Economy – Page 686 – NewzIntel.com

MIL-OSI USA: Senator Murray’s Bill to Reauthorize Northwest Straits Commission Passes Through Senate Science Committee

US Senate News:

Source: United States Senator for Washington State Patty Murray

Senator Murray has worked tirelessly to fund the Northwest Straits Commission every single year since 1998

ICYMI: Senator Murray, Cantwell, and Rep. Larsen Reintroduce Legislation to Permanently Reauthorize Northwest Straits Commission

Washington, D.C. — Today, Senators Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, and Maria Cantwell (D-WA), ranking member of the Senate Commerce, Science, and Transportation Committee and senior member of the Senate Finance Committee, announced that the Northwest Straits Marine Conservation Initiative Reauthorization Act of 2025 passed out of the Senate Commerce, Science and Transportation Committee. The legislation would reauthorize the Northwest Straits Commission in the Puget Sound, and fund it at $3 million each fiscal year for the next five years, through Fiscal Year 2031.

Murray and Cantwell’s bill will now have to pass through the full Senate and the House before it can be signed into law.

The Northwest Straits Commission is a community-led effort to restore marine habitats in the Northwest Straits region and address local threats to marine environments with projects such as restoring shellfish populations, protecting vulnerable ecosystems, and promoting growth for native water and shore-based plants. The Northwest Straits Commission provides funding, training, and support to seven county-based Marine Resources Committees (MRCs). The Commission advises local officials on how to best carry out environmental projects and provides expertise to community organizations to help them be partners in their work by, for example, training volunteers to identify forage fish spawning sites. Senator Murray led the authorization of the Northwest Straits Commission in 1998 and has secured federal funding for the Commission every single year in the decades since.

“I first established the Northwest Straits Commission with bipartisan support in 1998, to ensure our rich marine resources in the Northwest Straits stay healthy—which in Washington state is critical for our local communities, Tribes, and economy,” said Senator Murray. “This legislation would help provide a strong and consistent funding stream for the Commission and ensure partners on the ground can expand their efforts to protect our marine species and habitats and support our outdoor recreation economy. I am proud to continue leading the charge to authorize the Northwest Straits Commission, and I will keep fighting to secure federal funding for this effort as I have done since I first helped establish the commission.”

“The Puget Sound and the Straits are [among the busiest] waterways in the nation, and just happen to intersect with also some of the most beautiful habitat and species in the nation as well,” Sen. Cantwell said. “Having the Straits Commission continue to do their work is very important.”

The Northwest Straits Commission is supported by a wide range of stakeholders, including state and federal agencies, elected leaders, and Tribal partners throughout the Puget Sound Region.

The Northwest Straits Commission was established following the bipartisan partnership of Senator Murray and former Congressman Jack Metcalf. Murray and Metcalf released a report in 1998 that laid the groundwork for the Northwest Straits Commission and its work protecting marine habitats, and later that year, Senator Murray successfully authorized the Northwest Straits Commission for a six-year period. Over the years, Senator Murray has helped secure tens of millions of dollars in federal funding for the Northwest Straits Commission’s restoration work and research—part of Senator Murray’s longtime, steadfast commitment to salmon recovery in the Pacific Northwest.

Last year, as Chair of the Senate Appropriations Committee, Senator Murray secured $1 million for the Northwest Straits Initiative through programmatic funding in the appropriations bills she wrote and passed into law in March 2024—this was the first time Northwest Straits received programmatic funding since the original authorization expired in 2004, and is significant in helping to ensure the Commission is funded. In the appropriations bills for Fiscal Years 2022 and 2023, Senator Murray secured a total of $6 million in Congressionally Directed Spending (CDS) funding for the Northwest Straits Commission; that funding was essential to the removal of the “Windjammer” sailboat that had been partially submerged near the Kukutali Preserve since 2009 on Swinomish Tribal tideland. Prior to the return of Congressionally Directed Spending in Fiscal Year 2022, Murray ensured the Northwest Straits Commission received annual funding through the EPA’s Puget Sound Geographic Program. Prior to that, Murray secured CDS funding for the Northwest Straits Commission after the original authorization for the Commission expired in 2004.

The text of the Northwest Straits Marine Conservation Initiative Reauthorization Act of 2025 is HERE.

MIL OSI USA News –

May 1, 2025

MIL-OSI USA: Welch Questions Trump’s Nominee to lead Customs and Border Protection: “I hope you can find a way to be really respectful of the long-term traditions that have been very beneficial for Vermonters.”

US Senate News:

Source: United States Senator Peter Welch (D-Vermont)

WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.) questioned Rodney Scott, President Trump’s nominee to be the Commissioner of U.S. Customs and Border Protection in a Senate Finance Committee hearing today.
Senator Welch asked how Mr. Scott plans to balance public safety while respecting migrants’ contributions to their communities and our agriculture industry, specifically discussing the recent arrests and detention of eight migrant farmworkers. Senator Welch also pushed the nominee on CBP’s limited hours at Land Ports of Entry between Vermont and Canada, as well as how CBP will work with northern border communities to protect shared traditions and institutions, like the Haskell Free Library and Opera House.
Watch the exchange between Senator Welch and Rodney Scott, President Trump’s pick to lead U.S. Customs and Border Protection:

Read excerpts of Senator Welch’s questioning below:
Sen. Welch: You’ve got a big responsibility, obviously, to have the border secure, criminals to be deported. But there’s also an element where the overreach in the power of prosecution and in the power of law enforcement—as you know better than anyone—is immense, can have some harmful consequences.
We’ve got folks working on dairy farms, and we just had one of our most prominent dairy farms—there was an incident there. That farm, by the way, has extremely good relations with CBP folks. These farmers understand the importance of the job. But there was apparently an ‘anonymous tip’ about somebody with a backpack that led to eight farmworkers being arrested—they’re now in detention. We’ve got to milk our cows. We’ve got to have access to labor. None of these folks have any criminal record, and really this is a question about priorities.
I’m all with my colleagues here on securing the border. I’m all with my colleagues on deporting criminals. But my goodness, we need farmworkers. How are you going to balance the aggressive efforts of the Trump Administration on the border and make distinctions between where you best can act in order to protect the public and not harm agriculture?
Scott: Thank you. So, Customs and Border Protection’s role is a little bit unique in that we’re focused on the interdiction aspect. So, we’re focused on people coming into the United States illegally at the borders or an international border, we’re not doing the interior enforcement aspects. But I will highlight that I don’t support asking law enforcement officers to not enforce the law that’s in front of them. And that’s kind of the challenge. I like highlighting the fact that we have a visa process now where it may not be the easiest on the planet, but it’s not as hard for employers to actually get guestworkers to come in—not a guestworker, but an HB1V…
Sen. Welch: This farm did that. But there’s always a dispute and there’s always a suspicion. These people, I spoke to the farmer, none of them have any criminal records, they’re all valued members of the community. And by the way, the economy—this is Franklin County in northern Vermont—has really benefited, obviously, by the wages that are paid, by the money that’s spent, and by maintaining these farms. I mean, these are real-world consequences for real people in Vermont. And I suspect, real people in many other states, especially along the northern border.
Scott: If confirmed as Commissioner, I’ll ensure that we enforce all of the laws that CBP enforces—immigration and customs—with humanity and respect and work with the communities. But I can’t apologize for actually enforcing the laws that Congress enacted and put on the books and asked us to enforce.
Sen. Welch: I’m not asking you to apologize. And you do have a point, because it’s on Congress that we don’t have a sensible policy on ag workers. That is on us. But you know what? We’ve got to do something about it. It’s horrible, what just happened to this farm—really terrible. These are all good people that are working there, and they’ve been separated from their families.
Land ports of entry in Vermont: We have a library that literally—you know about this—is between the border between Canada and in Vermont. And this is one of the challenges you face. Canadians come in the back door, which is on the Canadian side, and Vermonters go in the front door, which is on the Vermont side. And now we’re getting hassled about being able to maintain something that has served that community for 120 years. So, I get it that you’ve got to ‘enforce the law,’ but is it a real issue about Canadians coming into the Canadian side of a Vermont library to get a book?
Scott: So, I’m somewhat familiar with that library. I have not visited, but I’ve heard the challenges in both perspectives. The community, the history, the interaction, and then how like many times when we unintentionally create a vulnerability, how criminal elements will exploit it.
Sen. Welch: But there’s no criminal elements going to the Haskell Library to check out a book.
Scott: Well, they go in there, but it’s not to check out a book, I would agree. But my commitment to you is if confirmed, I will sit down and talk through issues like that. That we’re not going to make decisions in a vacuum.
Sen. Welch: I appreciate that.

MIL OSI USA News –

May 1, 2025

MIL-OSI USA: Kelly, Panetta introduce bipartisan bill to boost retirement security through ESOPs

Source: United States House of Representatives – Representative Mike Kelly (R-PA)

WASHINGTON, D.C. — Today, U.S. Representatives Mike Kelly (R-PA), Chairman of the Ways & Means Subcommittee on Tax, and Jimmy Panetta (D-CA) introduced The Promotion and Expansion of Private Employee Ownership Act of 2025, legislation to grow and promote employee ownership through private ESOPs (Employee Stock Ownership Plans), a proven way to create stable jobs, build retirement wealth, and promote business growth.

“By expanding Employee Stock Ownership Plans (ESOPs), we can put more hardworking Americans on the path to financial prosperity and a secure retirement,” said Rep. Kelly. “This bipartisan, bicameral plan is a win-win for workers and businesses: it allows businesses to include employee ownership in the compensation package, and ESOPs often retain more employees as a result. This is great legislation for both the employer and employee alike!”

“Too many hardworking Americans are approaching retirement without financial security and peace of mind,” said Rep. Panetta. “By helping businesses become employee-owned through their retirement plans, this bipartisan bill would give workers a stake in their company and a stronger path to build savings. When employees have ownership, businesses do better, communities grow stronger, and our economy becomes more resilient.”

“Employee Stock Ownership Plans (ESOPs) empower hardworking Americans to achieve financial prosperity and secure their retirement while helping their companies grow and thrive,” said Stephanie Silverman, President and CEO of the Employee-Owned S Corporations of America (ESCA). “With job stability and economic growth a top priority for all workers, creating additional employee ownership opportunities is one way Congress can help more Americans retire with confidence and weather economic uncertainty.”

The Promotion and Expansion of Private Employee Ownership Act of 2025 would encourage S corporation business owners to form an ESOP, especially when looking to transition ownership.

BACKGROUND

Additionally, the bill would:

Provide needed technical assistance for companies that may be interested in forming an ESOP;
Ensure small businesses that become ESOP-owned retain their SBA certification;
Create an Advocate for Employee Ownership at the U.S. Department of Labor.

At introduction, Representatives Kelly and Panetta were joined by six original cosponsors on the House Ways & Means Committee: Reps. Ron Estes (R-KS), Brad Schneider (D-IL), Carol Miller (R-WV), Danny Davis (D-IL), Blake Moore (R-UT) and Terri Sewell (D-AL).

MIL OSI USA News –

May 1, 2025

MIL-OSI: Anoto publishes its annual report for 2024 and corrects for changes in the results as reported in the year-end report

Source: GlobeNewswire (MIL-OSI)

Stockholm, 30 April 2025 – Anoto Group AB (publ) (“Anoto”) today publishes its annual report for 2024 and corrects for changes in the results as reported in the year-end report published on 28 February 2025. The annual report is available on the Company’s website, www.anoto.com.

Compared to previously communicated results in the year-end report for 2024, Anoto reports a change in the results in the annual report. The corrections result in an improvement of our total comprehensive income for the year of 299 KSEK (-49,206 KSEK to -48,907 KSEK), which stems from an increase of 299 KSEK (29,770 KSEK to 30,069 KSEK) in net sales previously not considered.

The Group also reports changes to classifications of costs: a one-time write down of components in inventory from operating expenses to cost of goods sold, the categorization of intercompany interest from other income to financial items and revising the presentation of the undeposited funds from the share issue completed in 2024, from cash and cash equivalents to other current receivables.

These classification changes do not change our overall results for the year but affect individual line items within our financial statements.

The Group also reports a change in the results of the parent company, these changes have no impact on the Group’s consolidated results. The changes to the parent company results are from a write-down of participation and loan receivables in subsidiaries. As a result of updated impairment testing done on subsidiaries, the parent company has elected to write down 40.1 MSEK on the value of the parent company’s participation in Anoto AB. In addition, the parent company has elected to write down an additional 125.3 MSEK in receivables from subsidiaries: 7.3 MSEK from Anoto Korea, 104.5 MSEK from Anoto AB, and 13.5 MSEK from Anoto Ltd. These changes have been updated in the annual report for 2024, with no impact on the Group’s consolidated results.

Adrian Weller was not a member of the board during the reporting period covered by the annual report for the year 2024. As such, he is unable to verify the accuracy of the financial statements and management reports from personal experience or knowledge. His approval of the annual report is based entirely on the representations made by management and the auditor’s report

For further information contact:

Kevin Adeson, Chairman of the Board of Directors

For more information about Anoto, visit www.anoto.com or email ir@anoto.com

Anoto Group AB (publ), Reg.No. 556532-3929, Flaggan 1165, 116 74 Stockholm

This information constitutes inside information as Anoto Group AB (publ) is obliged to disclose under the EU Market Abuse Regulation 596/2014. The information was provided by the contact person above for publication on 30 April 2025 at 23:30 CEST.

About Anoto Group

Anoto Group AB (Nasdaq Stockholm: ANOT) is a publicly held Swedish technology company and the original inventor of the digital pen and dot pattern technology. Anoto develops intelligent pens, paper and software that seamlessly bridge handwritten input and the digital world. Its core business lines include ‘inq’ and ‘Livescribe’ retail products as well as enterprise workflow solutions. Anoto’s smartpens are used globally by students, professionals, and organizations to enhance productivity, creativity, and data capture. With a renewed focus on high-quality design, software innovation, and customer experience, Anoto is driving the next generation of digital writing.

Attachments

The MIL Network –

May 1, 2025

MIL-OSI: Finward Bancorp Announces Earnings for the Quarter Ended March 31, 2025

Source: GlobeNewswire (MIL-OSI)

MUNSTER, Ind., April 30, 2025 (GLOBE NEWSWIRE) — Finward Bancorp (Nasdaq: FNWD) (the “Bancorp”), the holding company for Peoples Bank (the “Bank”), today announced that net income available to common stockholders was $456 thousand, or $0.11 per diluted share, for the quarter ended March 31, 2025, as compared to $2.1 million, or $0.49 per diluted share for the quarter ended December 31, 2024, and as compared to $9.3 million or $2.17 per diluted share for the quarter ended March 31, 2024. Selected performance metrics are as follows for the periods presented:

Finward Bancorp
Quarterly Financial Report

Performance Ratios	Quarter ended,
(unaudited)	March 31,		December 31,		September 30,		June 30,		March 31,
	2025		2024		2024		2024		2024
Return on equity	1.17	%	5.39	%	1.60	%	0.39	%	24.97	%
Return on assets	0.09	%	0.41	%	0.12	%	0.03	%	1.77	%
Tax adjusted net interest margin (Non-GAAP)	2.95	%	2.79	%	2.66	%	2.67	%	2.57	%
Noninterest income / average assets	0.43	%	0.72	%	0.55	%	0.50	%	2.57	%
Noninterest expense / average assets	2.81	%	2.75	%	2.80	%	2.79	%	2.86	%
Efficiency ratio	93.11	%	87.20	%	97.32	%	98.56	%	59.41	%

“Margin continued to expand in the first quarter as deposits repriced lower, continuing the trend we have seen over the past year. With economic uncertainty potentially increasing, we are maintaining our focus on capital and credit quality. Non-performing loans improved in the first quarter, and our Provision for Credit Loss was driven by model-related factors that reflect the broader trends we see in the economy. Seasonal and timing factors impacted operating expense and non-interest income, and we see opportunity in both areas as the year moves forward,” said Benjamin Bochnowski, CEO. “Our team remains focused on continued improvement in operating results, and on serving our customers and communities.”

Highlights of the current period include:

Net Interest Margin – The net interest margin for the quarter ended March 31, 2025, was 2.81%, compared to 2.65% for the quarter ended December 31, 2024. The tax-adjusted net interest margin (a non-GAAP measure) for the quarter ended March 31, 2025, was 2.95%, compared to 2.79% for the quarter ended December 31, 2024. The increased net interest margin for the three months ended March 31, 2025 compared to December 31, 2024 is primarily the result of reduced deposit and borrowing costs as a result of the Federal Reserve’s reduction of federal funds rates during the last four months of 2024. See Table 1 at the end of this press release for a reconciliation of the tax-adjusted net interest margin to the GAAP net interest margin.

Funding – As of March 31 2025, deposits totaled $1.8 billion, a decrease of $10.2 million, or 0.6% compared to December 31, 2024, which also totaled $1.8 billion. As of March 31, 2025, non-interest-bearing deposits totaled $281.5 million, an increase of $18.1 million or 6.9%, compared to December 31, 2024. Core deposits totaled $1.2 billion at both March 31, 2025 and December 31, 2024. Core deposits include checking, savings, and money market accounts and represented 68.9% of the Bancorp’s total deposits at March 31, 2025. As of March 31, 2025, balances for certificates of deposit totaled $544.8 million, compared to $560.3 million on December 31, 2024, a decrease of $15.5 million or 2.8%. The decline in total portfolio deposits is primarily related to cyclical flows and continued adjustments to deposit pricing. The increase in non-interest-bearing deposits is primarily attributable to inflows of business-related checking deposits after year-end. In addition, as of March 31, 2025, borrowings and repurchase agreements totaled $101.7 million, a decrease of $3.4 million or 3.2%, compared to December 31, 2024. The decrease in short-term borrowings was the result of cyclical inflows and outflows of interest-earning assets and interest-bearing liabilities.
As of March 31, 2025, 72% of our deposits are fully FDIC insured, and another 9% are further backed by the Indiana Public Deposit Insurance Fund. The Bancorp’s liquidity position remains strong with solid core deposit customer relationships, excess cash, debt securities, contractual loan repayments, and access to diversified borrowing sources. As of March 31, 2025, the Bancorp had available liquidity of $697 million including borrowing capacity from the FHLB and Federal Reserve facilities.

Securities Portfolio – Securities available for sale balances decreased by $3.5 million to $330.1 million as of March 31, 2025, compared to $333.6 million as of December 31, 2024. The decrease in securities available for sale was primarily due to continued portfolio runoff. Accumulated other comprehensive loss (“AOCL”) was $58.2 million as of March 31, 2025, compared to $58.1 million on December 31, 2024, a decline of $160.4 thousand, or 0.3%. The yield on the securities portfolio increased to 2.38% for the three months ended March 31, 2025 from 2.34% for the three months ended December 31, 2024. Management did not execute any securities sale transactions during the quarter.

Lending – The Bank’s aggregate loan portfolio totaled $1.5 billion on both March 31, 2025 and December 31, 2024. During the three months ended March 31, 2025, the Bank originated $36.7 million in new commercial loans, compared to $25.0 million during the three months ended December 31, 2024. The loan portfolio represents 79.1% of earning assets and is comprised of 62.6% commercial-related credits. At March 31, 2025, the Bancorp’s portfolio loan balances in commercial real estate owner occupied properties totaled $236.9 million or 15.7% of total loan balances and commercial real estate non-owner-occupied properties totaled $302.8 million or 20.1% of total loan balances. Of the $302.8 million in commercial real estate non-owner-occupied properties balances, loans collateralized by office buildings represented $40.4 million or 2.7% of total loan balances.

Asset Quality – At March 31, 2025, non-performing loans totaled $12.5 million, compared to $13.7 million at December 31, 2024, a decrease of $1.3 million or 9.1%. The Bank’s ratio of non-performing loans to total loans was 0.84% at March 31, 2025, compared to 0.91% at December 31, 2024. The Bank’s ratio of non-performing assets to total assets was 0.69% at March 31, 2025, compared to 0.74% at December 31, 2024. Management maintains a vigilant oversight of nonperforming loans through proactive relationship management.
The allowance for credit losses (ACL) on loans totaled $17.9 million at March 31, 2025, or 1.20% of total loans receivable, compared to $16.9 million at December 31, 2024, or 1.12% of total loans receivable, an increase of $1 million or 6.2%. The Bank’s unused commitment reserve, included in other liabilities, totaled $2.1 million at March 31, 2025, compared to $2.7 million at December 31, 2024, a decrease of $622 thousand or 22.7%.

For the quarter ended March 31, 2025, the Bank recorded a net provision for credit loss expense totaling $454 thousand based on historical loss rate updates, migration of loan and unfunded commitment segment balances, and other factors within the Bank’s ACL modeling. The first quarter’s provision expense consisted of a $1.1 million provision for credit losses on loans, and a $623 thousand reversal of provision for credit losses on unused commitments. The decrease in the Bank’s unused commitment reserve was primarily due to lower loss rates. For the quarter ended March 31, 2025, net charge-offs, totaled $32.7 thousand, compared to $2.2 million for the quarter ended December 31, 2024, a decrease of $2.1 million, or a decline of 97.2%. The ACL as a percentage of non-performing loans, or coverage ratio, was 143.8% at March 31, 2025 compared to 123.1% at December 31, 2024.

Operating Expenses – Non-interest expense as a percentage of average assets was 2.81% for the quarter ended March 31, 2025, as compared to 2.75% for the quarter ended December 31, 2024. The increase in non-interest expenses quarter over quarter was primarily attributable to increased compensation and benefit expenses offset by reduced data processing and marketing expenses. The Bank remains focused on identifying additional operating efficiencies and third-party expense reductions. Compensation and benefits expense is up 3.7% for the quarter ended March 31, 2025, compared to the quarter ended March 31, 2024, primarily due to annual merit-based salary increases during the quarter ended March 31, 2025.

Capital Adequacy – As of March 31, 2025, the Bank’s tier 1 capital to adjusted average assets ratio was 8.48%, an improvement of 0.01% compared to 8.47% at December 31, 2024. The Bank’s capital continues to exceed all applicable regulatory capital requirements as set forth in 12 C.F.R. § 324. The Bancorp’s tangible book value per share was $29.55 at March 31, 2025, up from $29.48 as of December 31, 2024 (a non-GAAP measure). Tangible common equity to total assets was 6.26% at March 31, 2025, up from 6.17% as of December 31, 2024 (a non-GAAP measure). Excluding accumulated other comprehensive losses, tangible book value per share increased to $43.02 as of March 31, 2025, from $42.94 as of December 31, 2024 (a non-GAAP measure). See Table 1 at the end of this press release for a reconciliation of the tangible book value per share, tangible book value per share adjusted for other accumulated comprehensive losses, tangible common equity as a percentage of total assets, and tangible common equity as a percentage of total assets adjusted for accumulated other comprehensive losses to the related GAAP ratios.

Disclosures Regarding Non-GAAP Financial Measures
Reported amounts are presented in accordance with GAAP. In this press release, the Bancorp also provides certain financial measures identified as non-GAAP. The Bancorp’s management believes that the non-GAAP information, which consists of tangible common equity, tangible common equity adjusted for accumulated other comprehensive losses, tangible book value per share, tangible book value per share adjusted for accumulated other comprehensive losses, tangible common equity/total assets, tax-adjusted net interest margin, and efficiency ratio, which can vary from period to period, provides a better comparison of period to period operating performance. The adjusted net interest income and tax-adjusted net interest margin measures recognize the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes. Additionally, the Bancorp believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Refer to Table 1 – Reconciliation of Non-GAAP Financial Measures at the end of this document for a reconciliation of the non-GAAP measures identified herein and their most comparable GAAP measures.

About Finward Bancorp
Finward Bancorp is a locally managed and independent financial holding company headquartered in Munster, Indiana, whose activities are primarily limited to holding the stock of Peoples Bank. Peoples Bank provides a wide range of personal, business, electronic and wealth management financial services from its 26 locations in Lake and Porter Counties in Northwest Indiana and Chicagoland. Finward Bancorp’s common stock is quoted on The NASDAQ Stock Market, LLC under the symbol FNWD. The website ibankpeoples.com provides information on Peoples Bank’s products and services, and Finward Bancorp’s investor relations.

Forward Looking Statements
This press release may contain forward-looking statements regarding the financial performance, business prospects, growth and operating strategies of the Bancorp. For these statements, the Bancorp claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this communication should be considered in conjunction with the other information available about the Bancorp, including the information in the filings the Bancorp makes with the SEC. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. Forward-looking statements are typically identified by using words such as “anticipate,” “estimate,” “project,” “intend,” “plan,” “believe,” “will” and similar expressions in connection with any discussion of future operating or financial performance.

Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include: changes in domestic and international trade policies, including tariffs and other non-tariff barriers, and the effects of such changes on the Bank and its customers; the Bank’s ability to demonstrate compliance with the terms of the previously disclosed consent order and memorandum of understanding entered into between the Bank and the Federal Deposit Insurance Corporation (“FDIC”) and Indiana Department of Financial Institutions (“DFI”), or to demonstrate compliance to the satisfaction of the FDIC and/or DFI within prescribed time frames; the Bank’s agreement under the memorandum of understanding to refrain from paying cash dividends without prior regulatory approval; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates, market liquidity, and capital markets, as well as the magnitude of such changes, which may reduce net interest margins; the aggregate effects of inflation experienced in recent years; further deterioration in the market value of securities held in the Bancorp’s investment securities portfolio, whether as a result of macroeconomic factors or otherwise; customer acceptance of the Bancorp’s products and services; customer borrowing, repayment, investment, and deposit practices; customer disintermediation; the introduction, withdrawal, success, and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with mergers, acquisitions, and divestitures; economic conditions; and the impact, extent, and timing of technological changes, capital management activities, regulatory actions by the Federal Deposit Insurance Corporation and Indiana Department of Financial Institutions, and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Bancorp’s reports (such as the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s Internet website (www.sec.gov). All subsequent written and oral forward-looking statements concerning matters attributable to the Bancorp or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Except as required by law, The Bancorp does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statement is made.

In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, capital impacts of strategic initiatives, market conditions, and regulatory and accounting considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends.

FOR FURTHER INFORMATION
CONTACT SHAREHOLDER SERVICES
(219) 853-7575


Finward Bancorp
Quarterly Financial Report

Performance Ratios	Quarter ended,
(unaudited)	March 31,	December 31,	September 30,	June 30,	March 31,
	2025	2024	2024	2024	2024
Return on equity	1.17%	5.39%	1.60%	0.39%	24.97%
Return on assets	0.09%	0.41%	0.12%	0.03%	1.77%
Yield on loans	5.25%	5.27%	5.22%	5.11%	5.02%
Yield on security investments	2.38%	2.34%	2.37%	2.43%	2.37%
Total yield on earning assets	4.71%	4.74%	4.70%	4.64%	4.52%
Cost of interest-bearing deposits	2.17%	2.41%	2.47%	2.37%	2.36%
Cost of repurchase agreements	3.35%	3.65%	4.04%	3.86%	3.88%
Cost of borrowed funds	4.12%	4.31%	4.56%	4.95%	4.62%
Total cost of interest-bearing liabilities	2.28%	2.53%	2.63%	2.55%	2.53%
Tax adjusted net interest margin¹	2.95%	2.79%	2.66%	2.67%	2.57%
Noninterest income / average assets	0.43%	0.72%	0.55%	0.50%	2.57%
Noninterest expense / average assets	2.81%	2.75%	2.80%	2.79%	2.86%
Efficiency ratio	93.11%	87.20%	97.32%	98.56%	59.41%

Non-performing assets to total assets	0.69%	0.74%	0.73%	0.61%	0.64%
Non-performing loans to total loans	0.84%	0.91%	0.92%	0.75%	0.78%
Allowance for credit losses to non-performing loans	143.84%	123.10%	134.12%	161.17%	159.12%
Allowance for credit losses to loans receivable	1.20%	1.12%	1.23%	1.22%	1.25%

Basic earnings per share	$0.11	$0.49	$0.14	$0.03	$2.18
Diluted earnings per share	$0.11	$0.49	$0.14	$0.03	$2.17
Stockholders’ equity / total assets	7.44%	7.35%	7.69%	7.16%	7.32%
Book value per share	$35.10	$35.10	$36.99	$34.45	$35.17
Closing stock price	$29.10	$28.11	$31.98	$24.52	$24.60
Price to earnings per share ratio	68.08	14.25	56.21	182.60	2.82
Dividends declared per common share	$0.12	$0.12	$0.12	$0.12	$0.12


Non-GAAP Performance Ratios	Quarter ended,
(unaudited)	March 31,	December 31,	September 30,	June 30,	March 31,
	2025	2024	2024	2024	2024
Net interest margin – tax equivalent	2.95%	2.79%	2.66%	2.67%	2.57%
Tangible book value per diluted share	$29.55	$29.48	$31.28	$28.67	$29.30
Tangible book value per diluted share adjusted for AOCL	$43.02	$42.94	$42.47	$42.33	$42.36
Tangible common equity to total assets	6.26%	6.17%	6.51%	5.95%	6.09%
Tangible common equity to total assets adjusted for AOCL	9.12%	8.99%	8.83%	8.79%	8.81%

(1) Tax adjusted net interest margin represents a non-GAAP financial measure. See the non-GAAP reconciliation table section captioned “Non-GAAP Financial Measures” for further disclosure regarding non-GAAP financial measures


Quarter Ended
(Dollars in thousands)	Average Balances, Interest, and Rates
(unaudited)	March 31, 2025						December 31, 2024
	Average Balance			Interest		Rate (%)	Average Balance			Interest		Rate (%)
ASSETS
Interest bearing deposits in other financial institutions	$	53,553		$	540	4.03	$	50,271		$	650	5.17
Federal funds sold		1,375			12	3.49		891			9	4.04
Securities available-for-sale		336,060			1,998	2.38		343,411			2,011	2.34
Loans receivable		1,498,312			19,655	5.25		1,504,233			19,802	5.27
Federal Home Loan Bank stock		6,547			136	8.31		6,547			123	7.51
Total interest earning assets		1,895,847		$	22,341	4.71		1,905,353		$	22,595	4.74
Cash and non-interest bearing deposits in other financial institutions		27,919						27,360
Allowance for credit losses		(16,946	)					(18,110	)
Other noninterest bearing assets		153,148						154,707
Total assets	$	2,059,968					$	2,069,310

LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing deposits	$	1,481,377		$	8,044	2.17	$	1,465,198		$	8,811	2.41
Repurchase agreements		41,631			349	3.35		43,372			396	3.65
Borrowed funds		61,613			635	4.12		72,536			781	4.31
Total interest bearing liabilities		1,584,621		$	9,028	2.28		1,581,106		$	9,988	2.53
Non-interest bearing deposits		279,013						289,467
Other noninterest bearing liabilities		40,923						42,944
Total liabilities		1,904,557						1,913,517
Total stockholders’ equity		155,411						155,793
Total liabilities and stockholders’ equity	$	2,059,968					$	2,069,310

Net interest income				$	13,313					$	12,607
Return on average assets		0.09	%					0.41	%
Return on average equity		1.17	%					5.39	%
Net interest margin (average earning assets)		2.81	%					2.65	%
Net interest margin (average earning assets) – tax equivalent		2.95	%					2.79	%
Net interest spread		2.43	%					2.21	%
Ratio of interest-earning assets to interest-bearing liabilities	1.20x						1.21x

Finward Bancorp
Quarterly Financial Report

Balance Sheet Data
(Dollars in thousands)
(unaudited)	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
ASSETS

Cash and non-interest bearing deposits in other financial institutions	$	18,563		$	17,883		$	23,071		$	19,061		$	16,418
Interest bearing deposits in other financial institutions	52,829			52,047			48,025			63,439			54,755
Federal funds sold	975			654			553			707			607

Total cash and cash equivalents	72,367			70,584			71,649			83,207			71,780

Securities available-for-sale	330,127			333,554			350,027			339,585			346,233
Loans held-for-sale	2,849			1,253			2,567			1,185			667
Loans receivable, net of deferred fees and costs	1,491,696			1,508,976			1,508,242			1,506,398			1,508,251
Less: allowance for credit losses	(17,955		)	(16,911		)	(18,516		)	(18,330		)	(18,805		)
Net loans receivable	1,473,741			1,492,065			1,489,726			1,488,068			1,489,446
Federal Home Loan Bank stock	6,547			6,547			6,547			6,547			6,547
Accrued interest receivable	7,821			7,721			7,442			7,695			7,583
Premises and equipment	46,680			47,259			47,912			48,696			47,795
Foreclosed real estate	–			–			–			–			71
Cash value of bank owned life insurance	33,712			33,514			33,312			33,107			32,895
Goodwill	22,395			22,395			22,395			22,395			22,395
Other intangible assets	1,635			1,860			2,203			2,555			2,911
Other assets	41,840			43,947			40,882			44,027			43,459

Total assets	$	2,039,714		$	2,060,699		$	2,074,662		$	2,077,067		$	2,071,782

LIABILITIES AND STOCKHOLDERS’ EQUITY

Deposits:
Non-interest bearing	$	281,461		$	263,324		$	285,157		$	286,784		$	296,959
Interest bearing	1,468,923			1,497,242			1,463,653			1,469,970			1,450,519
Total	1,750,384			1,760,566			1,748,810			1,756,754			1,747,478
Repurchase agreements	45,053			40,116			43,038			42,973			41,137
Borrowed funds	56,657			65,000			85,000			85,000			90,000
Accrued expenses and other liabilities	35,813			43,603			38,259			43,709			41,586

Total liabilities	1,887,907			1,909,285			1,915,107			1,928,436			1,920,201

Commitments and contingencies

Stockholders’ Equity:

Preferred stock, no par or stated value; 10,000,000 shares authorized, none outstanding	–			–			–			–			–
Common stock, no par or stated value; 10,000,000 shares authorized; shares issued and outstanding: March 31, 2025 – 4,324,485 December 31, 2024 – 4,313,698	–			–			–			–			–

Additional paid-in capital	70,132			70,034			69,916			69,778			69,727
Accumulated other comprehensive loss	(58,244		)	(58,084		)	(48,241		)	(58,939		)	(56,313		)
Retained earnings	139,919			139,464			137,880			137,792			138,167

Total stockholders’ equity	151,807			151,414			159,555			148,631			151,581

Total liabilities and stockholders’ equity	$	2,039,714		$	2,060,699		$	2,074,662		$	2,077,067		$	2,071,782

Finward Bancorp
Quarterly Financial Report

Consolidated Statements of Income
(Dollars in thousands)	Quarter Ended,
(unaudited)	March 31,		December 31,			September 30,			June 30,			March 31,
	2025		2024			2024			2024			2024
Interest income:
Loans	$	19,655	$	19,802		$	19,660		$	19,174		$	18,879
Securities & short-term investments	2,686		2,793			2,812			2,953			3,105
Total interest income	22,341		22,595			22,472			22,127			21,984
Interest expense:
Deposits	8,045		8,812			8,946			8,610			8,794
Borrowings	983		1,176			1,520			1,463			1,410
Total interest expense	9,028		9,988			10,466			10,073			10,204
Net interest income	13,313		12,607			12,006			12,054			11,780
Provision for credit losses	454		(579		)	–			76			–
Net interest income after provision for credit losses	12,859		13,186			12,006			11,978			11,780
Noninterest income:
Fees and service charges	1,109		1,439			1,463			1,257			1,153
Wealth management operations	619		728			731			763			633
Gain on tax credit investment	67		1,236			–			–			–
Gain on sale of loans held-for-sale, net	230		328			338			320			152
Increase in cash value of bank owned life insurance	198		202			205			212			193
Gain (loss) on sale of real estate	–		(212		)	–			15			11,858
Loss on sale of securities, net	–		–			–			–			(531		)
Other	6		11			130			6			17
Total noninterest income	2,229		3,732			2,867			2,573			13,475
Noninterest expense:
Compensation and benefits	7,372		6,628			6,963			7,037			7,109
Occupancy and equipment	2,111		2,045			2,181			2,116			1,908
Data processing	1,039		1,202			1,165			1,135			1,170
Federal deposit insurance premiums	433		457			435			397			501
Marketing	86		220			209			212			158
Professional and outside services	1,260		1,341			1,251			1,257			1,557
Technology	454		509			602			507			625
Other	1,716		1,845			1,668			1,756			1,976
Total noninterest expense	14,471		14,247			14,474			14,417			15,004
Income before income taxes	617		2,671			399			134			10,251
Income tax expenses (benefit)	161		569			(207		)	(9		)	972
Net income	$	456	$	2,102		$	606		$	143		$	9,279

Earnings per common share:
Basic	$	0.11	$	0.49		$	0.14		$	0.03		$	2.18
Diluted	$	0.11	$	0.49		$	0.14		$	0.03		$	2.17


Finward Bancorp
Quarterly Financial Report

Asset Quality
(Dollars in thousands)
(unaudited)	March 31,		December 31,		September 30,		June 30,		March 31,
	2025		2024		2024		2024		2024
Nonaccruing loans	$	12,483	$	13,738	$	13,806	$	11,079	$	11,603
Accruing loans delinquent more than 90 days	–		–		–		294		215
Securities in non-accrual	1,630		1,419		1,440		1,371		1,442
Foreclosed real estate	–		–		–		–		71
Total nonperforming assets	$	14,113	$	15,157	$	15,246	$	12,744	$	13,331

Allowance for credit losses (ACL):
ACL specific allowances for collateral dependent loans	$	259	$	284	$	1,821	$	1,327	$	1,455
ACL general allowances for loan portfolio	17,696		16,627		16,695		17,003		17,351
Total ACL	$	17,955	$	16,911	$	18,516	$	18,330	$	18,806

(Dollars in thousands)					Minimum Required To Be
(unaudited)			Minimum Required For		Well Capitalized Under Prompt
	Actual		Capital Adequacy Purposes		Corrective Action Regulations
March 31, 2025	Amount	Ratio	Amount	Ratio	Amount	Ratio
Common equity tier 1 capital to risk-weighted assets	$178,036	11.02%	$72,679	4.50%	$104,981	6.50%
Tier 1 capital to risk-weighted assets	$178,036	11.02%	$96,906	6.00%	$129,207	8.00%
Total capital to risk-weighted assets	$198,107	12.27%	$129,207	8.00%	$161,509	10.00%
Tier 1 capital to adjusted average assets	$178,036	8.48%	$84,019	4.00%	$105,023	5.00%

Table 1 – Reconciliation of the Non-GAAP Performance Measures

(Dollars in thousands)	Quarter Ended,
(unaudited)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Calculation of tangible common equity
Total stockholder’s equity	$	151,807		$	151,414		$	159,555		$	148,631		$	151,581
Goodwill	(22,395		)	(22,395		)	(22,395		)	(22,395		)	(22,395		)
Other intangibles	(1,635		)	(1,860		)	(2,203		)	(2,555		)	(2,911		)
Tangible common equity	$	127,777		$	127,159		$	134,957		$	123,681		$	126,275

Calculation of tangible common equity adjusted for accumulated other comprehensive loss
Tangible common equity	$	127,777		$	127,159		$	134,957		$	123,681		$	126,275
Accumulated other comprehensive loss	58,244			58,084			48,241			58,939			56,313
Tangible common equity adjusted for accumulated other comprehensive loss	$	186,021		$	185,243		$	183,198		$	182,620		$	182,588

Calculation of tangible book value per share
Tangible common equity	$	127,777		$	127,159		$	134,957		$	123,681		$	126,275
Shares outstanding	4,324,485			4,313,698			4,313,940			4,313,940			4,310,251
Tangible book value per diluted share	$	29.55		$	29.48		$	31.28		$	28.67		$	29.30

Calculation of tangible book value per diluted share adjusted for accumulated other comprehensive loss
Tangible common equity adjusted for accumulated other comprehensive loss	$	186,021		$	185,243		$	183,198		$	182,620		$	182,588
Shares outstanding	4,324,485			4,313,698			4,313,940			4,313,940			4,310,251
Tangible book value per diluted share adjusted for accumulated other comprehensive loss	$	43.02		$	42.94		$	42.47		$	42.33		$	42.36

Calculation of tangible common equity to total assets
Tangible common equity	$	127,777		$	127,159		$	134,957		$	123,681		$	126,275
Total assets	2,039,714			2,060,699			2,074,662			2,077,067			2,071,782
Tangible common equity to total assets	6.26%			6.17%			6.51%			5.95%			6.09%

Calculation of tangible common equity to total assets adjusted for accumulated other comprehensive loss
Tangible common equity adjusted for accumulated other comprehensive loss	$	186,021		$	185,243		$	183,198		$	182,620		$	182,588
Total assets	2,039,714			2,060,699			2,074,662			2,077,067			2,071,782
Tangible common equity to total assets adjusted for accumulated other comprehensive loss	9.12%			8.99%			8.83%			8.79%			8.81%

Calculation of tax adjusted net interest margin
Net interest income	$	13,313		$	12,607		$	12,006		$	12,054		$	11,780
Tax adjusted interest on securities and loans	670			674			678			677			699
Adjusted net interest income	$	13,983		13,281			12,684			12,731			$	12,479
Total average earning assets	1,895,847			1,905,353			1,910,731			1,906,998			1,945,501
Tax adjusted net interest margin	2.95%			2.79%			2.66%			2.67%			2.57%

Efficiency ratio
Total non-interest expense	$	14,471		$	14,247		$	14,474		$	14,417		$	15,004
Total revenue	15,542			16,339			14,873			14,627			25,255
Efficiency ratio	93.11%			87.20%			97.32%			98.56%			59.41%

The MIL Network –

May 1, 2025

MIL-Evening Report: Are side hustles really a way to escape the rat race, or just passion projects for a privileged few?

