Category: Economy

MIL-OSI Russia: Tuvalu: Staff Concluding Statement of the 2025 Article IV Mission

Source: IMF – News in Russian

May 27, 2025

A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

Washington, DC: An International Monetary Fund (IMF) team held discussions for the 2025 Article IV consultation for Tuvalu in Funafuti, during May 20-27. The team issued the following statement at the conclusion of the mission.

RECENT DEVELOPMENTS, OUTLOOK, AND RISKS

Tuvalu’s economy has experienced a strong recovery from the COVID-19 pandemic. After falling for three consecutive years in 2020-22, GDP growth rebounded strongly at 7.9 percent in 2023, driven by the resumption of construction activity, the trade recovery, and higher government spending. GDP growth in 2024 is estimated to have reached 3.3 percent, supported by continued effects of reopening and major infrastructure projects. Since peaking at 14.2 percent in 2022Q3, inflation has been trending down and slowed to 1.2 percent in 2024, in line with global food and commodities prices and continued easing of shipping bottlenecks.

The economic recovery is expected to continue, but growth is projected to moderate gradually over the medium term. Growth in 2025 is projected at 3 percent, driven by the construction of the new phase of Tuvalu Coastal Adaptation Project and an increase in public spending. While externally-financed projects are expected to continue to support economic activities, growth is projected to decline gradually to around 1.8 percent over the medium term, due to sluggish productivity growth, increasing emigration, and vulnerability to climate events. Inflation is expected to remain below 2 percent in 2025, reflecting the negative CPI at end-2024 and lower global commodity prices, and to rise gradually to 2.5 percent over the medium term, aligning with inflation dynamics of Tuvalu’s trading partners.

The fiscal balance is projected to turn to a surplus in 2025 reflecting higher grants but would deteriorate again starting in 2026. Higher grants are expected to more than offset the increase in expenditures and improve the fiscal balance from a deficit of 7 percent of GDP in 2024 to a surplus of 2.9 percent of GDP in 2025. Over the medium term, grants are projected to gradually decline to historical levels of around 27 percent of GDP, while current expenditure pressures would remain elevated. As a result, fiscal balances are expected to deteriorate gradually and reach -6.8 percent of GDP by 2030. Because the projected withdrawals from Tuvalu’s sovereign funds are not sufficient to fully finance the fiscal deficits, foreign financing will be required to close the financing gap. Under these baseline projections, Tuvalu is assessed to remain at a high risk of debt distress.

Downside risks to the outlook remain high. The global environment has significantly changed this year, reflecting escalated trade tensions, heightened policy uncertainty, and tighter financial conditions. While Tuvalu’s export exposure is limited, heightened global uncertainty and volatility could affect Tuvalu’s external revenues, including from its internet domain, fishing licenses, and development assistance, and significantly impact Tuvalu’s public finances, external position, and growth outlook. Global risks of heightened trade tensions and higher commodity prices could also increase inflation. A sharp downward correction in financial market returns could affect the performance of Tuvalu’s sovereign funds. Under-performance of public corporations could cause fiscal risks, and further loss of CBRs would severely disrupt cross-border payments. An acceleration of outward migration would exacerbate labor shortages. Extreme climate events and climate change remain major risks to Tuvalu’s economic outlook. Upside risks include higher fishing licenses and grants and greater structural reform momentum, which could accelerate economic growth.

FISCAL POLICY

Fiscal policy should balance ensuring fiscal sustainability and supporting Tuvalu’s development priorities. Tuvalu’s high vulnerability to external shocks requires fiscal sustainability and adequate buffers against downside risks. Meanwhile, the government faces significant near-term spending pressures in order to deliver essential public services, while also having to address medium-term climate adaptation costs and labor shortages stemming from increasing emigration.

A multi-pronged fiscal strategy is required to address these challenges. Given persistent fiscal deficits and Tuvalu’s limited fiscal space, the main elements of the strategy should include: i) gradually reducing fiscal deficits; ii) increasing spending for priority areas; and iii) appropriately using fiscal buffers to stabilize fiscal accounts, cushion against shocks, and address long-term challenges. IMF staff’s simulations show that reducing the fiscal deficit gradually to around 2.3 percent of GDP by 2030 (compared to 6.8 percent of GDP in the baseline scenario) by utilizing the returns of the Tuvalu Trust Fund and the Consolidated Investment Fund (CIF) to finance deficits would keep public debt on a downward path. The domestic current balance would provide an appropriate anchor and is expected to improve to -40 percent of GDP by 2045 under the consolidation scenario, and the value of the buffer fund (CIF) would stabilize at around 40 percent of GDP, which is needed to cover major shocks and downside risks.

The recommended fiscal strategy entails a combination of revenue mobilization, expenditure rationalization, and resource reprioritization measures. Expenditure measures should primarily focus on unwinding the recent increases in current expenditure, including containing the increase in the wage bill, implementing cost-saving measures for the Medical Referral Scheme and overseas scholarships, unwinding the increase in goods and services spending, and cutting broad-based utility subsidies. Revenue mobilization should prioritize strengthening the compliance and efficiency of tax collection, while considering reviewing tax policies and exploring options to boost tax revenue and streamline tax incentives. Part of the savings from the above measures should be redirected to areas such as targeted protection for the most vulnerable, infrastructure, human capital, and climate resilience.

Improving public financial management (PFM) can help manage revenue volatility and fiscal risks. The authorities have made progress in PFM, including introducing the new Financial Management Information System and formulating the Medium-Term Fiscal Framework. The publication of Tuvalu’s Fiscal Risk Reports is also welcome. Further efforts are needed to improve budget reliability, strengthen investment management to enhance absorption capacity, implement climate budget tagging, enhance fiscal reporting and transparency on extra-budgetary funds and SOEs, and reinforce procurement management.

FINANCIAL SECTOR POLICIES

Establishing effective regulatory and supervisory frameworks is urgently needed. Priorities include strengthening the statutory role and expanding the supervisory perimeter of the Banking Commission of Tuvalu (BCT), issuing the proposed new prudential standards, enforcing the timely submission of prudential returns, and addressing delays in the audits of the financial statements of the financial institutions. These measures should be supported through adequate resourcing of the BCT to conduct both on-site and off-site supervision.

Continued efforts are needed to strengthen Tuvalu’s connectivity to the global payment system and improve financial inclusion. Tuvalu’s membership of the Asia/Pacific Group on Money Laundering is a welcome step, and the authorities should continue strengthen the legal framework and compliance. Efforts to address Correspondent Banking Relationship pressures should also take into account potentially low ML/TF risk environment in Tuvalu and focus on the outreach to the key foreign regulatory authorities, including a corridor risk assessment. The ongoing efforts to modernize banking services, including the recent launch of Tuvalu’s first ATMs, can help overcome geographical barriers and improve efficiency. Improving financial literacy and establishing a reliable national digital ID system are also crucial for financial inclusion. Meanwhile, introducing digital services should consider supervisory capacities and ensure financial integrity.

STRUCTURAL REFORMS

Structural reforms need to be carefully prioritized, focusing on addressing development bottlenecks and attaining higher growth potential. Priorities should include: i) collaborating with local communities to effectively develop the reclaimed land; ii) improving internet connectivity and leveraging IT technology to deliver more public services; iii) ensuring proper maintenance of key infrastructure assets, particularly transportation and utilities including renewable energy; iv) strengthening SOE governance and performance, accompanied by reviewing utility pricing to ensure cost recovery; and v) exploring economic diversification in sectors with higher potential, including agricultural products such as coconut, eco-tourism, and commercial fishery.

Mitigating the impact of emigration and enhancing climate resilience are crucial. While outward emigration has supported remittances and consumption, measures to enhance both human capital and labor supply are required to address labor shortage issues. The authorities should focus on improving education access and quality, enhancing training, and attracting returning migrants and promoting skill transfer. Facilitating female labor force participation could help bridge significant gender gaps in employment, while alleviating labor shortages. Tuvalu should continue to engage with development partners to secure climate financing and implement major climate resilient projects. In addition, the authorities need to further enhance disaster management through enforcement of amended building codes, use of risk maps to inform planning, and strengthening community disaster preparedness. Accelerating renewable energy production can lower Tuvalu’s energy costs, reduce its external sector vulnerability, and enhance energy security.

***

The mission would like to thank the Tuvaluan authorities and various stakeholders for their excellent hospitality and cooperation and candid discussions during the mission.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Pemba Sherpa

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

@IMFSpokesperson

https://www.imf.org/en/News/Articles/2025/05/27/mcs-tuvalu-staff-concluding-statement-of-the-2025-article-iv-mission

MIL OSI

MIL OSI Russia News –

May 28, 2025
MIL-OSI USA: Cassidy Introduces Legislation to Modernize Credit Union Boards

US Senate News:

Source: United States Senator for Louisiana Bill Cassidy
U.S. Senator Bill Cassidy, M.D. (R-LA) introduced the Credit Union Board Modernization Act to revise an antiquated federal law requiring credit union boards to meet every month. By reducing unnecessary board meetings, the bill alleviates regulatory burdens and enables credit unions to concentrate on their core mission of serving their members’ financial needs.
Credit unions should be able to focus on serving their community rather than more bureaucracy. This is a silly rule. Repeal it,” said Dr. Cassidy.
Cassidy was joined by U.S. Senators Bill Hagerty (R-TN) and Lisa Blunt Rochester (D-DE) in introducing the legislation.
Current law for Credit Union Board Meetings requires all federal credit unions, regardless of performance, to hold monthly board meetings, imposing an unnecessary burden on well-managed and well-performing credit unions and diverting time and financial resources that should be allocated to serving credit union members.

MIL OSI USA News –

May 28, 2025
MIL-OSI USA: ICE investigation results in former child, family services caseworker sentenced to prison for sexually abusing children

Source: US Immigration and Customs Enforcement

NEWARK, N.J. — A U.S. Immigration and Customs Enforcement investigation led to the sentencing of a former New Jersey Department of Children and Family Services, Division of Child Protection and Permanency caseworker for the transportation and possession of child sexual abuse material.

Trent Collier, 58, of Kearny, New Jersey, was sentenced May 22 at the U.S. District Court in Newark to 109 months for one count of possession of child pornography and one count for the transportation of child pornography. He pleaded guilty to these charges on May 21, 2024, following his August 2022 indictment.

“Collier’s sentencing shows the strength and resolve of HSI and our law enforcement partners in the State of New Jersey to purse justice and uphold our commitment to protect children,” said ICE Homeland Security Investigations Newark Special Agent in Charge Ricky J. Patel. “We’ve sworn an oath to protect those who have been victimized by perpetrators like Collier and serve in positions of trust. Instead of caring for New Jersey children, he sexually exploited them for his own perverse pleasure.”

According to the investigation, on or about Sept. 28, 2021, Collier arrived at Newark Liberty International Airport aboard a flight from the Dominican Republic. Upon his arrival, law enforcement searched Collier’s cellular phone and identified at least two images of child sexual abuse material. In a statement to law enforcement, Collier admitted that he had previously sent child sexual abuse material to at least one other individual via cell phone and that individual sent child sexual abuse material to Collier. A further search of Collier’s cell phone uncovered multiple additional videos of child sexual abuse material, including videos depicting the sexual exploitation of toddlers.

Collier’s federal sentence will run consecutively to any future state sentencing. He has been remanded to the custody of the State of New Jersey since May 2024.

HSI Newark also assisted the New Jersey State Police in garnering state charges against Collier in a seven-count indictment with sexual assault, aggravated criminal sexual contact, attempted aggravated sexual assault, and official misconduct, based on Collier’s alleged sexually abusive conduct toward the two minor victims. Those charges were announced by the Division of Criminal Justice and NJSP Oct. 3, 2024.

According to the New Jersey State Attorney General, the investigation by HSI Newark and NJSP revealed that Collier had sexually abused two minors. The first victim was allegedly sexually assaulted while Collier served as the DCPP caseworker for the victim’s family. Collier allegedly verbally and physically threatened the victim that they would be removed from their family if they disclosed the abuse. Several instances of the alleged abuse occurred inside a DCPP office as well as a DCPP vehicle. As to the second victim, it is alleged that Collier leveraged his position as a DCPP caseworker to facilitate the sexual abuse, including use of his DCPP vehicle to facilitate an assault. It is also alleged that Collier offered financial incentives to the second victim to thwart disclosure.

The state charges and allegations are merely accusations, and they do not constitute proof of guilt. The defendant is presumed innocent unless and until proven guilty in a court of law.

In addition to the federal prison term, Collier was sentenced to five years of supervised release.

HSI is at the forefront of the U.S. government’s efforts to combat online child sexual exploitation and abuse through its investigations, victim assistance programs, intelligence and analysis, policy development, and training and awareness programs.

For any child, parent, guardian of New Jersey, searching for resources and information on how to prevent and combat online child sexual exploitation, go to Know2Protect.gov. If you suspect a child might be a victim, please call the ICE Tip Line at 1-866-347-2423.

MIL OSI USA News –

May 28, 2025

MIL-OSI: Soitec Reports Fourth Quarter Revenue and Full-Year Results of Fiscal Year 2025

Source: GlobeNewswire (MIL-OSI)

SOITEC REPORTS FOURTH QUARTER REVENUE AND
FULL-YEAR RESULTS OF FISCAL YEAR 2025

Q4’25 revenue reached €327m, stable at constant exchange rates and perimeter compared to Q4’24
FY’25 revenue amounted to €891m, down 9% both on a reported basis and at constant exchange rates and perimeter, in line with revised guidance
Soitec accelerated diversification confirmed with POI becoming Soitec’s fourth product to generate annual revenue of around $100m or more
Robust FY’25 EBITDA¹margin²at 33.5%, current EBIT margin at 15.2%
Positive FY’25 Free Cash Flow, at €26m, while maintaining strong R&D and industrial investments
Q1’26 revenue, impacted by the anticipated phase-out of Imager-SOI, is expected down around 20% year-on-year at constant exchange rates and perimeter (Imager-SOI Q1’25 revenue: $25m)
FY’26 Capex cash-out expected around €150m, down from €230m in FY’25
Strong technology megatrends and Soitec’s innovative engineered substrates continue to sustain Soitec addressable market growth from ~5m wafers (200mm equivalent) in 2024 to ~12m in 2030
Given the current reduced visibility and market uncertainties, the Group withdraws any guidance, whether related to all or part of its activities. This includes the projection of a quite limited growth for FY’26, as well as the medium-term ambition to reach a revenue target of $2bn with an EBITDA margin of approximately 40%. Going forward, the Group will only provide revenue guidance on a quarterly basis

Bernin (Grenoble), France, May 27^th, 2025 – Soitec (Euronext Paris), a world leader in designing and manufacturing innovative semiconductor materials, today announced its revenue for the fourth quarter of fiscal year 2025 and its full-year results of fiscal year 2025 (ended on March 31^st, 2025). The financial statements³ were approved by the Board of Directors during its meeting today.

Pierre Barnabé, Soitec’s CEO, commented: “On the back of strong sales in the fourth quarter, we closed fiscal year 2025 in line with our revised guidance, with a high-single digit decline in full-year revenue. In this context, strict cost management enabled us to deliver a robust EBITDA margin, generate positive free cash flow, and continue investing both in innovation and in our industrial capacity – all while maintaining a very healthy balance sheet.

In a volatile and uncertain economic environment, we are focusing on parameters within our control to strengthen our fundamentals and accelerate our diversification beyond RF-SOI and beyond Mobile Communications. With the growing adoption of our new products by industry leaders – POI becoming an industry standard for innovative smartphones and Photonics-SOI gaining traction among industry leaders to equip the next generation of AI Datacenters – we have been able to partially offset the ongoing RF-SOI inventory correction and mitigate the impact of the weakness in the automotive industry. While RF-SOI remains by far the first contributor to our revenue, three other products – FD-SOI, Power-SOI and POI – are now each generating around or above 100 million US dollars in revenue.

This environment however provides limited visibility. We have therefore decided to suspend all previously issued guidance and to only provide revenue guidance on a quarterly basis. We expect Q1’26 to reflect the impact of the Imager-SOI phase out, which we had already anticipated and prepared for. Q1’26 revenue is hence expected to be down around 20% year on year, Imager-SOI contributing 25 million dollars in Q1’25.

We remain confident in our solid fundamentals and in our ability to accelerate growth as soon as our end markets begin to recover. Our strong technology megatrends – 5G, Energy Efficiency and Artificial Intelligence – and our unique expertise in engineered substrates continue to support the expansion of our Addressable Market from around 5 million wafers (200-mm equivalent) in 2024 to around 12 million in 2030”, added Pierre Barnabé.

Fourth quarter FY’25 consolidated revenue

	Q4’25	Q4’24	*Q4’25/Q4’24*


(Euros millions)			*change reported*	*chg. at const. exch. rates & perimeter*

Mobile Communications	220	222	*-1%*	*-2%*
Automotive & Industrial	45	44	*+1%*	0%
Edge & Cloud AI	63	70	*-11%*	*+2%*

Revenue	327	337	*-3%*	*-1%*

Soitec revenue reached 327 million Euros in Q4’25, down 3% on a reported basis compared with revenue of 337 million Euros achieved in Q4’24. This reflects a 1% year-on-year decline at constant exchange rates and perimeter, a negative scope⁴ effect of 3% related to the divestment of Dolphin Design’s businesses, and a positive currency impact of 1%.

