) and the Asian Infrastructure Investment Bank (AIIB) have signed an agreement strengthening their collaboration on sustainable economic development, designed to boost infrastructure development and economic opportunities across the African continent.

The Memorandum of Understanding, which builds on an earlier one in 2018, was signed by African Development Bank president, Dr. Akinwumi Adesina, and AIIB President and Chair of the Board of Directors Jin Liqun on Saturday 28 June. The signing took place on the sidelines of a meeting of Heads of Multilateral Development Banks held in Paris, France, the same day.

The agreement outlines continued collaboration from both parties in six priority areas, aligned with the Bank Group’s Ten-Year Strategy 2024–2033 as well as AIIB’s Corporate Strategy and its Strategy on Financing Operations in Non-Regional Members. The areas are:

(i) Green infrastructure

(ii) Industrialization

(iii) Private capital mobilization including Public – Private Partnerships

(iv) Cross-border-connectivity

(v) Digitalization; and

(vi) Policy-based financing

The MOU will promote among other things, co-financing, co-guaranteeing and other forms of joint participation in financial assistance for development projects primarily in sustainable infrastructure. The African Development Bank and AIIB’s existing cooperation in this area, includes providing guarantees to support the issuance of Egypt’s first Sustainable Panda Bond in 2023, valued at RMB 3.5 billion.

This historic issuance—backed by guarantees from both AfDB and AIIB—marked the first African sovereign bond placed in the Chinese interbank bond market. The guarantees provided by the two triple-A-rated multilateral banks were instrumental in de-risking the transaction, enabling Egypt to secure competitive terms and attract investor confidence.

“This partnership continues to be an effective pathway to provide economic development for our member countries, especially in infrastructure. By reaffirming today, we are boosting energy access by accelerating Mission 300 which is targeting to connect 300 million people to electricity by 2030,” Dr Adesina said.

Mr. Jin Liqun remarked: “The renewal of our partnership with the African Development Bank reflects AIIB’s commitment to supporting sustainable development beyond Asia. Through this collaboration, we can leverage our combined expertise to deliver transformative projects that will benefit millions across the continent and create prosperity through quality infrastructure investment.”

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Editor’s note:
This press release is re-issued to correct an error in the number of members AIIB has worldwide. An earlier version issued today 30 June, incorrectly stated that it has 84 members, instead of 110.

Contact:
Amba Mpoke-Bigg
Communication and External Relations Department
Email: media@afdb.org

About the Asian Infrastructure Investment Bank (AIIB):
The Asian Infrastructure Investment Bank is a multilateral development bank dedicated to financing “infrastructure for tomorrow,” with sustainability at its core. AIIB began operations in 2016, now has 110 approved members worldwide, is capitalized at USD100 billion and is AAA-rated by major international credit rating agencies. AIIB collaborates with partners to mobilize capital and invest in infrastructure and other productive sectors that foster sustainable economic development and enhance regional connectivity.

About the African Development Bank Group:
The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

MIL OSI Africa –

July 1, 2025
MIL-OSI Russia: Georgia and the International Maritime Organization discussed expanding cooperation at sea

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

Tbilisi, June 30 (Xinhua) — Georgian Minister of Economy and Sustainable Development Mariam Kvrivishvili met with International Maritime Organization (IMO) Secretary General Arsenio Dominguez, who is visiting Georgia, in Tbilisi on Monday. The issues of introducing electronic services in Georgian ports, implementing joint projects, developing maritime education and employing seafarers were discussed during the meeting, the Georgian Ministry of Economy and Sustainable Development reported.

M. Kvrivishvili emphasized that the maritime sector plays an important role in the country’s economy and its development is one of the priorities for the Georgian government. According to her, Georgia fulfills all obligations stipulated by the international legal instruments of the IMO and consistently maintains high standards in the field of maritime safety, training and certification of seafarers, and environmental protection.

The parties noted the important role of maritime infrastructure in realizing Georgia’s transit potential, including in terms of further development of the Trans-Caspian International Transport Route. Particular attention was paid to the Anaklia deep-water port project, which, as M. Kvrivishvili noted, will create favorable conditions for the development of logistics services and an industrial zone in the adjacent territory.

Georgia has been a member of the IMO since 1993. In 2015, the country underwent a voluntary audit, and in 2025, a mandatory audit. –0–

MIL OSI Russia News –

July 1, 2025

MIL-OSI: Progress Software Announces Second Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

Annualized Recurring Revenue (“ARR”) of $838 million Grew 46% year-over-year
Revenue of $237 million Grew 36% year-over-year
Raises Full Year Guidance for Revenue, Operating Margin, Earnings Per Share, and Cash Flow
Acquires Agentic RAG AI Company

BURLINGTON, Mass., June 30, 2025 (GLOBE NEWSWIRE) — Progress Software (Nasdaq: PRGS), the trusted provider of AI-powered digital experience and infrastructure software, today announced financial results for its fiscal second quarter ended May 31, 2025.

Second Quarter 2025 Highlights:

Revenue of $237 million increased 36% year-over-year on an actual currency basis and 35% on a constant currency basis.
Annualized Recurring Revenue (“ARR”) of $838 million increased 46% year-over-year on a constant currency basis.
Operating margin was 16% and non-GAAP operating margin was 40%.
Diluted earnings per share was $0.39 compared to $0.37 in the same quarter last year, an increase of 5%.
Non-GAAP diluted earnings per share was $1.40 compared to $1.09 in the same quarter last year, an increase of 28%.

“We’re extremely pleased with our solid Q2 results” said Yogesh Gupta, CEO of Progress Software. “Revenue contributions were strong across all geographies resulting in ARR of $838 million or 46% year-over-year growth. Our Net Retention Rate was 100%, demonstrating the consistent strength of our product portfolio. Our confidence in the business is reflected in our raised guidance for FY25. Equally important, our integration of ShareFile is going extremely well as we have completed numerous major synergy milestones, and we remain confident in our ability to reach all our ShareFile targets by the end of the year.”

Additional financial highlights included:

	Three Months Ended
	GAAP								Non-GAAP
(in thousands, except percentages and per share amounts)	May 31, 2025			May 31, 2024			% Change		May 31, 2025			May 31, 2024			% Change
Revenue	$	237,355		$	175,077		36	%	$	237,355		$	175,077		36	%
Income from operations	$	38,616		$	27,148		42	%	$	95,461		$	67,086		42	%
Operating margin		16	%		16	%	0 bps			40	%		38	%	200 bps
Net income	$	17,029		$	16,188		5	%	$	61,749		$	47,899		29	%
Diluted earnings per share	$	0.39		$	0.37		5	%	$	1.40		$	1.09		28	%
Cash from operations (GAAP) / Adjusted free cash flow (non-GAAP) / Unlevered free cash flow (non-GAAP)	$	29,996		$	63,681		(53	)%	$	37,068		$	64,073		(42	)%
	$	29,996		$	63,681				$	51,579		$	69,679		(26	)%

See Important Information Regarding Non-GAAP Financial Measures, Liquidity Measures, and Select Performance Metrics and a reconciliation of non-GAAP adjustments to Progress’ GAAP financial results at the end of this press release.

Other fiscal second quarter 2025 metrics and recent results included:

Cash and cash equivalents were $102.0 million at the end of the quarter.
Days sales outstanding was 53 days compared to 41 days in the fiscal second quarter of 2024 and 48 days in the fiscal first quarter of 2025.

“Our second quarter performance reflects the continued strong execution by our teams and this is further reflected in our increase to full year guidance across the board,” said Anthony Folger, CFO of Progress Software. “Our ShareFile business is progressing well and we are ahead of schedule with the integration and moving swiftly towards reaching our synergy targets. On the balance sheet, we again made significant progress on paying down our revolving credit facility, with another $40 million this quarter, putting us on a solid trajectory to hit our goal of $160 million debt paydown this year.”

Acquisition of Nuclia

In a separate press release, the Company also announced today its acquisition of Nuclia, an innovator in agentic Retrieval-Augmented Generation (“RAG”) AI solutions. Nuclia provides unique, easy-to-use agentic RAG-as-a-service technology enabling organizations to automatically leverage their own proprietary business information to retrieve verifiable, accurate answers using GenAI. Nuclia will extend the end-to-end value of the Progress Data Platform while creating new opportunities to reach a broader market of organizations looking to leverage agentic RAG technology.

The acquisition was signed and closed today and is immaterial to Progress’ financials.

To learn more about Nuclia, go to https://nuclia.com/.

2025 Business Outlook

Progress provides the following guidance for the fiscal year ending November 30, 2025 and the fiscal third quarter ending August 31, 2025:

	Updated FY 2025 Guidance (June 30, 2025)		Prior FY 2025 Guidance (March 31, 2025)
(in millions, except percentages and per share amounts)	GAAP	Non-GAAP	GAAP	Non-GAAP
Revenue	$962 – $974	$962 – $974	$958 – $970	$958 – $970
Diluted earnings per share	$1.27 – $1.43	$5.28 – $5.40	$1.19 – $1.35	$5.25 – $5.37
Operating margin	15%	38% – 39%	14% – 15%	38%
Cash from operations (GAAP) / Adjusted free cash flow (non-GAAP) / Unlevered free cash flow (non-GAAP)	$218 – $230	$228 – $240	$216 – $228	$226 – $238
		$285 – $296		$283 – $294
Effective tax rate	17%	20%	19%	20%

	Q3 2025 Guidance
(in millions, except per share amounts)	GAAP	Non-GAAP
Revenue	$237 – $243	$237 – $243
Diluted earnings per share	$0.29 – $0.35	$1.28 – $1.34

Based on current exchange rates, the expected positive currency translation impact on our:

Fiscal year 2025 business outlook compared to 2024 exchange rates is approximately $2.4 million on revenue.
GAAP and non-GAAP diluted earnings per share for fiscal year 2025 is approximately $0.02.
Fiscal Q3 2025 business outlook compared to 2024 exchange rates is approximately $1.7 million on revenue.
GAAP and non-GAAP diluted earnings per share for fiscal Q3 2025 is approximately $0.01.

To the extent that there are changes in exchange rates versus the current environment and/or our expectations, this may have an impact on Progress’ business outlook.

Conference Call

Progress will hold a conference call to review its financial results for the fiscal second quarter of 2025 at 5:00 p.m. ET on Monday, June 30, 2025. Participants must register for the conference call here: https://register-conf.media-server.com/register/BIc386d20e6fbd46acbadafca492a42b35. The webcast can be accessed at: https://edge.media-server.com/mmc/p/bujcypbf/. The conference call will include comments followed by questions and answers. Attendees must register for the webcast and an archived version of the conference call and supporting materials will be available on the Progress website within the investor relations section after the live conference call.

About Progress

Progress Software (Nasdaq: PRGS) empowers organizations to achieve transformational success in the face of disruptive change. Our software enables our customers to develop, deploy and manage responsible AI-powered applications and digital experiences with agility and ease. Customers get a trusted provider in Progress, with the products, expertise and vision they need to succeed. Over 4 million developers and technologists at hundreds of thousands of enterprises depend on Progress. Learn more at www.progress.com.

