MIL-OSI New Zealand: Federated Farmers Statement on Greenpeace

Source: Federated Farmers

Federated Farmers Statement: Greenpeace vandals must lose charitable status

Federated Farmers is renewing its call for Greenpeace to be stripped of its charitable status immediately, following the extreme activist group’s latest illegal publicity stunt.

“Greenpeace need to be held accountable for their repeated illegal activity and the spread of harmful misinformation,” Southland Federated Farmers president Jason Herrick says.

“How can they be recognised as a charity when they’re breaking all kinds of laws trespassing on private property, vandalising public property, and intimidating the community?

“Last night’s vandalism of the world-famous trout statue in Gore reinforces why these activists need to lose their status as a charity. I think it’s a total abuse of charitable status.”

Herrick says Greenpeace’s vandalism of the statue and welcome sign is a shameless attempt to divide the small rural community and spread anti-farming propaganda.

“These activists are total cowards who are slinking around in the shadows vandalising property under the cover of darkness,” Herrick says.

“There’s a reason they’ve done this at night. They knew it was dodgy behaviour – and that they’d never get away with it in Gore during daylight hours.

“We’re a tight-knit community down here in Southland. Farming plays a huge role in not only our local economy, but in our social fabric too.

“There’s no way we’re going to put up with this nonsense. Greenpeace should hang their heads in shame.”

In April, Federated Farmers called for the Government to immediately strip Greenpeace of its charitable status after the group’s illegal occupation of Port Taranaki.

Charitable status in New Zealand is intended to support organisations that advance public benefit through education, relief of poverty, and other recognised charitable purposes.

Under the Charities Act, organisations must operate for the public good and not primarily serve political or advocacy purposes.

Herrick says he sees Greenpeace’s ongoing illegal activity as clear evidence that it no longer meets these criteria for charitable status.

“There are plenty of amazing, honest charities doing fantastic work out there – but Greenpeace is not one of them.

“It’s become little more than an extreme activist group that’s disrupting legitimate businesses and spreading harmful misinformation – repeatedly and deliberately.”

Federated Farmers lodged a formal complaint with Charities Services in April, requesting a formal inquiry into Greenpeace’s conduct and eligibility for charitable status.

A copy was also sent to Community and Voluntary Sector Minister Hon Louise Upston and Minister of Internal Affairs Hon Brooke van Velden.

The complaint focuses on Greenpeace’s repeated involvement in premeditated unlawful protest activity.

That includes the 2024 protest at Fonterra’s Te Rapa dairy factory where seven individuals were arrested, and last year’s occupation of Straterra’s Wellington office, where five were arrested during a staged lockdown.

“We urge Charities Services to act decisively on our existing complaint and strip Greenpeace of its charitable status quickly,” Herrick says.

“I can’t see any way they meet the requirements for registration under the Charities Act 2005.

“Hardworking Kiwi taxpayers should not be forced to subsidise their illegal attacks and extremist political agendas through tax breaks for their donors.

“Law-breaking groups cannot hide behind charitable privileges while threatening livelihoods with misinformation about farming.”

Herrick says it’s not just Greenpeace that needs to be held accountable for how it’s operating as a charity.

“I think Charities Services and the Government need to be held accountable too and answer some tough, but fair, questions about how this rort of the rules is being allowed to continue.

“There is absolutely no way Greenpeace should be allowed to constantly break the law and still be recognised as a charity.”

MIL OSI New Zealand News –

July 23, 2025

MIL-OSI Europe: Ministers Burke and Dillon Initiate Public Consultation on Review of Employment Permit Occupations lists

Source: Government of Ireland – Department of Jobs Enterprise and Innovation

23rd July 2025

Peter Burke, Minister for Enterprise, Tourism and Employment, and Alan Dillon, Minister of State for Small Business, Retail and Employment, have today announced the opening of the consultation period inviting submissions from stakeholders on the status of occupations on the employment permits Occupations Lists. The Lists are used to administer Ireland’s employment permits policy. They consist of the Ineligible Occupations List – occupations for which there is an adequate supply of labour and skills with Ireland and the EEA, and for which an employment permit will not be issued, and the Critical Skills Occupations List – occupations in short supply in Ireland and across the EEA.

The last review of the occupations lists took place in 2023, and resulted in 11 additional roles being placed on the Critical Skills Occupations List, and 32 roles being made eligible for a General Employment Permit.

Minister Burke said:

“I am delighted to launch this next review of the eligible occupations for employment permits. At a time of full employment, with over 2.81 million people at work, and with 90,000 new jobs created in the last year, it is vital that we continue to have a strong and flexible employment permits system to allow non-EEA nationals to fill the skill and labour gaps we cannot access in Ireland or Europe and to ensure our economy remains competitive.

“As demonstrated by the changes made to the employment permit system over the last year, the system is responsive to the needs of the sectors and industries it serves. This full review will allow us to ensure the system remains up-to-date in a way that serves both workers and employers.”

Minister Dillon added:

“Our economic migration policy accommodates the arrival of non-EEA nationals to fill skills and labour gaps in the domestic economy in the short to medium term. These workers are a vital part of the Irish economy. My Department’s reviews of the system promote an integrated approach to address these labour market deficiencies in the longer term and ensure we can continue to meet our labour needs.

“Where employers or stakeholders are facing challenges in recruiting a specific occupation and believe it should be eligible for an employment permit, or believe a certain occupation should move onto the critical skills list, now is their opportunity to share this feedback.

“With the consultation running over the summer period, there is plenty of time for interested employers and sectors who use the employment permits system to provide their feedback. Employer’s observations are vital in helping inform the department on how the list system is operating and where it can be improved.”

The submission process is an opportunity for stakeholders to provide additional information and potentially different perspectives on the nature and extent of skill shortages.

Submissions will be accepted through the online consultation form made available on the Department’s website and will be open from 23 July to 19 September.

Notes for Editor

Background

The Employment Permits System

The Irish State’s general policy is to promote the sourcing of labour and skills needs from within the workforce of Ireland, the European Union and other EEA states. Policy in relation to applications for employment permits remains focused on facilitating the recruitment from outside the EEA of highly skilled personnel, where the requisite skills cannot be met by normal recruitment or by training. Employment permit policy is part of the response to addressing skills deficits which exist and are likely to continue into the medium term, but it is not intended over the longer term to act as a substitute for meeting the challenge of up-skilling the State’s resident workforce, with an emphasis on the process of lifelong learning, and on maximising the potential of EEA nationals to fill our skills deficits.

The Occupations Lists

The Employment Permits system is designed to attract highly skilled workers from outside the EEA to Ireland, to meet skills demand in the economy where those skills can’t be accessed through the resident labour force. For the purposes of the employment permits system, occupations fall into three categories:

Occupations listed on the Critical Skills Occupations List are highly skilled professional roles that are in high demand and are not always available in the resident labour force. Occupations on this list are eligible for a Critical Skills Employment Permit (CSEP) and include roles such as medicine, ICT, sciences, finance and business. Special “fast-track” conditions attach to this permit type including the eligibility to apply to the Department of Justice for family members to accompany the permit holder immediately; and after two years may apply to the Department of Justice for permission to work without the requirement for an employment permit.
Ineligible occupations are those with evidence suggesting there are sufficient Irish/EEA workers to fill such vacancies. Employment permits are not granted for these occupations.
Every other job in the labour market, where an employer cannot find a worker, is eligible for an employment permit. For General Employment Permits, Seasonal Employment Permits and Contract for Services Employment Permits the employer is required to undertake a Labour Market Needs Test. If no-one suitable applies for the job, the employer is free to apply for an employment permit. Occupations such as these may be skills of a more general nature and are typically eligible for a General Employment Permit (GEP). This permit type is renewable and after five years the applicant may apply to the Department of Justice for long term residency permission.

The Critical Skills and Ineligible Occupations Lists Review

It is vital that the employment permits scheme is responsive to changes in economic circumstances and labour market conditions. Therefore, it is necessary to review the Critical Skills and Ineligible Occupations Lists periodically, in accordance with the changing needs of the labour market.

The review process utilises research undertaken by the Expert Group on Future Skills Needs (EGFSN) and other experts in the labour market, including the Skills and Labour Market Research Unit (SLMRU) at SOLAS. The Department also invites submissions from industry representatives, other Government Departments and any other stakeholders who might have a case to make, via a periodic open consultation on the Department’s website. The Department also seeks the observations of the Inter-Departmental Group which oversees the review process.

An occupation may be considered for inclusion on the critical skills occupation list or removal from the ineligible lists provided that:

shortage exists across the occupation, despite attempts by industry to train and there are no suitable Irish/EEA nationals available to undertake the work;
development opportunities for Irish/EEA nationals are not undermined;
genuine skills shortage exists and that it is not a recruitment or retention problem; and
the Government education, training, employment and economic development policies are supported.

Submission process

As part of this review process, submissions are sought from employers, representative bodies, Government Departments, Agencies, and other interested parties relating to occupations currently included on or absent from the lists.

The submission process is an opportunity for stakeholders to provide additional information and potentially different perspectives on the nature and extent of skill shortages. Stakeholder submissions are a vital source of information, helping inform the Department’s final assessment of the status of occupations.

ENDS

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MIL OSI Europe News –

July 23, 2025

MIL-OSI Submissions: UK Economy – UK borrowing blow makes tax hikes ‘inevitable’ – deVere Group

Source: deVere Group

July 22 2025 – UK government borrowing came in higher than forecast in June, a setback for Chancellor of the Exchequer Rachel Reeves that has markets jittery and households bracing for tax hikes.

“Gilt yields climbed on the news—and so should awareness among individuals with UK assets. The time to protect your wealth is now,” says Nigel Green, CEO of global financial advisory giant deVere Group.

In a sharp warning, he responds to today’s ONS data showing public sector borrowing reached £20.7bn last month—£3.5bn more than expected and the highest June figure outside of the pandemic era.

“This borrowing shock is the flashing red light on the dashboard. The UK is headed toward a fiscal squeeze, and the Chancellor has limited room to manoeuvre. That makes tax rises not just likely—but, in our view, inevitable.”

The increase in borrowing was driven by higher interest payments on inflation-linked debt and ballooning public spending, which has outpaced gains in tax revenues.

The data raises questions about how the government can stick to its fiscal rules without turning to new or increased taxes.

“Markets are already reacting. Gilts dropped and yields jumped, which is a clear signal that investors expect tougher measures ahead. And that usually means taxes—stealth or otherwise—will be deployed to stabilise the books.”

With debt interest payments nearly doubling year-on-year in June and pressure mounting from backbench MPs for wealth and tourist taxes, Nigel Green says the direction of travel is now unambiguous.

“The political noise is getting louder. Whether it’s capital gains, pension reliefs, property, or new forms of wealth taxation, something has to give.

“The Chancellor has ruled out reopening departmental budgets, which narrows the options dramatically.”

He warned that investors, business owners, and anyone with UK assets should not wait to react after the Autumn Budget.

“By the time tax policy changes are announced, it’s often too late to respond effectively. The smart move is to plan proactively—now. When fiscal gaps this size appear, governments act fast, and retrospectively.”

With borrowing at £57.8bn already this financial year and the Office for Budget Responsibility forecasting a potential £30bn hole in public finances by year-end, the deVere CEO says the government’s fiscal hand is being forced.

“There’s no free money left. We’re past the era of cheap borrowing and blank-cheque economics. Markets want discipline. Voters want services. That tension will be resolved through taxation.”

“Those with investment portfolios, property, pensions or inheritances tied to the UK need to assess their exposure and consider future-proofing strategies. This is smart wealth management.”

Despite the political pledge to avoid day-to-day borrowing, the numbers tell a different story. The Treasury is borrowing more, not less, and paying more for it, not less.

“Inflation-linked bonds and rising rates have made it brutally expensive to finance the national debt. That’s going to reshape the economic agenda—and likely your personal finances with it.”

The chief executive called on clients and individuals to get ahead of potential tax changes now, while options remain open and planning is still effective.

“Tax hikes can be disguised, delayed, or dressed up as reform—but they’re still tax hikes. We expect movement on capital gains, inheritance tax, and pension rules in particular, and we believe it would be reckless to assume otherwise.”

He concludes: “We’re urging those with UK ties—whether you live in Britain, invest here, or hold assets here—to speak to advisors urgently.

“Mitigating tax exposure takes time, insight, and action. This isn’t about headlines, it’s about protecting what you’ve built.”

About deVere Group:

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients. It has a network of offices around the world, more than 80,000 clients, and $14bn under advisement.

MIL OSI – Submitted News –

July 23, 2025

MIL-OSI USA: Klobuchar, Colleagues Press FTC to Implement “Click-to-Cancel”

US Senate News:

Source: United States Senator Amy Klobuchar (D-Minn)

WASHINGTON — U.S. Senator Amy Klobuchar (D-MN) led her colleagues in a letter to Chair of the Federal Trade Commission (FTC), Andrew N. Ferguson, urging him to reissue and finalize its Negative Option Rule (known as “click-to-cancel”) that would make it easier for consumers to unsubscribe from subscriptions.

“We write regarding the Federal Trade Commission’s (FTC) rulemaking to revise its Negative Option Rule to make it as easy for consumers to cancel a subscription as it was to sign up, frequently referred to as ‘click-to-cancel,’” wrote the Senators. “A review of more than 16,000 comments from the public made clear what should be obvious: Businesses should not be allowed to trap consumers in costly subscriptions by making it difficult to unsubscribe—costing consumers valuable time and money while stifling competition.”

“The FTC’s vital click-to-cancel rule was set to go into effect on July 14, 2025,” the Senators continued. “Yet, as you are aware, the Eighth Circuit Court of Appeals vacated the rule on procedural grounds. We urge the FTC to cure any perceived procedural defect and reissue the rule as quickly as possible to ensure consumers are protected from predatory subscription traps.”

The letter was also signed by Senators Chris Van Hollen (D-MD), Ruben Gallego (D-AZ), Richard Blumenthal (D-CT), Cory Booker (D-NJ), , Kirsten Gillibrand (D-NY), and Jeff Merkey (D-OR).

The full text of the letter is available here and below:

Dear Chair Ferguson:

We write regarding the Federal Trade Commission’s (FTC) rulemaking to revise its Negative Option Rule to make it as easy for consumers to cancel a subscription as it was to sign up, frequently referred to as “click-to-cancel.” A review of more than 16,000 comments from the public made clear what should be obvious: Businesses should not be allowed to trap consumers in costly subscriptions by making it difficult to unsubscribe—costing consumers valuable time and money while stifling competition. The FTC’s vital click-to-cancel rule was set to go into effect on July 14, 2025. Yet, as you are aware, the Eighth Circuit Court of Appeals vacated the rule on procedural grounds. We urge the FTC to cure any perceived procedural defect and reissue the rule as quickly as possible to ensure consumers are protected from predatory subscription traps.

Putting this commonsense consumer protection in place is vital to foster competition, innovation, and fairness. In today’s digital economy, more and more of what consumers purchase are offered as fee-for-service subscription programs, whether it be for video and music streaming services, ecommerce membership programs, gaming subscriptions, meal kit delivery services, cloud storage, home security monitoring, magazine or news subscriptions, fitness memberships, and many others. While these services are valued by many consumers, the costs for subscription services often add up to far more than consumers think, and it is often difficult for consumers to navigate the complicated process of cancelling those subscriptions. Other firms that allow consumers to subscribe to a service with the click of a button require consumers to talk to a customer service agent or jump through other hoops just to unsubscribe, even though many such businesses tell consumers they can cancel at any time. These practices have no countervailing benefit or redeeming justification. They just make life difficult and expensive.

These unfair practices also deter competition and stifle innovation. Subscription traps make it more difficult for consumers to switch providers, even if the alternative offers better, cheaper, or more innovative services. Allowing these practices incentivizes firms to spend time and resources locking consumers into their subscriptions rather than working to retain them with lower prices and better products. It also creates barriers to entry for innovative startups to break into markets because it is difficult for them to win consumers locked into competing subscriptions they cannot easily escape.

We urge the FTC to take all the steps necessary to reissue and finalize the Negative Option Rule so that consumers can cancel subscriptions quickly and easily.

MIL OSI USA News –

July 23, 2025

MIL-OSI New Zealand: CE03162 [2025] NZPrivCmr2 – Finance business did not recognise that a fraud incident was also a notifiable privacy breach

Source: Privacy Commissioner

21 Jul 2025, 09:00

What happened

A finance business received a phone call from a person claiming to be an existing customer. They knew the name, date of birth and address of the customer and were able to mislead customer centre staff at the finance business. They obtained further personal information about the customer, accessed their account, and made changes to their password settings.

The customer noticed their account had been changed and contacted the finance business, which took steps to protect the customer’s account by applying warning notes on the account. Yet the other person was able to bypass these protections multiple times, make further changes to the customer’s information and used their account for unauthorised transactions.

The customer repeatedly said someone was accessing their account, and both using and making changes to their personal information. The finance business did not identify these concerns as privacy issues and only focussed on the fraud aspect of the customer’s concerns.

The affected customer raised a complaint with OPC.

Relevant privacy concerns

This matter raised several concerns under the Privacy Act 2020:

Principle 5 states agencies must ensure there are safeguards in place that are reasonable in the circumstances to prevent loss, misuse or disclosure of personal information.
Principle 8 states that agencies must check before using or disclosing personal information that it is accurate, up to date, complete, relevant and not misleading.
Principle 11 states that an organisation may generally only disclose personal information for the purpose for which it was originally collected. Sometimes other reasons for disclosure are allowed, such as disclosure, where an individual has consented to their information being shared or disclosure is necessary to prevent a serious threat to a person’s safety.
Section 114 requires agencies to notify the Privacy Commissioner as soon as practicable after becoming aware of a notifiable privacy breach.

Our complaint investigation

We investigated the complaint and formed a preliminary view that the finance business had breached principles 5, 8, and 11. On that basis, we worked with the complainant and the finance business to resolve the issue, with the finance business taking steps to protect the complainant’s account and agreed to financial compensation for the emotional harm caused by the breach.

Although the specific complaint was resolved, we had wider concerns about the finance business’s privacy practices and so the matter was referred to our Compliance and Enforcement Team for review.

Compliance review into the privacy breach

On reviewing the matter, we identified that the finance business’s actions amounted to a notifiable privacy breach. As the agency had failed to report it to OPC, the requirements of the Privacy Act were not met.

We raised concerns about the limited customer verification steps to confirm the customer. This deficiency allowed the individual to obtain more details about the customer’s account and make several changes to the initial settings.

We also identified a failure to follow internal procedures by staff to verify the additional security placed on the customer’s account. This failure led to missing multiple times the additional password and warning notes that were place on that account.

A lack of understanding the overlap between fraud incidents and privacy breach incidents as well as unclear privacy incident management plans led the finance business to miss its statutory obligation for reporting this privacy breach incident to OPC. They were of the belief that because the individual already had details of the customer obtained elsewhere it was not a privacy matter and as the unauthorised transactions were reimbursed there was no harm caused to the customer.

In this case, the unauthorised access to sensitive financial information created a high likelihood of harm for the customer, not only financial but also emotional harm due to the significant stress the customer experienced after seeing their account was bypassed multiple times. We determined the finance business breached the Privacy Act.

Compliance response

We considered our compliance options for the breaches of the Privacy Act using our Compliance and Enforcement Regulatory Action Framework.

In this case, the finance business engaged productively with both OPC and the affected individual. We took into consideration its willingness to learn and acknowledgement that it failed to comply with the Privacy Act. They immediately took steps to improve its processes in relation to customer verification checks as well as conducting privacy training for all staff.

We instructed the finance business to meet its statutory obligation and notify the privacy breach incident to OPC as well as review its privacy breach management plans and share the reviewed documents with OPC.

Conclusion

Fraud is a growing problem in the finance industry, and it raises significant privacy concerns, primarily due to the sensitive nature of financial information and the potential for privacy breaches. These breaches can compromise customer information, leading to financial loss, reputational damage, emotional harm, stress, anxiety and violation of privacy.

Finance businesses such as banks and lending institutions are common targets for fraud and often hold large volumes of sensitive personal information. In some cases, staff may inadvertently disclose personal information in response to fraudulent requests, potentially breaching the Privacy Act.

This incident highlights the importance of robust identity verification in high-risk sectors and compliance with statutory obligations under the Privacy Act.

Resources available

MIL OSI New Zealand News –

July 23, 2025

MIL-OSI: Altucher Releases Urgent Presentation Potentially Linking August 13 to Starlink’s Global Pivot

Source: GlobeNewswire (MIL-OSI)

Austin, TX, July 22, 2025 (GLOBE NEWSWIRE) — A newly released presentation by bestselling author and tech entrepreneur James Altucher is drawing attention for spotlighting a potential turning point in the rollout of Elon Musk’s satellite network, Starlink.

Altucher outlines a series of developments—some public, some behind closed doors—that appear to be converging around a single date: August 13, 2025.

At the center of the story is what Altucher describes as “a multi-decade plan” to create a satellite-based communications grid that could replace traditional systems and establish a new digital foundation for the modern world.

The Architecture of a Quiet Revolution

The presentation suggests this quiet build-up may soon enter a public phase, marking a moment Altucher believes many will miss—because they weren’t paying attention.

A Meeting That Sparked Everything

Altucher first began connecting the dots after learning about a private meeting involving Elon Musk and industry insiders.

Though the contents of that meeting remain undisclosed, the timing aligns with a series of recent media statements from Musk and his team—signals Altucher says have been overlooked by the public and press alike.

Altucher’s Warning

As the presentation nears its conclusion, Altucher issues a clear message: the window may be closing.

“After this date, the window could slam shut—and you may never have this same chance again,” he writes, referring to August 13.

He adds, “This is about recognizing the moments when everything changes. Not years later—right now”

About James Altucher

James Altucher is a serial entrepreneur, bestselling author, and podcast host. He’s launched more than 20 companies across software, media, and finance. Altucher has authored 25+ books including Choose Yourself, Reinvent Yourself, and Skip the Line. His writing has appeared in The Wall Street Journal, Forbes, and TechCrunch, and he has been featured on CNBC, Fox Business, and major global platforms. His daily insights reach millions seeking clarity at the intersection of technology, power, and personal freedom.

The MIL Network –

July 23, 2025

MIL-OSI USA: ICYMI: Tuberville Joins Kudlow to Highlight President Trump’s Wins in First Six Months in Office

US Senate News:

Source: United States Senator Tommy Tuberville (Alabama)

WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) joined Larry Kudlow on Fox Business Network to highlight some of President Trump’s many wins since taking office six months ago, including historic tax cuts, increased military recruitment, protecting female athletes, securing the southern border, and making our food healthier.

Excerpts from the interview can be found below and the full interview can be viewed on YouTube or Rumble.

KUDLOW: “So Senator Tuberville, I think one of the themes here—this is something we’ve talked about. Victor Davis Hanson has been writing about this. The experts were wrong. Trump got this stuff done. In particular, the southern border—which is virtually flat now, virtually empty—no crossings. We didn’t need new legislation, right? Remember that push? We just needed somebody who was tough enough to enforce the laws. Let’s start with that one, okay? Immigration. How about that? Maybe his greatest achievement.”

TUBERVILLE: “Well, you’re exactly right and one of the repercussions of the immigration stoppage of keeping very few illegals coming to our country—we’re saving $40 billion dollars to this point in this budget. $40 billion dollars. And that’s going to count up. We could not afford for Kamala Harris to win this election because it would have been a disaster, just for the immigration alone, which would [have] just stair-stepped everything to becoming a disaster when it come to the economy.”

KUDLOW: “And you know Senator, the Democrats have to be crazy and just out of their minds to oppose this, okay? They’re still defend[ing]—and they’re still in the business of defending sanctuary cities and of defending the worst of the worst criminals. And we just had this awful shooting of a border agent in New York City. And DHS secretary Kristi Noem correctly just blasted New York City Democrats. They got a mayor—the Socialist mayor, Communist mayor, whatever he is—Mamdani the Commie. He wants to keep ICE agents out. He wants to keep Netanyahu out. He wants to keep Trump out. I mean, how can the Democrats be so stupid? I call them experts. They’re really just deep state people who arejust on the wrong side of all these issues.”

TUBERVILLE: “Well, the wrong side, and that’s the only side they can reach to, Larry, for votes. They have to have votes, and they’re looking for somewhere to get votes. This sanctuary city nonsense—it’s unlawful. People are going to get hurt more and more when you hang out in these sanctuary cities. But all they’re doing is pushing socialism, and all socialism is just—it’s communism without a gun, at the end of the day. And so, we need to understand the direction this country’s going if the Democrats have an opportunity to get a leg back into this country in terms of leadership. That’s not going to happen. As you just said, I was at that dinner in the White House Friday night when President Trump was going through all those wins that we’ve had. It’s just amazing to me that it takes so long to go through them, our dinner got cold. But at the end of the day, it was so fun to listen to all that. It’s just amazing what he’s done in six months.”

KUDLOW: “So the experts were wrong, tariffs are not inflationary, real wages are actually going up, the stock market is now hitting new record highs. I believe today, both the NASDAQ and the SMP hit new record highs. But here’s one for you, which I think is very important: in six months, military recruitment—new military recruitment—Pete Hegseth, Defense Secretary, Donald Trump, President of the United States and Commander in Chief—new military recruitment has gone sky high, record levels. What do you make of that, Senator?”

TUBERVILLE: “Well, I’ll tell you why, people—these young men and women—are feeling good about our country again. They’re not being told that they’re woke, and they need to be social justice warriors. They’re doing it for the right thing. They’re doing it to protect our country. But it’s also a great way to get an education. It’s a great job. But it wasn’t sold that way by the Democrats. It was sold by the Democrats as ‘Hey, be part of a basically a clown show,’ and that’s what it was turning into. I’m on Armed Services. I’ve never seen anything like the recruiting that was going on. The books that our generals were telling our troops to read, whether it was on ships or in in some of these camps—it’s just amazing to me the direction where we were going.”

KUDLOW: “Well, here’s another one then. We obliterated Iran, but the deep state experts said, ‘No. No. No. If we hit Iran, it would cause a massive blow-up and war throughout the Middle East and the rest of the world.’ What I don’t see is any of that stuff. In fact, we’re—I guess, we’re at a ceasefire, de facto, if not de jure. But the point is he obliterated the Iran nuclear program. None of them under the Bidens or the Obamas or anybody else had the backbone, I’ll call it, to do such a thing. You know what I mean? Here—tough wins, okay? Tough always wins.”

TUBERVILLE: “Yep. President Trump’s a peacemaker. He understands sometimes you have to take the tough decision. Don’t listen to everybody else around you. Go by your instincts. He understood that, hey, there is no possible way we can allow Iran to have a nuclear weapon. And if they’re getting this close as his experts were telling him, we’ve got to do something. And so go in, go out. He set them back probably a year and a half, two years. They can always build back. But who’s to say we won’t go back in there in two years and destroy it again? And it’s cost them a trillion dollars to build this infrastructure up. […]”

KUDLOW: “Here’s another one: no men in women’s sports. How about that? Commonsense, you wouldn’t have thought. This was like a major battle—a major battle. This was like the Democrats’ last stand, but no men in women’s sports.”

TUBERVILLE: “Yeah. Of course, I’ve been on this ever since it started. This was my first vote when I got here four years ago. And there’s [been] no Democrats in four years vote on any of my bills about no men and women sports. It’s absolutely insane what they’ve tried to do. And it’s an attack on women. And it doesn’t—I don’t understand this. I must be talking to people from a different planet sometimes when they talk about [how] they need the opportunity to do whatever they want to do. No, they don’t. Men and women have separate identities in terms of physical ability, and they need to be separate in sports and that’s the reason we’ve had it this way for 249 years.”

KUDLOW: “How about this one? I didn’t put it in my riff, but alright, fancy colleges and universities—no more antisemitism. No more racism. No more affirmative action. And if you don’t play ball, you’re gonna lose your grants, your federal grants. Now that is a tough President doing the right thing. Is he not?”

TUBERVILLE: “Exactly. Our education is going to hell in a handbasket. And here’s the reason why: it’s become a business, Larry. It’s become a business of making money and doing things to where they can pay their presidents $2 or $3 million dollars each and have their private planes. It’s really gone overboard. But let me give you one: 35-40% of the companies in this country have cut out this poison that we’re putting in our food. And of all the people I talk to, this is one of the major wins that President Trump’s had. We don’t talk about it enough. I’m having dinner with Dr. Oz and some of the people of MAHA tonight, and it’s gonna be a celebration of making a lot of progress in just a short period of time and cleaning up our food.”