Each one of Soitec’s three divisions recorded an almost stable organic change in revenue in Q4’25 compared to the high base achieved in Q4’24. The slight organic decline in Mobile Communications revenue was partly offset by a small increase in Edge & Cloud AI revenue, while Automotive & Industrial was stable. This is however reflecting different dynamics per product, with further strong traction in POI wafers for smartphone filters and in Photonics-SOI wafers for data centers.

Mobile Communications

In the context of a moderately recovering smartphone market and with a progressively improving inventory situation across the supply chain, Mobile Communications revenue reached 220 million Euros in Q4’25, down 2% at constant exchange rates and perimeter year-on-year.

On RF-SOI wafers, Soitec benefited, as expected, from a usually strong seasonal stock rebuilding at the beginning of the calendar year. Volumes of RF-SOI wafers sold were higher in Q4’25 than in Q4’24, with a slightly negative price / mix effect, thus partly mitigating a significant decrease in 200-mm RF-SOI volumes.

Sales of POI (Piezoelectric-on-Insulator) wafers dedicated to RF filters continued to grow sequentially from one quarter to another, translating into a sharp year-on-year increase in Q4’25. The adoption of Surface Acoustic Wave (SAW) filters on POI continued to accelerate. Ten customers are in volume production, and thirteen others in qualification phase.

Sales of FD-SOI wafers, the only solution for fully integrated 5G mmWave system-on-chip, have been slightly growing in Q4’25 compared to Q4’24.

Automotive & Industrial

Automotive & Industrial revenue reached 45 million Euros in Q4’25, flat at constant exchange rates and perimeter compared to Q4’24, despite the ongoing difficulties of the automotive market.

After the particularly low level reached in Q3’25, volumes of Power-SOI wafers were significantly higher in Q4’25 than in Q4’24, although with a slightly negative price effect. Sales benefited from customer restocking at the beginning of their calendar year. Despite very low visibility, OEMs were keen to avoid stockouts in the event of a market rebound, but this most likely came at the expense of volumes in H1’26. As the Automotive market recovers, the outlook for Battery Management Systems remains strong and supports Soitec’s product roadmap towards 300-mm, further strengthening its positioning.

Conversely, after a very strong performance in Q3’25, FD-SOI wafer sales recorded a slight year-on-year decline in Q4’25 compared to Q4’24. Automotive FD-SOI continues to be mostly driven by adoption for microcontrollers, radar and wireless connectivity, delivering superior performance and greater power efficiency compared to other existing technologies.

Regarding SmartSiC^TM, while Soitec initiated a sixth customer qualification process early Q4’25, the slower-than-expected growth of the electric vehicle market, combined with the longer than initially anticipated customers’ qualification cycles confirm the previously mentioned delay in the initially expected wafer production ramp-up.

Edge & Cloud AI

Edge & Cloud AI revenue reached 63 million Euros in Q4’25, up 2% at constant exchange rates and perimeter compared to Q4’24. On a reported basis revenue went down 11% as a result of the divestment of Dolphin Design’s businesses.

Sales of Photonics-SOI wafers recorded another high sequential increase in Q4’25, as Soitec continues to benefit from a strong momentum in Cloud infrastructure investments across the Big Tech and Artificial Intelligence supply chains. On a year-on-year basis, sales were much higher than in Q4’24. As the exponential growth of AI-related computing power capabilities drives the need for more powerful and more energy-efficient data centers, Photonics-SOI has become a standard technology platform for high-speed and high bandwidth optical interconnections in data centers. Photonics-SOI are adopted in pluggable optical transceivers and used for the development of Co-Packaged Optics.

In Q4’25 sales of FD-SOI wafers were above the level reached in Q3’25 but slightly down year-on-year compared to the high level recorded in Q4’24. This is mainly the consequence of deliveries requests put on hold by a couple of customers. FD-SOI technology is a key enabler for AI-driven consumer and industrial IoT applications due to its unique power efficiency, performance, thermal management and reliability advantages.

Sales of Imager-SOI wafers for 3D imaging applications tapered off in Q4’25 due to the phase out of this product, as expected.

FY’25 consolidated revenue

	FY’25	FY’24	*FY’25/FY’24*

(Euros millions)			*change reported*	*chg. at const. exch. rates & perimeter*

Mobile Communications	546	611	*-11%*	*-12%*
Automotive & Industrial	129	163	*-21%*	*-22%*
Edge & Cloud AI	216	204	*+6%*	*+11%*

Revenue	891	978	*-9%*	*-9%*

Consolidated revenue reached 891 million Euros in FY’25, down 9% on a reported basis compared to 978 million Euros in FY’24. This reflects a 9% decline at constant exchange rates and perimeter, in line with Soitec’s latest guidance, a negative scope⁴ effect of 1% and a slightly positive currency impact of 1%.

Overall, the sharp increase in sales of Photonics-SOI and POI wafers partly offset the drop in revenue recorded both in RF-SOI and in Power-SOI.

Mobile Communications revenue reached 546 million Euros in FY’25, down 11% on a reported basis and down 12% at constant exchange rates and perimeter year-on-year. Revenue was impacted by weaker RF-SOI volumes in connection with further inventory adjustment at customer level, especially in H1’25. RF-SOI performance was partly offset by a strong growth in POI wafer sales throughout the fiscal year and by slightly higher FD-SOI wafer sales. Mobile communications represented 61% of total revenue, almost stable vs FY’24.
Automotive & Industrial revenue amounted to 129 million Euros in FY’25, down 21% on a reported basis and down 22% at constant exchange rates and perimeter compared to FY’24. This revenue decline was primarily driven by lower Power-SOI volumes, reflecting weakness in the automotive market. Revenue from SmartSiC™ technology in connection with the initial phase of Soitec’s cooperation agreement with STMicroelectronics have also decreased year-on-year. This was partially offset by higher FD-SOI wafer sales. Automotive & Industrial represented 15% of total revenue against 17% in FY’24.
Edge & Cloud AI revenue reached 216 million Euros in FY’25, up 6% on a reported basis and up 11% at constant exchange rates and perimeter compared to FY’24. The organic increase in revenue was driven by higher sales of Photonics-SOI wafers, which benefit from sustained investment in Cloud infrastructure. Sales of FD-SOI went slightly down but remained at a high level, supported by the need for low-power computing devices and edge-AI applications. Imager-SOI sales were almost flat year-on-year despite the phase out of this product from early H2’25 onward. Edge & Cloud AI represented 24% of total revenue against 21% in FY’24.

EBITDA¹margin²maintained at a robust level

Consolidated income statement (part 1)

(Euros millions)	FY’25	FY’24	*% change*

Revenue	891	978	*-9%*


Gross profit	286	332	*-14%*
As a % of revenue	*32.1%*	34.0%

Net research and development expenses	(85)	(61)	*+39%*
Selling, general and administrative expenses	(65)	(63)	*+4%*


Current operating income	136	208	*-35%*
As a % of revenue	*15.2%*	21.3%


EBITDA^1,⁵	298	332	*-10%*
As a % of revenue	*33.5%*	34.0%

Current operating income went down from 208 million Euros in FY’24 (21.3% of revenue) to 136 million Euros in FY’25 (15.2% of revenue). This reflects the weaker activity recorded in FY’25, but also higher R&D investment and higher depreciation expenses, as Soitec continues to invest to secure its competitiveness.

Gross profit reached 286 million Euros, down from 332 million Euros in FY’24. Gross margin declined by 1.9 points to 32.1% of revenue. This was essentially due to the lower sales volumes, of RF-SOI in particular, leading to a lower utilization of some of the industrial capacities, combined with an overall slightly negative price / mix effect. In addition, depreciation costs went up, reflecting the Group’s investment profile. These factors were mitigated by strong discipline in cost management, including lower purchase prices, by some agility in resource allocation between plants, and by higher subsidies.
Net R&D expenses increased from 61 million Euros in FY’24 (6.3% of revenue) to 85 million Euros in FY’25 (9.5% of revenue). Gross R&D expenses before capitalization went up 11% to 152°million Euros, as part of Soitec’s innovation strategy aimed at further investing in the next generation of SOI products, in compound semiconductors, as well as in new engineered substrates. In addition, Soitec booked a much lower amount of capitalized development costs in FY’25 (12 million Euros against 31 million Euros in FY’24). This was only partly offset by the recognition of higher R&D subsidies and higher prototype sales.
Selling, general and administrative (SG&A) expenses amounted to 65 million Euros in FY’25 (7.3% of revenue), up from 63 million Euros in FY’24. This slight increase is essentially due to non-recurring positive effects on labor costs recorded in FY’24 and higher depreciation expenses, notably related to recent IT investments in cybersecurity. On the other hand, lower share-based compensation and the divestment of Dolphin Design both had positive effects.

EBITDA^1,5 amounted to 298 million Euros in FY’25 compared to 332 million Euros in FY’24. EBITDA^1,5 margin² remained at a robust level, reaching 33.5%, only 50 basis points below the level of 34.0% recorded in FY’24. The combination of a lesser absorption of fixed costs due to lower volumes and higher level of R&D investments was offset by higher non-cash items, notably depreciation and amortization expenses and inventory valuation effects.

Consolidated income statement (part 2)

(Euros millions)	FY’25	FY’24	*% change*



Current operating income	136	208	*-35%*


Other operating income / (expenses)	(16)	(3)


Operating income	119	205	*-42%*

Net financial expense	(9)	(5)
Income tax	(19)	(23)


Net profit from continuing operations	91	178	*-49%*

Net profit from discontinued operations	1	0


Net profit, Group share	92	178	*-48%*


Basic earnings per share (in €)	2.57	5.00	*-49%*

Diluted earnings per share (in €)	2.56	4.88	*-48%*


Weighted average number of ordinary shares	*35,670,651*	35,655,679

Weighted average number of diluted ordinary shares	*35,868,688*	37,710,587

Other operating expenses amounted to 16 million Euros in FY’25, mainly reflecting a 13 million Euros loss on the divestment of Dolphin Design’s businesses.

Consequently, the operating income stood at 119 million Euros, down from 205 million Euros in FY’24.

The net financial result came as an expense of 9 million Euros in FY’25 compared to an expense of 5 million Euros in FY’24. Net financial expenses were 2 million Euros higher than in FY’24, reflecting new financing arrangements, while a net foreign exchange loss of 2 million Euros was recorded in FY’25 against a gain of 1 million Euros in FY’24.

The income tax expense amounted to 19 million Euros in FY’25, down from 23 million Euros in FY’24. The effective tax rate, however, increased from 11% in FY’24 to 17% in FY’25, as a result of specific one-off items.

In line with the decline in operating income, the net profit amounted to 92 million Euros in FY’25 (10.3% of revenue), down from 178 million Euros in FY’24 (18.2% of revenue).

Positive Free Cash Flow generation

Consolidated cash-flows

(Euros millions)	FY’25	FY’24

Continuing operations

EBITDA^1,6	298	332

Inventories	(38)	(19)
Trade receivables	(30)	(94)
Trade payables	(15)	(45)
Other receivables and liabilities	4	17
Change in working capital requirement	(79)	(142)
Tax paid	(17)	(25)


Net cash generated by operating activities	202	165

Net cash used in investing activities	(176)	(208)


Free Cash Flow	26	(43)

New loans and debt repayment (including finance leases), drawing on credit lines	(36)	(15)
Financial expenses	(14)	(12)
Liquidity contract and other items	(1)	(7)


Net cash used in financing activities	(50)	(33)

Impact of exchange rate fluctuations	4	(3)

Net change in cash	(21)	(80)

The Group generated a positive Free Cash Flow of 26 million Euros in FY’25, which represents a 69 million Euros improvement compared to the 43 million Euros negative Free Cash Flow recorded in FY’24. Despite a lower EBITDA^1,5, this strong increase essentially comes as a result of a better change in working capital. It also benefited from lower tax paid and from reduced capital expenditure.

Change in working capital remained under control with a cash outflow at 79 million Euros in FY’25, compared to a cash outflow of 142 million Euros in FY’24. FY’25 cash outflow is essentially reflecting:

a 38 million Euros increase in inventories as a couple of customers requested to put some deliveries on hold while some late changes in product mix also resulted in an increase in bulk material inventories,
a 30 million Euros increase in trade receivables, explained by a different customer mix,
- a 15 million Euros decrease in trade payables.

The net cash used in investing activities amounted to 176 million Euros in FY’25, compared to 209 million Euros in FY’24. It takes into account financial income from cash investment of 19 million Euros (17 million Euros in FY’24). Including new production equipment under leases (31 million Euros in FY’25 vs. 51 million Euros in FY’24), total cash out related to capital expenditure amounted to 230 million Euros as expected. It compares with 276 million Euros spent in FY’24. Capital expenditure was essentially related to industrial investments, including:

additional POI manufacturing tools in Bernin to increase capacity,
production capacity for new SOI products (RF-SOI and Photonics-SOI) in Singapore and 300-mm SOI refresh capacity in Bernin,
the ongoing extension of Singapore 300-mm facility (for the part already started),
completion of the 200-mm SmartSiC^TM pilot line in Bernin.

Capital expenditure also included IT investments as well as investments supporting the Group’s innovation strategy and its environmental policy.

Net cash used in financing activities amounted to 50 million Euros in FY’25 (33 million Euros in FY’24) essentially reflecting a net decrease in borrowings and related interest paid.

In total, including a 4 million Euros positive impact of exchange rate fluctuations (3 million Euros negative impact in FY’24), the net cash outflow reached 21 million Euros in FY’25 (80 million Euros in FY’24) resulting in a steady strong cash position of 688 million Euros on March 31^st, 2025.

Strong balance sheet maintained

Soitec maintained a strong balance sheet as of March 31^st, 2025.

Shareholders’ equity stood at 1.6 billion Euros on March 31^st, 2025, up 100 million Euros from March 31^st, 2024.

Financial debt on March 31^st, 2025, was slightly up, at 782 million Euros against 747 million Euros on March 31st, 2024. Taking into account the 21 million Euros cash outflow recorded in FY’25, the net debt position⁶ was kept at a moderate level, at 94 million Euros on March 31^st, 2025, up from 39 million Euros on March 31^st, 2024.

FY’26 outlook

Given the current reduced visibility and market uncertainties, the Group withdraws any guidance, whether related to all or part of its activities. This includes the projection of a quite limited growth for FY’26, as well as the medium-term ambition to reach a revenue target of $2bn with an EBITDA margin of approximately 40%. Going forward, the Group will only provide revenue guidance on a quarterly basis.

Q1’26 revenue, impacted by the anticipated phase-out of Imager-SOI, is expected down around 20% year-on-year (Imager-SOI Q1’25 revenue: $25m). FY’26 Capex cash-out is expected around €150m, down from €230m in FY’25.

Operating model at scale

Soitec continues to pursue its long-term growth strategy, supported by structural trends in its end markets and the accelerated diversification of its product portfolio.

In this context, Soitec has defined an operating model at scale, representing the financial profile the Group could achieve when operating at a higher volume level. This model reflects the Group’s internal assessment of the efficiencies and profitability enabled by its current industrial and technological platform.

Based on its market assessment and competitive positioning, Soitec continues to grow its manufacturing capacity, in line with market growth and customer demand. The Group anticipates investing ~€770m to scale its production capacity to enable a $2bn revenue run-rate, which should yield significant operating leverage and cash generation improvement. Given ongoing reduced visibility and market uncertainties, the Group will not guide on a specific timing, which will be influenced by external factors beyond its control.

This operating model and the associated ambitions and financial information are not guidance and should not be interpreted as a financial objective or forecast. Actual results will depend on market dynamics, customer adoption, and execution.

Key events of Q4 FY’25

Divestment of Dolphin Design’s main businesses

Dolphin Design’s mixed-signal IP activities have been acquired on October 31^st, 2024, by Jolt Capital, a private equity firm specializing in European deeptech investments. Dolphin Design’s ASIC activities were sold to NanoXplore, a major player in SoC and FPGA semiconductor design, on December 30^th, 2024.

Dolphin Design, acquired by Soitec in 2018, has long been at the forefront of delivering cutting-edge semiconductor design solutions in mixed-signal IP and ASICs. The sale of Dolphin Design’s two main business activities will support Soitec’s focus on strategic development and growth opportunities in its core advanced semiconductor materials business.

A 13 million Euros loss on the divestment of Dolphin Design’s businesses was recorded in other operating expenses in FY’25. There will be no further impact on Soitec financial statements from FY’26.

Soitec contributes to accelerated development of integrated optical connectivity solutions for AI data centers with its silicon photonics SOI technology

On March 19^th, 2025, Soitec welcomed recent industry steps to accelerate development and commercialization of co-packaged optics (CPO) solutions for data centers. The rapidly rising data requirements of AI and high-performance computing (HPC) are driving demand for silicon photonics-based CPO architectures. For data centers, CPO adoption enables energy savings of around 30% compared with current optical transceiver-based solutions. The momentum for widespread CPO adoption is building up. Following the earlier introduction of groundbreaking CPO products and demonstrators by Broadcom, Intel, and Marvell, NVIDIA unveiled its first CPO products, Spectrum-X and Quantum-X. Soitec is at the forefront of the transition from electrical to optical interconnects. CPO components are reliant on specialist silicon-on-insulator (Photonics-SOI) substrates, in which Soitec is a leader. The coming shift to CPO-based data center architectures is a major opportunity for Soitec.