Progress and Progress Software are trademarks or registered trademarks of Progress Software Corporation and/or its subsidiaries or affiliates in the U.S. and other countries. Any other names contained herein may be trademarks of their respective owners.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

	Three Months Ended								Six Months Ended
(in thousands, except per share data)	May 31, 2025			May 31, 2024			% Change		May 31, 2025			May 31, 2024			% Change
Revenue:
Software licenses	$	50,795		$	53,979		(6	)%	$	109,240		$	118,079		(7	)%
Maintenance, SaaS, and professional services		186,560			121,098		54	%		366,130			241,683		51	%
Total revenue		237,355			175,077		36	%		475,370			359,762		32	%
Costs of revenue:
Cost of software licenses		2,987			2,497		20	%		5,912			5,228		13	%
Cost of maintenance, SaaS, and professional services		33,764			22,176		52	%		66,648			44,395		50	%
Amortization of acquired intangibles		10,537			7,398		42	%		20,959			15,257		37	%
Total costs of revenue		47,288			32,071		47	%		93,519			64,880		44	%
Gross profit		190,067			143,006		33	%		381,851			294,882		29	%
Operating expenses:
Sales and marketing		49,677			37,889		31	%		100,973			77,000		31	%
Product development		46,570			35,435		31	%		92,945			70,423		32	%
General and administrative		25,637			21,983		17	%		51,260			43,327		18	%
Amortization of acquired intangibles		26,063			16,316		60	%		51,871			33,705		54	%
Cyber vulnerability response expenses, net		730			3,036		(76	)%		1,467			4,023		(64	)%
Restructuring expenses		1,043			651		60	%		8,072			3,000		169	%
Acquisition-related expenses		1,731			548		216	%		4,221			1,250		238	%
Total operating expenses		151,451			115,858		31	%		310,809			232,728		34	%
Income from operations		38,616			27,148		42	%		71,042			62,154		14	%
Other expense, net		(18,752	)		(7,020	)	167	%		(37,876	)		(14,419	)	163	%
Income before income taxes		19,864			20,128		(1	)%		33,166			47,735		(31	)%
Provision for income taxes		2,835			3,940		(28	)%		5,191			8,908		(42	)%
Net income	$	17,029		$	16,188		5	%	$	27,975		$	38,827		(28	)%

Earnings per share:
Basic	$	0.40		$	0.37		8	%	$	0.65		$	0.89		(27	)%
Diluted	$	0.39		$	0.37		5	%	$	0.63		$	0.87		(28	)%
Weighted average shares outstanding:
Basic		43,053			43,213		—	%		43,154			43,508		(1	)%
Diluted		44,156			43,964		—	%		44,522			44,395		—	%

Cash dividends declared per common share	$	—		$	0.175		(100	)%	$	—		$	0.350		(100	)%

^{Stock-based compensation is included in the condensed consolidated statements of operations, as follows:}

^{Cost of revenue}

^1,560

⁹¹²

⁷¹

^2,755

^1,898

⁴⁵

^{Sales and marketing}

^3,663

^2,458

⁴⁹

^6,695

^4,770

⁴⁰

^{Product development}

^4,984

^3,391

⁴⁷

^9,394

^7,056

³³

^{General and administrative}

^6,534

^5,228

²⁵

^12,580

^10,729

¹⁷

^Total

^16,741

^11,989

⁴⁰

^31,424

^24,453

²⁹

CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

(in thousands)	May 31, 2025		November 30, 2024
Assets
Current assets:
Cash and cash equivalents	$	102,006	$	118,077
Accounts receivable, net		140,122		163,575
Unbilled receivables, current portion		34,136		34,672
Other current assets		49,387		52,489
Total current assets		325,651		368,813
Property and equipment, net		12,474		13,746
Goodwill and intangible assets, net		1,944,387		2,015,748
Right-of-use lease assets		27,351		30,894
Unbilled receivables, non-current portion		29,890		28,893
Other assets		73,839		68,872
Total assets	$	2,413,592	$	2,526,966
Liabilities and shareholders’ equity
Current liabilities:
Accounts payable and other current liabilities	$	75,610	$	113,801
Convertible senior notes, current portion, net		358,051		—
Operating lease liabilities, current portion		8,250		9,202
Deferred revenue, current portion, net		308,360		332,142
Total current liabilities		750,271		455,145
Long-term debt, net		660,000		730,000
Convertible senior notes, non-current portion, net		440,244		796,267
Operating lease liabilities, non-current portion		22,548		26,259
Deferred revenue, non-current portion, net		80,219		72,270
Other non-current liabilities		7,609		8,237
Stockholders’ equity:
Common stock and additional paid-in capital		362,522		354,592
Retained earnings		90,179		84,196
Total stockholders’ equity		452,701		438,788
Total liabilities and stockholders’ equity	$	2,413,592	$	2,526,966

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

	Three Months Ended						Six Months Ended
(in thousands)	May 31, 2025			May 31, 2024			May 31, 2025			May 31, 2024
Cash flows from operating activities:
Net income	$	17,029		$	16,188		$	27,975		$	38,827
Depreciation and amortization		39,568			27,529			78,777			55,073
Stock-based compensation		16,741			11,989			31,424			24,453
Other non-cash adjustments		(1,332	)		(812	)		1,738			515
Changes in operating assets and liabilities		(42,010	)		8,787			(40,971	)		15,317
Net cash flows from operating activities		29,996			63,681			98,943			134,185
Capital expenditures		(495	)		(955	)		(1,785	)		(1,264	)
Repurchases of common stock, net of issuances		(13,478	)		(44,636	)		(37,348	)		(59,553	)
Dividend equivalent and dividend payments to stockholders		(295	)		(7,951	)		(654	)		(16,122	)
Payments for acquisitions		—			—			(1,195	)		—
Proceeds from the issuance of debt, net of payment of issuance costs		—			431,929			—			431,929
Repayment of revolving line of credit and principal payment on term loan		(40,000	)		(337,813	)		(70,000	)		(371,250	)
Purchase of capped calls		—			(42,210	)		—			(42,210	)
Other		2,117			(4,847	)		(4,032	)		(12,253	)
Net change in cash and cash equivalents		(22,155	)		57,198			(16,071	)		63,462
Cash and cash equivalents, beginning of period		124,161			133,222			118,077			126,958
Cash and cash equivalents, end of period	$	102,006		$	190,420		$	102,006		$	190,420

RECONCILIATIONS OF GAAP TO NON-GAAP SELECTED FINANCIAL MEASURES
(Unaudited)

	Three Months Ended						Six Months Ended
(in thousands, except per share data)	May 31, 2025			May 31, 2024			May 31, 2025			May 31, 2024
Adjusted income from operations:
GAAP income from operations	$	38,616		$	27,148		$	71,042		$	62,154
Amortization of acquired intangibles		36,600			23,714			72,830			48,962
Stock-based compensation		16,741			11,989			31,424			24,453
Restructuring expenses		1,043			651			8,072			3,000
Acquisition-related expenses		1,731			548			4,221			1,250
Cyber vulnerability response expenses, net		730			3,036			1,467			4,023
Non-GAAP income from operations	$	95,461		$	67,086		$	189,056		$	143,842

Adjusted net income:
GAAP net income	$	17,029		$	16,188		$	27,975		$	38,827
Amortization of acquired intangibles		36,600			23,714			72,830			48,962
Stock-based compensation		16,741			11,989			31,424			24,453
Restructuring expenses		1,043			651			8,072			3,000
Acquisition-related expenses		1,731			548			4,221			1,250
Cyber vulnerability response expenses, net		730			3,036			1,467			4,023
Provision for income taxes		(12,125	)		(8,227	)		(25,245	)		(16,688	)
Non-GAAP net income	$	61,749		$	47,899		$	120,744		$	103,827

Adjusted diluted earnings per share:
GAAP diluted earnings per share	$	0.39		$	0.37		$	0.63		$	0.87
Amortization of acquired intangibles		0.83			0.54			1.64			1.10
Stock-based compensation		0.37			0.27			0.71			0.56
Restructuring expenses		0.02			0.02			0.18			0.07
Acquisition-related expenses		0.04			0.01			0.09			0.03
Cyber vulnerability response expenses, net		0.02			0.07			0.03			0.09
Provision for income taxes		(0.27	)		(0.19	)		(0.57	)		(0.38	)
Non-GAAP diluted earnings per share	$	1.40		$	1.09		$	2.71		$	2.34

Non-GAAP weighted avg shares outstanding – diluted		44,156			43,964			44,522			44,395

OTHER NON-GAAP FINANCIAL MEASURES
(Unaudited)

Adjusted Free Cash Flow and Unlevered Free Cash Flow

	Three Months Ended								Six Months Ended
(in thousands)	May 31, 2025			May 31, 2024			% Change		May 31, 2025			May 31, 2024			% Change
Cash flows from operations	$	29,996		$	63,681		(53	)%	$	98,943		$	134,185		(26	)%
Purchases of property and equipment		(495	)		(955	)	(48	)%		(1,785	)		(1,264	)	41	%
Free cash flow		29,501			62,726		(53	)%		97,158			132,921		(27	)%
Add back: restructuring payments		7,567			1,347		462	%		13,121			3,356		291	%
Adjusted free cash flow	$	37,068		$	64,073		(42	)%	$	110,279		$	136,277		(19	)%
Add back: tax-effected interest expense		14,511			5,606		159	%		29,253			11,481		155	%
Unlevered free cash flow	$	51,579		$	69,679		(26	)%	$	139,532		$	147,758		(6	)%

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR FISCAL YEAR 2025 GUIDANCE
(Unaudited)

Fiscal Year 2025 Updated Non-GAAP Operating Margin Guidance
	Fiscal Year Ending November 30, 2025
(in millions)	Low			High
GAAP income from operations	$	140.7		$	149.2
GAAP operating margins		15	%		15	%
Acquisition-related expense		6.0			6.0
Restructuring expense		9.2			9.2
Stock-based compensation		63.0			63.0
Amortization of acquired intangibles		145.7			145.7
Cyber vulnerability response expenses, net		4.2			4.2
Total adjustments⁽¹⁾		228.1			228.1
Non-GAAP income from operations	$	368.8		$	377.3
Non-GAAP operating margin		38	%		39	%
⁽¹⁾Total adjustments include preliminary estimates relating to the valuation of intangible assets acquired from ShareFile and restructuring expenses. The final amounts will not be available until the Company’s internal procedures and reviews are completed.

Fiscal Year 2025 Updated Non-GAAP Earnings per Share and Effective Tax Rate Guidance
	Fiscal Year Ending November 30, 2025
(in millions, except per share data)	Low			High
GAAP net income	$	56.9		$	64.8
Adjustments (from previous table)		228.1			228.1
Income tax adjustment⁽²⁾		(47.7	)		(48.0	)
Non-GAAP net income	$	237.3		$	244.9

GAAP diluted earnings per share	$	1.27		$	1.43
Non-GAAP diluted earnings per share	$	5.28		$	5.40

Diluted weighted average shares outstanding		45.0			45.4



_{² Tax adjustment is based on a non-GAAP effective tax rate of approximately 20%, calculated as follows:}
	_{Fiscal Year Ending November 30, 2025}
	_Low			_High
_{Non-GAAP income from operations}	_$	_368.8		_$	_377.3
_{Other (expense) income}		_(72.2	₎		_(71.2	₎
_{Non-GAAP income from continuing operations before income taxes}		_296.6			_306.1
_{Non-GAAP net income}		_237.3			_244.9
_{Tax provision}	_$	_59.3		_$	_61.2
_{Non-GAAP tax rate}		₂₀	_%		₂₀	_%

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR FISCAL YEAR 2025 GUIDANCE
(Unaudited)

Fiscal Year 2025 Adjusted Free Cash Flow and Unlevered Free Cash Flow Guidance
	Fiscal Year Ending November 30, 2025
(in millions)	Low			High
Cash flows from operations (GAAP)	$	218		$	230
Purchases of property and equipment		(7	)		(7	)
Add back: restructuring payments		17			17
Adjusted free cash flow (non-GAAP)		228			240
Add back: tax-effected interest expense		57			56
Unlevered free cash flow (non-GAAP)	$	285		$	296

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR Q3 2025 GUIDANCE
(Unaudited)

Q3 2025 Non-GAAP Earnings per Share Guidance
	Three Months Ending August 31, 2025
	Low			High
GAAP diluted earnings per share	$	0.29		$	0.35
Acquisition-related expense		0.02			0.02
Restructuring expense		0.01			0.01
Stock-based compensation		0.35			0.35
Amortization of acquired intangibles		0.83			0.83
Cyber vulnerability response expenses, net		0.03			0.03
Total adjustments⁽¹⁾		1.24			1.24
Income tax adjustment		(0.25	)		(0.25	)
Non-GAAP diluted earnings per share	$	1.28		$	1.34
⁽¹⁾Total adjustments include preliminary estimates relating to the valuation of intangible assets acquired from ShareFile and restructuring expenses. The final amounts will not be available until the Company’s internal procedures and reviews are completed.

Important Information Regarding Non-GAAP Financial Measures, Liquidity Measures and Select Performance Metrics

Progress furnishes certain non-GAAP supplemental information to our financial results. We use such non-GAAP financial measures to evaluate our period-over-period operating performance because our management team believes that excluding the effects of certain GAAP-related items helps to illustrate underlying trends in our business and provides us with a more comparable measure of our continuing business, as well as greater understanding of the results from the primary operations of our business. Management also uses such non-GAAP financial measures to establish budgets and operational goals, evaluate performance, and allocate resources. In addition, the compensation of our executives and non-executive employees is based in part on the performance of our business as evaluated by such non-GAAP financial measures. We believe these non-GAAP financial measures enhance investors’ overall understanding of our current financial performance and our prospects for the future by: (i) providing more transparency for certain financial measures, (ii) presenting disclosure that helps investors understand how we plan and measure the performance of our business, (iii) affording a view of our operating results that may be more easily compared to our peer companies, and (iv) enabling investors to consider our operating results on both a GAAP and non-GAAP basis (including following the integration period of our prior acquisitions). However, this non-GAAP information is not in accordance with, or an alternative to, generally accepted accounting principles in the United States (“GAAP”) and should be considered in conjunction with our GAAP results as the items excluded from the non-GAAP information may have a material impact on Progress’ financial results. A reconciliation of non-GAAP adjustments to Progress’ GAAP financial results is included in the tables above.