KUDLOW: “Well, I love that. Look, we had Bobby Kennedy on the show. He was absolutely terrific. I gotta stop eating ice cream because they’re always weird dyes. I can’t do that anymore. I’m gonna stick to my—”

TUBERVILLE: “Eat vanilla. Eat vanilla, Larry.”

KUDLOW: “I don’t know. Even vanilla, I can’t be sure anymore. He really shook everybody up. But finally, Senator—and this is a tragedy. Today a Border Patrol agent got shot in New York City. I think people, alright. Kristi Noem—DHS Secretary Noem—is blasting this as part of the New York City problem. This is part of the sanctuary city problem. This is part of the blue city Democratic problem. This is Mamdani the Commie problem. He’s gonna make it worse. I mean, this poor guy got shot for no good reason. Now, this stuff has gotta stop.”

TUBERVILLE: “It really does have to stop. And again, law enforcement, Customs and Border Patrol, whoever is in authority—protect yourself. President Trump has given them authority to protect themself. It’s unfortunate this young person got shot and shot in the face [is] my understanding. Hope he’s fine. But again, this is not gonna be the end of it, Larry. It’s gonna get worse and worse as we go from here. But they have to protect themselves, give them the right to shoot back if they shoot at them…”

KUDLOW: “And so, let me ask you. I mean, Democrats defunding the police again. I haven’t heard that this is what Mamdani the Commie wants to do. Defund the police, put social workers in their place. By the way, he’s got a clone who just got the Democratic nomination for mayor out in Minneapolis, unbelievable to me. How can they actually argue that? You got your Mayor Bass. You got your Governor Newsom. You got all these people, okay? They may not come out for defund the police, but they don’t want any law and order when it comes to chasing the worst of the worst of the illegal criminals who should be deported. I mean, honestly, this is the Democratic position. I think I saw poll today. The Democratic Party has an approval rating, Senator, of 19%. How about those apples? 19%.”

TUBERVILLE: “It’s gonna get worse. Can you imagine [in] Minneapolis, and Chicago, and Detroit, and New York, San Francisco, LA—social workers being the police? What uniform are they gonna wear, first of all? And then are they gonna be armed? It will be a total disaster and it’s a disaster waiting to happen. But [radical Democrats] believe in this. I don’t understand it, but it’ll all get straightened out at the end of the day. They’re not gonna win any of the elections coming up [that] they think they’re gonna win. And President Trump’s gonna keep hammering them every day in terms of making sure we take this social justice nonsense out of everything that we do.”

KUDLOW: “Yes, sir. Yes, sir. Absolutely. Senator Tommy Tuberville, as always, sir, thank you for your wisdom.”

Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

MIL OSI USA News –

July 23, 2025

MIL-OSI USA: Tuberville Speaks with Pentagon Nominees During SASC Hearing

US Senate News:

Source: United States Senator Tommy Tuberville (Alabama)

WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) spoke with Vice Admiral Frank Bradley, President Trump’s nominee to be Admiral and Commander of U.S. Special Operations Command (SOCOM) and Lt. Gen. Dagvin Anderson, President Trump’s nominee to be General and Commander of U.S. Africa Command (AFRICOM) during their Senate Armed Services Committee (SASC) nomination hearing. They discussed SOCOM’s military operations in Panama and Latin America to combat narco-terrorism and secure our southern border, along with the strategic need for having a military presence in Africa.

Read Sen. Tuberville’s remarks below or on YouTube or Rumble.

TUBERVILLE: “Thank you, Mr. Chairman. Good morning.

Thanks [to] both of you. Thanks for what you’ve done for our country over your careers—you and your family. What a sacrifice it’s been, but you’ve done an outstanding job.

ON SOCOM EFFORTS TO COMBAT NARCO-TERRORISTS:

“Admiral, I think [for] far too long, we’ve had our eyes on other things and not on our hemisphere—whether it’s illegal migrants, drugs, or both. So, what is [the] Special Operations community doing to assist the militaries and governments in our hemisphere like Panama to combat narco-terrorists?”

BRADLEY: “Senator, in my current capacity, I’m not privy to all of the activities that SOCOM is engaged in, in the Southern Hemisphere. But in listening and watching General Fenton and his leadership over these last three years, I know that the partnerships that our teams have been engaging in and developing remain critical to being able to help them build capacity, to be able to defend themselves, but also to provide security locally, which, of course, helps to prevent and secure our Southern border as well.”

TUBERVILLE: “Yeah, I’m sure you’re up on the point of the Darién Gap and the problems that’s caused over the years, and relationship with our Special Ops, down in that area—training people—that will probably be in your forte going forward. What’s your thoughts about cooperation activities with Latin America as [you’re] going into this job?”

BRADLEY: “Yes, sir. I think as the counterterrorism fight informs us, it is far better to find the root of the problem well away from our borders than it is to have to defend them internal to the United States. And so, if confirmed, making it a priority to provide assistance to all of our combatant commanders as far forward as possible, and with those partnered forces to help them to be able to secure their own territory.”

ON AMERICAN MILITARY PRESENCE IN AFRICA:

TUBERVILLE: “Yeah, and we and we have problems all over the world. But if we don’t watch our back door, then we’re gonna [really have] problems within our country, which we already have. General, I think we need to be reinforcing our military presence in Africa. Unfortunately, under the previous administration, we seemed like we were doing just the opposite. Niger—you and I talked about this in a meeting in my office—the vacuum that was caused there. China, Russia, Iran, were all too happy to feel the things that we were doing there. What’s your assessment of our withdrawal from Airbase 201? And have we learned from these lessons? And your thoughts about maybe the future there?”

ANDERSON: “Senator, I appreciate that question and there was a significant investment that went into that airbase. It was in a key area for us to be able to monitor the threat. So, the loss of that is one that we have to find creative ways to continue to get the indicators and warnings of what the terrorists are doing in that area. I think we also have to understand that there is some volatility across the continent. So how do we make smart investments with the partners that we can continue to sustain. I will say that the relationships that we built in Niger with the military over several decades are still there. There is—when the time is right—I believe there will be an opportunity, but that time will have to be determined. And if confirmed, I’ll look at what that is.”

TUBERVILLE: “Yeah. After your confirmation, I guess, by telling committee and people even watching at home—why do we need to have [a] presence in Africa? What [are] your thoughts?”

ANDERSON: “So, Africa is key to any strategy. It’s just on strategic terrain. It’s just the waterways that it forms between the Strait of Gibraltar all the way down to the Suez Canal and the Red Sea. It [has] critical minerals and resources that are on the continent that we need for the future economy. Both China and Russia see their strategies going through the continent, and they are going to engage there and so we can cede that ground or we can compete in that ground. And I think we have a very powerful tool to compete with. As Admiral Bradley mentioned, nobody brings more credibility to the counterterrorism fight than the U.S. As a matter of fact, when we rescued that hostage in Niger, the next morning [there was an] influential blogger that posted, ‘The Americans came like the lion in the night. They killed their enemies and rescued their own.’ No other nation on Earth could do that.And that is a powerful symbol across the continent and around the world of what our military and what the United States is capable of. And I do think that some level of engagement in Africa does matter. I’d agree it’s an economy of force, but a small investment goes a long way so that we don’t have a strategic surprise that then distracts the United States from focusing on the rising threats in the Pacific and other areas.”

TUBERVILLE: “Thank you. Thanks Mr. Chairman.”

Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

MIL OSI USA News –

July 23, 2025

MIL-OSI United Nations: UN laments US withdrawal from educational and cultural agency

Source: United Nations 2

“I deeply regret President Donald Trump’s decision to once again withdraw the United States of America from UNESCO,” Audrey Azoulay, Director-General of the Paris-based agency, said in a statement.

In New York, UN Spokesperson Stéphane Dujarric said that the Secretary-General joins Ms. Azoulay “in deeply regretting the decision by the United States.”

The US first withdrew from UNESCO in 1984 under President Ronald Reagan and didn’t rejoin for two decades. Fourteen years after re-entry, the first Trump administration withdrew from the organization in 2017, but the decision was reversed under President Joseph Biden in 2023.

Ms. Azoulay underscored that “this decision contradicts the fundamental principles of multilateralism,” and she highlighted that this decision would affect UNESCO partners in the United States, including communities seeking site inscription.

A White House press statement on the withdrawal said the decision had been taken to protect American interests from UNESCO’s work to advance “divisive social and cultural causes.”

The statement also said the organization is focused on the UN Sustainable Development Goals (SDGs), which it described as “a globalist, ideological agenda for international development at odds with our America First foreign policy.”

The statement also specifically cited UNESCO’s decision to admit the State of Palestine as a Member State as problematic, contrary to US policy and fuelling the United Nations’ “anti-Israel rhetoric”.

Ms. Azoulay in her statement denied these claims that UNESCO is “anti-Israel,” highlighting the organization’s work in Holocaust education and combating antisemitism.

“UNESCO is the only United Nations agency responsible for these issues, and its work has been unanimously acclaimed by major specialized organizations,” she said, including American organizations such as the United States Holocaust Memorial Museum in Washington, DC.

Diversifying funding in preparation

Ms. Azoulay stressed that this announcement was anticipated, and the organization has prepared accordingly, highlighting major structural reforms in recent years, including the diversification of funding sources.

“The decreasing trend in the financial contribution of the US has been offset,” she explained. Despite the US now representing eight per cent of the organization’s budget, UNESCO’s budget has steadily increased thanks to donations from member states and private contributors, the latter of which have doubled since 2018.

“Today, the Organization is better protected in financial terms,” she said.

Continuing US partnerships

“UNESCO’s purpose is to welcome all the nations of the world, and the United States of America is and will always be welcome,” Ms. Azoulay emphasised.

The organization will continue to work with its US partners in the private, academic and non-profit sectors, and it will pursue discussions with the US Government.

MIL OSI United Nations News –

July 23, 2025

MIL-OSI New Zealand: Fast-track on track to help deliver infrastructure

Source: New Zealand Government

It’s been nearly six months since the Fast-track Approvals system opened for business, and updated statistics show the one-stop shop is on track to make it quicker and easier to build the projects New Zealand needs for economic growth, RMA Reform and Infrastructure Minister Chris Bishop and Regional Development Minister Shane Jones say.

“The Fast-track Approvals Act, part of the coalition agreement between National and NZ First, was signed into law just before Christmas and opened for project applications on 7 February this year,” Mr Bishop says.

“The Act helps cut through the tangle of red and green tape and the jumble of approvals processes that has, until now, held New Zealand back from much-needed economic growth.

“In Fast-track’s first six months, more than 50 projects have made applications. We expect the first eight projects to have completed the full end-to-end Fast-track process including final consent decisions by the end of this year.”

Projects before Expert Panels

“The Fast-track Approvals Act contains a list of 149 projects which, from 7 February, have been able to apply to the Environmental Protection Authority (EPA) for consideration by an expert panel. The expert panels consider each application, decide whether or not each project receives approval, and attach any necessary conditions to those approvals,” Mr Bishop says.

“Since 7 February when the Fast-track one-stop shop approvals regime officially opened for project applications, we’ve seen good progress for a range of applications for projects that, if approved, will help address our infrastructure deficit, housing crisis, and energy shortage, instead of tying essential projects up in knots for years at a time as so often happens under the RMA.

“Eight projects are now before expert panels for consideration, with the first expert panels’ final decisions expected by mid-September this year. These projects, if approved, will contribute billions of dollars to New Zealand’s economy and create thousands of jobs.”

Projects before the Panel Convenor

“The Panel Convenor will shortly establish expert panels for a further six projects that have lodged substantive applications,” Mr Jones says.

“Projects currently before the Panel Convenor include expansions to Kings Quarry and Drury Quarry. These quarries provide much-needed aggregate which supports the construction of major infrastructure projects.

“It is heartening to see applications for mining and quarrying projects working their way through the system.”

Project referrals

“Projects not listed in the Act can also apply for referral into the Fast-track process,” Mr Bishop says.

“These applications go first to me as Infrastructure Minister for consideration, which includes inviting written comments from the Minister for the Environment and any other Ministers with relevant portfolios, before deciding whether to refer the project for Fast-track.

“To date I have referred seven projects to the Fast-track process, meaning they can now submit substantive applications to the EPA.

“The latest three referrals are Stage 2 of the Auckland Surf Park community which would include a large artificial intelligence data centre, a residential development of about 400 homes, and a village centre; the Waitākere District Court’s new courthouse project; and The Point Mission Bay which would see 252 new retirement homes and amenities for residents and visitors.

“Other projects have also applied to me for referral into Fast-track, including from the renewable energy, housing and infrastructure sectors. 16 of these applications are under consideration or being circulated to other Ministers for feedback. Decisions will be made in due course.”

Note to editor:

Fast-track project statuses to date:

Expert Panels are currently considering:

Bledisloe North wharf and Fergusson North Berth Extension
Delmore (residential)
Maitahi Village (residential)
Milldale (residential development)
Tekapo Power Scheme (power scheme consent renewal)
Waihi North (mining extension)
Drury Metropolitan centre
Sunfield (residential development)

Panel Convener will shortly appoint panels for:

Drury Quarry
King’s Quarry extension
Rangitoopuni (residential and retirement units)
Ryans Road (industrial subdivision).
Stella Passage (wharf extension and related work)
Taranaki VTM (seabed mining)

Six projects have been ‘referred’ into the Fast-track process by the Minister for Infrastructure:

Auckland Surf Park
Waitākere District Court – New Courthouse Project
The Point Mission Bay (retirement village)
Ashbourne (residential and retirement units)
Ayrburn Screen Hub
Gordonton Country Estate Development
Grampians Solar Project

MIL OSI New Zealand News –

July 23, 2025

MIL-OSI Security: ‘We knocked her out with some gummies:’ trafficker sent to prison for conspiring to smuggle toddler from Mexico

Source: Office of United States Attorneys

LAREDO, Texas – A 23-year-old Laredo woman has been ordered to prison for her role in an unaccompanied minor smuggling ring, announced U.S. Attorney Nicholas J. Ganjei.

Vanessa Valadez pleaded guilty Sept. 20, 2024, admitting she smuggled a child into the United States for financial gain.

U.S. District Judge Keith P. Ellison has now ordered her to serve 18 months in federal prison to be immediately followed by three years of supervised release.

“Those that choose to engage in the human trafficking business are not good people. They aren’t motivated by altruism or sympathy. They are paid to traffic in human beings, and they treat people they smuggle as nothing more than cargo,” said Ganjei. “The Southern District of Texas will not rest until all such smuggling rings—particularly those that deal in children—are completely eradicated.”

“The sentencing of this individual underscores the serious consequences for those who exploit and endanger vulnerable populations, especially children,” said Immigration and Customs Enforcement – Homeland Security Investigations (ICE-HSI) San Antonio Special Agent in Charge Craig S. Larrabee. “Drugging children to facilitate human smuggling is not only criminal it’s inhumane. HSI is committed to identifying and dismantling the criminal networks behind these horrific acts and ensuring those responsible are brought to justice.”

From August to September 2023, Valadez and other family members operated a child smuggling ring working to bring young illegal minors from Nuevo Laredo, Mexico, into the United States. All the children were under the age of five.

On the night of Sept. 19, 2023, members of the smuggling ring retrieved a young girl from a stash house which the organization members operated. The co-conspirators smuggled the girl across the border and delivered her to Valadez in downtown Laredo. Co-conspirators then took the child further into the United States and delivered her to unknown people.

Two days later, the ring attempted to transport another young girl. However, law enforcement intercepted them following a routine border inspection at the Juarez Lincoln Bridge in Laredo. To carry out their scheme, co-conspirators had sedated the girl with melatonin gummies and used an unlawfully obtained birth certificate to deceive authorities into believing the girl was a family member.

The investigation revealed the smuggling ring had attempted to similarly transport at least four girls into the United States, three of whom remain unidentified and their whereabouts are unknown. Members of the smuggling ring obtained birth certificates of U.S. citizen children to pose as a family unit at ports of entry to the United States. At times, organization members used melatonin gummies to sedate at least one child to ensure a successful smuggling attempt.

One text message uncovered in the investigation showed an image depicting an unconscious child and a caption, “La noquiamos con unas gomitas,” translated in English as “we knocked her out with some gummies.”

Co-conspirators Ana Laura Bryand, 47, Dallas; her niece Kayla Marie Bryand, 20, Jose Eduardo Bryand, 43, and Nancy Guadalupe Bryand, 44, all of Laredo; and Lizeth Esmeralda Bryand Arredondo, 32, Mexico, previously pleaded guilty and have all already been sentenced to federal prison.

ICE-HSI conducted the investigation with Customs and Border Protection’s Office of Field Operations and assistance from Border Patrol, Laredo Police Department, Department of Health and Human Services – Office of the Inspector General and FBI. Assistant U.S. Attorney Michael Makens and former Special Assistant U.S. Attorney Terence A. Check Jr. prosecuted the case.

MIL Security OSI –

July 23, 2025

MIL-OSI Security: 11 Venezuelan Nationals and One Columbian National Indicted for Financial Fraud in the District of Utah

Source: Office of United States Attorneys

SALT LAKE CITY, Utah – An indictment was unsealed today charging a dozen foreign nationals of bank fraud and engaging in transactions involving criminally derived property. The defendants were indicted by a federal grand jury in April 2025 at the U.S. District Court in Salt Lake City. Eleven Venezuelan nationals and one Colombian national are accused of committing financial fraud crimes after they allegedly participated in a scheme to defraud banks in Utah and elsewhere.

According to court documents, between January 2023 and June 2023, the defendants were involved in a scheme to defraud financial institutions by opening accounts and presenting fraudulent cashier’s checks to be deposited to those accounts. In some instances, defendants deposited multiple counterfeit checks at different branches on the same day. Defendants then laundered the funds by check, cashier’s check, and cash withdrawal.

Defendants are residents of Salt Lake County:

1.    Gilberto Emiro Andrade-Romero, 36, of Venezuela
2.    Felipe Enrique Linares-Lobo aka Carlos M. Hidalgo Noguera, 32, of Venezuela
3.    Alexis Jose Calixto-Bracho, 25, of Venezuela
4.    Daniel Jose Fuenmayor-leal, aka Enais Inciarte-Urdaneta, 34, of Venezuela
5.    Yeritza Astrid Cuello-Plata, 40, of Venezuela
6.    Federico Javier Gutierrez-Pirela, 36, of Venezuela
7.    Hendry Ricardo Martinez-Concho, 42, of Venezuela
8.    Cristina Paola Nava-Yoris, 24, of Venezuela
9.    Patricia Del Carmen Orozco-Cuello, 37, of Colombia
10.    Ismael Norberto Rodriguez-Moreno, 47, of Venezuela
11.    Jorge Luis Urribarri-Vento, 32, of Venezuela
12.    Rayner Jose Delgado-Quiroz, 24, of Venezuela

Acting United States Attorney Felice John Viti for the District of Utah made the announcement.

The case is being investigated by Homeland Security Investigations (HSI) and a HSI Task Force Officer with the Salt Lake City Police Department.

Assistant United States Attorneys Brent L. Andrus and Carl D. Lesueur of the District of Utah are prosecuting the case.

This is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETF) and Project Safe Neighborhoods (PSN).

An indictment is merely an allegation and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

MIL Security OSI –

July 23, 2025

MIL-OSI: Rate and Chicago White Sox to Host Tribute Honoring Military Families at Rate Field on July 25

Source: GlobeNewswire (MIL-OSI)

CHICAGO, July 22, 2025 (GLOBE NEWSWIRE) — Rate, a leading fintech company, will proudly honor America’s military families during its second annual Military Appreciation Game with the Chicago White Sox at Rate Field. Held on Friday, July 25, the event will be a powerful tribute to service, sacrifice, and the enduring spirit of the armed forces.

A pregame “Take the Field” recognition will spotlight all seven Military Spouses of the Year, each representing a different branch of the U.S. military. They will be honored on the field as they meet with White Sox players at each defensive position in a moving pregame moment of appreciation and respect.

The evening’s Hero of the Game will be Marine Corps Captain Riley Tejcek, an active-duty officer, Olympic bobsled hopeful, author, and rising digital voice, who embodies the strength and versatility of today’s military leaders.

A highlight of the night will be a parachute jump into Rate Field, delivering the game ball into the hands of a military child who will throw out the ceremonial first pitch. Justin Holmes, a U.S. Air Force veteran and Nashville recording artist, will perform the National Anthem, bringing added meaning to this celebration of country and community.

“This night, honoring the military is our way of saying thank you,” said Victor Ciardelli, CEO of Rate. “Military families are the backbone of this country, and we’re proud to celebrate and serve them.”

Earlier in the day, Rate will host a brunch and service project at its Chicago headquarters to welcome the honorees and connect them with company employees and leadership. The gathering will include a hands-on volunteer initiative supporting military causes.

On game day, attendees will also be able to connect with key organizations at Rate Field, including:

Marine Corps Recruiting Command
Hiring Our Heroes
United Through Reading
Veterans of Foreign Wars (VFW)

The evening coincides with a crosstown matchup between the White Sox and the Cubs, adding even more excitement to what is expected to be a deeply memorable occasion.

This celebration is part of Rate’s unwavering commitment to military families nationwide. Through its leading VA loan program, the company has waived more than $65 million in lender fees and actively supports military-focused nonprofits and educational initiatives throughout the year.

About Rate
Rate Companies is a leader in mortgage lending and digital financial services. Headquartered in Chicago, Rate has over 850 branches across all 50 states and Washington, D.C. Since its launch in 2000, Rate has helped more than 2 million homeowners with home purchase loans, refinances, and home equity loans. The company has cemented itself as an industry leader by introducing innovative technology, offering low rates, and delivering unparalleled customer service. Recent honors and awards include: a Best Mortgage Lender of 2025 by Fortune; Best Mortgage Lender of 2025 for First-Time Homebuyers by Forbes; a Best Mortgage Lender of 2025 for FHA Loans, Home Equity Loans, and Lower Credit Scores by NerdWallet; Best Mortgage Lender of 2025 for Digital Experience and Down Payment Assistance by Motley Fool; Chicago Agent Magazine’s Lender of the Year for seven consecutive years. Visit rate.com for more information.

Media Contact:
press@rate.com

The MIL Network –

July 23, 2025

MIL-OSI: Rate and Chicago White Sox to Host Tribute Honoring Military Families at Rate Field on July 25

Source: GlobeNewswire (MIL-OSI)

CHICAGO, July 22, 2025 (GLOBE NEWSWIRE) — Rate, a leading fintech company, will proudly honor America’s military families during its second annual Military Appreciation Game with the Chicago White Sox at Rate Field. Held on Friday, July 25, the event will be a powerful tribute to service, sacrifice, and the enduring spirit of the armed forces.

A pregame “Take the Field” recognition will spotlight all seven Military Spouses of the Year, each representing a different branch of the U.S. military. They will be honored on the field as they meet with White Sox players at each defensive position in a moving pregame moment of appreciation and respect.

The evening’s Hero of the Game will be Marine Corps Captain Riley Tejcek, an active-duty officer, Olympic bobsled hopeful, author, and rising digital voice, who embodies the strength and versatility of today’s military leaders.

A highlight of the night will be a parachute jump into Rate Field, delivering the game ball into the hands of a military child who will throw out the ceremonial first pitch. Justin Holmes, a U.S. Air Force veteran and Nashville recording artist, will perform the National Anthem, bringing added meaning to this celebration of country and community.

“This night, honoring the military is our way of saying thank you,” said Victor Ciardelli, CEO of Rate. “Military families are the backbone of this country, and we’re proud to celebrate and serve them.”

Earlier in the day, Rate will host a brunch and service project at its Chicago headquarters to welcome the honorees and connect them with company employees and leadership. The gathering will include a hands-on volunteer initiative supporting military causes.

On game day, attendees will also be able to connect with key organizations at Rate Field, including:

Marine Corps Recruiting Command
Hiring Our Heroes
United Through Reading
Veterans of Foreign Wars (VFW)

The evening coincides with a crosstown matchup between the White Sox and the Cubs, adding even more excitement to what is expected to be a deeply memorable occasion.

This celebration is part of Rate’s unwavering commitment to military families nationwide. Through its leading VA loan program, the company has waived more than $65 million in lender fees and actively supports military-focused nonprofits and educational initiatives throughout the year.

About Rate
Rate Companies is a leader in mortgage lending and digital financial services. Headquartered in Chicago, Rate has over 850 branches across all 50 states and Washington, D.C. Since its launch in 2000, Rate has helped more than 2 million homeowners with home purchase loans, refinances, and home equity loans. The company has cemented itself as an industry leader by introducing innovative technology, offering low rates, and delivering unparalleled customer service. Recent honors and awards include: a Best Mortgage Lender of 2025 by Fortune; Best Mortgage Lender of 2025 for First-Time Homebuyers by Forbes; a Best Mortgage Lender of 2025 for FHA Loans, Home Equity Loans, and Lower Credit Scores by NerdWallet; Best Mortgage Lender of 2025 for Digital Experience and Down Payment Assistance by Motley Fool; Chicago Agent Magazine’s Lender of the Year for seven consecutive years. Visit rate.com for more information.

Media Contact:
press@rate.com

The MIL Network –

July 23, 2025

MIL-OSI: Pulse Seismic Inc. Reports Strong Q2 2025 Financial Results and Declares Special and Regular Quarterly Dividends

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, July 22, 2025 (GLOBE NEWSWIRE) — Pulse Seismic Inc. (TSX:PSD) (OTCQX:PLSDF) (“Pulse” or the “Company”) is pleased to report its financial and operating results for the three and six months ended June 30, 2025. The unaudited condensed consolidated interim financial statements, accompanying notes and MD&A are being filed on SEDAR+ (www.sedarplus.ca) and will be available on Pulse’s website at www.pulseseismic.com.

Today, Pulse’s Board of Directors declared a regular quarterly dividend of $0.0175 per common share and also declared a special dividend of $0.20 per common share. The total dividend declared will be approximately $11.0 million based on Pulse’s 50,755,057 common shares outstanding as of July 22, 2025, to be paid on August 20, 2025, to shareholders of record on August 13, 2025. This dividend is designated as an eligible dividend for Canadian income tax purposes. For non-resident shareholders, Pulse’s dividends are subject to Canadian withholding tax.

“In the first half of 2025 the Company has benefited from increases in traditional data sales as well as energy sector M&A, generating revenue of $41.1 million, an EBITDA margin of 86% and $27.2 million of shareholder free cashflow,” stated Neal Coleman, Pulse’s President and CEO. “Pulse’s industry leading seismic data library contains vital subsurface information used by E&P companies for risk mitigation and maximization of drilling results,” he continued. “The Company continues to rely on shareholder free cashflow as the basis for its capital allocation strategy and remains focused on returns to shareholders, as evidenced by distributing 84% of 2025 free cash flow in the form of dividends. Pulse’s Board of Directors today declared the second special dividend of 2025,” Coleman continued. “In the last 24 months, special dividends of $0.80 have been declared, in addition to the regular dividend which has increased annually and is currently set at $0.07 per year,” he concluded.

HIGHLIGHTS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025

The regular quarterly dividend of $0.0175 per common share declared and paid in the second quarter of 2025 was a 17% increase over the regular quarterly dividend of $0.015 per common share declared and paid in the first quarter of 2025. A special dividend of $0.20 per common share totaling $10.2 million was also declared and paid in the first quarter of 2025;

The Company renewed its Normal Course Issuer Bid (NCIB) on February 24, 2025. During the six months ended June 30, 2025, the Company purchased and cancelled 80,600 shares under the NCIB at an average price of $2.43 per share, for total cost of approximately $197,000;
Total revenue for the three months ended June 30, 2025, was $18.3 million, compared to $6.3 million for the same period in 2024. Total revenue for the six months ended June 30, 2025, was $41.1 million, compared to $15.1 million for the same period in 2024. Revenue generated in the first half of 2025 reflects an increase of 71% compared to the last three years average of annual revenue;

Shareholder free cash flow^(a) was $11.7 million ($0.23 per share basic and diluted) for the three months ended June 30, 2025, compared to $3.9 million ($0.07 per share basic and diluted) for the same period in 2024. Shareholder free cash flow was $27.2 million ($0.53 per share basic and diluted) for the six months ended June 30, 2025, compared to $8.9 million ($0.17 per share basic and diluted) for the same period in 2024;

EBITDA^(a) was $15.2 million ($0.30 per share basic and diluted) for the three months ended June 30, 2025, compared to $4.4 million ($0.0.09 per share basic and diluted) for the same period in 2024. For the six months ended June 30, 2025, EBITDA was $35.3 million ($0.69 per share basic and diluted) compared to $10.6 million ($0.21 per share basic and diluted) for the same period in 2024;

Net earnings for the three months ended June 30, 2025, was $9.6 million ($0.19 per share basic and diluted) compared to net earnings of $1.3 million ($0.03 per share basic and diluted) for the same period in 2024. Net earnings for the six months ended June 30, 2025, was $22.9 million ($0.45 per share basic and diluted) compared to net earnings of $4.0 million ($0.08 per share basic and diluted) for the same period in 2024; and

At June 30, 2025, the Company had a cash balance of $25.9 million as well as $5.0 million of available liquidity on its revolving demand credit facility.