Soitec joins the SEMI Silicon Photonics industry alliance

Soitec also announced on March 19^th, 2025, that it has joined the SEMI Silicon Photonics Industry Alliance (SEMI SiPhIA), a group of more than 100 semiconductor industry partners, with TSMC and ASE serving as the alliance’s advocates. The alliance’s mission is to drive silicon photonics innovation and applications, advance industry standards, and foster knowledge-sharing, resource integration, and technical exchange. Through its membership, Soitec will contribute to strengthening supply chain partnerships and fostering international collaboration on the deployment of key next-generation technologies, including CPO.

Soitec confirms its excellence in innovation with progress up 2024 INPI patent ranking

On March 31^st, 2025, Soitec once again demonstrated its excellence in innovation through its rise in the 2024 ranking of patent filers published by the INPI (the French National Institute of Industrial Property). This recognition highlights Soitec’s unwavering commitment to innovation and confirms its central role in the development of disruptive technologies, driven by a global strategy and a network of research centers spread across several continents. With 76 patents filed in France in 2024, compared to 62 the previous year, Soitec confirms its 1^st place among the most innovative mid-sized companies, for the second consecutive year, and rises to 22^nd place nationally, up three places. With approximately 400 patents filed worldwide each year, Soitec has established itself as an essential technology leader.

# # #

FY’25 results will be commented during an analyst and investor meeting in Paris on May 28^th, 2025, at 2pm CET. The meeting will be held in English.

The live webcast will be available on: https://channel.royalcast.com/landingpage/soitec/20250528_1/

The investor presentation is available for download on:
https://www.soitec.com/home/investors/full-year-results-of-fiscal-year-2024—2025

# # #

Annual General Meeting

At its meeting today, the Board of Directors decided to convene the Annual General Meeting of shareholders on July 22^nd, 2025. On this occasion, it decided to renew three of the four directors’ terms of office due to expire (Bpifrance Participations, CEA Investissement and Fonds Stratégique de Participations). Regarding Kai Seikku, the latter did not wish to be re-elected.

Q1’26 revenue

Q1’26 revenue is due to be published on July 22^nd, 2025, after market close.

# # #

Disclaimer

This document is provided by Soitec (the “Company”) for information purposes only.

The Company’s business operations and financial position are described in the Company’s 2023-2024 Universal Registration Document (which notably includes the Annual Financial Report) which was filed on June 5^th, 2024, with the French stock market authority (Autorité des Marchés Financiers, or AMF) under number D.24-0462, as well as in the Company’s 2024-2025 half-year financial report released on November 20^th, 2024. The French versions of the 2023-2024 Universal Registration Document and the 2024-2025 half-year financial report, together with English courtesy translations for information purposes of both documents, are available for consultation on the Company’s website (www.soitec.com), in the section Company – Investors – Financial Reports.

Your attention is drawn to the risk factors described in Chapter 2.1 (Risk factors and controls mechanism) of the Company’s 2023-2024 Universal Registration Document.

This document contains summary information and should be read in conjunction with the 2023-2024 Universal Registration Document and the 2024-2025 half-year financial report.

This document contains certain forward-looking statements. These forward-looking statements relate to the Company’s future prospects, developments and strategy and are based on analyses of earnings forecasts and estimates of amounts not yet determinable. By their nature, forward-looking statements are subject to a variety of risks and uncertainties as they relate to future events and are dependent on circumstances that may or may not materialize in the future. Forward-looking statements are not a guarantee of the Company’s future performance. The occurrence of any of the risks described in Chapter 2.1 (Risk factors and controls mechanism) of the 2023-2024 Universal Registration Document may have an impact on these forward-looking statements.

The Company’s actual financial position, results and cash flows, as well as the trends in the sector in which the Company operates may differ materially from those contained in this document. Furthermore, even if the Company’s financial position, results, cash-flows and the developments in the sector in which the Company operates were to conform to the forward-looking statements contained in this document, such elements cannot be construed as a reliable indication of the Company’s future results or developments.

The Company does not undertake any obligation to update or make any correction to any forward-looking statement in order to reflect an event or circumstance that may occur after the date of this document.

This document does not constitute or form part of an offer or a solicitation to purchase, subscribe for, or sell the Company’s securities in any country whatsoever. This document, or any part thereof, shall not form the basis of, or be relied upon in connection with, any contract, commitment or investment decision.

Notably, this document does not constitute an offer or solicitation to purchase, subscribe for or to sell securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from the registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”). The Company’s shares have not been and will not be registered under the Securities Act. Neither the Company nor any other person intends to conduct a public offering of the Company’s securities in the United States.

# # #

About Soitec

Soitec (Euronext – Tech Leaders), a world leader in innovative semiconductor materials, has been developing cutting-edge products delivering both technological performance and energy efficiency for over 30 years. From its global headquarters in France, Soitec is expanding internationally with its unique solutions, and generated sales of 0.9 billion Euros in fiscal year 2024-2025. Soitec occupies a key position in the semiconductor value chain, serving three main strategic markets: Mobile Communications, Automotive and Industrial, and Edge & Cloud AI (previously Smart Devices). The company relies on the talent and diversity of its 2,200 employees, representing 50 different nationalities, working at its sites in Europe, the United States and Asia. Soitec has registered over 4,200 patents.

Soitec, SmartSiC™ and Smart Cut™ are registered trademarks of Soitec.

For more information: https://www.soitec.com/en/ and follow us on X: @Soitec_Official

# # #

Financial information and consolidated financial statements in appendix include:

– Consolidated revenue per quarter

– FY’25 consolidated income statement

– Balance sheet at March 31^st, 2025

– FY’25 consolidated cashflows

Consolidated revenue per quarter

Quarterly revenue	Q1’24	Q2’24	Q3’24	Q4’24	Q1’25	Q2’25	Q3’25	Q4’25	FY’24	*FY’25*
(Euros millions)
Mobile Communications	89	169	130	222	48	124	154	220	611	*546*
Automotive & Industrial	37	38	44	44	26	33	25	45	163	*129*
Edge & Cloud AI	31	37	65	70	46	61	47	63	204	*216*

Revenue	157	245	240	337	121	217	226	327	978	*891*

Change in quarterly revenue	Q1’25/Q1’24		Q2’25/Q2’24		Q3’25/Q3’24		Q4’25/Q4’24		*FY’25/FY’24*
(vs. previous year)	Reported change	Organic change¹	Reported change	Organic change¹	Reported change	Organic change¹	Reported change	Organic change¹	Reported Change	Organic change¹

Mobile Communications	-45%	*-46%*	-27%	*-25%*	+18%	*+11%*	-1%	*-2%*	-11%	*-12%*
Automotive & Industrial	-29%	*-31%*	-13%	*-11%*	-43%	*-47%*	+1%	0%	-21%	*-22%*
Edge & Cloud AI	+49%	*+47%*	+62%	*+66%*	-28%	*-30%*	-11%	*+2%*	+6%	*+11%*

Revenue	-23%	*-24%*	-11%	*-9%*	-6%	*-10%*	-3%	*-1%*	-9%	*-9%*

1 At constant exchange rates and comparable scope of consolidation:

there was no scope effect in Q1’25 and Q2’25 vs. Q1’24 and Q2’24
in Q3’25 there is a negative scope effect related to the divestment of Dolphin Design’s mixed signal IP activities (completed on October 31^st, 2024)
in Q4’25, in addition to Dolphin Design’s mixed signal IP activities, the negative scope effect also includes the divestment of Dolphin Design’s ASIC activities (completed on December 30th, 2024).

Consolidated financial statements for FY’25

As previously reported, Soitec’s refocus on Electronics operations decided in January 2015 was nearly completed on March 31^st, 2016. Consequently, the FY’25 residual income and expenses relating to Solar and Other activities are reported under ‘Net result from discontinued operations’, below the ‘Operating income’ line, meaning that down to the line ‘Net result after tax from continuing operations’, the consolidated income statement fully and exclusively reflects the Electronics activity as well as the Group’s corporate functions expenses. This was already the case in FY’24 financial statements.

Consolidated income statement

	FY’25	FY’24
(Euros millions)	*(ended* *March 31*^st, 2025)	*(ended* *March 31*^st, 2024)
Revenue	891	978
Cost of sales	(605)	(646)

Gross profit	286	332
Research and development expenses	(85)	(61)
General, sales and administrative expenses	(65)	(63)
Current operating income	136	208
Other operating expenses	(16)	(3)
Operating income	119	205
Financial income	19	21
Financial expenses	(28)	(25)
Net financial expense	(9)	(5)
Profit before tax	110	201
Income tax	(19)	(23)
Net profit from continuing operations	91	178
Net profit from discontinued operations	1	0
Consolidated net profit	92	178
Net profit, Group share	92	178

Basic earnings per share (in €)	2.57	5.00
Diluted earnings per share (in €)	2.56	4.88
Weighted average number of ordinary shares	35,670,651	35,655,679
Weighted average number of diluted ordinary shares	35,868,688	37,710,587

Balance sheet

Assets	March 31^st, 2025	March 31^st, 2024
(Euros millions)

Non-current assets
Intangible assets	130	156
Property, plant and equipment	1,003	913
Non-current financial assets	30	19
Other non-current assets	73	70
Deferred tax assets	59	62
Total non-current assets	1,295	1,220

Current assets
Inventories	231	209
Trade receivables	463	448
Other current assets	124	101
Current financial assets	7	7
Cash and cash equivalents	688	708
Total current assets	1,512	1,472

Total assets	2,807	2,692

Equity and liabilities	March 31^st, 2025	March 31^st, 2024
(Euros millions)

Equity
Share capital	71	71
Share premium	228	228
Reserves and retained earnings	1,280	1,180
Other reserves	15	15
Equity-Group share	1,595	1,495
Total equity	1,595	1,495

Non-current liabilities
Non-current financial debt	375	669
Provisions and other non-current liabilities	94	79
Total non-current liabilities	469	748

Current liabilities
Current financial debt	406	78
Trade payables	153	169
Provisions and other current liabilities	185	202

Total current liabilities	743	449

Total equity and liabilities	2,807	2,692

Consolidated cash flows

	FY’25	FY’24
(Euros millions)	*(ended* *March 31*^st, 2025)	*(ended* *March 31*^st, 2024)
Consolidated net profit	92	178
*of which continuing operations*	91	*178*
Depreciation and amortization expense	140	126
Provision expense/(reversals), net	6	4
Provisions expense / (reversals) for retirement benefit obligations, net	0	0
(Gains)/losses on disposals of assets	15	0
Income tax	19	23
Net financial expense	9	5
Share-based payments	11	14
Other non-cash items	7	(17)
Non-cash items related to discontinued operations	(1)	(1)
EBITDA¹	298	332
*of which continuing operations*	*298*	*332*
Inventories	(38)	(19)
Trade receivables	(30)	(94)
Trade payables	(15)	(45)
Other receivables and payables	4	17
Income tax paid	(17)	(25)
Changes in working capital requirement and income tax paid related to discontinued operations	(0)	(0)
Change in working capital requirement and income tax paid	(96)	(167)
*of which continuing operations*	*(96)*	*(167)*
Net cash generated by operating activities	201	165
*of which continuing operations*	*202*	*166*

	FY’25	FY’24
(Euros millions)	*(ended* *March 31*^st, 2025)	*(ended* *March 31*^st, 2024)
Net cash generated by operating activities	201	165
*of which continuing operations*	*202*	*166*
Purchases of intangible assets	(27)	(48)
Purchases of property, plant and equipment	(172)	(177)
Interest received	19	17
Disposals/(acquisitions) of financial assets	4	(1)
Divestment flows related to discontinued operations	1	0
Net cash used in investing activities (1)	(176)	(208)
*of which continuing operations (1)*	*(176)*	*(209)*
Loans and drawdowns on credit lines	45	55
Repayment of borrowings and lease liabilities	(81)	(70)
Interest paid	(14)	(12)
Liquidity agreement	–	(8)
Change in interest in subsidiaries without change of control	(1)	(0)
Other financing flows	–	2
Financing flows related to discontinued operations	(0)	(0)
Net cash used in financing activities	(50)	(33)
*of which continuing operations*	*(50)*	*(33)*
Effects of exchange rate fluctuations	4	(3)
Net change in cash	(21)	(80)
*of which continuing operations*	*(21)*	*(80)*
*Cash at beginning of the period*	*708*	*788*
*Cash at end of the period*	*688*	*708*

(1) Net cash used in investing activities is net of leases and interest received. Total cash out related to capital expenditure amounted to 230 million Euros in FY’25 compared to 276 million Euros in FY’24.

¹ The EBITDA represents operating income before depreciation, amortization, impairment of non-current assets, non-cash items relating to share-based payments, provisions for impairment of current assets and for contingencies and expenses, and disposals gains and losses. EBITDA is not a financial indicator defined by IFRS and may not be comparable to EBITDA as reported by other groups. It represents additional information and should not be considered as a substitute for operating income or net cash generated by operating activities.

² EBITDA margin = EBITDA from continuing operations / Revenue.

³ Audit procedures were completed and the audit report is in the process of being issued.

⁴ The scope effect is related to the divestment of Dolphin Design’s mixed-signal IP activities (completed on October 31^st, 2024) and that of Dolphin Design’s ASIC activities (completed on December 30th, 2024)

⁵ EBITDA from continuing operations.
⁶ Financial debt less cash and cash equivalents

Attachment

Soitec FY’25 Results VUK V27052025

The MIL Network –

May 28, 2025

MIL-OSI: Soitec announces appointment of new Chief Financial Officer
Source: GlobeNewswire (MIL-OSI)

Soitec announces appointment of new Chief Financial Officer

Bernin (France), May 27, 2025 – Soitec (Euronext – Tech Leaders), a world leader in the design and production of innovative semiconductor materials, is pleased to announce the appointment of Albin Jacquemont as its new Chief Financial Officer (CFO), effective today.

Albin Jacquemont brings over 30 years of international experience in financial leadership, strategic planning, and corporate governance. His career spans listed and private equity-backed industrial and technology companies, including Inetum, Saur, Altran Technologies, Darty, and Carrefour. Throughout his tenure in these organizations, he has led major financial transformations and delivered significant value through operational performance improvement, cash-flow optimization and M&A execution.

In his new role, Albin Jacquemont will be responsible for all finance-related matters at Group level. He will play a pivotal role in reinforcing Soitec’s financial and operational foundations and supporting the company’s next phase of sustainable growth and value creation.

He succeeds Léa Alzingre, who will be stepping down to pursue new professional opportunities, having supported Soitec’s growth over the past six years.

“We are delighted to welcome Albin Jacquemont to Soitec’s Executive Committee. His extensive experience across complex industrial and technology environments, combined with his proven track record in financial transformation and value creation, will be instrumental as we continue to scale globally. I am confident that his leadership will strengthen our financial strategy and support the acceleration of our sustainable growth ambitions. I would also like to warmly thank Léa Alzingre for her strong commitment and valuable contributions to Soitec’s development during her tenure”, commented Pierre Barnabé, Soitec’s CEO.

“I am honored and excited to join Soitec’s Executive Committee, a global leader in innovative semiconductor materials. After a career spanning over three decades in senior financial leadership roles across Europe, the U.S., and emerging markets — including listed groups and private equity-owned companies — I look forward to bringing my experience to support Soitec’s global ambitions and pioneering technologies”, Albin Jacquemont stated.

*****

About Soitec

Soitec (Euronext – Tech Leaders), a world leader in innovative semiconductor materials, has been developing cutting-edge products delivering both technological performance and energy efficiency for over 30 years. From its global headquarters in France, Soitec is expanding internationally with its unique solutions, and generated sales of 0.9 billion Euros in fiscal year 2024-2025. Soitec occupies a key position in the semiconductor value chain, serving three main strategic markets: Mobile Communications, Automotive and Industrial, and Edge and Cloud AI. The company relies on the talent and diversity of its 2,300 employees, representing 50 different nationalities, working at its sites in Europe, the United States and Asia. Soitec has registered over 4,000 patents.

Soitec, SmartSiC™ and Smart Cut™ are registered trademarks of Soitec.

For more information: https://www.soitec.com/en/ and follow us on LinkedIn and X: @Soitec_Official

*****

Media Relations: media@soitec.com

Investor Relations: investors@soitec.com

Attachment
- 20250527_Soitec announces appointment of new Chief Financial Officer
The MIL Network –
May 28, 2025
MIL-OSI: Amendment to Euronext’s liquidity contract
Source: GlobeNewswire (MIL-OSI)

Amendment to Euronext’s liquidity contract

Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 27 May 2025 – Euronext N.V. today signed an amendment to the liquidity contract entered into with Rothschild Martin Maurel on 7 February 2018, in accordance with the provisions of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014, Commission Delegated Regulation (EU) 2016/908 of 26 February 2016, Articles L. 225-209 et seq. of the French Commercial Code, AMF Decision No. 2018-01 of 2 July 2018 (the AMF Decision) and the provisions referred to therein.