In the noted fiscal periods, we adjusted for the following items from our GAAP financial results to arrive at our non-GAAP financial measures:

Amortization of acquired intangibles – We exclude amortization of acquired intangibles because those expenses are unrelated to our core operating performance and the intangible assets acquired vary significantly based on the timing and magnitude of our acquisition transactions and the maturities of the businesses acquired. Adjustments include preliminary estimates relating to the valuation of intangible assets from ShareFile. The final amounts will not be available until the Company’s internal procedures and reviews are completed.
Stock-based compensation – We exclude stock-based compensation to be consistent with the way management and, in our view, the overall financial community evaluates our performance and the methods used by analysts to calculate consensus estimates. The expense related to stock-based awards is generally not controllable in the short-term and can vary significantly based on the timing, size and nature of awards granted. As such, we do not include these charges in operating plans.
Restructuring expenses – In all periods presented, we exclude restructuring expenses incurred because those expenses distort trends and are not part of our core operating results. Adjustments include preliminary estimates relating to restructuring expenses from ShareFile. The final amounts will not be available until the Company’s internal procedures and reviews are completed.
Acquisition-related expenses – We exclude acquisition-related expenses in order to provide a more meaningful comparison of the financial results to our historical operations and forward-looking guidance and the financial results of less acquisitive peer companies. We consider these types of costs and adjustments, to a great extent, to be unpredictable and dependent on a significant number of factors that are outside of our control. Furthermore, we do not consider these acquisition-related costs and adjustments to be related to the organic continuing operations of the acquired businesses and are generally not relevant to assessing or estimating the long-term performance of the acquired assets. In addition, the size, complexity and/or volume of past acquisitions, which often drives the magnitude of acquisition-related costs, may not be indicative of the size, complexity and/or volume of future acquisitions.
Cyber vulnerability response expenses, net – We exclude certain expenses resulting from the zero-day MOVEit Vulnerability, as more thoroughly described in our filings with the Securities and Exchange Commission since June 5, 2023. Expenses include costs to investigate and remediate these cyber related matters, as well as legal and other professional services related thereto. Expenses related to such cyber matters are provided net of expected insurance recoveries, although the timing of recognizing insurance recoveries may differ from the timing of recognizing the associated expenses. Costs associated with the enhancement of our cybersecurity program are not included within this adjustment. We expect to continue to incur legal and other professional services expenses in future periods associated with the MOVEit Vulnerability. Expenses related to such cyber matters are expected to result in operating expenses that would not have otherwise been incurred in the normal course of business operations. We believe that excluding these costs facilitates a more meaningful evaluation of our operating performance and comparisons to our past operating performance.
Provision for income taxes – We adjust our income tax provision by excluding the tax impact of the non-GAAP adjustments discussed above.
Constant currency – Revenue from our international operations has historically represented a substantial portion of our total revenue. As a result, our revenue results have been impacted, and we expect will continue to be impacted, by fluctuations in foreign currency exchange rates. As exchange rates are an important factor in understanding period-to-period comparisons, we present revenue growth rates on a constant currency basis, which helps improve the understanding of our revenue results and our performance in comparison to prior periods. The constant currency information presented is calculated by translating current period results using prior period weighted average foreign currency exchange rates.

In the noted fiscal periods, we also present the following liquidity measures:

Adjusted free cash flow (“AFCF”) and unlevered free cash flow (“Unlevered FCF”) – AFCF is equal to cash flows from operating activities less purchases of property and equipment, plus restructuring payments. Unlevered FCF is AFCF plus tax-effected interest expense on outstanding debt.

In the noted fiscal periods, we also present the following select performance metrics:

Annualized Recurring Revenue (“ARR”) – We disclose ARR as a performance metric to help investors better understand and assess the performance of our business because our mix of revenue generated from recurring sources currently represents the substantial majority of our revenues and is expected to continue in the future. We define ARR as the annualized revenue of all active and contractually binding term-based contracts from all customers at a point in time. ARR includes revenue from maintenance, software upgrade rights, public cloud, and on-premises subscription-based transactions and managed services. ARR mitigates fluctuations in revenue due to seasonality, contract term and the sales mix of subscriptions for term-based licenses and SaaS. We use ARR to understand customer trends and the overall health of our business, helping us to formulate strategic business decisions.
We calculate the annualized value of annual and multi-year contracts, and contracts with terms less than one year, by dividing the total contract value of each contract by the number of months in the term and then multiplying by 12. Annualizing contracts with terms less than one-year results in amounts being included in our ARR that are in excess of the total contract value for those contracts at the end of the reporting period. We generally do not sell non-SaaS-based contracts with a term of less than one year unless a customer is purchasing additional licenses under an existing annual or multi-year contract. The expectation is that at the time of renewal, such contracts with a term less than one year will renew with the same term as the existing contracts being renewed, such that both contracts are co-termed. Historically, such contracts with a term of less than one year renew at rates equal to or better than annual or multi-year contracts.

For SaaS-based contracts, there is a meaningful percentage of monthly auto-renewing contracts for which annualizing the contracts results in amounts being included in our ARR that are in excess of the total contract value for those contracts at the end of the reporting period.

Revenue from term-based license and on-premises subscription arrangements include a portion of the arrangement consideration that is allocated to the software license that is recognized up-front at the point in time control is transferred under ASC 606 revenue recognition principles. ARR for these arrangements is calculated as described above. The expectation is that the total contract value, inclusive of revenue recognized as software license, will be renewed at the end of the contract term.

The calculation is done at constant currency using the current year budgeted exchange rates for all periods presented.

ARR is not defined in GAAP and is not derived from a GAAP measure. Rather, ARR generally aligns to billings (as opposed to GAAP revenue which aligns to the transfer of control of each performance obligation). ARR does not have any standardized meaning and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.

Net Retention Rate (“NRR”) – We calculate net retention rate as of a period end by starting with the ARR from the cohort of all customers as of 12 months prior to such period end (“Prior Period ARR”). We then calculate the ARR from these same customers as of the current period end (“Current Period ARR”). Current Period ARR includes any expansion and is net of contraction or attrition over the last 12 months but excludes ARR from new customers in the current period. We then divide the total Current Period ARR by the total Prior Period ARR to arrive at the net retention rate. Net retention rate is not calculated in accordance with GAAP and is not derived from a GAAP measure.

Note Regarding Forward-Looking Statements

This press release contains statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Progress has identified some of these forward-looking statements with words like “believe,” “may,” “could,” “would,” “might,” “should,” “expect,” “intend,” “plan,” “target,” “anticipate” and “continue,” the negative of these words, other terms of similar meaning or the use of future dates. Forward-looking statements in this press release include, but are not limited to, statements regarding Progress’ business outlook (including future acquisition activity) and financial guidance. There are a number of factors that could cause actual results or future events to differ materially from those anticipated by the forward-looking statements, including, without limitation: (i) economic, geopolitical and market conditions can adversely affect our business, results of operations and financial condition, including our revenue growth and profitability, which in turn could adversely affect our stock price; (ii) our international sales and operations subject us to additional risks that can adversely affect our operating results, including risks relating to foreign currency gains and losses; (iii) we may fail to achieve our financial forecasts due to such factors as delays or size reductions in transactions, fewer large transactions in a particular quarter, fluctuations in currency exchange rates, or a decline in our renewal rates for contracts; (iv) if the security measures for our software, services, other offerings or our internal information technology infrastructure are compromised or subject to a successful cyber-attack, or if our software offerings contain significant coding or configuration errors or zero-day vulnerabilities, we may experience reputational harm, legal claims and financial exposure; and the results of inquiries, investigations and legal claims regarding the MOVEit Vulnerability remain uncertain, while the ultimate resolution of these matters could result in losses that may be material to our financial results for a particular period; (v) future acquisitions may not be successful or may involve unanticipated costs or other integration issues that could disrupt our existing operations; and (vi) expected synergies and benefits of the ShareFile acquisition may not be realized which could negatively impact our future results of operations and financial condition. For further information regarding risks and uncertainties associated with Progress’ business, please refer to our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended November 30, 2024. Progress undertakes no obligation to update any forward-looking statements, which speak only as of the date of this press release.

The MIL Network –

July 1, 2025

MIL-OSI: Progress Software Announces Second Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

Second Quarter 2025 Highlights:

Revenue of $237 million increased 36% year-over-year on an actual currency basis and 35% on a constant currency basis.
Annualized Recurring Revenue (“ARR”) of $838 million increased 46% year-over-year on a constant currency basis.
Operating margin was 16% and non-GAAP operating margin was 40%.
Diluted earnings per share was $0.39 compared to $0.37 in the same quarter last year, an increase of 5%.
Non-GAAP diluted earnings per share was $1.40 compared to $1.09 in the same quarter last year, an increase of 28%.

Additional financial highlights included:

	Three Months Ended
	GAAP								Non-GAAP
(in thousands, except percentages and per share amounts)	May 31, 2025			May 31, 2024			% Change		May 31, 2025			May 31, 2024			% Change
Revenue	$	237,355		$	175,077		36	%	$	237,355		$	175,077		36	%
Income from operations	$	38,616		$	27,148		42	%	$	95,461		$	67,086		42	%
Operating margin		16	%		16	%	0 bps			40	%		38	%	200 bps
Net income	$	17,029		$	16,188		5	%	$	61,749		$	47,899		29	%
Diluted earnings per share	$	0.39		$	0.37		5	%	$	1.40		$	1.09		28	%
Cash from operations (GAAP) / Adjusted free cash flow (non-GAAP) / Unlevered free cash flow (non-GAAP)	$	29,996		$	63,681		(53	)%	$	37,068		$	64,073		(42	)%
	$	29,996		$	63,681				$	51,579		$	69,679		(26	)%

Other fiscal second quarter 2025 metrics and recent results included:

Cash and cash equivalents were $102.0 million at the end of the quarter.
Days sales outstanding was 53 days compared to 41 days in the fiscal second quarter of 2024 and 48 days in the fiscal first quarter of 2025.

Acquisition of Nuclia

The acquisition was signed and closed today and is immaterial to Progress’ financials.

To learn more about Nuclia, go to https://nuclia.com/.

2025 Business Outlook

Progress provides the following guidance for the fiscal year ending November 30, 2025 and the fiscal third quarter ending August 31, 2025:

	Updated FY 2025 Guidance (June 30, 2025)		Prior FY 2025 Guidance (March 31, 2025)
(in millions, except percentages and per share amounts)	GAAP	Non-GAAP	GAAP	Non-GAAP
Revenue	$962 – $974	$962 – $974	$958 – $970	$958 – $970
Diluted earnings per share	$1.27 – $1.43	$5.28 – $5.40	$1.19 – $1.35	$5.25 – $5.37
Operating margin	15%	38% – 39%	14% – 15%	38%
Cash from operations (GAAP) / Adjusted free cash flow (non-GAAP) / Unlevered free cash flow (non-GAAP)	$218 – $230	$228 – $240	$216 – $228	$226 – $238
		$285 – $296		$283 – $294
Effective tax rate	17%	20%	19%	20%

	Q3 2025 Guidance
(in millions, except per share amounts)	GAAP	Non-GAAP
Revenue	$237 – $243	$237 – $243
Diluted earnings per share	$0.29 – $0.35	$1.28 – $1.34

Based on current exchange rates, the expected positive currency translation impact on our:

Fiscal year 2025 business outlook compared to 2024 exchange rates is approximately $2.4 million on revenue.
GAAP and non-GAAP diluted earnings per share for fiscal year 2025 is approximately $0.02.
Fiscal Q3 2025 business outlook compared to 2024 exchange rates is approximately $1.7 million on revenue.
GAAP and non-GAAP diluted earnings per share for fiscal Q3 2025 is approximately $0.01.

To the extent that there are changes in exchange rates versus the current environment and/or our expectations, this may have an impact on Progress’ business outlook.

