MIL-OSI United Kingdom: Youth Mobility Scheme for Uruguayan and British citizens: 2025

Source: United Kingdom – Executive Government & Departments

World news story

Youth Mobility Scheme for Uruguayan and British citizens: 2025

The Youth Mobility Scheme allows 500 visas, both for Uruguayan and British nationals, to live, study, work and travel in the UK and Uruguay respectively.

In 2025, 500 British and 500 Uruguayan nationals aged 18 to 30 years old will be able to experience life and culture in each other’s country for up to 2 years, as established in the agreement that came into effect in both countries on 31 January 2024.

Uruguayan citizens who would like to travel to the UK under this scheme need to apply for a Youth Mobility Scheme (YMS) visa. British citizens who would like to travel to Uruguay should apply for a Working Holiday temporary residency.

The scheme desires to foster close relations between British and Uruguayan nationals, intending to promote and facilitate access to opportunities that enable youth to gain a better understanding of the other participant’s culture, society, and languages through travel, work, and life experience abroad.

This is the first YMS between the UK and a South American Country. The agreement was signed in August 2023 at the Uruguayan Ministry of Foreign Affairs, during the visit of FCDO Minister for the Americas and Caribbean David Rutley MP to Uruguay.

UK has YMS agreements in place with Andorra, Australia, Canada, Republic of Korea, Hong Kong, Iceland, Japan, Monaco, New Zealand, San Marino, Taiwan and Uruguay.

Uruguay has Working Holiday programmes with Australia, France, Germany, Japan, Netherlands, New Zealand, Sweden, and United Kingdom.

Find below information about the scheme and how to apply, for British and Uruguayan nationals.

Information for British nationals

British citizens interested in applying for a Working Holiday temporary residency must attend the Uruguayan Consulate in London and submit the following documents:

valid passport in good condition, with an expiry date at least one year in the future
a medical certificate from the country of residence where it states that you do not have medical conditions that would make it impossible for you to reside in Uruguay
evidence of a Police Certificate from the country of origin and from any country that you have lived in for the past 5 years. This should be apostilled or legalised, whichever is appropriate. In the UK you can apply for this at: http://www.gov.uk/copy-of-police-records. The six must have been issued within the 6 months prior to the filing of the application
documents that demonstrate that they have sufficient financial resources to meet their needs (such as salary payslips, bank statements, pensions, etc.) issued within 30 days of the application date
declaration of the intended time they will remain in Uruguay, which will be up to 2 years
apostille or legalised birth certificate (whichever is the case, if the person was born outside the UK) and translated (by a certified Uruguayan translator, by Consul or by consular intervention, depending on the case) will be required in Uruguay in order to obtain the Uruguayan National Identity card

Once the documentation is submitted, the Consulate will inform the Ministry of Foreign Affairs’ International Migration Direction, which will notify the National Migration Office. A decision will be made within a maximum of 15 working days.

If the application is successful, the Consulate will let you will know. You will then need to enter Uruguay within 180 days from the notification day. If you need a visa, the Consulate will issue a tourist visa without consulting with the National Migration Office, referring to the temporary residency granted.

Once you are in Uruguay, you will need to go in person to the National Migration Office and the National Civil Identification Office to apply for the National Identity card and pay the required fees. If youneed more information, please contact the Uruguayan Consulate or Uruguayan Embassy: cdlondres@mrree.gub.uy or urureinounido@mree.gub.uy, or call: +44 (0)207 584 4200

Information for Uruguayan nationals:

applications to the Youth Mobility Scheme are online. You can apply from any country in the world, except from the UK
you can apply if you are a Uruguayan National aged 18-30 years old and hold a Uruguayan passport
you can spend up to 2 years in the UK, with multiple entries
you can work but it is not compulsory. You can travel, study short courses or volunteer
you do not need any language, job or skill requirements
you must apply for a visa and pay the Immigration Health Surcharge
you need to demonstrate you have the equivalent to £2,530 in a bank account for at least the past 28 days before applying
you need to get a Criminal Record Certificate. Please request it for Consulate- Ministry of Foreign Affairs, not the British Embassy
you cannot apply if you have any dependants living with you or who are financially dependent on you at the time of application
you must not have not previously taken part in the scheme

Applicants will usually get a decision on their visa within 3 weeks.

For more information, please go to Youth Mobility Scheme visa: Overview – GOV.UK or contact: public.enquiries@homeoffice.gov.uk.