Under this amendment, the amount allocated to the liquidity account was increased by 4,500,000 euros (four million five hundred thousand euros).

CONTACTS

ANALYSTS & INVESTORS – ir@euronext.com

Investor Relations        Aurélie Cohen

        Judith Stein        +33 6 15 23 91 97

MEDIA – mediateam@euronext.com

Europe        Aurélie Cohen         +33 1 70 48 24 45

        Andrea Monzani         +39 02 72 42 62 13

Belgium        Marianne Aalders         +32 26 20 15 01

France, Corporate        Flavio Bornancin-Tomasella        +33 1 70 48 24 45

Ireland        Catalina Augspach        +33 6 82 09 99 70

Italy         Ester Russom         +39 02 72 42 67 56

The Netherlands        Marianne Aalders         +31 20 721 41 33

Norway         Cathrine Lorvik Segerlund        +47 41 69 59 10

Portugal         Sandra Machado        +351 91 777 68 97

About Euronext

Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, from listing, trading, clearing, settlement and custody, to solutions for issuers and investors. Euronext runs MTS, one of Europe’s leading electronic fixed income trading markets, and Nord Pool, the European power market. Euronext also provides clearing and settlement services through Euronext Clearing and its Euronext Securities CSDs in Denmark, Italy, Norway and Portugal.

As of March 2025, Euronext’s regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal host nearly 1,800 listed issuers with €6.3 trillion in market capitalisation, a strong blue-chip franchise and the largest global centre for debt and fund listings. With a diverse domestic and international client base, Euronext handles 25% of European lit equity trading. Its products include equities, FX, ETFs, bonds, derivatives, commodities and indices.

For the latest news, go to euronext.com or follow us on X and LinkedIn.

Disclaimer

This press release is for information purposes only: it is not a recommendation to engage in investment activities and is provided “as is”, without representation or warranty of any kind. While all reasonable care has been taken to ensure the accuracy of the content, Euronext does not guarantee its accuracy or completeness. Euronext will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. No information set out or referred to in this publication may be regarded as creating any right or obligation. The creation of rights and obligations in respect of financial products that are traded on the exchanges operated by Euronext’s subsidiaries shall depend solely on the applicable rules of the market operator. All proprietary rights and interest in or connected with this publication shall vest in Euronext. This press release speaks only as of this date. Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is available at www.euronext.com/terms-use.

© 2025, Euronext N.V. – All rights reserved.

The Euronext Group processes your personal data in order to provide you with information about Euronext (the “Purpose”). With regard to the processing of this personal data, Euronext will comply with its obligations under Regulation (EU) 2016/679 of the European Parliament and Council of 27 April 2016 (General Data Protection Regulation, “GDPR”), and any applicable national laws, rules and regulations implementing the GDPR, as provided in its privacy statement available at: www.euronext.com/privacy-policy. In accordance with the applicable legislation you have rights with regard to the processing of your personal data: for more information on your rights, please refer to: www.euronext.com/data_subjects_rights_request_information. To make a request regarding the processing of your data or to unsubscribe from this press release service, please use our data subject request form at connect2.euronext.com/form/data-subjects-rights-request or email our Data Protection Officer at dpo@euronext.com.

Attachment
- 20250527 – Amendment to Euronext’s liquidity contract
The MIL Network –
May 28, 2025
MIL-OSI USA: Senators Coons, McCormick introduce bill to address threats associated with increased cooperation between US adversaries
US Senate News:
Source: United States Senator for Delaware Christopher Coons

WASHINGTON – U.S. Senators Chris Coons (D-Del.) and David McCormick (R-Pa.) last week introduced the Defending International Security by Restricting Unlawful Partnerships and Tactics (DISRUPT) Act of 2025, a bipartisan bill to address the increased cooperation between U.S. adversaries that threatens our nation’s interests.

Authoritarian regimes in China, Russia, Iran, and North Korea have deepened their cooperation in recent years, including an increased transfer of weapons and munitions, sharing military technologies, launching disinformation campaigns, and coordinating joint operations that threaten the stability of the international order. Despite this looming threat, the U.S. lacks a strategic response to our adversaries increasing alignment.

“Our adversaries are becoming friends,” said Senator Coons. “We cannot continue to sit back and watch as they gain strength before our eyes – in weapons, in their armies, in their economic power. They want to make our country less secure and our economy less prosperous. The DISRUPT Act is the first step to stopping their progress and keeping Americans safe.”

“China, Russia, Iran, and North Korea are rapidly strengthening their ties, solidifying an axis of destruction and chaos bent on undermining the United States and our allies and partners around the world,” said Senator McCormick. “Senator Coons and I are introducing this legislation to help focus the interagency’s diplomatic, economic, defense, and intelligence priorities to define and combat this emerging adversarial alliance.”

Specifically, the DISRUPT Act of 2025 will:
- Direct the intelligence community to report on the trajectory of adversary collaboration across diplomatic, informational, military, and economic domains and its impact on U.S. interests
- Require the development of a whole-of-government strategy to approach this phenomenon
- Create interagency task forces within key departments such as State, Defense, Commerce, Treasury, and the Directors of National Intelligence and of the Central Intelligence Agency to ensure a coordinated, long-term response
The DISRUPT Act highlights the need for the U.S. to disrupt the most dangerous aspects of this adversarial cooperation, reduce its expanding footprint, and prepare for the growing likelihood of simultaneous challenges across multiple regions. The bill also reinforces America’s commitment to strategic leadership, strengthening alliances, and creating a long-term strategy to preserve our national interests.

Senator Coons is the Ranking Member on the Senate Appropriations Subcommittee on Defense and a member of the Senate Foreign Relations Committee.

A one-pager on the bill is available here.

The text of the bill is available here.
MIL OSI USA News –
May 28, 2025
MIL-OSI Europe: EU provides €280 million to help with flood recovery in Austria, Czechia, Poland, Slovakia, Bosnia and Herzegovina and Moldova

Source: European Union 2

The EU has allocated €280 million to help with flood recovery in 4 Central European countries, Bosnia and Herzegovina and Moldova, following severe floods there in autumn 2024. The funds will finance all aspects of disaster recovery including temporary accommodation for affected populations.

MIL OSI Europe News –

May 28, 2025
MIL-OSI Europe: EU adopts €150 billion defence loan instrument

Source: European Union 2

The Commission welcomes the agreement in the Council on the Security for Action for Europe (SAFE) instrument. The Commission will raise up to €150 billion on the capital markets, providing financial levers to EU countries to ramp up investments in key defence areas.

MIL OSI Europe News –

May 28, 2025
MIL-OSI Russia: Breaking News: The “Big Ship” of China’s Economy Will Continue to Sail Confidently Despite Difficulties – Premier of the State Council of China

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

KUALA LUMPUR, May 27 (Xinhua) — The Chinese government and people have the ability and confidence to keep the “big ship” of the Chinese economy on a steady and long-term course despite all possible challenges in the future, Chinese Premier Li Qiang said on Tuesday.

Li Qiang made the announcement while speaking at the 2025 ASEAN-China-GCC Economic Forum. –0–

MIL OSI Russia News –

May 28, 2025
MIL-OSI Russia: China to continue strengthening role of economic and technological development zones in attracting foreign investment

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

BEIJING, May 27 (Xinhua) — China will continue to strengthen the role of national-level economic and technological development zones in attracting foreign investment amid its ongoing efforts to expand opening up to the outside world, the Ministry of Commerce said Tuesday.

The international economic and trade order is currently facing serious upheavals, China’s Vice Minister of Commerce Lin Ji said at a press conference, noting that the role of national-level economic and technological development zones as a basis for stabilizing foreign trade and investment is becoming increasingly prominent.

By the end of 2024, the number of such zones across the country reached 232, with their combined gross regional product (GRP) amounting to 16.9 trillion yuan (about $2.35 trillion), according to the ministry.

During the same period, the foreign trade volume in these zones reached 10.7 trillion yuan, accounting for 24.5 percent of the country’s total import and export volume. The actual foreign investment used in these zones reached 27.2 billion US dollars, accounting for 23.4 percent of the country’s total.

According to Lin Ji, the country’s economic and technological development zones have made significant contributions to promoting the construction of a new open economic system, coordinated regional development and high-quality industrial development.

Last week, China’s Ministry of Commerce released a work plan to deepen reform and innovation in economic and technological development zones at the national level, with a focus on achieving high-quality development through high-level opening-up.

In order to improve the quality of the use of foreign investment, this document provides for the priority inclusion of projects financed from abroad in national-level technical and economic development zones in sectors such as integrated circuits, biomedicine and the production of modern equipment in the list of large and key projects with foreign investment.

The document called for such zones to deepen their engagement with leading global investors and financial institutions through trade promotion platforms, while also promising support for sending delegations abroad to attract foreign capital.

The ministry said it would focus on promoting the implementation of the work plan in the next stage by supporting national-level economic and technological development zones to expand sources of foreign investment and facilitating reinvestment by China-based foreign-invested enterprises. -0-

MIL OSI Russia News –

May 28, 2025
MIL-OSI Security: Ohio Man Pleads Guilty to Filing False Tax Returns for Failing to Report Business Earnings

Source: Office of United States Attorneys

YOUNGSTOWN, Ohio − Sidney L. Glover, Jr., 36, of Warren, Ohio, has pleaded guilty to failing to report three years’ worth of business earnings to the IRS.

According to court documents, Glover was the sole owner of Teaching Excellence, LLC, a business dedicated to providing home healthcare services for individuals with disabilities. Because it specialized in serving clients with special needs, most of the company’s income was generated from the Ohio Department of Disabilities, which receives its funding through Ohio Medicaid.

IRS records analysis confirmed that the defendant did not file income tax returns for calendar years 2015 and 2016, but he eventually prepared and filed those documents two years later in April 2018. At that time, he also submitted the filing for the 2017 tax year. During the investigation, authorities learned that Glover’s Teaching Excellence business, in fact, generated more than $1 million in gross receipts for 2015, 2016, and 2017 combined, and that he did not report those earnings in his tax filings for those years. Investigators also found that Glover had spent some of the unreported business earnings on various personal expenses.

In total, the defendant’s failure to report business income resulted in a loss of approximately $155,000 in unpaid taxes owed to the United States Treasury.

On May 21, 2025, Glover pleaded guilty to making and subscribing false tax returns for which he faces a maximum of up to three years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors. Sentencing is yet to be scheduled.

The investigation was conducted by the Internal Revenue Service-Criminal Investigations (IRS-CI). IRS-CI is the criminal investigative arm of the IRS, responsible for conducting financial crime investigations, including tax fraud, narcotics trafficking, money-laundering, public corruption, healthcare fraud, identity theft and more. IRS-CI special agents are the only federal law enforcement agents with investigative jurisdiction over violations of the Internal Revenue Code, obtaining a 90% federal conviction rate. The agency has 20 field offices located across the U.S. and 14 attaché posts abroad.

Assistant U.S. Attorneys Brian M. McDonough and Brenna L. Fasko prosecuted the case for the Northern District of Ohio.

MIL Security OSI –

May 28, 2025
MIL-OSI Economics: Phase 2 sanctions thematic report published

Source: Isle of Man

The Isle of Man Financial Services Authority has published the findings of its inspections focusing on compliance with the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Code 2019 in relation to sanctions.

The phase 2 report, which is available to view online, highlights examples of good practice and areas for improvement identified by the Authority during the onsite inspections.

There was an excellent level of cooperation among the inspected firms, including constructive feedback that will be considered as part of the Authority’s commitment to continuous improvement. All firms had in place documented procedures and controls to assist the identification, management and mitigation of sanctions risk. Most were also able to demonstrate clear escalation processes and evidence their transaction monitoring procedures.

The Authority’s inspection teams observed several areas where there is scope for further improvement, including better documentation of decision-making processes, more robust customer due diligence, more effective use of screening tools, and a stronger consideration of sanctions risk within a firm’s Business Risk Assessment.

The inspection findings built on the information gathered during the initial phase of the sanctions thematic review, which saw a questionnaire issued to all supervised entities in the Island. The data will feed into the Island’s National Risk Assessment, as well as informing the Authority’s overall picture of risk to support its work to protect consumers, reduce financial crime and maintain confidence in the finance industry through effective regulation.

All relevant persons in the Island are required to have a comprehensive understanding of their responsibilities in respect of sanctions, which are used by countries to impose restrictions on certain international trade and services.

In line with the Island’s constitutional position, sanctions imposed by the UK Government are automatically implemented and enforced in the Isle of Man by the Customs & Immigration Division of the Treasury, with updates published online.

Stacey Kneen, Manager, AML/CFT Supervision Division, said: ‘We would like to thank all the firms that took part in the second phase of the sanctions thematic exercise. Our officers experienced an exemplary level of cooperation, which ensured the successful completion of the process.’

She added: ‘While the inspections were targeted, the learning points can be applied across all sectors of the Island’s finance industry. Firms are encouraged to read the phase 2 report and consider any action necessary to ensure their own compliance regimes are effective, up-to-date and properly documented.’

MIL OSI Economics –

May 28, 2025
MIL-OSI United Kingdom: Brexit blocking cancer treatments, slashing jobs & isolating Scotland

Source: Scottish National Party

Europe Day saw the SNP calling for urgent clarity and action from the UK government following alarming reports that Brexit is severely undermining doctors ability to offer NHS patients new cancer drugs and treatments.

The devastating consequences of Brexit continue to mount, from blocking access to life-saving cancer treatments, to hiking the cost-of-living and undermining family travel.

A leaked report has revealed that cancer patients in the UK are being denied access to life-saving medicine and that trials for cutting-edge treatment are being derailed due to increased red tape and spiralling costs created by Brexit.

Meanwhile, the long-term consequences of Brexit continue to deepen across public services, the economy and everyday life.

Despite these mounting problems, Keir Starmer’s Labour continues to back Brexit whilst tying the UK into trade negotiations with America – a scenario making the UK beholden to Donald Trump’s whims.

This situation leaves the SNP as the only party in Scotland credibly offering a clear route back to the EU.

SNP MSP Clare Haughey MSP, a former nurse, said that it was “utterly indefensible that cancer patients in Scotland are being denied access to life-saving treatments because of Brexit.”

She described this situation as a direct consequence of Brexit and decisions made at Westminster – decisions which Scotland rejected.

Ms Haughey continued, “Our NHS staff are doing their best under impossible circumstances, but they are being forced to navigate red tape and rising costs that are putting lives at risk.”

She described Brexit as not just a political error but “a slow motion crisis” and added, “It is making people poorer, isolating our NHS, harming Scottish businesses, and stealing opportunities from our young people.”

The SNP MSP concluded by saying, “Scotland did not vote for this and we should not be forced to accept it. Labour’s broken Brexit Britain is failing, and only independence can give us the tools to build a better future, back in the heart of Europe.”

MIL OSI United Kingdom –

May 28, 2025
MIL-OSI United Kingdom: UK and Isle of Man discuss measures against tax avoidance and evasion
Source: United Kingdom – Executive Government & Departments

News story

UK and Isle of Man discuss measures against tax avoidance and evasion

The Exchequer Secretary to the Treasury and the Isle of Man Treasury Minister agree to joint working to crack down on promotors of tax avoidance schemes.
Isle of Man Treasury Minister Dr Alex Allinson MHK held a virtual meeting with the UK Exchequer Secretary to the Treasury James Murray MP earlier today (27 May).

Following the meeting they issued this joint statement:

The UK and the Isle of Man have a long-standing history of collaboration in the fight against tax avoidance and evasion, and in our successful cooperative efforts to promote transparency while ensuring that our tax systems are robust and fair.

The UK and the Isle of Man were amongst the early adopters of the Common Reporting Standard, which facilitates the automatic exchange of financial account information between jurisdictions, and are both working on the Crypto-Asset Reporting Framework which will see the automatic exchange of information on crypto-assets. Both jurisdictions have also recently implemented measures in relation to the Global Base Erosion Rules under the OECD’s Pillar 2 Global Minimum Tax.

Both governments are committed to taking robust action to deter and disrupt the activities of those who seek to promote marketed tax avoidance schemes that threaten our tax systems and the reputations of our well-established and globally-attractive service sectors. This proactive stance safeguards tax revenues and ensures fairness for all taxpayers.

Recognising the need to go further, and noting the UK Government’s ongoing consultation on steps to crack down on promoters of marketed tax avoidance schemes, we are pleased that we have been able to agree today to explore ways to further enhance information flows, joint working and other ways in which tangible benefits for both jurisdictions can be achieved. 

We look forward to continuing our partnership and achieving tangible results in our shared objective of combatting tax avoidance and evasion.

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Published 27 May 2025
MIL OSI United Kingdom –
May 28, 2025
MIL-OSI Australia: Navigating SMSF crypto assets
Source: New places to play in Gungahlin
With a growing number of self-managed super funds (SMSFs) investing in crypto assets it’s important to be aware of the potential risks. We’ve seen instances of SMSF trustees losing their crypto investments due to theft, lost passwords, and impersonation schemes.