SELECTED FINANCIAL AND OPERATING INFORMATION


(Thousands of dollars except per share data,	Three months ended June 30,			Six months ended June 30,		Year ended,
numbers of shares and kilometres of seismic data)	2025	2024		2025	2024	December 31,
	(Unaudited)			(Unaudited)		2024
Revenue	18,316	6,300		41,075	15,077	23,379

Amortization of seismic data library	2,224	2,279		4,449	4,549	9,090
Net earnings	9,565	1,341		22,940	4,022	3,391
Per share basic and diluted	0.19	0.03		0.45	0.08	0.07
Cash provided by (used in) operating activities	12,543	(1,269	)	29,158	9,195	14,195
Per share basic and diluted	0.25	(0.02	)	0.57	0.18	0.28
EBITDA ^(a)	15,238	4,418		35,286	10,647	15,496
Per share basic and diluted ^(a)	0.30	0.09		0.69	0.21	0.30
Shareholder free cash flow ^(a)	11,733	3,869		27,152	8,907	12,408
Per share basic and diluted ^(a)	0.23	0.07		0.53	0.17	0.24

Capital expenditures
Seismic data	–	–		–	225	225
Property and equipment	–	–		–	–	45
Total capital expenditures	–	–		–	225	270

Dividends
Regular dividends declared	885	775		1,648	1,490	3,018
Special dividends declared	–	–		10,167	–	2,548
Total dividends declared	885	775		11,815	1,490	5,566

Normal course issuer bid
Number of shares purchased and cancelled	37,300	539,500		80,600	1,166,800	1,784,000
Cost of shares purchased and cancelled	91	1,222		197	2,407	3,880

Weighted average shares outstanding
Basic and diluted	50,761,321	51,734,590		50,795,174	51,928,298	51,448,985
Shares outstanding at period-end				50,755,057	51,455,063	50,837,863

Seismic library
2D in kilometres				829,207	829,207	829,207
3D in square kilometres				65,310	65,310	65,310

FINANCIAL POSITION AND RATIO
	June 30,	June 30,	December 31,
(Thousands of dollars except ratio)	2025	2024	2024
Working capital	24,202	10,996	9,222
Working capital ratio	4.8:1	4.0:1	5.1:1
Cash and cash equivalents	25,876	9,392	8,722
Total assets	36,479	29,184	21,516
Trailing 12 -month (TTM) EBITDA^(b)	40,135	27,528	15,496
Shareholders’ equity	29,177	25,177	18,295

^(a)The Company’s continuous disclosure documents provide discussion and analysis of “EBITDA”, “EBITDA per share”, “shareholder free cash flow” and “shareholder free cash flow per share”. These financial measures do not have standard definitions prescribed by IFRS and, therefore, may not be comparable to similar measures disclosed by other companies. The Company has included these non-GAAP financial measures because management, investors, analysts and others use them as measures of the Company’s financial performance. The Company’s definition of EBITDA is cash available for interest payments, cash taxes, repayment of debt, purchase of its shares, discretionary capital expenditures and the payment of dividends, and is calculated as earnings (loss) from operations before interest, taxes, depreciation and amortization. The Company believes EBITDA assists investors in comparing Pulse’s results on a consistent basis without regard to non-cash items, such as depreciation and amortization, which can vary significantly depending on accounting methods or non-operating factors such as historical cost. EBITDA per share is defined as EBITDA divided by the weighted average number of shares outstanding for the period. Shareholder free cash flow further refines the calculation of capital available to invest in growing the Company’s 2D and 3D seismic data library, to repay debt, to purchase its common shares and to pay dividends by deducting non-discretionary expenditures from EBITDA. Non-discretionary expenditures are defined as non-cash expenses, debt financing costs (net of deferred financing expenses amortized in the current period), net restructuring costs and current tax provisions. Shareholder free cash flow per share is defined as shareholder free cash flow divided by the weighted average number of shares outstanding for the period.
These non-GAAP financial measures are defined, calculated and reconciled to the nearest GAAP financial measures in the Management’s Discussion and Analysis.
^(b) TTM EBITDA is defined as the sum of EBITDA generated over the previous 12 months and is used to provide a comparable annualized measure.
These non-GAAP financial measures are defined, calculated and reconciled to the nearest GAAP financial measures in the Management’s Discussion and Analysis.

OUTLOOK
Pulse had a very strong first half year, generating revenue of $41.1 million and ending the quarter with $24.2 million of working capital including $25.9 million in cash. These financial results have provided capital returns to shareholders, strengthened the balance sheet, and positioned the Company for solid financial performance in 2025.

Pulse’s ability to forecast future revenue continues to be challenging, as significant annual fluctuations are the norm in the seismic data library business. Industry trends that we consider relevant as we look forward include land sales in Western Canada, drilling forecasts for the year, commodity price levels, M&A forecasts and the status of industry infrastructure improvements. It is difficult to predict in the midst of the current market dynamics how this will unfold through the remainder of 2025. M&A activity for the year so far, has surpassed many analysts’ earlier expectations and is expected to remain strong for the remainder of 2025. Lower oil prices have contributed to decreased corporate valuations which often lead to acquisition opportunities. Alberta land sales through 2024 were strong, but at midpoint in 2025 have generated just over half the amount for the same period in 2024. In British Columbia land sales were resumed in Q3 2024 after a pause of over three years. New infrastructure, such as the TMX pipeline expansion, a driver of increased drilling activity, which was completed in 2024 has provided increased export capacity. The Canadian Association of Energy Contractors, in November 2024 forecast an increase to 6,604 wells to be drilled in 2025, an approximate 7% increase over 2024. There has been no update published to this forecast, and drilling activity is reported to be relatively stable. LNG Canada’s liquified natural gas export facility is now operational and is expected to contribute to increased drilling and may lead to an improvement in Canadian natural gas prices.

Of course, there continues to be a high level of uncertainty on political and economic fronts. Uncertainty around energy tariffs and trade policy between Canada and the United States, are contributing to the lack of clarity for the future. It is clear that Canada needs to continue to build pipelines and increase natural gas egress, to support the country’s energy security, as well as to secure new buyers of Canadian energy.

Pulse, as previously stated, has low visibility regarding future seismic data library sales levels, regardless of industry conditions. The Company remains focused on business practices that have served throughout the full range of conditions. The Company maintains a strong balance sheet and carries no debt. Led by an experienced and capable management team, Pulse operates with a low-cost structure and focuses on maintaining excellent client relations and providing exceptional customer service. Pulse’s strong financial position, high leverage to increased revenue in its EBITDA margin and careful management of its cash resources continue to translate to the return of capital to shareholders through regular and special dividends.

CORPORATE PROFILE

Pulse is a market leader in the acquisition, marketing and licensing of 2D and 3D seismic data to the western Canadian energy sector. Pulse owns the largest licensable seismic data library in Canada, currently consisting of approximately 65,310 square kilometres of 3D seismic and 829,207 kilometres of 2D seismic. The library extensively covers the Western Canada Sedimentary Basin, where most of Canada’s oil and natural gas exploration and development occur.

For further information, please contact:
Neal Coleman, President and CEO
Or
Pamela Wicks, Vice President Finance and CFO
Tel.: 403-237-5559
Toll-free: 1-877-460-5559
E-mail: info@pulseseismic.com.
Please visit our website at www.pulseseismic.com

This document contains information that constitutes “forward-looking information” or “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities legislation. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “forecast”, “target”, “project”, “guidance”, “may”, “will”, “should”, “could”, “estimate”, “predict” or similar words suggesting future outcomes or language suggesting an outlook.

The Outlook section herein contain forward-looking information which includes, but is not limited to, statements regarding:

> The outlook of the Company for the year ahead, including future operating costs and expected revenues;

> Recent events on the political, economic, regulatory, and legal fronts affecting the industry’s medium- to longer-term prospects, including progression and completion of contemplated infrastructure projects;

> The Company’s capital resources and sufficiency thereof to finance future operations, meet its obligations associated with financial liabilities and carry out the necessary capital expenditures through 2025;

> Pulse’s capital allocation strategy;

> Pulse’s dividend policy;

> Oil and natural gas prices and forecast trends;

> Oil and natural gas drilling activity and land sales activity;

> Oil and natural gas company capital budgets;

> Future demand for seismic data;

> Future seismic data sales;

> Pulse’s business and growth strategy; and

> Other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results and performance, as they relate to the Company or to the oil and natural gas industry as a whole.

By its very nature, forward-looking information involves inherent risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking statements will not be achieved. Pulse does not publish specific financial goals or otherwise provide guidance, due to the inherently poor visibility of seismic revenue. The Company cautions readers not to place undue reliance on these statements as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking information.

These factors include, but are not limited to:

> Uncertainty of the timing and volume of data sales;

> Volatility of oil and natural gas prices;

> Risks associated with the oil and natural gas industry in general;

> The Company’s ability to access external sources of debt and equity capital;

> Credit, liquidity and commodity price risks;

> The demand for seismic data;

> The pricing of data library licence sales;

> Cybersecurity;

> Relicensing (change-of-control) fees and partner copy sales;

> Environmental, health and safety risks;

> Federal and provincial government laws and regulations, including those pertaining to taxation, royalty rates, environmental protection, public health and safety;

> Competition;

> Dependence on key management, operations and marketing personnel;

> The loss of seismic data;

> Protection of intellectual property rights;

> The introduction of new products; and

> Climate change.

Pulse cautions that the foregoing list of factors that may affect future results is not exhaustive. Additional information on these risks and other factors which could affect the Company’s operations and financial results is included under “Risk Factors” in the Company’s most recent annual information form, and in the Company’s most recent audited annual financial statements, most recent MD&A, management information circular, quarterly reports, material change reports and news releases. Copies of the Company’s public filings are available on SEDAR+ at www.sedarplus.ca.

When relying on forward-looking information to make decisions with respect to Pulse, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Furthermore, the forward-looking information contained in this document is provided as of the date of this document and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, except as required by law. The forward-looking information in this document is provided for the limited purpose of enabling current and potential investors to evaluate an investment in Pulse. Readers are cautioned that such forward-looking information may not be appropriate, and should not be used, for other purposes.

PDF available: http://ml.globenewswire.com/Resource/Download/8df92694-2a01-45f3-b5b4-ecc0f5bd6edb

The MIL Network –

July 23, 2025

MIL-OSI: iDox.ai Announces Launch of iDox.ai Privacy Scout: AI-Powered Solution That Goes Beyond DLP to Protect Sensitive Data in Real Time

Source: GlobeNewswire (MIL-OSI)

Fremont, California , July 22, 2025 (GLOBE NEWSWIRE) — iDox.ai, a U.S.-based provider of AI-powered document compliance tools, announces the launch of iDox.ai Privacy Scout, an advanced Data Loss Prevention (DLP) solution engineered to detect and protect sensitive information in real time, particularly in environments deploying Generative AI.

iDox.ai

As organizations adopt artificial intelligence across industries, new challenges emerge in safeguarding Personally Identifiable Information (PII), Protected Health Information (PHI), and other confidential data. Privacy Scout responds to these challenges by offering an automated solution that monitors and intercepts sensitive information before it can be exposed or misused.

Importantly, iDox.ai Privacy Scout promotes the secure sharing of documents with AI tools while protecting the PII within them. Unlike traditional DLP tools, iDox.ai Privacy Scout doesn’t treat next-generation AI as a threat—it enables its safe use. This is a key differentiator that empowers organizations to embrace AI innovation without compromising on privacy.

Key capabilities of iDox.ai Privacy Scout include:

Real-Time Detection and Redaction: The system applies intelligent AI models to scan documents and files for sensitive content. It instantly redacts or restricts access to flagged data, preventing unauthorized disclosure.
Industry-Wide Compatibility: Built for seamless deployment across healthcare, finance, legal, corporate IT, and government sectors, iDox.ai Privacy Scout integrates effortlessly into existing workflows while strengthening your organization’s data protection framework. The application installs directly on employees’ devices, ensuring immediate protection at the endpoint. For enterprise environments, it includes a centralized management console for streamlined oversight, policy enforcement, and user activity monitoring.

Compliance Support: iDox.ai Privacy Scout helps organizations meet global data protection regulations such as HIPAA and GDPR, making it a strategic asset for businesses aiming to maintain data security and regulatory compliance.

“With the rise of Generative AI, businesses face new risks related to data privacy and unintentional information leaks,” said Jeremy Wei, CEO of iDox.ai. “iDox.ai Privacy Scout offers a reliable DLP solution that allows organizations to stay compliant while leveraging the advantages of AI.”

iDox.ai Privacy Scout joins iDox.ai’s suite of AI-driven compliance products, which includes tools for redaction, document comparison, and regulatory reporting. Together, these solutions help clients maintain secure information practices and implement effective Data Loss Prevention strategies.

The launch of iDox.ai Privacy Scout reinforces iDox.ai’s mission to develop technology that addresses evolving compliance challenges and strengthens trust in digital operations.

Organizations seeking early access or additional product details can visit: https://www.idox.ai/products/privacy-scout

About iDox.ai

Headquartered in Fremont, California, iDox.ai specializes in artificial intelligence tools for document management, redaction, and regulatory compliance. The company supports public and private sector organizations in securing data, reducing manual risk, and maintaining compliance in dynamic digital environments.

The MIL Network –

July 23, 2025

MIL-OSI USA: Frost and Cherfilus-McCormick Reintroduce Bill to Prevent Radioactive Materials from Being Used to Build Roads – the “No Radioactive Roads Act”

Source: United States House of Representatives – Representative Maxwell Frost Florida (10th District)

July 22, 2025

Frost’s Bill Would Prevent Cancer-Causing Fertilizer Byproduct from Being Used in Road Construction

WASHINGTON, D.C. — Today, Congressman Maxwell Alejandro Frost (D-FL) and Congresswoman Sheila Cherfilus-McCormick (D-FL) reintroduced the No Radioactive Roads Act, legislation to ensure the current Trump Administration or any future administration cannot allow for deadly, cancer-causing radioactive material, phosphogypsum (PG), to be used in road construction. Florida is the world’s largest PG producing area with 1 billion tons of PG stored in stacks, mainly in the Central Florida region.

The Biden-Harris Administration quickly reversed the first Trump Administration’s unscientific decision to allow PG in road construction in 2021. However, with Trump’s return to office, PG’s threat to people’s health is once again imminent.

In 2021, a tear at a PG stack facility allowed for millions of gallons of untreated wastewater to be released into Tampa Bay, devastating the clean waters of the bay and causing a red tide outbreak, killing millions of fish. Despite the environmental fallout, in 2023, Governor Ron DeSantis signed a bill into law to allow the cancer-causing material to be used in road construction. Most recently, ahead of the Trump Administration taking office, the Environmental Protection Agency authorized Mosaic’s pilot road project to use 1,200 tons of the hazardous material in Polk County, Florida.

Frost and Cherfilus-McCormick first introduced the bill in 2024.

“As Florida allows for PG to be used in our roads, endangering our workers, drivers, and entire communities, we need immediate federal action that puts public health over corporate profits,” said Congressman Maxwell Frost. “The science is abundantly clear—PG is a deadly, cancer-causing substance that harms our environment and puts lives at risk, and no administration should be able to permit its use without the highest safety standards. It’s unacceptable that the fertilizer industry is looking to offload toxic waste into our roads in order to boost their profits while leaders like DeSantis and Donald Trump enable it. The No Radioactive Roads Act puts our people, our planet, and our future over the profits of corporate polluters.”

“Protecting the health and safety of our communities must be our top priority. Using radioactive materials like phosphogypsum in road construction endangers our families, harms our environment, and puts our future at risk,” said Congresswoman Sheila Cherfilus-McCormick. “The No Radioactive Roads Act is a crucial step in preventing communities from facing the long-term dangers of toxic exposure. I am proud to partner with Congressman Maxwell Frost on this legislation to protect the well-being of every Floridian.”

“The EPA’s decision to weaken standards for phosphogypsum is both reckless and unfounded. We cannot allow the health and safety of our communities to be sacrificed for the financial interests of the fertilizer industry, which seeks to profit from incorporating this radioactive byproduct into our roads. The science is clear: exposure to phosphogypsum is directly linked to significantly increased cancer risk. We will not tolerate policies that endanger our residents and workers,” said Orange County Commissioner Kelly Martinez Semrad. “In Orange County, I am also introducing an accompanying resolution to prohibit the use of phosphogypsum in local roadway projects. Our stance is firm, and our message is clear: I fully support Congressman Frost’s bill on behalf of the people of our district, the state of Florida, and communities across the country.”

The No Radioactive Roads Act has been endorsed by the League of Conservation Voters, Center for Biological Diversity, Food & Water Watch, Surfrider Foundation, and the Save Split Oak Campaign.

“Representative Frost’s No Radioactive Roads Act will help protect the health and safety of communities as the Trump administration continues to roll back protections from toxic pollutants. Constructing roads with radioactive, cancer-causing phosphogypsum can harm workers, drivers, and nearby families who are already most impacted by environmental injustice and the climate crisis. We will continue to fight alongside our climate champions in Congress like Representative Frost to pass legislation to protect the health of our communities, our air and water, and our future generations,” said Madeleine Foote, Healthy Communities Program Director for League of Conservation Voters.

“The EPA made it clear decades ago that radioactive phosphogypsum has no place in our roads,” said J.W. Glass, EPA policy specialist at the Center for Biological Diversity. “While Rep. Frost shouldn’t have to introduce legislation just to get the EPA to follow its own rules, this bill provides clear direction the agency needs to keep our water, workers and wildlife safe from radiation and other pollutants tied to this toxic waste.”

“We sincerely thank Representative Frost for championing the No Radioactive Roads Act, which takes decisive action to safeguard our communities from the significant risks posed by phosphogypsum. Florida has experienced firsthand the devastating consequences of mismanaging this hazardous material, including the Piney Point disaster, where over 200 million gallons of contaminated wastewater spilled into Tampa Bay. Using phosphogypsum in road construction would endanger workers, drivers, drinking water supplies, and fragile ecosystems, not just in Florida but across the country. This legislation is a crucial step toward protecting public health and preserving the safety of our water resources. We are committed to working with Congress and communities to ensure this vital bill becomes law and helps prevent future disasters,” said Jim Walsh, Policy Director, Food & Water Watch.

“Clean water and resilient watersheds are the foundation of healthy coastal communities and strong economies. The use of radioactive waste in roads presents a serious risk that puts public health and the environment in jeopardy for generations to come. The ‘No Radioactive Roads Act’ introduces common-sense safeguards for protecting human health, requiring water quality monitoring, and ensuring transparency,” said Katie Bauman, Florida Policy Manager for Surfrider Foundation.

“On behalf of the Save Split Oak Forest campaign, we strongly support Congressman Frost’s No Radioactive Roads Act. This legislation is crucial for safeguarding Florida’s ecosystems from the dangers of radioactive road runoff, which can harm our waterways, soil, and wildlife. Protecting conservation lands like Split Oak Forest is essential for preserving biodiversity and ensuring smart, sustainable growth. We urge all members of Congress to back this act to prevent harmful pollution and promote a future where Florida’s natural environment and communities can thrive together,” said Lee Perry, Lead Volunteer of the Save Split Oak Campaign.

Additional Background:

For over 30 years, the Environmental Protection Agency (EPA) has prohibited the use of phosphogypsum (PG) for road construction because this fertilizer waste product emits deadly, cancer-causing radon gas and contains toxic heavy metals like arsenic, lead, mercury, and sulfur.

These toxins can become airborne or seep into the soil and groundwater. One of these elements, radium-226, has a 1,600-year half-life and will poison generations of people working on, living near, or traveling over any future radioactive roads.

Scientific research makes clear that phosphogypsum (PG) is not safe to use as a road building material, but just months before leaving office, the first Trump Administration green-lit PG to be used in road construction.

The Biden-Harris Administration quickly reversed the Trump Administration’s decision to allow PG in road construction but this means that PG’s threat to people’s health and safety can reemerge under the new Trump Administration.

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MIL OSI USA News –

July 23, 2025

MIL-OSI USA: Congresswoman Cherfilus-McCormick Introduces African Diaspora Investment and Development Act (AIDA)

Source: United States House of Representatives – Congresswoman Sheila Cherfilus-McCormick (D-Florida 20th district))

Unlocking the development potential of diaspora communities and helping reduce reliance on foreign aid

WASHINGTON, D.C. – Today, Rep. Sheila Cherfilus-McCormick (D-FL) and Rep. Jonathan J. Jackson (D-IL) introduced the African Diaspora Investment and Development Act (AIDA), groundbreaking legislation that harnesses the economic power of African and Caribbean diaspora communities to advance sustainable development, reduce remittance costs, and align U.S. foreign policy with grassroots investment.

Millions of Americans with heritage in Africa and the Caribbean send billions of dollars annually to support loved ones and communities in their countries of origin. Yet, they often face high transaction fees, limited investment tools, and few incentives to grow their impact. AIDA addresses these barriers head-on.

As highlighted in Realizing Africa’s Potential: A Journey to Prosperity by Professor Landry Signé, published by the Brookings Institution, the diaspora can be a powerful driver of development in their home countries—not just through remittances, but by fostering trade, investment, research, innovation, and the transfer of knowledge and technology. This dynamic strengthens U.S. interests by empowering African and Caribbean diaspora communities, who are an integral part of the American fabric, to spur economic growth and innovation both abroad and at home, reinforcing U.S. global partnerships and domestic prosperity.

The African Diaspora Investment and Development Act:

Reduces the cost of remittances by promoting transparency, competition, and innovation in money transfers.
Creates tax incentives for diaspora investments that drive sustainable economic development in African and Caribbean countries.
Encourages financial inclusion through fintech and diaspora-owned money transfer platforms.
Supports diaspora-led investments with U.S. financial backing.
Advances U.S. development goals by strengthening diaspora engagement in entrepreneurship, infrastructure, and community development projects abroad.

“The African and Caribbean diasporas are economic engines that deserve recognition and support,” said Rep. Sheila Cherfilus-McCormick (D-FL). “This bill creates smart incentives that empower families, foster sustainable development, and reflect our values in U.S. foreign policy. AIDA is about unlocking diaspora investment potential. By empowering these communities, we can reduce reliance on foreign aid and embrace a model based on investment, dignity, and shared prosperity.”

“This bill is timely and vital, especially at a time when US policy towards Africa and the Diaspora is shifting from aid to trade,” said Rep. Jonathan L. Jackson (D-IL). “Remittances ($90 billion inflow to Africa in 2023) have surpassed both foreign assistance and direct investment in many countries in Africa and the Caribbean; a source for development and economic growth. AIDA strengthens the Diaspora contributions in GPD growth through investments and family support – food, housing, education, health care, etc.”

“Reducing remittance costs and eliminating taxes on remittances are critical measures that ensure every dollar sent goes further, directly benefiting health, education, small businesses, and local infrastructure,” said President of the Nigerian Physicians Advocacy Group, Susan Edionwe. “These changes will empower organizations like ours, whose work relies heavily on diaspora contributions, to expand our impact and better serve the people of Nigeria and beyond.”

“The proposed AIDA bill is a fundamental recognition that as a nation of immigrants the USA holds the ultimate power of transformation in the contributions of its diaspora to the rest of the world,” said Founder and CEO of Hamstrings, Inc., Eric V. Guichard. “AIDA is about leveraging these diaspora resources for good. It is a paradigm shift in development finance whose time has come.”

“Remittances from family and friends in the U.S. to these regions primarily address basic necessities for recipients including housing, food, education, services, small business support and humanitarian assistance,” said Haiti Renewal Alliance. “A framework for partnerships with the U.S. DFC and diasporas via the AIDA Act to channel remittances for coordinated and robust investments with people on the ground in African and Caribbean countries, ushers the U.S. leading the next generation of successful global development for inclusive growth, peace, stability and opportunity, appreciating diaspora from Africa and Caribbean as key contributors.”

During a time when development assistance from the United States in Africa and in the Caribbean, is being drastically curtailed or even eliminated, African and Caribbean countries will need to increasingly rely on remittances coming from the Diaspora to meet basic needs and to get by,” said President of Constituency for Africa (CFA), Melvin Foote. “The proposed AIDA legislation if passed, would certainly be a huge step in the right direction.”

The legislation has received early praise from diaspora organizations, development experts, and financial inclusion advocates.

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MIL OSI USA News –

July 23, 2025

MIL-OSI USA: Rep. Andrea Salinas Introduces Legislation to Level the Playing Field for the Cider Industry

Source: US Representative Andrea Salinas (OR-06)

Today, U.S. Representative Andrea Salinas (OR-06), introduced the Bubble Tax Modernization Act, which would lower the tax rate for lower-alcohol wine, cider, and mead made with fruit.

Washington, D.C. – Today, U.S. Representative Andrea Salinas (OR-06), introduced the Bubble Tax Modernization Act, which would lower the tax rate for lower-alcohol wine, cider, and mead made with fruit.

Despite the popularity of bubbly beverages, the carbonation tax–colloquially called the ‘bubble tax’ on fruit wine, fruit cider, and fruit mead makes carbonating these agricultural products at sparkling levels cost prohibitive. Most craft beverage entrepreneurs can’t afford to carbonate these products at the level the market wants. The result is that an important American agricultural sector is falling flat.

“Oregon has some of the highest quality fruit in the country, but red tape in our tax code makes it nearly impossible to use these products to make the fruited wines, ciders, and meads that people want,” said Rep. Salinas. “My bill levels the playing field for the cider industry and makes it more affordable to produce the sparkling, fruited drinks consumers want.”

“Cidermakers should not be limited to just pears and apples in order to avoid a massive, unnecessary tax hike on their products,” said Rep. Van Orden. “This bill works for everyone – farmers, cidermakers, and consumers – by allowing any type of fruit to be added to cider and taxed at the standard rate.”

Currently, the tax code dictates that if a sparkling cider, wine, or mead is made with fruits other than apples and pears, then it can only be minimally carbonated, often to the point that it tastes flat to most consumers. If cidermakers want to carbonate their fruited drinks to the same level as other, non-fruited ciders, taxes on these fruited ciders triple. Rep. Salinas’ legislation allows cidermakers to create and carbonate fruited beverages without this higher tax burden, granting them more freedom to produce drinks to match public demand.

“The Bubble Tax Modernization Act is a critical, overdue fix that will finally bring fairness to how cider is taxed in the U.S.,” said Monica Cohen, CEO of the American Cider Association. “It eliminates outdated penalties on carbonated, fruit-forward ciders and gives small cidermakers the freedom to innovate without being punished. This bill supports American agriculture, strengthens rural economies, and helps keep cider accessible to consumers. It’s common-sense legislation and we applaud Representatives Salinas and Van Orden for moving this forward.”

“The Pacific Northwest is home to some of the most innovative and orchard-driven cider producers in the country. Yet outdated federal tax rules have unfairly penalized craft cideries and restricted innovation and expansion into the fruited cider category,” said Emily Ritchie, Executive Director of the Northwest Cider Association. “The Bubble Tax Modernization Act is a common-sense update that will allow our producers to grow, hire more local workers, and invest back into our rural communities and vibrant apple and pear orchards. This is a crucial step toward fairness and opportunity for the Northwest cider industry.”

“New York’s cider industry has become a national leader—thanks to the innovation, resilience, and agricultural roots of our cider producers. But outdated carbonation tax thresholds are holding us back,” said Scott Ramsey, Executive Director of the New York Cider Association. “The Bubble Tax Modernization Act represents a long-overdue step toward fairness for cider makers in New York and across the country. By leveling the playing field, this bill will empower our producers to expand their offerings, hire more local workers, and reinvest in the rural communities and orchards that fuel our economy. We’re proud to support this effort to strengthen one of New York’s most dynamic and agricultural industries.”

The Bubble Tax Modernization Act is endorsed by the American Cider Association, Northwest Cider Association, North Carolina Cider Association, New York Cider Association, and Pennsylvania Cider Guild.

To read the full text of this legislation, click here.