Published 28 April 2025

MIL OSI United Kingdom –

April 29, 2025

MIL-OSI USA: Sorensen Announces Nearly $1 Million for Monmouth College to Grow STEM Workforce Pipeline

Source: United States House of Representatives – Congressman Eric Sorensen (IL-17)

WASHINGTON, DC – Congressman Eric Sorensen (IL-17) applauded the recent announcement of a $999,764 federal grant awarded to Monmouth College to fund scholarships for low-income students interested in pursuing a science, technology, engineering, or mathematics (STEM) degree. The funding will help prepare students for careers in high-paying STEM jobs.

“The best way to grow our economy and create good-paying jobs is to ensure we prepare our next generation with the tools necessary to succeed in a competitive world,” said Congressman Sorensen. “This funding will ensure that everyone – no matter their financial situation – has a chance to pursue a high-paying career in a STEM field.”

Congressman Sorensen has championed efforts to help colleges and universities across Illinois’ 17th district secure federal funding to boost their STEM programs, allowing many more Illinois students to graduate with a degree in a STEM field that prepares them for a high-paying job. In 2023, he announced $4.5 million in federal grant funding to support efforts to create STEAM talent development strategies. Last year, he supported a $15 million project to help Illinois State University build a new STEM/Science Lab building.

MIL OSI USA News –

April 29, 2025

MIL-OSI USA: Rep. Pettersen Leads CO Democratic Delegation in Calling on President Trump to Fund Head Start Amid Child Care Crisis

Source: United States House of Representatives – Representative Brittany Pettersen (Colorado 7th District)

WASHINGTON — Today, U.S. Representative Brittany Pettersen (CO-07) led the Colorado Democratic Congressional Delegation in a letter urging President Trump to fully fund Head Start in the upcoming budget. The letter follows alarming reports that the Trump administration is considering a proposal to eliminate funding for the program.

In Colorado alone, more than 11,600 children rely on Head Start services every year, and the program supports over 5,000 jobs. Head Start provides child care, early education, nutrition, and health services to children in low-income households, while also offering parents opportunities for employment and education.

“As a mom, I know firsthand how difficult it is to find safe, affordable childcare, and for far too many families, it is nearly impossible,” said Pettersen. “Head Start is an essential support for our kids and families to help bring financial independence and give our kids the best shot at success. Gutting funding for this program will have a cascading impact on our local economy, workforce, and our kids’ future and disproportionately impact our rural communities.”

In a letter, the Members shared, “Colorado families face a child care crisis: child care is neither affordable nor accessible, and most families face a lengthy enrollment waitlist. The elimination of Head Start funding would further imperil an already fragile state of affairs – particularly for rural communities, where local child care facilities are often oversubscribed or nonexistent. Head Start facilities often serve as the only affordable option.”

The Members continued, “Since the 1990s, the cost of child care has more than tripled, outpacing wages, the cost of groceries, and even housing. Reducing critical funding for Head Start would reverse decades of bipartisan investment in children amidst a cost-of-living crisis, compounding potential harm for working families.”

“This isn’t about politics. It’s about kids,” said Heather Frenz, executive director of the Colorado Head Start Association. “Colorado’s families need Head Start now more than ever. Eliminating this program would be a devastating blow — and it’s simply unacceptable.”

Signers of the letter include Senators Michael Bennet and John Hickenlooper and Representatives Diana DeGette (CO-01), Joe Neguse (CO-02), and Jason Crow (CO-06).

Full text of the letter can be found HERE.

MIL OSI USA News –

April 29, 2025

MIL-OSI Canada: Governments of Canada and Manitoba extend deadline for agricultural supports

Source: Government of Canada News (2)

April 25, 2025 – Winnipeg, Manitoba – Agriculture and Agri-Food Canada

The federal, provincial, and territorial governments including Manitoba have extended the enrolment deadline for the 2025 AgriStability program to July 31, 2025, in response to tariffs in the agriculture sector and to allow producers time to enroll in the program as they manage the impact of current market disruptions.

AgriStability is a business risk management program under the Sustainable Canadian Agricultural Partnership that helps famers manage income risk by providing financial assistance when their farm business experiences a large margin decline. The deadline will be extended from April 30, 2025, to July 31, 2025.

Minister Kostyshyn is also encouraging producers to learn more about the business risk management programs available through the Manitoba Agricultural Services Corporation (MASC).

MIL OSI Canada News –

April 29, 2025

MIL-Evening Report: New survey shows business outlook is weakening and uncertainty rising as the trade war bites

Source: The Conversation (Au and NZ) – By John Simon, Adjunct Fellow in Economics, Macquarie University

Vivid Brands/Shutterstock

Uncertainty is everywhere these days.

There is even uncertainty about the uncertainty.

The Reserve Bank of Australia, for example, noted in the minutes from its April 1 meeting:

The most significant development in the period leading up to the meeting had been the significant rise in uncertainty about global trade policy, although the effect of this on sentiment and economic developments in Australia was not yet clear.