Here are some essential tips to help you navigate crypto investments for your SMSF:
- Name your wallet correctly: Make sure your SMSF’s crypto wallet is registered in the name of your SMSF.
- Separate investments: Keep your personal crypto investments separate from your SMSFs assets. Failing to do this can be a breach of the Superannuation Industry (Supervision) Act 1993.
- Use legitimate platforms: Always purchase and trade on reputable, well-established platforms. Check that they are a registered business or licensed by a relevant authority, look for independent reviews and user feedback, ensure the site uses secure HTTPS connections, understand their policies (e.g. refunds, dispute resolution).
- Maintain good records: Record all transactions, including purchases, sales, and transfers of crypto assets. Sales and transfers are classified as ‘disposals’ and may result in capital gains tax (CGT). Sales and transfers are classified as ‘disposals’ and may result in capital gains tax (CGT). Keeping good records is essential for calculating CGT. Also, keep information about your wallet and any changes made to it.
- Protect your wallet password: Never share your wallet password with anyone. Store it securely to prevent unauthorised access to your crypto assets.
- Avoid related party transactions: When transacting in crypto assets with related parties, all transactions must be done at arms-length.
- Valuation records: Make sure you have proper market valuation records for your auditor.
You should also be cautious of impersonators posing as ATO representatives, claiming you are involved in crypto tax evasion and asking for wallet details. If you have concerns or suspect a scheme, visit SMSF schemes for more information.

You can check out Loss or theft of crypto assets to better understand the evidence you’ll need to claim a capital loss if your crypto is lost or stolen. It’s also a good idea to visit the ASIC website for information on how to spot crypto scamsExternal Link and what to do if you are scammedExternal Link. You can also visit ScamWatchExternal Link for tips on recognising and reporting scams.

Looking for the latest news for SMSFs? – You can stay up to date by visiting our SMSF newsroom and subscribingExternal Link to our monthly SMSF newsletter.
MIL OSI News –
May 28, 2025

MIL-OSI: Terranet invites you to a digital investor meeting on June 3, 2025

Source: GlobeNewswire (MIL-OSI)

In connection with the subscription period for Terranet AB’s rights issue of units, which runs from May 27 to June 11, 2025, the company invites shareholders and other interested parties to a digital investor meeting. The meeting will be held via Microsoft Teams on June 3, 2025, at 14:00 CEST.

During the session, Terranet’s CEO Lars Lindell will present the company’s latest progress, including the development of BlincVision, plans for the launch of the Minimum Viable Product (MVP), and continued collaborations with leading industry partners. Participants will have the opportunity to ask questions in real-time via the chat function.

Registration
Please register by emailing corporatefinance@mangold.se as soon as possible, no later than Monday, June 2, 2025. Questions can be submitted in advance and will be answered during the Q&A session if time allows. It will also be possible to ask questions live during the meeting.

The purpose of the meeting is to provide shareholders and investors with an update on Terranet’s technological and commercial progress.

More information about the rights issue is available on Terranet AB’s website.
The presentation will be held in Swedish.

Preliminary timetable for the Rights Issue

May 27, 2025 – June 5, 2025	Trading with unit rights
May 27, 2025 – June 11, 2025	Subscripition period
May 27, 2025 – June 30, 2025	Trading in paid subscribed units (BTU)
June 13, 2025	Preliminary date for publication of the outcome in the Rights Issue

Advisers
Mangold Fondkommission AB is the financial advisor to Terranet in connection with the Rights Issue. Eversheds Sutherland Advokatbyrå AB is the legal advisor to the Company in connection with the Rights Issue.

For more information, please contact:
Lars Lindell, CEO
E-mail: lars.lindell@terranet.se

About Terranet AB (publ)

Terranet’s goal is to save lives in urban traffic. The company develops innovative technical solutions for Advanced Driver Assistance Systems (ADAS) and Autonomous Vehicles (AV). Terranet’s anti-collision system BlincVision laser scans and detects road objects up to ten times faster than any other ADAS technology available today.
The company is headquartered in Lund, with offices in Gothenburg and Stuttgart. Since 2017, Terranet has been listed on Nasdaq First North Premier Growth Market (Nasdaq: TERRNT-B).

Follow our journey at: www.terranet.se

Attachment

Press release – Investor meeting

The MIL Network –

May 28, 2025

MIL-OSI: Fusion Fuel Green PLC Signs Non-Binding Heads of Terms for Strategic UK Energy Distribution Acquisition

Source: GlobeNewswire (MIL-OSI)

DUBLIN, May 27, 2025 (GLOBE NEWSWIRE) — Fusion Fuel Green PLC (Nasdaq: HTOO) (“Fusion Fuel” or the “Company”), a provider of integrated energy solutions, today announced that it has executed non-binding Heads of Terms (“Heads of Terms”) with a privately-held United Kingdom-based fuel distribution business (“Target”) to acquire 100% of the equity of Target and certain related companies from their existing shareholders. The signing of the Heads of Terms follows the signing of a non-binding Letter of Intent between the parties, which was previously announced by the Company on April 9, 2025.

For the fiscal year ending April 30, 2024, Target generated revenues of approximately $50 million and net income of approximately $5 million. Target showed strong growth in the following fiscal year ending April 30, 2025, achieving revenues of approximately $58 million and net income of approximately $7 million. As of April 30, 2025, Target had no debt except for approximately $1 million under a revolving credit line. ¹

Under the Heads of Terms, subject to execution of one or more definitive agreements with the existing shareholders of Target, Fusion Fuel will acquire the entire share capital of Target for total consideration of £50 million, consisting of £40 million in debt-financed cash and £10 million in Fusion Fuel ordinary shares in accordance with certain shareholder approval and securities registration requirements.

The Heads of Terms include equity value protection provisions with respect to the equity portion of the purchase price, consisting of certain downside price protection terms for the sellers, a buy-back option, and an upside cap provision.

It is anticipated that the definitive agreements will contain customary representations, warranties and covenants made by Fusion Fuel, Target, and Target’s shareholders, including covenants relating to the parties using their commercially reasonably efforts to cause the transactions contemplated by the agreement to be satisfied, covenants regarding obtaining the requisite approvals of directors and shareholders, indemnification of directors and officers, and Fusion Fuel and Target’s conduct of their respective businesses between the date of signing of definitive agreements and the closing, and other customary conditions to closing. It is anticipated that definitive agreements will also contain certain termination rights for both Fusion Fuel and Target, and, in connection with the termination of any such definitive agreements under certain circumstances, Fusion Fuel and Target may be required to pay the other party a termination fee. Entry into definitive agreements will also be subject to: (i) legal, tax and accounting structuring advice, (ii) the satisfactory completion of due diligence investigation by the parties on all aspects of business, operations, financial condition and other assets and liabilities appropriate for a transaction of this nature, and (iii) the satisfaction of the conditions described in the Heads of Terms.

Although generally non-binding, the Heads of Terms contain certain binding exclusivity and confidentiality terms and other binding terms and provisions. The Heads of Terms provides that Target will not solicit or negotiate with other parties for 90 days from signing of the Heads of Terms.

John-Paul Backwell, CEO of Fusion Fuel, commented: “The Heads of Terms mark another significant step in our growth journey. Target represents a strong and profitable business that complements our strategy of building a synergistic, diversified portfolio across the energy value chain. In particular, Target has a complimentary business to our Al Shola Gas brand, and has the potential to support and expand its service offerings.”

About Fusion Fuel Green PLC

Fusion Fuel Green PLC (NASDAQ: HTOO) is a growing energy company providing engineering, advisory, and fuel distribution solutions through its brands Al Shola Gas and BrightHy. The Company services clients across commercial, residential, and industrial sectors and is actively expanding into new verticals and geographies to support energy transition and infrastructure resilience.

Forward-Looking Statements

This press release contains “forward-looking statements.” Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target”, “may”, “intend”, “predict”, “should”, “would”, “predict”, “potential”, “seem”, “future”, “outlook” or other similar expressions (or negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Such risks and uncertainties include, without limitation, the Company’s ability to enter into a definitive share purchase agreement with the shareholders of Target, the ability of the parties to complete their due diligence and all other closing conditions, the Company’s ability to complete the proposed acquisition and integrate Target’s business, the parties’ ability to obtain all necessary regulatory and other consents and approvals in connection with the transaction, the ability of Target to complete the audit process and the possibility that the reported results of its operations for its fiscal years ended April 30, 2025 and 2024 will change materially upon completion of the audit process, and those set forth in Fusion Fuel’s Annual Report on Form 20-F for the year ended December 31, 2024, filed with the Securities and Exchange Commission on May 9, 2025, which could cause actual results to differ from the forward-looking statements. These risks, uncertainties and other factors are, in some cases, beyond the parties’ control and could materially affect results. If one or more of these risks, uncertainties or other factors become applicable, or if these underlying assumptions prove to be incorrect, actual events or results may vary significantly from those implied or projected by the forward-looking statements. No forward-looking statement is a guarantee of future performance. All subsequent written and oral forward-looking statements concerning the Company or other matters and attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.

Investor Relations Contact
ir@fusion-fuel.eu
www.fusion-fuel.eu

Wire Service Contact:
IBN
Austin, Texas
www.InvestorBrandNetwork.com
512.354.7000 Office
Editor@InvestorBrandNetwork.com

____________________

¹ Target’s financial results for the fiscal years ended April 30, 2025 and 2024 are subject to audit or re-audit, and actual results are subject to adjustment following completion of the audit process. There is no assurance that the audited or re-audited results of Target will not differ materially from those stated herein.

The MIL Network –

May 28, 2025
MIL-OSI Russia: Sobyanin met with entrepreneurs participating in the Made in Moscow project

Translation. Region: Russian Federal

Source: Moscow Government – Government of Moscow –

The flagship site of the Green Market program is operating on Bolotnaya Square “Made in Moscow”. Sergei Sobyanin met there with representatives of small and medium-sized businesses – participants in the capital’s “Made in Moscow” program.

According to the Mayor of Moscow, the departure of foreign brands from the Russian market has given the capital’s entrepreneurs additional opportunities to promote their brands and products. The city, in turn, provides businesses with a wide range of various support measures that allow companies to actively develop, improve their products and present them to a wide audience, including abroad.

“It’s not just about Western brands, but about the fact that Moscow as a whole has a lot of competition. There are about a million small and medium-sized businesses registered in Moscow, imagine the volume – millions of workers, trillions of turnover. And this is, in fact, such a powerful competitive environment, from which the best ones grow, who not only trade in Moscow, not only in Russia, but also throughout the world. It is, of course, wonderful that we have survived all the difficulties, the difficulties with Covid, with sanctions. You have not only survived, but are developing, demonstrating a high level of your work. This is, of course, great. I thank you and wish you success,” said the Mayor of Moscow.

The head of the press service of the capital’s cosmetics company, Tasha Rydvanova, in turn thanked Sergei Sobyanin for the opportunities provided. According to her, thanks to the support of the Moscow Export Center, they supply their products to more than 20 countries around the world. The company also takes part in the city program “Made in Moscow”.

According to Irina Amosova, co-founder of one of the capital’s companies, over the past two years, capital entrepreneurs have created 33 thousand new brands. Currently, the top 10 cosmetics brands are Russian. This became possible, among other things, thanks to the city’s support, in particular grants to reimburse the costs of purchasing equipment. Now their company exports its products to 13 countries, including Vietnam and Türkiye.

“The Made in Moscow program, which was launched in 2022 and has already become a flagship in the field of supporting Moscow manufacturers, helps promote our brands. The program unites companies producing goods in more than 35 categories. Their products and services are in demand both in the capital and far beyond its borders,” the Moscow Mayor wrote in

on your telegram channel.

Source: Sergei Sobyanin’s Telegram channel @mos_sobyanin

Currently, more than seven thousand companies are participants in the program — representatives of small, medium and large businesses. The main objectives of the program are to promote the growth of Moscow consumer product brands, increase customer loyalty and enter new markets.

“Green Market” on Bolotnaya Square

May 25, 2025 as part of the project “Summer in Moscow” The Green Market of the Made in Moscow program has opened. A total of 12 art pavilions with products from local brands will be presented at the tourist sites.

The Green Market of the Made in Moscow project has opened on Bolotnaya Square

The flagship site is located on Bolotnaya Square. In its main pavilion, the greenhouse, more than 500 brands demonstrate what they produce: clothing, accessories, cosmetics, jewelry, children’s and sports goods, furniture, household goods, food, souvenirs. In total, over 30 thousand products are presented there.

An important task of the market is to support participants of the special military operation (SVO) and residents of new regions. Part of the proceeds from the sale of goods will be sent to the charity fund “People’s Front. Everything for Victory!”

The meeting with the Mayor of Moscow was attended by entrepreneurs representing such Moscow brands as:

— Veter Sport (founded by Anton Ivanov) — produces custom-designed equipment for the local cycling sports community. With the city’s support, the company was able to purchase equipment and launch a new production line. The product catalog has three main areas: cycling, running, and triathlon equipment;

— Silver Spoon (founder — Tamara Pularia) — produces stylish and high-quality clothing for children and teenagers. Thanks to a preferential loan provided by the city, they were able to scale their own retail network;

— Maneken Brand (founded by Sergey Alimov) — produces designer clothing and accessories. In 2025, the company became one of the first participants in the preferential lending program secured by intellectual property rights and was able to scale up production;

— Icon Skin (founder — Irina Amosova) — produces highly effective medical cosmetics that are used in beauty salons and clinics. Thanks to grants for the development of export activities and the acquisition of equipment, they increased the number of employees and expanded their own production;

— Mere (founded by Maria Rafikova) — produces designer clothing, the concept of which is based on pure geometry, simple forms and the spirit of the metropolis. A preferential loan received with the support of the city allowed to increase the staff and production in 2024;

— Como Casa (founder — Mikhail Grachev) — produces designer furniture at its own production facility in Moscow. The company opened after the departure of major foreign brands in 2022. Participation in city events, including Moscow Interior and Design Week, allowed it to increase its revenue several times;

— Climtcosmetics (founder — Alexander Soshilov) — produces decorative cosmetics. In 2024, the company actively participated in the Made in Moscow programs. Thanks to the city’s support, the brand strengthened its position on the market and from a startup started by four participants, it turned into a company with 25 employees;

— “Akademiya T” (CEO — Enver Tokayev) — an innovative research and production company, whose main activity is the release of new high-tech sports and therapeutic nutrition products, as well as research and development in the field of nutrition and biotechnology. The brand’s catalog includes vitamins, concentrates, and useful supplements. The company is the official supplier of products for the Russian national teams, and is implementing its project in the special economic zone “Technopolis Moscow”;

— SportDots (founded by Kirill Orlov) — produces smart clothing for professional and amateur athletes. The items have integrated flat elastic elements — dots — that help increase endurance, thereby improving the effectiveness of training. The company participated in the Made in Moscow market at the 2025 Moscow Half Marathon in the Luzhniki Olympic Complex, which increased brand awareness;

— Ecolatier (owner — Daria Ostromenskaya) — produces everyday care cosmetics based on natural and organic components. The company regularly participates in Beauty Week and other major specialized exhibitions. With the support of the Moscow Government, the brand has increased sales of its products;

— Vitmins (CEO — Andrey Garmashov) — produces vitamins for sports and life. Thanks to the programs of the Moscow Venture Fund, the company attracted additional financing, which allowed it to increase its staff and establish production.

Moscow brands are increasing production and creating new lines of clothing and accessories

The main pavilion has a master class area where Moscow entrepreneurs conduct training sessions with children and adults. Market guests can use the fitting rooms and relax in the food court on the second floor.

In addition, the flagship site has a stage for educational and leisure events, including lectures, performances by artists and musicians, prize draws from local brands and presentations of new products. There is a rollerdrome for young visitors. The decoration of the Green Market on Bolotnaya Square is a miracle tree, which attracts attention in the evenings with a bright light show.

The work of the “Green Market” “Made in Moscow” will last until September 7, 2025. Details can be found on the website.

Development of small and medium-sized businesses in Moscow

Entrepreneurship is one of the key sectors of the Moscow economy. Small and medium-sized businesses today are more than 927 thousand enterprises, which is 14 percent of small and medium-sized businesses (SMEs) in Russia. In 2024, they provided 1.2 trillion rubles in tax revenues (27 percent) to the city budget and more than a third of the capital’s employment (almost 40 percent – 3.4 million people).

The stable growth of SMEs is indicated by the indicators of transition to larger categories. Thus, last year about 11 thousand Moscow companies exceeded the threshold values of their category and moved from microenterprises to small, from small to medium, from medium to large enterprises. This is 40 percent more than the year before (7.9 thousand).

The largest sectors in terms of the number of SMEs are trade, professional activities (science, research), real estate transactions and construction.

To accommodate small and medium-sized innovative businesses, 47 technology parks have been created in Moscow, in which 2.2 thousand companies work – this is 74.2 thousand jobs. In terms of the level of development of innovative infrastructure, the Russian capital ranks first in Europe.