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MIL OSI USA News –

July 23, 2025

MIL-OSI United Kingdom: New operational partnership with delivery giants to combat illegal working

Source: United Kingdom – Executive Government & Departments

News story

New operational partnership with delivery giants to combat illegal working

New agreement between Home Office and top food delivery firms will help stop illegal working in the delivery sector

More delivery riders caught sharing their accounts with migrants who have no right to work in the UK will be suspended, as part of the government’s UK-wide crackdown on illegal working under the Plan for Change.

A new agreement between the Home Office and Deliveroo, Just Eat and Uber Eats will ensure delivery firms receive new information concerning the locations of asylum hotels to help tackle illegal working.

Under existing security measures, any delivery riders caught sharing their accounts with migrants who have no right to work in the UK will be suspended. This new agreement goes further to ensure more people who are breaking the rules can be caught.

Efforts by the companies to crack down on illegal account sharing through real-time identity and Right to Work checks have been successful and have led to thousands being offboarded from platforms. Despite this, there continues to be abuse in the system. Under the new agreement, the firms will be empowered to go further in detecting patterns of misuse, identify unauthorised account sharing and quickly suspend accounts.

The move comes after a commitment made by the firms during a roundtable last month, chaired by Ministers, to implement new security measures. This includes increased facial verification checks and fraud detection tools meaning only verified users can access their platforms. The Home Office will continue to collaborate closely with the three companies, with meetings taking place in the coming weeks to update on progress and delivery.

Today’s announcement is part of the government’s work to step up enforcement across the UK targeting illegal working hotspots, with a focus on the gig economy and migrants working illegally as delivery riders. It forms a key part of a whole system approach to tackle illegal migration from every angle, by ending the false promise of jobs used by smuggling gangs to sell spaces on small boats.

Home Secretary Yvette Cooper, said:

Illegal working undermines honest business, exploits vulnerable individuals and fuels organised immigration crime.

By enhancing our data sharing with delivery companies, we are taking decisive action to close loopholes and increase enforcement.

The changes come alongside a 50% increase in raids and arrests for illegal working under the Plan for Change, greater security measures and tough new legislation.

Eddy Montgomery, Director of Enforcement, Compliance and Crime at the Home Office, said:

This next step of co-ordinated working with delivery firms will help us target those who seek to work illegally in the gig economy and exploit their status in the UK.

My teams will continue to carry out increased enforcement activity across the UK and I welcome this additional tool to disrupt and stop the abuse of our immigration system.

A Deliveroo spokesperson said:

Deliveroo has led the sector in introducing security measures to prevent the abuse of our platform and tackle the sophisticated criminals seeking new ways to exploit all delivery platforms’ systems. We are fully committed to working with the government as we continue to collectively combat illegal working.

A Just Eat spokesperson said:

Just Eat is committed to tackling any illegal working via our platform. We continue to invest significant resources to strengthen our systems against abuse by individuals and organised criminal groups seeking to evade right to work rules. We are working closely with the Home Office and our industry partners to address any loopholes in the industry’s checks, as well as collaborating on data sharing and enforcement.

An Uber Eats spokesperson said:

Uber Eats is fully committed to tackling illegal work and will continue to work with the Home Office and industry. We have introduced a range of state of the art detection tools to find and remove fraudulent accounts. We are constantly reviewing our tools and finding new ways to detect and take action on people who are trying to work illegally.

Since the government came into power one year ago, there have been more than 10,000 illegal working visits across multiple sectors, leading to 7,130 arrests, up around 50% compared to the year before. This marks the first time in a 12-month period where more than 10,000 visits have taken place.

Almost 750 illegal working civil penalty notices were also handed to businesses caught violating immigration rules in the first quarter of the year, marking the highest level since 2016 – and an 80% increase compared to the same time last year.

The government is tightening the law by making it a legal requirement for all companies, including the gig economy, to check that anyone working for them has the legal right to do so. This will end the abuse of flexible working arrangements. The new measures will be introduced through the landmark Border Security, Asylum and Immigration Bill.

The fight against illegal working forms just one part of government’s work to bolster border security across the system.

Since coming into power one year ago, the government has returned 35,000 people with no right to be in the UK including failed asylum seekers, immigration and foreign national offenders. There are now fewer asylum hotels open than since the election, saving millions of taxpayers’ money.

This is on top of a new groundbreaking deal with the French which will mean that, for the very first time, illegal migrants will be sent back to France. This targets the heart of the criminal smuggling gangs’ business model and sends a clear message that these life-threatening journeys are pointless and a waste of thousands of pounds. 

The deal seeks to detain and return migrants who arrive via small boat, and an equal number of migrants will be able to come to the UK from France through a new legal route – fully documented and subject to strict security checks.

Published 22 July 2025

MIL OSI United Kingdom –

July 23, 2025

MIL-OSI USA: Reps. Moore and Zinke Introduce Legislation to Codify Executive Order on National Parks

Source: United States House of Representatives – Representative Riley Moore (WV-02)

Washington, D.C. – Today, Congressman Riley M. Moore (WV-02) and Congressman Ryan Zinke (MT-01) introduced the PATRIOT Parks Act — which codifies President Trump’s Executive Order “Making America Beautiful Again by Improving Our National Parks.”

Currently, the National Parks System faces more than $23 billion in deferred maintenance, including more than $200 million on parklands in West Virginia. This legislation implements increased entrance fees for foreign visitors at National Parks, with the additional funds being reinvested back into parks for maintenance and other basic operating costs. Senator Jim Banks of Indiana and Senator Tim Sheehy of Montana introduced companion legislation in the Senate.

The bill is supported by the American Conservation Coalition Action (ACC Action) and the Property and Environment Research Center (PERC). Both organizations were instrumental in helping craft the President’s executive order. The Bull Moose Project and American Prairie are also supportive of the legislation.

Congressman Moore issued the following statement:

“From the New River Gorge in my home state to Shenandoah, the Great Smoky Mountains, the Everglades, and the Grand Canyon – God blessed our nation with a tremendous natural heritage. We owe it to future generations to ensure these natural marvels are protected.

“Unfortunately, the National Park System currently faces a backlog of more than $23 billion in deferred maintenance, including more than $200 million on properties across the Mountain State. Our commonsense legislation keeps entry fees static for Americans while charging more for foreigners visiting our National Parks. This will allow us to finally start tackling this extensive maintenance backlog.”

Here’s what others are saying:

“National Parks are America’s best idea and maintaining that legacy for future generations means making smart investments in the management of the parks,” said Congressman Zinke. “Americans already pay for parks in our tax dollars as well as at the gates. It’s unfair to American taxpayers to foot the bill for millions of foreign visitors. Almost every other country charges foreign visitors more, it’s common sense. President Trump and Secretary Burgum did the right thing directing the National Park Service implement a foreign visitor fee. This legislation will codify the policy and ensure Americans are put First in our own parks.”

“Americans already pay for our parks through federal taxes on top of standard admission fees, so it’s fair to ask foreign visitors to chip in more,” said Senator Banks. “This bill codifies President Trump’s executive order and helps protect our national treasures for future generations.”

“Our national parks drive Montana’s tourism economy by bringing in visitors from all over the world and define our way life by offering an experience you can only find in America,” said Senator Sheehy. “Implementing a foreign visitor fee is an America First, commonsense way to secure affordable access for American families, improve our national parks for all visitors, and better manage our treasured public lands. It’s not too much for Americans to ask that their government puts them first, and that’s why I’m proud to support the PATRIOT Parks Act so more American families can enjoy our national parks for generations to come.”

“Our national parks are America’s best idea and a crucial part of our natural heritage, but in recent decades, they have fallen into disrepair with a multibillion-dollar maintenance backlog,” said ACC Action President Chris Barnard. “An increased entry fee for international visitors would raise needed revenue to steward our national treasures and ensure that everyone who enjoys them contributes to protecting them. The American Conservation Coalition Action and our thousands of members are proud to support this effort to bolster the National Park Service.”

“Visitors from across the globe come to see the wonder of America’s national parks, and this proposal offers them a way to give back,” said PERC CEO Brian Yablonski. “Charging a modest fee to international tourists—something many countries already do—provides a steady source of funding to improve park infrastructure, enhance visitor experiences, and invest in long-overdue restoration. Drawing on years of PERC research, we’re grateful to Sen. Banks and Rep. Moore for championing efforts to conserve these iconic places for future generations.”

###

MIL OSI USA News –

July 23, 2025

MIL-OSI: Timberland Bancorp Third Fiscal Quarter Net Income Increases to $7.10 Million

Source: GlobeNewswire (MIL-OSI)

Quarterly EPS Increases 22% to $0.90 from $0.74 One Year Ago
Quarterly Net Interest Margin Increases to 3.80%
Quarterly Return on Average Assets Increases to 1.47%
Quarterly Return on Average Equity Increases to 11.23%
Announces New Stock Repurchase Program

HOQUIAM, Wash., July 22, 2025 (GLOBE NEWSWIRE) — Timberland Bancorp, Inc. (NASDAQ: TSBK) (“Timberland” or “the Company”), the holding company for Timberland Bank (the “Bank”), today reported net income of $7.10 million, or $0.90 per diluted common share for the quarter ended June 30, 2025. This compares to net income of $6.76 million, or $0.85 per diluted common share for the preceding quarter and $5.92 million, or $0.74 per diluted common share, for the comparable quarter one year ago.

For the first nine months of fiscal 2025, Timberland’s net income increased 16% to $20.72 million, or $2.60 per diluted common share, from $17.93 million, or $2.21 per diluted common share for the first nine months of fiscal 2024.

“Timberland delivered solid third fiscal quarter results, driven by continued net interest margin expansion and steady balance sheet growth,” stated Dean Brydon, Chief Executive Officer. “Net income and earnings per share increased 20% and 22%, respectively, compared to the third fiscal quarter a year ago. Compared to the prior quarter, net income and earnings per share increased 5% and 6%, respectively, primarily due to higher net interest income and non-interest income. We also posted year-over-year improvements across all key profitability metrics, and our tangible book value per share (non-GAAP) continued its upward trend. Looking ahead we believe our strong capital position, solid earnings, and continued focus on disciplined growth position us well to navigate the current environment and drive long-term shareholder value.”

“As a result of Timberland’s strong earnings and sound capital position, our Board of Directors announced a quarterly cash dividend to shareholders of $0.26 per share, payable on August 22, 2025, to shareholders of record on August 8, 2025,” stated Jonathan Fischer, President and Chief Operating Officer. “This represents the 51st consecutive quarter Timberland will have paid a cash dividend. In addition, the Company also announced the adoption of a new stock repurchase program. We believe Timberland stock presents a strong investment opportunity, and buying back shares is a strategy to enhance long-term value for shareholders. Under the new repurchase program, the Company may repurchase up to 5% of the outstanding shares, or 393,842 shares. The new stock repurchase program replaces our existing stock repurchase program, which had 31,762 shares available to be repurchased.”

“Our net interest margin continued to show positive momentum in the third fiscal quarter, expanding to 3.80%,” said Marci Basich, Chief Financial Officer. “This represents a one basis point increase from the prior quarter and a 27 basis point improvement compared to the same period last year, reflecting our disciplined asset-liability management and favorable shift in earning asset yields. Total deposits grew by $19 million, or 1%, during the quarter, driven primarily by higher balances in certificates of deposit. This growth highlights the continued strength of our customer relationships and the effectiveness of our deposit-gathering strategies. We remain focused on maintaining a well-balanced funding mix while sustaining stable margin performance going forward.”

“The loan portfolio continues to expand at a steady pace, with growth of 2% over the prior quarter and 3% year-over year,” Brydon continued. “Credit quality remains an area we are monitoring closely, as we are seeing a mix of stable-to-positive trends alongside a few metrics that have shown modest deterioration. Net charge-offs continue to be minimal, with net recoveries of $1,000 during the third quarter. Our non-performing assets (“NPA”) ratio increased to 0.21% at June 30, 2025, compared to 0.13% at the end of the prior quarter. However, it remains a slight improvement from the 0.22% reported a year ago. Although non-accrual loans increased this quarter primarily due to a single matured loan, total non-accrual balances remain modestly below year-ago levels.”

Earnings and Balance Sheet Highlights (at or for the periods ended June 30, 2025, compared to June 30, 2024, or March 31, 2025):

Earnings Highlights:

Earnings per diluted common share (“EPS”) increased 6% to $0.90 for the current quarter from $0.85 for the preceding quarter and increased 22% from $0.74 for the comparable quarter one year ago; EPS increased 18% to $2.60 for the first nine months of fiscal 2025 from $2.21 for the first nine months of fiscal 2024;
Net income increased 5% to $7.10 million for the current quarter from $6.76 million for the preceding quarter and increased 20% from $5.92 million for the comparable quarter one year ago; Net income increased 16% to $20.72 million for the first nine months of fiscal 2025 from $17.93 million for the first nine months of fiscal 2024;
Return on average equity (“ROE”) and return on average assets (“ROA”) for the current quarter were 11.23% and 1.47%, respectively;
Net interest margin (“NIM”) for the current quarter expanded to 3.80% from 3.79% for the preceding quarter and 3.53% for the comparable quarter one year ago; and
The efficiency ratio for the current quarter improved to 54.48% from 56.25% for the preceding quarter and 58.97% for the comparable quarter one year ago.

Balance Sheet Highlights:

Total assets increased 1% from the prior quarter and increased 3% year-over-year;
Net loans receivable increased 2% from the prior quarter and increased 3% year-over-year;
Total deposits increased 1% from the prior quarter and increased 3% year-over-year;
Total shareholders’ equity increased 2% from the prior quarter and increased 6% year-over-year; 34,236 shares of common stock were repurchased during the current quarter for $1.02 million;
Non-performing assets to total assets ratio was 0.21% at June 30, 2025 compared to 0.13% at March 31, 2025 and 0.22% at June 30, 2024;
Book and tangible book (non-GAAP) values per common share increased to $32.58 and $30.62 respectively, at June 30, 2025; and
Liquidity (both on-balance sheet and off-balance sheet) remained strong at June 30, 2025 with only $20 million in borrowings and additional secured borrowing line capacity of $674 million available through the Federal Home Loan Bank (“FHLB”) and the Federal Reserve.

Operating Results

Operating revenue (net interest income before the provision for credit losses plus non-interest income) for the current quarter increased 3% to $20.50 million from $19.90 million for the preceding quarter and increased 9% from $18.77 million for the comparable quarter one year ago. The increase in operating revenue compared to the preceding quarter was primarily due to increases in total interest and dividend income and non-interest income, which were partially offset by an increase in total funding costs. Operating revenue increased 8% to $60.06 million for the first nine months of fiscal 2025 from $55.82 million for the first nine months of fiscal 2024, primarily due to an increase in total interest and dividend income, which was partially offset by an increase in funding costs.

Net interest income increased $409,000, or 2%, to $17.62 million for the current quarter from $17.21 million for the preceding quarter and increased $1.64 million, or 10%, from $15.98 million for the comparable quarter one year ago. The increase in net interest income compared to the preceding quarter was primarily due to a $20.80 million increase in the average balance of total interest-earning assets and, to a lesser extent, a two-basis point increase in the weighted average yield on total interest-earning assets to 5.50% from 5.48%. These increases were partially offset by a $20.21 million increase in the average balance of interest-bearing liabilities and a two-basis point increase in the weighted average cost of interest-bearing liabilities. Timberland’s NIM for the current quarter expanded to 3.80% from 3.79% for the preceding quarter and 3.53% for the comparable quarter one year ago. The NIM for the current quarter was increased by approximately four basis points due to the collection of $102,000 in pre-payment penalties, non-accrual interest, and late fees, and the accretion of $68,000 of the fair value discount on acquired loans. The NIM for the preceding quarter was increased by approximately five basis points due to the collection of $201,000 in pre-payment penalties, non-accrual interest, and late fees, and the accretion of $17,000 of the fair value discount on acquired loans. The NIM for the comparable quarter one year ago was increased by approximately three basis points due to the collection of $124,000 in pre-payment penalties, non-accrual interest, and late fees, and the accretion of $9,000 of the fair value discount on acquired loans. Net interest income for the first nine months of fiscal 2025 increased $4.19 million, or 9%, to $51.81 million from $47.62 million for the first nine months of fiscal 2024, primarily due to a 32 basis point increase in the weighted average yield of total interest-earning assets to 5.49% from 5.17% and a $49.96 million increase in the average balance of total interest-earning assets. These increases to net interest income were partially offset by a seven basis point increase in the weighted average cost of interest-bearing liabilities to 2.53% from 2.46% and a $58.86 million increase in the average balance of total interest-bearing liabilities. Timberland’s NIM expanded to 3.74% for the first nine months of fiscal 2025 from 3.53% for the first nine months of fiscal 2024.

A $351,000 provision for credit losses on loans was recorded for the quarter ended June 30, 2025. The provision was primarily due to loan portfolio growth and changes in the composition of the loan portfolio. This compares to a $237,000 provision for credit losses on loans for the preceding quarter and a $264,000 provision for credit losses on loans for the comparable quarter one year ago. In addition, a $93,000 provision for credit losses on unfunded commitments and a $4,000 recapture of credit losses on investment securities were recorded for the current quarter.

Non-interest income increased $188,000, or 7%, to $2.88 million for the current quarter from $2.69 million for the preceding quarter and increased $84,000, or 3%, from $2.79 million for the comparable quarter one year ago. The increase in non-interest income compared to the preceding quarter was primarily due to an increase in ATM and debit card interchange transaction fees and smaller changes in several other categories. Fiscal year-to-date non-interest income increased by 1%, to $8.26 million from $8.20 million for the first nine months of fiscal 2024.

Total operating (non-interest) expenses for the current quarter decreased $27,000 (less than 1%), to $11.17 million from $11.19 million for the preceding quarter and increased $98,000, or 1%, from $11.07 million for the comparable quarter one year ago. The decrease in operating expenses compared to the preceding quarter was primarily due to decreases in salaries and employee benefits, premises and equipment, technology and communications, professional fees, and smaller decreases in several other expense categories. These decreases were partially offset by increases in state and local taxes and smaller increases in several other expense categories. The efficiency ratio for the current quarter improved to 54.48% from 56.25% for the preceding quarter and 58.97% for the comparable quarter one year ago. Fiscal year-to-date operating expenses increased 2% to $33.43 million from $32.68 million for the first nine months of fiscal 2024. The efficiency ratio for the first nine months of fiscal 2025 improved to 55.65% from 58.55% for the first nine months of fiscal 2024.

The provision for income taxes for the current quarter increased $85,000, or 5%, to $1.79 million from $1.71 million for the preceding quarter, primarily due to higher taxable income. Timberland’s effective income tax rate was 20.1% for the quarter ended June 30, 2025, compared to 20.2% for the quarter ended March 31, 2025 and 20.6% for the quarter ended June 30, 2024. Timberland’s effective income tax rate was 20.1% for the first nine months of fiscal 2025 compared to 20.2% for the first nine months of fiscal 2024.

Balance Sheet Management

Total assets increased $24.46 million, or 1%, during the quarter to $1.96 billion at June 30, 2025 from $1.93 billion at March 31, 2025 and increased $56.56 million, or 3%, from $1.90 billion one year ago. The increase during the current quarter was primarily due to a $21.42 million increase in net loans receivable and smaller increases in several other categories.

Liquidity

Timberland has continued to maintain a strong liquidity position, both on-balance sheet and off-balance sheet. Liquidity, as measured by the sum of cash and cash equivalents, CDs held for investment, and available for sale investment securities, was 17.0% of total liabilities at June 30, 2025, compared to 16.9% at March 31, 2025, and 14.7% one year ago. Timberland also had secured borrowing line capacity of $674 million available through the FHLB and the Federal Reserve at June 30, 2025. With a strong and diversified deposit base, only 17% of Timberland’s deposits were uninsured or uncollateralized at June 30, 2025. (Note: This calculation excludes public deposits that are fully collateralized.)

Loans

Net loans receivable increased $21.42 million, or 2%, during the quarter to $1.44 billion at June 30, 2025 from $1.42 billion at March 31, 2025. This increase was primarily due to a $21.83 million increase in multi-family loans, a $5.67 million increase in commercial real estate loans, a $3.89 million increase in land loans and smaller increases in several other loan categories. These increases were partially offset by a $5.50 million decrease in construction loans, a $4.80 million decrease in commercial business loans, and smaller decreases in several other loan categories. The increase in multi-family loans was, in large part, due to several multi-family construction projects being completed and converting to permanent financing during the quarter.

Loan Portfolio ($ in thousands)

	June 30, 2025			March 31, 2025				June 30, 2024
	Amount		Percent	Amount		Percent		Amount		Percent
Mortgage loans:
One- to four-family (a)	$317,574		21%	$315,421		21%		$288,611		19%
Multi-family		200,418	13		178,590	12			177,950	12
Commercial		607,924	40		602,248	40			597,865	40
Construction – custom and
owner/builder		128,900	8		114,401		7		128,222	9
Construction – speculative one-to four-family		9,595	1		9,791	1			11,441	1
Construction – commercial		15,992	1		22,352	1			32,130	2
Construction – multi-family		32,731	2		46,602	3			35,631	2
Construction – land
development		15,461	1		15,032	1			19,104	1
Land		36,193	2		32,301	2			32,384	2
Total mortgage loans		1,364,788	89		1,336,738	88			1,323,338	88

Consumer loans:
Home equity and second
mortgage		47,511	3		47,458	3			43,679	3
Other		2,176	—		2,375	—			3,121	—
Total consumer loans		49,687	3		49,833	3			46,800	3

Commercial loans:
Commercial business loans		126,497	8		131,243	9			136,213	9
SBA PPP loans		101	—		156	—			314	—
Total commercial loans		126,598	8		131,399	9			136,527	9
Total loans		1,541,073	100%		1,517,970	100%			1,506,665	100%
Less:
Undisbursed portion of
construction loans in
process		(76,272)			(75,042)				(87,196)
Deferred loan origination
fees		(5,427)			(5,329)				(5,404)
Allowance for credit losses		(17,878)			(17,525)				(17,046)
Total loans receivable, net	$1,441,496			$1,420,074				$1,397,019

_______________________
(a) Does not include one- to four-family loans held for sale totaling $1,763, $1,151, and $1,795 at June 30, 2025, March 31, 2025, and June 30, 2024, respectively.

The following table provides a breakdown of commercial real estate (“CRE”) mortgage loans by collateral type as of June 30, 2025:

CRE Loan Portfolio Breakdown by Collateral ($ in thousands)
Collateral Type	Balance		Percent of CRE Portfolio	Percent of Total Loan Portfolio	Average Balance Per Loan		Non- Accrual
Industrial warehouses	$128 822		21%	8%	$1 301		$161
Medical/dental offices		81 238	13	5		1 269		—
Office buildings		68 916	11	5		801		—
Other retail buildings		54 472	9	3		567		—
Mini-storage		38 483	6	2		1 539		—
Hotel/motel		31 656	5	2		2 638		—
Restaurants		27 485	5	2		585		—
Gas stations/conv. stores		24 359	4	2		1 015		—
Churches		14 690	3	1		918		—
Nursing homes		13 532	2	1		2 255		—
Shopping centers		10 507	2	1		1 751		—
Mobile home parks		8 882	2	1		444		—
Additional CRE		104 882	17	7		760		—
Total CRE	$607 924		100%	40%	$951		$161

Timberland originated $81.99 million in loans during the quarter ended June 30, 2025, compared to $56.76 million for the preceding quarter and $74.32 million for the comparable quarter one year ago. Timberland continues to originate fixed-rate one- to four-family mortgage loans, a portion of which are sold into the secondary market for asset-liability management purposes and to generate non-interest income. During the current quarter, fixed-rate one- to four-family mortgage loans totaling $5.11 million were sold compared to $5.17 million for the preceding quarter and $3.05 million for the comparable quarter one year ago.

Investment Securities

Timberland’s investment securities and CDs held for investment increased $2.04 million, or 1%, to $237.36 million at June 30, 2025, from $235.33 million at March 31, 2025. The increase was primarily due to the purchase of additional U.S. government agency mortgage-backed investment securities and U.S. Treasury investment securities. Partially offsetting these increases was the sale of $13.49 million available for sale investment securities, which resulted in a net gain of $24,000.

Deposits

Total deposits increased $18.65 million, or 1%, during the quarter to $1.67 billion at June 30, 2025, from $1.65 billion at March 31, 2025. The quarter’s increase consisted of a $16.01 million increase in certificates of deposit account balances, a $4.66 million increase in money market account balances, and a $1.60 million increase in NOW checking account balances. These decreases were partially offset by a $2.03 million decrease in savings account balances and a $1.59 million decrease in non-interest-bearing checking account balances.

Deposit Breakdown ($ in thousands)

	June 30, 2025		March 31, 2025		June 30, 2024
	Amount	Percent	Amount	Percent	Amount	Percent
Non-interest-bearing demand	$406,222	24%	$407,811	25%	$407,125	25%
NOW checking	334,922	20	333,325	20	324,795	20
Savings	205,829	12	207,857	13	207,921	13
Money market	305,207	18	300,552	18	327,162	20
Certificates of deposit under $250	244,063	15	227,137	14	195,022	12
Certificates of deposit $250 and over	126,254	8	124,009	7	117,788	7
Certificates of deposit – brokered	46,980	3	50,139	3	48,731	3
Total deposits	$1,669,477	100%	$1,650,830	100%	$1,628,544	100%

Borrowings

Total borrowings were $20.00 million at both June 30, 2025 and March 31, 2025. At June 30, 2025, the weighted average rate on the borrowings was 3.97%.

Shareholders’ Equity and Capital Ratios

Total shareholders’ equity increased $4.14 million, or 2%, to $256.66 million at June 30, 2025, from $252.52 million at March 31, 2025, and increased $15.44 million, or 6%, from $241.22 million at June 30, 2024. The increase in shareholders’ equity during the quarter was primarily due to net income of $7.10 million, which was partially offset by the payment of $2.05 million in dividends to shareholders and the repurchase of 34,236 shares of common stock for $1.02 million (an average price of $29.74 per share).

Timberland remains well capitalized with a total risk-based capital ratio of 20.54%, a Tier 1 leverage capital ratio of 12.63%, a tangible common equity to tangible assets ratio (non-GAAP) of 12.42%, and a shareholders’ equity to total assets ratio of 13.11% at June 30, 2025. Timberland’s held to maturity investment securities were $141.57 million at June 30, 2025, with a net unrealized loss of $5.99 million (pre-tax). Although not permitted by U.S. Generally Accepted Accounting Principles (“GAAP”), including these unrealized losses in accumulated other comprehensive income (loss) (“AOCI”) would result in a ratio of shareholders’ equity to total assets of 12.90%, compared to 13.11%, as reported.

New Stock Repurchase Program

The Company announced a new stock repurchase program today. Under the repurchase program, the Company may repurchase up to 5% of the Company’s outstanding shares, or 393,842 shares. The new stock repurchase program replaces the existing stock repurchase program which had 31,762 shares available to be repurchased.

The repurchase program permits shares to be repurchased in open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission (“SEC”). Repurchases will be made at management’s discretion at prices management considers to be attractive and in the best interest of both the Company and its shareholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance. Open market purchases will be conducted in accordance with the limitations set forth in Rule 10b-18 of the SEC and other applicable legal requirements. The repurchase program may be suspended, terminated, or modified at any time for any reason, including market conditions, the cost of repurchasing the shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The repurchase program does not obligate the Company to purchase any particular number of shares.

Asset Quality
Timberland’s non-performing assets to total assets ratio was 0.21% at June 30, 2025, compared to 0.13% at March 31, 2025 and 0.22% at June 30, 2024. Net recoveries totaled $1,000 for the current quarter compared to net charge-offs of less than $1,000 for the preceding quarter and net charge-offs of $36,000 for the comparable quarter one year ago. During the current quarter, provisions for credit losses of $351,000 on loans and $93,000 unfunded commitments were made, which was partially offset by a $4,000 recapture of credit losses on investment securities. The allowance for credit losses (“ACL”) for loans as a percentage of loans receivable was 1.23% at June 30, 2025, compared to 1.22% at March 31, 2025 and 1.21% one year ago.

Total delinquent loans (past due 30 days or more) and non-accrual loans increased $2.86 million or 86%, to $6.18 million at June 30, 2025, from $3.32 million at March 31, 2025 and increased $1.95 million, or 46%, from $4.23 million at June 30, 2024. Non-accrual loans increased $1.52 million, or 65%, to $3.84 million at June 30, 2025 from $2.33 million at March 31, 2025 and decreased $277,000, or 7%, from $4.12 million at March 31, 2024. The quarterly increase in non-accrual loans was primarily due to one loan (secured by several single family homes) being past maturity. The loan is well collateralized (based on recent appraisals) and the Bank is working with the borrower to renew the loan. Loans graded “Substandard” totaled $32.37 million (or 2% of total loans receivable) at June 30, 2025.