Source: The Conversation (Au and NZ) – By David Farrugia, ARC Future Fellow, School of Education, Deakin University

PeopleImages.com – Yuri A/Shutterstock

Is a “side hustle” really the only thing separating you from the life you desire? Listening to some influencers on social media could certainly have you thinking so.

Side hustles encompass a range of self-directed entrepreneurial activities undertaken while also working a job. For young people with limited access to capital, they’re the most accessible opportunity to engage in entrepreneurship.

Yet, we still know very little about who takes them on and why, and what kind of impact they have on working life in economies like Australia.

Our new report – Side Hustles – How Young People Are Redefining Work – presents the first wave of findings from an ongoing three-year, mixed-methods study that seeks to answer these questions.

In our first year of data collection, we surveyed 1,497 side hustlers aged 18-34 and interviewed a further 68. Our findings raise questions about the merits of entrepreneurship as a solution to youth unemployment or a pathway to financial freedom.

What makes a side hustle?

To be included in our project, a young person had to be employed, but also carrying out some form of entrepreneurship.

We defined entrepreneurship as self-directed economic activity, where the side hustler has some measure of control over when they work, who they work for and what they charge.

The most popular side hustle among participants was selling goods (42.9%). Others included:

services such as gardening, dog-walking or moving furniture (29.2%)
creating media content (16.5%)
creative work such as graphic design or photography (11.3%).

Side hustling could include some “gig work” through online platforms, but only when these platforms allow workers to negotiate prices with clients and make choices about their work. As such, we excluded rideshare and food delivery drivers from the project.

Gardening services were one common side hustle.
Ultraskrip/Shutterstock

Projects for the privileged

While some people may assume that young people start a side hustle out of financial stress, we found side hustlers are actually a relatively privileged cohort.

They are a well-educated group. Almost two-thirds of our sample had university degrees and many of the remainder were studying. They also generally report their financial wellbeing as comfortable.

Why is this? Side hustles often don’t make much money, cost money to set up, and carry risk – all of the hallmarks of entrepreneurship.

Median hourly earnings from their side hustles are less than what they would make working in retail or hospitality, and on average they are about 50% what they make in their main job.

As one e-commerce side-hustler put it:

If I really put my time and energy into the consideration, I would say we’re not making much money at all […] It’s just something I enjoy doing in my free time.

Their side-hustle earnings are also uncertain: 65% say they are unsure what their earnings will look like in three months.

In other words, you need to be financially secure already to even contemplate a side hustle.

Passion over pay

Side hustles don’t make enough to help someone who is really financially struggling, and they are unlikely to be a pathway out of the employment “rat race”.

Despite this, our participants are overwhelmingly satisfied with their side hustles and say they have good work-life balance. So what motivates them?

Side hustlers often earned less than they would taking on a second job.
BAZA Production/

The top motivation reported in our study is passion and enjoyment. Side hustlers say they want work that relates to their interests and enjoy the autonomy and flexibility that a side hustle allows.

Even though side hustles are often less profitable than a second job, the second-highest motivation was still money.

That’s likely because they offer a way of making some supplementary income in a way that is flexible and autonomous.

They’re often a source of “play money”. One 33-year-old man with an e-commerce side hustle told us:

If I was to pick up a second job, like […] Uber driving at night time, I won’t be happy, I’ll be tired, I’ll be stressed out trying to do that

Whereas, I think because I’ve got the passion for it here, I’m happy to do it because, like I said, I’m doing it at my own pace.

Pressure to be productive

Our research suggests that rather than being a pathway out of unemployment, side hustles actually represent a broader social and economic trend: more and more of young people’s lives are being encompassed by work.

Interviewees frequently talked about feeling like they needed to make their time outside of work productive in some way. For some, it was as though they could not justify leisure time unless it was financially profitable.

One participant told us:

You obviously want to enjoy life and have a bit of a chill time, but some days you just go like, “What am I doing? Just sitting at home and just relaxing watching Netflix or whatever. I should probably be out there making more money”.

Blurring work life boundaries?

Most participants were also not very concerned about growing their side hustles into businesses.

Instead, they aspired for balanced working lives with a side hustle offering passion, flexibility and autonomous work, and paid employment supporting them financially and offering the option of a traditional career.

They also did not necessarily see the time spent on their side hustles as work, being much more personally invested and self-directed in their side hustles than in their paid jobs.

But this means that much of their “leisure” time looks very much like work, and more and more of their lives are dedicated to being productive.

David Farrugia receives funding from the Australian Research Council.

Brendan Churchill receives funding from the Australian Research Council.

Kim Allen receives funding from the ESRC

Stephanie Patouras 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. Are side hustles really a way to escape the rat race, or just passion projects for a privileged few? – https://theconversation.com/are-side-hustles-really-a-way-to-escape-the-rat-race-or-just-passion-projects-for-a-privileged-few-255002

MIL OSI Analysis – EveningReport.nz –

May 1, 2025

MIL-OSI Canada: B.C. streamlines permitting for renewable-energy projects

Source: Government of Canada regional news

The Province is taking action to speed up permitting for renewable-energy projects to meet growing demand for clean power, address climate change and secure energy independence for British Columbians in the face of unprecedented trade threats.

Government introduced the renewable energy projects (streamlined permitting) act to the legislative assembly on Wednesday, April 30, 2025. If passed, the act will expand the authority of the BC Energy Regulator (BCER) to oversee renewable-energy projects, building on the Province’s investments to generate the clean power needed to create a healthier environment and sustainable future for British Columbians.

“B.C. has a once-in-a-generation opportunity to become a world leader in clean-energy production and we will take every action possible to see that all British Columbians benefit from this opportunity,” said Adrian Dix, Minister of Energy and Climate Solutions. “Renewable energy projects like wind and solar are urgently needed to provide affordable clean power, create jobs, and strengthen and diversify our economy, especially during this period of global market uncertainty.”

If approved, these changes will establish the BCER as the primary permitting agency for renewable-energy projects and transmission lines. The legislation will help simplify the approvals process for these projects, eliminating the need for cross-ministry and agency permitting, by establishing the BCER as the single window for permitting in accordance with strict environmental standards. This will be completed in a staged approach through regulation.

The BCER’s initial focus will be on the North Coast Transmission Line (NCTL) project and the wind- and solar-power projects in BC Hydro’s 2024 call for power. This will help accelerate the expansion of British Columbia’s electricity grid and meet the demand in growth arising from critical-mineral and metal mining, port electrification, hydrogen and fuel processing, and shipping projects under consideration.

The proposed legislation would also:

exempt the NCTL project and the nine wind projects selected in the 2024 call for power from the environmental assessment processes and allow government to do the same for other wind-power projects in the future; and
enable the BCER to establish a new rigorous regulatory framework for renewable-energy projects through consultation with First Nations, ensuring that environmental standards are upheld.

“The BC Energy Regulator is pleased to see the introduction of this legislation and has been engaging with ministries and others to prepare for this expanded mandate that will include permitting processes and engagement functions,” said Michelle Carr, CEO and commissioner, BC Energy Regulator. “Our staff are working across seven regional offices to ensure energy activities are carried out safely, responsibly and in alignment with provincial goals and BCER’s vision for a resilient energy future.”

The Province is committed to accelerating decisions on renewable-energy projects responsibly.

The BCER has demonstrated expertise at getting projects moving quickly, while providing robust regulatory oversight through the lifecycle of projects. This is a natural evolution of the BCER’s role, which initially focused on oil, gas and geothermal development, then expanded to include hydrogen and now, renewable energy.

Quotes:

Doug Slater, vice-president, Indigenous relations and regulatory affairs, FortisBC —

“Our focus is on delivering safe, reliable and affordable energy to the families and businesses we serve. Collaborating with local power providers and Indigenous organizations helps us meet the energy demands of homes and businesses in the southern Interior while supporting regional development. Our hope is that these legislative and regulatory changes will help streamline processes and accelerate projects to efficiently deliver power to our customers, including our plans to add up to 1,100 GWh of energy supply as soon as 2030.”

Kwatuuma Cole Sayers, executive director, Clean Energy Association of British Columbia —

“This legislation is an important step toward a balanced regulatory framework that encourages responsible clean-energy development at a critical time for our communities, our economy and our climate. The Clean Energy Association of British Columbia is proud to work with the Province and the BC Energy Regulator to help build a framework that is efficient, transparent and aligned with the Declaration on the Rights of Indigenous Peoples Act. Together, we can build a cleaner, stronger and more resilient future.”

Quick Facts:

Under the renewable energy projects (streamlined permitting) act, a renewable or clean resource means biomass, biogas, geothermal heat, hydro, solar, ocean, wind or any other clean-energy resource.
The BCER has a team of more than 300 employees in seven offices throughout B.C.
The BCER’s staff includes biologists, engineers, hydrologists, agrologists, compliance and enforcement officers, First Nations liaison officers, heritage conservation officers and archeologists.
The BCER will hire additional staff and subject-matter experts to support the additional responsibilities.
In 2024, FortisBC issued a request for expression of interest for new power to identify projects from lower-carbon and renewable sources in British Columbia that could add up to 1,100 gigawatt hours (GWh) of energy supply for its approximately 190,000 electricity customers in the south Okanagan by 2030.

Learn More:

To learn more about the BC Energy Regulator, visit: https://www.bc-er.ca/

For more information about B.C. legislation, visit: https://strongerbc.gov.bc.ca/Legislation

A backgrounder follows.

MIL OSI Canada News –

May 1, 2025

MIL-OSI USA: 2025 Governor’s Travel and Tourism Award Winners Announced

Source: US State of North Dakota

Gov. Kelly Armstrong along with Commerce Tourism and Marketing Director Sara Otte Coleman and DMAND president Julie Rygg presented seven Governor’s Travel and Tourism Awards today during the North Dakota Travel Industry Conference in Minot.

The Governor’s Travel and Tourism Awards recognize the passion and dedication of North Dakotans who have contributed to the growth of travel and tourism in North Dakota.

“Tourism is a vital part of North Dakota’s economy, and we are honored to celebrate these exceptional leaders who work tirelessly to promote and enhance our legendary state,” Armstrong said. “Their creativity and dedication are key to attracting millions of visitors each year. We owe much to the more than 3,000 businesses and over 45,000 individuals in the travel industry who make North Dakota unique, create unforgettable experiences and contribute to our economic diversity.”

2025 Award Winners:

Heritage Award for a Front-line Tourism Employee

Kelly Sorge
Indian Hills Resort

Kelly represents the third generation of family ownership, building a reputation for exceptional service at Lake Sakakawea. Her dedication to the tourism industry and ability to enhance visitor experiences have left a lasting impression on guests for over four decades. Kelly’s proactive approach to solving problems and developing resort amenities ensures guests have access to well-maintained facilities. Her community engagement and efforts to promote the Lake Sakakawea area have contributed to the overall growth of tourism. Her natural ability to connect with guests and her passion for service make her a trusted resource for visitors. Kelly’s exceptional dedication and unwavering commitment to ensuring every guest has a memorable experience make her a standout figure in the tourism industry.

Sakakawea Award for a Behind-the-Scenes Tourism Employee

Deanne Cunningham
North Dakota Dept of Commerce

As Commerce’s Visitor Sales and Services Manager, Deanne has made a profound impact on the state’s tourism industry over her 26-year career. Known for her dedication and expertise in group travel, Deanne has developed meticulous itineraries and facilitated FAM tours, building strong partnerships with local tourism entities. During her 26 years at North Dakota tourism, Deanne has provided trip planning assistance to thousands and worked with hundreds of tour operators on itineraries throughout our great state. Her focus on exceptional customer service has driven longer stays and increased visitor spending. Deanne’s “can-do” attitude and genuine friendliness are integral to North Dakota’s welcoming image. Her contributions have significantly shaped the tourism landscape, encouraging all to “Be Legendary”!

Amplifier Award for Marketing Excellence

Brock White
Marketing Campaign for Watford City

Brock has been a driving force in elevating Watford City’s profile through innovative marketing and communication strategies. His creative initiatives, such as the Living in McKenzie County Podcast, The Watford Minute, and the Watford City YouTube Channel, have significantly increased the city’s visibility and fostered a strong sense of community. Brock’s efforts have attracted new residents and visitors while strengthening local pride and engagement. His strategic marketing for Fox Hills Golf Course and the Rough Rider Center has further highlighted Watford City as a vibrant destination. Brock’s use of digital media has effectively connected the community and showcased the city’s unique charm and growth. His dedication to enhancing community identity and driving action has established Watford City as a new standard for marketing excellence in North Dakota.

Flint Firestarter Award for a Tourism Development Project

Jeff and Jennifer Gooss
Wheelchairs and Walleyes

The mission to make outdoor lake recreation accessible for everyone, regardless of physical ability, began in Beulah, North Dakota. Jeff and Jennifer Gooss led this initiative, resulting in the construction of the most inclusive wheelchair ramp and lift in the state at Beulah Bay Campground on Lake Sakakawea. This milestone was celebrated with the first-ever Wheelchairs & Walleyes charity tournament and a Children’s Mobility Awareness Day Festival on July 25, 2024. The impact was immediate, inspiring requests for similar projects across the region. Jeff and Jennifer’s goal is to ensure every disabled individual can experience the joy of lake life. They are now partnering with Devils Lake leaders to bring an ADA-accessible ramp and chair lift to Lakewood Park, with future expansions planned for Hazen Bay, on Lake Sakakawea.

Trailblazer Award for Tourism Innovation

Joe Weigand
Theodore Roosevelt Reprisor

Joe Wiegand, the world’s best Theodore Roosevelt reprisor, has significantly boosted awareness and visitation to North Dakota, contributing to the state’s tourism growth. His portrayal of President Theodore Roosevelt across all fifty U.S. states highlights North Dakota’s historical and cultural richness. Performances at prestigious venues, including the White House and on the History Channel, extend the state’s brand image nationally. Regular appearances in Medora have made him synonymous with Roosevelt, drawing over 6,000 visits per year to his Teddy Roosevelt Show. With a tireless travel schedule hosting over 100 events annually, he positions himself as a key ambassador for North Dakota. His efforts include engaging with K-12 education and children’s hospitals, promoting North Dakota’s heritage. Dedication to connecting with tourists and fostering community pride makes him a vital figure in North Dakota’s tourism industry.

Legend Award for Travel & Tourism Industry Leadership

Stephanie Schoenrock
Visit Minot

Stephanie Schoenrock has demonstrated exceptional leadership in the tourism industry. With 20 years of experience in tourism marketing at KK Bold, the state fair, and Visit Minot, Stephanie has gained valuable public and private sector insights. As the director of Visit Minot, she has shown problem-solving skills and collaboration, packaging and cross promoting the Highway 2 corridor and leading multiple projects in downtown Minot. Stephanie’s efforts have made downtown Minot a destination, and she has also worked on the Union Silos Project, Norsk Høstfest, the North Dakota State Fair, and launched a new website. Her innovative and resilient planning for this year’s Travel Industry Conference and leadership in merging DMAND and TAP have created a more impactful voice for North Dakota’s travel and tourism industry. Stephanie’s dedication and vision have significantly contributed to the growth and success of tourism in the region.

Wade Westin Award

Darian Morsette
MHA Tourism

Darian Morsette, who served as the MHA Tribal Tourism Director and President of the North Dakota Native Tourism Alliance (NDNTA), was a visionary leader whose work transformed tourism in North Dakota. In 2016, Darian co-founded the NDNTA, uniting representatives from the five tribes that share geography with North Dakota to promote and preserve their culture and history. His leadership brought significant economic benefits to tribal communities and increased awareness of native cultures, stories and traditions. Darian’s numerous accomplishments included establishing the first Indian Relays, developing statewide and regional tours, and building strong relationships with neighboring communities. His dedication to his work and genuine care for those around him made him a beloved colleague and friend. Even in his final days, Darian remained committed to preparing his team for the future of tribal tourism. His legacy will continue to inspire and guide those who were fortunate enough to work with him.

To learn more about the 2025 Governor’s Travel and Tourism Award Winners visit www.commerce.nd.gov/tourism-marketing/travel-industry-conference/governors-travel-and-tourism-award.

MIL OSI USA News –

May 1, 2025

MIL-OSI: Trupanion Publishes 2024 Annual Letter to Shareholders

Source: GlobeNewswire (MIL-OSI)

SEATTLE, April 30, 2025 (GLOBE NEWSWIRE) — Trupanion, Inc. (Nasdaq: TRUP), a leader in medical insurance for cats and dogs, has published its 2024 annual shareholder letter from CEO and President, Margi Tooth. The letter is now available on the Company’s Investor Relations website here.

About Trupanion:

Trupanion is a leader in medical insurance for cats and dogs throughout the United States, Canada, certain countries in Continental Europe, and Australia with over 1,000,000 pets currently enrolled. For over two decades, Trupanion has given pet owners peace of mind so they can focus on their pet’s recovery, not financial stress. Trupanion is committed to providing pet parents with the highest value in pet medical insurance with unlimited payouts for the life of their pets. With its patented process, Trupanion is the only North American provider with the technology to pay veterinarians directly in seconds at the time of checkout. Trupanion is listed on NASDAQ under the symbol “TRUP”. The company was founded in 2000 and is headquartered in Seattle, WA. Trupanion policies are issued, in the United States, by its wholly-owned insurance entity American Pet Insurance Company and, in Canada, by Accelerant Insurance Company of Canada. Trupanion Australia is a partnership between Trupanion and Hollard Insurance Company. Policies are sold and administered in Canada by Canada Pet Health Insurance Services, Inc. dba Trupanion 309-1277 Lynn Valley Road, North Vancouver, BC V7J 0A2 and in the United States by Trupanion Managers USA, Inc. (CA license No. 0G22803, NPN 9588590). Canada Pet Health Insurance Services, Inc. is a registered damage insurance agency and claims adjuster in Quebec #603927. Trupanion Australia is a partnership between Trupanion and Hollard Insurance Company. For more information, please visit trupanion.com.

Contact:

Laura Bainbridge, Senior Vice President, Corporate Communications
Gil Melchior, Director, Investor Relations
Investor.Relations@trupanion.com

The MIL Network –

May 1, 2025

MIL-OSI: Landmark Bancorp, Inc. Announces Growth in First Quarter 2025 Net Earnings of 43.2%. Declares Cash Dividend of $0.21 per Share

Source: GlobeNewswire (MIL-OSI)

Manhattan, KS, April 30, 2025 (GLOBE NEWSWIRE) — Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of $0.81 for the three months ended March 31, 2025, compared to $0.57 per share in the fourth quarter of 2024 and $0.48 per share in the same quarter last year. Net income for the first quarter totaled $4.7 million, compared to $3.3 million in the prior quarter and $2.8 million in the first quarter of 2024. For the three months ended March 31, 2025, the return on average assets was 1.21%, the return on average equity was 13.71% and the efficiency ratio⁽¹⁾ was 64.1%.

First Quarter 2025 Performance Highlights

Loan growth totaled $22.6 million or an annualized increase of 8.7% over the prior quarter.
Net interest margin improved 25 basis points to 3.76% compared to 3.51% in prior quarter.
Deposits increased $42.3 million, or 3.3%, from the same quarter last year and $7.1 million, or 2.2%, from prior quarter.
Other borrowed funds decreased $11.8 million compared to the prior quarter.
Non-interest expenses declined $1.1 million compared to the prior quarter.
Credit quality remained stable with net charge-offs totaling $23,000 in the first quarter.
Ratio of equity to assets increased to 9.04% this quarter.

In making this announcement, Abby Wendel, President and Chief Executive Officer of Landmark, commented, “I am pleased to report strong growth in net income this quarter driven by growth in net interest income, lower expenses and excellent credit quality. We continued to experience solid loan demand in the first quarter 2025, especially for commercial real estate and residential mortgage loans. In the first quarter 2025, total gross loans increased by $22.6 million or 8.7% (annualized) with growth in most loan categories. Total deposits also increased in the first quarter by $7.1 million, exceeding the typical seasonal decline in money market and interest checking accounts. Over the last two quarters, deposits have increased over $60 million. Other borrowed funds declined by $11.8 million, which reduced interest expense and improved our net interest margin. Growth in our balance sheet, plus the shift in our funding position led to net interest income growth of 22.1% over the previous year and net interest margin expansion of 25 basis points to 3.76%. Non-interest expense also declined this quarter by $1.1 million compared to the prior quarter. Credit quality remained solid overall with minimal net charge-offs, and no provision for credit losses was taken this quarter. These strong results are a tribute to the associates who work hard every day to make Landmark the bank of choice for our customers and stockholders.”

Landmark’s Board of Directors declared a cash dividend of $0.21 per share, to be paid June 4, 2025, to common stockholders of record as of the close of business on May 21, 2025.

Management will host a conference call to discuss the Company’s financial results at 9:30 a.m. (Central time) on Thursday, May 1, 2025. Investors may participate via telephone by dialing (833) 470-1428 and using access code 866149. A replay of the call will be available through May 8, 2025, by dialing (866) 813-9403 and using access code 282640.

Net Interest Income

Net interest income in the first quarter of 2025 amounted to $13.1 million representing an increase of $720,000, or 5.8%, compared to the previous quarter. The increase in net interest income resulted from a combination of both higher interest income on loans and lower interest expense on deposits and other borrowed funds (FHLB, repurchase agreements and other debt). Net interest margin increased to 3.76% during the first quarter from 3.51% during the prior quarter. Compared to the previous quarter, interest income on loans increased $440,000 to $16.4 million due to higher average balances combined with higher yields on loans. Average loan balances increased $38.4 million, while the average tax-equivalent yield on the loan portfolio increased 6 basis points to 6.34%. Interest on investment securities declined slightly due to lower balances, partially offset by higher earning rates. Compared to the fourth quarter of 2024, interest on deposits decreased $114,000, or 2.1%, due to lower rates as average interest-bearing deposit balances increased by $34.8 million. Interest on other borrowed funds declined by $216,000, due to lower rates and average balances. The average rate on interest-bearing deposits decreased 8 basis points to 2.17% while the average rate on other borrowed funds decreased 15 basis points to 5.09% in the first quarter.

Non-Interest Income

Non-interest income totaled $3.4 million for the first quarter of 2025, a decrease of $13,000 from the previous quarter. The decrease in non-interest income during the first quarter of 2025 was primarily due to a $704,000 decline in bank owned life insurance income relating to one-time benefits recorded in the fourth quarter, coupled with a $322,000 decline in fees and service charges relating to lower deposit related fee income, partially due to fewer days in the quarter. Partially offsetting those declines was a $1.0 million loss on the sales of lower yielding investment securities in the fourth quarter of 2024, compared to a loss of only $2,000 in the first quarter of 2025.

(1) Non-GAAP financial measure. See the “Non-GAAP Financial Measures” section of this press release for a reconciliation.

Non-Interest Expense

During the first quarter of 2025, non-interest expense totaled $10.8 million, a decrease of $1.1 million compared to the prior quarter. The decrease in non-interest expense was primarily due to decreases of $350,000 in other non-interest expense, $298,000 in occupancy and equipment and $298,000 in professional fees. The decreases in other non-interest expenses and occupancy and equipment were primarily related to branch closures in 2024 and associated cost savings in 2025. The decrease in professional fees this quarter was primarily due to higher consulting costs in the prior quarter related to several initiatives.

Income Tax Expense (Benefit)

Landmark recorded income tax expense of $1.0 million in the first quarter of 2025 compared to an income tax benefit of $886,000 in the fourth quarter of 2024. The effective tax rate was 17.8% in the first quarter of 2025. The fourth quarter of 2024 included the recognition of $1.0 million of previously unrecognized tax benefits, which significantly reduced the effective tax rate.

Balance Sheet Highlights

As of March 31, 2025, gross loans totaled $1.1 billion, an increase of $22.6 million, or 8.7% annualized since December 31, 2024. During the quarter, loan growth was primarily comprised of commercial real estate (growth of $14.4 million), one-to-four family residential real estate (growth of $3.4 million) and construction and land loans (growth of $3.3 million). Investment securities decreased $16.5 million during the first quarter of 2025 mainly due to maturities. Pre-tax unrealized net losses on the investment securities portfolio decreased from $20.9 million at December 31, 2024, to $17.1 million at March 31, 2025, mainly due to lower market rates for these securities at March 31, 2025.

Period end deposit balances increased $7.1 million to $1.3 billion at March 31, 2025. The increase in deposits was driven by increases in non-interest-bearing demand deposits (increase of $16.9 million), certificates of deposit (increase of $10.0 million) and savings (increase of $3.7 million), partially offset by a decline in money market and checking accounts (decrease of $23.5 million). The decrease in money market and checking accounts was mainly driven by a seasonal decline in public fund deposit account balances. Total borrowings decreased $11.8 million during the first quarter 2025. At March 31, 2025, the loan to deposits ratio was 79.5% compared to 78.2% in the prior quarter.

Stockholders’ equity increased to $142.7 million (book value of $24.69 per share) as of March 31, 2025, from $136.2 million (book value of $23.59 per share) as of December 31, 2024. The increase in stockholders’ equity was due mainly to a decrease in accumulated other comprehensive losses (lower unrealized net losses on investment securities) along with net earnings from the quarter. The ratio of equity to total assets increased to 9.04% on March 31, 2025, from 8.65% on December 31, 2024.

The allowance for credit losses totaled $12.8 million, or 1.19% of total gross loans on March 31, 2025, compared to $12.8 million, or 1.22% of total gross loans on December 31, 2024. Net loan charge-offs totaled $23,000 in the first quarter of 2025, compared to $219,000 during the fourth quarter of 2024. No provision for credit losses on loans was recorded in the first quarter of 2025 compared to a provision of $1.5 million recorded in the fourth quarter of 2024.

Non-performing loans totaled $13.3 million, or 1.24% of gross loans, at March 31, 2025, compared to $13.1 million, or 1.25% of gross loans, at December 31, 2024. Loans 30-89 days delinquent totaled $10.0 million, or 0.93% of gross loans, as of March 31, 2025, compared to $6.2 million, or 0.59% of gross loans, as of December 31, 2024.

About Landmark

Landmark Bancorp, Inc., the holding company for Landmark National Bank, is listed on the Nasdaq Global Market under the symbol “LARK.” Headquartered in Manhattan, Kansas, Landmark National Bank is a community banking organization dedicated to providing quality financial and banking services. Landmark National Bank has 29 locations in 23 communities across Kansas: Manhattan (2), Auburn, Dodge City (2), Fort Scott (2), Garden City, Great Bend (2), Hoisington, Iola, Junction City, La Crosse, Lawrence (2), Lenexa, Louisburg, Mound City, Osage City, Osawatomie, Overland Park, Paola, Pittsburg, Prairie Village, Topeka (2), Wamego and Wellsville, Kansas. Visit www.banklandmark.com for more information.

Contact:

Mark A. Herpich

Chief Financial Officer

(785) 565-2000

Special Note Concerning 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 the financial condition, results of operations, plans, objectives, future performance and business of Landmark. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of our 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” or other similar expressions. Additionally, all statements in this press release, including forward-looking statements, speak only as of the date they are made, and Landmark undertakes no obligation to update any statement in light of new information or future events. A number of factors, many of which are beyond our ability to control or predict, could cause actual results to differ materially from those in our forward-looking statements. These factors include, among others, the following: (i) the strength of the local, state, national and international economies and financial markets, including the effects of inflationary pressures and future monetary policies of the Federal Reserve in response thereto; (ii) changes in local, state and federal laws, regulations and governmental policies concerning the Company’s general business, including changes in interpretation or prioritization of such laws, regulations and policies; (iii) changes in interest rates and prepayment rates of our assets; (iv) increased competition in the financial services sector and the inability to attract new customers, including from non-bank competitors such as credit unions and “fintech” companies; (v) timely development and acceptance of new products and services; (vi) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (vii) our risk management framework; (viii) interruptions in information technology and telecommunications systems and third-party services; (ix) effects on the U.S. economy resulting from the threat or implementation of, or changes to, existing policies and executive orders, including tariffs, immigration policy, regulatory and other governmental agencies, foreign policy and tax regulations; (x) the economic effects of severe weather, natural disasters, widespread disease or pandemics, or other external events; (xi) the loss of key executives or employees; (xii) changes in consumer spending; (xiii) integration of acquired businesses; (xiv) the commencement, cost and outcome of litigation and other legal proceedings and regulatory actions against us or to which the Company may become subject; (xv) changes in accounting policies and practices, such as the implementation of the current expected credit losses accounting standard; (xvi) the economic impact of past and any future terrorist attacks, acts of war, including ongoing conflicts in the Middle East and the Russian invasion of Ukraine, or threats thereof, and the response of the United States to any such threats and attacks; (xvii) the ability to manage credit risk, forecast loan losses and maintain an adequate allowance for loan losses; (xviii) fluctuations in the value of securities held in our securities portfolio; (xix) concentrations within our loan portfolio, concentration large loans to certain borrowers, and large deposits from certain clients (including commercial real estate loans); (xx) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; (xxi) the level of non-performing assets on our balance sheets; (xxii) the ability to raise additional capital; (xxiii) the occurrence of fraudulent activity, breaches or failures of our or our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (xxiv) declines in real estate values; (xxv) the effects of fraud on the part of our employees, customers, vendors or counterparties; (xxvi) the Company’s success at managing and responding to the risks involved in the foregoing items; and (xxvii) any other risks described in the “Risk Factors” sections of reports filed by Landmark with the Securities and Exchange Commission. 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 Landmark and its business, including additional risk factors that could materially affect Landmark’s financial results, is included in our filings with the Securities and Exchange Commission.

LANDMARK BANCORP, INC. AND SUBSIDIARIES
Consolidated Balance Sheets (unaudited)

(Dollars in thousands)	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
Assets
Cash and cash equivalents	$	21,881		$	20,275		$	21,211		$	23,889		$	16,468
Interest-bearing deposits at other banks		3,973			4,110			4,363			4,881			4,920
Investment securities available-for-sale, at fair value:
U.S. treasury securities		58,424			64,458			83,753			89,325			93,683
Municipal obligations, tax exempt		101,812			107,128			112,126			114,047			118,445
Municipal obligations, taxable		70,614			71,715			75,129			74,588			75,371
Agency mortgage-backed securities		125,142			129,211			140,004			142,499			149,777
Total investment securities available-for-sale		355,992			372,512			411,012			420,459			437,276
Investment securities held-to-maturity		3,701			3,672			3,643			3,613			3,584
Bank stocks, at cost		6,225			6,618			7,894			9,647			7,850
Loans:
One-to-four family residential real estate		355,632			352,209			344,380			332,090			312,833
Construction and land		28,645			25,328			23,454			30,480			24,823
Commercial real estate		359,579			345,159			324,016			318,850			323,397
Commercial		190,881			192,325			181,652			178,876			181,945
Agriculture		101,808			100,562			91,986			84,523			86,808
Municipal		7,082			7,091			7,098			6,556			5,690
Consumer		31,297			29,679			29,263			29,200			28,544
Total gross loans		1,074,924			1,052,353			1,001,849			980,575			964,040
Net deferred loan (fees) costs and loans in process		(426	)		(307	)		(63	)		(583	)		(578	)
Allowance for credit losses		(12,802	)		(12,825	)		(11,544	)		(10,903	)		(10,851	)
Loans, net		1,061,696			1,039,221			990,242			969,089			952,611
Loans held for sale, at fair value		2,997			3,420			3,250			2,513			2,697
Bank owned life insurance		39,329			39,056			39,176			38,826			38,578
Premises and equipment, net		19,886			20,220			20,976			20,986			20,696
Goodwill		32,377			32,377			32,377			32,377			32,377
Other intangible assets, net		2,426			2,578			2,729			2,900			3,071
Mortgage servicing rights		3,045			3,061			3,041			2,997			2,977
Real estate owned, net		167			167			428			428			428
Other assets		24,894			26,855			23,309			28,149			29,684
Total assets	$	1,578,589		$	1,574,142		$	1,563,651		$	1,560,754		$	1,553,217

Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Non-interest-bearing demand		368,480			351,595			360,188			360,631			364,386
Money market and checking		613,459			636,963			565,629			546,385			583,315
Savings		149,223			145,514			145,825			150,996			154,000
Certificates of deposit		204,660			194,694			203,860			192,470			191,823
Total deposits		1,335,822			1,328,766			1,275,502			1,250,482			1,293,524
FHLB and other borrowings		48,767			53,046			92,050			131,330			74,716
Subordinated debentures		21,651			21,651			21,651			21,651			21,651
Repurchase agreements		6,256			13,808			9,528			8,745			15,895
Accrued interest and other liabilities		23,442			20,656			25,229			20,292			20,760
Total liabilities		1,435,938			1,437,927			1,423,960			1,432,500			1,426,546
Stockholders’ equity:
Common stock		58			58			55			55			55
Additional paid-in capital		95,148			95,051			89,532			89,469			89,364
Retained earnings		60,422			56,934			60,549			57,774			55,912
Treasury stock, at cost		–			–			(396	)		(330	)		(249	)
Accumulated other comprehensive loss		(12,977	)		(15,828	)		(10,049	)		(18,714	)		(18,411	)
Total stockholders’ equity		142,651			136,215			139,691			128,254			126,671
Total liabilities and stockholders’ equity	$	1,578,589		$	1,574,142		$	1,563,651		$	1,560,754		$	1,553,217

LANDMARK BANCORP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings (unaudited)

(Dollars in thousands, except per share amounts)	Three months ended,
	March 31,			December 31,			March 31,
	2025			2024			2024
Interest income:
Loans	$	16,395		$	15,955		$	14,490
Investment securities:
Taxable		2,180			2,210			2,428
Tax-exempt		719			738			764
Interest-bearing deposits at banks		48			49			63
Total interest income		19,342			18,952			17,745
Interest expense:
Deposits		5,236			5,350			5,457
FHLB and other borrowings		565			737			1,022
Subordinated debentures		357			389			412
Repurchase agreements		65			77			107
Total interest expense		6,223			6,553			6,998
Net interest income		13,119			12,399			10,747
Provision for credit losses		–			1,500			300
Net interest income after provision for credit losses		13,119			10,899			10,447
Non-interest income:
Fees and service charges		2,388			2,710			2,461
Gains on sales of loans, net		562			522			512
Bank owned life insurance		272			976			245
Losses on sales of investment securities, net		(2	)		(1,031	)		–
Other		138			194			182
Total non-interest income		3,358			3,371			3,400
Non-interest expense:
Compensation and benefits		6,154			6,264			5,532
Occupancy and equipment		1,252			1,550			1,390
Data processing		396			452			481
Amortization of mortgage servicing rights and other intangibles		239			240			412
Professional fees		745			1,043			647
Valuation allowance on real estate held for sale		–			–			129
Other		1,975			2,325			1,960
Total non-interest expense		10,761			11,874			10,551
Earnings before income taxes		5,716			2,396			3,296
Income tax expense (benefit)		1,015			(886	)		518
Net earnings	$	4,701		$	3,282		$	2,778

Net earnings per share (1)
Basic	$	0.81		$	0.57		$	0.48
Diluted		0.81			0.57			0.48
Dividends per share (1)		0.21			0.20			0.20
Shares outstanding at end of period (1)		5,778,610			5,775,198			5,747,560
Weighted average common shares outstanding – basic (1)		5,777,593			5,775,227			5,743,452
Weighted average common shares outstanding – diluted (1)		5,814,650			5,789,764			5,748,595

Tax equivalent net interest income	$	13,291		$	12,574		$	10,925

(1) Share and per share values at or for the periods ended March 31, 2024 and December 31, 2024 have been adjusted to give effect to the 5% stock dividend paid during December 2024.

LANDMARK BANCORP, INC. AND SUBSIDIARIES
Select Ratios and Other Data (unaudited)

(Dollars in thousands, except per share amounts)	As of or for the three months ended,
	March 31,			December 31,			March 31,
	2025			2024			2024
Performance ratios:
Return on average assets (1)		1.21	%		0.83	%		0.72	%
Return on average equity (1)		13.71	%		9.54	%		8.88	%
Net interest margin (1)(2)		3.76	%		3.51	%		3.12	%
Effective tax rate		17.8	%		-37.0	%		15.7	%
Efficiency ratio (3)		64.1	%		70.8	%		72.1	%
Non-interest income to total income (3)		20.4	%		25.0	%		24.1	%

Average balances:
Investment securities	$	377,845		$	409,648		$	456,933
Loans		1,048,585			1,010,153			945,737
Assets		1,574,295			1,568,821			1,555,662
Interest-bearing deposits		979,787			944,969			935,417
FHLB and other borrowings		48,428			57,507			72,618
Subordinated debentures		21,651			21,651			21,651
Repurchase agreements		8,634			12,212			14,371
Stockholders’ equity	$	139,068		$	136,933		$	125,846

Average tax equivalent yield/cost (1):
Investment securities		3.29	%		3.03	%		2.96	%
Loans		6.34	%		6.28	%		6.16	%
Total interest-bearing assets		5.53	%		5.34	%		5.11	%
Interest-bearing deposits		2.17	%		2.25	%		2.35	%
FHLB and other borrowings		4.73	%		5.10	%		5.66	%
Subordinated debentures		6.69	%		7.15	%		7.65	%
Repurchase agreements		3.05	%		2.51	%		2.99	%
Total interest-bearing liabilities		2.38	%		2.52	%		2.70	%

Capital ratios:
Equity to total assets		9.04	%		8.65	%		8.16	%
Tangible equity to tangible assets (3)		6.99	%		6.58	%		6.01	%
Book value per share	$	24.69		$	23.59		$	22.04
Tangible book value per share (3)	$	18.66		$	17.53		$	15.87

Rollforward of allowance for credit losses (loans):
Beginning balance	$	12,825		$	11,544		$	10,608
Charge-offs		(108	)		(246	)		(141	)
Recoveries		85			27			134
Provision for credit losses for loans		—			1,500			250
Ending balance	$	12,802		$	12,825		$	10,851

Allowance for unfunded loan commitments	$	150		$	150		$	300

Non-performing assets:
Non-accrual loans	$	13,280		$	13,115		$	3,621
Accruing loans over 90 days past due		—			—			—
Real estate owned		167			167			428
Total non-performing assets	$	13,447		$	13,282		$	4,049

Loans 30-89 days delinquent	$	9,977		$	6,201		$	4,064

Other ratios:
Loans to deposits		79.48	%		78.21	%		73.64	%
Loans 30-89 days delinquent and still accruing to gross loans outstanding		0.93	%		0.59	%		0.42	%
Total non-performing loans to gross loans outstanding		1.24	%		1.25	%		0.38	%
Total non-performing assets to total assets		0.85	%		0.84	%		0.26	%
Allowance for credit losses to gross loans outstanding		1.19	%		1.22	%		1.13	%
Allowance for credit losses to total non-performing loans		96.40	%		97.79	%		299.67	%
Net loan charge-offs to average loans (1)		0.01	%		0.09	%		0.00	%

(1) Information is annualized.
(2) Net interest margin is presented on a fully tax equivalent basis, using a 21% federal tax rate.
(3) Non-GAAP financial measures. See the “Non-GAAP Financial Measures” section of this press release for a reconciliation to the most comparable GAAP equivalent.