Conference Call

About Progress

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

	Three Months Ended								Six Months Ended
(in thousands, except per share data)	May 31, 2025			May 31, 2024			% Change		May 31, 2025			May 31, 2024			% Change
Revenue:
Software licenses	$	50,795		$	53,979		(6	)%	$	109,240		$	118,079		(7	)%
Maintenance, SaaS, and professional services		186,560			121,098		54	%		366,130			241,683		51	%
Total revenue		237,355			175,077		36	%		475,370			359,762		32	%
Costs of revenue:
Cost of software licenses		2,987			2,497		20	%		5,912			5,228		13	%
Cost of maintenance, SaaS, and professional services		33,764			22,176		52	%		66,648			44,395		50	%
Amortization of acquired intangibles		10,537			7,398		42	%		20,959			15,257		37	%
Total costs of revenue		47,288			32,071		47	%		93,519			64,880		44	%
Gross profit		190,067			143,006		33	%		381,851			294,882		29	%
Operating expenses:
Sales and marketing		49,677			37,889		31	%		100,973			77,000		31	%
Product development		46,570			35,435		31	%		92,945			70,423		32	%
General and administrative		25,637			21,983		17	%		51,260			43,327		18	%
Amortization of acquired intangibles		26,063			16,316		60	%		51,871			33,705		54	%
Cyber vulnerability response expenses, net		730			3,036		(76	)%		1,467			4,023		(64	)%
Restructuring expenses		1,043			651		60	%		8,072			3,000		169	%
Acquisition-related expenses		1,731			548		216	%		4,221			1,250		238	%
Total operating expenses		151,451			115,858		31	%		310,809			232,728		34	%
Income from operations		38,616			27,148		42	%		71,042			62,154		14	%
Other expense, net		(18,752	)		(7,020	)	167	%		(37,876	)		(14,419	)	163	%
Income before income taxes		19,864			20,128		(1	)%		33,166			47,735		(31	)%
Provision for income taxes		2,835			3,940		(28	)%		5,191			8,908		(42	)%
Net income	$	17,029		$	16,188		5	%	$	27,975		$	38,827		(28	)%

Earnings per share:
Basic	$	0.40		$	0.37		8	%	$	0.65		$	0.89		(27	)%
Diluted	$	0.39		$	0.37		5	%	$	0.63		$	0.87		(28	)%
Weighted average shares outstanding:
Basic		43,053			43,213		—	%		43,154			43,508		(1	)%
Diluted		44,156			43,964		—	%		44,522			44,395		—	%

Cash dividends declared per common share	$	—		$	0.175		(100	)%	$	—		$	0.350		(100	)%

^{Stock-based compensation is included in the condensed consolidated statements of operations, as follows:}

^{Cost of revenue}

^1,560

⁹¹²

⁷¹

^2,755

^1,898

⁴⁵

^{Sales and marketing}

^3,663

^2,458

⁴⁹

^6,695

^4,770

⁴⁰

^{Product development}

^4,984

^3,391

⁴⁷

^9,394

^7,056

³³

^{General and administrative}

^6,534

^5,228

²⁵

^12,580

^10,729

¹⁷

^Total

^16,741

^11,989

⁴⁰

^31,424

^24,453

²⁹

CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

(in thousands)	May 31, 2025		November 30, 2024
Assets
Current assets:
Cash and cash equivalents	$	102,006	$	118,077
Accounts receivable, net		140,122		163,575
Unbilled receivables, current portion		34,136		34,672
Other current assets		49,387		52,489
Total current assets		325,651		368,813
Property and equipment, net		12,474		13,746
Goodwill and intangible assets, net		1,944,387		2,015,748
Right-of-use lease assets		27,351		30,894
Unbilled receivables, non-current portion		29,890		28,893
Other assets		73,839		68,872
Total assets	$	2,413,592	$	2,526,966
Liabilities and shareholders’ equity
Current liabilities:
Accounts payable and other current liabilities	$	75,610	$	113,801
Convertible senior notes, current portion, net		358,051		—
Operating lease liabilities, current portion		8,250		9,202
Deferred revenue, current portion, net		308,360		332,142
Total current liabilities		750,271		455,145
Long-term debt, net		660,000		730,000
Convertible senior notes, non-current portion, net		440,244		796,267
Operating lease liabilities, non-current portion		22,548		26,259
Deferred revenue, non-current portion, net		80,219		72,270
Other non-current liabilities		7,609		8,237
Stockholders’ equity:
Common stock and additional paid-in capital		362,522		354,592
Retained earnings		90,179		84,196
Total stockholders’ equity		452,701		438,788
Total liabilities and stockholders’ equity	$	2,413,592	$	2,526,966

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

	Three Months Ended						Six Months Ended
(in thousands)	May 31, 2025			May 31, 2024			May 31, 2025			May 31, 2024
Cash flows from operating activities:
Net income	$	17,029		$	16,188		$	27,975		$	38,827
Depreciation and amortization		39,568			27,529			78,777			55,073
Stock-based compensation		16,741			11,989			31,424			24,453
Other non-cash adjustments		(1,332	)		(812	)		1,738			515
Changes in operating assets and liabilities		(42,010	)		8,787			(40,971	)		15,317
Net cash flows from operating activities		29,996			63,681			98,943			134,185
Capital expenditures		(495	)		(955	)		(1,785	)		(1,264	)
Repurchases of common stock, net of issuances		(13,478	)		(44,636	)		(37,348	)		(59,553	)
Dividend equivalent and dividend payments to stockholders		(295	)		(7,951	)		(654	)		(16,122	)
Payments for acquisitions		—			—			(1,195	)		—
Proceeds from the issuance of debt, net of payment of issuance costs		—			431,929			—			431,929
Repayment of revolving line of credit and principal payment on term loan		(40,000	)		(337,813	)		(70,000	)		(371,250	)
Purchase of capped calls		—			(42,210	)		—			(42,210	)
Other		2,117			(4,847	)		(4,032	)		(12,253	)
Net change in cash and cash equivalents		(22,155	)		57,198			(16,071	)		63,462
Cash and cash equivalents, beginning of period		124,161			133,222			118,077			126,958
Cash and cash equivalents, end of period	$	102,006		$	190,420		$	102,006		$	190,420

RECONCILIATIONS OF GAAP TO NON-GAAP SELECTED FINANCIAL MEASURES
(Unaudited)

	Three Months Ended						Six Months Ended
(in thousands, except per share data)	May 31, 2025			May 31, 2024			May 31, 2025			May 31, 2024
Adjusted income from operations:
GAAP income from operations	$	38,616		$	27,148		$	71,042		$	62,154
Amortization of acquired intangibles		36,600			23,714			72,830			48,962
Stock-based compensation		16,741			11,989			31,424			24,453
Restructuring expenses		1,043			651			8,072			3,000
Acquisition-related expenses		1,731			548			4,221			1,250
Cyber vulnerability response expenses, net		730			3,036			1,467			4,023
Non-GAAP income from operations	$	95,461		$	67,086		$	189,056		$	143,842

Adjusted net income:
GAAP net income	$	17,029		$	16,188		$	27,975		$	38,827
Amortization of acquired intangibles		36,600			23,714			72,830			48,962
Stock-based compensation		16,741			11,989			31,424			24,453
Restructuring expenses		1,043			651			8,072			3,000
Acquisition-related expenses		1,731			548			4,221			1,250
Cyber vulnerability response expenses, net		730			3,036			1,467			4,023
Provision for income taxes		(12,125	)		(8,227	)		(25,245	)		(16,688	)
Non-GAAP net income	$	61,749		$	47,899		$	120,744		$	103,827

Adjusted diluted earnings per share:
GAAP diluted earnings per share	$	0.39		$	0.37		$	0.63		$	0.87
Amortization of acquired intangibles		0.83			0.54			1.64			1.10
Stock-based compensation		0.37			0.27			0.71			0.56
Restructuring expenses		0.02			0.02			0.18			0.07
Acquisition-related expenses		0.04			0.01			0.09			0.03
Cyber vulnerability response expenses, net		0.02			0.07			0.03			0.09
Provision for income taxes		(0.27	)		(0.19	)		(0.57	)		(0.38	)
Non-GAAP diluted earnings per share	$	1.40		$	1.09		$	2.71		$	2.34

Non-GAAP weighted avg shares outstanding – diluted		44,156			43,964			44,522			44,395

OTHER NON-GAAP FINANCIAL MEASURES
(Unaudited)

Adjusted Free Cash Flow and Unlevered Free Cash Flow

	Three Months Ended								Six Months Ended
(in thousands)	May 31, 2025			May 31, 2024			% Change		May 31, 2025			May 31, 2024			% Change
Cash flows from operations	$	29,996		$	63,681		(53	)%	$	98,943		$	134,185		(26	)%
Purchases of property and equipment		(495	)		(955	)	(48	)%		(1,785	)		(1,264	)	41	%
Free cash flow		29,501			62,726		(53	)%		97,158			132,921		(27	)%
Add back: restructuring payments		7,567			1,347		462	%		13,121			3,356		291	%
Adjusted free cash flow	$	37,068		$	64,073		(42	)%	$	110,279		$	136,277		(19	)%
Add back: tax-effected interest expense		14,511			5,606		159	%		29,253			11,481		155	%
Unlevered free cash flow	$	51,579		$	69,679		(26	)%	$	139,532		$	147,758		(6	)%

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR FISCAL YEAR 2025 GUIDANCE
(Unaudited)

Fiscal Year 2025 Updated Non-GAAP Operating Margin Guidance
	Fiscal Year Ending November 30, 2025
(in millions)	Low			High
GAAP income from operations	$	140.7		$	149.2
GAAP operating margins		15	%		15	%
Acquisition-related expense		6.0			6.0
Restructuring expense		9.2			9.2
Stock-based compensation		63.0			63.0
Amortization of acquired intangibles		145.7			145.7
Cyber vulnerability response expenses, net		4.2			4.2
Total adjustments⁽¹⁾		228.1			228.1
Non-GAAP income from operations	$	368.8		$	377.3
Non-GAAP operating margin		38	%		39	%
⁽¹⁾Total adjustments include preliminary estimates relating to the valuation of intangible assets acquired from ShareFile and restructuring expenses. The final amounts will not be available until the Company’s internal procedures and reviews are completed.

Fiscal Year 2025 Updated Non-GAAP Earnings per Share and Effective Tax Rate Guidance
	Fiscal Year Ending November 30, 2025
(in millions, except per share data)	Low			High
GAAP net income	$	56.9		$	64.8
Adjustments (from previous table)		228.1			228.1
Income tax adjustment⁽²⁾		(47.7	)		(48.0	)
Non-GAAP net income	$	237.3		$	244.9

GAAP diluted earnings per share	$	1.27		$	1.43
Non-GAAP diluted earnings per share	$	5.28		$	5.40

Diluted weighted average shares outstanding		45.0			45.4



_{² Tax adjustment is based on a non-GAAP effective tax rate of approximately 20%, calculated as follows:}
	_{Fiscal Year Ending November 30, 2025}
	_Low			_High
_{Non-GAAP income from operations}	_$	_368.8		_$	_377.3
_{Other (expense) income}		_(72.2	₎		_(71.2	₎
_{Non-GAAP income from continuing operations before income taxes}		_296.6			_306.1
_{Non-GAAP net income}		_237.3			_244.9
_{Tax provision}	_$	_59.3		_$	_61.2
_{Non-GAAP tax rate}		₂₀	_%		₂₀	_%

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR FISCAL YEAR 2025 GUIDANCE
(Unaudited)

Fiscal Year 2025 Adjusted Free Cash Flow and Unlevered Free Cash Flow Guidance
	Fiscal Year Ending November 30, 2025
(in millions)	Low			High
Cash flows from operations (GAAP)	$	218		$	230
Purchases of property and equipment		(7	)		(7	)
Add back: restructuring payments		17			17
Adjusted free cash flow (non-GAAP)		228			240
Add back: tax-effected interest expense		57			56
Unlevered free cash flow (non-GAAP)	$	285		$	296

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR Q3 2025 GUIDANCE
(Unaudited)

Q3 2025 Non-GAAP Earnings per Share Guidance
	Three Months Ending August 31, 2025
	Low			High
GAAP diluted earnings per share	$	0.29		$	0.35
Acquisition-related expense		0.02			0.02
Restructuring expense		0.01			0.01
Stock-based compensation		0.35			0.35
Amortization of acquired intangibles		0.83			0.83
Cyber vulnerability response expenses, net		0.03			0.03
Total adjustments⁽¹⁾		1.24			1.24
Income tax adjustment		(0.25	)		(0.25	)
Non-GAAP diluted earnings per share	$	1.28		$	1.34
⁽¹⁾Total adjustments include preliminary estimates relating to the valuation of intangible assets acquired from ShareFile and restructuring expenses. The final amounts will not be available until the Company’s internal procedures and reviews are completed.