Non-Accrual Loans ($ in thousands)

	June 30, 2025			March 31, 2025			June 30, 2024
	Amount		Quantity	Amount		Quantity	Amount		Quantity
Mortgage loans:
One- to four-family	$1,781		1	$47		1	$135		2
Commercial		161	2		324	3		1,310	4
Construction – custom and
owner/builder		—	—		—	—		152	1
Total mortgage loans		1,942	3		371	4		1,597	7

Consumer loans:
Home equity and second
mortgage		575	3		575	3		615	3
Other		—	—		—	—		—	—
Total consumer loans		575	3		575	3		615	3

Commercial business loans		1,326	9		1,381	11		1,908	8
Total loans	$3,843		15	$2,327		18	$4,120		18

Timberland had two properties classified as other real estate owned (“OREO”) at June 30, 2025:

	June 30, 2025			March 31, 2025			June 30, 2024
	Amount		Quantity	Amount		Quantity	Amount		Quantity
Other real estate owned:
Commercial	$221		1	$221		1	$	—	—
Land		—	1		—	1		—	1
Total mortgage loans	$221		2	$221		2	$	—	1

About Timberland Bancorp, Inc.
Timberland Bancorp, Inc., a Washington corporation, is the holding company for Timberland Bank. The Bank opened for business in 1915 and primarily serves consumers and businesses across Grays Harbor, Thurston, Pierce, King, Kitsap and Lewis counties, Washington with a full range of lending and deposit services through its 23 branches (including its main office in Hoquiam).

Disclaimer
Certain matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to our financial condition, results of operations, plans, objectives, future performance or business. Forward-looking statements are not statements of historical fact, are based on certain assumptions and often include the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.” Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, assumptions and statements about future economic performance. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause our actual results to differ materially from the results anticipated or implied by our forward-looking statements, including, but not limited to: potential adverse impacts to economic conditions in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession or slowed economic growth; continuing elevated levels of inflation and the impact of current and future monetary policies of the Board of Governors of the Federal Reserve System (“Federal Reserve”) in response thereto; the effects of any federal government shutdown; credit risks of lending activities, including any deterioration in the housing and commercial real estate markets which may lead to increased losses and non-performing loans in our loan portfolio resulting in our ACL not being adequate to cover actual losses and thus requiring us to materially increase our ACL through the provision for credit losses; changes in general economic conditions, either nationally or in our market areas; changes in the levels of general interest rates, and the relative differences between short and long-term interest rates, deposit interest rates, our net interest margin and funding sources; fluctuations in the demand for loans, the number of unsold homes, land and other properties and fluctuations in real estate values in our market areas; secondary market conditions for loans and our ability to sell loans in the secondary market; results of examinations of us by the Federal Reserve and of our bank subsidiary by the Federal Deposit Insurance Corporation (“FDIC”), the Washington State Department of Financial Institutions, Division of Banks or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, institute a formal or informal enforcement action against us or our bank subsidiary which could require us to increase our ACL, write-down assets, change our regulatory capital position or affect our ability to borrow funds or maintain or increase deposits or impose additional requirements or restrictions on us, any of which could adversely affect our liquidity and earnings; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; legislative or regulatory changes that adversely affect our business including changes in banking, securities and tax law, in regulatory policies and principles, or the interpretation of regulatory capital or other rules; our ability to attract and retain deposits; our ability to control operating costs and expenses; the use of estimates in determining fair value of certain of our assets, which estimates may prove to be incorrect and result in significant declines in valuation; difficulties in reducing risks associated with the loans in our consolidated balance sheet; staffing fluctuations in response to product demand or the implementation of corporate strategies that affect our work force and potential associated charges; disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on the third-party vendors who perform several of our critical processing functions; our ability to retain key members of our senior management team; costs and effects of litigation, including settlements and judgments; our ability to implement our business strategies; our ability to manage loan delinquency rates; increased competitive pressures among financial services companies; changes in consumer spending, borrowing and savings habits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; our ability to pay dividends on our common stock; the quality and composition of our securities portfolio and the impact if any adverse changes in the securities markets, including on market liquidity; inability of key third-party providers to perform their obligations to us; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board (“FASB”), including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods; the economic impact of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, civil unrest and other external events on our business; other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services; and other risks described elsewhere in this press release and in the Company’s other reports filed with or furnished to the Securities and Exchange Commission.

Any of the forward-looking statements that we make in this press release and in the other public statements we make are based upon management’s beliefs and assumptions at the time they are made. We do not undertake and specifically disclaim any obligation to publicly update or revise any forward-looking statements included in this press release to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed in this document might not occur and we caution readers not to place undue reliance on any forward-looking statements. These risks could cause our actual results for fiscal 2025 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us, and could negatively affect the Company’s consolidated financial condition and results of operations as well as its stock price performance.

TIMBERLAND BANCORP INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF INCOME		Three Months Ended
($ in thousands, except per share amounts) (unaudited)		June 30,		March 31,		June 30,
			2025		2025		2024
	Interest and dividend income
	Loans receivable	$21,411		$20,896		$19,537
	Investment securities		2,064		2,003		2,335
	Dividends from mutual funds, FHLB stock and other investments		83		82		94
	Interest bearing deposits in banks		1,986		1,884		2,173
	Total interest and dividend income		25,544		24,865		24,139

	Interest expense
	Deposits		7,721		7,454		7,938
	Borrowings		201		198		220
	Total interest expense		7,922		7,652		8,158
	Net interest income		17,622		17,213		15,981
	Provision for credit losses – loans		351		237		264
	Recapture of credit losses – investment securities		(4)		(5)		(12)
	Prov. for (recapture of ) credit losses – unfunded commitments		93		14		(8)
	Net int. income after provision for (recapture of) credit losses		17,182		16,967		15,737

	Non-interest income
	Service charges on deposits		966		959		1,014
	ATM and debit card interchange transaction fees		1,262		1,176		1,297
	Gain on sales of investment securities, net		24		—		—
	Gain on sales of loans, net		138		122		68
	Bank owned life insurance (“BOLI”) net earnings		171		165		158
	Other		314		265		254
	Total non-interest income, net		2,875		2,687		2,791

	Non-interest expense
	Salaries and employee benefits		5,825		5,977		5,928
	Premises and equipment		973		1,075		1,011
	Gain on sale of premises and equipment, net		—		—		(3)
	Advertising		182		189		211
	OREO and other repossessed assets, net		8		9		—
	ATM and debit card processing		658		521		580
	Postage and courier		137		142		130
	State and local taxes		570		335		335
	Professional fees		341		431		335
	FDIC insurance		211		219		208
	Loan administration and foreclosure		99		155		156
	Technology and communications		993		1,121		1,086
	Deposit operations		345		319		450
	Amortization of core deposit intangible (“CDI”)		45		45		56
	Other, net		780		656		586
	Total non-interest expense, net		11,167		11,194		11,069

	Income before income taxes		8,890		8,460		7,459
	Provision for income taxes		1,790		1,705		1,535
	Net income	$7,100		$6,755		$5,924

	Net income per common share:
	Basic	$0.90		$0.85		$0.74
	Diluted		0.90		0.85		0.74

	Weighted average common shares outstanding:
	Basic		7,893,308		7,937,063		8,004,552
	Diluted		7,921,762		7,968,632		8,039,345

TIMBERLAND BANCORP INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF INCOME		Nine Months Ended
($ in thousands, except per share amounts) (unaudited)		June 30,		June 30,
			2025		2024
	Interest and dividend income
	Loans receivable	$63,339		$56,841
	Investment securities		6,205		6,892
	Dividends from mutual funds, FHLB stock and other investments		252		266
	Interest bearing deposits in banks		5,870		5,791
	Total interest and dividend income		75,666		69,790

	Interest expense
	Deposits		23,259		21,383
	Borrowings		602		787
	Total interest expense		23,861		22,170
	Net interest income		51,805		47,620
	Provision for credit losses – loans		640		810
	Recapture of credit losses – investment securities		(14)		(20)
	Prov. for (recapture of) credit losses – unfunded commitments		87		(130)
	Net int. income after provision for (recapture of) credit losses		51,092		46,960

	Non-interest income
	Service charges on deposits		2,924		3,024
	ATM and debit card interchange transaction fees		3,706		3,773
	Gain on sales of investment securities, net		24		—
	Gain on sales of loans, net		303		188
	Bank owned life insurance (“BOLI”) net earnings		503		470
	Other		799		749
	Total non-interest income, net		8,259		8,204

	Non-interest expense
	Salaries and employee benefits		17,893		17,863
	Premises and equipment		2,998		3,065
	Gain on sale of premises and equipment, net		—		(3)
	Advertising		552		556
	OREO and other repossessed assets, net		17		1
	ATM and debit card processing		1,700		1,796
	Postage and courier		401		401
	State and local taxes		1,251		979
	Professional fees		1,118		908
	FDIC insurance		640		624
	Loan administration and foreclosure		383		395
	Technology and communications		3,253		3,101
	Deposit operations		997		1,094
	Amortization of core deposit intangible (“CDI”)		135		169
	Other, net		2,090		1,735
	Total non-interest expense, net		33,428		32,684

	Income before income taxes		25,923		22,480
	Provision for income taxes		5,208		4,552
	Net income	$20,715		$17,928

	Net income per common share:
	Basic	$2.61		$2.22
	Diluted		2.60		2.21

	Weighted average common shares outstanding:
	Basic		7,929,626		8,067,068
	Diluted		7,963,412		8,109,043

TIMBERLAND BANCORP INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS
($ in thousands, except per share amounts) (unaudited)		June 30,		March 31,		June 30,
			2025		2025		2024
Assets
Cash and due from financial institutions		$32,532		$26,010		$25,566
Interest-bearing deposits in banks			161,095		165,201		133,347
	Total cash and cash equivalents		193,627		191,211		158,913

Certificates of deposit (“CDs”) held for investment, at cost			8,462		8,711		10,458
Investment securities:
	Held to maturity, at amortized cost (net of ACL – investment securities)		141,570		140,954		176,787
	Available for sale, at fair value		86,475		84,807		74,515
Investments in equity securities, at fair value			855		853		836
FHLB stock			2,045		2,045		2,037
Other investments, at cost			3,000		3,000		3,000
Loans held for sale			1,763		1,151		1,795

Loans receivable			1,459,374		1,437,599		1,414,065
Less: ACL – loans			(17,878)		(17,525)		(17,046)
	Net loans receivable		1,441,496		1,420,074		1,397,019

Premises and equipment, net			21,490		21,436		21,558
OREO and other repossessed assets, net			221		221		—
BOLI			24,113		23,942		23,436
Accrued interest receivable			7,174		7,127		7,045
Goodwill			15,131		15,131		15,131
CDI			316		361		508
Loan servicing rights, net			911		1,051		1,526
Operating lease right-of-use assets			1,248		1,324		1,550
Other assets			7,295		9,331		4,515
	Total assets	$1,957,192		$1,932,730		$1,900,629

Liabilities and shareholders’ equity
Deposits: Non-interest-bearing demand		$406,222		$407,811		$407,125
Deposits: Interest-bearing			1,263,255		1,243,019		1,221,419
	Total deposits		1,669,477		1,650,830		1,628,544

Operating lease liabilities			1,350		1,426		1,649
FHLB borrowings			20,000		20,000		20,000
Other liabilities and accrued expenses			9,701		7,950		9,213
	Total liabilities		1,700,528		1,680,206		1,659,406

Shareholders’ equity
Common stock, $.01 par value; 50,000,000 shares authorized; 7,876,853 shares issued and outstanding – June 30, 2025 7,903,489 shares issued and outstanding – March 31, 2025 7,953,431 shares issued and outstanding – June 30, 2024			27,226		28,028		30,681
Retained earnings			230,213		225,166		211,087
Accumulated other comprehensive loss			(775)		(670)		(545)
	Total shareholders’ equity		256,664		252,524		241,223
	Total liabilities and shareholders’ equity	$1,957,192		$1,932,730		$1,900,629

	Three Months Ended
PERFORMANCE RATIOS:		June 30, 2025		March 31, 2025		June 30, 2024
Return on average assets (a)			1.47%		1.43%		1.25%
Return on average equity (a)			11.23%		10.95%		9.95%
Net interest margin (a)			3.80%		3.79%		3.53%
Efficiency ratio			54.48%		56.25%		58.97%

	Nine Months Ended
		June 30, 2025				June 30, 2024
Return on average assets (a)			1.44%				1.27%
Return on average equity (a)			11.07%				10.10%
Net interest margin (a)			3.74%				3.53%
Efficiency ratio			55.65%				58.55%

	Three Months Ended
ASSET QUALITY RATIOS AND DATA: ($ in thousands)		June 30, 2025		March 31, 2025		June 30, 2024
Non-accrual loans		$3,843		$2,327		$4,120
Loans past due 90 days and still accruing			—		—		—
Non-performing investment securities			38		41		72
OREO and other repossessed assets			221		221		—
Total non-performing assets (b)		$4,102		$2,589		$4,192

Non-performing assets to total assets (b)			0.21%		0.13%		0.22%
Net charge-offs (recoveries) during quarter		$(1)		$	—	$36
Allowance for credit losses – loans to non-accrual loans			465%		753%		414%
Allowance for credit losses – loans to loans receivable (c)			1.23%		1.22%		1.21%


CAPITAL RATIOS:
Tier 1 leverage capital			12.63%		12.55%		12.04%
Tier 1 risk-based capital			19.29%		19.04%		17.97%
Common equity Tier 1 risk-based capital			19.29%		19.04%		17.97%
Total risk-based capital			20.54%		20.29%		19.22%
Tangible common equity to tangible assets (non-GAAP)			12.42%		12.36%		11.97%

BOOK VALUES:
Book value per common share		$32.58		$31.95		$30.33
Tangible book value per common share (d)			30.62		29.99		28.36

________________________________________________

(a) Annualized
(b) Non-performing assets include non-accrual loans, loans past due 90 days and still accruing, non-performing investment securities and OREO and other repossessed assets.
(c) Does not include loans held for sale and is before the allowance for credit losses.
(d) Tangible common equity divided by common shares outstanding (non-GAAP).

AVERAGE BALANCES, YIELDS, AND RATES – QUARTERLY
($ in thousands)
(unaudited)

	For the Three Months Ended
	June 30, 2025					March 31, 2025					June 30, 2024
	Amount			Rate		Amount			Rate		Amount			Rate

Assets
Loans receivable and loans held for sale	$	1,450,350		5.92	%	$	1,435,999		5.90	%	$	1,391,582		5.65	%
Investment securities and FHLB stock (1)		232,272		3.71			232,532		3.64			268,954		3.63
Interest-earning deposits in banks and CDs		178,887		4.45			172,175		4.44			161,421		5.41
Total interest-earning assets		1,861,509		5.50			1,840,706		5.48			1,821,957		5.33
Other assets		79,715					77,563					82,008
Total assets	$	1,941,224				$	1,918,269				$	1,903,965

Liabilities and Shareholders’ Equity
NOW checking accounts	$	333,074		1.39	%	$	328,115		1.32	%	$	329,344		1.29	%
Money market accounts		304,526		3.16			306,137		3.18			326,023		3.56
Savings accounts		205,592		0.35			206,054		0.28			208,488		0.27
Certificates of deposit accounts		363,342		3.77			343,945		3.82			311,545		4.21
Brokered CDs		48,028		4.83			50,104		4.85			45,442		5.32
Total interest-bearing deposits		1,254,562		2.47			1,234,355		2.45			1,220,842		2.62
Borrowings		20,002		4.03			20,000		4.04			20,001		4.42
Total interest-bearing liabilities		1,274,564		2.49			1,254,355		2.47			1,240,843		2.64

Non-interest-bearing demand deposits		402,717					403,738					413,494
Other liabilities		10,266					10,064					10,245
Shareholders’ equity		253,677					250,112					239,383
Total liabilities and shareholders’ equity	$	1,941,224				$	1,918,269				$	1,903,965

Interest rate spread				3.01	%				3.01	%				2.69	%
Net interest margin (2)				3.80	%				3.79	%				3.53	%
Average interest-earning assets to
average interest-bearing liabilities		146.05	%				146.75	%				146.83	%

           _____________________________________
(1) Includes other investments
(2) Net interest margin = annualized net interest income /
      average interest-earning assets

AVERAGE BALANCES, YIELDS, AND RATES
($ in thousands)
(unaudited)

	For the Nine Months Ended
	June 30, 2025					June 30, 2024
	Amount			Rate		Amount			Rate

Assets
Loans receivable and loans held for sale	$	1,441,506		5.87	%	$	1,363,213		5.57	%
Investment securities and FHLB stock (1)		237,400		3.81			294,789		3.24
Interest-earning deposits in banks and CDs		172,591		4.55			143,537		5.39
Total interest-earning assets		1,851,497		5.49			1,801,539		5.17
Other assets		77,595					81,650
Total assets	$	1,929,092				$	1,883,189

Liabilities and Shareholders’ Equity
NOW checking accounts	$	329,883		1.36	%	$	358,052		1.48	%
Money market accounts		311,762		3.26			273,683		3.09
Savings accounts		205,764		0.30			214,275		0.24
Certificates of deposit accounts		346,313		3.89			291,707		4.12
Brokered CDs		48,169		4.71			42,856		5.37
Total interest-bearing deposits		1,241,891		2.50			1,180,573		2.42
Borrowings		20,001		4.02			22,457		4.68
Total interest-bearing liabilities		1,261,892		2.53			1,203,030		2.46

Non-interest-bearing demand deposits		406,906					431,849
Other liabilities		10,159					11,273
Shareholders’ equity		250,135					237,037
Total liabilities and shareholders’ equity	$	1,929,092				$	1,883,189

Interest rate spread				2.96	%				2.71	%
Net interest margin (2)				3.74	%				3.53	%
Average interest-earning assets to
average interest-bearing liabilities		146.72	%				149.75	%

_____________________________________
(1) Includes other investments
(2) Net interest margin = annualized net interest income /
average interest-earning assets

Non-GAAP Financial Measures
In addition to results presented in accordance with GAAP, this press release contains certain non-GAAP financial measures. Timberland believes that certain non-GAAP financial measures provide investors with information useful in understanding the Company’s financial performance; however, readers of this report are urged to review these non-GAAP financial measures in conjunction with GAAP results as reported.

Financial measures that exclude intangible assets are non-GAAP measures. To provide investors with a broader understanding of capital adequacy, Timberland provides non-GAAP financial measures for tangible common equity, along with the GAAP measure. Tangible common equity is calculated as shareholders’ equity less goodwill and CDI. In addition, tangible assets equal total assets less goodwill and CDI.

The following table provides a reconciliation of ending shareholders’ equity (GAAP) to ending tangible shareholders’ equity (non-GAAP) and ending total assets (GAAP) to ending tangible assets (non-GAAP).

($ in thousands)	June 30, 2025		March 31, 2025		June 30, 2024

Shareholders’ equity	$	256,664	$	252,524	$	241,223
Less goodwill and CDI		(15,447)		(15,492)		(15,639)
Tangible common equity	$	241,217	$	237,032	$	225,584

Total assets	$	1,957,192	$	1,932,730	$	1,900,629
Less goodwill and CDI		(15,447)		(15,492)		(15,639)
Tangible assets	$	1,941,745	$	1,917,238	$	1,884,990

Contact: Dean J. Brydon, CEO
Jonathan A. Fischer, President & COO
Marci A. Basich, CFO
(360) 533-4747
www.timberlandbank.com

The MIL Network –

July 23, 2025

MIL-OSI Canada: A new partnership for economic cooperation

Source: Government of Canada regional news (2)

Premier Danielle Smith and Yukon Premier Mike Pemberton signed a memorandum of understanding (MOU) to expand economic cooperation while attending the Council of the Federation meeting in Huntsville, Ontario.

The agreement will help Alberta businesses sell more goods and services into the Yukon, while giving Yukon companies new opportunities to access Alberta’s growing markets and invest in the province. Both jurisdictions will identify ways to align certification, licensing and registration for regulated occupations while increasing opportunities for our apprentices and skilled workers to grow their careers across jurisdictions.

“Canada’s premiers are making it our collective goal to knock down the barriers that have been holding back our workers and our economies for far too long This agreement is the latest in a new era of cooperation that will see Canada’s provinces and territories unleash the full potential of our provincial, territorial and national economies. Alberta looks forward to working with the Yukon through this agreement to build a more adaptable and competitive labour market and economy so that Albertans and Yukoners can share in prosperity together.”

Danielle Smith, Premier of Alberta

“The Yukon is proud to support Team Canada efforts to reduce barriers to trade, investment and labour mobility, creating new economic opportunities here at home and across the country. This agreement builds on work the Yukon has already done to reduce red tape across the territory and it strengthens our long-standing economic and labour cooperation with Alberta. We look forward to accelerating that work to make it easier to do business across our jurisdictions – for the benefit of Yukoners and Albertans alike.”

Mike Pemberton, Premier of the Yukon

Ongoing work under this new agreement will also acknowledge the vital role of First Nation, Métis and Inuit communities in advancing economic opportunity. It will align with the core principles and spirit of the Canada Free Trade Agreement (CFTA) and other existing partnerships that aim to remove internal trade barriers and support long-term economic growth, stability and prosperity Canada-wide.

Quick facts

In 2017, Alberta and the Yukon signed an MOU for Apprenticeship Technical Training Seats. The MOU allows Yukon apprentices to participate in classroom instruction in Alberta and ensures common training between Yukon and Alberta apprentices.
In 2019, Alberta:
- Removed 21 of its original 27 exceptions, including all procurement exceptions, representing 80 per cent of Alberta’s exceptions under the CFTA at the time.
- Narrowed the scope of two of its retained exceptions to enhance Alberta’s open and competitive liquor market and better align with the regulatory framework for Alberta’s forestry sector.
In 2023, Alberta proclaimed the Labour Mobility Act, which makes it faster and easier for Canadians moving to Alberta to have their credentials recognized.
On July 8, the Yukon removed five of its party-specific exceptions under the CFTA as part of its phased approach to significantly reduce the Yukon’s total number of exceptions.

Related information

Council of the Federation
Leading the way on interprovincial trade

Related news

Stronger pipeline pact spans three provinces (July 22, 2025)

MIL OSI Canada News –

July 23, 2025

MIL-OSI Submissions: ‘Eat the rich’ — Why horror films are taking aim at the ultra-wealthy

Source: The Conversation – Canada – By Heather Roberts, PhD Candidate in Screen Cultures and Curatorial Studies, Queen’s University, Ontario

Samara Weaving in the horror film ‘Ready or Not.’ Weaving plays Grace, a bride who must survive until dawn on her wedding day as her in-laws hunt her down. (Searchlight Pictures)

This story contains spoilers about ‘Ready or Not’ and ‘The Menu.’

When Amazon founder Jeff Bezos and fiancée Lauren Sánchez held their lavish three-day wedding celebration in Venice recently, it wasn’t just a party — it was a spectacle of wealth, reportedly costing between US$47 million and US$56 million.

Critics highlighted the environmental toll of such an event on the fragile, flood-prone city, while protesters took to the streets to condemn the wedding as a tone-deaf symbol of oligarchical wealth at a time when many can’t afford to pay rent, let alone rent an island.

The excessive show of opulence felt like the opening of a horror film, and lately, that’s exactly what horror has been giving us. In films like Ready or Not (2019) and The Menu (2022), the rich aren’t simply out of touch; they’re portrayed as predators, criminals or even monsters.

These “eat-the-rich” films channel widespread anxieties about the current socioeconomic climate and increasing disillusionment with capitalist systems.

In a world where the wealthy and powerful often seem to act with impunity, these films expose upper-class immorality and entitlement, and offer revenge fantasies where those normally crushed by the system fight back or burn it all down.

Horror takes aim at the wealthy

Originally a quote from social theorist Jean-Jacques Rousseau during the French Revolution, “eat the rich” has re-emerged in recent years in public protests and on social media in response to increasing socioeconomic inequality.

In cinema, eat-the-rich films often use grotesque hyperbole or satire to reveal and critique capitalist systems and the behaviours of the wealthy elite.

Film scholar Robin Wood argues that horror films enact a return of what is repressed by dominant bourgeois — that is, capitalist — ideology, typically embodied by the figure of the monster.

He cites The Texas Chain Saw Massacre (1974), a classic example of anti-capitalist sentiment in horror that depicts Leatherface (Gunnar Hansen) and his working-class family as monstrous victims of the 1970s industrial collapse. Rather than accept repression, they return as cannibalistic monsters, making visible the brutality of capitalist systems that exploit and degrade people like obsolete commodities.

But in eat-the-rich horror, it is the wealthy themselves who become the monsters. The locus of repression becomes their privilege, which is often built on exploitation, inequality and invisible or normalized forms of harm.

These films render these abstract systems tangible by making the elite’s monstrosity visible, literal and grotesque.

Revenge horror for the 99 per cent

Recent horror films are increasingly using genre conventions to critique wealth, privilege and the systems that sustain them.

Ready or Not turns the rich into bloodthirsty monsters who maintain their fortune through satanic rituals and human sacrifice. Grace (Samara Weaving) marries into the Le Domas family, board game magnates who initiate new family members with a deadly game of hide-and-seek. She must survive until dawn while her new in-laws hunt her down to fulfil a demonic pact.

The film critiques the idea of inherited wealth as something earned or honourable, combining humour and horror to reflect anxieties about class entrenchment and the moral decay of the elite.

Trailer for the 2019 horror film ‘Ready or Not.’

The Le Domases are monstrous not only for their violence, but for how casually they justify it. When several maids are accidentally killed in the chaos, they react with self-pity, indifferent to who must be sacrificed to maintain their wealth.

In The Menu, the rich are portrayed as monstrous not through physical violence, but through their moral failings — like financial crimes and infidelity — and their hollow consumption of culture.

Celebrity chef Julian Slowik (Ralph Fiennes) lures wealthy foodies to his exclusive island restaurant, using food as a weaponized form of art to expose guests’ hypocrisy and misdeeds. In one scene, guests are served tortillas laser-printed with incriminating images, such as banking records and evidence of fraudulent activity.

The tortilla scene from the 2022 horror film ‘The Menu.’

The film criticizes consumption in an industry where food is no longer a source of enjoyment or sustenance, but a status symbol for the elite to display their wealth and taste.

Why these films are striking a nerve now

It’s no surprise that audiences are turning to horror to make sense of systems that feel increasingly bleak and inescapable. In Canada, the cost of living continues to outpace wages, housing affordability remains an issue for many, while grocery prices are a source of horror in their own right.

A university degree, once considered a reliable path to stability, no longer guarantees the financial security of a salaried job. Many Canadians now rely on gig economy jobs as supplementary income.

Meanwhile, the wealth gap is increasing and obscene displays of wealth — like a multi-million-dollar wedding — can feel disconnected, even offensive, to people experiencing financial precarity.

Eat-the-rich films tap into this collective sense of injustice, transforming economic and social anxieties into a cathartic spectacle where ultra-wealthy villains are held accountable for their actions.

Margot, played by Anya Taylor-Joy, and executive chef Julian Slowik, played by Ralph Fiennes, in ‘The Menu.’
(Eric Zachanowich/Searchlight Pictures)

At the end of Ready or Not, the members of the Le Domas family explode one by one and their mansion burns down. In The Menu, the guests are dressed up like s’mores and immolated. In both films, fire serves as a symbolic cleansing of the wealthy, their power and the systems that protect them.

More than that, these films provide someone to root for: working-class protagonists who are targeted by the elite but ultimately survive. Former foster child Grace fights her way through a pack of murderous millionaires, while escort Margot/Erin (Anya Taylor-Joy) is spared when she rejects the pretentiousness of fine dining and orders a humble cheeseburger instead.

In this way, horror becomes a form of narrative resistance, illustrating class rage through characters who refuse to be consumed by the systems trying to oppress them. While inequality and exploitation persist in reality, eat-the-rich films offer escape, and even justice, on screen.

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

– ref. ‘Eat the rich’ — Why horror films are taking aim at the ultra-wealthy – https://theconversation.com/eat-the-rich-why-horror-films-are-taking-aim-at-the-ultra-wealthy-260550

MIL OSI –

July 23, 2025

MIL-OSI Russia: Foreign Ministers of Azerbaijan and Georgia Discuss Bilateral Cooperation and Regional Projects

Translation. Region: Russian Federal

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

An important disclaimer is at the bottom of this article.