The Moscow Innovation Cluster (MIC) provides cooperation with the main participants of the innovation ecosystem. The cluster’s digital platform i.moscow https://i.moscow/ has more than 50 electronic services for business development and scaling. Enterprises from 87 regions of Russia are registered on the platform, and the number of services they have received has exceeded 125 thousand. Thanks to i.moscow services, companies have received support from the city in the amount of more than 19.3 billion rubles and attracted over 46.6 billion rubles in investments. With the participation of MIC, every second transaction on the venture market of the capital is carried out and 37 percent of Moscow patents are registered. With its help, businesses have implemented 18.4 thousand innovative projects, including six thousand in cooperation with other participants and partners of the cluster.

In 2024, on the instructions of Sergei Sobyanin, a strategy for the development of entrepreneurship in the capital was developed. The key objectives are to increase the share of the technology sector in the city’s economy and support the growth and efficiency of the capital’s business. These priorities reflect the main goals of national projects in the economic sphere.

As part of the implementation of the strategy, the Moscow Government provides comprehensive support to small and medium-sized businesses.

According to the results of 2024, every 11th business was covered by various support measures – more than 80 thousand entrepreneurs received over 300 thousand services.

Moscow is the first region of Russia to launch regional preferential lending programs in 2020, which are the most popular measure of financial support for SMEs. Over the past period, Moscow entrepreneurs have concluded over 37 thousand loan agreements, which allowed them to attract more than 380 billion rubles in additional funding for business development.

Another effective measure of financial support is guaranteeing credit obligations, which solves the problem of a lack of own collateral.

The guarantees of the Moscow Fund for Assistance to Lending cover up to 70 percent of the loan amount, in total – up to 100 million rubles. Moscow entrepreneurs have been provided with over 20 thousand guarantees, under which they attracted financing in the amount of more than 392 billion rubles.

In total, more than 15 financial support measures are available to entrepreneurs.

Non-financial support measures are also in high demand. They are aimed at increasing entrepreneurial literacy: free consultations, educational and business events, as well as electronic services.

Every year, SME representatives receive more than 130 thousand consultations. More than 140 thousand entrepreneurs use educational programs. The number of requests for online products exceeds 160 thousand.

The city helps capital producers enter foreign markets. The Moscow Export Center (MEC) plays a key role in this, providing a wide range of support measures.

Among them are educational and acceleration programs that help companies improve their export competence and formulate a step-by-step plan for entering foreign markets. In addition, the MEC promotes Moscow brands abroad and assists in establishing sales on international platforms.

In addition, it helps businesses obtain financial support from the city – in particular, to obtain preferential loans for the implementation of export contracts and to apply for an export grant.

Thanks to the comprehensive support provided by the MEC, Moscow companies have concluded export contracts worth over 120 billion rubles with partners from more than 60 friendly countries.

50 companies received support in the competition “Grant for registration of 100 first”The Made in Moscow project will present new art pavilions for businesses this summer

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

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

HTTPS: //vv.mos.ru/mayor/tkhemes/12856050/

MIL OSI Russia News –

May 28, 2025
MIL-OSI USA: Senate Passes Peters, Blackburn, Scott Bipartisan Bill to Strengthen Domestic Semiconductor Manufacturing

US Senate News:

Source: United States Senator for Michigan Gary Peters
Published: 05.27.2025
Legislation Aims to Bolster Domestic Semiconductor Manufacturing, Create Good-Paying American Jobs

WASHINGTON, DC – The U.S. Senate passed bipartisan legislation authored by U.S. Senators Gary Peters (D-MI), Rick Scott (R-FL), and Marsha Blackburn (R-TN) aimed at bolstering domestic semiconductor manufacturing. The Securing Semiconductor Supply Chains Act would strengthen federal efforts to attract investment in U.S. semiconductor manufacturers and supply chains.
“In order to remain a global economic powerhouse, we need to build on the investments we made in the CHIPS and Science Act to continue expanding our vital semiconductor industry,” said Senator Peters, a member of the Senate Commerce, Science, and Transportation Committee. “This bipartisan bill would help drive further investment in American manufacturers and supply chains to reduce our dependence on foreign competitors for these critical technologies and create more good-paying jobs in Michigan. I’m pleased the bill passed the Senate and I’ll continue working to see it enacted into law.”
“The United States must end its dependence on Communist China for semiconductor production,” said Senator Blackburn. “The Senate’s passage of our bipartisan Securing Semiconductor Supply Chains Act is a win for Tennessee manufacturers who rely on semiconductors to support local and global supply chains. We need to work with local leaders to encourage domestic semiconductor production to protect our supply chain, economy, and national security. This legislation does exactly that.”
The Securing Semiconductor Supply Chains Act would direct the U.S. Department of Commerce’s SelectUSA program to collaborate with federal agencies and state economic development organizations to attract investment in U.S. semiconductor manufacturers and supply chains. The bill – which previously passed in the Senate – would help to address the ongoing global shortage of semiconductor technologies that has disrupted a range of industries in recent years.
The SelectUSA program, established in 2011, focuses on attracting job-creating business investments to the United States. This legislation would enhance SelectUSA’s role in strengthening private sector investments across the semiconductor manufacturing supply chain.
The Securing Semiconductor Supply Chains Act would also require SelectUSA to engage with state-level economic development organizations to identify strategies and address challenges in attracting foreign direct investment for semiconductor manufacturing. The goal is to develop comprehensive strategies to increase investments in this critical sector.

MIL OSI USA News –

May 28, 2025
MIL-OSI Global: Golden Dome: An aerospace engineer explains the proposed US-wide missile defense system

Source: The Conversation – USA – By Iain Boyd, Director of the Center for National Security Initiatives and Professor of Aerospace Engineering Sciences, University of Colorado Boulder

Posters that President Donald Trump used to announce Golden Dome depict missile defense as a shield. AP Photo/Mark Schiefelbein

President Donald Trump announced a plan to build a missile defense system, called the Golden Dome, on May 20, 2025. The system is intended to protect the United States from ballistic, cruise and hypersonic missiles, and missiles launched from space.

Trump is calling for the current budget to allocate US$25 billion to launch the initiative, which the government projected will cost $175 billion. He said Golden Dome will be fully operational before the end of his term in three years and will provide close to 100% protection.

The Conversation U.S. asked Iain Boyd, an aerospace engineer and director of the Center for National Security Initiatives at the University of Colorado Boulder, about the Golden Dome plan and the feasibility of Trump’s claims. Boyd receives funding for research unrelated to Golden Dome from defense contractor Lockheed Martin.

Why does the United States need a missile shield?

Several countries, including China, Russia, North Korea and Iran, have been developing missiles over the past few years that challenge the United States’ current missile defense systems.

These weapons include updated ballistic missiles and cruise missiles, and new hypersonic missiles. They have been specifically developed to counter America’s highly advanced missile defense systems such as the Patriot and the National Advanced Surface-to-Air Missile System.

For example, the new hypersonic missiles are very high speed, operate in a region of the atmosphere where nothing else flies and are maneuverable. All of these aspects combined create a new challenge that requires a new, updated defensive approach.

Russia has fired hypersonic missiles against Ukraine in the ongoing conflict. China parades its new hypersonic missiles in Tiananmen Square.

So it’s reasonable to think that, to ensure the protection of its homeland and to aid its allies, the U.S. may need a new missile defense capability.

Ukrainian forces are using the U.S.-made Patriot missile defense system against Russian ballistic missiles.

What are the components of a national missile defense system?

Such a defense system requires a global array of geographically distributed sensors that cover all phases of all missile trajectories.

First, it is essential for the system to detect the missile threats as early as possible after launch, so some of the sensors must be located close to regions where adversaries may fire them, such as by China, Russia, North Korea and Iran. Then, it has to track the missiles along their trajectories as they travel hundreds or thousands of miles.

These requirements are met by deploying a variety of sensors on a number of different platforms on the ground, at sea, in the air and in space. Interceptors are placed in locations that protect vital U.S. assets and usually aim to engage threats during the middle portion of the trajectory between launch and the terminal dive.

The U.S. already has a broad array of sensors and interceptors in place around the world and in space primarily to protect the U.S. and its allies from ballistic missiles. The sensors would need to be expanded, including with more space-based sensors, to detect new missiles such as hypersonic missiles. The interceptors would need to be enhanced to enable them to address hypersonic weapons and other missiles and warheads that can maneuver.

Does this technology exist?

Intercepting hypersonic missiles specifically involves several steps.

First, as explained above, a hostile missile must be detected and identified as a threat. Second, the threat must be tracked along all of its trajectory due to the ability of hypersonic missiles to maneuver. Third, an interceptor missile must be able to follow the threat and get close enough to it to disable or destroy it.

The main new challenge here is the ability to track the hypersonic missile continuously. This requires new types of sensors to detect hypersonic vehicles and new sensor platforms that are able to provide a complete picture of the hypersonic trajectory. As described, Golden Dome would use the sensors in a layered approach in which they are installed on a variety of platforms in multiple domains, including ground, sea, air and space.

These various platforms would need to have different types of sensors that are specifically designed to track hypersonic threats in different phases of their flight paths. These defensive systems will also be designed to address weapons fired from space. Much of the infrastructure will be multipurpose and able to defend against a variety of missile types.

In terms of time frame for deployment, it is important to note that Golden Dome will build from the long legacy of existing U.S. missile defense systems. Another important aspect of Golden Dome is that some of the new capabilities have been under active development for years. In some ways, Golden Dome represents the commitment to actually deploy systems for which considerable progress has already been made.

Is near 100% protection a realistic claim?

Israel’s Iron Dome air defense system has been described as the most effective system of its kind anywhere in the world.

But even Iron Dome is not 100% effective, and it has also been overwhelmed on occasion by Hamas and others who fire very large numbers of inexpensive missiles and rockets at it. So it is unlikely that any missile defense system will ever provide 100% protection.

The more important goal here is to achieve deterrence, similar to the stalemate in the Cold War with the Soviet Union that was based on nuclear weapons. All of the new weapons that Golden Dome will defend against are very expensive. The U.S. is trying to change the calculus in an opponent’s thinking to the point where they will consider it not worth shooting their precious high-value missiles at the U.S. when they know there is a high probability of them not reaching their targets.

CBS News covered President Donald Trump’s announcement.

Is three years a feasible time frame?

That seems to me like a very aggressive timeline, but with multiple countries now operating hypersonic missiles, there is a real sense of urgency.

Existing missile defense systems on the ground, at sea and in the air can be expanded to include new, more capable sensors. Satellite systems are beginning to be put in place for the space layer. Sensors have been developed to track the new missile threats.

Putting all of this highly complex system together, however, is likely to take more than three years. At the same time, if the U.S. fully commits to Golden Dome, a significant amount of progress can be made in this time.

What does the president’s funding request tell you?

President Trump is requesting a total budget for all defense spending of about $1 trillion in 2026. So, $25 billion to launch Golden Dome would represent only 2.5% of the total requested defense budget.

Of course, that is still a lot of money, and a lot of other programs will need to be terminated to make it possible. But it is certainly financially achievable.

How will Golden Dome differ from Iron Dome?

Similar to Iron Dome, Golden Dome will consist of sensors and interceptor missiles but will be deployed over a much wider geographical region and for defense against a broader variety of threats in comparison with Iron Dome.

A second-generation Golden Dome system in the future would likely use directed energy weapons such as high-energy lasers and high-power microwaves to destroy missiles. This approach would significantly increase the number of shots that defenders can take against ballistic, cruise and hypersonic missiles.

Iain Boyd receives funding from the U.S. Department of Defense and Lockheed-Martin Corporation, a defense contractor that sells missile defense systems and could potentially benefit from the implementation of Golden Dome.

– ref. Golden Dome: An aerospace engineer explains the proposed US-wide missile defense system – https://theconversation.com/golden-dome-an-aerospace-engineer-explains-the-proposed-us-wide-missile-defense-system-257408

MIL OSI – Global Reports –

May 28, 2025
MIL-OSI Banking: China’s biopharma commands $30 billion in oncology licensing deals, triples US output in 2024, reveals GlobalData

Source: GlobalData

China’s biopharma commands $30 billion in oncology licensing deals, triples US output in 2024, reveals GlobalData

Posted in Business Fundamentals

China’s biopharmaceutical sector experienced a notable increase in oncology drug licensing deals in 2024, particularly for monoclonal antibodies (mAbs) and antibody-drug conjugates (ADCs), with a combined deal value of $30 billion. The mAbs and ADCs licensed from Chinese biopharma accounted for 89% of all molecule types, with the total deal value being three times that of similar deals licensed out from the US, according to GlobalData, a leading data and analytics company.

This underscores the growing innovative capabilities of Chinese drugmakers, spurred by government policies that prioritize innovation. Significant reforms in clinical development processes and regulatory reviews in China have led to faster drug approvals, positioning the country as a vital source of novel therapies and a partner in innovative drug development.

The ongoing US-China trade developments pose significant implications for the global economy. An agreement announced on 12 May 2025, which reduced US President Trump’s tariffs on Chinese goods from 145% to 30% and China’s retaliatory tariffs on US imports from 125% to 10% for an initial 90-day period, has alleviated immediate tensions. However, persistent uncertainties and high tariffs may hinder economic growth and cross-border licensing, prompting Chinese companies to explore more stable opportunities outside the US.

In 2024, ADCs dominated oncology licensing activity in China, constituting 56% of the total deal value at $19 billion, followed by mAbs at 33% ($11 billion) and small molecules at 9% ($4 billion), according to GlobalData’s Pharmaceutical Intelligence Center Deals Database.

Ophelia Chan, Senior Business Fundamentals Analyst at GlobalData, comments: “Notably, over half (52%) of these ADC deals involved bispecific ADCs, indicating a shift towards more complex biologics and a growing interest in China’s next-generation innovative assets.”

From 2023 to 2024, the licensing value of oncology drugs from Chinese biopharma increased 24% to $33 billion, while the value from US biopharma fell 24% to $35 billion, signaling China’s emphasis on innovation and global confidence in its biopharmaceutical assets. In 2024, 27 deals worth $28 billion were made with non-Chinese companies, 68% ($18.7 billion) of which were licensed to US companies, marking a 269% increase in deal value from 2023, reflecting growing US interest in Chinese oncology innovations.

Chan concludes: “Despite the growing appeal of Chinese innovation, US-China trade tensions create uncertainty in the licensing landscape. Temporary tariff reductions provide short-term relief, however shifting policies and potential new restrictions may disrupt the existing agreements and deter future partnerships.”

For further insights into the latest Deal Trends in the Pharma Sector, please see GlobalData’s Venture Capital Investment Trends In Pharma – Q1 2025 and M&A Trends in Pharma – Q1 2025 reports.

Note: A single deal may include multiple drugs across various indications and modalities. This figure includes all announced and completed oncology licensing agreements across all active development stages (marketed, pre-registration, Phase III, Phase II, Phase I, pre-clinical, and discovery) for target companies headquartered in China and the US from 2020 to 2025 YTD with lead drug in the deal. The analysis includes the highest deal stage, which is the highest development stage of the most advanced drug in the deal at the time of the deal. “Other” includes all remaining modalities encompassed within the deals.

MIL OSI Global Banks –

May 28, 2025
MIL-OSI USA: Alford Urges Trump Administration to Investigate Potential Ties Between Antisemitic Murderer and Foreign Terrorist Organizations
Source: United States House of Representatives – Representative Mark Alford (Missouri 4th District)

Today, Congressman Mark Alford (MO-04) sent a letter to Secretary of State Marco Rubio, Attorney General Pam Bondi, and Treasury Secretary Scott Bessent. Following the heinous antisemitic murders of two Israeli Embassy employees last week, one of whom was a native of the Kansas City area, Congressman Alford is respectfully urging the Trump Administration to investigate potential ties between the alleged murderer and designated Foreign Terrorist Organizations.

Read the full letter here or below:

“Dar Secretaries Rubio and Bessent, and Attorney General Bondi,

“Today I am writing to you with a heavy heart to address the tragic murders of Sarah Milgrim and Yaron Lischinsky. These two young employees of the Israeli Embassy were murdered as they were leaving the Capital Jewish Museum. They had just attended an event focused on finding humanitarian solutions for Gaza. Milgrim and Lischinsky, aged 26 and 28 respectively, were reportedly in a relationship and set to be engaged next week according to Israeli Ambassador Yechiel Leiter. My heart goes out to both families.

“According to eyewitness reports, the alleged murderer, Elias Rodriguez, held a keffiyeh and shouted, “Free Palestine.” Rodriguez had been a member of the Party of Socialism and Liberation (PSL), a revolutionary socialist party that has been a prominent supporter of Hamas and other antisemitic terror groups. A now removed article in the group’s Liberation paper featured a picture of Rodriguez as well as quotes from him expressing fury at Amazon for the “whitening” of Seattle due to Amazon’s employees. The same article went on to list an “Elias Rodriguez” as one of its activists.

“The Chicago chapter of the PSL held a gala benefiting the Middle Eastern Children’s Alliance (MECA), a California-based nonprofit with reported ties to the Popular Front for the Liberation of Palestine (PFLP). The PFLP is a State Department designated Foreign Terrorist Organization (FTO) and is a Marxist-Leninist group that is the second-largest of the groups forming the Palestinian Liberation Organization (PLO).