LANDMARK BANCORP, INC. AND SUBSIDIARIES
Non-GAAP Finacials Measures (unaudited)

(Dollars in thousands, except per share amounts)	As of or for the three months ended,
	March 31,			December 31,			March 31,
	2025			2024			2024

Non-GAAP financial ratio reconciliation:
Total non-interest expense	$	10,761		$	11,874		$	10,551
Less: foreclosure and real estate owned expense		(50	)		(13	)		(50	)
Less: amortization of other intangibles		(152	)		(151	)		(170	)
Less: valuation allowance on real estate held for sale		—			—			(129	)
Adjusted non-interest expense (A)		10,559			11,710			10,202

Net interest income (B)		13,119			12,399			10,747

Non-interest income		3,358			3,371			3,400
Less: losses on sales of investment securities, net		2			1,031			—
Less: gains on sales of premises and equipment and foreclosed assets		—			(273	)		9
Adjusted non-interest income (C)	$	3,360		$	4,129		$	3,409

Efficiency ratio (A/(B+C))		64.1	%		70.8	%		72.1	%
Non-interest income to total income (C/(B+C))		20.4	%		25.0	%		24.1	%

Total stockholders’ equity	$	142,651		$	136,215		$	126,671
Less: goodwill and other intangible assets		(34,803	)		(34,955	)		(35,448	)
Tangible equity (D)	$	107,848		$	101,260		$	91,223

Total assets	$	1,578,589		$	1,574,142		$	1,553,217
Less: goodwill and other intangible assets		(34,803	)		(34,955	)		(35,448	)
Tangible assets (E)	$	1,543,786		$	1,539,187		$	1,517,769

Tangible equity to tangible assets (D/E)		6.99	%		6.58	%		6.01	%

Shares outstanding at end of period (F)		5,778,610			5,775,198			5,747,560

Tangible book value per share (D/F)	$	18.66		$	17.53		$	15.87

The MIL Network –

May 1, 2025

MIL-OSI: Digital Ascension Group’s Digital Fusion Summit 2025 Concludes, Brings Elite Family Offices and Blockchain Leaders Together

Source: GlobeNewswire (MIL-OSI)

Dallas, Texas, April 30, 2025 (GLOBE NEWSWIRE) — The exclusive Digital Fusion Summit successfully concluded at the prestigious Altitude Center on the 33rd floor in Dallas, Texas. Hosted by Digital Wealth Partners and Digital Ascension Group, the invitation-only gathering brought together an exceptional roster of family offices, institutional investors, and industry luminaries to explore the convergence of traditional finance and emerging digital technologies.

Digital Fusion Summit 2025 | Jake Claver, Managing Director – Digital Ascension Group, speaking on technical aspects of digital assets

The summit, which took place on April 24th, featured an impressive lineup of panels covering critical topics in the digital asset landscape, from innovative DeFi strategies and institutional adoption to cybersecurity, regulatory frameworks, and technical infrastructure. The carefully curated event provided attendees with actionable insights while fostering meaningful connections in an intimate setting.

“The Digital Fusion Summit represents exactly what the institutional investment community needs right now – a trusted environment where family offices and sophisticated investors can gain legitimate education about digital asset utilization and distributed ledger technology,” said Max Avery, Chief Business Development Officer of Digital Ascension Group. “By bringing together traditional funding experts with institutional service providers, we’ve created a powerful resource that bridges knowledge gaps and opens new avenues for multigenerational wealth creation.”

The summit was made possible through the support of title sponsor Anchorage Digital, alongside Algoz, Compliers, and The Texas BlockchainCouncil. These leading organizations demonstrated their commitment to advancing institutional adoption of digital assets through educational initiatives.

Throughout the evening, attendees engaged with thought leaders across six meticulously crafted panel discussions:

How to Make Your Digital Assets Work – Providing actionable insights on leveraging DeFi for portfolio optimization and passive yield generation
Tax Reform For a Web3 World – Clarifying evolving tax policies to help investors maximize returns while maintaining compliance
Legal & Policy – Navigating the rapidly changing regulatory landscape with strategies for institutional adoption
Cybersecurity, Fraud Mitigation & Digital Privacy – Exploring powerful approaches to mitigate risks while enhancing blockchain security
The Convergence of Institutions & DeFi – Examining investment strategies for bridging institutional capital with retail-driven DeFi opportunities
Technical Discussion – Deep diving into the mechanics of blockchain infrastructure with world-renowned developers

The summit also featured a keynote address from Ben Hurn of Anchorage Digital, highlighting institutional-grade custody solutions and their pivotal role in securing digital assets for sophisticated investors.

Panelists included distinguished experts such as Matthew Snider, CIO of Digital Wealth Partners and author of “Warren Buffet in a Web3 World”; Charles Finfrock, former CIA Officer who managed Tesla’s global information security team; Cameron McDougal, Supervisory Intelligence Analyst at the Department of Homeland Security; Ken “KC” Chapman, Head of US at XDC Network; John Wingate, Founder/CEO of BankSocial and lecturer at Harvard; and Ben Jorgensen, Founder & CEO of Constellation Network, among many other industry leaders.

“What made this summit truly exceptional was the caliber of both speakers and attendees,” added Avery. “The conversations happening in the room represented a genuine meeting of traditional financial expertise and blockchain innovation—precisely the intersection where substantial opportunity lies for forward-thinking family offices.”

Digital Wealth Partners and Digital Ascension Group plan to host additional exclusive gatherings throughout 2025, with the next summit tentatively scheduled for fall. Family offices and qualified investors interested in attending future events are encouraged to reach out directly for consideration.

Digital Fusion Summit 2025

About Digital Ascension Group

Digital Ascension Group is a forward-thinking multi-family office specializing in digital assets (crypto / blockchain). Our mission is to empower High-Net-Worth (HNW) and Ultra-High-Net-Worth (UHNW) individuals, as well as Family Offices, to confidently navigate the rapidly evolving digital asset landscape. We provide a comprehensive suite of services designed to address the unique needs and opportunities in this dynamic sector. From investment strategy and risk management to regulatory compliance and custody solutions, Digital Ascension Group delivers tailored strategies that prioritize sustainable wealth protection and growth. With a deep understanding of blockchain technology, cryptocurrency markets, and tokenized assets, we bridge the gap between traditional wealth management and the cutting-edge world of digital finance. Our expert team ensures that our clients remain at the forefront of innovation while maintaining the security and stability their wealth demands.

Press inquiries

Digital Ascension Group
https://www.digitalfamilyoffice.io
Max Avery
max@digitalfamilyoffice.io
307-243-3711
9100 John W Carpenter Fwy
Dallas, Texas 75247

The MIL Network –

May 1, 2025

MIL-OSI: Oak Woods Acquisition Corporation Receives Notification of Deficiency from Nasdaq Related to Delayed Filing of Annual Report on Form 10-K

Source: GlobeNewswire (MIL-OSI)

New York, April 30, 2025 (GLOBE NEWSWIRE) — Oak Woods Acquisition Corporation. (Nasdaq: OAKU) (the “Company”) today announced it received a delinquency notification letter from Nasdaq on April 24, 2025, which indicated that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) as a result of the delayed filing of the Company’s Annual Report on Form 10-K for the period ended December 31, 2024 (the “Annual Report”). The Nasdaq Listing Rule requires listed companies to timely file all required periodic financial reports with the U.S. Securities and Exchange Commission (the “SEC”). This notification has no immediate effect on the listing of the Company’s securities on Nasdaq.

The Notice states that the Company has 60 calendar days to submit a plan to regain compliance and if the Nasdaq accepts such plan, the Nasdaq can grant an exception of up to 180 calendar days from the Annual Report’s due date, or until October 13, 2025 (the “Compliance Date”), to regain compliance. The Notification Letter does not impact the Company’s listing on The Nasdaq Capital Market at this time.

The Company is currently in the final stages of completing the audit of its financial statements for the fiscal year ended December 31, 2024. While the Company has not yet filed its Annual Report on Form 10-K, it is working diligently with its independent registered public accounting firm to complete the remaining audit procedures. The delay in filing is not due to any disagreement with the Company’s auditors and the Company expects to file the Form 10-K promptly upon completion of the audit review process.

About Oak Woods Acquisition

Oak Woods Acquisition Corporation is a blank check company organized for the purpose of effecting a merger, capital stock exchange, asset acquisition, or other similar business combination with one or more businesses or entities. On August 11, 2023, Oak Woods Acquisition Corporation, a Cayman Islands corporation (“Oak Woods”), entered into a Merger Agreement and Plan of Reorganization (the “Merger Agreement”) with Oak Woods Merger Sub, Inc., a Cayman Islands corporation and a wholly owned subsidiary of Oak Woods (“Merger Sub”), Huajin (China) Holdings Limited, a Cayman Islands corporation (“Huajin”) and Xuehong Li, in his capacity as the representative of the Huajin shareholde (“Shareholders’ Representative”), as amended by its agreement to extend the date by which a Business Combination is required to be completed to June 28, 2024, dated March 23, 2024, and subsequently by the First Amendment to the Merger Agreement entered into by Oak Woods, Huajin, Merger Sub, and the Shareholders’ Representative on June 26, 2024 extending the time to complete its business combination to September 28, 2024.

On October 1, 2024 the Company announced that, as approved by the shareholders of the Company at the Extraordinary General Meeting adjourned from September 25, 2024 and held on September 26, 2024 (the “September EGM”), the following proposals were approved thereby amending the Amended and Restated Articles and Memorandum of Association of the Company to give the Company the right to extend the date by which the Company has to complete a business combination from September 28, 2024 to March 28, 2025, by depositing into the Trust Account $172,500 per for each one-month extension, on or prior to the date of the applicable deadline, for up to six (6) times.

On March 26, 2025 the Company announced that, as approved by the shareholders of the Company at the Extraordinary General Meeting held on March 20, 2025 (the “March EGM”), the following proposals were approved thereby amending the Amended and Restated Articles and memorandum of Association to give the Company the right to extend the date by which the Company has to complete a business combination from March 28, 2025 to September 28, 2025, by depositing into the Trust Account $172,500 per for each one-month extension, on or prior to the date of the applicable deadline, for up to six (6) times.

Forward Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward- looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Contact:

Lixin Zheng
Chief Executive Officer
Oak Woods Acquisition Corporation
(+1) 403-561-7750

The MIL Network –

May 1, 2025

MIL-OSI: Sharc Energy Announces 2024 Year End Financial Results

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, April 30, 2025 (GLOBE NEWSWIRE) — SHARC International Systems Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) (“SHARC Energy” or the “Company”) is pleased to announce it has filed financial results for the year ended December 31, 2024. All figures are in Canadian Dollars and in accordance with IFRS unless otherwise stated.

Fourth Quarter and Year-end Financial Highlights:

Revenue for the year ended December 31, 2024 (“YE 2024”) is $2.17M representing a 36% increase over the $1.59M of revenue reported in the year ended December 31, 2023 (“YE 2023”).

As of April 30, 2025, the Company has a Sales Pipeline¹ of 16.8 million (M) and Sales Order Backlog²of $3.0M. This represents a $0.5M increase or 20% growth in Sales Order Backlog since November 27, 2024 disclosure. Sales Pipeline saw a marginal decrease of 2% since November 27, 2024 disclosure reflecting the deliberate efforts by the Company to refill the pipeline once projects convert to the order book. The combined pipeline showed an aggregate growth of 1% or $0.1M from the previous disclosure on November 27, 2024. Entering 2025, the $3.0M Sales Order Backlog, which is estimated to be converted to revenue within an average of 12 months from disclosure, represents a 38% improvement compared to YE 2024 revenue of $2.17M. The Company continues to observe the maturity of its Sales Pipeline providing the Company’s revenue more consistency and with reduced volatility, providing a solid platform to scale and grow.

During the three months ended December 31, 2024 (“Q4 2024”), the Company reported revenues of $(0.18M), a loss of $1.41M and an Adjusted EBITDA³ loss of $0.9M. In the same period in the prior year (“Q4 2023”) the company reported revenues of $(0.14M), a loss of $1.34M and an Adjusted EBITDA loss of $0.85M.

During YE 2024, the Company reported revenues of $2.17M, a loss of $3.72M and an Adjusted EBITDA loss of $2.57M. Revenue increased 36% over revenue comparative in 2023 of $1.59M, the loss decreased 5% over comparative in 2023 of $3.9M and Adjusted EBITDA loss increased 5% over 2023 comparative of $2.45M.

Gross margins for YE 2024 were 42% compared to 43% in YE 2023. Management remains optimistic that this margin range aligns with our expectations for the coming quarters but the margin percentage varies dependent on sales mix and stage of completion of each project.

Michael Albertson, Chief Executive Officer and President of SHARC Energy, said, “2024 was a strong growth year for the Company with revenues growing by 36% from $1.59M in 2023 to $2.17M in 2024. We enter 2025 poised to continue revenue growth momentum with nearly $3.0M in purchase orders, or Sales Order Backlog, to fulfil which would represent a 38% improvement over 2024 revenue if all realized within the year. This is without consideration of jobs that will purchase order during 2025.”

“SHARC Energy’s pipeline has reached a key maturity milestone as Sales Order Backlog averaged approximately $2.75 million in each disclosure since April 29, 2024 despite recognizing year over year revenue growth. Sales Order Backlog currently contains 9 projects made up of 3 SHARC projects and 6 PIRANHA projects. This compares to 9 projects being included in Sales Order Backlog as of April 29, 2024, consisting of 4 SHARC projects and 5 PIRANHA projects. We see this as a strong indication that the Company’s future revenue is not only growing but diversifying & stabilizing. There are several projects, including larger SHARC supported Thermal Energy Network projects, indicating signs of conversion from Sales Pipeline to Sales Order Backlog which should affirm continued stability and growth of revenue in the near and long term.”

Mr. Albertson continues, “Thermal Energy Networks, commonly referred to as TENs or District Energy Systems, is a growing solution for managing small to large scale thermal energy loads efficiently and cost-effectively. WET supported solutions continue to grow in awareness and acceptance with the Company learning of projects in planning across North America and globally. In the Greater Vancouver, British Columbia region alone, there are several municipal or utility supported TENs ranging in size and scale, similar to the False Creek Neighborhood Energy Utility or leləm̓ projects, in different stages of development that will increase SHARC Energy’s local footprint over the next few years. In the United States, legislation allowing or mandating utilities to develop thermal energy network demonstration projects or pilots have been passed in eight states, including the State of New York and recently added California, where the Company has installations in progress, projects in design and a growing list of leads looking to implement Wastewater Energy Transfer with District Energy Systems and TENs.”

“We are continuing to progress into new sectors for the SHARC and PIRANHA with promising opportunities developing within wastewater treatment facilities, universities, water utilities, correctional facilities and the design & build/energy sectors. These sectors are increasingly receptive to SHARC Energy’s offerings which is promising as these sectors can provide fewer regulatory hurdles, long-term customer relationships, shorter sales cycles, and the potential for larger-scale projects. The Company anticipates the closing of new business in these adjacent sectors as early as this year.”

“Furthermore, SHARC Energy is gearing up to launch new products in its portfolio which will be introduced to the market soon. With the support of original equipment manufacturer relationships SHARC Energy has, we feel there is significant opportunity to better serve more customers and increase our revenue and margin dollars earned going forward. SHARC Energy’s tailwinds are strong and set to propel the Company to profitability in the coming years. We are very excited about our position in the thermal energy market!” stated Mr. Albertson.

Q4 2024 Highlights and Subsequent Events

Michael Albertson appointed CEO, President and Director. On December 12, 2024, the Company announced the appointment of Michael Albertson as the new Chief Executive Officer, President and Director. Lynn Mueller has led SHARC Energy as CEO, President and Chairman of the Board since 2014 and will stay on as Executive Chairman of SHARC Energy’s Board of Directors.

Fred Andriano appointed to the Board of Directors. The Company announced the appointment of Fred Andriano to its Board of Directors on November 7, 2024. Mr. Andriano was previously CFO at WaterFurnace International, where his leadership was critical in strategic acquisitions, international joint ventures and impressive growth, with revenues doubling from $65M to $130M culminating in a $364M acquisition by NIBE Group in 2014. He continued as CFO and eventually moving to Vice President of Financial and Administrative Services for NIBE North America. During this time, Mr. Andriano played a pivotal role in securing major acquisitions, such as Enertech and The Climate Control Group, expanding NIBE’s footprint in the renewable energy space.

Closing of $2 Million 8.0% Debenture financing. The Company closed a non-brokered private placement of debenture units of the Company (“Debenture units”) at a price of $1,000 per Debenture Unit, for gross proceeds of $2,000,000. Each Debenture Unit will be comprised of: (i) a $1,000 principal amount of 8.0% unsecured debenture of the Company (the “Debenture”); and (ii) 5,000 common share purchase warrants of the Company (the “Warrants”). Each Warrant will entitle the holder thereof to acquire one common share in the capital of the Company (each, a “Share”) at an exercise price of $0.20 per Share for a period of 36 months from the date of issuance.

False Creek Neighbourhood Energy Utility (“NEU”) Expansion. The Company continued work on the supply and maintenance agreement with the City of Vancouver for the provision and maintenance of five SHARC systems for the False Creek NEU Expansion. During the period, the Company completed and billed milestone 3.5 of 5 of the agreement, where all components have been delivered to site. The remaining milestones were achieved in Q1 and Q2 2025.

SHARC WET system key in Whitney Young retrofit featured in NYSERDA Empire Building Challenge. The Company shipped a SHARC WET system for the Whitney Young Manor recapitalization project in Yonkers, New York during Q1 2024. The Whitney Young Manor will undergo a $22 million renovation, with nearly $12 million allocated to the project’s decarbonization effort, inclusive of all energy efficiency measures. The retrofit project will highlight how to leverage a recapitalization opportunity to comprehensively retrofit energy systems and modernize an affordable housing complex.

Insiders, including management and directors, have purchased 5,653,396 common shares of the Company during YE 2024. Insider ownership represents 16% of the current outstanding float.

For complete financial information for the year ended December 31, 2024, please see the Audited Annual Financial Statements and Management Discussion and Analysis (“MD&A”) filed on SEDAR at www.sedar.com.

About SHARC Energy

SHARC International Systems Inc. is a world leader in energy recovery from the wastewater we send down the drain every day. SHARC Energy’s systems recycle thermal energy from wastewater, generating one of the most energy-efficient and economical systems for heating, cooling & hot water production for commercial, residential, and industrial buildings along with thermal energy networks, commonly referred to as “District Energy”.

SHARC Energy is publicly traded in Canada (CSE: SHRC), the United States (OTCQB: INTWF) and Germany (Frankfurt: IWIA) and you can find out more on our SEDAR profile.

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified using words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. SHARC Energy’s actual results could differ materially from those anticipated in this forward-looking information because of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Company. SHARC Energy believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company’s expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether because of new information, future events or otherwise, except as required by applicable securities legislation.

_______________________________________

¹ Sales Pipeline is a non-IFRS measure. Please see discussion of Alternative Performance Measures and Non-IFRS Measures in the Year End 2024 MD&A.
² Sales Order Backlog is a non-IFRS measure. Please see discussion of Alternative Performance Measures and Non-IFRS Measures in the Year End 2024 MD&A.
³ Adjusted EBITDA is a non-IFRS measure. Please see discussion of Alternative Performance Measures and Non-IFRS Measures in the Year end 2024 MD&A.

The MIL Network –

May 1, 2025

MIL-OSI: NVIDIA Sets Conference Call for First-Quarter Financial Results

Source: GlobeNewswire (MIL-OSI)

Written CFO Commentary to Be Provided Ahead of Call

SANTA CLARA, Calif., April 30, 2025 (GLOBE NEWSWIRE) — NVIDIA will host a conference call on Wednesday, May 28, at 2 p.m. PT (5 p.m. ET) to discuss its financial results for the first quarter of fiscal year 2026, which ended April 27, 2025.

The call will be webcast live (in listen-only mode) on investor.nvidia.com. The company’s prepared remarks will be followed by a Q&A session, which will be limited to questions from financial analysts and institutional investors.

Ahead of the call, NVIDIA will provide written commentary on its first-quarter results from Colette Kress, the company’s executive vice president and chief financial officer. This material will be posted to investor.nvidia.com immediately after the company’s results are publicly announced at approximately 1:20 p.m. PT.

The webcast will be recorded and available for replay until the company’s conference call to discuss financial results for its second quarter of fiscal year 2026.

About NVIDIA
NVIDIA (NASDAQ: NVDA) is the world leader in accelerated computing.

For further information, contact:

The MIL Network –

May 1, 2025

MIL-OSI: The First of Long Island Corporation Reports Earnings for the First Quarter of 2025

Source: GlobeNewswire (MIL-OSI)

MELVILLE, N.Y., April 30, 2025 (GLOBE NEWSWIRE) — The First of Long Island Corporation (Nasdaq: FLIC, the “Company” or the “Corporation”), the parent of The First National Bank of Long Island (the “Bank”), reported earnings for the three months ended March 31, 2025.

Analysis of Earnings – First Quarter 2025 Versus Linked Quarter

Net income for the first quarter of 2025 increased $512,000 compared to the fourth quarter of 2024. The increase in net income was primarily due to a $795,000 increase in net interest income largely due to an eight basis point improvement in the net interest margin, and a decrease in noninterest expense of $1.5 million primarily due to branch consolidation expenses of $1.4 million and vesting of equity awards during the fourth quarter of 2024 offset by pending merger related system conversion expenses of $468,000 and debit card chargeoffs of $243,000 during the first quarter of 2025. These were partially offset by a provision for credit losses of $168,000 as compared to a provision reversal for credit losses of $381,000 in the fourth quarter, a decrease in noninterest income of $503,000 primarily due to $233,000 of back-to-back swap fees and $225,000 of bank-owned life insurance (“BOLI”) benefit payments earned in the fourth quarter, and an increase in income tax expense of $761,000 substantially due to a decrease in the percentage of pre-tax income derived from the Bank’s real estate investment trust, increasing the state and local income tax due.

Analysis of Earnings – First Quarter 2025 Versus First Quarter of 2024

Net income and earnings per share (“EPS”) for the quarter ended March 31, 2025 were $3.8 million and $0.17, respectively, as compared to $4.4 million and $0.20, respectively, for the comparable quarter in 2024. The principal drivers of the change in net income were an increase in net interest income of $661,000, or 3.6%, which was more than offset by an increase in the provision for credit losses of $168,000, an increase in noninterest expense of $922,000, and an increase in income tax expense of $193,000. The quarter produced a return on average assets (“ROA”) of 0.37%, return on average equity (“ROE”) of 3.98%, and a net interest margin of 1.91%.

Net interest income increased when comparing the first quarters of 2025 and 2024 primarily due to a decrease in interest expense of $2.0 million which was partially offset by a $1.4 million decrease in interest income. The decrease in interest expense was a combination of a 16 basis points decrease in the cost of interest-bearing liabilities and a decrease in average interest-bearing liabilities of $92.9 million. The decrease in interest income resulted from interest-earning assets decreasing by $156.6 million offset by the yield on interest-earning assets increasing two basis points.

In the first quarter of 2025, the Bank recorded a provision for credit losses of $168,000. The Bank did not record a provision in the first quarter of 2024. The allowance for credit losses remained relatively flat when compared to year-end 2024 largely due to declines in historical loss rates and loan balances which were offset by an increase due to deterioration in current and forecasted economic conditions, including adjustments for economic uncertainty. The reserve coverage ratio ticked up one basis point to 0.89% of total loans at March 31, 2025 as compared to 0.88% at December 31, 2024. Past due loans and nonaccrual loans were at $7.5 million and $3.5 million, respectively, on March 31, 2025. Overall, the credit quality of the loan and investment portfolios remains strong.

Noninterest income decreased $57,000, or 2.1%, when comparing the first quarters of 2025 and 2024 mainly due to 2024 nonrecurring items of $114,000 in real estate tax refunds, $60,000 in BOLI benefit payments, $50,000 in joint marketing fees and an additional one-time service charge cycle related to the Bank’s core system conversion, which were partially offset by increases of $96,000 in merchant card service fees and $72,000 in BOLI accretion.

Noninterest expense increased $922,000, or 5.7%, for the first quarter of 2025, as compared to the first quarter of 2024. The change in noninterest expense is mainly attributable to the current year’s expenses related to the pending merger. Noninterest expense increased due to merger expenses of $230,000, merger related system conversion expenses of $468,000, debit card chargeoffs of $243,000 and higher legal fees, partially offset by a 2.6% year-over-year decrease in salaries and employee benefits. The decrease in salaries and employee benefits was due to a decrease in full time equivalent employees, primarily the result of branch closings in 2024.

Income tax expense increased $193,000 due to an increase in the effective tax rate from 6.2% in the first quarter of 2024 to 11.5% in the current quarter. The increase in the effective tax rate is mainly due to the same reasons discussed above with respect to the linked quarter changes.

Liquidity

Total average deposits declined by $51.9 million when comparing the first quarters of 2025 and 2024. There were no overnight advances on March 31, 2025 or December 31, 2024. On March 31, 2025, other borrowings were down by $75.0 million from year-end 2024. At March 31, 2025, the Bank had $653.3 million in collateralized borrowing lines with the Federal Home Loan Bank of New York and the Federal Reserve Bank, a $20.0 million unsecured line of credit with a correspondent bank and $204.8 million in unencumbered securities. In total, $878.1 million in liquidity was available on March 31, 2025. Uninsured deposits were 49.5% of total deposits at March 31, 2025.

Capital

The Corporation’s capital position remains strong with a leverage ratio of approximately 10.29% on March 31, 2025. Book value per share was $16.91 on March 31, 2025, versus $16.77 on December 31, 2024. The Company declared its quarterly cash dividend of $0.21 per share during the quarter. There were no share repurchases during the quarter.

Forward Looking Information

This earnings release contains various “forward-looking statements” within the meaning of that term as set forth in Rule 175 of the Securities Act of 1933 and Rule 3b-6 of the Securities Exchange Act of 1934. Such statements are generally contained in sentences including the words “may” or “expect” or “could” or “should” or “would” or “believe” or “anticipate”. The Corporation cautions that these forward-looking statements are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. Factors that could cause future results to vary from current management expectations include, but are not limited to, changing economic conditions; legislative and regulatory changes; changes in domestic or international governmental policies, including the imposition of tariffs; monetary and fiscal policies of the federal government; changes in interest rates; deposit flows and the cost of funds; demand for loan products; competition; changes in management’s business strategies; changes in accounting principles, policies or guidelines; changes in real estate values; and other factors discussed in the “risk factors” section of the Corporation’s filings with the Securities and Exchange Commission (“SEC”). The forward-looking statements are made as of the date of this press release, and the Corporation assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.

For more detailed financial information please see the Corporation’s quarterly report on Form 10-Q for the quarter ended March 31, 2025. The Form 10-Q will be available through the Bank’s website at www.fnbli.com on or about May 1, 2025, when it is anticipated to be electronically filed with the SEC. Our SEC filings are also available on the SEC’s website at www.sec.gov.


CONSOLIDATED BALANCE SHEETS (Unaudited)

	3/31/2025			12/31/2024
	(dollars in thousands)
Assets:
Cash and cash equivalents	$	67,555		$	38,330
Investment securities available-for-sale, at fair value		615,350			624,779

Loans:
Commercial and industrial		134,095			136,732
Secured by real estate:
Commercial mortgages		1,929,881			1,963,107
Residential mortgages		1,065,380			1,084,090
Home equity lines		33,452			36,468
Consumer and other		1,126			1,210
		3,163,934			3,221,607
Allowance for credit losses		(28,308	)		(28,331	)
		3,135,626			3,193,276

Restricted stock, at cost		24,329			27,712
Bank premises and equipment, net		28,411			29,135
Right-of-use asset – operating leases		18,358			18,951
Bank-owned life insurance		117,471			117,075
Pension plan assets, net		11,693			11,806
Deferred income tax benefit		35,022			36,192
Other assets		22,491			22,080
	$	4,076,306		$	4,119,336
Liabilities:
Deposits:
Checking	$	1,072,766		$	1,074,671
Savings, NOW and money market		1,587,030			1,574,160
Time		635,789			616,027
		3,295,585			3,264,858

Overnight advances		—			—
Other borrowings		360,000			435,000
Operating lease liability		20,348			21,964
Accrued expenses and other liabilities		17,533			18,648
		3,693,466			3,740,470
Stockholders’ Equity:
Common stock, par value $0.10 per share:
Authorized, 80,000,000 shares;
Issued and outstanding, 22,635,724 and 22,595,349 shares		2,264			2,260
Surplus		79,866			79,731
Retained earnings		353,043			354,051
		435,173			436,042
Accumulated other comprehensive loss, net of tax		(52,333	)		(57,176	)
		382,840			378,866
	$	4,076,306		$	4,119,336


CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

	Three Months Ended
	3/31/2025			3/31/2024
	(dollars in thousands)
Interest and dividend income:
Loans	$	33,785		$	33,543
Investment securities:
Taxable		5,374			6,993
Nontaxable		956			960
		40,115			41,496
Interest expense:
Savings, NOW and money market deposits		10,318			10,083
Time deposits		6,403			6,977
Overnight advances		71			263
Other borrowings		4,501			6,012
		21,293			23,335
Net interest income		18,822			18,161
Provision for credit losses		168			—
Net interest income after provision for credit losses		18,654			18,161

Noninterest income:
Bank-owned life insurance		912			840
Service charges on deposit accounts		829			880
Net loss on sales of securities		—			—
Other		976			1,054
		2,717			2,774
Noninterest expense:
Salaries and employee benefits		9,711			9,974
Occupancy and equipment		3,233			3,214
Merger expenses		230			—
Other		3,954			3,018
		17,128			16,206
Income before income taxes		4,243			4,729
Income tax expense		487			294
Net income	$	3,756		$	4,435

Share and Per Share Data:
Weighted Average Common Shares		22,625,117			22,520,568
Dilutive restricted stock units		86,270			73,827
Dilutive weighted average common shares		22,711,387			22,594,395

Basic EPS	$	0.17		$	0.20
Diluted EPS		0.17			0.20
Cash Dividends Declared per share		0.21			0.21

FINANCIAL RATIOS
(Unaudited)
ROA		0.37	%		0.42	%
ROE		3.98			4.72
Net Interest Margin		1.91			1.79


PROBLEM AND POTENTIAL PROBLEM LOANS AND ASSETS (Unaudited)

	3/31/2025			12/31/2024
	(dollars in thousands)
Loans including modifications to borrowers experiencing financial difficulty:
Modified and performing according to their modified terms	$	419		$	421
Past due 30 through 89 days		7,452			270
Past due 90 days or more and still accruing		—			—
Nonaccrual		3,510			3,229
		11,381			3,920
Other real estate owned		—			—
	$	11,381		$	3,920

Allowance for credit losses	$	28,308		$	28,331
Allowance for credit losses as a percentage of total loans		0.89	%		0.88	%
Allowance for credit losses as a multiple of nonaccrual loans		8.1	x		8.8	x


AVERAGE BALANCE SHEET, INTEREST RATES AND INTEREST DIFFERENTIAL (Unaudited)

	Three Months Ended March 31,
	2025							2024
	Average			Interest/		Average		Average			Interest/		Average
(dollars in thousands)	Balance			Dividends		Rate		Balance			Dividends		Rate
Assets:
Interest-earning bank balances	$	28,537		$	313	4.45	%	$	55,117		$	751	5.48	%
Investment securities:
Taxable (1)		568,162			5,061	3.56			638,857			6,242	3.91
Nontaxable (1) (2)		151,745			1,210	3.19			153,417			1,215	3.17
Loans (1)		3,185,771			33,785	4.24			3,243,445			33,543	4.14
Total interest-earning assets		3,934,215			40,369	4.10			4,090,836			41,751	4.08
Allowance for credit losses		(28,399	)						(28,947	)
Net interest-earning assets		3,905,816							4,061,889
Cash and due from banks		28,197							31,703
Premises and equipment, net		28,912							31,257
Other assets		130,528							120,884
	$	4,093,453						$	4,245,733
Liabilities and Stockholders’ Equity:
Savings, NOW & money market deposits	$	1,572,109			10,318	2.66		$	1,534,081			10,083	2.64
Time deposits		612,730			6,403	4.24			643,854			6,977	4.36
Total interest-bearing deposits		2,184,839			16,721	3.10			2,177,935			17,060	3.15
Overnight advances		6,322			71	4.55			18,846			263	5.61
Other borrowings		416,944			4,501	4.38			504,258			6,012	4.80
Total interest-bearing liabilities		2,608,105			21,293	3.31			2,701,039			23,335	3.47
Checking deposits		1,067,804							1,126,593
Other liabilities		35,260							40,014
		3,711,169							3,867,646
Stockholders’ equity		382,284							378,087
	$	4,093,453						$	4,245,733

Net interest income (2)				$	19,076						$	18,416
Net interest spread (2)						0.79	%						0.61	%
Net interest margin (2)						1.91	%						1.79	%

(1)		The average balances of loans include nonaccrual loans. The average balances of investment securities exclude unrealized gains and losses on available-for-sale securities.
(2)		Tax-equivalent basis. Interest income on a tax-equivalent basis includes the additional amount of interest income that would have been earned if the Corporation’s investment in tax-exempt investment securities had been made in investment securities subject to federal income taxes yielding the same after-tax income. The tax-equivalent amount of $1.00 of nontaxable income was $1.27 for each period presented using the statutory federal income tax rate of 21%.

For More Information Contact:
Janet Verneuille, SEVP and CFO
(516) 671-4900, Ext. 7462

The MIL Network –

May 1, 2025

MIL-OSI: Element Reports Solid First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

^{Amounts in US$ unless otherwise noted}

Solid Q1 2025 performance in uncertain market conditions reflects the strength of the Company’s business model and financial and operational resilience

Net revenues grew 5% year-over-year driven by growth across all categories despite an unfavourable foreign currency translation impact of $17 million and Q1 2024 services revenue benefitting from $7 million in certain items (as previously disclosed)

Q1 2025 adjusted operating expense^2,3 growth moderated to 5% year-over-year

Excluding the $7 million in services revenue noted above, net revenue grew 8% year-over-year, and adjusted operating margin expanded 125 basis points with positive operating leverage of 290 basis points

On an adjusted basis³, diluted EPS of $0.28 in Q1 2025 represented a 8% year-over-year increase, diluted free cash flow per share of $0.36 grew 9%, and the Company generated a return of equity of 16.7%; up from 15.4% in Q1 2024

The Company is effectively navigating the challenges posed by global trade tensions to support its clients and business

Client order volume remains resilient, with global order backlog rising to $2 billion in Q1 2025

Repurchased 2.2 million common shares under its normal course issuer bid in Q1 2025 for total consideration of approximately $40 million

TORONTO, April 30, 2025 (GLOBE NEWSWIRE) — Element Fleet Management Corp. (TSX:EFN) (“Element” or the “Company”), the largest publicly traded, pure-play automotive fleet manager in the world, today announced financial and operating results for the three months ended March 31, 2025. The following table presents Element’s selected financial results.


	Q1 2025¹		Q4 2024¹	Q1 2024¹	QoQ	YoY
In US$ millions, except percentages and per share amount					%	%
Selected results – as reported
Net revenue	275.7		270.9	262.5	2%	5%
Pre-tax income	136.5		121.4	123.0	12%	11%
Pre-tax income margin	49.5	%	44.8 %	46.9 %	470 bps	260 bps
Earnings per share (EPS) [diluted]	*0.25*		0.23	0.23	9%	9%
Adjusted results^1,2,3
Adjusted net revenue^1,3	275.7		270.9	262.5	2%	5%
Adjusted operating income (AOI)³	150.8		143.3	143.6	5%	5%
Adjusted operating margin³	54.7	%	52.9 %	54.7 %	180 bps	— bps
Adjusted EPS³ [diluted]	*0.28*		0.27	0.26	4%	8%
Other highlights:
Adjusted free cash flow per share³(FCF/sh) – diluted	0.36		0.30	0.33	20%	9%
Originations	1,509		1,498	1,542	1%	(2)%
Vehicles under management	1.514		1.517	1.490	—%	2%
Adjusted ROE³	16.7	%	15.4 %	15.4 %	130 bps	130 bps

1.	Q1 2024 services revenue benefitted from $7 million in certain items, as previously disclosed.
2.	Q1 2024 also includes $2 million in strategic project costs (nil in Q4 2024) attributable to the Company’s leasing initiative in Ireland. These strategic costs were completed in Q3 2024 and, in aggregate, were $2 million below planned investment as previously communicated.
3.	Adjusted results are non-GAAP or supplemental financial measures, which do not have any standard meaning prescribed by GAAP under IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. For further information, please see the “IFRS to Non-GAAP Reconciliations” section in this earnings release. The Company uses “Adjusted Results” because it believes that they provide useful information to investors regarding its performance and results of operations.

“Our solid Q1 results highlight the financial stability and operational resilience of our business,” said Laura Dottori-Attanasio, Chief Executive Officer of Element. “This has enabled us to effectively manage potential disruptions from global trade tensions while staying committed to our clients’ success. By leveraging our deep industry expertise, we remain focused on guiding clients through market uncertainties and continuing to support them in achieving their strategic objectives.”

Dottori-Attanasio continued, “Strong client demand, combined with our business’ proven ability to adapt and self-correct, enables us to consistently deliver value for shareholders across dynamic market environments. At the same time, we continue to innovate, digitize, and evolve to sustain long-term success and lead the way in defining the future of mobility. We are also encouraged by the moderation in expense growth — a trend we expect to continue through 2025 and will help to generate adjusted operating margin expansion in line with our 2025 guidance.”

Net revenue growth

Element grew Q1 2025 net revenue 5% over Q1 2024 (“year-over-year”) to $276 million, with increases delivered across all categories. As previously disclosed, Q1 2024 net revenue benefitted from $7 million in services revenue from certain items. Excluding these items, net revenue grew 8% compared to Q1 2024. Additionally, the impact of foreign exchange translation was material year-over-year, particularly the Mexican Peso and Australian dollar, which depreciated against the U.S. dollar by approximately 20% and 5%, respectively, reducing net revenue by $17 million.

Q1 2025 net revenue increased $5 million or 2% from Q4 2024 (“quarter-over-quarter”) led largely by higher net financing revenue, higher syndication revenue and higher Gains on Sale (“GOS”) due to seasonal factors. This was partly offset by lower services revenue, which benefitted from certain timing-related factors in Q4 2024.

Service revenue

Element’s largely unlevered services revenue is an important driver of the Company’s growth and the key pillar of its capital-light business model, which has improved the return on equity profile.

Q1 2025 services revenue increased 4% year-over-year to $152 million driven primarily by higher penetration and utilization rates of our service offerings from new and existing clients. As previously disclosed, Q1 2024 services revenue benefitted from $7 million in certain items. Excluding this amount, services revenue grew by 9% year-over-year. Partly offsetting this increase was the impact of foreign currency exchange translation, which reduced services revenue by $6 million.

Q1 2025 services revenue decreased 6% quarter-over-quarter from a record Q4 2024, which benefitted from certain timing-related factors referenced above under ‘Net revenue growth’.

Net financing revenue

Q1 2025 net financing revenue grew $4 million or 4% year-over-year, primarily due to strong growth in financing income driven by both pricing and funding initiatives. Partly offsetting this was higher funding costs associated with financing the redemptions of our preferred shares (previously recorded below the AOI line) and the impact of incremental debt due to the acquisition of Autofleet. The year-over-year decrease in GOS resulted from unfavourable foreign currency translation, as on an underlying basis higher vehicle volume more than offset used vehicle price normalization. The aggregate impact of foreign currency exchange translation reduced net financing revenue by $11 million year-over-year.

Q1 2025 net financing revenue increased $8 million or 8% from Q4 2024. This quarter-over-quarter increase was materially led by higher yield on assets, higher GOS relative to a seasonally weaker fourth quarter, and lower funding costs.

Syndication volume

The Company syndicated $574 million of assets in Q1 2025, an increase of $101 million or 21% year-over-year. Q1 2025 syndicated assets decreased $461 million or 45% quarter-over-quarter largely as a result of the bulk sale of a Canadian lease portfolio to Blackstone in December 2024 in the amount of $346 million (CAD$474 million).

In Q1 2025, the Company made the strategic decision to delay the syndication of certain assets to the second half of 2025 pending the outcome of proposed U.S. tax legislation changes. Overall, the demand for Element’s assets remains strong and this postponement underscores a targeted approach to capital management.

Q1 2025 syndication revenue increased $3 million or 41% year-over-year largely attributable to higher net yields and higher syndicated volume. This higher net yield largely reflects the Company’s syndication mix and a more favourable interest rate environment, which more than offset the scheduled reduction in bonus depreciation in 2025, which reduces net yields.

Q1 2025 syndication increased $6 million or 95% quarter-over-quarter largely due to higher net yields from syndication mix, which compared favourably to Q4 2024 net yields that were negatively impacted by the setup costs associated with the bulk sale of the Canadian lease portfolio.

Adjusted operating expenses

Q1 2025 adjusted operating expenses of $125 million were $6 million or 5% higher year-over-year. largely due to higher general and administrative expenses related to business development, higher professional fees and Autofleet operating expenses of $3 million in Q1 2025. Excluding Autofleet, adjusted operating expenses increased by 2%, compared to Q1 2024. The impact of foreign currency exchange translation was a $4 million tailwind.

Adjusted operating expenses decreased by $3 million or 2% quarter-over-quarter, largely due to lower general and administrative expenses.

We expect operating expense growth to continue to moderate for the remainder of 2025 as the benefits of our investments made in 2024 begin to materialize.