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

Tbilisi, July 22 (Xinhua) — Georgian Foreign Minister Maka Bochorishvili and Azerbaijani Foreign Minister Jeyhun Bayramov held talks in Tbilisi to discuss key areas of bilateral and regional cooperation, the Georgian Foreign Ministry said on Tuesday.

The parties exchanged views on strengthening political dialogue, cooperation in the areas of energy, transport and trade, and also touched upon current challenges in the area of regional security.

Following the talks, a joint press conference was held. M. Bochorishvili emphasized the importance of ensuring sustainable peace and stability in the South Caucasus, expressing hope for the earliest possible achievement of a peace agreement between Azerbaijan and Armenia. The head of the Georgian Foreign Ministry placed special emphasis on the trilateral format of cooperation between Azerbaijan, Georgia and Armenia. “We believe that we have the potential to continue cooperation between the three countries in this format,” she said.

J. Bayramov, for his part, confirmed the unwavering support for Georgia’s territorial integrity and highly appreciated the level of political relations between the two states. He noted that in the first five months of 2025, bilateral trade turnover exceeded USD 330 million, which is 20 percent more than in the same period last year. In addition, as the minister added, Azerbaijan continues to be one of the largest foreign investors in the Georgian economy with a total investment of over USD 3.6 billion.

J. Bayramov emphasized the strategic importance of joint infrastructure projects, including the Baku-Tbilisi-Ceyhan oil pipeline, the Southern Gas Corridor and the Baku-Tbilisi-Kars railway. According to him, these projects contribute to the expansion of regional connectivity and have great international potential.

During the talks, the parties also discussed the development of a cross-border project to deliver renewable energy from Azerbaijan through Georgia and the Black Sea to the European market and ways to improve the efficiency of cargo transportation along the Middle Corridor. –0–

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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MIL OSI Russia News –

July 23, 2025

MIL-OSI: Talen Energy Reports PJM Auction Results for the 2026/2027 Planning Year

Source: GlobeNewswire (MIL-OSI)

HOUSTON, July 22, 2025 (GLOBE NEWSWIRE) — Talen Energy Corporation (“Talen,” “we,” or “our”) (NASDAQ: TLN), a leading independent power producer, today reported its results from the PJM Base Residual Auction for the 2026/2027 planning year. Talen cleared a total of 6,702 megawatts at a clearing price of $329.17 per megawatt-day across the MAAC, PPL and PSEG Locational Deliverability Areas, equating to approximately $805 million in capacity revenues for the 2026/2027 planning year. The planning year runs from June 1, 2026, through May 31, 2027.

About Talen

Talen Energy (NASDAQ: TLN) is a leading independent power producer and energy infrastructure company dedicated to powering the future. We own and operate approximately 10.7 gigawatts of power infrastructure in the United States, including 2.2 gigawatts of nuclear power and a significant dispatchable fossil fleet. We produce and sell electricity, capacity, and ancillary services into wholesale U.S. power markets, with our generation fleet principally located in the Mid-Atlantic and Montana. Our team is committed to generating power safely and reliably and delivering the most value per megawatt produced. Talen is also powering the digital infrastructure revolution. We are well-positioned to serve this growing industry, as artificial intelligence data centers increasingly demand more reliable, clean power. Talen is headquartered in Houston, Texas. For more information, visit https://www.talenenergy.com/.

Investor Relations:
Sergio Castro
Vice President & Treasurer
InvestorRelations@talenenergy.com

Media:
Taryne Williams
Director, Corporate Communications
Taryne.Williams@talenenergy.com

Forward-Looking Statements

This communication contains forward-looking statements within the meaning of the federal securities laws, which statements are subject to substantial risks and uncertainties. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this communication, or incorporated by reference into this communication, are forward-looking statements. Throughout this communication, we have attempted to identify forward-looking statements by using words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecasts,” “goal,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” or other forms of these words or similar words or expressions or the negative thereof, although not all forward-looking statements contain these terms. Forward-looking statements address future events and conditions concerning, among other things, capital expenditures, earnings, litigation, regulatory matters, hedging, liquidity and capital resources and accounting matters. Forward-looking statements are subject to substantial risks and uncertainties that could cause our future business, financial condition, results of operations or performance to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this communication. All of our forward-looking statements include assumptions underlying or relating to such statements that may cause actual results to differ materially from expectations, and are subject to numerous factors that present considerable risks and uncertainties.

The MIL Network –

July 23, 2025

MIL-OSI: First Busey Corporation Announces 2025 Second Quarter Earnings

Source: GlobeNewswire (MIL-OSI)

LEAWOOD, Kan., July 22, 2025 (GLOBE NEWSWIRE) — First Busey Corporation (Nasdaq: BUSE) Announces 2025 Second Quarter Earnings.

Net Income	Diluted EPS	Net Interest Margin¹	ROAA¹	ROATCE¹
$47.4 million	$0.52	3.49%	1.00%	11.24%
$57.4 million (adj)²	$0.63 (adj)²	3.33% (adj)²	1.21% (adj)²	13.61% (adj)²

MESSAGE FROM OUR CHAIRMAN & CEO

This quarter’s bank merger and data conversion represents a significant milestone for our organization, as we officially welcome CrossFirst Bank customers to Busey Bank. We are proud to offer a premier, full-service banking experience for both consumer and commercial clients, with 78 locations spanning 10 states. Our comprehensive services also include a robust wealth management platform and cutting-edge payment technology solutions through FirsTech, Inc. This transformational partnership allows us to enhance Busey’s rich 157-year legacy of service excellence, further advancing our organization for the benefit of all our Pillars—associates, customers, communities, and shareholders.

Van A. Dukeman
Chairman and Chief Executive Officer

FINANCIAL RESULTS

CONDENSED CONSOLIDATED STATEMENTS OF INCOME *(unaudited)*

	Three Months Ended									Six Months Ended
(dollars in thousands, except per share amounts)	June 30, 2025			March 31, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Total interest income	$	247,446		$	166,815		$	131,939		$	414,261		$	257,759
Total interest expense		94,263			63,084			49,407			157,347			99,373
Net interest income		153,183			103,731			82,532			256,914			158,386
Provision for credit losses¹		5,700			45,593			1,908			51,293			6,268
Net interest income after provision for credit losses¹		147,483			58,138			80,624			205,621			152,118
Total noninterest income		44,863			21,223			33,703			66,086			68,616
Total noninterest expense¹		127,833			112,030			75,906			239,863			147,353
Income (loss) before income taxes		64,513			(32,669	)		38,421			31,844			73,381
Income taxes		17,109			(2,679	)		11,064			14,430			19,799
Net income (loss)		47,404			(29,990	)		27,357			17,414			53,582
Dividends on preferred stock		155			—			—			155			—
Net income (loss) available to common stockholders	$	47,249		$	(29,990	)	$	27,357		$	17,259		$	53,582

Basic earnings (loss) per common share	$	0.53		$	(0.44	)	$	0.48		$	0.22		$	0.95
Diluted earnings (loss) per common share	$	0.52		$	(0.44	)	$	0.47		$	0.22		$	0.94
Effective income tax rate		26.52	%		8.20	%		28.80	%		45.31	%		26.98	%

___________________________________________

Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within total noninterest expense.

Following the acquisition of CrossFirst Bankshares, Inc. (“CrossFirst”) and its subsidiary CrossFirst Bank, by First Busey Corporation, the holding company for Busey Bank, in the first quarter of 2025, CrossFirst Bank was merged with and into Busey Bank (the “Bank Merger”) on June 20, 2025. At the time of the Bank Merger, CrossFirst Bank banking centers became banking centers of Busey Bank. Throughout this document, we refer to First Busey Corporation, together with its consolidated subsidiaries, as “Busey,” the “Company,” “we,” “us,” or “our.”

Busey’s net income for the second quarter of 2025 was $47.4 million, or $0.52 per diluted common share, compared to a net loss of $30.0 million, or $0.44 per diluted common share, for the first quarter of 2025, and net income of $27.4 million, or $0.47 per diluted common share, for the second quarter of 2024. Annualized return on average assets and annualized return on average tangible common equity² were 1.00% and 11.24%, respectively, for the second quarter of 2025. The second quarter of 2025 represented the first full quarter in which the CrossFirst acquisition contributed to Busey’s financial results.

Busey views certain non-operating items, including acquisition-related expenses, restructuring charges, and nonrecurring strategic events, as adjustments to net income reported under U.S. generally accepted accounting principles (“GAAP”). We also adjust for net securities gains and losses to align with industry and research analyst reporting. The objective of our presentation of adjusted earnings and adjusted earnings metrics is to allow investors and analysts to more clearly identify quarterly trends in core earnings performance. Non-operating pre-tax adjustments for acquisition and restructuring expenses² in the second quarter of 2025 were $16.6 million, with an additional $4.0 million adjustment to the initial provision for unfunded commitments resulting from the adoption of a new Current Expected Credit Losses (“CECL”) model. Further, net securities gains were $6.0 million, almost entirely related to unrealized gains on Busey’s approximately 3% equity ownership of a financial institution that was the target of an announced acquisition at a significant market premium. For more information and a reconciliation of these non-GAAP measures (which are identified with the End Note labeled as 2) in tabular form, see “Non-GAAP Financial Information” beginning on page 13.

Adjusted net income,² which excludes the impact of non-GAAP adjustments, was $57.4 million, or $0.63 per diluted common share, for the second quarter of 2025, compared to $39.9 million, or $0.57 per diluted common share, for the first quarter of 2025 and $30.5 million, or $0.53 per diluted common share, for the second quarter of 2024. Annualized adjusted return on average assets² and annualized adjusted return on average tangible common equity² were 1.21% and 13.61%, respectively, for the second quarter of 2025.

Pre-Provision Net Revenue²

Pre-provision net revenue² was $64.2 million for the second quarter of 2025, compared to $28.7 million for the first quarter of 2025 and $40.7 million for the second quarter of 2024. Pre-provision net revenue to average assets² was 1.35% for the second quarter of 2025, compared to 0.78% for the first quarter of 2025, and 1.35% for the second quarter of 2024.

Adjusted pre-provision net revenue² was $80.8 million for the second quarter of 2025, compared to $54.7 million for the first quarter of 2025 and $42.6 million for the second quarter of 2024. Adjusted pre-provision net revenue to average assets² was 1.70% for the second quarter of 2025, compared to 1.50% for the first quarter of 2025 and 1.42% for the second quarter of 2024.

Net Interest Income and Net Interest Margin²

Net interest income was $153.2 million in the second quarter of 2025, compared to $103.7 million in the first quarter of 2025 and $82.5 million in the second quarter of 2024.

Net interest margin² was 3.49% for the second quarter of 2025, compared to 3.16% for the first quarter of 2025 and 3.03% for the second quarter of 2024. Excluding purchase accounting accretion, adjusted net interest margin² was 3.33% for the second quarter of 2025, compared to 3.08% in the first quarter of 2025 and 3.00% in the second quarter of 2024.

Components of the 33 basis point increase in net interest margin² during the second quarter of 2025, which includes a full quarter of assets assumed in the CrossFirst acquisition, were as follows:

Increased loan portfolio and held for sale loan yields contributed +54 basis points
Increased purchase accounting accretion contributed +8 basis points
Securities repositioning executed in March contributed +4 basis points
Decreased borrowing expense contributed +4 basis points, of which +2 basis points were related to the redemption of subordinated debt in June
Increased non-maturity deposit funding costs contributed -25 basis points
Decreased cash and securities portfolio yield contributed -12 basis points

Based on our most recent Asset Liability Management Committee (“ALCO”) model, a +100 basis point parallel rate shock is expected to increase net interest income by 2.8% over the subsequent twelve-month period. Busey continues to evaluate and execute off-balance sheet hedging and balance sheet repositioning strategies as well as embedding rate protection in our asset originations to provide stabilization to net interest income in lower rate environments. Time deposit and savings specials have continued to stabilize the funding base, and we had excess earning cash during the second quarter of 2025. Brokered deposit balances were reduced by $368.6 million during the second quarter of 2025 and at June 30, 2025, the Bank had $353.6 million, or 2.2% of total deposits, of remaining brokered funding. Total deposit cost of funds increased, as expected, from 1.91% during the first quarter of 2025 to 2.21% during the second quarter of 2025. Deposit cost of funds increased due to a full quarter of the higher mix of acquired CrossFirst indexed/managed rate customer products and brokered deposits. Busey will continue to deploy excess cash to pay down non-core and non-relationship high cost funding, which we anticipate will compress the asset base in the short term while helping to reduce the Bank’s overall funding cost. We expect the deposit beta will lessen during the year and is expected to normalize in a range between 45% and 50% of the upper limit of the federal funds target range.

Noninterest Income

	Three Months Ended								Six Months Ended
(dollars in thousands)	June 30, 2025		March 31, 2025			June 30, 2024			June 30, 2025			June 30, 2024
NONINTEREST INCOME
Wealth management fees	$	16,777	$	17,364		$	15,917		$	34,141		$	31,466
Payment technology solutions		4,956		5,073			5,915			10,029			11,624
Treasury management services		4,981		3,017			2,145			7,998			4,046
Card services and ATM fees		4,880		3,709			3,430			8,589			6,390
Other service charges on deposit accounts		1,513		1,533			2,321			3,046			4,669
Mortgage revenue		776		329			478			1,105			1,224
Income on bank owned life insurance		1,745		1,446			1,442			3,191			2,861
Realized net gains (losses) on the sale of mortgage servicing rights		—		—			277			—			7,742
Net securities gains (losses)		5,997		(15,768	)		(353	)		(9,771	)		(6,728	)
Other noninterest income		3,238		4,520			2,131			7,758			5,322
Total noninterest income	$	44,863	$	21,223		$	33,703		$	66,086		$	68,616

Total noninterest income increased by 111.4% compared to the first quarter of 2025 and increased by 33.1% compared to the second quarter of 2024, primarily due to net securities gains and losses, as well as the benefit of a full quarter of income from the CrossFirst acquisition.

Excluding the impact of net securities gains and losses and the gains on the sale of mortgage servicing rights, adjusted noninterest income² increased by 5.1% to $38.9 million, or 20.2% of operating revenue², during the second quarter of 2025, compared to $37.0 million, or 26.3% of operating revenue², for the first quarter of 2025. Compared to the second quarter of 2024, adjusted noninterest income² increased by 15.1% from $33.8 million, or 29.0% of operating revenue.²

Our fee-based businesses continue to add revenue diversification. Wealth management fees, wealth management referral fees included in other noninterest income, and payment technology solutions contributed 56.4% of adjusted noninterest income² for the second quarter of 2025.

Noteworthy components of noninterest income are as follows:

Wealth management fees declined by 3.4% compared to the first quarter of 2025. The decrease in the second quarter of 2025 was primarily related to seasonal fees, with a decrease in farm management fees, partially offset by higher tax preparation fees. Compared to the second quarter of 2024 wealth management fees increased by 5.4%. Busey’s Wealth Management division ended the second quarter of 2025 with $14.10 billion in assets under care, compared to $13.68 billion at the end of the first quarter of 2025 and $13.02 billion at the end of the second quarter of 2024. Our portfolio management team continues to focus on long-term returns and managing risk in the face of volatile markets and has outperformed its blended benchmark³ over the last three and five years.
Payment technology solutions includes income from electronic payments, merchant processing, and lockbox. Revenue in this category declined by 2.3% compared the first quarter of 2025 and declined by 16.2% compared to the second quarter of 2024, primarily due to decreases in income from electronic payments.
Treasury management services consist primarily of business analysis charges and wire transfer fees on commercial accounts. Income from treasury management services increased by 65.1% compared to the first quarter of 2025 and increased by 132.2% compared to the second quarter of 2024 due to the addition of CrossFirst commercial services.
Card services and ATM fees, which include both commercial and consumer accounts, increased by 31.6% compared to the first quarter of 2025 and increased by 42.3% compared to the second quarter of 2024 primarily due to addition of CrossFirst corporate card services.
Other service charges on deposit accounts declined by 1.3% compared to the first quarter of 2025 and declined by 34.8% compared to the second quarter of 2024. Declines are largely related to lower non-sufficient fund charges.
Other noninterest income decreased by 28.4% compared to the first quarter of 2025, primarily due to declines in gains on commercial loan sales, loss on sales of other real estate owned and a related reduction in income from the sold property, and decreases in venture capital investments. Compared to the second quarter of 2024, other noninterest income increased by 51.9%, primarily due to increases in venture capital investments, commercial loan servicing income, and other loan fee income.

Operating Efficiency

	Three Months Ended						Six Months Ended
(dollars in thousands)	June 30, 2025		March 31, 2025		June 30, 2024		June 30, 2025		June 30, 2024
NONINTEREST EXPENSE
Salaries, wages, and employee benefits	$	78,360	$	67,563	$	43,478	$	145,923	$	85,568
Data processing		14,021		9,575		7,100		23,596		13,650
Net occupancy expense of premises		7,832		5,799		4,590		13,631		9,310
Furniture and equipment expenses		2,409		1,744		1,695		4,153		3,508
Professional fees		2,874		9,511		2,495		12,385		4,748
Amortization of intangible assets		4,592		3,083		2,629		7,675		5,038
Interchange expense		1,297		1,343		1,733		2,640		3,344
FDIC insurance		2,424		2,167		1,460		4,591		2,860
Other noninterest expense¹		14,024		11,245		10,726		25,269		19,327
Total noninterest expense¹	$	127,833	$	112,030	$	75,906	$	239,863	$	147,353

___________________________________________

Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within other noninterest expense or total noninterest expense.

Total noninterest expense increased by 14.1% compared to the first quarter of 2025 and increased by 68.4% compared to the second quarter of 2024. Growth in noninterest expense was primarily attributable to nonrecurring acquisition expenses related to the CrossFirst acquisition, added costs for operating expenses for two banks during the majority of the second quarter, until the banks were merged on June 20, 2025, and increased expense associated with the larger organization and branch network. Annual pre-tax expense synergy estimates resulting from the CrossFirst acquisition remain on track at $25.0 million, and we expect 50% of the identified synergies to be realized in 2025 and 100% in 2026.

Adjusted noninterest expense,² which excludes acquisition and restructuring expenses and amortization of intangible assets, was $106.6 million in the second quarter of 2025, a 28.6% increase compared to $82.9 million in the first quarter of 2025 and a 50.1% increase compared to $71.1 million in the second quarter of 2024.

Noteworthy components of noninterest expense are as follows:

Salaries, wages, and employee benefits expenses increased by $10.8 million compared to the first quarter of 2025, with acquisition and restructuring expenses declining by $4.3 million. In connection with the CrossFirst acquisition in March and the addition of 16 banking centers, Busey’s workforce expanded, which resulted in only one month of associated expenses during the first quarter of 2025 in contrast to a full quarter of associated expenses reflected in the Company’s results for the second quarter of 2025. Compared to the second quarter of 2024, salaries, wages, and employee benefits expenses increased by $34.9 million, of which $10.4 million was attributable to increases in acquisition and restructuring expenses. Including associates added in connection with the CrossFirst acquisition, Busey has added 430 FTEs over the past year.
Data processing expense increased by $4.4 million compared to the first quarter of 2025 and by $6.9 million compared to the second quarter of 2024, of which $1.7 million and $3.6 million, respectively, was attributable to increases in acquisition and restructuring expenses. Busey has continued to make investments in technology enhancements and has also experienced inflation-driven price increases.
Professional fees declined by $6.6 million compared to the first quarter of 2025, which was primarily driven by a $7.0 million decrease in acquisition and restructuring expenses. Compared to the second quarter of 2024, professional fees increased by $0.4 million, primarily due to increased audit and accounting fees and legal fees, partially offset by $0.1 million declines in acquisition and restructuring expenses.
Amortization of intangible assets increased by $1.5 million compared to the first quarter of 2025, and by $2.0 million compared to the second quarter of 2024. The CrossFirst acquisition added an estimated $81.8 million of finite-lived intangible assets with amortization of $2.4 million and $3.1 million during the second quarter of 2025 and the first six months of 2025, respectively. Busey uses an accelerated amortization methodology.
Other noninterest expense increased by $2.8 million compared to the first quarter of 2025, and increased by $3.3 million compared to the second quarter of 2024. Items contributing to the increases included marketing, business development, supplies, and onboarding costs as well as increases in acquisition and restructuring expenses of $0.2 million compared to the first quarter of 2025 and $0.5 million compared to the second quarter of 2024.

Busey’s efficiency ratio² was 63.9% for the second quarter of 2025, compared to 77.1% for the first quarter of 2025 and 62.6% for the second quarter of 2024. Our adjusted efficiency² ratio was 55.3% for the second quarter of 2025, compared to 58.7% for the first quarter of 2025, and 60.9% for the second quarter of 2024.

Busey’s annualized ratio of adjusted noninterest expense to average assets was 2.24% for the second quarter of 2025, compared to 2.27% for the first quarter of 2025 and 2.36% for the second quarter of 2024. As our business grows, Busey remains focused on prudently managing our expense base and operating efficiency.

BALANCE SHEET STRENGTH

CONDENSED CONSOLIDATED BALANCE SHEETS *(unaudited)*

	As of
(dollars in thousands, except per share amounts)	June 30, 2025			March 31, 2025			June 30, 2024
ASSETS
Cash and cash equivalents	$	752,352		$	1,200,292		$	285,269
Debt securities available for sale		2,217,788			2,273,874			1,829,896
Debt securities held to maturity		802,965			815,402			851,261
Equity securities		16,171			10,828			9,618
Loans held for sale		10,497			7,270			11,286
Portfolio loans		13,808,619			13,868,357			7,998,912
Allowance for credit losses		(183,334	)		(195,210	)		(85,226	)
Restricted bank stock		77,112			53,518			6,884
Premises and equipment, net		181,394			182,003			121,647
Right of use assets		38,065			40,594			11,137
Goodwill and other intangible assets, net		488,181			496,118			370,580
Other assets		708,930			711,206			560,152
Total assets	$	18,918,740		$	19,464,252		$	11,971,416

LIABILITIES & STOCKHOLDERS’ EQUITY
Liabilities
Deposits:
Noninterest-bearing deposits	$	3,590,363		$	3,693,070		$	2,832,776
Interest-bearing checking, savings, and money market deposits		9,578,953			9,675,324			5,619,470
Time deposits		2,632,456			3,091,076			1,523,889
Total deposits		15,801,772			16,459,470			9,976,135
Securities sold under agreements to repurchase		158,030			137,340			140,283
Short-term borrowings		—			11,209			—
Long-term debt		189,726			313,535			227,245
Junior subordinated debt owed to unconsolidated trusts		77,187			77,117			74,693
Lease liabilities		39,235			41,111			11,469
Other liabilities		240,244			244,864			207,781
Total liabilities		16,506,194			17,284,646			10,637,606

Stockholders’ equity
Retained earnings		273,799			249,484			261,820
Accumulated other comprehensive income (loss)		(155,311	)		(172,810	)		(220,326	)
Other stockholders’ equity¹		2,294,058			2,102,932			1,292,316
Total stockholders’ equity		2,412,546			2,179,606			1,333,810
Total liabilities & stockholders’ equity	$	18,918,740		$	19,464,252		$	11,971,416

___________________________________________

Net balance of preferred stock ($0.001 par value), common stock ($0.001 par value), additional paid-in capital, and treasury stock.

AVERAGE BALANCES *(unaudited)*

	Three Months Ended						Six Months Ended
(dollars in thousands)	June 30, 2025		March 31, 2025		June 30, 2024		June 30, 2025		June 30, 2024
ASSETS
Cash and cash equivalents	$	868,164	$	861,021	$	346,381	$	864,613	$	470,287
Investment securities		3,083,284		2,782,435		2,737,313		2,933,690		2,822,228
Loans held for sale		6,899		3,443		9,353		5,181		7,093
Portfolio loans		13,840,190		9,838,337		8,010,636		11,850,318		7,804,976
Interest-earning assets		17,700,356		13,363,594		11,000,785		15,543,955		11,003,344
Total assets		19,068,086		14,831,298		12,089,692		16,961,396		12,056,950

LIABILITIES & STOCKHOLDERS’ EQUITY
Noninterest-bearing deposits		3,542,617		3,036,127		2,816,293		3,290,770		2,762,439
Interest-bearing deposits		12,450,529		9,142,781		7,251,582		10,805,793		7,290,844
Total deposits		15,993,146		12,178,908		10,067,875		14,096,563		10,053,283
Federal funds purchased and securities sold under agreements to repurchase		141,978		144,838		144,370		143,400		161,514
Interest-bearing liabilities		12,985,015		9,627,841		7,725,832		11,315,702		7,778,744
Total liabilities		16,783,504		12,896,222		10,757,877		14,850,601		10,753,180
Stockholders’ equity – preferred		103,619		2,669		—		53,423		—
Stockholders’ equity – common		2,180,963		1,932,407		1,331,815		2,057,372		1,303,770
Tangible common equity¹		1,686,490		1,521,387		955,591		1,604,394		939,150

___________________________________________

See “Non-GAAP Financial Information” for reconciliation.

Busey’s financial strength is built on a long-term conservative operating approach. That focus has endured over time and will continue to guide us in the future.

Total assets were $18.92 billion as of June 30, 2025, compared to $19.46 billion as of March 31, 2025, and $11.97 billion as of June 30, 2024. Average interest-earning assets were $17.70 billion for the second quarter of 2025, compared to $13.36 billion for the first quarter of 2025, and $11.00 billion for the second quarter of 2024.

Portfolio Loans

We remain steadfast in our conservative approach to underwriting and our disciplined approach to pricing. Loan demand has been tempered with borrowers hesitant to invest because of lingering macroeconomic uncertainty. At the same time, our commercial real estate portfolio continues to season, resulting in payoffs as properties are completed, stabilized, and refinanced to permanent markets or sold. We expect continued pressure from paydowns within our commercial real estate portfolio through the remainder of 2025. Portfolio loans totaled $13.81 billion at June 30, 2025, compared to $13.87 billion at March 31, 2025, and $8.00 billion at June 30, 2024.

Average portfolio loans were $13.84 billion for the second quarter of 2025, compared to $9.84 billion for the first quarter of 2025 and $8.01 billion for the second quarter of 2024.

Asset Quality

Asset quality continues to be strong. Busey Bank maintains a well-diversified loan portfolio and, as a matter of policy and practice, limits concentration exposure in any particular loan segment. Following the Bank Merger in June, we are operating as one bank, with a singular credit policy, concentration limits, and monitoring that will continue to align with Busey Bank’s pillars of credit quality.

ASSET QUALITY *(unaudited)*

	As of
(dollars in thousands)	June 30, 2025			March 31, 2025			June 30, 2024
Total assets	$	18,918,740		$	19,464,252		$	11,971,416
Portfolio loans		13,808,619			13,868,357			7,998,912
Loans 30 – 89 days past due		42,188			18,554			23,463
Non-performing loans:
Non-accrual loans		53,614			48,647			8,393
Loans 90+ days past due and still accruing		941			6,077			712
Non-performing loans		54,555			54,724			9,105
Other non-performing assets		3,596			4,757			90
Non-performing assets		58,151			59,481			9,195
Substandard (excludes 90+ days past due)		117,580			131,078			86,579
Classified assets	$	175,731		$	190,559		$	95,774

Allowance for credit losses	$	183,334		$	195,210		$	85,226

RATIOS
Non-performing loans to portfolio loans		0.40	%		0.39	%		0.11	%
Non-performing assets to total assets		0.31	%		0.31	%		0.08	%
Non-performing assets to portfolio loans and other non-performing assets		0.42	%		0.43	%		0.11	%
Allowance for credit losses to portfolio loans		1.33	%		1.41	%		1.07	%
Coverage ratio of the allowance for credit losses to non-performing loans	3.36 x			3.57 x			9.36 x
Classified assets to Bank Tier 1 capital¹and reserves		7.70	%		8.40	%		6.40	%

___________________________________________

Capital amounts for the second quarter of 2025 are not yet finalized and are subject to change.

Loans 30-89 days past due increased by $23.6 million compared to March 31, 2025, and increased by $18.7 million compared to June 30, 2024. Increases are primarily due to two commercial credits, one of which—representing approximately $12.5 million—was brought current after the end of the second quarter.

Non-performing loans decreased by $0.2 million compared to March 31, 2025, and increased by $45.5 million compared to June 30, 2024, with the increase compared to the prior year due to loans purchased with credit deterioration (“PCD” loans) assumed in the CrossFirst acquisition. Non-performing loans were 0.40% of portfolio loans as of June 30, 2025, a 1 basis point increase from March 31, 2025, and a 29 basis point increase from June 30, 2024.