“Given these deeply concerning connections, I respectfully urge you to investigate potential foreign funding sources for extremist groups that may incite acts of terrorism on U.S. soil. I am especially alarmed by individuals and organizations operating domestically that maintain ties to designated Foreign Terrorist Organizations and promote antisemitic ideologies.

“I respectfully request your responses to the following questions:
1. Are there any financial ties between the Party of Socialism and Liberation and Foreign Terrorist Organizations?
2. What steps have the State and Treasury Departments taken to monitor foreign funding, especially by FTOs, of individuals or groups organizing anti-Israel and antisemitic events in the United States?
3. What procedures are in place between the State Department and the Department of Justice to monitor non-citizens within the United States who express support for Foreign Terrorist Organizations?
“Tragedies like this must not be allowed to happen. I trust you will treat this matter with the seriousness it demands and look forward to your response.”

###

MIL OSI USA News –
May 28, 2025
MIL-OSI Africa: Infrastructure development “fundamental” for SA’s growth

Source: South Africa News Agency

President Cyril Ramaphosa has declared infrastructure as “fundamental” to South Africa’s development and a propellant of growth.

The President was delivering the keynote address at the fourth annual Sustainable Infrastructure Development Symposium South Africa (SIDSSA) held at Century City in Cape Town on Tuesday.

The two-day symposium kicked off on Monday and brings together government leaders, infrastructure funding representatives, construction sector representatives and technical experts to discuss and share strategies and best practices for infrastructure development in the country.

READ | SA’s infrstructure symposium kicks off

“In many ways, this is a moment that – I believe – is filled with great promise and endless opportunities for infrastructure development in our country. Earlier this year, one industry publication said the country was ready to unleash an infrastructure boom. As we gather at this symposium year after year, it is important for us to understand the important role that is played by infrastructure in the life of a nation, particularly our South African nation.

“This is so because infrastructure is fundamental to the development of our country. It serves as the backbone of economic growth and social progress and contributes to the improvement of the life of our people,” the President said.

He described public infrastructure as the “flywheel that our economy needs to boost growth and to create jobs”.

“Through public infrastructure we are able to build roads, ports, railways and airports to enable what we produce as a nation to move efficiently. Infrastructure development demonstrates stability and great potential to investors. Infrastructure that is well constructed and maintained encourages investors to see our country as a great investment destination.

“Infrastructure projects create jobs not only in construction and maintenance but in a number of related industries as well. Public infrastructure in water supply, electricity, schools and health clinics improves living standards and provides dignity to our people and fosters national unity.

“When we have good infrastructure, we are a nation that is connected by rail, road, telecommunications, electricity, education facilities, good health centres and outstanding entertainment facilities like stadiums,” he explained.

WATCH | President Ramaphosa addresses the SIDSSA

[embedded content]

From planning to execution
During the past month, Infrastructure South Africa released the second edition of the Construction Book – which showcases some 250 fully funded infrastructure projects with a value estimated to exceed R238 billion.

This, the President said, is a good show of intent by government to move from concept to implementation.

“By showcasing the types of infrastructure projects being developed, the Construction Book helps the construction sector and supplier industries anticipate demand for local materials, components and services.

“By focusing on projects that are procurement-ready and financially secured, it also reduces uncertainty for contractors, consultants, manufacturers and material suppliers.

“We are showing that we have moved from great ideas on paper to executable plans to implementation,” President Ramaphosa noted.

Reflecting on the R1 trillion earmarked for infrastructure investment by Finance Minister Enoch Godongwana, the President said government will look to partner with the private sector.

“As the state substantially increases its capital investment, we recognise that government does not have the financial resources to undertake this work alone. That is why we are working to mobilise all available capital, both domestic and international, towards this infrastructure boom.

“This requires that our projects have the credibility that is necessary for stakeholders to invest in our projects and so that we can mobilise the trillions of rands in long-term savings managed by the domestic financial sector,” he said.

Reforms will be implemented to “make public-private partnerships easier, faster and more predictable”.

“Some of the reforms we are focusing on will make it easier for public-private partnerships under the value of R2 billion to gain approval.

“This will significantly reduce the procedural complexity of implementing public-private projects. We are implementing the reforms necessary to make it easier for more construction by reducing regulatory duplication and providing investors with long-term certainty,” he revealed.

Developmental agenda

On Monday, the SIDSSA hosted a Leaders Forum with a number of Ministers from across the continent, premiers, MECs and representatives of local government.

The President described the gathering as “vital”.

“The Leaders Forum is a vital platform for…creating space for strategic dialogue, knowledge exchange and policy alignment. This level of collaboration is essential if we are to overcome shared challenges and realise the full potential of the African Continental Free Trade Area.

“As we seek to transform our country and continent and unlock its full potential, we must place infrastructure at the heart of our development agenda. Not only as a tool for economic growth and social development, but as a symbol of our great ambition and our hope for a better future,” President Ramaphosa concluded. – SAnews.gov.za

MIL OSI Africa –

May 28, 2025
MIL-OSI Africa: Call for rebranding of TVET colleges to unlock full potential

Source: South Africa News Agency

Higher Education and Training Deputy Minister, Dr Mimmy Gondwe, has called for the rebranding of Technical and Vocational Education and Training (TVET) colleges, to help them realise their full potential.

Gondwe made the call during an Education World Forum (EWF), held recently in London, United Kingdom (UK).

The Deputy Minister led the South African delegation from the Department of Higher Education and Training (DHET) at the EWF, which was held under the theme: “From stability to growth; building stronger, better, bolder education together.”

The Education World Forum is the world’s largest annual gathering of education and skills ministers. The event provides excellent networking and peer learning opportunities for ministers from around the world to discuss the most pressing issues in the education space.

This year’s Education World Forum explored a wide spectrum of critical issues surrounding the development of inclusive, responsive, and resilient education systems that drive equitable and sustainable socio-economic growth.

It also facilitated reflection on innovative solutions to tackle today’s pressing global challenges, with a focus on leveraging technology, public-private partnerships, and international collaboration.

The Deputy Minister participated in key discussions and engagements regarding themes, including girls’ education, fostering public-private partnerships to drive innovation in education, and promoting vocational education and skills development, as pathways to youth employment and economic growth.

During a parallel session on vocational education and skills development, which included insights from Mauritius and Macedonia countries, Gondwe stressed a need for rebranding of TVET and community colleges, in order to make vocational education the first choice for students.

“In South Africa, TVETs and community colleges are often the second or third choice for students, and I think this is due to the fact that universities obtain a lion’s share of our budget. Many students still wish to enrol at universities instead of technical colleges and our community colleges.

“Therefore, I think we need to ensure that TVETs provide future skills that will contribute to economic growth and job creation, such as robotics, AI [Artificial Intelligence], and coding,” the Deputy Minister said.

Strengthening public-private partnerships

In another key parallel session on public-private partnerships in education, which included contributions from Paraguay, Botswana, and Hungary education ministers, Gondwe advocated for the strengthening of public-private partnerships within the higher education sector to enhance the absorption of students in the economy.

She said her office has been working towards trying to leverage public-private partnerships, to ensure that students from the higher education sector can be absorbed into the economy as employees or create their own opportunities.

“I believe it is important to strengthen public-private partnerships in order to tackle the high rate of youth unemployment in our country, which aligns with the priorities of the Government of National Unity (GNU), which include job creation and reducing poverty levels,” the Deputy Minister said.

Insights from UK vocational colleges

While in the UK, Gondwe visited Richmond upon Thames College – a public academic and vocational training college in London, to gain first-hand insights into how vocational training colleges operate in the UK.

The college, which has over 2000 students, offers a variety of courses, including Forensic Science, Carpentry, Aviation, Computing and Information Technology Installation, and Medical Sciences.

The college also boasts more than 1 500 engagements and partnerships with employers and its various courses designed by employers.

The visit to the college provided valuable lessons and insights on how close collaboration between vocational training colleges and industries, can ensure that young people are equipped with skills that are in demand and needed by the economy. – SAnews.gov.za

MIL OSI Africa –

May 28, 2025
MIL-OSI Africa: Infrastructure, jobs and Growth: Inside South Africa’s construction revolution
Source: South Africa News Agency

South Africa is on a path of accelerated progress with infrastructure development fuelling economic growth and job creation.

This according to Minister of Public Works and Infrastructure, Dean Macpherson, who spoke to SAnews on the sidelines of the Sustainable Infrastructure Development Symposium South Africa, being held in Cape Town.

Macpherson cited the second edition of the Construction Book which showcases 250 fully funded infrastructure projects – worth at least R238 billion – as one example of government’s commitment to turning South Africa into a construction site.

“We are actively putting our money into those projects to ensure that they are prepared on time and on budget and that they have the best chance of success. We heard from the President and his commitment to driving infrastructure growth in the country, the R1 trillion that’s been committed by Minister [Enoch] Godongwana in the budget, record levels of investment in public infrastructure.

“You can start to see that this country is on the move, that infrastructure is at the heart of our growing economy and job creation plans,” he said.

Furthermore, Infrastructure South Africa (ISA) has announced the new top seven infrastructure priorities for 2025/26. These are:
- Boegoebaai Port and Rail Development in the Northern Cape;
- Project Alpha 300MW Gas to Power Project;
- City of Ekurhuleni Wastewater Conveyance and Treatment System Regionalisation;
- Coega SEZ 100MW Solar Farm – ground mount;
- South Africa Water Reuse Programme (WRP);
- ⁠Regional Energy Infrastructure, Storage and Distribution Programme by Limpopo Energy User Association; and
- ⁠Gauteng Urban Upgrade Programme, Johannesburg CBD.
The Minister highlighted the critical role that ISA has to play in the next few years.

“We are very optimistic about the role that [ISA] will play in being the central point of coordination, planning and preparation to make sure that budgets are spent; to make sure that projects are delivered [and] to make sure that our economy grows to create jobs,” the Minister told SAnews.

On Monday, Macpherson led a Leaders Forum at SIDSSA, which included Ministers from across the African continent, Premiers and local government leaders.

The Minister described discussions at the forum as “hugely important”.

“We were able to discuss and conceptualise how we need to find commonality in how we approach infrastructure projects on the continent…the language that we use, technical specifications and the agreements, the partnerships.

“You could really see a blossoming of cooperation in that room and so these are now conversations that we will want to take forward to the AU [African Union]; that we want to take forward into regional blocs and on a country-to-country basis,” he said.

Improving Municipal infrastructure

On the Adopt-A-Municipality initiative, Macpherson hailed it as an opportunity to improve the coalface of service delivery in South Africa.

The initiative – which is in its pilot phase at three municipalities – paves the way for ISA to work with municipalities to introduce rapid infrastructure interventions and assist with the delivery of infrastructure projects.

The scope of ISA’s work with the three – Free State, KwaZulu-Natal and Mpumalanga – based municipalities will include:
- Project preparation and planning;
- Collaboration with municipalities and strategic partners to efficiently package projects and programmes;
- Assisting municipalities in developing robust and bankable business cases to attract funding from both public and private sectors;
- Streamlining approvals, authorisations, licences, and permissions to expedite project implementation and address regulatory bottlenecks that may hinder progress; and
- Implementing effective monitoring mechanisms to track project progress, ensuring accountability and the timely completion of infrastructure developments.
“We know that local government is really battling in the infrastructure space and that’s where communities really feel it the most. We have put together a plan to partner with municipalities over 24 months to have help with their project preparation and to help them deliver in those municipalities about R3.5 billion worth of infrastructure which is really big.

“That is hugely exciting and it came from the Presidential Infrastructure Coordinating Council in November. [But] it shows that we’re not just talking about things. We’re actually getting them moving and getting them going and I’m looking forward to showing the President those results in 24 months’ time about what the net result of properly planned and prepared infrastructure can be,” he said. – SAnews.gov.za

MIL OSI Africa –
May 28, 2025
MIL-OSI Africa: Sugary drinks, processed foods, alcohol and tobacco are big killers: why the G20 should add its weight to health taxes
Source: The Conversation – Africa – By Karen Hofman, Professor and Programme Director, SA MRC Centre for Health Economics and Decision Science – PRICELESS SA (Priority Cost Effective Lessons in Systems Strengthening South Africa), University of the Witwatersrand

By 2030, non-communicable diseases will account for 75% of all deaths annually. Eight percent of these will be in the global south. Most of these diseases are what we call silent killers: type 2 diabetes, high blood pressure and heart disease, as well as certain types of cancer at increasingly younger ages.

The consumption of sugary drinks and processed foods high in sugar, salt and saturated fats is fuelling these pandemics. And increasingly advertising is being seen as the means by which the consumption of unhealthy products is promoted. This translates into the growth of non-communicable diseases in populations across the globe. This rising threat is driven largely by the way in which markets and industries are organised, which, in turn, shapes social norms towards consumption of tobacco, alcohol, food and sugary beverages.

This process is what’s known as commercial determinants of health.

Products that top the list in terms of their risk to health are tobacco, sugary beverages, ultra processed food and alcohol.

These products are heavily advertised. For example, in South Africa from 2013 to 2019, sugary beverage manufacturers spent US$191 million (R3.7 billion) to advertise their products. Many of the TV advertisements for sugary drinks were placed during child and family viewing time, between 3pm and 7pm.

Over the past decade a number of countries have introduced policies in a bid to limit the use and intake of harmful food and beverages. These have ranged from taxes on certain products, such as sugar, alcohol and tobacco, to bans on advertising. Many have proved effective. But there are still big gaps in policies to control these harmful products.

As academics who have researched this field for three decades we believe that the G20 can play a significant role in plugging these gaps. The countries under the G20 umbrella, which represent two thirds of the world’s population, have reason to act: all are experiencing a mounting burden of obesity-related illness such as diabetes, high blood pressure and cancer at ever-younger ages.

One of South Africa’s G20 presidency health priorities is “stemming the tide of non-communicable diseases”. In our view this is an invitation for the G20 to pledge to combat the drivers of non-communicable diseases.

The G20 can acknowledge that these diseases are part of a pathological system in which commercial actors are causing ill health. And G20 leaders can acknowledge that progress enacting health taxes has stagnated in most countries.

By galvanising attention in this way, the G20 can give impetus to a high level United Nations meeting in 2025 at which a new vision for the control and prevention of non-communicable diseases is due to be set. Health taxes and bans on marketing are focus areas.

What stands in the way of progress

Efforts by various countries to curb consumption of these harmful products have shown one thing clearly: there’s no silver bullet.

Nevertheless, evidence shows that consumers are responsive to price. This points to the fact that taxes are a key tool for decreasing demand, especially for young consumers.

Read more: Sugary drinks are a killer: a 20% tax would save lives and rands in South Africa

There is also mounting evidence that health taxes are progressive for health at a population level – in other words they lead to better health outcomes. Research also shows that they scarcely affect overall employment, if at all.

But advances on alcohol and tobacco taxes are slow. And there has been little progress on taxes on sugary beverages.

These taxes remain far too low because health promotion taxes face tough resistance from industry. When any health promotion taxes are proposed, industries deny harms, promote doubt, divert attention, spread disinformation, create front organisations, and varnish their reputations through corporate social responsibility initiatives.

When taxes do proceed through the legislative or regulatory process, industries influence proposals to make them less effective. They also offer to replace legislation with voluntary commitments. Evidence shows that voluntary commitments do not work.

What would be gained

In 2024, a report by a panel of experts showed that US$3.7 trillion in additional revenue could be generated over five years if all countries increased prices of tobacco, alcohol and sugary beverages by 50%.

This money is sorely needed to boost healthcare. Non-communicable diseases disproportionately affect the most poor and vulnerable and healthcare systems are increasingly unable to cope. Screening, diagnosis, medications and treatment are very expensive for both ministries of finance and at the household level, where health needs can result in catastrophic expenditure.

And taxes that generate a 50% increase in real prices of tobacco, alcohol and sugary beverages would save 50 million lives globally over 50 years.

Where to begin

We believe the G20 platform is a sound one on which to champion efforts to curb the consumption of harmful products. This is because half of the countries in the group have one or two policies for food such as taxes on sweetened beverages. Their experiences can therefore inform debates about how to protect the public from the fatal effects of diet-influenced diseases.

But building a solid foundation won’t be easy. What’s needed is for the G20 to put its weight behind these key points:
- Promoting good health before people get sick should be an imperative because the cost of inaction in financial and human terms is just too high.
- Promoting the case for raising tobacco taxes, because tobacco continues to cause the most death and illness. But taxation has stalled. Approximately 90% of smokers live in countries where cigarettes were equally or more affordable in 2022 than they were five years earlier.
- A renewed focus on alcohol taxes, which have shown little improvement in the last decade. Alcohol excise taxes are not being used effectively.
- Fresh impetus behind increasing the level of taxes as a percentage of the cost of sugar sweetened beverages. Evidence suggests that to be effective, taxes on sugar sweetened beverages should increase product prices by at least 20%.
- Champion nutrition regulation when navigating the trade and nutrition policy environment. Trade policies can be inconsistent with health policies.
- Lastly, push for stronger global monitoring frameworks to track corporate accountability in health. This should include clear conflict of interest policies, information management, and exposing when corporations try to shape their own evidence-base or discredit research that would be supportive of public health policies.
– Sugary drinks, processed foods, alcohol and tobacco are big killers: why the G20 should add its weight to health taxes
– https://theconversation.com/sugary-drinks-processed-foods-alcohol-and-tobacco-are-big-killers-why-the-g20-should-add-its-weight-to-health-taxes-256024

MIL OSI Africa –
May 28, 2025

MIL-OSI United Kingdom: Helping Ukrainian communities thrive

Source: Scottish Government

Funding to support local authorities and the third sector.