A new monthly business survey, developed by a team of researchers at Macquarie University, the Business Outlook Scenarios Survey (BOSS), provides some clarity.

A key feature of the survey, which distinguishes it from other business surveys, is its focus on uncertainty about the future, not just expectations about the most likely outcome.

The most recent survey was conducted between April 10–17, after the announcement of the US “liberation day” tariffs on April 2. The results are concerning, but not yet alarming.

Big rise in uncertainty

The results suggest there has been a significant increase in business uncertainty stemming from the tariff and geopolitical tensions.

Our survey asks roughly 500 Australian businesses about their expectations for, and perceptions of uncertainty about, key business and macroeconomic conditions.

Running since June 2024, it tracks a sample that is representative of Australian businesses. It surveys key decision makers, such as chief financial officers and business owners, who have a detailed knowledge of their own business, and a general knowledge of the broader economy.

The jump in uncertainty is leading to an increase in pessimistic views about businesses’ prospects. Moreover, these expectations are surrounded by elevated uncertainty.

While this has yet to translate into plans to reduce employment and investment, businesses on average expect their costs will rise, and plan to counter the effect through increasing prices.

More importantly, uncertainty generally leads people to defer decisions, and we see evidence of that in the April survey. Firms on average are not expecting to reduce investment or employment – but neither are they planning on increasing it.

Inflation worries are off the boil

When asked about the main source of uncertainty over the next 12 months, businesses used to point to inflation. In June 2024, more than 65% of businesses cited inflation as the main source of business uncertainty. While this is still a significant concern, it has fallen to 48% of respondents.

More dramatically, however, geopolitical risk and tariffs combined were nominated by 52% of businesses in April as one of the main sources of uncertainty. This is up from about 20% of firms in June last year.

This global uncertainty is translating into uncertainty about individual business conditions. There is an increase in the percentage of businesses that expect deteriorating conditions for their business. And there is also an increase in uncertainty about the likely outcomes for their industry conditions, product demand, and access to credit and business inputs.

Risks for hiring and investment

While deteriorating expectations are a source of concern, the rise in uncertainty is like a one-two punch. Businesses that are uncertain about the future will stop hiring or investing until they have a better idea of what the future holds.

Indeed, during the Great Depression in the 1930s, uncertainty about the future exacerbated the initial downturn and helped turn it from a recession into a depression. This paralysing uncertainty is what led US President Franklin D. Roosevelt to utter the famous line “the only thing we have to fear is fear itself.”

While the situation in Australia is not nearly that dire, you can see the consequences of the uncertainty in businesses’ expectations for both their own businesses and the economy more generally.

In light of the tariff tensions, the majority of businesses are adopting a “wait and see” approach and expect to keep employment and investment unchanged in the next 12 months. The majority (62%) also expect their costs will be higher and, consequently, that they will have to raise their prices.

What it means for the RBA

Most businesses surveyed also anticipate higher inflation and lower economic growth in Australia. That is, stagflation.

This has important consequences for the next Reserve Bank board meeting in May.

The March quarter consumer price index, to be released on April 30, is unlikely to show the effects of the trade tensions. But monetary policy needs to be set in a forward-looking manner. That means business expectations of higher costs, prices and inflation over the next 12 months could argue for higher interest rates than otherwise.

Complicating the picture is the expectation of slower economic growth, which would usually argue for lower interest rates.

On balance, the majority of businesses surveyed in April expect the Reserve Bank to lower the cash rate in response to the trade war.

Regardless, what is undeniable is that uncertainty has increased in the last few months. And that means that policymakers need to deal with the uncertainty itself. Slightly lower interest rates or a little extra government spending cannot, of themselves, overcome the paralysing effects of uncertainty.

As such, the Reserve Bank and the government need to talk about not just their central expectations, but their strategy for dealing with the uncertainty around those expectations.

The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. New survey shows business outlook is weakening and uncertainty rising as the trade war bites – https://theconversation.com/new-survey-shows-business-outlook-is-weakening-and-uncertainty-rising-as-the-trade-war-bites-255101

MIL OSI Analysis – EveningReport.nz –

April 29, 2025

MIL-OSI Security: Florida Woman Sentenced to Federal Prison for Supervising Maryland Unemployment Insurance Scheme

Source: United States Department of Justice (National Center for Disaster Fraud)

Defendant obtained victim’s personal information to file false and fraudulent unemployment insurance claims.

Baltimore, Maryland – U.S. District Judge Julie R. Rubin sentenced Tiia Woods, 47, of Jacksonville, Florida, to 74 months in prison followed by three years of supervised release. The sentence is in connection with Woods’s role as an organizer of an unemployment insurance (UI) fraud scheme. Through the conspiracy, victims lost approximately $3,296,725.