Non-performing assets decreased by $1.3 million compared to March 31, 2025, and increased by $49.0 million compared to June 30, 2024, with the increase compared to the prior year due to the PCD loans assumed in the CrossFirst acquisition. Non-performing assets represented 0.31% of total assets as of both June 30, 2025, and March 31, 2025, which is a 23 basis point increase from June 30, 2024.

Classified assets decreased by $14.8 million compared to March 31, 2025, and increased by $80.0 million compared to June 30, 2024, with the increase compared to the prior year due to the PCD loans assumed in the CrossFirst acquisition.

The allowance for credit losses was $183.3 million as of June 30, 2025, representing 1.33% of total portfolio loans outstanding, and providing coverage of 3.36 times our non-performing loans balance.

NET CHARGE-OFFS (RECOVERIES) AND PROVISION EXPENSE (RELEASE) *(unaudited)*

	Three Months Ended							Six Months Ended
(dollars in thousands)	June 30, 2025		March 31, 2025		June 30, 2024			June 30, 2025		June 30, 2024
Net charge-offs (recoveries)	$	12,882	$	31,429	$	9,856		$	44,311	$	15,072

Provision for loan losses¹	$	1,005	$	42,452	$	2,277		$	43,457	$	7,315
Provision for unfunded commitments²		4,695		3,141		(369	)		7,836		(1,047	)
Provision for credit losses³	$	5,700	$	45,593	$	1,908		$	51,293	$	6,268

___________________________________________

Amounts reported as provision for loan losses for periods ending prior to June 30, 2025, were previously reported as provision for credit losses. March 31, 2025, included $42.4 million to establish an initial allowance for credit losses for loans purchased without credit deterioration (“non-PCD” loans) following the close of the CrossFirst acquisition.
June 30, 2025, included an additional $4.0 million adjustment to the initial provision for unfunded commitments resulting from the adoption of a new CECL model. March 31, 2025, included $3.1 million to establish an initial allowance for unfunded commitments following the close of the CrossFirst acquisition.
Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses.

Net charge-offs decreased by $18.5 million when compared to the first quarter of 2025, and increased by $3.0 million when compared with the second quarter of 2024. Net charge-offs during the second quarter of 2025 primarily related to one legacy-Busey medical office credit. Net charge-offs during the first quarter of 2025 included $29.6 million related to PCD loans acquired from CrossFirst Bank, which were fully reserved at acquisition and did not require recording additional provision expense.

The $1.0 million provision for loan losses recorded in the second quarter of 2025 included a release of the PCD provision of $11.8 million due to PCD loan payoffs/paydowns and non-PCD provision expense of $12.8 million to support charge-offs, to adjust for the loan portfolio mix, and as a response to economic factors.

Deposits

Total deposits were $15.80 billion at June 30, 2025, compared to $16.46 billion at March 31, 2025, and $9.98 billion at June 30, 2024. Average deposits were $15.99 billion for the second quarter of 2025, compared to $12.18 billion for the first quarter of 2025 and $10.07 billion for the second quarter of 2024. The deliberate run-off of higher cost brokered deposits and listing service CD reductions accounted for $386.8 million of the quarter over quarter decrease as well as seasonal tax payments that put additional pressure on funding during the quarter.

Core deposits² accounted for 92.5% of total deposits as of June 30, 2025. The quality of our core deposit franchise is a critical value driver of our institution. We estimated that 33% of our deposits were uninsured and uncollateralized⁴ as of June 30, 2025, and we have sufficient on- and off-balance sheet liquidity to manage deposit fluctuations and the liquidity needs of our customers.

We have executed various deposit campaigns to attract term funding and savings accounts at a lower rate than our marginal cost of funds. New certificate of deposit production in the second quarter of 2025 had a weighted average term of 8.0 months at a rate of 3.74%, which was 80 basis points below our average marginal wholesale equivalent-term funding cost during the quarter.

Borrowings

On June 1, 2025, Busey redeemed the entire $125.0 million outstanding principal amount of its 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030 (the “Subordinated Notes”). The aggregate principal amount of the Subordinated Notes, plus accrued and unpaid interest thereon up to, but excluding, June 1, 2025, was $128.3 million.

Liquidity

As of June 30, 2025, Busey’s available sources of on- and off-balance sheet liquidity⁵ totaled $7.95 billion. Furthermore, Busey’s balance sheet liquidity profile continues to be aided by the cash flows expected from Busey’s relatively short-duration securities portfolio. Those cash flows were approximately $123.1 million in the second quarter of 2025. Cash flows from maturing securities within our portfolio are expected to be approximately $181.0 million for the remainder of 2025, with a current book yield of 2.52%, and approximately $289.7 million for 2026, with a current book yield of 2.58%.

Capital Strength

The strength of our balance sheet is also reflected in our capital foundation. Although still impacted by the strategic deployment of capital for the CrossFirst acquisition, as well as by Busey’s active share repurchase program, our capital ratios remain strong, and as of June 30, 2025, our estimated regulatory capital ratios⁶ continued to provide a buffer of more than $870 million above levels required to be designated well-capitalized. Busey’s Common Equity Tier 1 ratio is estimated⁶ to be 12.22% at June 30, 2025, compared to 12.00% at March 31, 2025, and 13.20% at June 30, 2024. Our Total Capital to Risk Weighted Assets ratio is estimated⁶ to be 15.75% at June 30, 2025, compared to 14.88% at March 31, 2025, and 17.50% at June 30, 2024.

Busey’s tangible common equity² was $1.71 billion at June 30, 2025, compared to $1.68 billion at March 31, 2025, and $963.2 million at June 30, 2024. Tangible common equity² represented 9.27% of tangible assets at June 30, 2025, compared to 8.83% at March 31, 2025, and 8.30% at June 30, 2024.

Busey’s tangible book value per common share² was $19.18 at June 30, 2025, compared to $18.62 at March 31, 2025, and $16.97 at June 30, 2024, reflecting a 13.0% year-over-year increase.

Dividends

Busey’s strong capital levels, coupled with its earnings, have allowed the Company to provide a steady return to its stockholders through dividends. During the second quarter of 2025, Busey paid a dividend of $0.25 per share on its common stock. Busey has consistently paid dividends to its common stockholders since the bank holding company was organized in 1980. Additionally, during the second quarter of 2025, Busey paid a dividend of $20.00 per share on its Series A Non-cumulative Perpetual Preferred Stock, which was issued in connection with the CrossFirst acquisition.

Series B Preferred Stock Issuance

On May 20, 2025, Busey issued an aggregate of 8,600,000 depositary shares (the “Depositary Shares”), each representing a 1/40th interest in a share of Busey’s 8.25% Fixed-Rate Series B Non-Cumulative Perpetual Preferred Stock, $0.001 par value (the “Series B Preferred Stock”), with a liquidation preference of $1,000 per share of Series B Preferred Stock (equivalent to $25 per Depositary Share). Additional information about the Depositary Shares and Series B Preferred Stock issuance can be found in Busey’s 8-K filed with the SEC on May 20, 2025, and the related exhibits thereto.

Share Repurchases

During the second quarter of 2025, Busey’s board of directors authorized the purchase of up to 2,000,000 additional shares of the Company’s common stock under Busey’s stock repurchase plan. Busey purchased 1,012,000 shares of its common stock under the plan during the second quarter of 2025 at a weighted average price of $21.40 per share for a total of $21.7 million. As of June 30, 2025, Busey had 2,687,275 shares remaining available for repurchase under the plan.

SECOND QUARTER EARNINGS INVESTOR PRESENTATION

For additional information on Busey’s financial condition and operating results, please refer to our Q2 2025 Earnings Investor Presentation furnished via Form 8‑K on July 22, 2025, in connection with this earnings release.

CORPORATE PROFILE

As of June 30, 2025, First Busey Corporation (Nasdaq: BUSE) was a $18.92 billion financial holding company headquartered in Leawood, Kansas.

Busey Bank, a wholly-owned bank subsidiary of First Busey Corporation headquartered in Champaign, Illinois, had total assets of $18.87 billion as of June 30, 2025. Busey Bank currently has 78 banking centers, with 21 in Central Illinois markets, 17 in suburban Chicago markets, 20 in the St. Louis Metropolitan Statistical Area, four in the Dallas-Fort Worth-Arlington Metropolitan Statistical Area, three in the Kansas City Metropolitan Statistical Area, three in Southwest Florida, one in Indianapolis, two in Oklahoma City, one in Tulsa, one in Wichita, one in Denver, one in Colorado Springs, one in Phoenix, one in Tucson, and one in New Mexico. More information about Busey Bank can be found at busey.com.

Through Busey’s Wealth Management division, the Company provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations. Assets under care totaled $14.10 billion as of June 30, 2025. More information about Busey’s Wealth Management services can be found at busey.com/wealth-management.

Busey Bank’s wholly-owned subsidiary, FirsTech, specializes in the evolving financial technology needs of small and medium-sized businesses, highly regulated enterprise industries, and financial institutions. FirsTech provides comprehensive and innovative payment technology solutions, including online, mobile, and voice-recognition bill payments; money and data movement; merchant services; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments at retail agents. Additionally, FirsTech simplifies client workflows through integrations enabling support with billing, reconciliation, bill reminders, and treasury services. More information about FirsTech can be found at firstechpayments.com.

For the fourth consecutive year, Busey was named among Forbes’ 2025’s America’s Best Banks. In 2025, Forbes also recognized Busey as a Best-in-State Bank, based on rankings of customer service, quality of financial advice, fee structures, ease of digital services, accessing help at branch locations and the degree of trust inspired. Busey was also named among the 2024 Best Banks to Work For by American Banker and the 2024 Best Places to Work in Money Management by Pensions and Investments. We are honored to be consistently recognized as an outstanding financial services organization with an engaged culture of integrity and commitment to community development.

NON-GAAP FINANCIAL INFORMATION

This earnings release contains certain financial information determined by methods other than GAAP. Management uses these non-GAAP measures, together with the related GAAP measures, in analysis of Busey’s performance and in making business decisions, as well as for comparison to Busey’s peers. Busey believes the adjusted measures are useful for investors and management to understand the effects of certain non-core and non-recurring items and provide additional perspective on Busey’s performance over time.

The following tables present reconciliations between these non-GAAP measures and what management believes to be the most directly comparable GAAP financial measures.

These non-GAAP disclosures have inherent limitations and are not audited. They should not be considered in isolation or as a substitute for operating results reported in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Tax effected numbers included in these non-GAAP disclosures are based on estimated statutory rates, estimated federal income tax rates, or effective tax rates, as noted with the tables below.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

Pre-Provision Net Revenue and Related Measures

		Three Months Ended									Six Months Ended
(dollars in thousands)		June 30, 2025			March 31, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Net interest income (GAAP)		$	153,183		$	103,731		$	82,532		$	256,914		$	158,386
Total noninterest income (GAAP)			44,863			21,223			33,703			66,086			68,616
Net security (gains) losses (GAAP)			(5,997	)		15,768			353			9,771			6,728
Total noninterest expense (GAAP)¹			(127,833	)		(112,030	)		(75,906	)		(239,863	)		(147,353	)
Pre-provision net revenue (Non-GAAP)	[a]		64,216			28,692			40,682			92,908			86,377
Acquisition and restructuring expenses, excluding initial provision expenses			16,600			26,026			2,212			42,626			2,620
Realized net (gains) losses on the sale of mortgage service rights			—			—			(277	)		—			(7,742	)
Adjusted pre-provision net revenue (Non-GAAP)	[b]	$	80,816		$	54,718		$	42,617		$	135,534		$	81,255

Average total assets	[c]	$	19,068,086		$	14,831,298		$	12,089,692		$	16,961,396		$	12,056,950

Pre-provision net revenue to average total assets (Non-GAAP)²	[a÷c]		1.35	%		0.78	%		1.35	%		1.10	%		1.44	%
Adjusted pre-provision net revenue to average total assets (Non-GAAP)²	[b÷c]		1.70	%		1.50	%		1.42	%		1.61	%		1.36	%

___________________________________________

Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within total noninterest expense.
Annualized measure.

Adjusted Net Income, Average Tangible Common Equity, and Related Ratios

		Three Months Ended									Six Months Ended
(dollars in thousands, except per share amounts)		June 30, 2025			March 31, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Net income (loss) (GAAP)	[a]	$	47,404		$	(29,990	)	$	27,357		$	17,414		$	53,582
Day 2 provision for credit losses¹			—			45,572			—			45,572			—
Adjustment of initial provision for unfunded commitments due to adoption of new model¹			4,030			—			—			4,030			—
Other acquisition expenses			16,600			26,026			2,212			42,626			2,497
Restructuring expenses			—			—			—			—			123
Net securities (gains) losses			(5,997	)		15,768			353			9,771			6,728
Realized net (gains) losses on the sale of mortgage servicing rights			—			—			(277	)		—			(7,742	)
Related tax (benefit) expense²			(4,971	)		(22,069	)		(572	)		(27,040	)		(402	)
Non-recurring deferred tax adjustment³			328			4,591			1,446			4,919			1,446
Adjusted net income (Non-GAAP)⁴	[b]		57,394			39,898			30,519			97,292			56,232
Preferred dividends	[c]		155			—			—			155			—
Adjusted net income available to common stockholders (Non-GAAP)	[d]	$	57,239		$	39,898		$	30,519		$	97,137		$	56,232

Weighted average number of common shares outstanding, diluted (GAAP)	[e]		90,883,711			68,517,647			57,853,231			80,251,577			57,129,865
Diluted earnings (loss) per common share (GAAP)	[(a-c)÷e]	$	0.52		$	(0.44	)	$	0.47		$	0.22		$	0.94

Weighted average number of common shares outstanding, diluted (Non-GAAP)⁵	[f]		90,883,711			69,502,717			57,853,231			80,251,577			57,129,865
Adjusted diluted earnings per common share (Non-GAAP)^5,6	[d÷f]	$	0.63		$	0.57		$	0.53		$	1.21		$	0.98

Average total assets	[g]	$	19,068,086		$	14,831,298		$	12,089,692		$	16,961,396		$	12,056,950
Return on average assets (Non-GAAP)⁶	[a÷g]		1.00	%	(0.82)%				0.91	%		0.21	%		0.89	%
Adjusted return on average assets (Non-GAAP)⁴^,⁶	[b÷g]		1.21	%		1.09	%		1.02	%		1.16	%		0.94	%

Average common equity		$	2,180,963		$	1,932,407		$	1,331,815		$	2,057,372		$	1,303,770
Average goodwill and other intangible assets, net			(494,473	)		(411,020	)		(376,224	)		(452,978	)		(364,620	)
Average tangible common equity (Non-GAAP)	[h]	$	1,686,490		$	1,521,387		$	955,591		$	1,604,394		$	939,150

Return on average tangible common equity (Non-GAAP)⁶	[(a-c)÷h]		11.24	%	(7.99)%				11.51	%		2.17	%		11.47	%
Adjusted return on average tangible common equity (Non-GAAP)⁴^,⁶	[d÷h]		13.61	%		10.64	%		12.85	%		12.21	%		12.04	%

___________________________________________

The Day 2 provision represents the initial provision for credit losses recorded in connection with the CrossFirst acquisition to establish an allowance on non-PCD loans and unfunded commitments and is reflected within the provision for credit losses line on the Statement of Income.
Tax benefits were calculated for the year-to-date periods using tax rates of 26.51% and 25.03% for the six months ended June 30, 2025 and 2024, respectively. Tax benefits for the quarterly periods were calculated as the year-to-date tax amounts less the tax reported for previous quarters during the year.
A deferred valuation tax adjustment in 2025 was recorded in connection with the CrossFirst acquisition and the expansion of Busey’s footprint into new states. Additionally, 2025 includes a write-off of deferred tax assets related to non-deductible acquisition-related expenses. A deferred tax valuation adjustment in 2024 resulted from a change to Busey’s Illinois apportionment rate due to recently enacted regulations. Deferred tax adjustments are reflected within the income taxes line on the Statement of Income.
Beginning in 2025, Busey revised its calculation of adjusted net income for all periods presented to include, as applicable, adjustments for net securities gains and losses, realized net gains and losses on the sale of mortgage servicing rights, and one-time deferred tax valuation adjustments. In 2024, these adjusting items were presented as further adjustments to adjusted net income.
Dilution includes shares that would have been dilutive if there had been net income during the period.
Annualized measure.

Tax-Equivalent Net Interest Income, Adjusted Net Interest Income, Net Interest Margin, and Adjusted Net Interest Margin

		Three Months Ended									Six Months Ended
(dollars in thousands)		June 30, 2025			March 31, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Net interest income (GAAP)		$	153,183		$	103,731		$	82,532		$	256,914		$	158,386
Tax-equivalent adjustment¹			791			537			402			1,328			851
Tax-equivalent net interest income (Non-GAAP)	[a]		153,974			104,268			82,934			258,242			159,237
Purchase accounting accretion related to business combinations			(7,119	)		(2,728	)		(812	)		(9,847	)		(1,016	)
Adjusted net interest income (Non-GAAP)	[b]	$	146,855		$	101,540		$	82,122		$	248,395		$	158,221

Average interest-earning assets (Non-GAAP)	[c]	$	17,700,356		$	13,363,594		$	11,000,785		$	15,543,955		$	11,003,344

Net interest margin (Non-GAAP)²	[a÷c]		3.49	%		3.16	%		3.03	%		3.35	%		2.91	%
Adjusted net interest margin (Non-GAAP)²	[b÷c]		3.33	%		3.08	%		3.00	%		3.22	%		2.89	%

___________________________________________

Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans.
Annualized measure.

Adjusted Noninterest Income, Revenue Measures, Adjusted Noninterest Expense, Efficiency Ratios, and Adjusted Noninterest Expense to Average Assets

		Three Months Ended									Six Months Ended
(dollars in thousands)		June 30, 2025			March 31, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Net interest income (GAAP)	[a]	$	153,183		$	103,731		$	82,532		$	256,914		$	158,386
Tax-equivalent adjustment¹			791			537			402			1,328			851
Tax-equivalent net interest income (Non-GAAP)	[b]		153,974			104,268			82,934			258,242			159,237

Total noninterest income (GAAP)			44,863			21,223			33,703			66,086			68,616
Net security (gains) losses			(5,997	)		15,768			353			9,771			6,728
Noninterest income excluding net securities gains and losses (Non-GAAP)	[c]		38,866			36,991			34,056			75,857			75,344
Realized net (gains) losses on the sale of mortgage service rights			—			—			(277	)		—			(7,742	)
Adjusted noninterest income (Non-GAAP)	[d]	$	38,866		$	36,991		$	33,779		$	75,857		$	67,602

Tax-equivalent revenue (Non-GAAP)	[e = b+c]	$	192,840		$	141,259		$	116,990		$	334,099		$	234,581
Adjusted tax-equivalent revenue (Non-GAAP)	[f = b+d]		192,840			141,259			116,713			334,099			226,839
Operating revenue (Non-GAAP)	[g = a+d]		192,049			140,722			116,311			332,771			225,988

Adjusted noninterest income to operating revenue (Non-GAAP)	[d÷g]		20.24	%		26.29	%		29.04	%		22.80	%		29.91	%

Total noninterest expense (GAAP)²		$	127,833		$	112,030		$	75,906		$	239,863		$	147,353
Amortization of intangible assets			(4,592	)		(3,083	)		(2,629	)		(7,675	)		(5,038	)
Noninterest expense excluding amortization of intangible assets (Non-GAAP)²	[h]		123,241			108,947			73,277			232,188			142,315
Acquisition and restructuring expenses, excluding initial provision expenses			(16,600	)		(26,026	)		(2,212	)		(42,626	)		(2,620	)
Adjusted noninterest expense (Non-GAAP)²	[i]	$	106,641		$	82,921		$	71,065		$	189,562		$	139,695

Efficiency ratio (Non-GAAP)²	[h÷e]		63.91	%		77.13	%		62.64	%		69.50	%		60.67	%
Adjusted efficiency ratio (Non-GAAP)²	[i÷f]		55.30	%		58.70	%		60.89	%		56.74	%		61.58	%

Average total assets	[j]	$	19,068,086		$	14,831,298		$	12,089,692		$	16,961,396		$	12,056,950
Adjusted noninterest expense to average assets (Non-GAAP)²^,³	[i÷j]		2.24	%		2.27	%		2.36	%		2.25	%		2.33	%

___________________________________________

Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans.
Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within total noninterest expense. This change affects all measures and ratios derived from total noninterest expense.
Annualized measure.

Tangible Assets, Tangible Common Equity, and Related Measures and Ratio

		As of
*(dollars in thousands, except per share amounts)*		June 30, 2025			March 31, 2025			June 30, 2024
Total assets (GAAP)		$	18,918,740		$	19,464,252		$	11,971,416
Goodwill and other intangible assets, net			(488,181	)		(496,118	)		(370,580	)
Tangible assets (Non-GAAP)¹	[a]	$	18,430,559		$	18,968,134		$	11,600,836

Total stockholders’ equity (GAAP)		$	2,412,546		$	2,179,606		$	1,333,810
Preferred stock and additional paid in capital on preferred stock			(215,197	)		(7,750	)		—
Common equity	[b]		2,197,349			2,171,856			1,333,810
Goodwill and other intangible assets, net			(488,181	)		(496,118	)		(370,580	)
Tangible common equity (Non-GAAP)¹	[c]	$	1,709,168		$	1,675,738		$	963,230

Tangible common equity to tangible assets (Non-GAAP)¹	[c÷a]		9.27	%		8.83	%		8.30	%

Ending number of common shares outstanding (GAAP)	[d]		89,104,678			90,008,178			56,746,937
Book value per common share (Non-GAAP)	[b÷d]	$	24.66		$	24.13		$	23.50
Tangible book value per common share (Non-GAAP)	[c÷d]	$	19.18		$	18.62		$	16.97

___________________________________________

Beginning in 2025, Busey revised its calculation of tangible assets and tangible common equity for all periods presented to exclude any tax adjustment.

Core Deposits and Related Ratio

		As of
*(dollars in thousands)*		June 30, 2025			March 31, 2025			June 30, 2024
Total deposits (GAAP)	[a]	$	15,801,772		$	16,459,470		$	9,976,135
Brokered deposits, excluding brokered time deposits of $250,000 or more			(353,614	)		(722,224	)		(43,089	)
Time deposits of $250,000 or more			(827,762	)		(867,035	)		(314,461	)
Core deposits (Non-GAAP)	[b]	$	14,620,396		$	14,870,211		$	9,618,585

Core deposits to total deposits (Non-GAAP)	[b÷a]		92.52	%		90.34	%		96.42	%

FORWARD-LOOKING STATEMENTS

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to Busey’s financial condition, results of operations, plans, objectives, future performance, and business. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of Busey’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should,” “position,” or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and Busey undertakes no obligation to update any statement in light of new information or future events.

A number of factors, many of which are beyond Busey’s ability to control or predict, could cause actual results to differ materially from those in any forward-looking statements. These factors include, among others, the following: (1) the strength of the local, state, national, and international economies and financial markets (including effects of inflationary pressures, the threat or implementation of tariffs, trade wars, and changes to immigration policy); (2) changes in, and the interpretation and prioritization of, local, state, and federal laws, regulations, and governmental policies (including those concerning Busey’s general business); (3) the economic impact of any future terrorist threats or attacks, widespread disease or pandemics, or other adverse external events that could cause economic deterioration or instability in credit markets (including Russia’s invasion of Ukraine and the conflict in the Middle East); (4) unexpected results of acquisitions, including the acquisition of CrossFirst, which may include the failure to realize the anticipated benefits of the acquisitions and the possibility that the transaction and integration costs may be greater than anticipated; (5) the imposition of tariffs or other governmental policies impacting the value of products produced by Busey’s commercial borrowers; (6) new or revised accounting policies and practices as may be adopted by state and federal regulatory banking agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission, or the Public Company Accounting Oversight Board; (7) changes in interest rates and prepayment rates of Busey’s assets (including the impact of sustained elevated interest rates); (8) increased competition in the financial services sector (including from non-bank competitors such as credit unions and fintech companies) and the inability to attract new customers; (9) technological changes implemented by us and other parties, including our third-party vendors, which may have unforeseen consequences to us and our customers, including the development and implementation of tools incorporating artificial intelligence; (10) the loss of key executives or associates, talent shortages, and employee turnover; (11) unexpected outcomes and costs of existing or new litigation, investigations, or other legal proceedings, inquiries, and regulatory actions involving Busey (including with respect to Busey’s Illinois franchise taxes); (12) fluctuations in the value of securities held in Busey’s securities portfolio, including as a result of changes in interest rates; (13) credit risk and risk from concentrations (by type of borrower, geographic area, collateral, and industry), within Busey’s loan portfolio and large loans to certain borrowers (including commercial real estate loans); (14) the concentration of large deposits from certain clients who have balances above current Federal Deposit Insurance Corporation insurance limits and may withdraw deposits to diversify their exposure; (15) the level of non-performing assets on Busey’s balance sheets; (16) interruptions involving information technology and communications systems or third-party servicers; (17) breaches or failures of information security controls or cybersecurity-related incidents; (18) the economic impact on Busey and its customers of climate change, natural disasters, and exceptional weather occurrences such as tornadoes, hurricanes, floods, blizzards, and droughts; (19) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact Busey’s cost of funds; (20) the ability to maintain an adequate level of allowance for credit losses on loans; (21) the effectiveness of Busey’s risk management framework; and (22) the ability of Busey to manage the risks associated with the foregoing. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.

Additional information concerning Busey and its business, including additional factors that could materially affect Busey’s financial results, is included in Busey’s filings with the Securities and Exchange Commission.

END NOTES

1	Annualized measure.
2	Represents a non-GAAP financial measure. For a reconciliation to the most directly comparable financial measure calculated and presented in accordance with Generally Accepted Accounting Principles (“GAAP”), see “Non-GAAP Financial Information.”
3	The blended benchmark consists of 60% MSCI All Country World Index and 40% Bloomberg Intermediate US Government/Credit Total Return Index.
4	Estimated uninsured and uncollateralized deposits consist of account balances in excess of the $250,000 Federal Deposit Insurance Corporation insurance limit, less intercompany accounts, fully collateralized accounts (including preferred deposits), and pass-through accounts where clients have deposit insurance at the correspondent financial institution.
5	On- and off-balance sheet liquidity is comprised of cash and cash equivalents, debt securities excluding those pledged as collateral, brokered deposits, and Busey’s borrowing capacity through its revolving credit facility, the FHLB, the Federal Reserve Bank, and federal funds purchased lines.
6	Capital amounts and ratios for the second quarter of 2025 are not yet finalized and are subject to change.

INVESTOR CONTACT: Scott A. Phillips, Interim Chief Financial Officer | 239-689-7167

The MIL Network –

July 23, 2025

MIL-OSI: Baker Hughes Company Announces Second-Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

Second-quarter highlights

Orders of $7.0 billion, including $3.5 billion of IET orders.
RPO of $34.0 billion, including record IET RPO of $31.3 billion.
Revenue of $6.9 billion, down 3% year-over-year.
Attributable net income of $701 million.
GAAP diluted EPS of $0.71 and adjusted diluted EPS* of $0.63.
Adjusted EBITDA* of $1,212 million, up 7% year-over-year.
Cash flows from operating activities of $510 million and free cash flow* of $239 million.
Returns to shareholders of $423 million, including $196 million of share repurchases.

HOUSTON and LONDON, July 22, 2025 (GLOBE NEWSWIRE) — Baker Hughes Company (Nasdaq: BKR) (“Baker Hughes” or the “Company”) announced results today for the second quarter of 2025.

“We delivered strong second-quarter results, with total adjusted EBITDA margins increasing 170 basis points year-over-year to 17.5% despite a modest decline in revenue. This performance reflects the benefits of structural cost improvements and continued deployment of our business system, which is driving higher productivity, stronger operating leverage and more durable earnings across the company,” said Lorenzo Simonelli, Baker Hughes Chairman and Chief Executive Officer.

“IET orders totaled $3.5 billion in the quarter, resulting in another record backlog for the segment. Importantly, order momentum remained strong, supported by more than $550 million of data center related orders, despite the absence of large LNG awards. Following a strong first half and a positive outlook for second half awards, we are confident of achieving the full-year order guidance range for IET.”

“We remain confident in our ability to deliver solid performance in 2025, with continued growth in IET helping to offset softness in more market-sensitive areas of OFSE – underscoring the strength of our portfolio and the benefits of our strategic diversification. Accordingly, we are raising our full-year revenue and EBITDA guidance for IET and reestablishing full-year guidance for OFSE.”