Important Information Regarding Non-GAAP Financial Measures, Liquidity Measures and Select Performance Metrics

In the noted fiscal periods, we adjusted for the following items from our GAAP financial results to arrive at our non-GAAP financial measures:

Amortization of acquired intangibles – We exclude amortization of acquired intangibles because those expenses are unrelated to our core operating performance and the intangible assets acquired vary significantly based on the timing and magnitude of our acquisition transactions and the maturities of the businesses acquired. Adjustments include preliminary estimates relating to the valuation of intangible assets from ShareFile. The final amounts will not be available until the Company’s internal procedures and reviews are completed.
Stock-based compensation – We exclude stock-based compensation to be consistent with the way management and, in our view, the overall financial community evaluates our performance and the methods used by analysts to calculate consensus estimates. The expense related to stock-based awards is generally not controllable in the short-term and can vary significantly based on the timing, size and nature of awards granted. As such, we do not include these charges in operating plans.
Restructuring expenses – In all periods presented, we exclude restructuring expenses incurred because those expenses distort trends and are not part of our core operating results. Adjustments include preliminary estimates relating to restructuring expenses from ShareFile. The final amounts will not be available until the Company’s internal procedures and reviews are completed.
Acquisition-related expenses – We exclude acquisition-related expenses in order to provide a more meaningful comparison of the financial results to our historical operations and forward-looking guidance and the financial results of less acquisitive peer companies. We consider these types of costs and adjustments, to a great extent, to be unpredictable and dependent on a significant number of factors that are outside of our control. Furthermore, we do not consider these acquisition-related costs and adjustments to be related to the organic continuing operations of the acquired businesses and are generally not relevant to assessing or estimating the long-term performance of the acquired assets. In addition, the size, complexity and/or volume of past acquisitions, which often drives the magnitude of acquisition-related costs, may not be indicative of the size, complexity and/or volume of future acquisitions.
Cyber vulnerability response expenses, net – We exclude certain expenses resulting from the zero-day MOVEit Vulnerability, as more thoroughly described in our filings with the Securities and Exchange Commission since June 5, 2023. Expenses include costs to investigate and remediate these cyber related matters, as well as legal and other professional services related thereto. Expenses related to such cyber matters are provided net of expected insurance recoveries, although the timing of recognizing insurance recoveries may differ from the timing of recognizing the associated expenses. Costs associated with the enhancement of our cybersecurity program are not included within this adjustment. We expect to continue to incur legal and other professional services expenses in future periods associated with the MOVEit Vulnerability. Expenses related to such cyber matters are expected to result in operating expenses that would not have otherwise been incurred in the normal course of business operations. We believe that excluding these costs facilitates a more meaningful evaluation of our operating performance and comparisons to our past operating performance.
Provision for income taxes – We adjust our income tax provision by excluding the tax impact of the non-GAAP adjustments discussed above.
Constant currency – Revenue from our international operations has historically represented a substantial portion of our total revenue. As a result, our revenue results have been impacted, and we expect will continue to be impacted, by fluctuations in foreign currency exchange rates. As exchange rates are an important factor in understanding period-to-period comparisons, we present revenue growth rates on a constant currency basis, which helps improve the understanding of our revenue results and our performance in comparison to prior periods. The constant currency information presented is calculated by translating current period results using prior period weighted average foreign currency exchange rates.

In the noted fiscal periods, we also present the following liquidity measures:

Adjusted free cash flow (“AFCF”) and unlevered free cash flow (“Unlevered FCF”) – AFCF is equal to cash flows from operating activities less purchases of property and equipment, plus restructuring payments. Unlevered FCF is AFCF plus tax-effected interest expense on outstanding debt.

In the noted fiscal periods, we also present the following select performance metrics:

Annualized Recurring Revenue (“ARR”) – We disclose ARR as a performance metric to help investors better understand and assess the performance of our business because our mix of revenue generated from recurring sources currently represents the substantial majority of our revenues and is expected to continue in the future. We define ARR as the annualized revenue of all active and contractually binding term-based contracts from all customers at a point in time. ARR includes revenue from maintenance, software upgrade rights, public cloud, and on-premises subscription-based transactions and managed services. ARR mitigates fluctuations in revenue due to seasonality, contract term and the sales mix of subscriptions for term-based licenses and SaaS. We use ARR to understand customer trends and the overall health of our business, helping us to formulate strategic business decisions.
We calculate the annualized value of annual and multi-year contracts, and contracts with terms less than one year, by dividing the total contract value of each contract by the number of months in the term and then multiplying by 12. Annualizing contracts with terms less than one-year results in amounts being included in our ARR that are in excess of the total contract value for those contracts at the end of the reporting period. We generally do not sell non-SaaS-based contracts with a term of less than one year unless a customer is purchasing additional licenses under an existing annual or multi-year contract. The expectation is that at the time of renewal, such contracts with a term less than one year will renew with the same term as the existing contracts being renewed, such that both contracts are co-termed. Historically, such contracts with a term of less than one year renew at rates equal to or better than annual or multi-year contracts.

For SaaS-based contracts, there is a meaningful percentage of monthly auto-renewing contracts for which annualizing the contracts results in amounts being included in our ARR that are in excess of the total contract value for those contracts at the end of the reporting period.

Revenue from term-based license and on-premises subscription arrangements include a portion of the arrangement consideration that is allocated to the software license that is recognized up-front at the point in time control is transferred under ASC 606 revenue recognition principles. ARR for these arrangements is calculated as described above. The expectation is that the total contract value, inclusive of revenue recognized as software license, will be renewed at the end of the contract term.

The calculation is done at constant currency using the current year budgeted exchange rates for all periods presented.

ARR is not defined in GAAP and is not derived from a GAAP measure. Rather, ARR generally aligns to billings (as opposed to GAAP revenue which aligns to the transfer of control of each performance obligation). ARR does not have any standardized meaning and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.

Net Retention Rate (“NRR”) – We calculate net retention rate as of a period end by starting with the ARR from the cohort of all customers as of 12 months prior to such period end (“Prior Period ARR”). We then calculate the ARR from these same customers as of the current period end (“Current Period ARR”). Current Period ARR includes any expansion and is net of contraction or attrition over the last 12 months but excludes ARR from new customers in the current period. We then divide the total Current Period ARR by the total Prior Period ARR to arrive at the net retention rate. Net retention rate is not calculated in accordance with GAAP and is not derived from a GAAP measure.

Note Regarding Forward-Looking Statements

The MIL Network –

July 1, 2025

MIL-OSI USA: Jabil Selects Rowan County for Nearly 1,200 New Jobs and $500 Million Multi-Year Investment

Source: US State of North Carolina

Headline: Jabil Selects Rowan County for Nearly 1,200 New Jobs and $500 Million Multi-Year Investment

Jabil Selects Rowan County for Nearly 1,200 New Jobs and $500 Million Multi-Year Investment
lsaito
Mon, 06/30/2025 – 15:30

Raleigh, NC

Today Governor Josh Stein announced Jabil Inc., a leader in engineering, supply chain, and manufacturing solutions, expects to create 1,181 new jobs in Rowan County. The company says it will invest approximately $500 million over several years to establish a manufacturing facility to support cloud and AI data center customers.

“Companies that are already operating in North Carolina know the value of doing business in our state better than anyone,” said Governor Josh Stein. “We welcome Jabil’s expansion, and we are committed to further developing the largest manufacturing workforce in the southeast and the business-friendly climate they need for this next phase of growth.”

Headquartered in St. Petersburg, Florida, Jabil has a global footprint that spans more than 25 countries and 140,000 employees. The company has 30 locations across the United States, including three in North Carolina. Jabil supports customers across various industries, including AI data center infrastructure, healthcare, warehouse automation, and robotics.

“The drive to build AI data centers is only accelerating in the United States,” said Matt Crowley, Executive Vice President, Global Business Units. “We are excited to help meet that demand, provide additional scale and capabilities for our data center customers, and empower the AI solutions of the future with Jabil’s new facility here in Rowan County.”

“North Carolina has a proven track record of cultivating an environment where companies like Jabil can manufacture innovative solutions for the global economy,” said Commerce Secretary Lee Lilley. “Our ecosystem of workforce training partnerships, Tier 1 research, and growing supply chain is sure to ignite the advancement of this next generation technology and provide the company a great return on its investment.”

Jabil plans to offer job opportunities to attract skilled manufacturing and engineering professionals. These new jobs could create a potential annual payroll impact of more than $73.2 million for the region.

Jabil’s expansion in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by $3.2 billion. Using a formula that takes into account $264 million of the company’s investment as well as the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $11,251,800, spread over 12 years. State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets.

The project’s projected return on investment of public dollars is 115 percent, meaning for every dollar of potential cost to the state, the state receives $2.15 in state revenue. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.

Because Jabil chose to locate to Rowan County, classified by the state’s economic tier system as Tier 2, the company’s JDIG agreement also calls for moving $1,250,200 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business. Even when new jobs are created in a Tier 2 county such as Rowan, the new tax revenue generated through JDIG grants helps more economically challenged communities elsewhere in the state.

“We welcome Jabil to Rowan County,” said Senator Carl Ford. “These new jobs are proof that our state and local investments to prepare for announcements like this are paying off for both our existing industry and local economy.”

“This is outstanding news for our region,” said Representative Harry Warren. “Our community is centrally located along to East Coast, and thanks to the state’s well-connected transportation network, Jabil can easily access the global market.”

In addition to the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in this project include the North Carolina General Assembly, N.C. Commerce’s Division of Workforce Solutions, the North Carolina Community College System, Rowan-Cabarrus Community College, Rowan County, and Rowan Economic Development Council.

With this announcement, since January 1st, Governor Stein has announced business expansions or new projects that will make nearly $17 billion of new capital investment in North Carolina and create more than 19,000 new good-paying jobs.

To learn more about job opportunities at Jabil, please visit the Jabil Careers site.

Jun 30, 2025

MIL OSI USA News –

July 1, 2025
MIL-OSI: PBK Miner Allocates $1 Million Reward Pool for New AI-Powered 1-Day Mining Contract
Source: GlobeNewswire (MIL-OSI)

Carshalton, UK, June 30, 2025 (GLOBE NEWSWIRE) — PBK Miner, a leading global crypto asset management platform, has officially launched its innovative “1-day contract”, providing new users with a flexible, low-risk way to experience the platform’s capabilities. The product launch coincides with a major promotion with a total giveaway of more than $1 million, with each new registered user receiving a $10 bonus.

Click here to learn more about PBK Miner.

What is PBK Miner? Why buy it now?

PBK Miner has built an intelligent, convenient and sustainable crypto asset management ecosystem. At its core is the proprietary PBK-AI system, which dynamically reconfigures assets between high-potential cryptocurrencies based on real-time market data to optimize returns.

With the launch of “1-Day Contract”, PBK Miner [pbkminer.com] transforms from a high-performance niche platform to an open model that welcomes retail traders and everyday investors around the world.

The platform currently serves more than 8 million users in 183 countries, with recent performance metrics including:

5-day contract strategy: +6.17% return

15-day contract strategy: +20.9% return

30-day contract strategy: +55.8% return

These numbers represent actual user results (not predictions), demonstrating PBK Miner’s AI-driven revenue optimization and results-centric operating model.

“1-Day Contract” Release Details:

This new product is available today on PBK Miner’s web and mobile platforms. Priced at just $10, with daily earnings of $0.60, it provides an easy entry point into PBK Miner’s growing ecosystem.

Community Rewards Event with Over $1 Million

To celebrate the launch, PBK Miner has launched a board-approved bounty program of over $1 million. The event provides a truly hassle-free trial opportunity – all new registered users can receive a $10 bounty, which will be credited to their account dashboard.

Click here to become a new PBK Miner user.

Limited-time event highlights:

– 24-hour intensive mining window: Designed to accelerate earnings, users can mine XRP in a time-optimized manner.

– $1 million mining reward: PBK Miner offers structured reward levels of $10/$40/$1,900/$4,900 to encourage new and old miners to participate.

– Increased daily income: During the event, participants will enjoy higher than usual mining income.

This bold marketing move is designed to attract new users, encourage sharing, and showcase the core product value of PBK Miner.

Click here to view the limited-time mining event.

What it means for cryptocurrency investors

PBK Miner combines AI innovation, fintech advancements, and practical cryptocurrency functionality – three powerful elements that resonate with cryptocurrency investors around the world. It delivers returns without requiring deep technical or trading expertise.

Why PBK Miner is the first choice for both new and experienced XRP miners:

– No equipment required: Get institutional-grade mining power instantly.

– Zero maintenance fees: PBK Miner takes care of power, cooling, and hardware maintenance – users just need to activate the plan.

– $10 welcome bonus: Every new user gets a sign-up bonus and a daily login bonus.

– Daily income + fund security: Users earn income daily, and the principal is returned at contract expiration. Focusing on measurable performance rather than hype, PBK Miner has become a lasting value proposition in the cryptocurrency investment ecosystem.

About PBK Miner

PBK Miner is operated by PBK FINANCIAL SERVICES LTD (Company Number: 12272456), which represents a new digital asset platform – data-driven, performance-focused, and globally trusted. Since its establishment in 2019, the Leyland-based company has grown into one of the most popular cryptocurrency investment opportunities for return-oriented (rather than speculative) investors this year.

Full details and how to participate: https://pbkminer.com/

Disclaimer: The information provided in this press release does not constitute an investment solicitation, nor does it constitute investment advice, financial advice, or a trading recommendation. Cryptocurrency mining and staking involve risks and may result in the loss of funds. It is strongly recommended that you perform due diligence before investing or trading in cryptocurrencies and securities, including consulting a professional financial advisor.

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The MIL Network –
July 1, 2025

MIL-OSI: The Herzfeld Caribbean Basin Fund, Inc. Pays Distribution

Source: GlobeNewswire (MIL-OSI)

MIAMI BEACH, Fla., June 30, 2025 (GLOBE NEWSWIRE) — The Herzfeld Caribbean Basin Fund, Inc. (NASDAQ: CUBA) (the “Fund”) today announced that the Fund has made the following distribution pursuant to the Fund’s Managed Distribution Policy (the “Policy”):

Declaration Date	Ex-Date	Record Date	Payment Date	Per Share
05/09/2025	05/23/2025	05/23/2025	06/30/2025	$0.2325

The distribution for stockholders has been paid in cash or shares of the Fund’s common stock at the election of stockholders. The total amount of cash distributed to all stockholders was limited to 20% of the total distribution to be paid, excluding any cash paid for fractional shares. The remainder of the distribution (approximately 80%) was paid in the form of shares of the Fund’s common stock. The exact distribution of cash and stock to any given stockholder was dependent upon his/her election as well as elections of other stockholders, subject to the pro-rata limitation.