Adjusted operating income and adjusted operating margins

Q1 2025 AOI was $151 million, an increase of $7 million or 5% year-over-year notwithstanding foreign currency translation impacts. Excluding the $7 million in certain service revenue items in Q1 2024, AOI grew 11% year-over-year. The impact on AOI resulting from unfavourable foreign exchange movements was $13 million on a year-over-year basis.

Q1 2025 AOI increased $8 million or 5% quarter-over-quarter due to the favourable combination of higher revenue and reduced expenses.

Q1 2025 adjusted operating margin was 54.7%, unchanged year-over-year. Excluding the impact of the $7 million in certain service revenue items in Q1 2024, operating margin expanded 125 basis points.

Originations

Element originated $1.5 billion of assets in Q1 2025, which is a $33 million or 2% decrease year-over-year reflecting foreign exchange translation headwinds impacting our Mexico and Australia and New Zealand originations, partially offset by increased volumes in the U.S. and Canada.

Q1 2025 originations increased $11 million or 1% quarter-over-quarter led largely by higher originations in the U.S. and Canada.

Order volumes have increased significantly over the past two quarters amid rising global trade tensions. The Company continues to expect this client order momentum, bolstered by improvements made through our U.S. & Canada Leasing strategic initiative based in Ireland, to drive solid origination volumes in the coming quarters.

The table below sets out the geographic distribution of Element’s originations for 2025 and 2024:

(in US$000’s for stated values)	March 31, 2025		March 31, 2024
	$	%	$	%
United States and Canada	1,195,391	79.23 %	1,182,987	76.72 %
Mexico	214,752	14.23 %	259,143	16.81 %
Australia and New Zealand	98,726	6.54 %	99,753	6.47 %
Total	1,508,869	100.00 %	1,541,883	100.00 %

Adjusted free cash flow per share and returns to shareholders

On an adjusted basis, Element generated $0.36 of diluted adjusted free cash flow (“FCF”) per share in Q1 2025; up 9% year-over-year. Q1 2025 diluted adjusted FCF per share was 20% higher quarter-over-quarter.

During Q1 2025, Element returned $77 million of cash to shareholders through common share dividends ($37 million) and common share repurchases ($40 million).

Common dividend and share repurchases

On April 30, 2025, the Board of Directors (the “Board”) authorized and declared a quarterly cash dividend of CAD$0.13 per common share of Element for the second quarter of 2025. The dividend will be payable on July 15, 2025 to shareholders of record as at the close of business on June 30, 2025.

The Company’s common dividends are designated to be eligible dividends for purposes of section 89(1) of the Income Tax Act (Canada).

In furtherance of the Company’s return of capital plan, Element renewed its normal course issuer bid (the “NCIB”) for its common shares. Under the NCIB, the Company has approval from the TSX to purchase up to 40,386,699 common shares during the period from November 20, 2024, to November 19, 2025. The Company intends to be more active under its NCIB in 2025. The actual number of the Company’s common shares, if any, that may be purchased under the NCIB, and the timing of any such purchases, will be determined by the Company, subject to applicable terms and limitations of the NCIB (including any automatic share purchase plan adopted in connection therewith). There cannot be any assurance as to how many common shares, if any, will ultimately be purchased pursuant to the NCIB. Any subsequent renewals of the NCIB will be in the discretion of the Company and subject to further TSX approval.

During Q1 2025, the Company purchased 2,178,000 Common Shares for cancellation under its NCIB at a volume weighted average price of CAD$28.55. The Company has remained active on the NCIB during April 2025, and have repurchased approximately 561,000 shares for total consideration of approximately $11 million.

Element applies trade date accounting in determining the date on which the share repurchase is reflected in the consolidated financial statements. Trade date accounting is the date on which the Company commits itself to purchase the shares.

Debt-to-capital leverage ratio

Commencing Q4 2024, the Company changed its banking covenants from tangible leverage ratio (“TLR”) to debt-to-capital, which the Company believes is a more meaningful measure of its leverage. At March 31, 2025, the Company’s debt-to-capital ratio was 74.9% (March 31, 2024 73.2%). The Company targets a range between 73% to 77%.

The Company remains committed to maintaining a strong investment grade balance sheet.

Conference call and webcast

A conference call to discuss these results will be held on Thursday, May 1, 2025 at 8:00 a.m. Eastern Time.

The conference call and webcast can be accessed as follows:

A taped recording of the conference call may be accessed through June 1, 2025 by dialing 1-855-669-9658 (Canada/U.S. Toll Free) or 1-412-317-0088 (International Toll) and entering the access code 2285919.

IFRS to Non-GAAP Reconciliations, Non-GAAP Measures and Supplemental Information

The Company’s audited consolidated financial statements have been prepared in accordance with IFRS as issued by the IASB and the accounting policies we adopted in accordance with IFRS. These audited consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary to present fairly our financial position as at March 31, 2025 and March 31, 2024, the results of operations, comprehensive income and cash flows for the three- and 12-month periods-ended March 31, 2025 and March 31, 2024.

Non-GAAP and IFRS key annualized operating ratios and per share information of the operations of the Company:

		As at and for the three-month period ended
(in US$000’s except ratios and per share amounts or unless otherwise noted)		March 31, 2025			December 31, 2024			March 31, 2024

Key annualized operating ratios

Leverage ratios
Financial leverage ratio	P/(P+R)		74.9	%		74.1	%		73.2	%
Average financial leverage ratio	Q/(Q+V)		75.4	%		75.0	%		73.8	%

Other key operating ratios
Allowance for credit losses as a % of total finance receivables before allowance	F/E		0.09	%		0.08	%		0.08	%
Adjusted operating income on average net earning assets	B/J		7.92	%		7.31	%		7.34	%
Adjusted operating income on average tangible total equity of Element	D/(V-L)		42.23	%		39.34	%		32.37	%

Per share information
Number of shares outstanding	W		402,350			404,502			388,926
Weighted average number of shares outstanding [basic]	X		403,502			404,578			389,161
Weighted average number of shares outstanding [diluted]	Y		403,686			404,726			404,118
Cumulative preferred share dividends during the period	Z		—			—			2,919
Other effects of dilution on an adjusted operating income basis	AA	$	—			—		$	1,222
Net income per share [basic]	(A-Z)/X	$	0.25		$	0.23		$	0.23
Net income per share [diluted]		$	0.25		$	0.23		$	0.23

Adjusted EPS [basic]	(D1)/X	$	0.28		$	0.27		$	0.27
Adjusted EPS [diluted]	(D1+AA)/Y	$	0.28		$	0.27		$	0.26

Management also uses a variety of both IFRS and non-GAAP and Supplemental Measures, and non-GAAP ratios to monitor and assess their operating performance. The Company uses these non-GAAP and Supplemental Financial Measures because they believe that they may provide useful information to investors regarding their performance and results of operations.

The following table provides a reconciliation of certain IFRS to non-GAAP measures related to the operations of the Company and other supplemental information.

	For the three-month period ended
(in US$000’s except per share amounts or unless otherwise noted)	March 31, 2025			December 31, 2024			March 31, 2024
Reported results	US$			US$			US$
Services income, net		152,482			161,461			147,053
Net financing revenue		111,556			103,453			107,178
Syndication revenue, net		11,633			5,976			8,226
Net revenue		275,671			270,890			262,457
Operating expenses		135,007			141,234			132,499
Operating income		140,664			129,656			129,958
Operating margin		51.0	%		47.9	%		49.5	%
Total expenses		139,200			149,463			139,478
Income before income taxes		136,471			121,427			122,979
Net income		102,250			92,057			93,817
EPS [basic]	$	0.25		$	0.23		$	0.23
EPS [diluted]	$	0.25		$	0.23		$	0.23
Adjusting items
Impact of adjusting items on operating expenses:
Strategic initiatives costs – Salaries, wages, and benefits		—			—			485
Strategic initiatives costs – General and administrative expenses		—			—			1,640
Share-based compensation		10,183			13,687			10,731
Amortization of convertible debenture discount		—			—			793
Total impact of adjusting items on operating expenses		10,183			13,687			13,649
Total pre-tax impact of adjusting items		10,183			13,687			13,649
Total after-tax impact of adjusting items		7,612			10,265			10,305
Total impact of adjusting items on EPS [basic]		0.02			0.03			0.03
Total impact of adjusting items on EPS [diluted]		0.02			0.03			0.03

	For the three-month period ended
(in US$000’s except per share amounts or unless otherwise noted)	March 31, 2025			December 31, 2024			March 31, 2024
Adjusted results	US$			US$			US$
Adjusted net revenue		275,671			270,890			262,457
Adjusted operating expenses		124,824			127,547			118,850
Adjusted operating income		150,847			143,343			143,607
Adjusted operating margin		54.7	%		52.9	%		54.7	%
Provision for income taxes		34,221			29,370			29,162
Adjustments:
Pre-tax income		3,750			5,481			5,390
Foreign tax rate differential and other		118			985			632
Provision for taxes applicable to adjusted results		38,089			35,836			35,184
Adjusted net income		112,758			107,507			108,423
Adjusted EPS [basic]	$	0.28		$	0.27		$	0.27
Adjusted EPS [diluted]	$	0.28		$	0.27		$	0.26

The following table summarizes key statement of financial position amounts for the periods presented.

Selected statement of financial position amounts		For the three-month period ended
(in US$000’s unless otherwise noted)		March 31, 2025		December 31, 2024		March 31, 2024
		US$		US$		US$
Total Finance receivables, before allowance for credit losses	E	7,699,109		7,576,386		7,478,974
Allowance for credit losses	F	7,137		6,168		5,794
Net investment in finance receivable	G	5,148,688		4,968,294		5,349,038
Equipment under operating leases	H	2,428,013		2,435,430		2,685,015
Net earning assets	I=G+H	7,576,701		7,403,724		8,034,053
Average net earning assets	J	7,618,350		7,848,023		7,825,155
Goodwill and intangible assets	K	1,660,009		1,672,701		1,587,465
Average goodwill and intangible assets	L	1,663,050		1,675,336		1,588,981
Borrowings	M	9,045,885		8,463,789		9,021,567
Unsecured convertible debentures	N	—		—		126,108
Less: continuing involvement liability	O	(136,932	)	(132,683	)	(87,199	)
Total debt	P=M+N-O	8,908,953		8,331,106		9,060,476
Cash and restricted funds	P₁	780,531		408,621		1,031,951
Total net debt	P₂ = P-P₁	8,128,422		7,922,485		8,028,525
Average debt	Q	8,363,864		8,313,527		8,239,147
Total shareholders’ equity	R	2,720,616		2,774,315		2,944,588
Preferred shares	S	—		—		181,077
Common shareholders’ equity	T=R-S	2,720,616		2,774,315		2,763,511
Average common shareholders’ equity	U	2,730,985		2,768,504		2,747,716
Average total shareholders’ equity	V	2,730,985		2,768,504		2,928,793

Throughout this press release, management uses the following terms and ratios which do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other organizations. Non-GAAP measures are reported in addition to, and should not be considered alternatives to, measures of performance according to IFRS.

Adjusted operating expenses

Adjusted operating expenses are equal to salaries, wages and benefits, general and administrative expenses, and depreciation and amortization less adjusting items impacting operating expenses. The following table reconciles the Company’s reported expenses to adjusted operating expenses.

	For the three-month period ended
(in US$000’s except per share amounts or unless otherwise noted)	March 31, 2025		December 31, 2024	March 31, 2024
	US$		US$	US$
Reported Expenses	139,200		149,463	139,478
Less:
Amortization of intangible assets from acquisitions	7,799		7,819	6,979
Loss (gain) on investments	(3,606	)	410	—
Operating expenses	135,007		141,234	132,499
Less:
Amortization of convertible debenture discount	—		—	793
Share-based compensation	10,183		13,687	10,731
Strategic initiatives costs – Salaries, wages and benefits	—		—	485
Strategic initiatives costs – General and administrative expenses	—		—	1,640
Total adjustments	10,183		13,687	13,649
Adjusted operating expenses	124,824		127,547	118,850

Adjusted operating income or Pre-tax adjusted operating income

Adjusted operating income reflects net income or loss for the period adjusted for the amortization of debenture discount, share-based compensation, amortization of intangible assets from acquisitions, provision for or recovery of income taxes, loss or income on investments, and adjusting items from the table below.

The following tables reconciles income before taxes to adjusted operating income.

	For the three-month period ended
(in US$000’s except per share amounts or unless otherwise noted)	March 31, 2025		December 31, 2024	March 31, 2024
	US$		US$	US$
Income before income taxes	136,471		121,427	122,979
Adjustments:
Amortization of convertible debenture discount	—		—	793
Share-based compensation	10,183		13,687	10,731
Amortization of intangible assets from acquisition	7,799		7,819	6,979
Loss (gain) on investments	(3,606	)	410	—
Adjusting Items:
Strategic initiatives costs – Salaries, wages and benefits	—		—	485
Strategic initiatives costs – General and administrative expenses	—		—	1,640
Total pre-tax impact of adjusting items	—		—	2,125
Adjusted operating income	150,847		143,343	143,607

Adjusted operating margin

Adjusted operating margin is the adjusted operating income before taxes for the period divided by the net revenue for the period.

After-tax adjusted operating income

After-tax adjusted operating income reflects the adjusted operating income after the application of the Company’s effective tax rates.

Adjusted net income

Adjusted net income reflects reported net income less the after-tax impacts of adjusting items. The following table reconciles reported net income to adjusted net income.

	For the three-month period ended
(in US$000’s except per share amounts or unless otherwise noted)	March 31, 2025		December 31, 2024		March 31, 2024
	US$		US$		US$
Net income	102,250		92,057		93,817
Amortization of convertible debenture discount	—		—		793
Share-based compensation	10,183		13,687		10,731
Amortization of intangible assets from acquisition	7,799		7,819		6,979
Loss (gain) on investments	(3,606	)	410		—
Strategic initiatives costs – Salaries, wages and benefits	—		—		485
Strategic initiatives costs – General and administrative expenses	—		—		1,640
Provision for income taxes	34,221		29,370		29,162
Provision for taxes applicable to adjusted results	(38,089	)	(35,836	)	(35,184	)
Adjusted net income	112,758		107,507		108,423

After-tax adjusted operating income attributable to common shareholders

After-tax adjusted operating income attributable to common shareholders is computed as after-tax adjusted operating income less the cumulative preferred share dividends for the period.

About Element Fleet Management
Element Fleet Management (TSX: EFN) is the largest publicly traded pure-play automotive fleet manager in the world. As a Purpose-driven company, we provide a full range of sustainable and intelligent mobility solutions to optimize and enhance fleet performance for our clients across North America, Australia, and New Zealand. Our services address every aspect of our clients’ fleet requirements, from vehicle acquisition, maintenance, route optimization, risk management, and remarketing, to advising on decarbonization efforts, integration of electric vehicles and managing the complexity of gradual fleet electrification. Clients benefit from Element’s expertise as one of the largest fleet solutions providers in its markets, offering economies of scale and insight used to reduce operating costs and enhance efficiency and performance. At Element, we maximize our clients’ fleet so they can focus on growing their business. For more information, please visit: https://www.elementfleet.com

This press release includes forward-looking statements regarding Element and its business. Such statements are based on management’s current expectations and views of future events. In some cases the forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “plan”, “anticipate”, “intend”, “potential”, “estimate”, “believe” or the negative of these terms, or other similar expressions intended to identify forward-looking statements, including, among others, statements regarding Element’s financial performance, enhancements to clients’ service experience and service levels; expectations regarding client and revenue retention trends; management of operating expenses; increases in efficiency; Element’s ability to achieve its sustainability objectives; Element achieving its digital platform ambitions; the Autofleet acquisition enabling the Company to scale its business more quickly, achieve operational efficiencies, increase client and shareholder value and unlock new revenues streams; EV strategy and capabilities; global EV adoption rates; dividend policy and the payment of future dividends; the costs and benefits of strategic initiatives; creation of value for all stakeholders; expectations regarding syndication; growth prospects and expected revenue growth; level of workforce engagement; improvements to magnitude and quality of earnings; executive hiring and retention; focus and discipline in investing; balance sheet management and plans and expectations with respect to leverage ratios; and Element’s proposed share purchases, including the number of common shares to be repurchased, the timing thereof and TSX acceptance of the NCIB and any renewal thereof. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause Element’s actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Such risks and uncertainties include those regarding the fleet management and finance industries, economic factors, regulatory landscape and many other factors beyond the control of Element. A discussion of the material risks and assumptions associated with this outlook can be found in Element’s annual MD&A, and Annual Information Form for the year ended December 31, 2023, each of which has been filed on SEDAR+ and can be accessed at www.sedarplus.ca. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Element undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

The MIL Network –

May 1, 2025

MIL-OSI: Atlas One Capital Corporation Releases Annual Financial Statements for FYE 2024

Source: GlobeNewswire (MIL-OSI)

Toronto, Ontario, April 30, 2025 (GLOBE NEWSWIRE) — Atlas One Capital Corporation (TSXV: ACAP.P) (the “Corporation” or “Atlas One”), a capital pool company listed on the TSX Venture Exchange, has released its audited financial statements and management discussion and analysis (collectively, the “Annual Filings”) for the year ended December 31, 2024.

For further information please refer to the Annual Filings which are available to the public under the Company’s profile on SEDAR+ at www.sedarplus.com.

For further information, please contact:

David Rosenkrantz, Chief Executive Officer at (416) 865- 0123.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The MIL Network –

May 1, 2025

MIL-OSI: AGF Investments Announces Fee Reductions and Risk Rating Changes for Certain Funds

Source: GlobeNewswire (MIL-OSI)

TORONTO, April 30, 2025 (GLOBE NEWSWIRE) — AGF Investments Inc. (AGF Investments) is pleased to announce today lower management and administration fees and risk ratings for certain funds. These changes build on the firm’s commitment to continually reviewing its product line-up to ensure its offerings are responsive to market trends and competitively priced.

Management Fee Changes

AGF Investments is reducing management fees on the following funds/series effective May 1.

Fund	Series	Current Management Fee	Updated Management Fee
AGF Equity Income Fund	F	0.85	0.80
AGF European Equity Class	MF	2.50	1.90
AGF European Equity Class	T	2.50	1.90
AGF European Equity Class	F	1.00	0.90
AGF Global Strategic Income Fund	MF	2.25	2.00
AGF Global Strategic Income Fund	T	2.25	2.00
AGF Global Strategic Income Fund	V	2.25	2.00

Fixed Administration Fee Changes

AGF Investments is reducing administration fees on the following funds/series effective May 1.

Fund	Series	Current Admin Fee	Updated Admin Fee
AGF European Equity Class	MF	0.38	0.17
AGF European Equity Class	T	0.38	0.17
AGF European Equity Class	F	0.32	0.02

Risk Rating Changes

The following risk rating changes are effective today.

Fund	Current Risk Rating	Updated Risk Rating
AGF European Equity Class	Medium-High	Medium
AGF European Equity Fund	Medium-High	Medium

These risk rating changes are the result of an annual review conducted by AGF Investments using the prescribed risk classification methodology. No material changes have been made to the investment objectives, strategies or management of AGF European Equity Class/Fund.

Further information about the AGF Funds can be found at AGF.com.

This information is not intended to provide legal, accounting, tax, investment, financial, or other advice, and should not be relied upon for providing such advice. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

About AGF Management Limited

Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With over $52 billion in total assets under management and fee-earning assets, AGF serves more than 815,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

About AGF Investments

AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). The term AGF Investments may refer to one or more of these subsidiaries or to all of them jointly. This term is used for convenience and does not precisely describe any of the separate companies, each of which manages its own affairs.

AGF Investments entities only provide investment advisory services or offers investment funds in the jurisdiction where such firm and/or product is registered or authorized to provide such services.

AGF Investments Inc. is a wholly-owned subsidiary of AGF Management Limited and conducts the management and advisory of mutual funds in Canada.

Media Contact

Amanda Marchment
Director, Corporate Communications
416-865-4160
amanda.marchment@agf.com

The MIL Network –

May 1, 2025

MIL-OSI: Ellomay Capital Announces the Filing of the Annual Report on Form 20-F for 2024

Source: GlobeNewswire (MIL-OSI)

Tel-Aviv, Israel, April 30, 2025 (GLOBE NEWSWIRE) — Ellomay Capital Ltd. (NYSE American; TASE: ELLO) (“Ellomay” or the “Company”), a renewable energy and power generator and developer of renewable energy and power projects in Europe, USA and Israel, today announced the filing of its Annual Report on Form 20-F for the year ended December 31, 2024 with the Securities and Exchange Commission.

A copy of the Annual Report on Form 20-F is available to be viewed and downloaded from the Investor Relations section of the Company’s website at http://www.ellomay.com. The Company will provide a hard copy of the Annual Report on Form 20-F, including the Company’s complete audited financial statements, free of charge to its shareholders upon request.

The financial statements included in the Annual Report on Form 20-F present a decrease of approximately €0.6 million in depreciation and amortization costs and a decrease of approximately €0.1 million in tax benefit for the year ended December 31, 2024, compared to the unaudited financial results for the year ended and as of December 31, 2024 published by the Company on March 31, 2025.

About Ellomay Capital Ltd.

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

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

	●	Approximately 335.9 MW of operating solar power plants in Spain (including a 300 MW solar plant in owned by Talasol, which is 51% owned by the Company) and approximately 38 MW of operating solar power plants in Italy;

	●	9.375% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel’s largest private power plants with production capacity of approximately 850MW, representing about 6%-8% of Israel’s total current electricity consumption;

	●	Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland B.V., project companies operating anaerobic digestion plants in the Netherlands, with a green gas production capacity of approximately 3 million, 3.8 million and 9.5 million Nm3 per year, respectively;

	●	83.333% of Ellomay Pumped Storage (2014) Ltd., which is involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel;

	●	Solar projects in Italy with an aggregate capacity of 294 MW that have reached “ready to build” status; and

	●	Solar projects in the Dallas Metropolitan area, Texas, USA with an aggregate capacity of approximately 27 MW that are placed in service and in process of connection to the grid and additional 22 MW are under construction.

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

Contact:

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

The MIL Network –

May 1, 2025

MIL-OSI: Wellchange Holdings Company Limited Announces Receipt of Nasdaq Notification Regarding Minimum Bid Price Deficiency

Source: GlobeNewswire (MIL-OSI)

New York, April 30, 2025 (GLOBE NEWSWIRE) — Wellchange Holdings Company Limited (NASDAQ: WCT) (“Wellchange Holdings Company” or the “Company”) is an enterprise software solution services provider headquartered in Hong Kong with diversified expansion strategies, today announced that it has received a notification letter from the Nasdaq Stock Market LLC (“Nasdaq”) on April 28, 2025, indicating that the Company is not in compliance with Nasdaq’s minimum bid price requirement.

Nasdaq Listing Rule 5550(a)(2) requires that listed securities maintain a minimum bid price of $1.00 per share. The notification letter stated that the Company’s ordinary shares have failed to maintain this minimum bid price for the last 33 consecutive business days, from March 11, 2025, to April 25, 2025.

The notification does not immediately impact the listing or trading of the Company’s ordinary shares on Nasdaq. Under Nasdaq rules, the Company has been granted a compliance period of 180 calendar days, until October 27, 2025, to regain compliance. If, at any time during this period, the closing bid price of the Company’s stock is at least $1.00 per share for a minimum of ten consecutive business days, Nasdaq will confirm compliance, and the matter will be resolved.

If the Company is unable to regain compliance by October 27, 2025, it may be eligible for additional time. To qualify, the Company will be required to meet continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the bid price requirement and will need to provide written notice of its intention to cure the deficiency during the second compliance period, which may include implementing a reverse stock split if necessary.

The Company is actively monitoring the bid price of its ordinary shares and is considering all available options to regain compliance with Nasdaq’s requirements. The Company remains committed to delivering value to its shareholders and maintaining its listing on Nasdaq.

About Wellchange Holdings Company Limited

Wellchange Holdings Company Limited is an enterprise software solution services provider headquartered in Hong Kong. The Company conducts all operations in Hong Kong through its operating subsidiary, Wching Tech Ltd Co. The Company provides customized software solutions, cloud-based software-as-a-service (“SaaS”) platforms, and “white-label” software design and development services. The Company’s mission is to empower our customers and users, in particular, small and medium businesses, to accelerate their digital transformation, optimize productivity, improve customer experiences, and enable resource-efficient growth with our low-cost, user-friendly, reliable and integrated all-in-one Enterprise Resource Planning software solutions.

For more information, please visit the Company’s website: https://www.wchingtech.com/

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties, including the closing of the Offering, and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct. The Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to read the risk factors contained in the Company’s reports it files with the SEC before making any investment decisions regarding the Company’s securities. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law.

For investor and media inquiries, please contact:

Wellchange Holdings Company Limited

Shek Kin Pong, CEO

Email: contactus@wchingtech.com

The MIL Network –

May 1, 2025

MIL-OSI: Midland States Bancorp, Inc. Announces Preliminary 2025 First Quarter Results

Source: GlobeNewswire (MIL-OSI)

EFFINGHAM, Ill., April 30, 2025 (GLOBE NEWSWIRE) — Midland States Bancorp, Inc. (Nasdaq: MSBI) (the “Company”) reported preliminary results for the first quarter of 2025. As previously disclosed, the Company is completing its evaluation, subject to review by its independent registered public accounting firm, of the accounting and financial reporting of third-party lending and servicing arrangements, including the collection and analysis of third-party documentation, not material to tangible equity. This process is ongoing and must be completed for the Company to file its Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Annual Report”), which is expected to include restated financial statements for the applicable periods.

While the Company works diligently to complete this process, the Company is providing preliminary results for the first quarter of 2025. These results reflect the updated accounting methodology for the remaining third party lending and servicing arrangements. The Company’s actual results may differ materially from these preliminary financial results. The Company is also completing an evaluation of whether there is an impairment to its goodwill, including obtaining valuation information from third parties. An impairment, if determined to exist, would not affect the tangible equity or the regulatory capital ratios of the Company. This preliminary financial data has been prepared by and is the responsibility of the Company. The Company’s independent auditor has not reviewed or audited these preliminary financial results. The results should be considered preliminary and are subject to adjustment based on the results of the process, the restatement and other developments that may arise between now and the time the Company’s 2024 audited consolidated financial statements are issued.

As a result of the delays in the filing of the 2024 Annual Report, certain subsequent events have been evaluated and will be recorded in the Company’s audited financial statements for the year ended December 31, 2024. The Company will continue to evaluate subsequent events that occur prior to the date the financial statements for the year ended December 31, 2024 are available to be issued.

Preliminary 2025 First Quarter Results

Net income available to common shareholders of $12.6 million, or $0.57 per diluted share, for the first quarter of 2025
Pre-tax, pre-provision earnings of $27.0 million, or $1.12 per diluted share, for the first quarter of 2025

Discussion of Outlook; President & Chief Executive Officer, Jeffrey G. Ludwig:

“We are working diligently to resolve the delay in our audited financials, although we want to emphasize that we do not expect a material impact to first quarter tangible equity or regulatory capital levels, and that our unaudited preliminary first quarter results already reflect the previously disclosed accounting methodology changes, for a small third party guaranteed loan portfolio.

“Improving credit quality remains a strategic priority, and during the first quarter we had no significant new substandard or nonperforming loans identified, with two-thirds of net charge-offs in the quarter taking place within third party programs that were fully reimbursed. The previously disclosed sale of $330 million of GreenSky loans in April 2025, plus tighter underwriting standards in our equipment finance portfolio are expected to significantly reduce exposure to higher-risk portfolios over the balance of 2025.

“Our underlying profitability trends were favorable in the first quarter, with a strong net interest margin of 3.48%, solid loan growth in the Community Bank, and continued contribution from our wealth management revenue platform. We continue to expect stronger profitability over the balance of 2025 with growing capital ratios.”

Key Points for First Quarter and Outlook

Continued Credit Clean-up; Tightened Credit Standards

The Company closed its sale of participation interests of consumer loans originated through the GreenSky program. The sale included approximately $330 million, or 89%, of the Company’s GreenSky portfolio. The remaining portfolio will be retained by the Company under a new servicing agreement.
Substandard accruing loans and nonperforming loans decreased slightly to $75.7 million and $140.0 million at March 31, 2025, respectively. No significant new substandard or nonperforming loans were identified during the quarter.
Net charge-offs were $16.9 million for the quarter, including $11.1 million of fully reimbursed charge-offs related to our third party lending programs. Net charge-offs in our equipment finance portfolio were approximately $4.5 million as we continue to see credit issues primarily in the trucking industry.
Provision for credit losses on loans was $8.3 million for the first quarter of 2025, primarily as a result of continued trends in the equipment finance portfolio.
Allowance for credit losses on loans was $90.5 million, or 1.80% of total loans.

The table below summarizes certain information regarding the Company’s loan portfolio asset quality as of March 31, 2025.

(in thousands)	As of and for the Three Months Ended March 31, 2025
Asset Quality
Loans 30-89 days past due	$	43,522
Nonperforming loans		140,020
Nonperforming assets		146,080
Substandard accruing loans		75,668
Net charge-offs		16,878
Loans 30-89 days past due to total loans		0.87	%
Nonperforming loans to total loans		2.79	%
Nonperforming assets to total assets		1.96	%
Allowance for credit losses to total loans		1.80	%
Allowance for credit losses to nonperforming loans		64.60	%
Net charge-offs to average loans		1.35	%

Solid Growth Trends in Community Bank & Wealth Management

Total loans at March 31, 2025 were $5.02 billion, a decrease of $149.5 million from December 31, 2024. Key changes in the loan portfolio were as follows:
- Loans originated by our Community Bank increased $56.8 million, or 1.8%, from December 31, 2024, pipelines remain strong
- We continue to pursue an intentional decrease in our Specialty Finance loan portfolio, as we tighten credit standards. Balances in this loan portfolio decreased $159.3 million during the quarter.
- Equipment finance portfolio balances declined $44.9 million during the quarter as we continue to reduce the overall balances in this unit and tighten underwriting standards.
Total deposits were $5.94 billion at March 31, 2025, a decrease of $260.8 million from December 31, 2024. The decline in deposits reflects the following:
- Noninterest-bearing deposits increased $35.1 million in the quarter.
- Retail deposits increased by $96.8 million through a growth and marketing strategy implemented late in the first quarter of 2025, along with higher average deposits held by retail customers.
- Brokered deposits, including both money market and time deposits decreased by $115.4 million.
- Sweep accounts included in interest bearing checking decreased by $115.4 million, of which $80 million was related to normal first quarter distributions for one large depositor with the remainder due to seasonal adjustments.
- Servicing deposits decreased by $53.9 million.
Wealth Management revenue totaled $7.4 million in the first quarter of 2025. Assets under administration were $4.10 billion at March 31, 2025. The Company added six new sales positions in the first quarter of 2025 and continues to experience strong pipelines.

Net Interest Margin

Net interest margin was 3.48%, and we saw a continued decline in the cost of funding. Rate cuts enacted by the Federal Reserve Bank in late 2024 continue to result in a lower cost of deposits for the Company, which fell to 2.29% in the first quarter of 2025.

The following table summarizes certain factors affecting the Company’s net interest margin for the first quarter of 2025.

	For the Three Months Ended
(dollars in thousands)	March 31, 2025
Interest-earning assets	Average Balance		Interest & Fees		Yield/Rate
Cash and cash equivalents	$	68,671	$	718	4.24	%
Investment securities⁽¹⁾		1,311,887		15,517	4.80
Loans⁽¹⁾⁽²⁾		5,057,394		78,014	6.26
Loans held for sale		326,348		4,563	5.67
Nonmarketable equity securities		35,614		647	7.37
Total interest-earning assets		6,799,914		99,459	5.93
Noninterest-earning assets		687,870
Total assets	$	7,487,784

Interest-Bearing Liabilities
Interest-bearing deposits	$	5,074,007	$	34,615	2.77	%
Short-term borrowings		73,767		700	3.85
FHLB advances & other borrowings		299,578		3,163	4.28
Subordinated debt		77,752		1,387	7.23
Trust preferred debentures		51,283		1,200	9.49
Total interest-bearing liabilities		5,576,387		41,065	2.99
Noninterest-bearing deposits		1,052,181
Other noninterest-bearing liabilities		124,638
Shareholders’ equity		734,578
Total liabilities and shareholder’s equity	$	7,487,784

Net Interest Margin			$	58,394	3.48	%

Cost of Deposits					2.29	%

(1)	Interest income and average rates for tax-exempt loans and investment securities are presented on a tax-equivalent basis, assuming a federal income tax rate of 21%. Tax-equivalent adjustments totaled $0.2 million for the three months ended March 31, 2025.
(2)	Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.

Trends in Noninterest Income and Expense

Noninterest income was $17.8 million for the first quarter of 2025 and included a loss on limited partnership investments of $0.6 million and credit enhancement losses of $0.6 million, offset by income from death benefits on life insurance policies of $0.3 million.
As of the date of this earnings release, the Company expects noninterest income of approximately $17.0 million to $17.5 million in the near term quarters after consideration of credit enhancement income or losses.
Noninterest expense was $48.9 million for the first quarter of 2025 and was impacted by an additional $1.4 million in severance expense and $0.7 million in professional fees. The Company continues to experience higher levels of legal fees and other expenses related to loan collections.
As of the date of this earnings release, the Company expects the near term operating expense run rate to be approximately $48.0 million to $49.0 million.

First Quarter 2025 Financial Highlights and Key Performance Indicators (KPIs):

	As of and for the Three Months Ended March 31, 2025
Return on average assets		0.80	%
Pre-tax, pre-provision return on average assets⁽¹⁾		1.46	%
Net interest margin		3.48	%
Efficiency ratio ⁽¹⁾		64.24	%
Noninterest expense to average assets		2.65	%
Net charge-offs to average loans		1.35	%
Tangible book value per share at period end ⁽¹⁾	$	21.43
Diluted earnings per common share	$	0.57
Common shares outstanding at period end		21,503,036

(1)	Non-GAAP financial measures. Refer to page 10 for a reconciliation to the comparable GAAP financial measures.

Capital

At March 31, 2025, Midland States Bank and the Company exceeded all regulatory capital requirements under Basel III, and Midland States Bank met the qualifications to be a ‘‘well-capitalized’’ financial institution, as summarized in the following table:

	As of March 31, 2025
	Midland States Bank	Midland States Bancorp, Inc.	Minimum Regulatory Requirements ⁽²⁾
Total capital to risk-weighted assets	13.10%	13.77%	10.50%
Tier 1 capital to risk-weighted assets	11.84%	11.43%	8.50%
Common equity Tier 1 capital to risk-weighted assets	11.84%	8.60%	7.00%
Tier 1 leverage ratio	9.90%	9.55%	4.00%
Tangible common equity to tangible assets ⁽¹⁾	N/A	6.32%	N/A

(1)	A non-GAAP financial measure. Refer to page 10 for a reconciliation to the comparable GAAP financial measure.
(2)	Includes the capital conservation buffer of 2.5%, as applicable.

About Midland States Bancorp, Inc.

Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. As of March 31, 2025, the Company had total assets of approximately $7.46 billion, and its Wealth Management Group had assets under administration of approximately $4.10 billion. The Company provides a full range of commercial and consumer banking products and services and business equipment financing, merchant credit card services, trust and investment management, insurance and financial planning services. For additional information, visit https://www.midlandsb.com/ or https://www.linkedin.com/company/midland-states-bank.

Non-GAAP Financial Measures

Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with GAAP.

These non-GAAP financial measures include “Pre-tax, pre-provision earnings,” “Pre-tax, pre-provision diluted earnings per share,” “Pre-tax, pre-provision return on average assets,” “Efficiency ratio,” “Tangible common equity to tangible assets,” and “Tangible book value per share.” The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s funding profile and profitability. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures. Not all companies use the same calculation of these measures; therefore, the measures in this press release may not be comparable to other similarly titled measures as presented by other companies.

Forward-Looking Statements

Readers should note that in addition to the historical information contained herein, this press release includes “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including but not limited to statements about the Company’s plans, objectives, future performance, goals and future earnings levels, including currently anticipated levels of noninterest income and operating expenses. These statements are subject to many risks and uncertainties, including the expected timing and results of the Company’s audit for the year ended December 31, 2024, and the Company’s ongoing evaluation of whether there is an impairment to its goodwill; the fact that the completion and filing of the 2024 Annual Report has taken, and may continue to take, longer than expected; changes in interest rates and other general economic, business and political conditions; the impact of federal trade policy, inflation, increased deposit volatility and potential regulatory developments; changes in the financial markets; changes in business plans as circumstances warrant; changes to U.S. tax laws, regulations and guidance; and other risks detailed from time to time in filings made by the Company with the Securities and Exchange Commission. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “will,” “propose,” “may,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “continue,” or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

CONTACTS:
Jeffrey G. Ludwig, President and CEO, at jludwig@midlandsb.com or (217) 342-7321
Eric T. Lemke, Chief Financial Officer, at elemke@midlandsb.com or (217) 342-7321

MIDLAND STATES BANCORP, INC.
CONSOLIDATED FINANCIAL SUMMARY (unaudited)

(dollars in thousands)	As of March 31, 2025
Assets
Cash and cash equivalents	$	102,006
Investment securities		1,368,405
Loans		5,018,053
Allowance for credit losses on loans		(90,458	)
Total loans, net		4,927,595
Loans held for sale		287,821
Premises and equipment, net		86,719
Other real estate owned		4,669
Loan servicing rights, at lower of cost or fair value		17,278
Goodwill		161,904
Other intangible assets, net		11,189
Company-owned life insurance		212,336
Credit enhancement asset		5,614
Other assets		272,217
Total assets	$	7,457,753

Liabilities and Shareholders’ Equity
Noninterest-bearing demand deposits	$	1,090,707
Interest-bearing deposits		4,845,727
Total deposits		5,936,434
Short-term borrowings		40,224
FHLB advances and other borrowings		498,000
Subordinated debt		77,754
Trust preferred debentures		51,358
Other liabilities		109,599
Total liabilities		6,713,369
Total shareholders’ equity		744,384
Total liabilities and shareholders’ equity	$	7,457,753

MIDLAND STATES BANCORP, INC.
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

(in thousands, except per share data)	For the Three Months Ended March 31, 2025
Net interest income:
Interest income	$	99,251
Interest expense		41,065
Net interest income		58,186
Provision for credit losses on loans		8,250
Net interest income after provision for credit losses		49,936
Noninterest income:
Wealth management revenue		7,350
Service charges on deposit accounts		3,305
Interchange revenue		3,151
Residential mortgage banking revenue		676
Income on company-owned life insurance		2,334
Credit enhancement (loss) income		(578	)
Other income		1,525
Total noninterest income		17,763
Noninterest expense:
Salaries and employee benefits		26,416
Occupancy and equipment		4,498
Data processing		6,919
Professional services		2,741
Amortization of intangible assets		911
FDIC insurance		1,463
Other expense		5,977
Total noninterest expense		48,925
Income before income taxes		18,774
Income tax expense		3,975
Net income		14,799
Preferred stock dividends		2,228
Net income available to common shareholders	$	12,571

Basic earnings per common share	$	0.57
Diluted earnings per common share	$	0.57

MIDLAND STATES BANCORP, INC.
CONSOLIDATED FINANCIAL SUMMARY (unaudited)(continued)

(in thousands)	As of March 31, 2025
Loan Portfolio Mix
Commercial loans	$	869,009
Equipment finance loans		390,276
Equipment finance leases		373,168
Total commercial loans and leases		1,632,453
Commercial real estate		2,592,325
Construction and land development		264,966
Residential real estate		373,095
Consumer		155,214
Total loans	$	5,018,053

Loan Portfolio Segment
Regions
Eastern	$	897,792
Northern		747,028
Southern		711,787
St. Louis		902,743
Total Community Bank		3,259,350
Specialty finance		865,401
Equipment finance		763,444
Non-core consumer and other⁽¹⁾		129,858
Total loans	$	5,018,053

Deposit Portfolio Mix
Noninterest-bearing demand	$	1,090,707
Interest-bearing:
Checking		2,161,282
Money market		1,154,403
Savings		522,663
Time		818,732
Brokered time		188,647
Total deposits	$	5,936,434

Deposit Portfolio by Channel
Retail	$	2,846,494
Commercial		1,074,837
Public Funds		490,374
Wealth & Trust		301,251
Servicing		842,567
Brokered Deposits		358,063
Other		22,848
Total deposits	$	5,936,434

(1)	Non-core consumer loans refers to consumer loan portfolios originated through third parties.