“During the quarter, we also announced three strategic transactions to advance our portfolio optimization strategy, reinforcing efforts to enhance the durability of earnings and cash flow while creating long-term value for shareholders. These actions are designed to unlock value from non-core businesses in our portfolio and redeploy that capital into higher-margin opportunities that fit our financial and strategic frameworks.”

“We are progressing with our strategy of positioning the company for sustainable, differentiated growth and commend the focus and dedication of our people in executing this strategy,” concluded Simonelli.

* Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

	Three Months Ended						Variance
(in millions except per share amounts)	June 30, 2025		March 31, 2025		June 30, 2024		Sequential		Year-over-year
Orders	$	7,032	$	6,459	$	7,526	9	%	(7	%)
Revenue		6,910		6,427		7,139	8	%	(3	%)
Net income attributable to Baker Hughes		701		402		579	74	%	21	%
Adjusted net income attributable to Baker Hughes*		623		509		568	22	%	10	%
Adjusted EBITDA*		1,212		1,037		1,130	17	%	7	%
Diluted earnings per share (EPS)		0.71		0.40		0.58	76	%	22	%
Adjusted diluted EPS*		0.63		0.51		0.57	23	%	11	%
Cash flow from operating activities		510		709		348	(28	%)	47	%
Free cash flow*		239		454		106	(47	%)	F

* Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

Certain columns and rows in our tables and financial statements may not sum up due to the use of rounded numbers.

“F” is used in most instances when variance is above 100%. Additionally, “U” is used when variance is below (100)%.

Quarter Highlights

Executing our portfolio optimization strategy

In the second quarter, Baker Hughes announced three strategic transactions, all of which reflect a disciplined capital allocation framework and a focus on core businesses with strong return potential.

First, the Company signed an agreement to form a joint venture with a subsidiary of Cactus, Inc., contributing the Oilfield Services & Equipment’s (“OFSE“) Surface Pressure Control (“SPC“) product line in exchange for approximately $345 million while maintaining a minority ownership stake.

Second, the Company announced an agreement to sell the Precision Sensors & Instrumentation (“PSI“) product line within Industrial & Energy Technology (“IET“) to Crane Company for approximately $1.15 billion. These proceeds will enhance the Company’s flexibility to reinvest in higher-growth, higher-return areas that support further margin expansion and improved returns.

Finally, Baker Hughes agreed to acquire Continental Disc Corporation (“CDC“), a leading provider of pressure management solutions, for approximately $540 million. The CDC acquisition strengthens the IET Industrial Products portfolio with a highly complementary, margin-accretive business that expands the Company’s position in the flow and pressure control market and enhances recurring, lifecycle driven revenue.

Key awards and technology achievements

The Company continued to support the development of critical data center projects, with year-to-date data center awards of more than $650 million. IET received an award to supply 30 NovaLT™ turbines, representing our largest data center award to-date. The turbines, alongside other associated Baker Hughes equipment, will deliver up to 500 megawatts (MW) of reliable and efficient power for data center development across various U.S. locations.

Frontier Infrastructure awarded a contract for NovaLT™ turbines, delivering up to 270 MW of power for its data center projects in Wyoming and Texas. This follows the March 2025 enterprise-wide agreement to accelerate large scale carbon capture and storage (“CCS“) and power solutions.

Baker Hughes continues to grow the pipeline of future data center opportunities. At the Saudi-U.S. Investment Forum in May, the Company signed an MoU with DataVolt that plans to power data centers globally, including the NEOM project in the Kingdom that intends to utilize Baker Hughes’ multi-fuel NovaLT™ technology solution.

In addition to growing demand from data center applications, IET experienced increased demand for NovaLT™ turbines in the gas infrastructure sector. During the second quarter, the segment secured an award for four gas turbines to support Aramco’s Master Gas System III pipeline project. Including this award, we have secured a total of $2.9 billion in gas infrastructure equipment orders over the past six quarters.

Highlighting the durability of IET’s lifecycle model, the segment was awarded several aftermarket services contracts. In Gas Technology Services (“GTS“), the Company secured more than $350 million of Contractual Services Agreements (“CSA“) during the quarter. We signed a maintenance agreement with Belayim Petroleum Company (“Petrobel”) to improve uptime and reliability of critical turbomachinery equipment in Egypt. Also in GTS, we renewed a multi-year service agreement with Oman LNG, including resident engineering support along with digital remote monitoring and diagnostics services delivered through iCenter™.

The Company gained further traction with New Energy globally, with year-to-date bookings now totaling $1.25 billion. In Climate Technology Solutions (“CTS“), we secured one of our largest CCS orders to-date, providing compression technology for a CCS hub in the Middle East. Also in CTS, we signed a framework agreement with Energinet in Denmark to supply 16 reciprocating compressor packages, supporting an increase in biogas production while driving methane and CO₂ emissions reduction for gas infrastructure across the country.

Industrial Technology continued to demonstrate strong momentum across multiple end markets. In Industrial Solutions, we secured a variety of awards for our Cordant™ suite of solutions. This includes an award from a large NOC to deploy Asset Performance Management across several compression stations in the Middle East, and an award from NOVA Chemicals to optimize maintenance spend and maximize production.

OFSE maintained strong momentum in Mature Assets Solutions around the globe. In Angola, OFSE was awarded multi-year production solutions contracts for chemicals, artificial lift, and digital services to support a major operator’s offshore activities. In Kazakhstan, the TOPAN and Baker Hughes joint venture secured a critical production chemicals and services award. In Norway, Equinor awarded OFSE a contract to industrialize offshore plug and abandonment (“P&A“) operations in the Oseberg East field, which followed the announcement of a multi-year P&A framework agreement for integrated well services.

OFSE saw continued adoption of Leucipa™ automated field production solution, securing an award from Repsol for next-generation AI capabilities following the MoU signed in October 2024. The Company also signed an agreement with ENI to deploy Leucipa for electric submersible pumps (“ESP“) optimization and AI-powered predictive failure analytics in the Middle East.

Also in the Middle East, Baker Hughes signed a master services agreement with Aramco for installation and maintenance of ESPs across the Kingdom of Saudi Arabia.

In North America, OFSE secured a multi-year contract to provide drag reducing chemicals to be deployed on Genesis Energy’s Cameron Highway Oil Pipeline and Poseidon systems, each of which is operated and 64% owned by Genesis Energy. To support this agreement, OFSE will expand its chemicals manufacturing footprint and deploy Leucipa. Additionally, bp awarded OFSE a multi-year chemicals management services contract to optimize throughput and asset reliability in the U.S. Gulf Coast.

In Germany, OFSE successfully drilled Lower Saxony’s first productive deep geothermal exploration well, a project that leverages OFSE’s integrated well construction and production capabilities and the Company’s industry-leading subsurface-to-surface digital solutions to monitor and optimize operational performance.

Consolidated Financial Results

Revenue for the quarter was $6,910 million, an increase of 8% sequentially and down $229 million year-over-year. The decrease in revenue year-over-year was driven by a decrease in OFSE partially offset by an increase in IET.

The Company’s total book-to-bill ratio in the second quarter of 2025 was 1.0; the IET book-to-bill ratio was 1.1.

Net income as determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for the second quarter of 2025 was $701 million. Net income increased $299 million sequentially and increased $122 million year-over-year.

Adjusted net income (a non-GAAP financial measure) for the second quarter of 2025 was $623 million, which excludes adjustments totaling $78 million. A list of the adjusting items and associated reconciliation from GAAP has been provided in Table 1b in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted net income for the second quarter of 2025 was up 22% sequentially and up 10% year-over-year.

Depreciation and amortization for the second quarter of 2025 was $293 million.

Adjusted EBITDA (a non-GAAP financial measure) for the second quarter of 2025 was $1,212 million, which excludes adjustments totaling $102 million. See Table 1a in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted EBITDA for the second quarter was up 17% sequentially and up 7% year-over-year.

The sequential increase in adjusted net income and adjusted EBITDA was primarily driven by an increase in volume, favorable FX, and overall productivity. The year-over-year increase in adjusted net income and adjusted EBITDA was driven by productivity and structural cost out initiatives, favorable FX, partially offset by lower volume in OFSE, and cost inflation in both segments.

Other Financial Items

Remaining Performance Obligations (“RPO”) in the second quarter of 2025 ended at $34 billion, an increase of $0.8 billion from the first quarter of 2025. OFSE RPO was $2.7 billion, down 3% sequentially, while IET RPO was $31.3 billion, up 3% sequentially. Within IET RPO, GTE RPO was $11.3 billion, and GTS RPO was $15.6 billion.

Income tax expense in the second quarter of 2025 was $256 million.

Other (income) expense, net in the second quarter of 2025 was $(134) million, primarily related to changes in fair value for equity securities of $(119) million.

GAAP diluted earnings per share was $0.71. Adjusted diluted earnings per share (a non-GAAP financial measure) was $0.63. Excluded from adjusted diluted earnings per share were all items listed in Table 1b in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

Cash flow from operating activities was $510 million for the second quarter of 2025. Free cash flow (a non-GAAP financial measure) for the quarter was $239 million. A reconciliation from GAAP has been provided in Table 1c in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

Capital expenditures, net of proceeds from disposal of assets, were $271 million for the second quarter of 2025, of which $184 million was for OFSE and $68 million was for IET.

Results by Reporting Segment

The following segment discussions and variance explanations are intended to reflect management’s view of the relevant comparisons of financial results on a sequential or year-over-year basis, depending on the business dynamics of the reporting segments.

Oilfield Services & Equipment

(in millions)	Three Months Ended									Variance
Segment results	June 30, 2025			March 31, 2025			June 30, 2024			Sequential		Year-over-year
Orders	$	3,503		$	3,281		$	4,068		7	%	(14	%)
Revenue	$	3,617		$	3,499		$	4,011		3	%	(10	%)
EBITDA	$	677		$	623		$	716		9	%	(5	%)
EBITDA margin		18.7	%		17.8	%		17.8	%	0.9pts		0.9pts

(in millions)	Three Months Ended						Variance
Revenue by Product Line	June 30, 2025		March 31, 2025		June 30, 2024		Sequential		Year-over-year
Well Construction	$	921	$	892	$	1,090	3	%	(16	%)
Completions, Intervention, and Measurements		935		925		1,118	1	%	(16	%)
Production Solutions		968		899		958	8	%	1	%
Subsea & Surface Pressure Systems		793		782		845	1	%	(6	%)
Total Revenue	$	3,617	$	3,499	$	4,011	3	%	(10	%)

(in millions)	Three Months Ended						Variance
Revenue by Geographic Region	June 30, 2025		March 31, 2025		June 30, 2024		Sequential		Year-over-year
North America	$	928	$	922	$	1,023	1	%	(9	%)
Latin America		639		568		663	12	%	(4	%)
Europe/CIS/Sub-Saharan Africa		653		580		827	13	%	(21	%)
Middle East/Asia		1,398		1,429		1,498	(2	%)	(7	%)
Total Revenue	$	3,617	$	3,499	$	4,011	3	%	(10	%)

North America	$	928	$	922	$	1,023	1	%	(9	%)
International	$	2,689	$	2,577	$	2,988	4	%	(10	%)

EBITDA excludes depreciation and amortization of $233 million, $226 million, and $223 million for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. EBITDA margin is defined as EBITDA divided by revenue.

OFSE orders of $3,503 million for the second quarter of 2025 increased by 7% sequentially. Subsea and Surface Pressure Systems orders were $698 million, up 31% sequentially, and down 21% year-over-year.

OFSE revenue of $3,617 million for the second quarter of 2025 was up 3% sequentially, and down 10% year-over-year.

North America revenue was $928 million, up 1% sequentially. International revenue was $2,689 million, up 4% sequentially, with increase in all regions with the exception of Middle East and Asia.

Segment EBITDA for the second quarter of 2025 was $677 million, an increase of $54 million, or 9% sequentially. The sequential increase in EBITDA was primarily driven by productivity, structural cost-out initiatives, volume increase, partially offset by inflation and revenue mix.

Industrial & Energy Technology

(in millions)	Three Months Ended									Variance
Segment results	June 30, 2025			March 31, 2025			June 30, 2024			Sequential		Year-over-year
Orders	$	3,530		$	3,178		$	3,458		11	%	2	%
Revenue	$	3,293		$	2,928		$	3,128		12	%	5	%
EBITDA	$	585		$	501		$	497		17	%	18	%
EBITDA margin		17.8	%		17.1	%		15.9	%	0.7pts		1.9pts

(in millions)	Three Months Ended						Variance
Orders by Product Line	June 30, 2025		March 31, 2025		June 30, 2024		Sequential		Year-over-year
Gas Technology Equipment	$	781	$	1,335	$	1,493	(42	%)	(48	%)
Gas Technology Services		986		913		769	8	%	28	%
Total Gas Technology		1,767		2,248		2,261	(21	%)	(22	%)
Industrial Products		513		501		524	2	%	(2	%)
Industrial Solutions		327		281		281	16	%	16	%
Total Industrial Technology		839		782		805	7	%	4	%
Climate Technology Solutions		923		148		392	F		F
Total Orders	$	3,530	$	3,178	$	3,458	11	%	2	%

(in millions)	Three Months Ended						Variance
Revenue by Product Line	June 30, 2025		March 31, 2025		June 30, 2024		Sequential		Year-over-year
Gas Technology Equipment	$	1,624	$	1,456	$	1,539	12	%	6	%
Gas Technology Services		752		592		691	27	%	9	%
Total Gas Technology		2,377		2,047		2,230	16	%	7	%
Industrial Products		488		445		509	10	%	(4	%)
Industrial Solutions		273		258		262	6	%	4	%
Total Industrial Technology		761		703		770	8	%	(1	%)
Climate Technology Solutions		156		178		128	(12	%)	22	%
Total Revenue	$	3,293	$	2,928	$	3,128	12	%	5	%

EBITDA excludes depreciation and amortization of $56 million, $53 million, and $55 million for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. EBITDA margin is defined as EBITDA divided by revenue.

“F” is used in most instances when variance is above 100%. Additionally, “U” is used when variance is below (100)%.

IET orders of $3,530 million for the second quarter of 2025 increased by $72 million, or 2% year-over-year. The increase was driven primarily by Climate Technology Solutions and partially offset by Gas Technology.

IET revenue of $3,293 million for the second quarter of 2025 increased $165 million, or 5% year-over-year. The increase was driven by Gas Technology Equipment, up $85 million or 6% year-over-year, Gas Technology Services, up $61 million or 9% year-over-year, and Climate Technology Solutions, up $28 million or 22% year-over-year.

Segment EBITDA for the quarter was $585 million, an increase of $88 million, or 18% year-over-year. The year-over-year increase in segment EBITDA was driven by positive pricing, favorable FX, and productivity, partially offset by cost inflation.

Reconciliation of GAAP to non-GAAP Financial Measures

Management provides non-GAAP financial measures because it believes such measures are widely accepted financial indicators used by investors and analysts to analyze and compare companies on the basis of operating performance (including adjusted EBITDA; adjusted net income attributable to Baker Hughes; and adjusted diluted earnings per share) and liquidity (free cash flow) and that these measures may be used by investors to make informed investment decisions. Management believes that the exclusion of certain identified items from several key operating performance measures enables us to evaluate our operations more effectively, to identify underlying trends in the business, and to establish operational goals for certain management compensation purposes. Management also believes that free cash flow is an important supplemental measure of our cash performance but should not be considered as a measure of residual cash flow available for discretionary purposes, or as an alternative to cash flow from operating activities presented in accordance with GAAP.

Table 1a. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted EBITDA and Segment EBITDA

	Three Months Ended
(in millions)	June 30, 2025			March 31, 2025		June 30, 2024
Net income attributable to Baker Hughes (GAAP)	$	701		$	402	$	579
Net income attributable to noncontrolling interests		10			7		2
Provision for income taxes		256			152		243
Interest expense, net		54			51		47
Depreciation & amortization		293			285		283
Change in fair value of equity securities ⁽¹⁾		(119	)		140		(19	)
Other charges and credits ⁽¹⁾		17			—		(6	)
Adjusted EBITDA (non-GAAP)		1,212			1,037		1,130
Corporate costs		78			85		83
Other (income) / expense not allocated to segments		(28	)		1		—
Total Segment EBITDA (non-GAAP)	$	1,262		$	1,124	$	1,213
OFSE		677			623		716
IET		585			501		497

⁽¹⁾Change in fair value of equity securities and other charges and credits are reported in “Other (income) expense, net” on the condensed consolidated statements of income (loss).

Table 1a reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to adjusted EBITDA and Segment EBITDA. Adjusted EBITDA and Segment EBITDA exclude the impact of certain identified items.

Table 1b. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted Net Income Attributable to Baker Hughes

	Three Months Ended
(in millions, except per share amounts)	June 30, 2025			March 31, 2025			June 30, 2024
Net income attributable to Baker Hughes (GAAP)	$	701		$	402		$	579
Change in fair value of equity securities		(119	)		140			(19	)
Other adjustments		17			—			14
Tax adjustments⁽¹⁾		24			(32	)		(6	)
Total adjustments, net of income tax		(78	)		108			(11	)
Less: adjustments attributable to noncontrolling interests		—			—			—
Adjustments attributable to Baker Hughes		(78	)		108			(11	)
Adjusted net income attributable to Baker Hughes (non-GAAP)	$	623		$	509		$	568

Denominator:
Weighted-average shares of Class A common stock outstanding diluted		991			999			1,001
Adjusted earnings per share – diluted (non-GAAP)	$	0.63		$	0.51		$	0.57

⁽¹⁾All periods reflect the tax associated with the other (income) loss adjustments.

Table 1b reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to adjusted net income attributable to Baker Hughes. Adjusted net income attributable to Baker Hughes excludes the impact of certain identified items.

Table 1c. Reconciliation of Net Cash Flows from Operating Activities to Free Cash Flow

	Three Months Ended
(in millions)	June 30, 2025			March 31, 2025			June 30, 2024
Net cash flows from operating activities (GAAP)	$	510		$	709		$	348
Add: cash used for capital expenditures, net of proceeds from disposal of assets		(271	)		(255	)		(242	)
Free cash flow (non-GAAP)	$	239		$	454		$	106

Table 1c reconciles net cash flows from operating activities, which is the directly comparable financial result determined in accordance with GAAP, to free cash flow. Free cash flow is defined as net cash flows from operating activities less expenditures for capital assets plus proceeds from disposal of assets.

Financial Tables (GAAP)

Condensed Consolidated Statements of Income (Loss)
(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
(In millions, except per share amounts)		2025			2024			2025			2024
Revenue	$	6,910		$	7,139		$	13,337		$	13,557
Costs and expenses:
Cost of revenue		5,295			5,493			10,247			10,469
Selling, general and administrative		567			643			1,144			1,261
Research and development costs		161			158			307			322
Other (income) expense, net		(134	)		(26	)		6			(48	)
Interest expense, net		54			47			105			88
Income before income taxes		967			824			1,528			1,465
Provision for income taxes		(256	)		(243	)		(408	)		(421	)
Net income		711			581			1,120			1,044
Less: Net income attributable to noncontrolling interests		10			2			17			10
Net income attributable to Baker Hughes Company	$	701		$	579		$	1,103		$	1,034

Per share amounts:
Basic income per Class A common stock	$	0.71		$	0.58		$	1.11		$	1.04
Diluted income per Class A common stock	$	0.71		$	0.58		$	1.11		$	1.03

Weighted average shares:
Class A basic		988			996			990			997
Class A diluted		991			1,001			995			1,002

Cash dividend per Class A common stock	$	0.23		$	0.21		$	0.46		$	0.42

Condensed Consolidated Statements of Financial Position
(Unaudited)

(In millions)	June 30, 2025		December 31, 2024
ASSETS
Current Assets:
Cash and cash equivalents	$	3,087	$	3,364
Current receivables, net		6,511		7,122
Inventories, net		5,105		4,954
All other current assets		2,915		1,771
Total current assets		17,618		17,211
Property, plant and equipment, less accumulated depreciation		5,176		5,127
Goodwill		5,801		6,078
Other intangible assets, net		3,919		3,951
Contract and other deferred assets		1,841		1,730
All other assets		4,385		4,266
Total assets	$	38,740	$	38,363
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable	$	4,340	$	4,542
Short-term debt		66		53
Progress collections and deferred income		5,680		5,672
All other current liabilities		2,429		2,724
Total current liabilities		12,515		12,991
Long-term debt		5,968		5,970
Liabilities for pensions and other postretirement benefits		997		988
All other liabilities		1,392		1,359
Equity		17,868		17,055
Total liabilities and equity	$	38,740	$	38,363

Outstanding Baker Hughes Company shares:
Class A common stock		985		990

Condensed Consolidated Statements of Cash Flows
(Unaudited)

	Three Months Ended June 30,			Six Months Ended June 30,
(In millions)		2025			2025			2024
Cash flows from operating activities:
Net income	$	711		$	1,120		$	1,044
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization		293			579			566
Stock-based compensation cost		52			102			101
Change in fair value of equity securities		(119	)		21			(71	)
(Benefit) provision for deferred income taxes		36			(17	)		33
Working capital		(120	)		98			(36	)
Other operating items, net		(343	)		(684	)		(505	)
Net cash flows provided by operating activities		510			1,219			1,132
Cash flows from investing activities:
Expenditures for capital assets		(301	)		(601	)		(625	)
Proceeds from disposal of assets		30			74			101
Other investing items, net		(15	)		(69	)		(6	)
Net cash flows used in investing activities		(286	)		(596	)		(530	)
Cash flows from financing activities:
Repayment of long-term debt		—			—			(125	)
Dividends paid		(227	)		(456	)		(419	)
Repurchase of Class A common stock		(196	)		(384	)		(324	)
Other financing items, net		(20	)		(105	)		(61	)
Net cash flows used in financing activities		(443	)		(945	)		(929	)
Effect of currency exchange rate changes on cash and cash equivalents		29			45			(35	)
Decrease in cash and cash equivalents		(190	)		(277	)		(362	)
Cash and cash equivalents, beginning of period		3,277			3,364			2,646
Cash and cash equivalents, end of period	$	3,087		$	3,087		$	2,284
Supplemental cash flows disclosures:
Income taxes paid, net of refunds	$	211		$	418		$	336
Interest paid	$	98		$	148		$	150

Supplemental Financial Information

Supplemental financial information can be found on the Company’s website at: investors.bakerhughes.com in the Financial Information section under Quarterly Results.

Conference Call and Webcast

The Company has scheduled an investor conference call to discuss management’s outlook and the results reported in today’s earnings announcement. The call will begin at 9:30 a.m. Eastern time, 8:30 a.m. Central time on Wednesday, July 23, 2025, the content of which is not part of this earnings release. The conference call will be broadcast live via a webcast and can be accessed by visiting the Events and Presentations page on the Company’s website at: investors.bakerhughes.com. An archived version of the webcast will be available on the website for one month following the webcast.

Forward-Looking Statements

This news release (and oral statements made regarding the subjects of this release) may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, (each a “forward-looking statement”). Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “would,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target,” “goal” or other similar words or expressions. There are many risks and uncertainties that could cause actual results to differ materially from our forward-looking statements. These forward-looking statements are also affected by the risk factors described in the Company’s annual report on Form 10-K for the annual period ended December 31, 2024 and those set forth from time to time in other filings with the Securities and Exchange Commission (“SEC”). The documents are available through the Company’s website at: www.investors.bakerhughes.com or through the SEC’s Electronic Data Gathering and Analysis Retrieval system at: www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

Our expectations regarding our business outlook and business plans; the business plans of our customers; oil and natural gas market conditions; cost and availability of resources; economic, legal and regulatory conditions, and other matters are only our forecasts regarding these matters.

These forward-looking statements, including forecasts, may be substantially different from actual results, which are affected by many risks, along with the following risk factors and the timing of any of these risk factors:

Economic and political conditions – the impact of worldwide economic conditions and rising inflation; the impact of tariffs and the potential for significant increases thereto; the impact of global trade policy and the potential for significant changes thereto; the effect that declines in credit availability may have on worldwide economic growth and demand for hydrocarbons; foreign currency exchange fluctuations and changes in the capital markets in locations where we operate; and the impact of government disruptions and sanctions.

Orders and RPO – our ability to execute on orders and RPO in accordance with agreed specifications, terms and conditions and convert those orders and RPO to revenue and cash.

Oil and gas market conditions – the level of petroleum industry exploration, development and production expenditures; the price of, volatility in pricing of, and the demand for crude oil and natural gas; drilling activity; drilling permits for and regulation of the shelf and the deepwater drilling; excess productive capacity; crude and product inventories; liquefied natural gas supply and demand; seasonal and other adverse weather conditions that affect the demand for energy; severe weather conditions, such as tornadoes and hurricanes, that affect exploration and production activities; Organization of Petroleum Exporting Countries (“OPEC”) policy and the adherence by OPEC nations to their OPEC production quotas.

Terrorism and geopolitical risks – war, military action, terrorist activities or extended periods of international conflict, particularly involving any petroleum-producing or consuming regions, including Russia and Ukraine; and the recent conflict in the Middle East; labor disruptions, civil unrest or security conditions where we operate; potentially burdensome taxation, expropriation of assets by governmental action; cybersecurity risks and cyber incidents or attacks; epidemic outbreaks.

About Baker Hughes:

Baker Hughes (Nasdaq: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

For more information, please contact:

Investor Relations

Chase Mulvehill
+1 346-297-2561
investor.relations@bakerhughes.com

Media Relations

Adrienne M. Lynch
+1 713-906-8407
adrienne.lynch@bakerhughes.com

The MIL Network –

July 23, 2025

MIL-OSI: Baker Hughes Company Announces Second-Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

Second-quarter highlights

Orders of $7.0 billion, including $3.5 billion of IET orders.
RPO of $34.0 billion, including record IET RPO of $31.3 billion.
Revenue of $6.9 billion, down 3% year-over-year.
Attributable net income of $701 million.
GAAP diluted EPS of $0.71 and adjusted diluted EPS* of $0.63.
Adjusted EBITDA* of $1,212 million, up 7% year-over-year.
Cash flows from operating activities of $510 million and free cash flow* of $239 million.
Returns to shareholders of $423 million, including $196 million of share repurchases.

HOUSTON and LONDON, July 22, 2025 (GLOBE NEWSWIRE) — Baker Hughes Company (Nasdaq: BKR) (“Baker Hughes” or the “Company”) announced results today for the second quarter of 2025.

“We delivered strong second-quarter results, with total adjusted EBITDA margins increasing 170 basis points year-over-year to 17.5% despite a modest decline in revenue. This performance reflects the benefits of structural cost improvements and continued deployment of our business system, which is driving higher productivity, stronger operating leverage and more durable earnings across the company,” said Lorenzo Simonelli, Baker Hughes Chairman and Chief Executive Officer.

“IET orders totaled $3.5 billion in the quarter, resulting in another record backlog for the segment. Importantly, order momentum remained strong, supported by more than $550 million of data center related orders, despite the absence of large LNG awards. Following a strong first half and a positive outlook for second half awards, we are confident of achieving the full-year order guidance range for IET.”

“We remain confident in our ability to deliver solid performance in 2025, with continued growth in IET helping to offset softness in more market-sensitive areas of OFSE – underscoring the strength of our portfolio and the benefits of our strategic diversification. Accordingly, we are raising our full-year revenue and EBITDA guidance for IET and reestablishing full-year guidance for OFSE.”

“During the quarter, we also announced three strategic transactions to advance our portfolio optimization strategy, reinforcing efforts to enhance the durability of earnings and cash flow while creating long-term value for shareholders. These actions are designed to unlock value from non-core businesses in our portfolio and redeploy that capital into higher-margin opportunities that fit our financial and strategic frameworks.”

“We are progressing with our strategy of positioning the company for sustainable, differentiated growth and commend the focus and dedication of our people in executing this strategy,” concluded Simonelli.

* Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

	Three Months Ended						Variance
(in millions except per share amounts)	June 30, 2025		March 31, 2025		June 30, 2024		Sequential		Year-over-year
Orders	$	7,032	$	6,459	$	7,526	9	%	(7	%)
Revenue		6,910		6,427		7,139	8	%	(3	%)
Net income attributable to Baker Hughes		701		402		579	74	%	21	%
Adjusted net income attributable to Baker Hughes*		623		509		568	22	%	10	%
Adjusted EBITDA*		1,212		1,037		1,130	17	%	7	%
Diluted earnings per share (EPS)		0.71		0.40		0.58	76	%	22	%
Adjusted diluted EPS*		0.63		0.51		0.57	23	%	11	%
Cash flow from operating activities		510		709		348	(28	%)	47	%
Free cash flow*		239		454		106	(47	%)	F