The price used to calculate the number of shares to be issued in lieu of cash is $2.4618, which was determined using the volume weighted average price per share of the Fund on June 12, 13 and 16, 2025. The total amount of cash and shares distributed under the Policy was as follows:

Total Cash		Total Shares
$731,093.39		1,187,755.00

Stockholders who elected to receive the distribution solely in shares of common stock and stockholders who did not make an election will receive approximately 0.0944 shares of common stock for each share of common stock they owned on the record date of May 9, 2025. Holders of approximately 50.62% of the Company’s common stock elected to receive only stock or did not make an election.

Stockholders electing to receive the distribution in all cash will receive cash in the amount of $0.09418 per common share, or approximately 40.51% of the $0.2325 distribution, and 0.0562 shares of common stock, or approximately 59.49% of the total distribution for each share of common stock they owned on the record date of May 9, 2025. Cash in lieu of fractional shares will be issued, if applicable. Total outstanding shares of the Company’s common stock following the distribution will be approximately 16,908,652.

The primary purpose of the Policy is to provide stockholders with a constant, but not guaranteed, fixed minimum rate of distribution (currently set at the annual rate of 15% of the Fund’s net asset value as determined on June 30, 2024). Under the Policy, distributions may be made at quarterly, semi-annual or annual periods of distribution and are reviewed by the Board each quarter. This allows the Fund to maintain its 15% annual distribution of NAV, but provides flexibility in determining the timing of those distributions in order to account for required year-end regulatory distributions of capital gains necessary to maintain the Fund’s tax-free status.

The Fund cannot predict what effect, if any, the Policy will have on the market price of its shares or whether such market price will reflect a greater or lesser discount to net asset value as compared to prior to the adoption of the Policy

Under the Policy, the Fund will distribute all available investment income to its stockholders, consistent with its investment objective and as required by the Internal Revenue Code of 1986, as amended (the “Code”). The amount distributed per share is subject to change at the discretion of the Board. If sufficient investment income is not available on a quarterly basis, the Fund will distribute long-term capital gains and/or return capital to its stockholders in order to maintain its managed distribution level. The Fund is currently not relying on any exemptive relief from Section 19(b) of the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund may make additional distributions from time to time, including additional capital gain distributions at the end of the taxable year, if required to meet requirements imposed by the Code and/or the 1940 Act. Please note that for shareholders enrolled in the Fund’s Dividend Distribution Reinvestment Plan, the distribution will be reinvested in additional shares of the Fund as described in the Policy.

The Fund expects that distributions under the Policy will exceed investment income and available capital gains and thus expects that distributions under the Policy will likely include returns of capital for the foreseeable future. A return of capital may occur, for example, when some or all of a stockholder’s investment is paid back to the stockholder. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income.’ Furthermore, a return of capital distribution is not a guarantee of future distributions or yield.’ Any such returns of capital will decrease the Fund’s total assets and, therefore, could have the effect of increasing the Fund’s expense ratio. In addition, in order to maintain the level of distributions called for under its Policy, the Fund may have to sell portfolio securities at a less than opportune time.

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions declared this fiscal year to date from the following sources: net investment income, net realized capital gains and return of capital. All amounts are expressed per common share.

	Current Distribution	% Breakdown of the Current Distribution	Total Cumulative Distributions for the Fiscal Year to Date	% Breakdown of the Total Cumulative Distributions for the Fiscal Year to Date
Net Investment Income	$0.00	0%	$0.00	0%
Net Realized Short-Term Capital Gains	$0.00	0%	$0.00	0%
Net Realized Long-Term Capital Gains	$0.2122	91.25%	$0.2122	45.6%
Return of Capital	$0.0203	8.75%	$0.2528	54.4%
Total (per common share)	$0.2325	100%	$0.4650	100%

Average annual total return (in relation to NAV) for the 5-year period ending on May 30, 2025	2.52%
Annualized current distribution rate expressed as a percentage of NAV as of May 30, 2025	17.55%
Cumulative total return (in relation to NAV) for the fiscal year through May 30, 2025	0.09%
Cumulative fiscal year distributions as a percentage of NAV as of May 30, 2025	17.55%

No conclusions should be drawn about the Fund’s investment performance from the amount of the Fund’s distributions or from the terms of the Policy.

The amount distributed per share is subject to change at the discretion of the Board. The Policy is subject to ongoing review by the Board to determine whether it should be continued, modified or terminated. The Board may amend the terms of the Policy, suspend the Policy, or terminate the Policy at any time without prior notice to the Fund’s stockholders if it deems such actions to be in the best interest of the Fund or its stockholders. The amendment or termination of the Policy could have an adverse effect on the market price of the Fund’s shares. On May 9, 2024, the Board approved certain modifications to the Policy and extended the Policy through June 30, 2025.

With each distribution that does not consist solely of net investment income, the Fund will issue a notice to stockholders and an accompanying press release that will provide detailed information regarding the amount and composition of the distribution and other related information. The amounts and sources of distributions reported in the notice to stockholders are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during its full fiscal year and may be subject to changes based on tax regulations. The Fund will send stockholders a Form 1099-DIV for the respective calendar year that will tell them how to report these distributions for federal income tax purposes. Stockholders should consult their tax advisor for proper tax treatment of the Fund’s distributions.

About Thomas J. Herzfeld Advisors, Inc.

Thomas J. Herzfeld Advisors, Inc., founded in 1984, is an SEC registered investment advisor, specializing in investment analysis and account management in closed-end funds. The Firm also specializes in investment in the Caribbean Basin. The HERZFELD/CUBA division of Thomas J. Herzfeld Advisors, Inc. serves as the investment advisor to The Herzfeld Caribbean Basin Fund, Inc. a publicly traded closed-end fund (NASDAQ: CUBA).

More information about the advisor can be found at www.herzfeld.com.

Past performance is no guarantee of future performance. An investment in the Fund is subject to certain risks, including market risk. In general, shares of closed-end funds often trade at a discount from their net asset value and at the time of sale may be trading on the exchange at a price which is more or less than the original purchase price or the net asset value. An investor should carefully consider the Fund’s investment objective, risks, charges and expenses. Please read the Fund’s disclosure documents before investing.

Forward-Looking Statements

This press release, and other statements that TJHA or the Fund may make, may contain forward looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the Fund’s or TJHA’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions. TJHA and the Fund caution that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and TJHA and the Fund assume no duty to and do not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. With respect to the Fund, the following factors, among others, could cause actual events to differ materially from forward-looking statements or historical performance: (1) changes and volatility in political, economic or industry conditions, particularly with respect to Cuba and other Caribbean Basin countries, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for the Fund or in the Fund’s net asset value; (2) the relative and absolute investment performance of the Fund and its investments; (3) the impact of increased competition; (4) the unfavorable resolution of any legal proceedings; (5) the extent and timing of any distributions or share repurchases; (6) the impact, extent and timing of technological changes; (7) the impact of legislative and regulatory actions and reforms, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulatory, supervisory or enforcement actions of government agencies relating to the Fund or TJHA, as applicable; (8) terrorist activities, international hostilities and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or TJHA or the Fund; (9) TJHA’s and the Fund’s ability to attract and retain highly talented professionals; (10) the impact of TJHA electing to provide support to its products from time to time; (11) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions; and (12) the effects of an epidemic, pandemic or public health emergency, including without limitation, COVID-19. Annual and Semi-Annual Reports and other regulatory filings of the Fund with the SEC are accessible on the SEC’s website at www.sec.gov and on TJHA’s website at www.herzfeld.com/cuba, and may discuss these or other factors that affect the Fund. The information contained on TJHA’s website is not a part of this press release.

Contact:
Tom Morgan
Chief Compliance Officer
Thomas J. Herzfeld Advisors, Inc.
1-305-777-1660

The MIL Network –

July 1, 2025

MIL-OSI: Bank OZK Announces Date for Second Quarter 2025 Earnings Release and Conference Call

Source: GlobeNewswire (MIL-OSI)

LITTLE ROCK, Ark., June 30, 2025 (GLOBE NEWSWIRE) — Bank OZK (the “Bank”) (Nasdaq: OZK) expects to report its second quarter 2025 earnings after the market closes on Thursday, July 17, 2025. Management’s comments on the second quarter of 2025 will be released simultaneously with the earnings press release and financial supplement which will be available on the Bank’s investor relations website.

Management will conduct a conference call to take questions at 7:30 a.m. CT (8:30 a.m. ET) on Friday, July 18, 2025. Interested parties may access the conference call live via webcast on the Bank’s investor relations website, or may participate via telephone by registering using this online form. Upon registration, all telephone participants will receive the dial-in number along with a unique PIN number that can be used to access the call. A replay of the conference call webcast will be archived on the Bank’s website for at least 30 days.

GENERAL INFORMATION
Bank OZK (Nasdaq: OZK) is a regional bank providing innovative financial solutions delivered by expert bankers with a relentless pursuit of excellence. Established in 1903, Bank OZK conducts banking operations in over 250 offices in nine states including Arkansas, Georgia, Florida, North Carolina, Texas, Tennessee, New York, California and Mississippi and had $39.2 billion in total assets as of March 31, 2025. For more information, visit ozk.com.

Investor Relations Contact: Jay Staley (501) 906-7842

Media Contact: Michelle Rossow (501) 906-3922

The MIL Network –

July 1, 2025
MIL-OSI: Progress Software Acquires Nuclia, an Innovator in Agentic RAG AI Technology

Source: GlobeNewswire (MIL-OSI)

Company adds easy-to-use agentic RAG-as-a-service product for organizations to automate and retrieve verifiable, high-quality AI search and generative answers

BURLINGTON, Mass., June 30, 2025 (GLOBE NEWSWIRE) — Progress Software (Nasdaq: PRGS), the trusted provider of AI-powered digital experience and infrastructure software, today announced the acquisition of Nuclia, an innovator in agentic Retrieval-Augmented Generation (RAG) AI solutions. Nuclia provides a unique agentic RAG-as-a-service product enabling organizations to automatically leverage their own proprietary business information to retrieve verifiable, accurate answers using GenAI.

“Nuclia’s easy-to-use, self-service SaaS product democratizes the use of trustworthy and verifiable GenAI,” said Yogesh Gupta, CEO of Progress Software. “Small to mid-sized businesses, as well as large global corporations, can quickly and easily reap the benefits of sophisticated agentic RAG capabilities using Nuclia SaaS without the need for significant upfront investment.”

“The rapid evolution of AI has transformed how organizations interact with information, creating new possibilities for more accurate, dynamic, and context-aware systems,” said Eudald Camprubí, CEO and Co-founder at Nuclia. “Agentic RAG is a cutting-edge approach that combines the power of large language models (LLMs) with business’ own proprietary data to provide accurate and trustworthy answers. Our team at Nuclia is proud of what we have built, and we are excited to join Progress to continue to advance this important technology.”

Nuclia will extend the end-to-end value of the Progress Data Platform while creating opportunities to reach a broader market of organizations looking to easily leverage the value of agentic RAG technology.

The acquisition was signed and closed today and is immaterial to Progress’ financials.

To learn more about Nuclia, go to https://nuclia.com.

About Progress Software
Progress Software (Nasdaq: PRGS) empowers organizations to achieve transformational success in the face of disruptive change. Our software enables our customers to develop, deploy and manage responsible AI-powered applications and digital experiences with agility and ease. Customers get a trusted provider in Progress, with the products, expertise and vision they need to succeed. Over 4 million developers and technologists at hundreds of thousands of enterprises depend on Progress. Learn more at www.progress.com.

About Nuclia
Nuclia, the RAG-as-a-Service company, is revolutionizing data-driven systems and processes to deliver previously unimaginable business value. Organizations across all sectors grapple with a common challenge: how to extract answers and unlock value from their internal data, both tacit and explicit. Nuclia uniquely solves this problem by converting this extensive and valuable repository of data into actionable, accessible knowledge. Learn more at https://nuclia.com.

Progress and Nuclia are trademarks or registered trademarks of Progress Software Corporation and/or one of its subsidiaries or affiliates in the U.S. and other countries. Any other trademarks contained herein are the property of their respective owners.