MIDLAND STATES BANCORP, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)

Pre-Tax, Pre-Provision Earnings Reconciliation

	For the Three Months Ended March 31, 2025
Income before income taxes	$	18,774
Provision for credit losses		8,250
Pre-tax, pre-provision earnings	$	27,024
Pre-tax, pre-provision earnings per diluted share	$	1.12
Pre-tax, pre-provision return on average assets		1.46	%

Efficiency Ratio Reconciliation

(dollars in thousands)	For the Three Months Ended March 31, 2025
Noninterest expense – GAAP	$	48,925

Net interest income – GAAP	$	58,186
Effect of tax-exempt income		208
Adjusted net interest income		58,394

Noninterest income – GAAP		17,763

Adjusted total revenue	$	76,157

Efficiency ratio		64.24	%

Tangible Common Equity to Tangible Assets Ratio and Tangible Book Value Per Share

(dollars in thousands, except per share data)	As of March 31, 2025
Shareholders’ Equity to Tangible Common Equity
Total shareholders’ equity—GAAP	$	744,384
Adjustments:
Preferred Stock		(110,548	)
Goodwill		(161,904	)
Other intangible assets, net		(11,189	)
Tangible common equity		460,743

Total Assets to Tangible Assets:
Total assets—GAAP	$	7,457,753
Adjustments:
Goodwill		(161,904	)
Other intangible assets, net		(11,189	)
Tangible assets	$	7,284,660

Common Shares Outstanding		21,503,036

Tangible Common Equity to Tangible Assets		6.32	%
Tangible Book Value Per Share	$	21.43

The MIL Network –

May 1, 2025

MIL-OSI: Ansys Announces Q1 Financial Results

Source: GlobeNewswire (MIL-OSI)

/ Q1 2025 Results

Revenue of $504.9 million
GAAP diluted earnings per share of $0.59 and non-GAAP diluted earnings per share of $1.64
GAAP operating profit margin of 11.7% and non-GAAP operating profit margin of 33.5%
Operating cash flows of $398.9 million and unlevered operating cash flows of $407.1 million
Annual contract value (ACV) of $410.1 million
Deferred revenue and backlog of $1,627.7 million on March 31, 2025

PITTSBURGH, April 30, 2025 (GLOBE NEWSWIRE) — ANSYS, Inc. (NASDAQ: ANSS) today reported first quarter 2025 revenue of $504.9 million, an increase of 8% in reported currency, or 10% in constant currency, when compared to the first quarter of 2024. For the first quarter of 2025, the Company reported diluted earnings per share of $0.59 and $1.64 on a GAAP and non-GAAP basis, respectively, compared to $0.40 and $1.39 on a GAAP and non-GAAP basis, respectively, for the first quarter of 2024. Additionally, the Company reported first quarter ACV growth of 1% in reported currency, or 2% in constant currency, when compared to the first quarter of 2024. The results for the first quarter met the Company’s expectations and it continues to expect double-digit FY 2025 ACV growth.

As previously announced, on January 15, 2024, Ansys entered into a definitive agreement with Synopsys, Inc. (“Synopsys”) under which Synopsys will acquire Ansys. Since the Company’s last earnings release, the U.K. Competition and Markets Authority has formally cleared the transaction in Phase 1 subject to previously announced divestitures. Additionally, Ansys and Synopsys have received clearances from the Turkey Competition Authority, Japan Fair Trade Commission, Korea Fair Trade Commission and Taiwan Fair Trade Commission. We continue to work with the regulators in other relevant jurisdictions to conclude their reviews. The transaction is anticipated to close in the first half of 2025, subject to the receipt of required regulatory approvals and other customary closing conditions. As previously announced, in light of the pending transaction with Synopsys, Ansys has suspended quarterly earnings conference calls and no longer provides quarterly or annual guidance.

The non-GAAP financial results highlighted represent non-GAAP financial measures. Reconciliations of these measures to the comparable GAAP measures can be found later in this release.

/ Summary of Financial Results

Ansys’ first quarter 2025 and 2024 financial results are presented below. The 2025 and 2024 non-GAAP results exclude the income statement effects of stock-based compensation, excess payroll taxes related to stock-based compensation, amortization of acquired intangible assets, expenses related to business combinations and adjustments for the income tax effect of the excluded items.

Our results are as follows:

	GAAP
*(in thousands, except per share data and percentages)*	Q1 2025			Q1 2024			% Change
Revenue	$	504,891		$	466,605		8.2	%
Net income	$	51,865		$	34,778		49.1	%
Diluted earnings per share	$	0.59		$	0.40		47.5	%
Gross margin		85.6	%		85.3	%
Operating profit margin		11.7	%		9.3	%
Effective tax rate		19.6	%		15.1	%

	Non-GAAP
*(in thousands, except per share data and percentages)*	Q1 2025			Q1 2024			% Change
Net income	$	144,149		$	121,996		18.2	%
Diluted earnings per share	$	1.64		$	1.39		18.0	%
Gross margin		91.2	%		90.9	%
Operating profit margin		33.5	%		32.2	%
Effective tax rate		17.5	%		17.5	%

	Other Metrics
*(in thousands, except percentages)*	Q1 2025		Q1 2024		% Change
ACV	$	410,068	$	407,405	0.7	%
Operating cash flows	$	398,935	$	282,817	41.1	%
Unlevered operating cash flows	$	407,128	$	292,667	39.1	%

Supplemental Financial Information

/ Annual Contract Value

*(in thousands, except percentages)*	Q1 2025		Q1 2025 in Constant Currency		Q1 2024		% Change		% Change in Constant Currency
ACV	$	410,068	$	416,640	$	407,405	0.7	%	2.3	%

Recurring ACV includes both subscription lease ACV and all maintenance ACV (including maintenance from perpetual licenses). It excludes perpetual license ACV and service ACV.

/ Revenue

*(in thousands, except percentages)*	Q1 2025		Q1 2025 in Constant Currency		Q1 2024		% Change		% Change in Constant Currency
Revenue	$	504,891	$	512,570	$	466,605	8.2	%	9.9	%

REVENUE BY LICENSE TYPE

*(in thousands, except percentages)*	Q1 2025		% of Total		Q1 2024		% of Total		% Change		% Change in Constant Currency
Subscription Lease	$	96,919	19.2	%	$	94,800	20.3	%	2.2	%	4.0	%
Perpetual		63,036	12.5	%		65,521	14.0	%	(3.8)%		(2.9)%
Maintenance¹		324,392	64.2	%		289,340	62.0	%	12.1	%	13.9	%
Service		20,544	4.1	%		16,944	3.6	%	21.2	%	22.5	%
Total	$	504,891			$	466,605			8.2	%	9.9	%

_{¹Maintenance revenue is inclusive of both maintenance associated with perpetual licenses and the maintenance component of subscription leases.}

REVENUE BY GEOGRAPHY

*(in thousands, except percentages)*	Q1 2025		% of Total		Q1 2024		% of Total		% Change		% Change in Constant Currency
Americas	$	230,377	45.6	%	$	208,697	44.7	%	10.4	%	10.5	%

Germany		35,021	6.9	%		36,198	7.8	%	(3.3)%		(0.4)%
Other EMEA		83,839	16.6	%		82,417	17.7	%	1.7	%	3.9	%
EMEA		118,860	23.5	%		118,615	25.4	%	0.2	%	2.6	%

Japan		43,297	8.6	%		36,532	7.8	%	18.5	%	20.9	%
Other Asia-Pacific		112,357	22.3	%		102,761	22.0	%	9.3	%	12.9	%
Asia-Pacific		155,654	30.8	%		139,293	29.9	%	11.7	%	15.0	%

Total	$	504,891			$	466,605			8.2	%	9.9	%

REVENUE BY CHANNEL

	Q1 2025		Q1 2024
Direct revenue, as a percentage of total revenue	69.1	%	66.5	%
Indirect revenue, as a percentage of total revenue	30.9	%	33.5	%

/ Deferred Revenue and Backlog

*(in thousands)*	March 31, 2025		December 31, 2024		March 31, 2024
Current Deferred Revenue	$	490,318	$	504,527	$	433,167
Current Backlog		511,197		524,617		433,106
Total Current Deferred Revenue and Backlog		1,001,515		1,029,144		866,273

Long-Term Deferred Revenue		30,840		31,778		21,434
Long-Term Backlog		595,388		657,345		481,746
Total Long-Term Deferred Revenue and Backlog		626,228		689,123		503,180

Total Deferred Revenue and Backlog	$	1,627,743	$	1,718,267	$	1,369,453

/ Currency

The first quarter of 2025 revenue, operating income and ACV, as compared to the first quarter of 2024, were impacted by fluctuations in the exchange rates of foreign currencies against the U.S. Dollar. The currency fluctuation impacts on revenue, GAAP and non-GAAP operating income and ACV based on 2024 exchange rates are reflected in the tables below. Deferred revenue and backlog as of March 31, 2025, as compared to the balances at December 31, 2024, were also impacted by fluctuations in the exchange rates of foreign currencies against the U.S. Dollar. Amounts in brackets indicate an adverse impact from currency fluctuations.

*(in thousands)*	Q1 2025
Revenue	$	(7,679	)
GAAP operating income	$	(2,848	)
Non-GAAP operating income	$	(3,044	)
ACV	$	(6,572	)
Deferred revenue and backlog	$	19,166

The most meaningful currency impacts are typically attributable to U.S. Dollar exchange rate changes against the Euro and Japanese Yen. Historical exchange rates are reflected in the charts below.

	Period-End Exchange Rates
As of	EUR/USD	USD/JPY
March 31, 2025	1.08	150
December 31, 2024	1.04	157
March 31, 2024	1.08	151

	Average Exchange Rates
Three Months Ended	EUR/USD	USD/JPY
March 31, 2025	1.05	152
March 31, 2024	1.09	148

/ GAAP Financial Statements

ANSYS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
*(in thousands)*	March 31, 2025		December 31, 2024
ASSETS:
Cash & short-term investments	$	1,828,559	$	1,497,517
Accounts receivable, net		754,655		1,022,850
Goodwill		3,799,809		3,778,128
Other intangibles, net		694,235		716,244
Other assets		903,755		1,036,692
Total assets	$	7,981,013	$	8,051,431
LIABILITIES & STOCKHOLDERS’ EQUITY:
Current deferred revenue	$	490,318	$	504,527
Long-term debt		754,287		754,208
Other liabilities		556,933		706,256
Stockholders’ equity		6,179,475		6,086,440
Total liabilities & stockholders’ equity	$	7,981,013	$	8,051,431

ANSYS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Unaudited)
	Three Months Ended
*(in thousands, except per share data)*	March 31, 2025			March 31, 2024
Revenue:
Software licenses	$	159,955		$	160,321
Maintenance and service		344,936			306,284
Total revenue		504,891			466,605
Cost of sales:
Software licenses		9,370			10,044
Amortization		23,429			22,484
Maintenance and service		39,770			36,139
Total cost of sales		72,569			68,667
Gross profit		432,322			397,938
Operating expenses:
Selling, general and administrative		230,415			219,643
Research and development		137,292			128,811
Amortization		5,722			6,145
Total operating expenses		373,429			354,599
Operating income		58,893			43,339
Interest income		16,743			10,995
Interest expense		(10,177	)		(12,369	)
Other expense, net		(930	)		(1,007	)
Income before income tax provision		64,529			40,958
Income tax provision		12,664			6,180
Net income	$	51,865		$	34,778
Earnings per share – basic:
Earnings per share	$	0.59		$	0.40
Weighted average shares		87,653			87,067
Earnings per share – diluted:
Earnings per share	$	0.59		$	0.40
Weighted average shares		88,127			87,780

/ Glossary of Terms

Annual Contract Value (ACV): ACV is a key performance metric and is useful to investors in assessing the strength and trajectory of our business. ACV is a supplemental metric to help evaluate the annual performance of the business. Over the life of the contract, ACV equals the total value realized from a customer. ACV is not impacted by the timing of license revenue recognition. ACV is used by management in financial and operational decision-making and in setting sales targets used for compensation. ACV is not a replacement for, and should be viewed independently of, GAAP revenue and deferred revenue as ACV is a performance metric and is not intended to be combined with any of these items. There is no GAAP measure comparable to ACV. ACV is composed of the following:

the annualized value of maintenance and subscription lease contracts with start dates or anniversary dates during the period, plus
the value of perpetual license contracts with start dates during the period, plus
the annualized value of fixed-term services contracts with start dates or anniversary dates during the period, plus
the value of work performed during the period on fixed-deliverable services contracts.

When we refer to the anniversary dates in the definition of ACV above, we are referencing the date of the beginning of the next twelve-month period in a contractually committed multi-year contract. If a contract is three years in duration, with a start date of July 1, 2025, the anniversary dates would be July 1, 2026 and July 1, 2027. We label these anniversary dates as they are contractually committed. While this contract would be up for renewal on July 1, 2028, our ACV performance metric does not assume any contract renewals.

Example 1: For purposes of calculating ACV, a $100,000 subscription lease contract or a $100,000 maintenance contract with a term of July 1, 2025 – June 30, 2026 would each contribute $100,000 to ACV for fiscal year 2025 with no contribution to ACV for fiscal year 2026.

Example 2: For purposes of calculating ACV, a $300,000 subscription lease contract or a $300,000 maintenance contract with a term of July 1, 2025 – June 30, 2028 would each contribute $100,000 to ACV in each of fiscal years 2025, 2026 and 2027. There would be no contribution to ACV for fiscal year 2028 as each period captures the full annual value upon the anniversary date.

Example 3: A perpetual license valued at $200,000 with a contract start date of March 1, 2025 would contribute $200,000 to ACV in fiscal year 2025.

Backlog: Deferred revenue associated with installment billings for periods beyond the current quarterly billing cycle and committed contracts with start dates beyond the end of the current period.

Deferred Revenue: Billings made or payments received in advance of revenue recognition.

Subscription Lease or Time-Based License: A license of a stated product of our software that is granted to a customer for use over a specified time period, which can be months or years in length. In addition to the use of the software, the customer is provided with access to maintenance (unspecified version upgrades and technical support) without additional charge. The revenue related to these contracts is recognized ratably over the contract period for the maintenance portion and up front for the license portion.

Perpetual / Paid-Up License: A license of a stated product and version of our software that is granted to a customer for use in perpetuity. The revenue related to this type of license is recognized up front.

Maintenance: A contract, typically one year in duration, that is purchased by the owner of a perpetual license and that provides access to unspecified version upgrades and technical support during the duration of the contract. The revenue from these contracts is recognized ratably over the contract period.

/ Reconciliations of GAAP to Non-GAAP Measures (Unaudited)

Three Months Ended

March 31, 2025

(in thousands, except percentages and per share data)

Gross Profit

% of Revenue

Operating Income

% of Revenue

Net Income

EPS – Diluted¹

Total GAAP

$

432,322

85.6

%

$

58,893

11.7

%

$

51,865

$

0.59

Stock-based compensation expense

3,977

0.8

%

70,243

14.0

%

70,243

0.80

Excess payroll taxes related to stock-based awards

354

0.1

%

6,016

1.2

%

6,016

0.07

Amortization of intangible assets from acquisitions

23,429

4.6

%

29,151

5.7

%

29,151

0.33

Expenses related to business combinations

405

0.1

%

4,787

0.9

%

4,787

0.05

Adjustment for income tax effect

—

%

—

%

(17,913

)

(0.20

)

Total non-GAAP

$

460,487

91.2

%

$

169,090

33.5

%

$

144,149

$

1.64

_{¹ Diluted weighted average shares were 88,127.}

	Three Months Ended
	March 31, 2024
*(in thousands, except percentages and per share data)*	Gross Profit		% of Revenue		Operating Income		% of Revenue		Net Income			EPS – Diluted¹
Total GAAP	$	397,938	85.3	%	$	43,339	9.3	%	$	34,778		$	0.40
Stock-based compensation expense		3,343	0.7	%		58,664	12.7	%		58,664			0.66
Excess payroll taxes related to stock-based awards		378	0.1	%		5,362	1.1	%		5,362			0.06
Amortization of intangible assets from acquisitions		22,484	4.8	%		28,629	6.1	%		28,629			0.33
Expenses related to business combinations		—	—	%		14,261	3.0	%		14,261			0.16
Adjustment for income tax effect		—	—	%		—	—	%		(19,698	)		(0.22	)
Total non-GAAP	$	424,143	90.9	%	$	150,255	32.2	%	$	121,996		$	1.39

_{¹ Diluted weighted average shares were 87,780.}

	Three Months Ended
*(in thousands)*	March 31, 2025			March 31, 2024
Net cash provided by operating activities	$	398,935		$	282,817
Cash paid for interest		9,931			11,939
Tax benefit		(1,738	)		(2,089	)
Unlevered operating cash flows	$	407,128		$	292,667

/ Use of Non-GAAP Measures

We provide non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating income, non-GAAP operating profit margin, non-GAAP net income, non-GAAP diluted earnings per share and unlevered operating cash flows as supplemental measures to GAAP regarding our operational performance. These financial measures exclude the impact of certain items and, therefore, have not been calculated in accordance with GAAP. A detailed explanation of each of the adjustments to these financial measures is described below. This press release also contains a reconciliation of each of these non-GAAP financial measures to its most comparable GAAP financial measure, as applicable.

We use non-GAAP financial measures (a) to evaluate our historical and prospective financial performance as well as our performance relative to our competitors, (b) to set internal sales targets and spending budgets, (c) to allocate resources, (d) to measure operational profitability and the accuracy of forecasting, (e) to assess financial discipline over operational expenditures and (f) as an important factor in determining variable compensation for management and employees. In addition, many financial analysts that follow us focus on and publish both historical results and future projections based on non-GAAP financial measures. We believe that it is in the best interest of our investors to provide this information to analysts so that they accurately report the non-GAAP financial information. Moreover, investors have historically requested, and we have historically reported, these non-GAAP financial measures as a means of providing consistent and comparable information with past reports of financial results.

While we believe that these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these non-GAAP financial measures. These non-GAAP financial measures are not prepared in accordance with GAAP, are not reported by all our competitors and may not be directly comparable to similarly titled measures of our competitors due to potential differences in the exact method of calculation. We compensate for these limitations by using these non-GAAP financial measures as supplements to GAAP financial measures and by reviewing the reconciliations of the non-GAAP financial measures to their most comparable GAAP financial measures.

The adjustments to these non-GAAP financial measures, and the basis for such adjustments, are outlined below:

Amortization of intangible assets from acquisitions. We incur amortization of intangible assets, included in our GAAP presentation of amortization expense, related to various acquisitions we have made. We exclude these expenses for the purpose of calculating non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating income, non-GAAP operating profit margin, non-GAAP net income and non-GAAP diluted earnings per share when we evaluate our continuing operational performance because these costs are fixed at the time of an acquisition, are then amortized over a period of several years after the acquisition and generally cannot be changed or influenced by us after the acquisition. Accordingly, we do not consider these expenses for purposes of evaluating our performance during the applicable time period after the acquisition, and we exclude such expenses when making decisions to allocate resources. We believe that these non-GAAP financial measures are useful to investors because they allow investors to (a) evaluate the effectiveness of the methodology and information used by us in our financial and operational decision-making, and (b) compare our past reports of financial results as we have historically reported these non-GAAP financial measures.

Stock-based compensation expense. We incur expense related to stock-based compensation included in our GAAP presentation of cost of maintenance and service; research and development expense; and selling, general and administrative expense. We also incur excess payroll tax expense related to stock-based compensation, which is an additional non-GAAP adjustment. Although stock-based compensation is an expense and viewed as a form of compensation, we exclude these expenses for the purpose of calculating non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating income, non-GAAP operating profit margin, non-GAAP net income and non-GAAP diluted earnings per share when we evaluate our continuing operational performance. Specifically, we exclude stock-based compensation during our annual budgeting process and our quarterly and annual assessments of our performance. The annual budgeting process is the primary mechanism whereby we allocate resources to various initiatives and operational requirements. Additionally, the annual review by our Board of Directors during which it compares our historical business model and profitability to the planned business model and profitability for the forthcoming year excludes the impact of stock-based compensation. In evaluating the performance of our senior management and department managers, charges related to stock-based compensation are excluded from expenditure and profitability results. In fact, we record stock-based compensation expense into a stand-alone cost center for which no single operational manager is responsible or accountable. In this way, we can review, on a period-to-period basis, each manager’s performance and assess financial discipline over operational expenditures without the effect of stock-based compensation. We believe that these non-GAAP financial measures are useful to investors because they allow investors to (a) evaluate our operating results and the effectiveness of the methodology used by us to review our operating results, and (b) review historical comparability in our financial reporting as well as comparability with competitors’ operating results.

Expenses related to business combinations. We incur expenses for professional services rendered in connection with acquisitions and divestitures, which are included in our GAAP presentation of selling, general and administrative expense. We also incur other expenses directly related to business combinations, including compensation expenses and concurrent restructuring activities, such as employee severances and other exit costs. These costs are included in our GAAP presentation of cost of maintenance and service, selling, general and administrative and research and development expenses. We exclude these acquisition-related expenses for the purpose of calculating non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating income, non-GAAP operating profit margin, non-GAAP net income and non-GAAP diluted earnings per share when we evaluate our continuing operational performance, as we generally would not have otherwise incurred these expenses in the periods presented as a part of our operations. We believe that these non-GAAP financial measures are useful to investors because they allow investors to (a) evaluate our operating results and the effectiveness of the methodology used by us to review our operating results, and (b) review historical comparability in our financial reporting as well as comparability with competitors’ operating results.

Non-GAAP tax provision. We utilize a normalized non-GAAP annual effective tax rate (AETR) to calculate non-GAAP measures. This methodology provides better consistency across interim reporting periods by eliminating the effects of non-recurring items and aligning the non-GAAP tax rate with our expected geographic earnings mix. To project this rate, we analyzed our historic and projected non-GAAP earnings mix by geography along with other factors such as our current tax structure, recurring tax credits and incentives, and expected tax positions. On an annual basis we re-evaluate and update this rate for significant items that may materially affect our projections.

Unlevered operating cash flows. We make cash payments for the interest incurred in connection with our debt financing which are included in our GAAP presentation of operating cash flows. We exclude this cash paid for interest, net of the associated tax benefit, for the purpose of calculating unlevered operating cash flows. Unlevered operating cash flow is a supplemental non-GAAP measure that we use to evaluate our core operating business. We believe this measure is useful to investors and management because it provides a measure of our cash generated through operating activities independent of the capital structure of the business.

Non-GAAP financial measures are not in accordance with, or an alternative for, GAAP. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.
We have provided a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures as listed below:

GAAP Reporting Measure	Non-GAAP Reporting Measure
Gross Profit	Non-GAAP Gross Profit
Gross Profit Margin	Non-GAAP Gross Profit Margin
Operating Income	Non-GAAP Operating Income
Operating Profit Margin	Non-GAAP Operating Profit Margin
Net Income	Non-GAAP Net Income
Diluted Earnings Per Share	Non-GAAP Diluted Earnings Per Share
Operating Cash Flows	Unlevered Operating Cash Flows

Constant currency. In addition to the non-GAAP financial measures detailed above, we use constant currency results for financial and operational decision-making and as a means to evaluate period-to-period comparisons by excluding the effects of foreign currency fluctuations on the reported results. To present this information, the 2025 period results for entities whose functional currency is a currency other than the U.S. Dollar were converted to U.S. Dollars at rates that were in effect for the 2024 comparable period, rather than the actual exchange rates in effect for 2025. Constant currency growth rates are calculated by adjusting the 2025 period reported amounts by the 2025 currency fluctuation impacts and comparing the adjusted amounts to the 2024 comparable period reported amounts. We believe that these non-GAAP financial measures are useful to investors because they allow investors to (a) evaluate the effectiveness of the methodology and information used by us in our financial and operational decision-making, and (b) compare our reported results to our past reports of financial results without the effects of foreign currency fluctuations.

/ About Ansys

Our Mission: Powering Innovation that Drives Human Advancement™

When visionary companies need to know how their world-changing ideas will perform, they close the gap between design and reality with Ansys simulation. For more than 50 years, Ansys software has enabled innovators across industries to push boundaries by using the predictive power of simulation. From sustainable transportation to advanced semiconductors, from satellite systems to life-saving medical devices, the next great leaps in human advancement will be powered by Ansys.

/ Forward-Looking Information

This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). Forward-looking statements are statements that provide current expectations or forecasts of future events based on certain assumptions. Forward-looking statements are subject to risks, uncertainties, and factors relating to our business which could cause our actual results to differ materially from the expectations expressed in or implied by such forward-looking statements.

Forward-looking statements use words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “likely,” “may,” “outlook,” “plan,” “predict,” “project,” “should,” “target” or other words of similar meaning. Forward-looking statements include those about the proposed transaction with Synopsys, including the expected date of closing and the potential benefits thereof, and other aspects of future operations. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

The risks associated with the following, among others, could cause actual results to differ materially from those described in any forward-looking statements:

our ability to complete the proposed transaction with Synopsys on anticipated terms and timing, including completing the associated divestiture of our PowerArtist RTL business and obtaining regulatory approvals, and other conditions related to the completion of the transaction with Synopsys;
the realization of the anticipated benefits of the proposed transaction with Synopsys, including potential disruptions to our and Synopsys’ businesses and commercial relationships with others resulting from the announcement, pendency or completion of the proposed transaction and uncertainty as to the long-term value of Synopsys’ common stock;
restrictions on our operations during the pendency of the proposed transaction with Synopsys that could impact our ability to pursue certain business opportunities or strategic transactions, including tuck-in M&A;
adverse conditions in the macroeconomic environment, including inflation, recessionary conditions and volatility in equity and foreign exchange markets;
political, economic and regulatory uncertainties in the countries and regions in which we operate;
impacts from tariffs, trade sanctions, export controls or other trade barriers, including export control restrictions and licensing requirements for exports to China;
impacts resulting from the conflict between Israel and Hamas and other countries and groups in the Middle East, including impacts from changes to diplomatic relations and trade policy between the United States and other countries resulting from the conflict;
impacts from changes to diplomatic relations and trade policy between the United States and Russia or between the United States and other countries that may support Russia or take similar actions due to the conflict between Russia and Ukraine;
constrained credit and liquidity due to disruptions in the global economy and financial markets, which may limit or delay availability of credit under our existing or new credit facilities, or which may limit our ability to obtain credit or financing on acceptable terms or at all;
our ability to timely recruit and retain key personnel in a highly competitive labor market, including potential financial impacts of wage inflation and potential impacts due to the proposed transaction with Synopsys;
our ability to protect our proprietary technology; cybersecurity threats or other security breaches, including in relation to breaches occurring through our products and an increased level of our activity that is occurring from remote global off-site locations; and disclosure or misuse of employee or customer data whether as a result of a cybersecurity incident or otherwise;
volatility in our revenue due to the timing, duration and value of multi-year subscription lease contracts; and our reliance on high renewal rates for annual subscription lease and maintenance contracts;
declines in our customers’ businesses resulting in adverse changes in procurement patterns; disruptions in accounts receivable and cash flow due to customers’ liquidity challenges and commercial deterioration; uncertainties regarding demand for our products and services in the future and our customers’ acceptance of new products; delays or declines in anticipated sales due to reduced or altered sales and marketing interactions with customers; and potential variations in our sales forecast compared to actual sales;
our ability and our channel partners’ ability to comply with laws and regulations in relevant jurisdictions; and the outcome of contingencies, including legal proceedings, government or regulatory investigations and tax audit cases;
uncertainty regarding income tax estimates in the jurisdictions in which we operate; and the effect of changes in tax laws and regulations in the jurisdictions in which we operate;
the quality of our products, including the strength of features, functionality and integrated multiphysics capabilities; our ability to develop and market new products to address the industry’s rapidly changing technology, including the use of artificial intelligence and machine learning in our products as well as the products of our competitors; failures or errors in our products and services; and increased pricing pressure as a result of the competitive environment in which we operate;
investments in complementary companies, products, services and technologies; our ability to complete and successfully integrate our acquisitions and realize the financial and business benefits of such transactions; and the impact indebtedness incurred in connection with any acquisition could have on our operations;
investments in global sales and marketing organizations and global business infrastructure, and dependence on our channel partners for the distribution of our products;
current and potential future impacts of any global health crisis, natural disaster or catastrophe; the actions taken to address these events by our customers, our suppliers, and regulatory authorities; the resulting effects on our business, the global economy and our consolidated financial statements; and other public health and safety risks and related government actions or mandates;
operational disruptions generally or specifically in connection with transitions to and from remote work environments; and the failure of our technological infrastructure or those of the service providers upon whom we rely including for infrastructure and cloud services;
our intention to repatriate previously taxed earnings and to reinvest all other earnings of our non-U.S. subsidiaries;
plans for future capital spending and the extent of corporate benefits from such spending; and higher than anticipated costs for research and development or a slowdown in our research and development activities;
our ability to execute on our strategies related to environmental, social and governance matters, and meet evolving and varied expectations, including as a result of evolving regulatory and other standards, processes and assumptions, the pace of scientific and technological developments, increased costs and the availability of requisite financing, and changes in carbon markets; and
other risks and uncertainties described in our reports filed from time to time with the Securities and Exchange Commission (the SEC).

Ansys and any and all ANSYS, Inc. brand, product, service and feature names, logos and slogans are registered trademarks or trademarks of ANSYS, Inc. or its subsidiaries in the United States or other countries. All other brand, product, service and feature names or trademarks are the property of their respective owners.

Visit https://investors.ansys.com for more information.

ANSS-F

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/555457d0-68c2-4e39-9654-7433c0575e9e

https://www.globenewswire.com/NewsRoom/AttachmentNg/f9600ece-a84c-4586-bb8a-98965ce32a1c

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The MIL Network –

May 1, 2025

MIL-OSI: First Mid Bancshares, Inc. Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

MATTOON, Ill., April 30, 2025 (GLOBE NEWSWIRE) — First Mid Bancshares, Inc. (NASDAQ: FMBH) (the “Company”) today announced its financial results for the quarter ended March 31, 2025.

Highlights

Record high quarterly net income of $22.2 million, or $0.93 diluted EPS, an increase of $0.13
Adjusted net income (non-GAAP*) of $23.1 million, or $0.96 diluted EPS, an increase of $0.09 for the quarter
Net interest margin tax equivalent (non-GAAP*) expands to 3.60% helping drive fourth consecutive quarter of growth in net interest income
Tangible book value per share (non-GAAP*) increased 4.4% during the quarter
Board of Directors declares regular quarterly dividend of $0.24 per share

“We kicked off 2025 with a record high quarterly net income that reflects our strategic focus on driving a higher return on assets,” said Joe Dively, Chairman and Chief Executive Officer. “We delivered growth in both loans and deposits in what is typically a seasonally pressured quarter, and we significantly expanded our net interest margin through both an increase in earning asset yields and a decrease in the average cost of funds. In addition, we successfully completed our retail online system conversion during the quarter providing a better overall product for our customers and an improved platform to grow relationships across business lines.”

“Lastly, while we recognize the uncertainty that exists in the macro environment, we are well-prepared with a disciplined credit culture and diversified revenue sources that position us to weather economic disruptions and continue to deliver exceptional service to our customers and communities,” Dively concluded.

Net Interest Income
Net interest income for the first quarter of 2025 increased by $0.5 million, or 0.8% compared to the fourth quarter of 2024. The increase was primarily the result of interest expense declining at a faster pace than interest income. Less days in the quarter drove declines in both interest income and expense. The decline in interest income included $0.5 million in lower accretion income, which totaled $2.9 million compared to $3.4 million of accretion income in the fourth quarter.

In comparison to the first quarter of 2024, net interest income increased $3.9 million, or 7.1%. Interest income was lower by $0.1 million, inclusive of a decline in accretion income of $0.7 million compared to the first quarter last year. Interest expense was lower by $4.1 million compared to the same period last year.

Net Interest Margin
Net interest margin, on a tax equivalent basis (non-GAAP), was 3.60% for the first quarter of 2025 representing an increase of 19 basis points over the prior quarter driven by both an increase to earning asset yields and a decrease to funding costs. Excluding the decline in accretion income, the net interest margin increased 23 basis points in the period. Beginning with the first quarter of 2025, the Company changed the methodology utilized for the calculation of net interest margin to be more consistent with what is typically used by peer banks. The calculation now is the annualized net interest income on a tax equivalent basis divided by average interest earning assets. This change added five-basis points to the net interest margin in the first quarter 2025 compared to the fourth quarter of 2024.

In comparison to the first quarter of last year, the net interest margin increased 35 basis points, with an average earning asset increase of 13 basis points, despite a five-basis point reduction to accretion income.

Loan Portfolio
Total loans ended the quarter at $5.70 billion, representing an increase of $26.4 million, or 0.5%, from the prior quarter, despite elevated payoffs during the period. The increase was primarily in construction and land development, multifamily residential properties, and agriculture operating loans. The largest declines were in commercial real estate and commercial and industrial loans. The average loan balance for the quarter declined compared to the fourth quarter, as a majority of the net loan growth occurred in March 2025.

In comparison to the first quarter last year, loan growth increased $199.6 million, or 3.6%. The largest increases were in construction and development, agriculture operating lines, and commercial and industrial loans.

Asset Quality
The first quarter was another solid performance with respect to the Company’s asset quality metrics. The allowance for credit losses (“ACL”) ended the period at $70.1 million and the ACL to total loans ratio was 1.23%. In addition to the ACL, an unearned discount of $32.6 million remains at quarter end. Provision expense was recorded in the amount of $1.7 million with net charge-offs of $1.8 million in the quarter. Also, at the end of the first quarter, the ratio of non-performing loans to total loans was 0.47%, the ACL to non-performing loans was 263.4%, and the ratio of nonperforming assets to total assets was 0.38%. Nonperforming loans declined by $3.2 million to $26.6 million at quarter end. Special mention loans increased by $16.2 million to $74.0 million and substandard loans decreased $1.6 million to $33.9 million.

Deposits
Total deposits ended the quarter at $6.13 billion, which represented an increase of $73.3 million, or 1.2%, from the prior quarter. Noninterest bearing and time deposits were the primary drivers of the increase with growth of $65.4 million and $75.4 million for the period, respectively. The increase in time deposits was driven by a combination of the Company retaining a vast majority of customers with maturing CD’s, gaining new customers with its promotional offerings, and the addition of $52.0 million in brokered deposits as rates declined and the wholesale market became attractive. With the Company’s strong liquidity position, it was able to reduce outstanding FHLB borrowings and subordinated debt during the quarter by a combined $55.5 million helping lower overall funding costs.

Noninterest Income
Noninterest income for the first quarter of 2025 was $24.9 million compared to $26.4 million in the fourth quarter of 2024. The decline was primarily driven by a $1.3 million gain on the sale of property in the fourth quarter. The current quarter included losses on securities sales of $0.2 million. Excluding those two items, noninterest income was flat versus the prior period. The decline of $0.5 million in wealth management revenue was as expected given the seasonal nature of farmland sales. Overall Ag Services revenue was $2.6 million in the period. Insurance revenues achieved a record high quarter of revenue, despite a challenging operating environment for the industry. Debit card fee income was down $0.6 million primarily driven by less usage due to a pullback in consumer spending.

In comparison to the first quarter of 2024, noninterest income increased $0.4 million, or 1.6%, with increases in wealth management and insurance as the key drivers. The combined increase for these two business lines was 8.2% year-over-year. Debit card fee income reflected the largest decline from lower consumer spending in the first quarter of 2025.

Noninterest Expenses
Noninterest expense for the first quarter of 2025 totaled $54.5 million compared to $56.3 million in the prior quarter. The current quarter included $1.0 million of nonrecurring expenses primarily related to the Company’s technology initiatives, including the successful conversion of its retail online platform during the first quarter, versus $2.2 million in nonrecurring costs in the prior quarter. Excluding these items, noninterest expenses were down $0.6 million with the largest decreases in salaries and benefits and debit card expenses.

In comparison to the first quarter of 2024, noninterest expenses increased $1.1 million. The increase was primarily driven by annual compensation increases and a $0.9 million credit in the first quarter of last year for a debit card fee negotiated settlement agreement with its primary provider.

The Company’s efficiency ratio, as adjusted in the non-GAAP reconciliation table herein, for the first quarter 2025 was 58.9% compared to 58.8% in the prior quarter and 59.1% for the same period last year.

Capital Levels and Dividend
The Company’s capital levels remained strong and above the “well capitalized” levels. Capital levels ended the period as follows:

Total capital to risk-weighted assets	15.59%
Tier 1 capital to risk-weighted assets	13.13%
Common equity tier 1 capital to risk-weighted assets	12.73%
Leverage ratio	10.73%

Tangible book value per share (non-GAAP) increased $1.07, or 4.4% during the first quarter of 2025. The increase was driven primarily by earnings growth, which accounted for $0.79 of the increase. The remaining increase of $0.28 was the result of improvement in accumulated other comprehensive income from a lower unrealized loss position in the investment portfolio.

The Company’s Board of Directors approved a regular quarterly dividend of $0.24 payable on May 30, 2025, for shareholders of record on May 15, 2025.

About First Mid: First Mid Bancshares, Inc. (“First Mid”) is the parent company of First Mid Bank & Trust, N.A., First Mid Insurance Group, Inc., and First Mid Wealth Management Co. First Mid is a $7.6 billion community-focused organization that provides a full-suite of financial services including banking, wealth management, brokerage, Ag services, and insurance through a sizeable network of locations throughout Illinois, Missouri, Texas, and Wisconsin and a loan production office in the greater Indianapolis area. Together, our First Mid team takes great pride in providing solutions and services to the customers and communities and has done so over the last 160 years. More information about the Company is available on our website at www.firstmid.com.

*Non-GAAP Measures: In addition to reports presented in accordance with generally accepted accounting principles (“GAAP”), this release contains certain non-GAAP financial measures. The Company believes that such non-GAAP financial measures provide investors with information useful in understanding the Company’s financial performance. Readers of this release, however, are urged to review these non-GAAP financial measures in conjunction with the GAAP results as reported. These non-GAAP financial measures are detailed as supplemental tables and include “Adjusted Net Earnings,” “Adjusted Diluted EPS,” “Efficiency Ratio,” “Net Interest Margin, tax equivalent,” “Tangible Book Value per Common Share,” “Adjusted Tangible Book Value per Common Share,” “Adjusted Return on Assets,” and “Adjusted Return on Average Common Equity”. While the Company believes these non-GAAP financial measures provide investors with a broader understanding of the capital adequacy, funding profile and financial trends of the Company, this information should be considered as supplemental in nature and not as a substitute to the related financial information prepared in accordance with GAAP. These non-GAAP financial measures may also differ from the similar measures presented by other companies.

Forward Looking Statements
This document may contain certain forward-looking statements about First Mid, such as discussions of First Mid’s pricing and fee trends, credit quality and outlook, liquidity, new business results, expansion plans, anticipated expenses and planned schedules. First Mid intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of First Mid are identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions. Actual results could differ materially from the results indicated by these statements because the realization of those results is subject to many risks and uncertainties, including, among other things, changes in interest rates; general economic conditions and those in the market areas of First Mid; legislative and/or regulatory changes; monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality or composition of First Mid’s loan or investment portfolios and the valuation of those investment portfolios; demand for loan products; deposit flows; competition, demand for financial services in the market areas of First Mid; accounting principles, policies and guidelines; and the impact of pandemics on First Mid’s businesses. Additional information concerning First Mid, including additional factors and risks that could materially affect First Mid’s financial results, are included in First Mid’s filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date they are made. Except as required under the federal securities laws or the rules and regulations of the SEC, we do not undertake any obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise.