A funding package to support Ukrainian communities and culture in Scotland to flourish has been announced by Equalities Minister Kaukab Stewart.

Funding of over £600,000 will support third sector organisations working to support displaced Ukrainians, including community and cultural activities, while a further £3.5m funding for local authorities and COSLA will support displaced Ukrainians, as well as refugees and people seeking asylum, to settle into communities.

The funding was announced at an event hosted by COSLA, marking a visit to Scotland by a civic delegation of mayors from Ukraine.

Speaking ahead of the event, Equalities Minister Kaukab Stewart said:

“Scotland stands in unwavering solidarity with Ukraine, as it has since Russia’s illegal invasion in 2022. More than 28,000 displaced Ukrainians with a Scottish-sponsored visa have arrived in the UK, and we are helping people rebuild their lives here.

“Many of those who left Ukraine shortly after the war outbreak have now been in Scotland for several years, forming thriving Ukrainian communities right across the country. We want those communities to flourish, and this funding will support cultural and social activities and events to strengthen. It will also support services to help people recover from the trauma of fleeing war.

“I’m very pleased to be announcing this funding at the same time as a visit from the Ukrainian rebirth delegation, and I look forward to exploring further opportunities for connection and partnership between Scotland and Ukraine.”

COSLA Community Wellbeing Spokesperson Councillor Maureen Chalmers said:

“COSLA is so very pleased to welcome colleagues from Local Government in Ukraine to Verity House today. We are also delighted to be working with Scottish Government to host this event, coming together to show our commitment across government in Scotland.

“COSLA has expressed full support and solidarity to the Ukrainian people and our peers in local and regional government, standing ready to support those affected and play a very active part in Ukrainian refugee resettlement.

“COSLA welcomes Scottish Government’s announcement of the continuation of £3.4m resettlement funding for Local Authorities for 2025-26. This funding will play an important role in enabling councils’ ongoing work supporting the integration of Ukrainians fleeing Russia’s illegal war, as well as other people seeking protection in this country.

“We are also very grateful for confirmation of continued funding for COSLA to support the work that we do with our member councils and with Scottish Government in relation to the integration of people displaced from Ukraine, as well as others who are seeking sanctuary here and migrants who are at risk of destitution.”

Background

Funding for Ukrainian communities is as follows:

Third sector funding

AUGB Edinburgh	£ 46,786.58
AUGB Glasgow	£ 50,820.07
AUGB Dundee	£ 52,393.35

£150,000

Barnardo’s

£ 50,000

EVOC

£ 65,750

Positive Action in Housing

£ 42,660

The Welcoming

£ 76,500

Ukrainian Community Group South Ayrshire

£ 25,000

Scottish Refugee Council

£ 200,000

Total third sector funding:

£ 609,910

Local authority support
Funding to support local authority resettlement support	£ 3,400,000
Funding for COSLA	£ 175,400

This funding is part of a broader package of funding this financial year, which will support Ukrainians and displaced people from all backgrounds settle into life in Scotland.

MIL OSI United Kingdom –

May 28, 2025

MIL-OSI: For Every Crypto Futures Trader: BexBack Launches 100x Leverage, Double Deposit Bonus, and $50 Welcome Gift—No KYC
Source: GlobeNewswire (MIL-OSI)

SINGAPORE, May 27, 2025 (GLOBE NEWSWIRE) — With Bitcoin prices hovering above $100,000, analysts believe that the cryptocurrency market will remain in a state of high volatility for a long time. For investors, holding spot positions may no longer be enough to make a significant profit. In view of this, BexBack exchange has launched a groundbreaking offer to empower traders: 100% deposit bonus, $50 new user welcome bonus, and 100x leverage on cryptocurrency trading – all without KYC.

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Contact:
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Disclaimer: This content is provided by BexBack. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

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The MIL Network –
May 28, 2025
MIL-OSI: Apollo Capital Calls Out MediPharm Chairman Chris Taves (Managing Director, BMO Capital Markets) for Failure to Properly Communicate to Shareholders Details of David Pidduck’s Past as CEO and VP of Marketing for OxyContin® Manufacturer Purdue Pharma

Source: GlobeNewswire (MIL-OSI)

Opioid-Pusher Pidduck, Chairman Chris Taves and the Current MediPharm Board Have Presided Over $1 Billion in Shareholder Value Destruction while funneling $5,587,059 of the Shareholders’ Money Directly into Pidduck’s Pocket

Apollo Capital’s Six Director Nominees Are Committed to Restoring Transparency and Value to MediPharm’s Shareholders

URGES SHAREHOLDERS TO DISREGARD MEDIPHARM LABS’ GREEN PROXY CARD AND VOTE THE GOLD PROXY CARD “FOR” APOLLO CAPITAL’S SIX DIRECTOR NOMINEES

TORONTO, May 27, 2025 (GLOBE NEWSWIRE) — Apollo Technology Capital Corporation (“Apollo Capital”), which together with its affiliates and associates collectively is one of the largest shareholders of MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) (FSE: MLZ) (“MediPharm”, “MediPharm Labs”, or the “Company”), owning approximately 3% of the Company’s common stock, today issued a statement regarding CEO David Pidduck’s background as former CEO & President of Purdue Pharma Canada (“Purdue Pharma”).

Fellow shareholders deserve to know the truth regarding CEO David Pidduck. As stewards of a publicly traded company, MediPharm’s Board of Directors (the “Board”) have a responsibility to uphold transparency, accountability, and good governance. The current Board, which has overseen $1 billion of shareholder value destruction, and which has presided over an eye-watering 99% share price decline, is focused on downplaying Mr. Pidduck’s past, rather than its responsibilities to shareholders. Indeed, there was absolutely no reference to Pidduck’s role at Purdue Pharma, or of Purdue Pharma’s culpability in creating the opioid epidemic, in the Company’s press release announcing Mr. Pidduck’s appointment as CEO.

Let’s look at the facts:

From 2014 until December 2021, David Pidduck served as VP of Marketing, and then CEO & President of Purdue Pharma.

As reported in the Globe and Mail, “More than 34,000 Canadians have died from opioids between January 2016, and September 2022, according to federal government data.”¹

In 2017, Purdue Canada agreed to pay $20 million to settle a class-action lawsuit involving allegations about how its pain pills were over-marketed, with the suit claiming that Purdue Pharma had engaged in deceitful marketing practices. In an interview with the CBC, Dr. David Juurlink, a drug safety researcher at the University of Toronto posited that, “the fair question that might be asked is did Purdue engage in questionable or even illegal activities in the marketing of OxyContin® in Canada.”²

In 2020, Purdue Pharma’s U.S. entity pleaded guilty to three criminal charges over the handling of its painkiller OxyContin®, including conspiring to defraud officials and paying illegal kickbacks to doctors in a bid to keep prescriptions flowing.³

In 2022, it was announced that Purdue Pharma agreed to pay a $150 million settlement in a proposed class action launched in 2018 on behalf of all provincial, territorial and federal governments, alleging that opioid manufacturers and distributors engaged in deceptive marketing practices that amplified addiction, destroying countless lives and killing of thousands of people. This remains the largest settlement of a governmental health claim in Canadian history.⁴

Apollo Capital asks its fellow Shareholders – do you feel like Medipharm Chairman Chris Taves fulfilled his fiduciary duty, and even his moral duty to you, to make you aware of Opioid- Pusher Pidduck’s past with Purdue Pharma when he hired him as the CEO to steward your investments?

Apollo Capital asks its fellow Shareholders – do you feel like Medipharm Chairman Chris Taves properly represented Pidduck’s past to you when he asked you on multiple occasions to vote on Opioid-Pusher Pidduck’s outrageous and off-market compensation package?

Apollo asks its fellow Shareholders – do you feel like the details of Pidduck’s very recent past were MATERIAL facts that Medipharm Chairman Chris Taves should have made crystal clear to you so that you could have made a more informed decision before voting for nearly SIX MILLION DOLLARS of YOUR money to end up in Opioid-Pusher Pidduck’s pocket?

While Shareholders have suffered immense losses with no path to stop the bleeding, Mr. Pidduck has benefited from the Board’s largesse with an excessive and off-market compensation package that has funneled $5,587,059 of Shareholders’ money directly to Pidduck, despite MediPharm’s share price plummeting nearly to zero.

Shareholders should demand accountability from the Board at the 2025 Annual and Special Meeting of Shareholders on June 16, 2025. Apollo Capital has nominated six highly qualified individuals; namely, Regan McGee, Scott Walters, David Lontini, Demetrios Mallios, John Fowler and Alan D. Lewis (the “Apollo Nominees”) to replace the incumbents and hold the Board accountable for destroying one billion dollars of shareholder value, enriching themselves at your expense, and enabling a CEO whose actions have driven operational and strategic failure and arguably much, much worse.

___________

The opioid crisis continues to be devastating for people across the country in terms of lives lost, families torn apart and the impact on our health care frontline staff.

Victims who before February 28, 2017 were prescribed in Canada and ingested OxyContin® tablets and/or OxyNEO® tablets, can visit https://oxycontinclassactionsettlement.com/ for more information.

__________

MediPharm Labs Shareholders can visit www.CureMediPharm.com, to sign up for important campaign updates.

To access Apollo Capital’s Circular and related proxy materials, including a proxy or voting instruction form, visit SEDAR+ at www.sedarplus.ca.

Contacts

For Shareholders:
Carson Proxy
North American Toll-Free Phone: 1-800-530-5189
Local or Text Message: 416-751-2066 (collect calls accepted)
E: info@carsonproxy.com

For Media:
CureMediPharm@gasthalter.com

Legal Disclosures

Information in Support of Public Broadcast Exemption under Canadian Law

In connection with the Annual Meeting, Apollo Capital has filed an amended and restated dissident information circular (the “Circular”) in compliance with applicable corporate and securities laws. Apollo Capital has provided in, or incorporated by reference into, this press release the disclosure required under section 9.2(4) of NI 51-102 – Continuous Disclosure Obligations (“NI 51-102”) and the corresponding exemption under the Business Corporations Act (Ontario), and has filed the Circular, available under MediPharm’s profile on SEDAR+ at www.sedarplus.ca. The Circular contains disclosure prescribed by applicable corporate law and disclosure required under section 9.2(6) of NI 51-102 in respect of Apollo Capital’s director nominees, in accordance with corporate and securities laws applicable to public broadcast solicitations. The Circular is hereby incorporated by reference into this press release and is available under MediPharm’s profile on SEDAR+ at www.sedarplus.ca. The registered office of the Company is 151 John Street, Barrie, Ontario, Canada L4N 2L1.

SHAREHOLDERS OF MEDIPHARM ARE URGED TO READ THE CIRCULAR CAREFULLY BECAUSE IT CONTAINS IMPORTANT INFORMATION. Investors and shareholders are able to obtain free copies of the Circular and any amendments or supplements thereto and further proxy circulars at no charge under MediPharm’s profile on SEDAR+ at www.sedarplus.ca. In addition, shareholders are also able to obtain free copies of the Circular and other relevant documents by contacting Apollo Capital’s proxy solicitor, Carson Proxy Advisors Ltd. (“Carson Proxy”) at 1-800-530-5189, local (collect outside North America): 416-751-2066 or by email at info@carsonproxy.com.

Proxies may be revoked in accordance with subsection 110(4) of the Business Corporations Act (Ontario) by a registered shareholder of Company shares: (a) by completing and signing a valid proxy bearing a later date and returning it in accordance with the instructions contained in the accompanying form of proxy; (b) by depositing an instrument in writing executed by the shareholder or by the shareholder’s attorney authorized in writing; (c) by transmitting by telephonic or electronic means a revocation that is signed by electronic signature in accordance with applicable law, as the case may be: (i) at the registered office of the Company at any time up to and including the last business day preceding the day the Annual Meeting or any adjournment or postponement of the Annual Meeting is to be held, or (ii) with the chair of the Annual Meeting on the day of the Annual Meeting or any adjournment or postponement of the Annual Meeting; or (d) in any other manner permitted by law. In addition, proxies may be revoked by a non-registered holder of Company shares at any time by written notice to the intermediary in accordance with the instructions given to the non-registered holder by its intermediary. It should be noted that revocation of proxies or voting instructions by a non-registered holder can take several days or even longer to complete and, accordingly, any such revocation should be completed well in advance of the deadline prescribed in the form of proxy or voting instruction form to ensure it is given effect in respect of the Annual Meeting.

The costs incurred in the preparation and mailing of any circular or proxy solicitation by Apollo Capital and any other participants named herein will be borne directly and indirectly by Apollo Capital. However, to the extent permitted under applicable law, Apollo Capital intends to seek reimbursement from the Company of all expenses incurred in connection with the solicitation of proxies for the election of its director nominees at the Annual Meeting.

This press release and any solicitation made by Apollo Capital is, or will be, as applicable, made by such parties, and not by or on behalf of the management of the Company. Proxies may be solicited by proxy circular, mail, telephone, email or other electronic means, as well as by newspaper or other media advertising and in person by managers, directors, officers and employees of Apollo Capital who will not be specifically remunerated therefor. In addition, Apollo Capital may solicit proxies by way of public broadcast, including press release, speech or publication and any other manner permitted under applicable Canadian laws, and may engage the services of one or more agents and authorize other persons to assist it in soliciting proxies on their behalf.

Apollo Capital has entered into an agreement with Carson Proxy Advisors (“Carson Proxy”) for solicitation and advisory services in connection with the solicitation of proxies for the Meeting, for which Carson Proxy will receive a fee not to exceed $250,000, together with reimbursement for reasonable and out-of-pocket expenses. Apollo Capital has also engaged Gasthalter & Co. LP (“G&Co”) to act as communications consultant to provide Apollo Capital with certain communications, public relations and related services, for which G&Co will receive a minimum fee of US$75,000 in addition to a performance fee of US$250,000 in the event that Apollo Capital’s nominees make up a majority of the Board following the Annual Meeting, plus excess fees, related costs and expenses.

No member of Apollo Capital nor any of their associates or affiliates has or has had any material interest, direct or indirect, in any transaction since the beginning of the Company’s last completed financial year or in any proposed transaction that has materially affected or will or would materially affect the Company or any of the Company’s affiliates. No member of Apollo Capital nor any of their associates or affiliates has any material interest, direct or indirect, by way of beneficial ownership of securities or otherwise, in any matter to be acted upon at the Annual Meeting, other than setting the number of directors, the election of directors, the appointment of auditors and the approval of the ordinary resolution approving, among other things, the Company’s amended and restated equity incentive plan dated May 8, 2025 and the unallocated awards available thereunder.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward‐looking statements. All statements contained in this filing that are not clearly historical in nature or that necessarily depend on future events are forward‐looking, and the words “anticipate,” “believe,” “expect,” “estimate,” “plan,” and similar expressions are generally intended to identify forward‐looking statements. These statements are based on current expectations of Apollo Capital and currently available information. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict, and are based upon assumptions as to future events that may not prove to be accurate. All forward-looking statements contained herein are made only as of the date hereof and Apollo Capital disclaims any intention or obligation to update or revise any such forward-looking statements to reflect events or circumstances that subsequently occur, or of which Apollo Capital hereafter becomes aware, except as required by applicable law.

Hashtags: #ShareholderActivism #CorporateGovernance #InvestorProtection #Investor Alert #Investor Fraud #FinancialRegulation #CorporateCrime #FinancialCrime #HomelandSecurity #DHS #OpioidCrisis #OpioidEpidemic #OpioidLitigation #OpioidVictims #BMO #DEA #ONDCP

__________________________________________________
_{¹ Source: The Globe and Mail, “McKinsey pitched Purdue Pharma Canada on plan to boost opioid sales in 2014, memo reveals”, 6/19/2023, https://www.theglobeandmail.com/politics/article-mckinsey-opioid-lawsuit-purdue-pharma/.}
_{² Source: CBC, “OxyContin maker agrees to $20M settlement in Canadian class-action case”, 5/1/2017, https://www.cbc.ca/news/health/oxycontin-class-action-1.4093781
³ Source: U.S. Department of Justice, “Opioid Manufacturer Purdue Pharma Pleads Guilty to Fraud and Kickback Conspiracies”, 11/24/2020, https://www.justice.gov/archives/opa/pr/opioid-manufacturer-purdue-pharma-pleads-guilty-fraud-and-kickback-conspiracies
⁴ Source: Ontario Minitstry of the Attorney General, Opioid Damages Settlement Secured with Purdue Pharma (Canada), 6/29/2022, https://news.ontario.ca/en/bulletin/1002169/opioid-damages-settlement-secured-with-purdue-pharma-canada}

The MIL Network –

May 28, 2025

Category: Economy

IMF Communications Department

MEDIA RELATIONS

UK and Isle of Man discuss measures against tax avoidance and evasion

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