Press Contact:
Kim Baker
Progress Software
+1-800-477-6473
pr@progress.com

The MIL Network –

July 1, 2025
MIL-OSI: Zeo Energy Corp. Joins Russell Microcap® Index

Source: GlobeNewswire (MIL-OSI)

NEW PORT RICHEY, Fla., June 30, 2025 (GLOBE NEWSWIRE) — Zeo Energy Corp. (Nasdaq: ZEO) (“Zeo”, “Zeo Energy”, or the “Company”), a leading Florida-based provider of residential solar and energy efficiency solutions, today announced that it has joined the Russell Microcap^® Index following the conclusion of the 2025 Russell US Indexes annual reconstitution, effective after the US market open on June 30.

The annual Russell US Indexes reconstitution captures the 4,000 largest US stocks as of Wednesday, April 30, ranking them by total market capitalization. Membership in the Russell Microcap^® Index, which remains in place for one year, means automatic inclusion in the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings, and style attributes.

“Zeo’s inclusion in the Russell Microcap^® Index marks an important milestone in our nascent journey as a public company,” said CEO Tim Bridgewater. “Over the past year, we’ve significantly enhanced our operational capabilities and continued to expand our scale through accretive acquisition. We expect our inclusion in this respected index to bring increased exposure to the broader investment community as we work to deliver long-term value to our shareholders.”

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Russell’s US indexes serve as the benchmark for about $10.6 trillion in assets as of June 2024. Russell indexes are part of FTSE Russell, a leading global index provider.

For more information on the Russell Microcap^® Index and the Russell indexes reconstitution, go to the “Russell Reconstitution” section on the FTSE Russell website.

About Zeo Energy Corp.
Zeo Energy Corp. is a Florida-based regional provider of residential solar, distributed energy, and energy efficiency solutions. Zeo focuses on high-growth markets with limited competitive saturation. With its differentiated sales approach and vertically integrated offerings, Zeo, through its Sunergy business, serves customers who desire to reduce high energy bills and contribute to a more sustainable future. For more information on Zeo Energy Corp., please visit www.zeoenergy.com.

About FTSE Russell
FTSE Russell is a leading global provider of benchmarking, analytics, and data solutions for investors, giving them a precise view of the market relevant to their investment process. A comprehensive range of reliable and accurate indexes provides investors worldwide with the tools they require to measure and benchmark markets across asset classes, styles, or strategies.

FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. For over 30 years, leading asset owners, asset managers, ETF providers, and investment banks have chosen FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products, and index-based derivatives.

FTSE Russell is focused on applying the highest industry standards in index design and governance, employing transparent rules-based methodology informed by independent committees of leading market participants. FTSE Russell fully embraces the IOSCO Principles, and its Statement of Compliance has received independent assurance. Index innovation is driven by client needs and customer partnerships, allowing FTSE Russell to continually enhance the breadth, depth, and reach of its offering.

FTSE Russell is wholly owned by London Stock Exchange Group.

For more information, visit https://www.lseg.com/en/ftse-russell.

Forward-Looking Statements
This news release contains certain forward-looking statements within the meaning of section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Exchange Act of 1934, as amended, that are based on beliefs and assumptions and on information currently available to the Company. Such statements may include, but are not limited to, statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will,” and similar references to future periods may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include, for example, statements about the future financial performance of the Company; the ability to effectively consolidate the assets of Lumio and produce the expected results; changes in the Company’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, the ability to raise additional funds, and plans and objectives of management. These forward-looking statements are based on information available as of the date of this news release, and current expectations, forecasts, and assumptions, and involve a number of judgments, risks, and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing the Company’s views as of any subsequent date, and the Company does not undertake any obligation to update such forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws. You should not place undue reliance on these forward-looking statements. As a result of a number of known and unknown risks and uncertainties, the Company’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include: (i) the outcome of any legal proceedings that may be instituted against the Company or others; (ii) the Company’s success in retaining or recruiting, or changes required in, its officers, key employees, or directors; (iii) the Company’s ability to maintain the listing of its common stock and warrants on Nasdaq; (iv) limited liquidity and trading of the Company’s securities; (v) geopolitical risk and changes in applicable laws or regulations, including tariffs or trade restrictions; (vi) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (vii) operational risk; (viii) litigation and regulatory enforcement risks, including the diversion of management time and attention and the additional costs and demands on the Company’s resources; (ix) the Company’s ability to effectively consolidate the assets of Lumio and produce the expected results; and (x) other risks and uncertainties, including those included under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) for the year ended December 31, 2024 and in its subsequent periodic reports and other filings with the SEC.

In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by the Company, its respective directors, officers or employees or any other person that the Company will achieve its objectives and plans in any specified time frame, or at all. The forward-looking statements in this news release represent the views of the Company as of the date of this news release. Subsequent events and developments may cause that view to change. However, while the Company may elect to update these forward-looking statements at some point in the future, there is no current intention to do so, except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the views of the Company as of any date subsequent to the date of this news release.

Zeo Energy Corp. Contacts
For Investors:
Tom Colton and Greg Bradbury
Gateway Group
ZEO@gateway-grp.com

For Media:
Zach Kadletz
Gateway Group
ZEO@gateway-grp.com

The MIL Network –

July 1, 2025
MIL-OSI: CNB Financial Corporation and ESSA Bancorp, Inc. Receive Bank Regulatory Approvals for Merger

Source: GlobeNewswire (MIL-OSI)

CLEARFIELD, Pa. and STROUDSBURG, Pa., June 30, 2025 (GLOBE NEWSWIRE) — CNB Financial Corporation (“CNB”) (NASDAQ: CCNE) and ESSA Bancorp Inc. (“ESSA”) (NASDAQ: ESSA) are pleased to announce that they have received the necessary bank regulatory approvals to complete the proposed merger (the “Merger”) of ESSA with and into CNB and ESSA Bank & Trust (“ESSA Bank”) with and into CNB Bank (“CNB Bank”). The Federal Deposit Insurance Corporation and the Pennsylvania Department of Banking and Securities approved the merger of ESSA Bank with and into CNB Bank, and CNB received a waiver from the Federal Reserve Bank of Philadelphia for any application with respect to the merger of ESSA with and into CNB.

“We are pleased to have received the required bank regulatory approvals or waivers to move forward with the Merger,” said Michael D. Peduzzi, President and Chief Executive Officer of CNB. “This marks an exciting milestone as we bring together two strong institutions with shared values and a commitment to client-focused services and great experiences for all of our stakeholders. We look forward to welcoming ESSA customers, employees, and shareholders to CNB. Together, we will expand our reach, enhance our capabilities and efficiencies, and better meet the needs of the communities we serve.”

“We are excited to move ahead with our proposed merger with CNB,” commented Gary Olson, President and Chief Executive Officer of ESSA and ESSA Bank. He added, “Joining the CNB family will benefit our customers and communities as they will continue to be served by a combined organization that upholds our shared culture and values, maintains our relationship-focused approach, and offers an elevated suite of financial products and services.”

On January 9, 2025, CNB, CNB Bank, ESSA and ESSA Bank entered into an Agreement and Plan of Merger pursuant to which ESSA will merge with and into CNB in an all-stock transaction, and immediately after, ESSA Bank will merge with and into CNB Bank. The Merger is expected to close on July 23, 2025, pending customary closing conditions.

About CNB Financial Corporation

CNB Financial Corporation is a financial holding company with consolidated assets of approximately $6.3 billion. CNB Financial Corporation conducts business primarily through its principal subsidiary, CNB Bank. CNB Bank is a full-service bank engaging in a full range of banking activities and services, including trust and wealth management services, for individual, business, governmental, and institutional customers. CNB Bank operations include a private banking division, one loan production office, one drive-up office, one mobile office, and 55 full-service offices in Pennsylvania, Ohio, New York, and Virginia. CNB Bank, headquartered in Clearfield, Pennsylvania, with offices in Central and North Central Pennsylvania, serves as the multi-brand parent to various divisions. These divisions include ERIEBANK, based in Erie, Pennsylvania, with offices in Northwest Pennsylvania and Northeast Ohio; FCBank, based in Worthington, Ohio, with offices in Central Ohio; BankOnBuffalo, based in Buffalo, New York, with offices in Western New York; Ridge View Bank, based in Roanoke, Virginia, with offices in the Southwest Virginia region; and Impressia Bank, a division focused on banking opportunities for women, which operates in CNB Bank’s primary market areas. Additional information about CNB Financial Corporation may be found at www.CNBBank.bank.

About ESSA Bancorp, Inc.

ESSA Bancorp, Inc. is the holding company for its wholly owned subsidiary, ESSA Bank & Trust, which was formed in 1916. The company has total assets of $2.2 billion. Headquartered in Stroudsburg, Pennsylvania, the company has two regional offices in Allentown and Radnor, and operates 19 community offices throughout the greater Pocono, Lehigh Valley, Scranton/Wilkes-Barre, and suburban Philadelphia areas. ESSA Bank & Trust offers a full range of commercial and retail financial services, asset management and trust services, investment services through Ameriprise Financial Institutions Group and insurance benefit services through ESSA Advisory Services, LLC. ESSA Bancorp Inc. stock trades on the NASDAQ Global Market (SM) under the symbol “ESSA”.

Forward-Looking Statements

This communication contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements about CNB and ESSA and their industry involve substantial risks and uncertainties. Statements other than statements of current or historical fact, including statements regarding CNB’s or ESSA’s future financial condition, results of operations, business plans, liquidity, cash flows, projected costs, and the impact of any laws or regulations applicable to CNB or ESSA, are forward-looking statements. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “projects,” “may,” “will,” “should” and other similar expressions are intended to identify these forward-looking statements. Such statements are subject to factors that could cause actual results to differ materially from anticipated results.

Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements include, but are not limited to the following: (i) CNB’s and ESSA’s ability to complete the proposed merger on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to satisfaction of other closing conditions to consummate the proposed merger; (ii) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement relating to the proposed merger; (iii) risks related to diverting the attention of management from ongoing business operations; (iv) failure to realize the expected benefits of the proposed merger; (v) significant transaction costs and/or unknown or inestimable liabilities; (vi) the risk of shareholder litigation in connection with the proposed merger, including resulting expense or delay; (vii) the risk that ESSA’s business will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; (viii) risks related to future opportunities and plans for the combined company, including the uncertainty of expected future financial performance and results of the combined company following completion of the proposed merger; (ix) the effect of the announcement of the proposed merger on the ability of CNB and ESSA to operate their respective businesses and retain and hire key personnel and to maintain favorable business relationships; (x) risks related to the market value of the CNB common stock to be issued in the proposed merger; (xi) other risks related to the completion of the proposed merger and actions related thereto; (xii) the dilution caused by CNB’s issuance of additional shares of its capital stock in connection with the proposed merger; (xiii) national, international, regional and local economic and political climates and conditions; (xiv) changes in general economic conditions, including changes in market interest rates and changes in monetary and fiscal policies of the federal government; and (xv) legislative and regulatory changes. Further information about these and other relevant risks and uncertainties may be found in CNB’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, in ESSA’s Annual Report on Form 10-K for the fiscal year ended September 30, 2024 and in subsequent filings CNB and ESSA make with the Securities and Exchange Commission (“SEC”).

Forward-looking statements speak only as of the date they are made. CNB and ESSA do not undertake, and specifically disclaim any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. You are cautioned not to place undue reliance on these forward-looking statements.

The MIL Network –

July 1, 2025
MIL-OSI: SB Financial Group Joins Russell 3000 Index

Source: GlobeNewswire (MIL-OSI)

DEFIANCE, Ohio, June 30, 2025 (GLOBE NEWSWIRE) — SB Financial Group, Inc. (NASDAQ: SBFG) (“SB Financial”), a diversified financial services company providing full-service community banking, mortgage banking, wealth management, private client and title insurance services, today announced that it has been named to the Russell 3000^® and Russell 2000^® indices.

The annual reconstitution of the Russell US indices captures the 4,000 largest US stocks as of April 30, ranking them by total market capitalization. Membership in the Russell 3000^® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000^® Index or small-cap Russell 2000^® Index as well as the appropriate growth and value style indices. FTSE Russell determines membership for its Russell indices primarily by objective, market-capitalization rankings and style attributes.

“We are honored to be included in the Russell 3000 Index, a milestone that reflects the market’s recognition of the strength of our financial performance, the resilience of our business model, and the trust placed in us by our clients and shareholders,” said Mark A. Klein, Chairman, President and CEO of SB Financial Group. “This inclusion broadens our visibility within the investment community and underscores our continued progress in delivering consistent financial results and long-term value. As we move forward, we remain focused on disciplined growth and serving the evolving needs of the communities and clients we support.”

About SB Financial Group, Inc.

Headquartered in Defiance, Ohio, SB Financial Group is a diversified financial services holding company for The State Bank and Trust Company (State Bank) and SBFG Title, LLC dba Peak Title (Peak Title). State Bank provides a full range of financial services for consumers and small businesses, including wealth management, private client services, mortgage banking and commercial and agricultural lending, operating through a total of 26 offices: 24 in ten Ohio counties and two in Northeast, Indiana, and 26 ATMs. State Bank has six loan production offices located throughout the Tri-State region of Ohio, Indiana and Michigan. Peak Title provides title insurance and title opinions throughout the Tri-State and Kentucky. SB Financial Group’s common stock is listed on the NASDAQ Capital Market with the ticker symbol “SBFG”.