Investor Contact:
Austin Frank
SVP, Shareholder Relations
217-258-5522
afrank@firstmid.com

Matt Smith
Chief Financial Officer
217-258-1528
msmith@firstmid.com

– Tables Follow –


FIRST MID BANCSHARES, INC.
Condensed Consolidated Balance Sheets
(In thousands, unaudited)

	As of
	March 31,			December 31,			March 31,
	2025			2024			2024

Assets
Cash and cash equivalents	$	201,470		$	121,216		$	355,701
Investment securities		1,049,003			1,073,510			1,149,752
Loans (including loans held for sale)		5,698,858			5,672,462			5,499,295
Less allowance for credit losses		(70,051	)		(70,182	)		(67,936	)
Net loans		5,628,807			5,602,280			5,431,359
Premises and equipment, net		97,446			100,234			101,666
Goodwill and intangibles, net		258,671			261,906			260,699
Bank Owned Life Insurance		171,127			170,854			167,247
Other assets		166,164			189,734			211,822
Total assets	$	7,572,688		$	7,519,734		$	7,678,246

Liabilities and Stockholders’ Equity
Deposits:
Non-interest bearing	$	1,394,590		$	1,329,155		$	1,448,299
Interest bearing		4,735,790			4,727,941			4,794,637
Total deposits		6,130,380			6,057,096			6,242,936
Repurchase agreements with customers		219,772			204,122			210,719
Other borrowings		195,000			242,520			238,761
Junior subordinated debentures		24,335			24,280			24,113
Subordinated debt		79,535			87,472			106,862
Other liabilities		52,717			57,853			56,903
Total liabilities		6,701,739			6,673,343			6,880,294

Total stockholders’ equity		870,949			846,391			797,952
Total liabilities and stockholders’ equity	$	7,572,688		$	7,519,734		$	7,678,246

FIRST MID BANCSHARES, INC.
Condensed Consolidated Statements of Income
(In thousands, except per share data, unaudited)

	Three Months Ended
	March 31,
	2025			2024
Interest income:
Interest and fees on loans	$	79,918		$	77,823
Interest on investment securities		6,777			7,405
Interest on federal funds sold & other deposits		864			2,444
Total interest income		87,559			87,672
Interest expense:
Interest on deposits		23,722			26,096
Interest on securities sold under agreements to repurchase		1,180			2,056
Interest on other borrowings		1,831			2,314
Interest on jr. subordinated debentures		468			542
Interest on subordinated debt		949			1,194
Total interest expense		28,150			32,202
Net interest income		59,409			55,470
Provision for credit losses		1,652			(357	)
Net interest income after provision for credit losses		57,757			55,827
Non-interest income:
Wealth management revenues		5,800			5,322
Insurance commissions		9,925			9,213
Service charges		2,901			2,956
Net securities gains/(losses)		(181	)		0
Mortgage banking revenues		711			706
ATM/debit card revenue		3,646			4,055
Other		2,062			2,226
Total non-interest income		24,864			24,478
Non-interest expense:
Salaries and employee benefits		31,748			30,448
Net occupancy and equipment expense		8,479			7,560
Net other real estate owned (income) expense		101			(21	)
FDIC insurance		849			869
Amortization of intangible assets		3,231			3,497
Stationary and supplies		431			391
Legal and professional expense		3,076			2,449
ATM/debit card expense		1,831			1,191
Marketing and donations		852			862
Other		3,874			6,116
Total non-interest expense		54,472			53,362
Income before income taxes		28,149			26,943
Income taxes		5,978			6,440
Net income	$	22,171		$	20,503

Per Share Information
Basic earnings per common share	$	0.93		$	0.86
Diluted earnings per common share		0.93			0.86

Weighted average shares outstanding		23,858,817			23,872,731
Diluted weighted average shares outstanding		23,959,228			23,960,335

FIRST MID BANCSHARES, INC.
Condensed Consolidated Statements of Income
(In thousands, except per share data, unaudited)

	For the Quarter Ended
	March 31,			December 31,		September 30,			June 30,			March 31,
	2025				2024	2024			2024			2024
Interest income:
Interest and fees on loans	$	79,918		$	81,288	$	81,775		$	79,560		$	77,823
Interest on investment securities		6,777			6,990		7,036			7,405			7,405
Interest on federal funds sold & other deposits		864			1,564		2,371			1,718			2,444
Total interest income		87,559			89,842		91,182			88,683			87,672
Interest expense:
Interest on deposits		23,722			26,144		28,341			26,338			26,096
Interest on securities sold under agreements to repurchase		1,180			1,333		1,444			1,615			2,056
Interest on other borrowings		1,831			1,917		2,195			2,248			2,314
Interest on jr. subordinated debentures		468			510		567			537			542
Interest on subordinated debt		949			988		1,092			1,180			1,194
Total interest expense		28,150			30,892		33,639			31,918			32,202
Net interest income		59,409			58,950		57,543			56,765			55,470
Provision for credit losses		1,652			3,643		1,266			1,083			(357	)
Net interest income after provision for credit losses		57,757			55,307		56,277			55,682			55,827
Non-interest income:
Wealth management revenues		5,800			6,275		5,816			5,405			5,322
Insurance commissions		9,925			6,805		6,003			6,531			9,213
Service charges		2,901			3,058		3,121			3,227			2,956
Net securities gains/(losses)		(181	)		0		(277	)		(156	)		0
Mortgage banking revenues		711			1,104		1,109			1,038			706
ATM/debit card revenue		3,646			4,204		4,267			4,281			4,055
Other		2,062			4,917		2,984			2,096			2,226
Total non-interest income		24,864			26,363		23,023			22,422			24,478
Non-interest expense:
Salaries and employee benefits		31,748			31,957		31,565			30,164			30,448
Net occupancy and equipment expense		8,479			7,285		8,055			7,507			7,560
Net other real estate owned (income) expense		101			240		107			85			(21	)
FDIC insurance		849			863		829			902			869
Amortization of intangible assets		3,231			3,314		3,405			3,340			3,497
Stationary and supplies		431			642		482			370			391
Legal and professional expense		3,076			5,386		2,573			2,536			2,449
ATM/debit card expense		1,831			2,043		1,869			1,281			1,191
Marketing and donations		852			906		836			814			862
Other		3,874			3,661		4,212			4,392			6,116
Total non-interest expense		54,472			56,297		53,933			51,391			53,362
Income before income taxes		28,149			25,373		25,367			26,713			26,943
Income taxes		5,978			6,205		5,885			6,968			6,440
Net income	$	22,171		$	19,168	$	19,482		$	19,745		$	20,503

Per Share Information
Basic earnings per common share	$	0.93		$	0.80	$	0.81		$	0.83		$	0.86
Diluted earnings per common share		0.93			0.80		0.81			0.82			0.86

Weighted average shares outstanding		23,858,817			23,818,806		23,905,099			23,896,210			23,872,731
Diluted weighted average shares outstanding		23,959,228			23,908,340		24,006,647			23,998,152			23,960,335

FIRST MID BANCSHARES, INC.
Consolidated Financial Highlights and Ratios
(Dollars in thousands, except per share data)
(Unaudited)

	As of and for the Quarter Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024

Loan Portfolio
Construction and land development	$	269,148		$	236,093		$	190,857		$	195,389		$	186,851
Farm real estate loans		373,413			390,760			384,620			387,015			388,941
1-4 Family residential properties		488,139			496,597			505,342			507,517			518,641
Multifamily residential properties		356,858			332,644			338,167			334,446			312,758
Commercial real estate		2,397,985			2,417,585			2,440,120			2,406,955			2,396,092
Loans secured by real estate		3,885,543			3,873,679			3,859,106			3,831,322			3,803,283
Agricultural operating loans		296,811			239,671			233,414			213,997			213,217
Commercial and industrial loans		1,303,712			1,335,920			1,283,631			1,268,646			1,227,906
Consumer loans		47,220			53,960			63,222			70,841			79,569
All other loans		165,572			169,232			175,218			175,811			175,320
Total loans		5,698,858			5,672,462			5,614,591			5,560,617			5,499,295

Deposit Portfolio
Non-interest bearing demand deposits	$	1,394,590		$	1,329,155		$	1,387,290		$	1,393,336		$	1,448,299
Interest bearing demand deposits		1,814,427			1,907,733			1,834,123			1,909,993			1,974,857
Savings deposits		643,289			636,427			648,582			673,381			704,777
Money Market		1,215,420			1,196,537			1,183,594			1,127,699			1,107,177
Time deposits		1,062,654			987,244			1,035,245			1,011,370			1,007,826
Total deposits		6,130,380			6,057,096			6,088,834			6,115,779			6,242,936

Asset Quality
Non-performing loans	$	26,598		$	29,835		$	18,242		$	19,079		$	20,064
Non-performing assets		28,703			32,030			20,076			20,557			21,471
Net charge-offs (recoveries)		1,783			2,235			804			708			381
Allowance for credit losses to non-performing loans		263.36	%		235.23	%		377.01	%		358.05	%		338.60	%
Allowance for credit losses to total loans outstanding		1.23	%		1.24	%		1.22	%		1.23	%		1.24	%
Nonperforming loans to total loans		0.47	%		0.53	%		0.32	%		0.34	%		0.36	%
Nonperforming assets to total assets		0.38	%		0.43	%		0.27	%		0.27	%		0.28	%
Special Mention loans		74,019			57,848			38,151			30,767			65,693
Substandard and Doubtful loans		33,884			35,516			29,037			27,594			29,296

Common Share Data
Common shares outstanding		23,981,916			23,895,807			23,904,051			23,895,868			23,888,929
Book value per common share	$	36.32		$	35.42		$	35.91		$	34.05		$	33.40
Tangible book value per common share ⁽¹⁾		25.53			24.46			24.82			23.28			22.49
Tangible book value per common share excluding other comprehensive income at period end ⁽¹⁾		31.21			30.42			29.70			29.43			28.67
Market price of stock		34.90			36.82			38.91			32.88			32.68

Key Performance Ratios and Metrics
End of period earning assets	$	6,844,096		$	6,775,075		$	6,786,458		$	6,812,574		$	6,923,742
Average earning assets		6,769,858			6,884,303			6,857,070			6,815,932			6,884,855
Average rate on average earning assets (tax equivalent)		5.29	%		5.24	%		5.35	%		5.27	%		5.16	%
Average rate on cost of funds		1.74	%		1.83	%		2.00	%		1.91	%		1.91	%
Net interest margin (tax equivalent) ⁽¹⁾⁽²⁾		3.60	%		3.41	%		3.35	%		3.36	%		3.25	%
Return on average assets		1.19	%		1.01	%		1.03	%		1.05	%		1.07	%
Adjusted return on average assets ⁽¹⁾		1.23	%		1.10	%		1.05	%		1.07	%		1.17	%
Return on average common equity		10.35	%		9.04	%		9.40	%		9.92	%		10.37	%
Adjusted return on average common equity ⁽¹⁾		10.78	%		9.80	%		9.58	%		10.11	%		11.28	%
Efficiency ratio (tax equivalent) ⁽¹⁾		58.88	%		58.76	%		61.33	%		59.61	%		59.09	%
Full-time equivalent employees		1,194			1,198			1,207			1,185			1,188


¹ Non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure.
² During the first quarter 2025, the Company changed the methodology utilized for the calculation of net interest margin to be more consistent with what is typically used by peer banks and research analysts. The calculation now is the annualized net interest income on a tax equivalent basis divided by average interest earning assets.

FIRST MID BANCSHARES, INC.
Net Interest Margin
(In thousands, unaudited)

	For the Quarter Ended March 31, 2025
	QTD Average					Average
	Balance			Interest		Rate
INTEREST EARNING ASSETS
Interest bearing deposits	$	70,701		$	827		4.74	%
Federal funds sold		75			1		5.41	%
Certificates of deposits investments		3,162			36		4.62	%
Investment Securities		1,090,099			7,254		2.66	%
Loans (net of unearned income)		5,605,821			80,194		5.80	%

Total interest earning assets		6,769,858			88,312		5.29	%

NONEARNING ASSETS
Other nonearning assets		777,177
Allowance for loan losses		(70,620	)

Total assets	$	7,476,415

INTEREST BEARING LIABILITIES
Demand deposits	$	3,039,621		$	14,900		1.99	%
Savings deposits		640,687			164		0.10	%
Time deposits		1,022,200			8,658		3.44	%
Total interest bearing deposits		4,702,508			23,722		2.05	%
Repurchase agreements		201,679			1,180		2.37	%
FHLB advances		194,324			1,807		3.77	%
Federal funds purchased		–			–		0.00	%
Subordinated debt		82,608			949		4.66	%
Jr. subordinated debentures		24,306			468		7.81	%
Other debt		1,467			24		6.63	%
Total borrowings		504,384			4,428		3.56	%
Total interest bearing liabilities		5,206,892			28,150		2.19	%

NONINTEREST BEARING LIABILITIES
Demand deposits		1,370,107		Average cost of funds			1.74	%
Other liabilities		42,946
Stockholders’ equity		856,470

Total liabilities & stockholders’ equity	$	7,476,415

Net Interest Earnings / Spread				$	60,162		3.10	%

Tax effected yield on interest earning assets							3.60	%

Tax equivalent net interest margin is a non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure.

FIRST MID BANCSHARES, INC.
Reconciliation of Non-GAAP Financial Measures
(In thousands, unaudited)

	As of and for the Quarter Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024

Net interest income as reported	$	59,409		$	58,950		$	57,543		$	56,765		$	55,470
Net interest income, (tax equivalent)		60,162			59,717			58,627			57,361			56,086
Average earning assets		6,769,858			6,884,303			6,857,070			6,815,932			6,884,855
Net interest margin (tax equivalent)		3.60	%		3.41	%		3.35	%		3.36	%		3.25	%


Common stockholder’s equity	$	870,949		$	846,391		$	858,497		$	813,645		$	797,952
Goodwill and intangibles, net		258,671			261,906			265,139			257,377			260,699
Common shares outstanding		23,982			23,896			23,904			23,896			23,889
Tangible Book Value per common share	$	25.53		$	24.46		$	24.82		$	23.28		$	22.49
Accumulated other comprehensive loss (AOCI)		(136,097	)		(142,383	)		(116,692	)		(146,998	)		(147,667	)
Adjusted tangible book value per common share	$	31.21		$	30.42		$	29.70		$	29.43		$	28.67

FIRST MID BANCSHARES, INC.
Reconciliation of Non-GAAP Financial Measures
(In thousands, except per share data, unaudited)

	As of and for the Quarter Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
Adjusted earnings Reconciliation
Net Income – GAAP	$	22,171		$	19,168		$	19,482		$	19,745		$	20,503
Adjustments (post-tax): ⁽¹⁾
Nonrecurring technology project expenses		728			1,710			–			–			–
Net (gain)/loss on securities sales		143			–			219			123			–
Integration and acquisition expenses		41			–			137			250			1,804
Total non-recurring adjustments (non-GAAP)	$	912		$	1,710		$	356		$	373		$	1,804

Adjusted earnings – non-GAAP	$	23,083		$	20,878		$	19,838		$	20,118		$	22,307
Adjusted diluted earnings per share (non-GAAP)	$	0.96		$	0.87		$	0.83		$	0.84		$	0.93
Adjusted return on average assets – non-GAAP		1.23	%		1.10	%		1.05	%		1.07	%		1.17	%
Adjusted return on average common equity – non-GAAP		10.78	%		9.80	%		9.58	%		10.11	%		11.28	%


Efficiency Ratio Reconciliation
Noninterest expense – GAAP	$	54,472		$	56,297		$	53,933		$	51,391		$	53,362
Other real estate owned property income (expense)		(101	)		(240	)		(107	)		(85	)		21
Amortization of intangibles		(3,231	)		(3,314	)		(3,405	)		(3,340	)		(3,497	)
Nonrecurring technology project expense		(921	)		(2,164	)		–			–			–
Integration and acquisition expenses		(52	)		–			(174	)		(316	)		(2,283	)
Adjusted noninterest expense (non-GAAP)	$	50,167		$	50,579		$	50,247		$	47,650		$	47,603

Net interest income -GAAP	$	59,409		$	58,950		$	57,543		$	56,765		$	55,470
Effect of tax-exempt income ⁽¹⁾		753			767			1,084			596			616
Adjusted net interest income (non-GAAP)	$	60,162		$	59,717		$	58,627		$	57,361		$	56,086

Noninterest income – GAAP	$	24,864		$	26,363		$	23,023		$	22,422		$	24,478
Net (gain)/loss on securities sales		181			0			277			156			0
Adjusted noninterest income (non-GAAP)	$	25,045		$	26,363		$	23,300		$	22,578		$	24,478

Adjusted total revenue (non-GAAP)	$	85,207		$	86,080		$	81,927		$	79,939		$	80,564

Efficiency ratio (non-GAAP)		58.88	%		58.76	%		61.33	%		59.61	%		59.09	%

(1) Nonrecurring items (post-tax) and tax-exempt income are calculated using an estimated effective tax rate of 21%.

The MIL Network –

May 1, 2025

MIL-OSI: Tenaris Announces 2025 First Quarter Results

Source: GlobeNewswire (MIL-OSI)

The financial and operational information contained in this press release is based on unaudited consolidated condensed interim financial statements presented in U.S. dollars and prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board and adopted by the European Union, or IFRS. Additionally, this press release includes non-IFRS alternative performance measures i.e., EBITDA, Free Cash Flow, Net cash / debt and Operating working capital days. See exhibit I for more details on these alternative performance measures.

LUXEMBOURG, April 30, 2025 (GLOBE NEWSWIRE) — Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) (“Tenaris”) today announced its results for the quarter ended March 31, 2025 in comparison with its results for the quarter ended March 31, 2024.

Summary of 2025 First Quarter Results

(Comparison with fourth and first quarter of 2024)

	1Q 2025	4Q 2024		1Q 2024
Net sales ($ million)	2,922	2,845	3%	3,442	(15%)
Operating income ($ million)	550	558	(2%)	812	(32%)
Net income ($ million)	518	519	0%	750	(31%)
Shareholders’ net income ($ million)	507	516	(2%)	737	(31%)
Earnings per ADS ($)	0.94	0.94	0%	1.27	(26%)
Earnings per share ($)	0.47	0.47	0%	0.64	(26%)
EBITDA* ($ million)	696	726	(4%)	987	(29%)
EBITDA margin (% of net sales)	23.8%	25.5%		28.7%

*EBITDA in the fourth quarter of 2024 included a $67 million gain from the partial reversal of a provision for the ongoing litigation related to the acquisition of a participation in Usiminas. If this charge was not included EBITDA would have amounted to $659 million, or 23.2% of sales.

In the first quarter, our sales were buoyed by seasonal volumes in Canada and higher onshore sales in the USA while our average selling price declined. This was due to market and product mix effects with lower sales of OCTG premium products in Mexico, Turkey and Saudi Arabia and lower sales of seamless line pipe for offshore projects. On a comparable basis our EBITDA rose 6% and net income remained in line with the results of the previous quarter.

During the quarter, free cash flow amounted to $647 million following a reduction in working capital of $224 million. After spending $237 million on share buybacks, our net cash position increased to $4.0 billion at March 31, 2025.

Market Background and Outlook

Oil and gas drilling activity has been stable in most parts of the world so far this year. Over the last month, however, the outlook for oil demand and prices has changed with a decline in expectations for global economic growth and the announcement by OPEC+ that it would increase production. Oil and gas companies are likely to adjust their investment plans over the short term in response to a lower oil and gas price environment while maintaining their medium and long term plans for development of major projects.

US OCTG reference prices have continued to increase following the extension of tariffs to imports of all steel products. These and further increases should offset much of the impact of the tariffs and higher steel and scrap purchase costs on our US operations.

For the second quarter, we expect our sales to show a small increase as our average selling price recovers and volumes remain close to the level of the first quarter and our EBITDA margin should be in line with the first quarter.

Analysis of 2025 First Quarter Results

Tubes

The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below:

Tubes Sales volume (thousand metric tons)	1Q 2025	4Q 2024		1Q 2024
Seamless	775	748	4%	777	0%
Welded	212	164	29%	269	(21%)
Total	987	913	8%	1,046	(6%)

The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:

Tubes	1Q 2025	4Q 2024		1Q 2024
Net sales ($ million)
North America	1,244	1,131	10%	1,590	(22%)
South America	552	595	(7%)	617	(11%)
Europe	208	341	(39%)	253	(17%)
Asia Pacific, Middle East and Africa	761	629	21%	833	(9%)
Total net sales ($ million)	2,765	2,695	3%	3,292	(16%)
Services performed on third party tubes ($ million)	101	93	9%	192	(47%)
Operating income ($ million)	514	533	(4%)	785	(35%)
Operating margin (% of sales)	18.6%	19.8%		23.9%

Net sales of tubular products and services increased 3% sequentially and decreased 16% year on year. Volumes sold increased 8% sequentially while average selling prices decreased 5% due principally to product and market mix effects. In North America sales increased as higher seasonal sales in Canada and higher sales to US Rig Direct^® customers more than outweighed a further steep decline in sales in Mexico. In South America sales declined due to lower shipments to the Raia offshore project and lower prices in Argentina. In Europe, following a quarter with an exceptionally high level of sales, sales declined to a more stable level. In Asia Pacific, Middle East and Africa sales increased due to higher sales in the UAE, shipments of welded pipes for a pipeline in Saudi Arabia, and sales of line pipe for a gas processing plant in Africa.

Operating results from tubular products and services amounted to a gain of $514 million in the first quarter of 2025 compared to a gain of $533 million in the previous quarter and a gain of $785 million in the first quarter of 2024. Operating income in the fourth quarter of 2024 included a $67 million gain from the partial reversal of a provision for the ongoing litigation related to the acquisition of a participation in Usiminas. Excluding this gain Tubes operating income would have amounted to $467 million (17.3% of sales) in the fourth quarter of 2024. On a comparable basis, margins improved as the decline in average selling prices was offset by lower costs due to higher utilization of production capacity and lower raw materials and variable costs.

Others

The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below:

Others	1Q 2025	4Q 2024		1Q 2024
Net sales ($ million)	157	150	5%	150	4%
Operating income ($ million)	36	25	44%	26	38%
Operating margin (% of sales)	23.1%	16.8%		17.5%

Net sales of other products and services increased 5% sequentially and increased 4% year on year. Sequentially, sales increased mainly due to higher sales of sucker rods and oil services in Argentina.

Selling, general and administrative expenses, or SG&A, amounted to $457 million, or 15.6% of net sales, in the first quarter of 2025, compared to $446 million, or 15.7% in the previous quarter and $508 million, or 14.8% in the first quarter of 2024. Sequentially, the increase in SG&A is mainly due to higher shipment costs partially offset by a decrease in taxes, provisions and others.

Other operating results amounted to a gain of $6 million in the first quarter of 2025, compared to a gain of $81 million in the previous quarter and a $12 million gain in the first quarter of 2024. The fourth quarter of 2024 included a $67 million gain from the partial reversal of a provision for the ongoing litigation related to the acquisition of a participation in Usiminas.

Financial results amounted to a gain of $35 million in the first quarter of 2025, compared to a gain of $48 million in the previous quarter and a loss of $25 million in the first quarter of 2024. Financial result of the quarter is mainly attributable to a $67 million net finance income from the net return of our portfolio investments offset by net foreign exchange losses of $15 million and $16 million in fees paid in connection with the collection of $242 million from Pemex.

Equity in earnings of non-consolidated companies generated a gain of $14 million in the first quarter of 2025, compared to a gain of $35 million in the previous quarter and a gain of $48 million in the first quarter of 2024. These results are mainly derived from our participation in Ternium (NYSE:TX). During the fourth quarter of 2024 the result from Ternium´s investment included a $43 million gain from the partial reversal of a provision for the ongoing litigation related to the acquisition of a participation in Usiminas, while in the first quarter of 2025 it includes a $5 million loss related to the same ongoing litigation.

Income tax charge amounted to $81 million in the first quarter of 2025, compared to $123 million in the previous quarter and $85 million in the first quarter of 2024. The quarter income tax charge reflects the positive net effect from foreign exchange rate movements and inflation adjustments on deferred tax assets and liabilities, mainly in Argentina, and the recognition of other deferred tax assets.

Cash Flow and Liquidity of 2025 First Quarter

Net cash generated by operating activities during the first quarter of 2025 was $821 million, compared to $492 million in the previous quarter and $887 million in the first quarter of 2024. During the first quarter of 2025 cash generated by operating activities includes a net working capital reduction of $224 million.

With capital expenditures of $174 million, our free cash flow amounted to $647 million during the quarter. Following share buybacks of $237 million in the quarter, our net cash position increased to $4.0 billion at March 31, 2025.

Conference call

Tenaris will hold a conference call to discuss the above reported results, on May 1, 2025, at 08:00 a.m. (Eastern Time). Following a brief summary, the conference call will be opened to questions.

To listen to the conference please join through one of the following options:
ir.tenaris.com/events-and-presentations or
https://edge.media-server.com/mmc/p/gu6ip3ag/

If you wish to participate in the Q&A session please register at the following link:
https://register-conf.media-server.com/register/BIf49770ff47c94e2587121e780b6acb85

Please connect 10 minutes before the scheduled start time.

A replay of the conference call will also be available on our webpage at: ir.tenaris.com/events-and-presentations

Some of the statements contained in this press release are “forward-looking statements”. Forward-looking statements are based on management’s current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies.


Consolidated Condensed Interim Income Statement

(all amounts in thousands of U.S. dollars)	Three-month period ended March 31,
	2025	2024
	Unaudited
Net sales	2,922,212	3,441,544
Cost of sales	(1,920,855)	(2,134,052)
Gross profit	1,001,357	1,307,492
Selling, general and administrative expenses	(457,065)	(508,132)
Other operating income	11,788	16,024
Other operating expenses	(6,167)	(3,720)
Operating income	549,913	811,664
Finance Income	78,444	56,289
Finance Cost	(11,745)	(20,583)
Other financial results, net	(31,441)	(60,468)
Income before equity in earnings of non-consolidated companies and income tax	585,171	786,902
Equity in earnings of non-consolidated companies	14,035	48,179
Income before income tax	599,206	835,081
Income tax	(81,342)	(84,856)
Income for the period	517,864	750,225

Attributable to:
Shareholders’ equity	506,931	736,980
Non-controlling interests	10,933	13,245
	517,864	750,225


Consolidated Condensed Interim Statement of Financial Position

(all amounts in thousands of U.S. dollars)	At March 31, 2025		At December 31, 2024
	Unaudited
ASSETS
Non-current assets
Property, plant and equipment, net	6,183,251		6,121,471
Intangible assets, net	1,359,463		1,357,749
Right-of-use assets, net	147,606		148,868
Investments in non-consolidated companies	1,574,156		1,543,657
Other investments	1,014,502		1,005,300
Deferred tax assets	838,912		831,298
Receivables, net	197,411	11,315,301	205,602	11,213,945
Current assets
Inventories, net	3,519,237		3,709,942
Receivables and prepayments, net	174,294		179,614
Current tax assets	360,416		332,621
Contract assets	51,736		50,757
Trade receivables, net	1,842,313		1,907,507
Derivative financial instruments	4,083		7,484
Other investments	2,581,761		2,372,999
Cash and cash equivalents	770,208	9,304,048	675,256	9,236,180
Total assets		20,619,349		20,450,125
EQUITY
Shareholders’ equity		17,164,683		16,593,257
Non-controlling interests		231,994		220,578
Total equity		17,396,677		16,813,835
LIABILITIES
Non-current liabilities
Borrowings	7,437		11,399
Lease liabilities	91,148		100,436
Deferred tax liabilities	472,789		503,941
Other liabilities	300,116		301,751
Provisions	68,969	940,459	82,106	999,633
Current liabilities
Borrowings	345,183		425,999
Lease liabilities	54,061		44,490
Derivative financial instruments	1,945		8,300
Current tax liabilities	304,019		366,292
Other liabilities	377,238		585,775
Provisions	139,965		119,344
Customer advances	228,086		206,196
Trade payables	831,716	2,282,213	880,261	2,636,657
Total liabilities		3,222,672		3,636,290
Total equity and liabilities		20,619,349		20,450,125


Consolidated Condensed Interim Statement of Cash Flows

(all amounts in thousands of U.S. dollars)	Three-month period ended March 31,
	2025	2024
	(Unaudited)
Cash flows from operating activities
Income for the period	517,864	750,225
Adjustments for:
Depreciation and amortization	146,406	175,442
Provision for the ongoing litigation related to the acquisition of participation in Usiminas	9,877	–
Income tax accruals less payments	(54,133)	(29,222)
Equity in earnings of non-consolidated companies	(14,035)	(48,179)
Interest accruals less payments, net	(8,423)	11,938
Changes in provisions	(2,393)	1,545
Changes in working capital	223,817	(9,548)
Others, including net foreign exchange	2,020	34,776
Net cash provided by operating activities	821,000	886,977

Cash flows from investing activities
Capital expenditures	(173,838)	(172,097)
Changes in advances to suppliers of property, plant and equipment	12,916	2,952
Loan to joint ventures	(1,359)	(1,354)
Proceeds from disposal of property, plant and equipment and intangible assets	900	5,412
Changes in investments in securities	(225,636)	(759,667)
Net cash used in investing activities	(387,017)	(924,754)

Cash flows from financing activities
Changes in non-controlling interests	–	1,120
Acquisition of treasury shares	(237,188)	(311,064)
Payments of lease liabilities	(14,655)	(16,768)
Proceeds from borrowings	347,570	829,947
Repayments of borrowings	(429,126)	(754,078)
Net cash used in financing activities	(333,399)	(250,843)

Increase (decrease) in cash and cash equivalents	100,584	(288,620)

Movement in cash and cash equivalents
At the beginning of the period	660,798	1,616,597
Effect of exchange rate changes	(2,430)	(4,921)
Increase (decrease) in cash and cash equivalents	100,584	(288,620)
At March 31,	758,952	1,323,056

Exhibit I – Alternative performance measures

Alternative performance measures should be considered in addition to, not as substitute for or superior to, other measures of financial performance prepared in accordance with IFRS.

EBITDA, Earnings before interest, tax, depreciation and amortization.

EBITDA provides an analysis of the operating results excluding depreciation and amortization and impairments, as they are recurring non-cash variables which can vary substantially from company to company depending on accounting policies and the accounting value of the assets. EBITDA is an approximation to pre-tax operating cash flow and reflects cash generation before working capital variation. EBITDA is widely used by investors when evaluating businesses (multiples valuation), as well as by rating agencies and creditors to evaluate the level of debt, comparing EBITDA with net debt.

EBITDA is calculated in the following manner:

EBITDA = Net income for the period + Income tax charges +/- Equity in Earnings (losses) of non-consolidated companies +/- Financial results + Depreciation and amortization +/- Impairment charges/(reversals).

EBITDA is a non-IFRS alternative performance measure.

(all amounts in thousands of U.S. dollars)	Three-month period ended March 31,
	2025	2024
Income for the period	517,864	750,225
Income tax charge	81,342	84,856
Equity in earnings of non-consolidated companies	(14,035)	(48,179)
Financial Results	(35,258)	24,762
Depreciation and amortization	146,406	175,442
EBITDA	696,319	987,106

Free Cash Flow

Free cash flow is a measure of financial performance, calculated as operating cash flow less capital expenditures. FCF represents the cash that a company is able to generate after spending the money required to maintain or expand its asset base.

Free cash flow is calculated in the following manner:

Free cash flow = Net cash (used in) provided by operating activities – Capital expenditures.

Free cash flow is a non-IFRS alternative performance measure.

(all amounts in thousands of U.S. dollars)	Three-month period ended March 31,
	2025	2024
Net cash provided by operating activities	821,000	886,977
Capital expenditures	(173,838)	(172,097)
Free cash flow	647,162	714,880

Net Cash / (Debt)

This is the net balance of cash and cash equivalents, other current investments and fixed income investments held to maturity less total borrowings. It provides a summary of the financial solvency and liquidity of the company. Net cash / (debt) is widely used by investors and rating agencies and creditors to assess the company’s leverage, financial strength, flexibility and risks.

Net cash/ debt is calculated in the following manner:

Net cash = Cash and cash equivalents + Other investments (Current and Non-Current)+/- Derivatives hedging borrowings and investments – Borrowings (Current and Non-Current).

Net cash/debt is a non-IFRS alternative performance measure.

(all amounts in thousands of U.S. dollars)	At March 31,
	2025	2024
Cash and cash equivalents	770,208	1,323,350
Other current investments	2,581,761	2,248,863
Non-current investments	1,007,444	976,206
Current borrowings	(345,183)	(608,278)
Non-current borrowings	(7,437)	(28,122)
Net cash / (debt)	4,006,793	3,912,019

Operating working capital days

Operating working capital is the difference between the main operating components of current assets and current liabilities. Operating working capital is a measure of a company’s operational efficiency, and short-term financial health.

Operating working capital days is calculated in the following manner:

Operating working capital days = [(Inventories + Trade receivables – Trade payables – Customer advances) / Annualized quarterly sales ] x 365.

Operating working capital days is a non-IFRS alternative performance measure.

(all amounts in thousands of U.S. dollars)	At March 31,
	2025	2024
Inventories	3,519,237	3,911,719
Trade receivables	1,842,313	2,303,293
Customer advances	(228,086)	(239,342)
Trade payables	(831,716)	(1,041,434)
Operating working capital	4,301,748	4,934,236
Annualized quarterly sales	11,688,848	13,766,176
Operating working capital days	134	131

Giovanni Sardagna
Tenaris
1-888-300-5432
www.tenaris.com

The MIL Network –

May 1, 2025

MIL-OSI: StoneX Group Inc. to Announce 2025 Fiscal Second Quarter Earnings on May 7, 2025

Source: GlobeNewswire (MIL-OSI)

NEW YORK, April 30, 2025 (GLOBE NEWSWIRE) — StoneX Group Inc. (NASDAQ: SNEX) today announced that it will release its fiscal 2025 second quarter results after the market close on Wednesday, May 7, 2025. Management will host a conference call on Thursday, May 8, 2025 at 9:00 a.m. Eastern Time to review the Company’s 2025 fiscal second quarter results.

A live web cast of the conference call as well as additional information to review during the call will be made available in PDF form at https://www.stonex.com. Participants can also access the call via https://register-conf.media-server.com/register/BIcee2351db2614b049aa108c318550f21 approximately ten minutes prior to the start time. Participants may preregister for the conference call here.

For those who cannot access the live broadcast, a replay of the call will be available at https://www.stonex.com.

About StoneX Group Inc.

StoneX Group Inc., through its subsidiaries, operates a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise. The Company strives to be the one trusted partner to its clients, providing its network, product and services to allow them to pursue trading opportunities, manage their market risks, make investments and improve their business performance. A Fortune-500 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ:SNEX), StoneX Group Inc. and its more than 4,700 employees serve more than 54,000 commercial, institutional, and global payments clients, and more than 400,000 self-directed/retail accounts, from more than 80 offices spread across six continents. Further information on the Company is available at www.stonex.com.

CONTACT: StoneX Group Inc.

Investor Inquiries:

Kevin Murphy
(212) 403 – 7296
kevin.murphy@stonex.com

SNEX-G

The MIL Network –

May 1, 2025

MIL-OSI: FHLBank San Francisco’s 2025 AHEAD Program to Award $8 Million in Grants for Economic Development Initiatives in Arizona, California, and Nevada

Source: GlobeNewswire (MIL-OSI)

SAN FRANCISCO, April 30, 2025 (GLOBE NEWSWIRE) — The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) today announced it is making a total of $8 million in funding available for its 2025 AHEAD Program that provides economic development grants, with the maximum grant per project increased to $150,000 this year, up from $50,000 in 2024.

Since 2004, the AHEAD Program has awarded over $32 million in grants to more than 880 projects across FHLBank San Francisco’s three-state district of Arizona, California, and Nevada. AHEAD grants support innovative initiatives that expand economic opportunity in lower-income communities.

“For more than two decades, our AHEAD Program has delivered vital funding to spark economic opportunity for communities in need across our district of Arizona, California, and Nevada,” said Joseph Amato, interim president and chief executive officer of FHLBank San Francisco. “We’re pleased to increase both the total allocation and the individual grant amount for AHEAD grants in 2025. This voluntary program continues to support the transformative work of community organizations that are changing lives and strengthening communities.”

FHLBank San Francisco’s AHEAD Program is designed to foster strong partnerships between its member financial institutions and community-based organizations that specialize in building economic and community development initiatives that:

Create or preserve jobs
Deliver job training or educational programs
Support small business, microlending, and microenterprise incubation for low-income entrepreneurs.

In 2024, FHLBank San Francisco and its members awarded $7.3 million in AHEAD Program funds – an 82% increase above 2023 – to 84 recipients, including:

Western Alliance Bank – Surprise, Arizona
Native American Connections partnered with member Western Alliance Bank to receive a $100,000 AHEAD grant award to fund the Surprise Bridge Housing project that houses previously homeless individuals and families, helping them build stability, create positive rental history and improve their credit.

Mission Federal Credit Union – San Diego, California
City Heights Community Development Corporation partnered with Mission Federal Credit Union to fund the Chopped project, an eight-week business training program for micro-enterprise, home kitchen operators, sidewalk vendors, pop-ups, caterers, and start-up restaurateurs.

Toyota Financial Savings Bank – Henderson, Nevada
HopeLink of Southern Nevada, in partnership with Toyota Financial Savings Bank, received a grant award to support its Homeless and Low-Income Household Employment program, which helps newly housed clients prepare for and obtain employment through a local community partner.

The window for FHLBank San Francisco members to submit applications for AHEAD grants in partnership with nonprofit organizations, government agencies, or community groups is now open and all applications must be submitted by May 28, 2025. The Bank expects to announce 2025 AHEAD Program grant winners in September.

To learn more about the AHEAD Program and how to apply, please visit fhlbsf.com.

About Federal Home Loan Bank of San Francisco
The Federal Home Loan Bank of San Francisco is a member-driven cooperative helping local lenders in Arizona, California, and Nevada build strong communities, create opportunity, and change lives for the better. The tools and resources we provide to our member financial institutions — commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions — propel homeownership, finance quality affordable housing, drive economic vitality, and revitalize whole neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant and resilient.

The MIL Network –

May 1, 2025

MIL-OSI Economics: Microsoft Cloud and AI strength drives third quarter results

Source: Microsoft

Headline: Microsoft Cloud and AI strength drives third quarter results

Microsoft Cloud and AI Strength Drives Third Quarter Results

REDMOND, Wash. — April 30, 2025 — Microsoft Corp. today announced the following results for the quarter ended March 31, 2025, as compared to the corresponding period of last fiscal year:

· Revenue was $70.1 billion and increased 13% (up 15% in constant currency)

· Operating income was $32.0 billion and increased 16% (up 19% in constant currency)

· Net income was $25.8 billion and increased 18% (up 19% in constant currency)

· Diluted earnings per share was $3.46 and increased 18% (up 19% in constant currency)

“Cloud and AI are the essential inputs for every business to expand output, reduce costs, and accelerate growth,” said Satya Nadella, chairman and chief executive officer of Microsoft. “From AI infra and platforms to apps, we are innovating across the stack to deliver for our customers.”

“We delivered a strong quarter with Microsoft Cloud revenue of $42.4 billion, up 20% (up 22% in constant currency) year-over-year driven by continued demand for our differentiated offerings,” said Amy Hood, executive vice president and chief financial officer of Microsoft.

Business Highlights

Revenue in Productivity and Business Processes was $29.9 billion and increased 10% (up 13% in constant currency), with the following business highlights:

· Microsoft 365 Commercial products and cloud services revenue increased 11% (up 14% in constant currency) driven by Microsoft 365 Commercial cloud revenue growth of 12% (up 15% in constant currency)

· Microsoft 365 Consumer products and cloud services revenue increased 10% (up 12% in constant currency) driven by Microsoft 365 Consumer cloud revenue growth of 10% (up 12% in constant currency)

· LinkedIn revenue increased 7% (up 8% in constant currency)

· Dynamics products and cloud services revenue increased 11% (up 13% in constant currency) driven by Dynamics 365 revenue growth of 16% (up 18% in constant currency)

Revenue in Intelligent Cloud was $26.8 billion and increased 21% (up 22% in constant currency), with the following business highlights:

· Server products and cloud services revenue increased 22% (up 24% in constant currency) driven by Azure and other cloud services revenue growth of 33% (up 35% in constant currency)

Revenue in More Personal Computing was $13.4 billion and increased 6% (up 7% in constant currency), with the following business highlights:

· Windows OEM and Devices revenue increased 3%

· Xbox content and services revenue increased 8% (up 9% in constant currency)

· Search and news advertising revenue excluding traffic acquisition costs increased 21% (up 23% in constant currency)

Microsoft returned $9.7 billion to shareholders in the form of dividends and share repurchases in the third quarter of fiscal year 2025.

Business Outlook

Microsoft will provide forward-looking guidance in connection with this quarterly earnings announcement on its earnings conference call and webcast.

Quarterly Highlights, Product Releases, and Enhancements

Every quarter Microsoft delivers hundreds of products, either as new releases, services, or enhancements to current products and services. These releases are a result of significant research and development investments, made over multiple years, designed to help customers be more productive and secure and to deliver differentiated value across the cloud and the edge.

Here are the major product releases and other highlights for the quarter, organized by product categories, to help illustrate how we are accelerating innovation across our businesses while expanding our market opportunities.

Environmental, Social, and Governance (ESG)

To learn more about Microsoft’s corporate governance and our environmental and social practices, please visit our investor relations Board and ESG website and reporting at Microsoft.com/transparency.

Webcast Details

Satya Nadella, chairman and chief executive officer, Amy Hood, executive vice president and chief financial officer, Alice Jolla, chief accounting officer, Keith Dolliver, corporate secretary and deputy general counsel, and Jonathan Neilson, vice president of investor relations, will host a conference call and webcast at 2:30 p.m. Pacific time (5:30 p.m. Eastern time) today to discuss details of the company’s performance for the quarter and certain forward-looking information. The session may be accessed at http://www.microsoft.com/en-us/investor. The webcast will be available for replay through the close of business on April 30, 2026.

Constant Currency

Microsoft presents constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars using the average exchange rates from the comparative period rather than the actual exchange rates in effect during the respective periods. All growth comparisons relate to the corresponding period in the last fiscal year. Microsoft has provided this non-GAAP financial information to aid investors in better understanding our performance. The non-GAAP financial measures presented in this release should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP.

Financial Performance Constant Currency Reconciliation

	Three Months Ended March 31,
($ in millions, except per share amounts)	Revenue	Operating Income	Net Income	Diluted Earnings per Share
2024 As Reported (GAAP)	$61,858	$27,581	$21,939	$2.94
2025 As Reported (GAAP)	$70,066	$32,000	$25,824	$3.46
Percentage Change Y/Y (GAAP)	13%	16%	18%	18%
Constant Currency Impact	$(1,059)	$(703)	$(392)	$(0.05)
Percentage Change Y/Y Constant Currency	15%	19%	19%	19%

Segment Revenue Constant Currency Reconciliation

	Three Months Ended March 31,
($ in millions)	Productivity and Business Processes	Intelligent Cloud	More Personal Computing
2024 As Reported (GAAP)	$27,113	$22,141	$12,604
2025 As Reported (GAAP)	$29,944	$26,751	$13,371
Percentage Change Y/Y (GAAP)	10%	21%	6%
Constant Currency Impact	$(626)	$(308)	$(125)
Percentage Change Y/Y Constant Currency	13%	22%	7%

We have recast certain prior period amounts to conform to the way we internally manage and monitor our business.

Selected Product and Service Revenue Constant Currency Reconciliation

	Three Months Ended March 31, 2025
	Percentage Change Y/Y (GAAP)	Constant Currency Impact	Percentage Change Y/Y Constant Currency
Microsoft Cloud	20%	2%	22%
Microsoft 365 Commercial products and cloud services	11%	3%	14%
Microsoft 365 Commercial cloud	12%	3%	15%
Microsoft 365 Consumer products and cloud services	10%	2%	12%
Microsoft 365 Consumer cloud	10%	2%	12%
LinkedIn	7%	1%	8%
Dynamics products and cloud services	11%	2%	13%
Dynamics 365	16%	2%	18%
Server products and cloud services	22%	2%	24%
Azure and other cloud services	33%	2%	35%
Windows OEM and Devices	3%	0%	3%
Xbox content and services	8%	1%	9%
Search and news advertising excluding traffic acquisition costs	21%	2%	23%

About Microsoft

Microsoft (Nasdaq “MSFT” @microsoft) creates platforms and tools powered by AI to deliver innovative solutions that meet the evolving needs of our customers. The technology company is committed to making AI available broadly and doing so responsibly, with a mission to empower every person and every organization on the planet to achieve more.

Forward-Looking Statements

Statements in this release that are “forward-looking statements” are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors such as:

· intense competition in all of our markets that may adversely affect our results of operations;

· focus on cloud-based and AI services presenting execution and competitive risks;

· significant investments in products and services that may not achieve expected returns;

· acquisitions, joint ventures, and strategic alliances that may have an adverse effect on our business;

· impairment of goodwill or amortizable intangible assets causing a significant charge to earnings;

· cyberattacks and security vulnerabilities that could lead to reduced revenue, increased costs, liability claims, or harm to our reputation or competitive position;

· disclosure and misuse of personal data that could cause liability and harm to our reputation;

· the possibility that we may not be able to protect information stored in our products and services from use by others;

· abuse of our advertising, professional, marketplace, or gaming platforms that may harm our reputation or user engagement;

· products and services, how they are used by customers, and how third-party products and services interact with them, presenting security, privacy, and execution risks;

· issues about the use of AI in our offerings that may result in reputational or competitive harm, or legal liability;

· excessive outages, data losses, and disruptions of our online services if we fail to maintain an adequate operations infrastructure;

· supply or quality problems;

· government enforcement under competition laws and new market regulation may limit how we design and market our products;

· potential consequences of trade and anti-corruption laws;

· potential consequences of existing and increasing legal and regulatory requirements;

· laws and regulations relating to the handling of personal data that may impede the adoption of our services or result in increased costs, legal claims, fines, or reputational damage;

· claims against us that may result in adverse outcomes in legal disputes;

· uncertainties relating to our business with government customers;

· additional tax liabilities;

· sustainability regulations and expectations that may expose us to increased costs and legal and reputational risk;

· an inability to protect and utilize our intellectual property may harm our business and operating results;

· claims that Microsoft has infringed the intellectual property rights of others;

· damage to our reputation or our brands that may harm our business and results of operations;

· adverse economic or market conditions that may harm our business;

· catastrophic events or geo-political conditions, such as the COVID-19 pandemic, that may disrupt our business;

· exposure to increased economic and operational uncertainties from operating a global business, including the effects of foreign currency exchange; and

· the dependence of our business on our ability to attract and retain talented employees.

For more information about risks and uncertainties associated with Microsoft’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Microsoft’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting Microsoft’s Investor Relations department at (800) 285-7772 or at Microsoft’s Investor Relations website at http://www.microsoft.com/en-us/investor.

All information in this release is as of March 31, 2025. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company’s expectations.

For more information, press only:

Microsoft Media Relations, WE Communications for Microsoft, (425) 638-7777, rrt@we-worldwide.com

For more information, financial analysts and investors only:

Jonathan Neilson, Vice President, Investor Relations, (425) 706-4400

Note to editors: For more information, news and perspectives from Microsoft, please visit the Microsoft News Center at http://www.microsoft.com/news. Web links, telephone numbers, and titles were correct at time of publication, but may since have changed. Shareholder and financial information, as well as today’s 2:30 p.m. Pacific time conference call with investors and analysts, is available at http://www.microsoft.com/en-us/investor.

**MICROSOFT CORPORATION**

INCOME STATEMENTS

(In millions, except per share amounts) (Unaudited)
	Three Months Ended March 31,		Nine Months Ended March 31,
	Three Months Ended March 31,		Nine Months Ended March 31,
	2025	2024	2025	2024
Revenue:
Product	$15,319	$17,080	$46,810	$51,556
Service and other	54,747	44,778	158,473	128,839
Total revenue	70,066	61,858	205,283	180,395
Cost of revenue:
Product	3,037	4,339	10,187	13,834
Service and other	18,882	14,166	53,630	40,596
Total cost of revenue	21,919	18,505	63,817	54,430
Gross margin	48,147	43,353	141,466	125,965
Research and development	8,198	7,653	23,659	21,454
Sales and marketing	6,212	6,207	18,369	17,640
General and administrative	1,737	1,912	5,233	5,363
Operating income	32,000	27,581	94,205	81,508
Other expense, net	(623)	(854)	(3,194)	(971)
Income before income taxes	31,377	26,727	91,011	80,537
Provision for income taxes	5,553	4,788	16,412	14,437
Net income	$25,824	$21,939	$74,599	$66,100
Earnings per share:
Basic	$3.47	$2.95	$10.03	$8.90
Diluted	$3.46	$2.94	$9.99	$8.85
Weighted average shares outstanding:
Basic	7,434	7,431	7,434	7,431
Diluted	7,461	7,472	7,466	7,467

COMPREHENSIVE INCOME STATEMENTS

(In millions) (Unaudited)
	Three Months Ended March 31,		Nine Months Ended March 31,
	Three Months Ended March 31,		Nine Months Ended March 31,
	2025	2024	2025	2024
Net income	$25,824	$21,939	$74,599	$66,100
Other comprehensive income (loss), net of tax:
Net change related to derivatives	(20)	10	4	28
Net change related to investments	450	(202)	1,130	869
Translation adjustments and other	353	(294)	(377)	11
Other comprehensive income (loss)	783	(486)	757	908
Comprehensive income	$26,607	$21,453	$75,356	$67,008

BALANCE SHEETS

(In millions) (Unaudited)
	March 31, 2025	June 30, 2024
Assets
Current assets:
Cash and cash equivalents	$28,828	$18,315
Short-term investments	50,790	57,228
Total cash, cash equivalents, and short-term investments	79,618	75,543
Accounts receivable, net of allowance for doubtful accounts of $695 and $830	51,700	56,924
Inventories	848	1,246
Other current assets	24,478	26,021
Total current assets	156,644	159,734
Property and equipment, net of accumulated depreciation of $87,074 and $76,421	183,939	135,591
Operating lease right-of-use assets	24,475	18,961
Equity and other investments	16,035	14,600
Goodwill	119,329	119,220
Intangible assets, net	23,968	27,597
Other long-term assets	38,234	36,460
Total assets	$562,624	$512,163
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$26,250	$21,996
Short-term debt	0	6,693
Current portion of long-term debt	2,999	2,249
Accrued compensation	10,579	12,564
Short-term income taxes	6,805	5,017
Short-term unearned revenue	44,636	57,582
Other current liabilities	22,937	19,185
Total current liabilities	114,206	125,286
Long-term debt	39,882	42,688
Long-term income taxes	25,061	27,931
Long-term unearned revenue	2,840	2,602
Deferred income taxes	2,522	2,618
Operating lease liabilities	17,686	15,497
Other long-term liabilities	38,536	27,064
Total liabilities	240,733	243,686
Commitments and contingencies
Stockholders’ equity:
Common stock and paid-in capital – shares authorized 24,000; outstanding 7,434 and 7,434	106,965	100,923
Retained earnings	219,759	173,144
Accumulated other comprehensive loss	(4,833)	(5,590)
Total stockholders’ equity	321,891	268,477
Total liabilities and stockholders’ equity	$562,624	$512,163

CASH FLOWS STATEMENTS

(In millions) (Unaudited)
	Three Months Ended March 31,		Nine Months Ended March 31,
	Three Months Ended March 31,		Nine Months Ended March 31,
	2025	2024	2025	2024
Operations
Net income	$25,824	$21,939	$74,599	$66,100
Adjustments to reconcile net income to net cash from operations:
Depreciation, amortization, and other	8,740	6,027	22,950	15,907
Stock-based compensation expense	2,980	2,703	8,901	8,038
Net recognized losses (gains) on investments and derivatives	(298)	49	553	261
Deferred income taxes	(2,244)	(1,323)	(4,835)	(3,593)
Changes in operating assets and liabilities:
Accounts receivable	(2,461)	(2,028)	5,598	6,055
Inventories	52	260	390	1,229
Other current assets	1,076	951	642	880
Other long-term assets	(518)	(2,137)	(3,368)	(5,577)
Accounts payable	1,179	648	1,221	(659)
Unearned revenue	(1,032)	(645)	(12,923)	(10,309)
Income taxes	1,298	2,622	(1,081)	2,493
Other current liabilities	2,839	2,803	576	215
Other long-term liabilities	(391)	48	292	313
Net cash from operations	37,044	31,917	93,515	81,353
Financing
Proceeds from issuance (repayments) of debt, maturities of 90 days or less, net	0	(3,810)	(5,746)	6,392
Proceeds from issuance of debt	0	6,352	0	24,198
Repayments of debt	(2,250)	(11,589)	(3,216)	(16,005)
Common stock issued	546	522	1,508	1,468
Common stock repurchased	(4,781)	(4,213)	(13,874)	(13,044)
Common stock cash dividends paid	(6,169)	(5,572)	(17,913)	(16,197)
Other, net	(382)	(498)	(1,614)	(1,006)
Net cash used in financing	(13,036)	(18,808)	(40,855)	(14,194)
Investing
Additions to property and equipment	(16,745)	(10,952)	(47,472)	(30,604)
Acquisition of companies, net of cash acquired and divestitures, and purchases of intangible and other assets	(981)	(1,575)	(4,235)	(67,790)
Purchases of investments	(4,474)	(2,183)	(8,144)	(14,901)
Maturities of investments	6,721	3,350	11,461	23,218
Sales of investments	2,161	1,941	6,688	8,871
Other, net	604	(1,281)	(325)	(916)
Net cash used in investing	(12,714)	(10,700)	(42,027)	(82,122)
Effect of foreign exchange rates on cash and cash equivalents	52	(80)	(120)	(107)
Net change in cash and cash equivalents	11,346	2,329	10,513	(15,070)
Cash and cash equivalents, beginning of period	17,482	17,305	18,315	34,704
Cash and cash equivalents, end of period	$28,828	$19,634	$28,828	$19,634

SEGMENT REVENUE AND OPERATING INCOME

(In millions) (Unaudited)
	Three Months Ended March 31,		Nine Months Ended March 31,
	Three Months Ended March 31,		Nine Months Ended March 31,
	2025	2024	2025	2024
Revenue
Productivity and Business Processes	$29,944	$27,113	$87,698	$78,193
Intelligent Cloud	26,751	22,141	76,387	63,679
More Personal Computing	13,371	12,604	41,198	38,523
Total	$70,066	$61,858	$205,283	$180,395
Operating Income
Productivity and Business Processes	$17,379	$15,143	$50,780	$43,955
Intelligent Cloud	11,095	9,515	32,449	27,978
More Personal Computing	3,526	2,923	10,976	9,575
Total	$32,000	$27,581	$94,205	$81,508

We have recast certain prior period amounts to conform to the way we internally manage and monitor our business.

MIL OSI Economics –

May 1, 2025

MIL-OSI USA: Welch Speaks on His Bipartisan Legislation to Repeal Trump’s Tariffs

US Senate News:

Source: United States Senator Peter Welch (D-Vermont)
WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.), a member of the Senate Finance Committee, today urged the Senate to pass his bipartisan legislation to repeal Donald Trump’s global tariffs and reassert Congress’s trade authority. The resolution, led by Senators Welch (D-Vt.), Ron Wyden (D-Ore.), Rand Paul (R-Ky.), Tim Kaine (D-Va.), Jeanne Shaheen (D-N.H.), Elizabeth Warren (D-Mass.), and Senate Democratic Leader Chuck Schumer (D-N.Y.), would terminate the emergency authority President Trump has used to apply tariffs on products Americans imports. In the wake of President Trump’s tariff declaration, markets have cratered, manufacturers have laid off thousands of workers, and foreign countries have retaliated by imposing their own tariffs on U.S. agricultural and manufactured goods.
Senator Welch spoke ahead of the Senate’s vote, which is expected this evening. Watch his remarks below:
“We have a collective responsibility to do everything we can to maintain the constitutional structure of three independent branches of government, each a counterweight to the other. And that’s not just an abstract concept. That’s the wisdom that has served us well, for well over 200 years. That those checks and balances give all our citizens an opportunity to have a seat at the table when major decisions about their lives and their futures are being made.
“That is why this decision that we’re about to make is not just about the tariffs. It’s not just about, in my view, how recklessly they’re being applied and imposed. It’s not just how they infect our economy with corruption, where it’s who you know rather than how hard you work, that’s going to get you ahead. It’s about the basic structure of our constitutional order. And every single one of us has the responsibility to protect that, because that’s not about us; it’s not about who we represent; it’s about how our country can operate with a democratic system where every single person, through their representatives, has a seat at the table.
“I urge all of us to take a look at what our constitutional responsibility is and whether we agree or not on so many different issues of vital concern to the future of this country, we each have a responsibility to act in a way that protects the constitutional system. And that means that we exercise the authority over tariffs—we don’t give that away to an executive branch decision.”
If enacted, the resolution would terminate the emergency that Trump declared, reverse Trump’s new taxes of 10% on all imported goods and end his threat of additional tariffs up to 49% on products Americans buy from other countries. In the wake of Trump’s tariff standoff, manufacturers have laid off thousands of workers, and foreign countries have retaliated by slapping their own tariffs on U.S. agricultural and manufactured goods.
Senator Welch was joined on the floor by Ranking Member of the Finance Committee, Ron Wyden (D-Ore.), and Senators Rand Paul (R-Ky.), Tim Kaine (D-Va.), Alex Padilla (D-Calif.), and Elizabeth Warren (D-Mass.).
Read and download the full text of the bipartisan resolution.

MIL OSI USA News –

May 1, 2025

MIL-OSI USA: Wyden, Colleagues Introduce Bipartisan Bill to Tackle Housing Affordability Crisis

US Senate News:

Source: United States Senator Ron Wyden (D-Ore)

April 30, 2025

Washington D.C.—U.S. Senator Ron Wyden, D-Ore today joined Senate colleagues in reintroducing a bipartisan bill that would expand the existing, successful Low-Income Housing Tax Credit and increase the supply of affordable housing units in Oregon and nationwide.

“It’s time for Congress to meet the housing crisis with the bold solutions it demands and that starts with increasing housing supply,” said Wyden, Ranking Member of the Senate Finance Committee. “Our bill will deliver some much-needed relief to families by supporting existing, successful federal housing programs and building over one million new units of affordable housing. I am all in to bring down costs and make housing more affordable for everyone no matter your zip code.”

Since 1986, the Housing Credit has paid for 90% of the federally-funded affordable housing construction across the country, and has financed 4 million affordable homes. The National Association of Homebuilders reports that building materials have increased in cost by an average of 5.5% due to enacted or anticipated tariffs since January 2025, underscoring the urgent need for this legislation. Moreover, according to the association, 60% of builders reported that as a result of tariffs, their suppliers have already increased or announced increases of material prices – with tariffs increasing the cost of a typical home by $10,900.

The Affordable Housing Credit Improvement Act would support the financing of new affordable homes by:

Increasing the amount of credits allocated to each state. The legislation would increase the number of credits available to states by 50 percent for the next two years and make permanent the temporary 12.5 percent increase secured in 2018 —which has already helped build more than 59,000 additional affordable housing units nationwide.
Increasing the number of affordable housing projects that can be built using private activity bonds. This provision would stabilize financing for workforce housing projects built using private activity bonds by decreasing the amount of private activity bonds needed to secure the Housing Credit. As a result, projects would have to carry less debt, and more projects would be eligible to receive the credit.
Improving the Housing Credit program to better serve at-risk and underserved communities. The legislation would also make improvements to better serve veterans, victims of domestic violence, formerly homeless students, Native American communities, and rural Americans.

This legislation builds on Wyden’s long history of working to address the national housing crisis. In 2023, he introduced his comprehensive Decent, Affordable, Safe Housing for All (DASH) Act, which would expand essential services to ensure permanent housing stability, create a new down payment tax credit for first-time homebuyers, and expand the production of affordable housing for low-income and middle-income families.

In addition to Wyden, the bill was co-led by Sens. Maria Cantwell, D-Wash., Todd Young, R-Ind., and Marsha Blackburn, R-Tenn. It has 30 total original cosponsors, with an equal split of Democrats and Republicans.

MIL OSI USA News –

May 1, 2025

MIL-OSI: National Fuel Reports Second Quarter Earnings

Source: GlobeNewswire (MIL-OSI)

WILLIAMSVILLE, N.Y., April 30, 2025 (GLOBE NEWSWIRE) — National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated results for the second quarter of its 2025 fiscal year.

FISCAL 2025 SECOND QUARTER SUMMARY

GAAP net income of $216 million, or $2.37 per share, an increase of 32% per share compared to the prior year.
Adjusted operating results of $218 million, or $2.39 per share, an increase of 34% per share compared to the prior year. See non-GAAP reconciliation on page 2.
Seneca produced a record 105.5 Bcf of natural gas, an increase of 3% from the prior year and 8% sequentially, largely due to strong results from pads recently turned in line in the Eastern Development Area (“EDA”).
Utility segment net income of $63.5 million, or $0.70 per share, an increase of 44% per share compared to the prior year, primarily as a result of the New York jurisdiction’s 2024 rate settlement, which led to its first base rate increase since 2017.
Pipeline & Storage segment net income of $31.7 million, or $0.35 per share, an increase of 5% per share compared to the prior year. In addition, Empire Pipeline reached an agreement with its customers to amend its existing rate settlement, which was approved by the FERC on March 17, 2025, with new rates effective November 1, 2025.
The Company is increasing its guidance for fiscal 2025 adjusted earnings per share to a range of $6.75 to $7.05.

MANAGEMENT COMMENTS

David P. Bauer, President and Chief Executive Officer of National Fuel Gas Company, stated: “During our second quarter, National Fuel built upon its positive momentum which, along with the tailwind of higher natural gas price realizations, drove a 32% increase in earnings per share over the prior year.

“Our integrated Appalachian natural gas development program, focused on the highly prolific EDA, continues to deliver strong operational results and improving capital efficiency. Seneca’s recent well results exhibited the highest productivity we’ve seen to date, giving us further confidence in our deep, high-quality well inventory, and allowing us to increase our production guidance for fiscal 2025. On the regulated side of the business, we saw significant earnings growth during the quarter, driven by the ongoing impact of positive rate case outcomes that balance the continued investment in modernizing our infrastructure with the goal of maintaining affordable rates for our customers.

“National Fuel’s integrated natural gas business, track record of strong operational execution, and consistent approach to managing risk, collectively position us well to navigate an uncertain global economic backdrop. As such, we remain confident in our ability to provide strong returns, achieve our long-term growth targets, and continue to deliver shareholder value.”

RECONCILIATION OF GAAP EARNINGS TO ADJUSTED OPERATING RESULTS


	Three Months Ended March 31,
	(Thousands)						(Per Share)
		2025			2024			2025			2024
Reported GAAP Earnings	$	216,358		$	166,272		$	2.37		$	1.80
Items impacting comparability:
Premiums paid on early redemption of debt (E&P / Midstream)		2,385			—			0.03			—
Tax impact of premiums paid on early redemption of debt		(642	)		—			(0.01	)		—
Unrealized (gain) loss on derivative asset (E&P)		335			(536	)		0.00			0.00
Tax impact of unrealized (gain) loss on derivative asset		(90	)		147			0.00			0.00
Unrealized (gain) loss on other investments (Corporate / All Other)		(17	)		(769	)		0.00			(0.01	)
Tax impact of unrealized (gain) loss on other investments		4			162			0.00			0.00
Adjusted Operating Results	$	218,333		$	165,276		$	2.39		$	1.79

FISCAL 2025 GUIDANCE UPDATE

National Fuel is increasing its guidance for fiscal 2025 adjusted earnings per share, which is now expected to be within a range of $6.75 to $7.05, an increase of $0.15 at the midpoint of the Company’s prior guidance range. This updated range incorporates our second quarter results as well as higher expected production and lower unit costs in the Exploration and Production segment for the remainder of the fiscal year.

The Company is assuming NYMEX natural gas prices will average $3.50 per MMBtu for the remaining six months of fiscal 2025 (no change from previous guidance), which approximates the current NYMEX forward curve at this time. Given the continued volatility in NYMEX natural gas prices, the Company is providing the following sensitivities to its adjusted operating results guidance range:

NYMEX Assumption *Remaining 6 months* ($/MMBtu)		Fiscal 2025 Adjusted Earnings Per Share Sensitivities
$3.00		$6.50 – $6.80
$3.50		$6.75 – $7.05
$4.00		$7.05 – $7.35

The Company’s other fiscal 2025 guidance assumptions remain largely unchanged as detailed in the table on page 7.

FINANCING ACTIVITIES UPDATE

In February 2025, the Company issued $1 billion of new five- and ten-year notes (split in two equal tranches) to refinance the early redemption of $950 million of notes that were scheduled to mature in July 2025 and January 2026. In addition, the Company placed $50 million (plus interest) in trust for the benefit of holders of long-term debt issued under the Company’s 1974 Indenture and scheduled to mature in June 2025. Placing these funds in trust discharged the 1974 Indenture, relieving the Company from its obligations to comply with the indenture’s covenants. In connection with these transactions, the Company recognized an after-tax loss of $1.7 million, which is presented as an item impacting comparability for the quarter.

DISCUSSION OF SECOND QUARTER RESULTS BY SEGMENT

The following earnings discussion of each operating segment for the quarter ended March 31, 2025 is summarized in a tabular form on pages 8 and 9 of this report (earnings drivers for the six months ended March 31, 2025 are summarized on pages 10 and 11). It may be helpful to refer to those tables while reviewing this discussion.

Note that management defines adjusted operating results as reported GAAP earnings adjusted for items impacting comparability, and adjusted EBITDA as reported GAAP earnings before the following items: interest expense, income taxes, depreciation, depletion and amortization, other income and deductions, impairments, and other items reflected in operating income that impact comparability.

Upstream Business

Exploration and Production Segment

The Exploration and Production segment operations are carried out by Seneca Resources Company, LLC (“Seneca”). Seneca explores for, develops and produces primarily natural gas reserves in Pennsylvania.

	Three Months Ended
	March 31,
(in thousands)		2025		2024		Variance
GAAP Earnings	$	97,828	$	62,065		$	35,763

Premiums paid on early redemption of debt, net of tax		1,045		—			1,045
Unrealized (gain) loss on derivative asset (2022 CA asset sale), net of tax		245		(389	)		634
Adjusted Operating Results	$	99,118	$	61,676		$	37,442

Adjusted EBITDA	$	214,350	$	172,068		$	42,282

Seneca’s second quarter GAAP earnings increased $35.8 million versus the prior year. GAAP earnings included a $1.0 million after-tax loss recognized during the quarter on the early redemption of long-term debt for Seneca’s share of premiums paid by the Company associated with its long-term debt redemptions.

Excluding items impacting comparability, Seneca’s adjusted operating results in the second quarter increased $37.4 million primarily due to higher realized natural gas prices and natural gas production, as well as lower per unit operating expenses.

During the second quarter, Seneca produced 105.5 Bcf of natural gas, an increase of 2.6 Bcf, or 3%, from the prior year, and 7.8 Bcf, or 8%, higher compared to the fiscal 2025 first quarter. Two highly prolific pads turned in line this year in the EDA (Tioga Utica) were the main drivers behind these increases in production.

Seneca’s weighted average realized natural gas price, after the impact of hedging and transportation costs, was $2.94 per Mcf, an increase of $0.38 per Mcf from the prior year. This increase was primarily due to higher NYMEX prices and higher spot prices at local sales points in Pennsylvania.

	Three Months Ended
	March 31,
(Cost per Mcf)		2025		2024	Variance
Lease Operating and Transportation Expense (“LOE”)	$	0.67	$	0.68	$	(0.01	)
General and Administrative Expense (“G&A”)	$	0.18	$	0.17	$	0.01
Taxes and Other	$	0.07	$	0.06	$	0.01
Total Cash Operating Costs	$	0.92	$	0.91	$	0.01
Depreciation, Depletion and Amortization Expense (“DD&A”)	$	0.61	$	0.71	$	(0.10	)
Total Operating Costs	$	1.53	$	1.62	$	(0.09	)

On a per unit basis, the second quarter total cash operating costs were up slightly compared to the prior year as other taxes increased as a result of a higher Impact Fee in Pennsylvania due to the increase in NYMEX natural gas prices. LOE included $59 million ($0.56 per Mcf), or 84% of total LOE, for gathering and compression service fees paid to the Company’s Gathering segment to connect Seneca’s production to sales points along interstate pipelines. DD&A for the quarter was $0.61 per Mcf, a decrease of $0.10 per Mcf from the prior year, largely due to ceiling test impairments recorded in prior quarters that lowered Seneca’s full cost pool depletable base.

Midstream Businesses

Pipeline and Storage Segment

The Pipeline and Storage segment’s operations are carried out by National Fuel Gas Supply Corporation (“Supply Corporation”) and Empire Pipeline, Inc. (“Empire”). The Pipeline and Storage segment provides natural gas transportation and storage services to affiliated and non-affiliated companies through an integrated system of pipelines and underground natural gas storage fields in western New York and Pennsylvania.

	Three Months Ended
	March 31,
(in thousands)		2025		2024	Variance
GAAP Earnings	$	31,707	$	30,737	$	970

Adjusted EBITDA	$	70,169	$	70,033	$	136

The Pipeline and Storage segment’s second quarter GAAP earnings increased $1.0 million versus the prior year primarily due to higher operating revenues. The increase in operating revenues of $1.6 million, or 1%, was primarily attributable to an increase in Supply Corporation’s transportation and storage rates effective February 1, 2024, in accordance with its rate settlement, which was approved in fiscal 2024.

Empire Rate Case Update

On March 17, 2025, FERC approved an amendment to Empire’s 2019 rate case settlement, which provides for modest unit rate reductions for Empire’s transportation services. Based on current contracts, this settlement amendment is estimated to decrease Empire’s revenues on a yearly basis by approximately $0.5 million with new rates effective November 1, 2025. Under the amendment, Empire may not file a new rate case before April 30, 2027, and is required to file a rate case by May 31, 2031.

Gathering Segment

The Gathering segment’s operations are carried out by National Fuel Gas Midstream Company, LLC’s limited liability companies. The Gathering segment constructs, owns and operates natural gas gathering pipelines and compression facilities in the Appalachian region, which delivers Seneca and other non-affiliated Appalachian production to the interstate pipeline system.

	Three Months Ended
	March 31,
(in thousands)		2025		2024	Variance
GAAP Earnings	$	26,342	$	28,706	$	(2,364	)
Premiums paid on early redemption of debt, net of tax		698		—		698
Adjusted Operating Results	$	27,040	$	28,706	$	(1,666	)

Adjusted EBITDA	$	52,748	$	53,103	$	(355	)

The Gathering segment’s second quarter GAAP earnings decreased $2.4 million versus the prior year as higher operating revenues were more than offset by higher O&M and DD&A expense. GAAP earnings also included a $0.7 million after-tax loss recognized during the quarter on the early redemption of long-term debt for Gathering’s share of premiums paid by the Company associated with its long-term debt redemptions.

Operating revenues increased $1.0 million, or 2%, primarily due to an increase in throughput from Seneca’s new wells in Tioga County. While O&M expense increased $1.5 million, the per unit rate of $0.09 per Mcf remained unchanged. DD&A expense increased $1.2 million primarily due to higher average depreciable plant in service compared to the prior year.

Downstream Business

Utility Segment

The Utility segment operations are carried out by National Fuel Gas Distribution Corporation (“Distribution Corporation”), which sells or transports natural gas to customers located in western New York and northwestern Pennsylvania.

	Three Months Ended
	March 31,
(in thousands)		2025		2024	Variance
GAAP Earnings	$	63,544	$	44,739	$	18,805

Adjusted EBITDA	$	95,270	$	78,326	$	16,944

The Utility segment’s second quarter GAAP earnings increased $18.8 million, or 42%, primarily as a result of the implementation of the recently approved rate case settlement in the Utility’s New York jurisdiction, which became effective October 1, 2024.

For the quarter, customer margin (operating revenues less purchased gas sold) increased $22.2 million, primarily due to the New York rate case settlement. Other income increased $10.8 million, largely due to the New York rate settlement, which required the recognition of non-service pension and post-retirement benefit income and a corresponding reduction in new base rates, resulting in no effect on net income.

O&M expense increased by $4.2 million, primarily driven by higher personnel costs, partially offset by a reduction related to amortizations of certain regulatory assets as a result of the New York rate settlement. Further, interest expense increased $2.4 million primarily due to a higher average amount of net borrowings.

Corporate and All Other

The Company’s operations that are included in Corporate and All Other generated a combined net loss of $3.1 million in the current year second quarter, compared to combined earnings of less than $0.1 million in the prior year. The reduction in earnings during the second quarter was primarily driven by higher interest expense due to a higher average amount of net borrowings. A decrease in investment income on marketable securities and corporate-owned life insurance policies also contributed to the earnings reduction.

EARNINGS TELECONFERENCE

A conference call to discuss the results will be held on Thursday, May 1, 2025, at 9 a.m. ET. All participants must pre-register to join this conference using the Participant Registration link. A webcast link to the conference call will be provided under the Events Calendar on the NFG Investor Relations website at investor.nationalfuelgas.com. A replay will be available following the call through the end of the day, Thursday, May 8, 2025. To access the replay, dial 1-866-813-9403 and provide Access Code 458634.

National Fuel is an integrated energy company reporting financial results for four operating segments: Exploration and Production, Pipeline and Storage, Gathering, and Utility. Additional information about National Fuel is available at www.nationalfuel.com.

Certain statements contained herein, including statements identified by the use of the words “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “predicts,” “projects,” “believes,” “seeks,” “will,” “may” and similar expressions, and statements which are other than statements of historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. The Company’s expectations, beliefs and projections contained herein are expressed in good faith and are believed to have a reasonable basis, but there can be no assurance that such expectations, beliefs or projections will result or be achieved or accomplished. In addition to other factors, the following are important factors that could cause actual results to differ materially from those discussed in the forward-looking statements: changes in laws, regulations or judicial interpretations to which the Company is subject, including those involving derivatives, taxes, safety, employment, climate change, other environmental matters, real property, and exploration and production activities such as hydraulic fracturing; governmental/regulatory actions, initiatives and proceedings, including those involving rate cases (which address, among other things, target rates of return, rate design, retained natural gas and system modernization), environmental/safety requirements, affiliate relationships, industry structure, and franchise renewal; changes in economic conditions, including the imposition of additional tariffs on U.S. imports and related retaliatory tariffs, inflationary pressures, supply chain issues, liquidity challenges, and global, national or regional recessions, and their effect on the demand for, and customers’ ability to pay for, the Company’s products and services; the Company’s ability to estimate accurately the time and resources necessary to meet emissions targets; governmental/regulatory actions and/or market pressures to reduce or eliminate reliance on natural gas; impairments under the SEC’s full cost ceiling test for natural gas reserves; changes in the price of natural gas; the creditworthiness or performance of the Company’s key suppliers, customers and counterparties; financial and economic conditions, including the availability of credit, and occurrences affecting the Company’s ability to obtain financing on acceptable terms for working capital, capital expenditures and other investments, including any downgrades in the Company’s credit ratings and changes in interest rates and other capital market conditions; changes in price differentials between similar quantities of natural gas sold at different geographic locations, and the effect of such changes on commodity production, revenues and demand for pipeline transportation capacity to or from such locations; the impact of information technology disruptions, cybersecurity or data security breaches, including the impact of issues that may arise from the use of artificial intelligence technologies; factors affecting the Company’s ability to successfully identify, drill for and produce economically viable natural gas reserves, including among others geology, lease availability and costs, title disputes, weather conditions, water availability and disposal or recycling opportunities of used water, shortages, delays or unavailability of equipment and services required in drilling operations, insufficient gathering, processing and transportation capacity, the need to obtain governmental approvals and permits, and compliance with environmental laws and regulations; the Company’s ability to complete strategic transactions; increased costs or delays or changes in plans with respect to Company projects or related projects of other companies, as well as difficulties or delays in obtaining necessary governmental approvals, permits or orders or in obtaining the cooperation of interconnecting facility operators; increasing health care costs and the resulting effect on health insurance premiums and on the obligation to provide other post-retirement benefits; other changes in price differentials between similar quantities of natural gas having different quality, heating value, hydrocarbon mix or delivery date; the cost and effects of legal and administrative claims against the Company or activist shareholder campaigns to effect changes at the Company; negotiations with the collective bargaining units representing the Company’s workforce, including potential work stoppages during negotiations; uncertainty of natural gas reserve estimates; significant differences between the Company’s projected and actual production levels for natural gas; changes in demographic patterns and weather conditions (including those related to climate change); changes in the availability, price or accounting treatment of derivative financial instruments; changes in laws, actuarial assumptions, the interest rate environment and the return on plan/trust assets related to the Company’s pension and other post-retirement benefits, which can affect future funding obligations and costs and plan liabilities; economic disruptions or uninsured losses resulting from major accidents, fires, severe weather, natural disasters, terrorist activities or acts of war, as well as economic and operational disruptions due to third-party outages; significant differences between the Company’s projected and actual capital expenditures and operating expenses; or increasing costs of insurance, changes in coverage and the ability to obtain insurance. The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date thereof.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
GUIDANCE SUMMARY

As discussed on page 2, the Company is revising its adjusted earnings per share guidance for fiscal 2025. Additional details on the Company’s forecast assumptions and business segment guidance are outlined in the table below.

The revised adjusted earnings per share guidance range excludes certain items that impacted the comparability of adjusted operating results during the six months ended March 31, 2025, including: (1) the after tax impairment of assets, which reduced earnings by $1.14 per share; (2) after-tax premiums paid on early redemptions of debt, which reduced earnings by $0.02 per share; (3) after-tax unrealized losses on a derivative asset, which reduced earnings by $0.01 per share; and (4) after-tax unrealized losses on other investments, which reduced earnings by $0.02 per share. While the Company expects to record certain adjustments to unrealized gain or loss on a derivative asset and unrealized gain or loss on investments during the remaining six months ending September 30, 2025, the amounts of these and other potential adjustments are not reasonably determinable at this time. As such, the Company is unable to provide earnings guidance other than on a non-GAAP basis.

	Previous FY 2025 Guidance	Updated FY 2025 Guidance

Consolidated Adjusted Earnings per Share	$6.50 to $7.00	$6.75 to $7.05
Consolidated Effective Tax Rate	~ 25%	~ 25%

Capital Expenditures (Millions)
Exploration and Production	$495 – $515	$495 – $515
Pipeline and Storage	$130 – $150	$130 – $150
Gathering	$95 – $110	$95 – $110
Utility	$165 – $185	$165 – $185
Consolidated Capital Expenditures	$885 – $960	$885 – $960

Exploration and Production Segment Guidance

Commodity Price Assumptions (remaining six months)
NYMEX natural gas price	$3.50 /MMBtu	$3.50 /MMBtu
Appalachian basin spot price	$2.90 /MMBtu	$2.60 /MMBtu
Realized natural gas prices, after hedging ($/Mcf)	$2.77 – $2.81	$2.72 – $2.76

Production (Bcf)	410 to 425	415 to 425

E&P Operating Costs($/Mcf)
LOE	$0.68 – $0.70	$0.68 – $0.69
G&A	$0.18 – $0.19	$0.18 – $0.19
DD&A	$0.63 – $0.67	$0.63 – $0.65

Other Business Segment Guidance(Millions)
Gathering Segment Revenues	$250 – $260	$250 – $260
Pipeline and Storage Segment Revenues	$415 – $435	$415 – $435

Utility Segment Guidance(Millions)
Customer Margin*	$445 – $465	$445 – $465
O&M Expense	$240 – $250	$240 – $245
Non-Service Pension & OPEB Income	$23 – $27	$23 – $27

* Customer Margin is defined as Operating Revenues less Purchased Gas Expense.

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
QUARTER ENDED MARCH 31, 2025
(Unaudited)

	Upstream			Midstream						Downstream

	Exploration &			Pipeline &									Corporate /
(Thousands of Dollars)	Production			Storage			Gathering			Utility			All Other			Consolidated*

Second quarter 2024 GAAP earnings	$	62,065		$	30,737		$	28,706		$	44,739		$	25		$	166,272
Items impacting comparability:
Unrealized (gain) loss on derivative asset		(536	)														(536	)
Tax impact of unrealized (gain) loss on derivative asset		147															147
Unrealized (gain) loss on other investments														(769	)		(769	)
Tax impact of unrealized (gain) loss on other investments														162			162
Second quarter 2024 adjusted operating results		61,676			30,737			28,706			44,739			(582	)		165,276
Drivers of adjusted operating results**
Upstream Revenues
Higher (lower) natural gas production		5,322															5,322
Higher (lower) realized natural gas prices, after hedging		31,956															31,956
Midstream Revenues
Higher (lower) operating revenues					1,227			819									2,046
Downstream Margins***
Impact of usage and weather											3,011						3,011
Impact of new rates in New York											14,577						14,577
Higher (lower) other operating revenues											(924	)					(924	)
Operating Expenses
Lower (higher) lease operating and transportation expenses		(1,196	)														(1,196	)
Lower (higher) operating expenses		(1,855	)		(1,248	)		(1,168	)		(3,330	)					(7,601	)
Lower (higher) property, franchise and other taxes		(948	)														(948	)
Lower (higher) depreciation / depletion		6,973			745			(966	)		(685	)					6,067
Other Income (Expense)
Higher (lower) other income											8,545			612			9,157
(Higher) lower interest expense					331			(891	)		(1,895	)		(2,902	)		(5,357	)
Income Taxes
Lower (higher) income tax expense / effective tax rate		(2,331	)		241			463			(545	)		(159	)		(2,331	)
All other / rounding		(479	)		(326	)		77			51			(45	)		(722	)
Second quarter 2025 adjusted operating results		99,118			31,707			27,040			63,544			(3,076	)		218,333
Items impacting comparability:
Premiums paid on early redemption of debt		(1,430	)					(955	)								(2,385	)
Tax impact of premiums paid on early redemption of debt		385						257									642
Unrealized gain (loss) on derivative asset		(335	)														(335	)
Tax impact of unrealized gain (loss) on derivative asset		90															90
Unrealized gain (loss) on other investments														17			17
Tax impact of unrealized gain (loss) on other investments														(4	)		(4	)
Second quarter 2025 GAAP earnings	$	97,828		$	31,707		$	26,342		$	63,544		$	(3,063	)	$	216,358

* Amounts do not reflect intercompany eliminations.
** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
*** Downstream margin defined as operating revenues less purchased gas expense.