About FTSE Russell, an LSEG Business

FTSE Russell is a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally. FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately $18.1 trillion is benchmarked to FTSE Russell indexes. Leading asset owners, asset managers, ETF providers and investment banks choose FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products and index-based derivatives. A core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants. FTSE Russell is focused on applying the highest industry standards in index design and governance and embraces the IOSCO Principles. FTSE Russell is also focused on index innovation and customer partnerships as it seeks to enhance the breadth, depth and reach of its offering.

FTSE Russell is wholly owned by London Stock Exchange Group.

For more information, visit FTSE Russell.

Forward-Looking Statements

Certain statements within this document, which are not statements of historical fact, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, and actual results may differ materially from those predicted by the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties inherent in the national and regional banking industry, changes in economic conditions in the market areas in which SB Financial and its subsidiaries operate, changes in policies by regulatory agencies, changes in accounting standards and policies, changes in tax laws, fluctuations in interest rates, demand for loans in the market areas in SB Financial and its subsidiaries operate, increases in FDIC insurance premiums, changes in the competitive environment, losses of significant customers, geopolitical events, the loss of key personnel and other risks identified in SB Financial’s Annual Report on Form 10-K and documents subsequently filed by SB Financial with the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made, and SB Financial undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, except as required by law. All subsequent written and oral forward-looking statements attributable to SB Financial or any person acting on its behalf are qualified by these cautionary statements.

Investor Contact Information:

Mark A. Klein
Chairman, President and
Chief Executive Officer
Mark.Klein@YourStateBank.com

Anthony V. Cosentino
Executive Vice President and
Chief Financial Officer
Tony.Cosentino@YourStateBank.com

The MIL Network –

July 1, 2025
MIL-OSI Economics: Verizon celebrates 25 years of powering how people live, work and play

Source: Verizon

Headline: Verizon celebrates 25 years of powering how people live, work and play

NEW YORK, NY – For 25 years, Verizon has been leading with technology and innovation for our customers and helped shape the way Americans connect every day. What started as a bold vision in 2000 has grown into a company with the most wireless retail connections in the industry and a network of technological breakthroughs that empowers millions of people to live, work and play in new, connected ways. Today, Verizon is marking our 25th anniversary by celebrating our past and looking to the future: building smarter networks, supporting communities and equipping the next generation.

“For 25 years, our purpose has been rooted in our name: Veritas, delivering the truth and reliability that our customers trust, and Horizon, always looking forward,” said Hans Vestberg, Chairman and CEO of Verizon. “This is why we’ve built the nation’s most reliable 5G network. But it’s the people behind it — our V Team — who give us our heart. As we celebrate our past, our focus is firmly on the future: extending our leadership with intelligent solutions to connect every home and business to the possibilities of tomorrow.”

25 years of firsts

Verizon’s story is one of constant innovation. From pay phones to flip phones to smartphones, to rolling out 4G LTE nationwide, to being one of the first major carriers to launch fiber to the home with Fios, to pioneering the first 5G mobile network, Verizon has kept America and its customers at the forefront of technology. Along the way, our “Can you hear me now?” campaign has become a cultural touchstone, reminding consumers that reliability matters.

A commitment to communities

Verizon’s legacy is more than technology. In moments of crisis, like 9/11 and Hurricanes Katrina, Sandy and countless other natural disasters, Verizon teams work around the clock to keep families and first responders connected when they need it most. Our disaster resiliency work has since expanded to work with communities at risk of natural disasters year-round to empower them to be prepared for and able to recover from these disasters with greater confidence and connectivity.

Building on Verizon’s support of communities, our commitment to closing the digital divide has brought digital skills training to nearly 9 million students through Verizon Innovative Learning. And, we know that staying connected isn’t just about access — it’s about supporting the well-being of the communities we serve by encouraging healthy relationships with technology. Through free resources that help parents guide their children’s tech use, and partnerships with digital wellness organizations, Verizon is working to ensure that everyone can navigate the digital world safely and confidently.

Investing in America’s small businesses

Verizon’s Small Business Digital Ready program offers a free online platform — designed in partnership with small business owners, for small business owners — featuring 50+ free courses such as AI automation, social media marketing, financial planning, as well as peer networking, community events and one-on-one coaching. To date, the program has supported more than 500,000 businesses.

In addition, Verizon is opening doors for small businesses with our new Small Business Supplier Accelerator program — a commitment to spend $5 billion with small business suppliers over the next five years to help small businesses grow and thrive by working with Verizon and other large corporations.

The Next 25: An AI-powered, customer-first future and expanding America’s most-reliable 5G network

As part of this vision, Verizon’s pending acquisition of Frontier Communications represents a landmark expansion of our fiber footprint, poised to bring premium fiber connectivity to millions of new households. For the enterprise, Verizon AI Connect puts us at the forefront of powering the emerging AI economy, combining our industry-leading intelligent network with our expansive data center assets to deliver AI workloads at scale.

At the same time, Verizon is redefining the customer experience with a suite of AI-powered enhancements. Key features include a “Customer Champion” team, where a dedicated expert leverages Google’s Gemini AI models to resolve complex issues from start to finish. This is complemented by new 24/7 live chat support and a redesigned My Verizon app that uses AI to provide proactive solutions.

This is the latest chapter in a 25-year story of innovation with Verizon setting a new standard of how to connect customers at home and on the go.

MIL OSI Economics –

July 1, 2025
MIL-OSI Economics: Members explore technology transfer case studies, patent information, trade-related IP data

Source: WTO

Headline: Members explore technology transfer case studies, patent information, trade-related IP data

Discussions at the meeting saw a high level of engagement by delegations. Members highlighted how voluntary technology transfer to developing economies can boost innovation, productivity and development, drawing on sectoral case studies. They also focused on better harnessing information from expired patents and underlined the importance of systematic, transparent reporting on global IP trade flows.
A paper entitled “Intellectual Property and Innovation: Technology Transfer case studies” was submitted by Australia, Canada, the European Union, Israel, Japan, the Republic of Korea, New Zealand, Singapore, Switzerland, Chinese Taipei, the United Kingdom and the United States.
The paper highlights how technology enhances productivity, competitiveness, growth and development, motivating countries to foster an environment that attracts voluntary technology transfer and innovation. The paper invites members to submit case studies on voluntary transfers of patent-protected or trade secret technologies and highlights the importance of domestic policies and capacity-building. The aim of the paper is to inform TRIPS Council discussions on incentivizing mutually beneficial technology transfer to address global challenges.
The paper indicates that practical examples are useful in illustrating how technology transfer occurs across sectors such as agriculture, sustainability and manufacturing. IP offices and WIPO GREEN, an online platform for technology exchange, provide case studies and opportunities to promote green technology exchange. TRIPS Article 66.2 on technology transfer details incentives for transfer to least-developed countries (LDCs). In public health, the Medicines Patent Pool (MPP) enables voluntary sublicensing of patented treatments, increasing access to lifesaving medicines and supporting local production.
Colombia submitted a communication titled “After-life of patents” proposing joint efforts ahead of the 14th WTO Ministerial Conference (MC14), to be held in Cameroon in March 2026, to explore better use of patent information, potentially expanding the discussion to copyrighted works. The proposal envisions a cooperative WTO approach, without affecting debates on the need for balance in IP protection. Colombia said it is considering an MC14 decision where members would agree to make patent disclosures publicly accessible, promote good practices for their use, permit artificial intelligence (AI) training on such data, and establish a global, publicly accessible repository for such information.
Colombia submitted a second paper for discussion: “Trade-Related Figures of Intellectual Property at the WTO: The Case of IP Royalties at the Global Level”. The paper argues that since the TRIPS Agreement’s adoption in 1995, WTO members have applied common IP standards yet little focus has been placed on trade-related IP metrics. Unlike goods and services, IP trade flows – such as royalty payments – receive limited, inconsistent attention in WTO data. Occasional studies exist but lack regularity. However, reliable data is available through IMF and World Bank sources, which track cross-border royalty payments in national balance of payments statistics, offering an important resource for understanding global IP trade dynamics.
The paper suggests the WTO should implement systematic, detailed reporting on IP-related financial flows, integrating this data into TRIPS Council updates, Trade Policy Reviews and WTO databases. Disaggregated by IP category, such data would support informed policy decisions and foster balanced, evidence-based debate on the global IP regime.
Notifications
Members were updated on notifications under various provisions of the TRIPS Agreement that the Council has received since its last meeting in March.
The Chair of the Council, Emmanuelle Ivanov-Durand of France, said that the pace of notifications to the Council has increased in recent years, but they are still not keeping up with the actual development of laws and regulations relating to TRIPS. She emphasized that TRIPS Article 63.2 is not a “one-off” requirement but a core element of TRIPS transparency and a central part of the Council’s work. It obliges members to notify new or amended laws on TRIPS, including those recently adopted to address the COVID-19 pandemic.
This requirement includes the notification of legislative changes to implement the special compulsory licensing system to export medicines covered by TRIPS Article 31bis. The notification of relevant laws and regulations can assist members in preparing for the potential use of the system. It would also help the WTO Secretariat in its efforts to provide informed technical support to members.
The Chair recalled that the e-TRIPS Submission System is available for members to easily notify their laws and to make other required submissions to the TRIPS Council. The platform also permits digital access, consultation and analysis of information through the e-TRIPS Gateway, an easy-to-use interface to search and display information related to the TRIPS Council.
Members agreed to test the e-Agenda tool at the next TRIPS Council meeting on a trial, non-committal basis. Developed by the Secretariat and already in use across over 20 WTO bodies, the e-Agenda enhances transparency, organization and access to meeting documents and statements. The Chair stressed that implementation costs would be minimal, with a tailored prototype and training available. The trial aims to assess the practical value of the tool without altering established procedures.
Non-violation and situation complaints
Members repeated their well-known positions on the issue of non-violation and situation complaints (NVSCs) under the TRIPS Agreement. With less than a year to go to the 14th WTO Ministerial Conference (MC14), the Chair reminded members that it is a ministerial mandate for the Council to examine the scope and modalities for NVSCs, and that members should make serious efforts to do so.
The Chair noted that members have not displayed much appetite for advancing substantive discussions in this area. If this situation persists in the coming months, it is difficult to foresee any outcome in this area at MC14 other than an extension of the moratorium or its expiry, she noted. She suggested that if discussion on this matter is going to be limited to choosing between these two options, members could decide in Geneva ahead of MC14.
At the 13th Ministerial Conference (MC13) in Abu Dhabi in 2024, ministers adopted a Decision on TRIPS Non-Violation and Situation Complaints, instructing the TRIPS Council to continue reviewing the issue and submit recommendations to MC14. Until then, members agreed not to initiate such complaints under the TRIPS Agreement.
The Decision on TRIPS Non-Violation and Situation Complaints concerns whether and how WTO members can bring disputes to the WTO alleging that an action or situation has nullified expected benefits under the TRIPS Agreement, even without a specific violation.
Other issues
WTO members continued talks on how to proceed on the long overdue review of the implementation of the TRIPS Agreement. Under Article 71.1, the TRIPS Council is required to conduct a review of the implementation of the Agreement after two years and at periodic intervals thereafter. However, the initial review in 1999 was never completed and no review has subsequently been initiated.
The Chair recalled that members were able to propose last year a process for the first review, which ultimately could not be adopted. After holding informal consultations in May with the most active member on this issue to find a way forward, the Chair has concluded that the concerns that prevented the adoption of the proposal remain.
Ms Ivanov-Durand noted that the mandate set out in TRIPS Article 71.1 is highly significant and encouraged delegations to keep working towards the initiation of the implementation review. A number of delegations expressed their willingness to continue discussions on this issue. The Chair expressed her availability to conduct further informal consultations once there is greater likelihood of members agreeing on how to make substantial progress.
The Council did not agree on renewing the invitation to the European Free Trade Association (EFTA) to participate in the TRIPS Council as ad hoc observer. This invitation had been renewed on a meeting-to-meeting basis since 2012. A number of members said that the current list of observers is not balanced and asked the Council to reassess the situation with regards other international intergovernmental organizations whose requests have been pending for years. It was suggested that the Chair could address this issue in the technical meetings she is planning with members.
The updated list of pending requests for observer status in the TRIPS Council by intergovernmental organizations is contained in document IP/C/W/52/Rev.14.
The Chair said that there have been no new acceptances of the protocol amending the TRIPS Agreement since the last Council meeting. This means that, to date, the amended TRIPS Agreement applies to 141 members. Twenty-five members have yet to accept the Protocol. The current period for accepting the protocol runs until 31 December 2025.
Next meeting
The next regular meeting of the TRIPS Council is scheduled for 10-11 November 2025.

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July 1, 2025




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