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
QUARTER ENDED MARCH 31, 2025
(Unaudited)

	Upstream			Midstream						Downstream

	Exploration &			Pipeline &									Corporate /
	Production			Storage			Gathering			Utility			All Other			Consolidated*

Second quarter 2024 GAAP earnings per share	$	0.67		$	0.33		$	0.31		$	0.48		$	0.01		$	1.80
Items impacting comparability:
Unrealized (gain) loss on derivative asset, net of tax		—															—
Unrealized (gain) loss on other investments, net of tax														(0.01	)		(0.01	)
Second quarter 2024 adjusted operating results per share		0.67			0.33			0.31			0.48			—			1.79
Drivers of adjusted operating results**
Upstream Revenues
Higher (lower) natural gas production		0.06															0.06
Higher (lower) realized natural gas prices, after hedging		0.35															0.35
Midstream Revenues
Higher (lower) operating revenues					0.01			0.01									0.02
Downstream Margins***
Impact of usage and weather											0.03						0.03
Impact of new rates in New York											0.16						0.16
Higher (lower) other operating revenues											(0.01	)					(0.01	)
Operating Expenses
Lower (higher) lease operating and transportation expenses		(0.01	)														(0.01	)
Lower (higher) operating expenses		(0.02	)		(0.01	)		(0.01	)		(0.04	)					(0.08	)
Lower (higher) property, franchise and other taxes		(0.01	)														(0.01	)
Lower (higher) depreciation / depletion		0.09			0.01			(0.01	)		(0.01	)					0.08
Other Income (Expense)
Higher (lower) other income											0.09			0.01			0.10
(Higher) lower interest expense					—			(0.01	)		(0.02	)		(0.03	)		(0.06	)
Income Taxes
Lower (higher) income tax expense / effective tax rate		(0.03	)		—			0.01			(0.01	)		—			(0.03	)
All other / rounding		(0.02	)		0.01			—			0.03			(0.02	)		—
Second quarter 2025 adjusted operating results per share		1.08			0.35			0.30			0.70			(0.04	)		2.39
Items impacting comparability:
Premiums paid on early redemption of debt, net of tax		(0.01	)					(0.01	)								(0.02	)
Unrealized gain (loss) on derivative asset, net of tax		—															—
Unrealized gain (loss) on other investments, net of tax														—			—
Second quarter 2025 GAAP earnings per share	$	1.07		$	0.35		$	0.29		$	0.70		$	(0.04	)	$	2.37

* Amounts do not reflect intercompany eliminations.
** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
*** Downstream margin defined as operating revenues less purchased gas expense.

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
SIX MONTHS ENDED MARCH 31, 2025
(Unaudited)

	Upstream			Midstream						Downstream

	Exploration &			Pipeline &									Corporate /
(Thousands of Dollars)	Production			Storage			Gathering			Utility			All Other			Consolidated*
Six months ended March 31, 2024 GAAP earnings	$	114,548		$	54,792		$	57,531		$	71,289		$	1,132		$	299,292
Items impacting comparability:
Unrealized (gain) loss on derivative asset		3,662															3,662
Tax impact of unrealized (gain) loss on derivative asset		(1,004	)														(1,004	)
Unrealized (gain) loss on other investments														(1,818	)		(1,818	)
Tax impact of unrealized (gain) loss on other investments														382			382
Six months ended March 31, 2024 adjusted operating results		117,206			54,792			57,531			71,289			(304	)		300,514
Drivers of adjusted operating results**
Upstream Revenues
Higher (lower) natural gas production		(817	)														(817	)
Higher (lower) realized natural gas prices, after hedging		33,964															33,964
Midstream Revenues
Higher (lower) operating revenues					10,865			(332	)								10,533
Downstream Margins***
Impact of usage and weather											2,685						2,685
Impact of new rates in New York											22,442						22,442
Higher (lower) other operating revenues											(1,364	)					(1,364	)
Operating Expenses
Lower (higher) operating expenses		(1,742	)		(2,105	)		(1,108	)		(4,575	)					(9,530	)
Lower (higher) property, franchise and other taxes		(746	)														(746	)
Lower (higher) depreciation / depletion		13,816			452			(1,802	)		(1,309	)					11,157
Other Income (Expense)
Higher (lower) other income		(1,888	)		(603	)					11,720			2,300			11,529
(Higher) lower interest expense					328			(1,271	)		(3,679	)		(3,165	)		(7,787	)
Income Taxes
Lower (higher) income tax expense / effective tax rate		(2,338	)		(246	)		905			(1,128	)		43			(2,764	)
All other / rounding		(226	)		679			262			(38	)		(219	)		458
Six months ended March 31, 2025 adjusted operating results		157,229			64,162			54,185			96,043			(1,345	)		370,274
Items impacting comparability:
Impairment of assets		(141,802	)														(141,802	)
Tax impact of impairment of assets		37,169															37,169
Premiums paid on early redemption of debt		(1,430	)					(955	)								(2,385	)
Tax impact of premiums paid on early redemption of debt		385						257									642
Unrealized gain (loss) on derivative asset		(684	)														(684	)
Tax impact of unrealized gain (loss) on derivative asset		184															184
Unrealized gain (loss) on other investments														(2,600	)		(2,600	)
Tax impact of unrealized gain (loss) on other investments														546			546
Six months ended March 31, 2025 GAAP earnings	$	51,051		$	64,162		$	53,487		$	96,043		$	(3,399	)	$	261,344

* Amounts do not reflect intercompany eliminations.
** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
*** Downstream margin defined as operating revenues less purchased gas expense.

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
SIX MONTHS ENDED MARCH 31, 2025
(Unaudited)

	Upstream			Midstream						Downstream

	Exploration &			Pipeline &									Corporate /
	Production			Storage			Gathering			Utility			All Other			Consolidated*
Six months ended March 31, 2024 GAAP earnings per share	$	1.24		$	0.59		$	0.62		$	0.77		$	0.02		$	3.24
Items impacting comparability:
Unrealized (gain) loss on derivative asset, net of tax		0.03															0.03
Unrealized (gain) loss on other investments, net of tax														(0.02	)		(0.02	)
Six months ended March 31, 2024 adjusted operating results per share		1.27			0.59			0.62			0.77			—			3.25
Drivers of adjusted operating results**
Upstream Revenues
Higher (lower) natural gas production		(0.01	)														(0.01	)
Higher (lower) realized natural gas prices, after hedging		0.37															0.37
Midstream Revenues
Higher (lower) operating revenues					0.12			—									0.12
Downstream Margins***
Impact of usage and weather											0.03						0.03
Impact of new rates in New York											0.25						0.25
Higher (lower) other operating revenues											(0.01	)					(0.01	)
Operating Expenses
Lower (higher) operating expenses		(0.02	)		(0.02	)		(0.01	)		(0.05	)					(0.10	)
Lower (higher) property, franchise and other taxes		(0.01	)														(0.01	)
Lower (higher) depreciation / depletion		0.15			—			(0.02	)		(0.01	)					0.12
Other Income (Expense)
Higher (lower) other income		(0.02	)		(0.01	)					0.13			0.03			0.13
(Higher) lower interest expense					—			(0.01	)		(0.04	)		(0.03	)		(0.08	)
Income Taxes
Lower (higher) income tax expense / effective tax rate		(0.03	)		—			0.01			(0.01	)		—			(0.03	)
All other / rounding		0.02			0.02			0.01			(0.01	)		(0.01	)		0.03
Six months ended March 31, 2025 adjusted operating results per share		1.72			0.70			0.60			1.05			(0.01	)		4.06
Items impacting comparability:
Impairment of assets, net of tax		(1.14	)														(1.14	)
Premiums paid on early redemption of debt, net of tax		(0.01	)					(0.01	)								(0.02	)
Unrealized gain (loss) on derivative asset, net of tax		(0.01	)														(0.01	)
Unrealized gain (loss) on other investments, net of tax														(0.02	)		(0.02	)
Rounding														(0.01	)		(0.01	)
Six months ended March 31, 2025 GAAP earnings per share	$	0.56		$	0.70		$	0.59		$	1.05		$	(0.04	)	$	2.86

* Amounts do not reflect intercompany eliminations.
** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
*** Downstream margin defined as operating revenues less purchased gas expense.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

(Thousands of Dollars, except per share amounts)
	Three Months Ended						Six Months Ended
	March 31,						March 31,
	(Unaudited)						(Unaudited)
SUMMARY OF OPERATIONS		2025			2024			2025			2024
Operating Revenues:
Utility Revenues	$	343,574		$	290,198		$	571,998		$	492,119
Exploration and Production and Other Revenues		311,958			264,614			560,818			518,633
Pipeline and Storage and Gathering Revenues		74,418			75,127			146,616			144,549
		729,950			629,939			1,279,432			1,155,301
Operating Expenses:
Purchased Gas		135,338			105,940			200,675			162,491
Operation and Maintenance:
Utility		63,447			59,288			118,691			112,993
Exploration and Production and Other		35,059			32,794			68,600			67,620
Pipeline and Storage and Gathering		42,363			39,340			78,304			74,303
Property, Franchise and Other Taxes		25,214			23,019			47,270			45,434
Depreciation, Depletion and Amortization		111,277			118,935			220,647			234,725
Impairment of Assets		—			—			141,802			—
		412,698			379,316			875,989			697,566

Operating Income		317,252			250,623			403,443			457,735

Other Income (Expense):
Other Income (Deductions)		15,232			6,070			22,952			9,801
Interest Expense on Long-Term Debt		(39,662	)		(28,453	)		(73,024	)		(56,915	)
Other Interest Expense		(5,095	)		(6,636	)		(9,476	)		(12,910	)

Income Before Income Taxes		287,727			221,604			343,895			397,711

Income Tax Expense		71,369			55,332			82,551			98,419

Net Income Available for Common Stock	$	216,358		$	166,272		$	261,344		$	299,292

Earnings Per Common Share
Basic	$	2.39		$	1.81		$	2.88		$	3.25
Diluted	$	2.37		$	1.80		$	2.86		$	3.24

Weighted Average Common Shares:
Used in Basic Calculation		90,500,162			92,114,415			90,640,333			92,011,772
Used in Diluted Calculation		91,176,327			92,512,447			91,312,334			92,478,604

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)

	March 31,			September 30,
(Thousands of Dollars)		2025			2024
ASSETS
Property, Plant and Equipment	$	14,834,817		$	14,524,798
Less – Accumulated Depreciation, Depletion and Amortization		7,487,618			7,185,593
Net Property, Plant and Equipment		7,347,199			7,339,205
Current Assets:
Cash and Temporary Cash Investments		39,954			38,222
Cash Held in Trust for Bondholders		51,352			—
Receivables – Net		291,132			127,222
Unbilled Revenue		49,077			15,521
Gas Stored Underground		6,413			35,055
Materials and Supplies – at average cost		48,451			47,670
Unrecovered Purchased Gas Costs		3,562			—
Other Current Assets		78,532			92,229
Total Current Assets		568,473			355,919
Other Assets:
Recoverable Future Taxes		88,623			80,084
Unamortized Debt Expense		7,166			5,604
Other Regulatory Assets		118,800			108,022
Deferred Charges		69,572			69,662
Other Investments		71,958			81,705
Goodwill		5,476			5,476
Prepaid Pension and Post-Retirement Benefit Costs		194,325			180,230
Fair Value of Derivative Financial Instruments		45			87,905
Other		8,326			5,958
Total Other Assets		564,291			624,646
Total Assets	$	8,479,963		$	8,319,770
CAPITALIZATION AND LIABILITIES
Capitalization:
Comprehensive Shareholders’ Equity
Common Stock, $1 Par Value Authorized – 200,000,000 Shares; Issued and
Outstanding – 90,397,698 Shares and 91,005,993 Shares, Respectively	$	90,398		$	91,006
Paid in Capital		1,042,822			1,045,487
Earnings Reinvested in the Business		1,855,366			1,727,326
Accumulated Other Comprehensive Loss		(222,975	)		(15,476	)
Total Comprehensive Shareholders’ Equity		2,765,611			2,848,343
Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs		2,381,126			2,188,243
Total Capitalization		5,146,737			5,036,586
Current and Accrued Liabilities:
Notes Payable to Banks and Commercial Paper		208,400			90,700
Current Portion of Long-Term Debt		350,000			500,000
Accounts Payable		127,611			165,068
Amounts Payable to Customers		34,393			42,720
Dividends Payable		46,555			46,872
Interest Payable on Long-Term Debt		19,454			27,247
Customer Advances		—			19,373
Customer Security Deposits		30,358			36,265
Other Accruals and Current Liabilities		184,925			162,903
Fair Value of Derivative Financial Instruments		201,464			4,744
Total Current and Accrued Liabilities		1,203,160			1,095,892
Other Liabilities:
Deferred Income Taxes		1,072,436			1,111,165
Taxes Refundable to Customers		302,293			305,645
Cost of Removal Regulatory Liability		300,256			292,477
Other Regulatory Liabilities		140,828			151,452
Other Post-Retirement Liabilities		3,404			3,511
Asset Retirement Obligations		193,802			203,006
Other Liabilities		117,047			120,036
Total Other Liabilities		2,130,066			2,187,292
Commitments and Contingencies		—			—
Total Capitalization and Liabilities	$	8,479,963		$	8,319,770

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

	Six Months Ended
	March 31,
(Thousands of Dollars)		2025			2024

Operating Activities:
Net Income Available for Common Stock	$	261,344		$	299,292
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Impairment of Assets		141,802			—
Depreciation, Depletion and Amortization		220,647			234,725
Deferred Income Taxes		25,787			65,187
Premiums Paid on Early Redemption of Debt		2,385			—
Stock-Based Compensation		10,487			10,477
Other		14,317			11,874
Change in:
Receivables and Unbilled Revenue		(197,553	)		(50,123	)
Gas Stored Underground and Materials and Supplies		27,861			25,675
Unrecovered Purchased Gas Costs		(3,562	)		—
Other Current Assets		13,737			15,201
Accounts Payable		17,322			(15,641	)
Amounts Payable to Customers		(8,327	)		13,327
Customer Advances		(19,373	)		(21,003	)
Customer Security Deposits		(5,907	)		1,836
Other Accruals and Current Liabilities		21,528			26,927
Other Assets		(20,282	)		(22,165	)
Other Liabilities		(28,343	)		(9,328	)
Net Cash Provided by Operating Activities	$	473,870		$	586,261

Investing Activities:
Capital Expenditures	$	(434,260	)	$	(481,958	)
Other		8,881			(1,189	)
Net Cash Used in Investing Activities	$	(425,379	)	$	(483,147	)

Financing Activities:
Changes in Notes Payable to Banks and Commercial Paper		117,700			(8,600	)
Shares Repurchased Under Repurchase Plan		(50,471	)		(4,230	)
Reduction of Long-Term Debt		(954,086	)		—
Net Proceeds From Issuance of Long-Term Debt		989,019			—
Dividends Paid on Common Stock		(93,543	)		(91,048	)
Net Repurchases of Common Stock Under Stock and Benefit Plans		(4,026	)		(3,914	)
Net Cash Provided by (Used in) Financing Activities	$	4,593		$	(107,792	)

Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash		53,084			(4,678	)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period		38,222			55,447
Cash, Cash Equivalents, and Restricted Cash at March 31	$	91,306		$	50,769

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

UPSTREAM BUSINESS

	Three Months Ended									Six Months Ended
(Thousands of Dollars, except per share amounts)	March 31,									March 31,
EXPLORATION AND PRODUCTION SEGMENT		2025			2024		Variance				2025			2024		Variance
Total Operating Revenues	$	311,958		$	264,614		$	47,344		$	560,818		$	518,633		$	42,185
Operating Expenses:
Operation and Maintenance:
General and Administrative Expense		18,847			17,165			1,682			38,173			34,958			3,215
Lease Operating and Transportation Expense		71,176			69,662			1,514			136,816			136,736			80
All Other Operation and Maintenance Expense		3,310			2,644			666			7,178			8,188			(1,010	)
Property, Franchise and Other Taxes		4,275			3,075			1,200			7,657			6,713			944
Depreciation, Depletion and Amortization		64,622			73,448			(8,826	)		127,925			145,413			(17,488	)
Impairment of Assets		—			—			—			141,802			—			141,802
		162,230			165,994			(3,764	)		459,551			332,008			127,543

Operating Income		149,728			98,620			51,108			101,267			186,625			(85,358	)

Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit		37			100			(63	)		74			201			(127	)
Interest and Other Income (Deductions)		101			1,170			(1,069	)		373			(342	)		715
Interest Expense on Long-Term Debt		(1,949	)		—			(1,949	)		(1,949	)		—			(1,949	)
Other Interest Expense		(15,091	)		(15,108	)		17			(30,291	)		(30,377	)		86
Income Before Income Taxes		132,826			84,782			48,044			69,474			156,107			(86,633	)
Income Tax Expense		34,998			22,717			12,281			18,423			41,559			(23,136	)
Net Income	$	97,828		$	62,065		$	35,763		$	51,051		$	114,548		$	(63,497	)
Net Income Per Share (Diluted)	$	1.07		$	0.67		$	0.40		$	0.56		$	1.24		$	(0.68	)

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

MIDSTREAM BUSINESSES

	Three Months Ended									Six Months Ended
(Thousands of Dollars, except per share amounts)	March 31,									March 31,
PIPELINE AND STORAGE SEGMENT		2025			2024		Variance				2025			2024		Variance
Revenues from External Customers	$	71,185		$	71,210		$	(25	)	$	139,935		$	136,036		$	3,899
Intersegment Revenues		38,388			36,810			1,578			76,251			66,397			9,854
Total Operating Revenues		109,573			108,020			1,553			216,186			202,433			13,753
Operating Expenses:
Purchased Gas		162			325			(163	)		121			926			(805	)
Operation and Maintenance		30,642			29,062			1,580			57,677			55,013			2,664
Property, Franchise and Other Taxes		8,600			8,600			—			17,266			17,320			(54	)
Depreciation, Depletion and Amortization		18,547			19,490			(943	)		37,132			37,704			(572	)
		57,951			57,477			474			112,196			110,963			1,233

Operating Income		51,622			50,543			1,079			103,990			91,470			12,520

Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit		952			1,257			(305	)		1,905			2,515			(610	)
Interest and Other Income		1,794			2,046			(252	)		3,833			3,978			(145	)
Interest Expense		(11,700	)		(12,119	)		419			(23,428	)		(23,843	)		415
Income Before Income Taxes		42,668			41,727			941			86,300			74,120			12,180
Income Tax Expense		10,961			10,990			(29	)		22,138			19,328			2,810
Net Income	$	31,707		$	30,737		$	970		$	64,162		$	54,792		$	9,370
Net Income Per Share (Diluted)	$	0.35		$	0.33		$	0.02		$	0.70		$	0.59		$	0.11


	Three Months Ended									Six Months Ended
	March 31,									March 31,
GATHERING SEGMENT		2025			2024		Variance				2025			2024		Variance
Revenues from External Customers	$	3,233		$	3,917		$	(684	)	$	6,681		$	8,513		$	(1,832	)
Intersegment Revenues		61,797			60,076			1,721			119,480			118,068			1,412
Total Operating Revenues		65,030			63,993			1,037			126,161			126,581			(420	)
Operating Expenses:
Operation and Maintenance		12,275			10,796			1,479			21,703			20,300			1,403
Property, Franchise and Other Taxes		7			94			(87	)		(227	)		117			(344	)
Depreciation, Depletion and Amortization		10,834			9,611			1,223			21,349			19,068			2,281
		23,116			20,501			2,615			42,825			39,485			3,340

Operating Income		41,914			43,492			(1,578	)		83,336			87,096			(3,760	)

Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit (Costs)		—			9			(9	)		(1	)		19			(20	)
Interest and Other Income		93			72			21			152			143			9
Interest Expense on Long-Term Debt		(1,334	)		—			(1,334	)		(1,334	)		—			(1,334	)
Other Interest Expense		(4,450	)		(3,701	)		(749	)		(8,661	)		(7,431	)		(1,230	)
Income Before Income Taxes		36,223			39,872			(3,649	)		73,492			79,827			(6,335	)
Income Tax Expense		9,881			11,166			(1,285	)		20,005			22,296			(2,291	)
Net Income	$	26,342		$	28,706		$	(2,364	)	$	53,487		$	57,531		$	(4,044	)
Net Income Per Share (Diluted)	$	0.29		$	0.31		$	(0.02	)	$	0.59		$	0.62		$	(0.03	)

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

DOWNSTREAM BUSINESS

	Three Months Ended									Six Months Ended
(Thousands of Dollars, except per share amounts)	March 31,									March 31,
UTILITY SEGMENT		2025			2024		Variance				2025			2024		Variance
Revenues from External Customers	$	343,574		$	290,198		$	53,376		$	571,998		$	492,119		$	79,879
Intersegment Revenues		119			306			(187	)		203			393			(190	)
Total Operating Revenues		343,693			290,504			53,189			572,201			492,512			79,689
Operating Expenses:
Purchased Gas		171,777			140,836			30,941			273,249			224,886			48,363
Operation and Maintenance		64,444			60,229			4,215			120,704			114,913			5,791
Property, Franchise and Other Taxes		12,202			11,113			1,089			22,313			21,019			1,294
Depreciation, Depletion and Amortization		17,135			16,268			867			33,962			32,305			1,657
		265,558			228,446			37,112			450,228			393,123			57,105

Operating Income		78,135			62,058			16,077			121,973			99,389			22,584

Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit		12,299			857			11,442			18,170			1,327			16,843
Interest and Other Income		714			1,340			(626	)		1,242			3,250			(2,008	)
Interest Expense		(10,927	)		(8,528	)		(2,399	)		(21,643	)		(16,986	)		(4,657	)
Income Before Income Taxes		80,221			55,727			24,494			119,742			86,980			32,762
Income Tax Expense		16,677			10,988			5,689			23,699			15,691			8,008
Net Income	$	63,544		$	44,739		$	18,805		$	96,043		$	71,289		$	24,754
Net Income Per Share (Diluted)	$	0.70		$	0.48		$	0.22		$	1.05		$	0.77		$	0.28

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

	Three Months Ended									Six Months Ended
(Thousands of Dollars, except per share amounts)	March 31,									March 31,
ALL OTHER		2025			2024		Variance				2025			2024		Variance
Total Operating Revenues	$	—		$	—		$	—		$	—		$	—		$	—
Operating Expenses:
Operation and Maintenance		—			—			—			—			—			—
		—			—			—			—			—			—

Operating Income		—			—			—			—			—			—
Other Income (Expense):
Interest and Other Income (Deductions)		(222	)		(41	)		(181	)		(358	)		(119	)		(239	)
Interest Expense		(131	)		(84	)		(47	)		(248	)		(165	)		(83	)
Loss before Income Taxes		(353	)		(125	)		(228	)		(606	)		(284	)		(322	)
Income Tax Benefit		(82	)		(29	)		(53	)		(141	)		(67	)		(74	)
Net Loss	$	(271	)	$	(96	)	$	(175	)	$	(465	)	$	(217	)	$	(248	)
Net Loss Per Share (Diluted)	$	—		$	—		$	—		$	(0.01	)	$	—		$	(0.01	)

	Three Months Ended									Six Months Ended
	March 31,									March 31,
CORPORATE		2025			2024		Variance				2025			2024		Variance
Revenues from External Customers	$	—		$	—		$	—		$	—		$	—		$	—
Intersegment Revenues		1,341			1,286			55			2,683			2,571			112
Total Operating Revenues		1,341			1,286			55			2,683			2,571			112
Operating Expenses:
Operation and Maintenance		5,219			5,121			98			9,266			8,916			350
Property, Franchise and Other Taxes		130			137			(7	)		261			265			(4	)
Depreciation, Depletion and Amortization		139			118			21			279			235			44
		5,488			5,376			112			9,806			9,416			390

Operating Loss		(4,147	)		(4,090	)		(57	)		(7,123	)		(6,845	)		(278	)
Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Costs		(212	)		(387	)		175			(423	)		(774	)		351
Interest and Other Income		41,785			40,234			1,551			82,846			81,262			1,584
Interest Expense on Long-Term Debt		(36,379	)		(28,453	)		(7,926	)		(69,741	)		(56,915	)		(12,826	)
Other Interest Expense		(4,905	)		(7,683	)		2,778			(10,066	)		(15,767	)		5,701
Income (Loss) before Income Taxes		(3,858	)		(379	)		(3,479	)		(4,507	)		961			(5,468	)
Income Tax Benefit		(1,066	)		(500	)		(566	)		(1,573	)		(388	)		(1,185	)
Net Income (Loss)	$	(2,792	)	$	121		$	(2,913	)	$	(2,934	)	$	1,349		$	(4,283	)
Net Income (Loss) Per Share (Diluted)	$	(0.04	)	$	0.01		$	(0.05	)	$	(0.03	)	$	0.02		$	(0.05	)


	Three Months Ended									Six Months Ended
	March 31,									March 31,
INTERSEGMENT ELIMINATIONS		2025			2024		Variance				2025			2024		Variance
Intersegment Revenues	$	(101,645	)	$	(98,478	)	$	(3,167	)	$	(198,617	)	$	(187,429	)	$	(11,188	)
Operating Expenses:
Purchased Gas		(36,601	)		(35,221	)		(1,380	)		(72,695	)		(63,321	)		(9,374	)
Operation and Maintenance		(65,044	)		(63,257	)		(1,787	)		(125,922	)		(124,108	)		(1,814	)
		(101,645	)		(98,478	)		(3,167	)		(198,617	)		(187,429	)		(11,188	)
Operating Income		—			—			—			—			—			—
Other Income (Expense):
Interest and Other Deductions		(42,109	)		(40,587	)		(1,522	)		(84,861	)		(81,659	)		(3,202	)
Interest Expense		42,109			40,587			1,522			84,861			81,659			3,202
Net Income	$	—		$	—		$	—		$	—		$	—		$	—
Net Income Per Share (Diluted)	$	—		$	—		$	—		$	—		$	—		$	—

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT INFORMATION (Continued)
(Thousands of Dollars)

	Three Months Ended										Six Months Ended
	March 31,										March 31,
	(Unaudited)										(Unaudited)
								Increase										Increase
		2025				2024		(Decrease)				2025				2024		(Decrease)

Capital Expenditures:
Exploration and Production	$	108,384		⁽¹⁾	$	124,184	⁽³⁾	$	(15,800	)	$	230,986		⁽¹⁾⁽²⁾	$	285,141	⁽³⁾⁽⁴⁾	$	(54,155	)
Pipeline and Storage		15,626		⁽¹⁾		18,025	⁽³⁾		(2,399	)		35,417		⁽¹⁾⁽²⁾		42,579	⁽³⁾⁽⁴⁾		(7,162	)
Gathering		18,499		⁽¹⁾		19,949	⁽³⁾		(1,450	)		31,526		⁽¹⁾⁽²⁾		39,518	⁽³⁾⁽⁴⁾		(7,992	)
Utility		41,867		⁽¹⁾		37,741	⁽³⁾		4,126			78,298		⁽¹⁾⁽²⁾		68,251	⁽³⁾⁽⁴⁾		10,047
Total Reportable Segments		184,376				199,899			(15,523	)		376,227				435,489			(59,262	)
All Other		—				—			—			—				—			—
Corporate		174				121			53			378				182			196
Eliminations		(3,520	)			—			(3,520	)		(3,520	)			—			(3,520	)
Total Capital Expenditures	$	181,030			$	200,020		$	(18,990	)	$	373,085			$	435,671		$	(62,586	)

⁽¹⁾		Capital expenditures for the quarter and six months ended March 31, 2025, include accounts payable and accrued liabilities related to capital expenditures of $44.8 million, $2.4 million, $6.8 million, and $4.8 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts have been excluded from the Consolidated Statement of Cash Flows at March 31, 2025, since they represent non-cash investing activities at that date.
⁽²⁾		Capital expenditures for the six months ended March 31, 2025, exclude capital expenditures of $63.3 million, $14.4 million, $21.7 million and $20.6 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2024 and paid during the six months ended March 31, 2025. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2024, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at March 31, 2025.
⁽³⁾		Capital expenditures for the quarter and six months ended March 31, 2024, include accounts payable and accrued liabilities related to capital expenditures of $44.4 million, $5.0 million, $5.5 million, and $8.0 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were excluded from the Consolidated Statement of Cash Flows at March 31, 2024, since they represented non-cash investing activities at that date.
⁽⁴⁾		Capital expenditures for the six months ended March 31, 2024, exclude capital expenditures of $43.2 million, $31.8 million, $20.6 million and $13.6 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2023 and paid during the six months ended March 31, 2024. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2023, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at March 31, 2024.

DEGREE DAYS
				Percent Colder
				(Warmer) Than:
Three Months Ended March 31,	Normal	2025	2024	Normal⁽¹⁾			Last Year⁽¹⁾
Buffalo, NY⁽²⁾	3,226	3,116	2,705		(3.4	)	15.2
Erie, PA	3,023	3,017	2,576		(0.2	)	17.1

Six Months Ended March 31,
Buffalo, NY⁽²⁾	5,352	5,000	4,563		(6.6	)	9.6
Erie, PA	4,917	4,714	4,240		(4.1	)	11.2

⁽¹⁾		Percents compare actual 2025 degree days to normal degree days and actual 2025 degree days to actual 2024 degree days.
⁽²⁾		Normal degree days changed from NOAA 30-year degree days to NOAA 15-year degree days with the implementation of new base rates in New York effective October 2024.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

EXPLORATION AND PRODUCTION INFORMATION

	Three Months Ended							Six Months Ended
	March 31,							March 31,
					Increase							Increase
		2025		2024	(Decrease)				2025		2024	(Decrease)

Gas Production/Prices:
Production (MMcf)
Appalachia		105,514		102,883		2,631			203,232		203,640		(408	)

Average Prices (Per Mcf)
Weighted Average	$	3.02	$	1.98	$	1.04		$	2.64	$	2.14	$	0.50
Weighted Average after Hedging	$	2.94	$	2.56	$	0.38		$	2.74	$	2.53	$	0.21

Selected Operating Performance Statistics:
General and Administrative Expense per Mcf⁽¹⁾	$	0.18	$	0.17	$	0.01		$	0.19	$	0.17	$	0.02
Lease Operating and Transportation Expense per Mcf⁽¹⁾⁽²⁾	$	0.67	$	0.68	$	(0.01	)	$	0.67	$	0.67	$	—
Depreciation, Depletion and Amortization per Mcf⁽¹⁾	$	0.61	$	0.71	$	(0.10	)	$	0.63	$	0.71	$	(0.08	)

⁽¹⁾		Refer to page 15 for the General and Administrative Expense, Lease Operating and Transportation Expense and Depreciation, Depletion, and Amortization Expense for the Exploration and Production segment.
⁽²⁾		Amounts include transportation expense of $0.57 per Mcf for the three months ended March 31, 2025 and March 31, 2024. Amounts include transportation expense of $0.57 per Mcf for the six months ended March 31, 2025 and March 31, 2024.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

Pipeline and Storage Throughput – (millions of cubic feet – MMcf)

	Three Months Ended						Six Months Ended
	March 31,						March 31,
				Increase						Increase
		2025	2024	(Decrease)				2025	2024	(Decrease)
Firm Transportation – Affiliated		49,240	42,561		6,679			81,110	74,056		7,054
Firm Transportation – Non-Affiliated		185,490	179,697		5,793			356,502	348,303		8,199
Interruptible Transportation		454	1,271		(817	)		515	1,389		(874	)
		235,184	223,529		11,655			438,127	423,748		14,379

Gathering Volume – (MMcf)
	Three Months Ended						Six Months Ended
	March 31,						March 31,
				Increase						Increase
		2025	2024	(Decrease)				2025	2024	(Decrease)
Gathered Volume		129,771	125,565		4,206			250,732	249,388		1,344


Utility Throughput – (MMcf)
	Three Months Ended						Six Months Ended
	March 31,						March 31,
				Increase						Increase
		2025	2024	(Decrease)				2025	2024	(Decrease)
Retail Sales:
Residential Sales		32,111	27,063		5,048			50,587	45,045		5,542
Commercial Sales		5,420	4,293		1,127			8,339	7,093		1,246
Industrial Sales		302	190		112			501	327		174
		37,833	31,546		6,287			59,427	52,465		6,962
Transportation		25,086	22,637		2,449			42,028	40,166		1,862
		62,919	54,183		8,736			101,455	92,631		8,824

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES

In addition to financial measures calculated in accordance with generally accepted accounting principles (GAAP), this press release contains information regarding adjusted operating results, adjusted EBITDA and free cash flow, which are non-GAAP financial measures. The Company believes that these non-GAAP financial measures are useful to investors because they provide an alternative method for assessing the Company’s ongoing operating results or liquidity and for comparing the Company’s financial performance to other companies. The Company’s management uses these non-GAAP financial measures for the same purpose, and for planning and forecasting purposes. The presentation of non-GAAP financial measures is not meant to be a substitute for financial measures in accordance with GAAP.

Management defines adjusted operating results as reported GAAP earnings before items impacting comparability. The following table reconciles National Fuel’s reported GAAP earnings to adjusted operating results for the three and six months ended March 31, 2025 and 2024:

	Three Months Ended						Six Months Ended
	March 31,						March 31,
(in thousands except per share amounts)		2025			2024			2025			2024
Reported GAAP Earnings	$	216,358		$	166,272		$	261,344		$	299,292
Items impacting comparability:
Impairment of assets (E&P)		—			—			141,802			—
Tax impact of impairment of assets		—			—			(37,169	)		—
Premiums paid on early redemption of debt (E&P / Midstream)		2,385			—			2,385			—
Tax impact of premiums paid on early redemption of debt		(642	)		—			(642	)		—
Unrealized (gain) loss on derivative asset (E&P)		335			(536	)		684			3,662
Tax impact of unrealized (gain) loss on derivative asset		(90	)		147			(184	)		(1,004	)
Unrealized (gain) loss on other investments (Corporate / All Other)		(17	)		(769	)		2,600			(1,818	)
Tax impact of unrealized (gain) loss on other investments		4			162			(546	)		382
Adjusted Operating Results	$	218,333		$	165,276		$	370,274		$	300,514

Reported GAAP Earnings Per Share	$	2.37		$	1.80		$	2.86		$	3.24
Items impacting comparability:
Impairment of assets, net of tax (E&P)		—			—			1.14			—
Premiums paid on early redemption of debt, net of tax (E&P / Midstream)		0.02			—			0.02			—
Unrealized (gain) loss on derivative asset, net of tax (E&P)		—			—			0.01			0.03
Unrealized (gain) loss on other investments, net of tax (Corporate / All Other)		—			(0.01	)		0.02			(0.02	)
Rounding		—			—			0.01			—
Adjusted Operating Results Per Share	$	2.39		$	1.79		$	4.06		$	3.25

Management defines adjusted EBITDA as reported GAAP earnings before the following items: interest expense, income taxes, depreciation, depletion and amortization, other income and deductions, impairments, and other items reflected in operating income that impact comparability. The following tables reconcile National Fuel’s reported GAAP earnings to adjusted EBITDA for the three and six months ended March 31, 2025 and 2024:

	Three Months Ended						Six Months Ended
	March 31,						March 31,
(in thousands)		2025			2024			2025			2024
Reported GAAP Earnings	$	216,358		$	166,272		$	261,344		$	299,292
Depreciation, Depletion and Amortization		111,277			118,935			220,647			234,725
Other (Income) Deductions		(15,232	)		(6,070	)		(22,952	)		(9,801	)
Interest Expense		44,757			35,089			82,500			69,825
Income Taxes		71,369			55,332			82,551			98,419
Impairment of Assets		—			—			141,802			—
Adjusted EBITDA	$	428,529		$	369,558		$	765,892		$	692,460

Adjusted EBITDA by Segment
Pipeline and Storage Adjusted EBITDA	$	70,169		$	70,033		$	141,122		$	129,174
Gathering Adjusted EBITDA		52,748			53,103			104,685			106,164
Total Midstream Businesses Adjusted EBITDA		122,917			123,136			245,807			235,338
Exploration and Production Adjusted EBITDA		214,350			172,068			370,994			332,038
Utility Adjusted EBITDA		95,270			78,326			155,935			131,694
Corporate and All Other Adjusted EBITDA		(4,008	)		(3,972	)		(6,844	)		(6,610	)
Total Adjusted EBITDA	$	428,529		$	369,558		$	765,892		$	692,460

NATIONAL FUEL GAS COMPANY AND SUBSIDIARIES NON-GAAP FINANCIAL MEASURES SEGMENT ADJUSTED EBITDA

	Three Months Ended						Six Months Ended
	March 31,						March 31,
(in thousands)		2025			2024			2025			2024
Exploration and Production Segment
Reported GAAP Earnings	$	97,828		$	62,065		$	51,051		$	114,548
Depreciation, Depletion and Amortization		64,622			73,448			127,925			145,413
Other (Income) Deductions		(138	)		(1,270	)		(447	)		141
Interest Expense		17,040			15,108			32,240			30,377
Income Taxes		34,998			22,717			18,423			41,559
Impairment of Assets		—			—			141,802			—
Adjusted EBITDA	$	214,350		$	172,068		$	370,994		$	332,038

Pipeline and Storage Segment
Reported GAAP Earnings	$	31,707		$	30,737		$	64,162		$	54,792
Depreciation, Depletion and Amortization		18,547			19,490			37,132			37,704
Other (Income) Deductions		(2,746	)		(3,303	)		(5,738	)		(6,493	)
Interest Expense		11,700			12,119			23,428			23,843
Income Taxes		10,961			10,990			22,138			19,328
Adjusted EBITDA	$	70,169		$	70,033		$	141,122		$	129,174

Gathering Segment
Reported GAAP Earnings	$	26,342		$	28,706		$	53,487		$	57,531
Depreciation, Depletion and Amortization		10,834			9,611			21,349			19,068
Other (Income) Deductions		(93	)		(81	)		(151	)		(162	)
Interest Expense		5,784			3,701			9,995			7,431
Income Taxes		9,881			11,166			20,005			22,296
Adjusted EBITDA	$	52,748		$	53,103		$	104,685		$	106,164

Utility Segment
Reported GAAP Earnings	$	63,544		$	44,739		$	96,043		$	71,289
Depreciation, Depletion and Amortization		17,135			16,268			33,962			32,305
Other (Income) Deductions		(13,013	)		(2,197	)		(19,412	)		(4,577	)
Interest Expense		10,927			8,528			21,643			16,986
Income Taxes		16,677			10,988			23,699			15,691
Adjusted EBITDA	$	95,270		$	78,326		$	155,935		$	131,694

Corporate and All Other
Reported GAAP Earnings	$	(3,063	)	$	25		$	(3,399	)	$	1,132
Depreciation, Depletion and Amortization		139			118			279			235
Other (Income) Deductions		758			781			2,796			1,290
Interest Expense		(694	)		(4,367	)		(4,806	)		(8,812	)
Income Taxes		(1,148	)		(529	)		(1,714	)		(455	)
Adjusted EBITDA	$	(4,008	)	$	(3,972	)	$	(6,844	)	$	(6,610	)

Management defines free cash flow as net cash provided by operating activities, less net cash used in investing activities, adjusted for acquisitions and divestitures. The Company is unable to provide a reconciliation of any projected free cash flow measure to its comparable GAAP financial measure without unreasonable efforts. This is due to an inability to calculate the comparable GAAP projected metrics, including operating income and total production costs, given the unknown effect, timing, and potential significance of certain income statement items.

The MIL Network –

May 1, 2025

Category: Economy

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2025 Award Winners:

Heritage Award for a Front-line Tourism Employee

Kelly SorgeIndian Hills Resort

Sakakawea Award for a Behind-the-Scenes Tourism Employee

Deanne CunninghamNorth Dakota Dept of Commerce

Amplifier Award for Marketing Excellence

Brock WhiteMarketing Campaign for Watford City

Flint Firestarter Award for a Tourism Development Project

Jeff and Jennifer GoossWheelchairs and Walleyes

Trailblazer Award for Tourism Innovation

Joe WeigandTheodore Roosevelt Reprisor

Legend Award for Travel & Tourism Industry Leadership

Stephanie SchoenrockVisit Minot

Wade Westin Award

Darian MorsetteMHA Tourism

Kelly Sorge
Indian Hills Resort

Deanne Cunningham
North Dakota Dept of Commerce

Brock White
Marketing Campaign for Watford City

Jeff and Jennifer Gooss
Wheelchairs and Walleyes

Joe Weigand
Theodore Roosevelt Reprisor

Stephanie Schoenrock
Visit Minot

Darian Morsette
MHA Tourism