Kelly O. Hayes, U.S. Attorney for the District of Maryland, announced the sentence with Special Agent in Charge Troy W. Springer, National Capital Region, U.S. Department of Labor’s Office of Inspector General (DOL-OIG), and Special Agent in Charge William J. DelBagno of the Federal Bureau of Investigation (FBI) – Baltimore Field Office.

According to the guilty plea, beginning in June 2020, and continuing through at least May 2021, Woods engaged in a conspiracy to defraud and obtain money through materially false and fraudulent pretenses, representations, and promises in connection with the UI scheme. Woods obtained the personal identifiable information of real persons and used the information to submit false and fraudulent unemployment insurance claims to the Maryland Department of Labor (MD-DOL).

Woods and her co-conspirators used UI benefits, which were designated to assist unemployed or underemployed people due to the COVID-19 national emergency, for their personal use. She instructed her co-conspirators Tyshawna Davis and Devante Smith via text message in furtherance of the conspiracy. Woods’s guidance included instructions on how to obtain benefits, expedite a claim, and how much Woods would keep for herself.

Smith was previously sentenced to 54 months in prison for his role in the conspiracy.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act — a federal law enacted in March 2020 — provided emergency financial assistance to Americans suffering from the economic effects of the COVID-19 pandemic. The CARES Act authorized increased unemployment insurance (“UI”) benefits. UI benefits have historically been a state and federal program that provided monetary benefits to eligible workers. The CARES Act expanded states’ ability to provide UI benefits for many workers impacted by COVID-19, including self-employed workers or independent contractors, who would not normally be eligible for UI benefits.

The District of Maryland Strike Force is one of five strike forces established throughout the United States by the U.S. Department of Justice to investigate and prosecute COVID-19 fraud, including fraud relating to the CARES Act. The CARES Act was designed to provide emergency financial assistance to Americans suffering the economic effects caused by the COVID-19 pandemic. The strike forces focus on large-scale, multi-state pandemic relief fraud perpetrated by criminal organizations and transnational actors. The strike forces are interagency law enforcement efforts, using prosecutor-led and data analyst-driven teams designed to identify and bring to justice those who stole pandemic relief funds.

For more information on the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus. Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

U.S. Attorney Hayes commended the DOL-OIG and FBI, along with Bank of America – Detection and Complex Investigations Fraud Rings and Analytics, for their work in the investigation. Ms. Hayes also thanked Assistant U.S. Attorneys Evelyn Lombardo Cusson and Harry M. Gruber who prosecuted the federal case.

For more information about the Maryland U.S. Attorney’s Office, its priorities, and resources available to report fraud, visit www.justice.gov/usao-md and https://www.justice.gov/usao-md/community-outreach.

# # #

MIL Security OSI –

April 29, 2025

MIL-OSI: Palomar Holdings, Inc. Announces First Quarter 2025 Financial Results Release Date and Conference Call

Source: GlobeNewswire (MIL-OSI)

LA JOLLA, Calif., April 28, 2025 (GLOBE NEWSWIRE) — Palomar Holdings, Inc. (NASDAQ: PLMR) (the “Company”) today announced that it will release its first quarter 2025 results after market close on Monday, May 5, 2025, and will host a conference call at 12:00 p.m. (Eastern Time) the following day, Tuesday, May 6, 2025.

The conference call can be accessed live by dialing 1-877-423-9813 or for international callers, 1-201-689-8573, and requesting to be joined to the Palomar First Quarter 2025 Earnings Conference Call. A replay will be available starting at 4:00 p.m. (Eastern Time) on May 6, 2025, and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the replay is 13752911. The replay will be available until 11:59 p.m. (Eastern Time) on May 13, 2025.

Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the investor relations section of the Company’s website at https://ir.palomarspecialty.com/. The online replay will remain available for a limited time beginning immediately following the call.

About Palomar Holdings, Inc.

Palomar Holdings, Inc. is the holding company of subsidiaries Palomar Specialty Insurance Company (“PSIC”), Palomar Specialty Reinsurance Company Bermuda Ltd. (“PSRE”), Palomar Insurance Agency, Inc. (“PIA”), Palomar Excess and Surplus Insurance Company (“PESIC”), Palomar Underwriters Exchange Organization, Inc (“PUEO”), Palomar Crop Insurance Services, Inc, and First Indemnity of America Insurance Company (acquired 1/1/2025). Palomar’s consolidated results also include Laulima Reciprocal Exchange, a variable interest entity for which the Company is the primary beneficiary. Palomar is an innovative specialty insurer serving residential and commercial clients in five product categories: Earthquake, Inland Marine and Other Property, Casualty, Fronting, and Crop. Palomar’s insurance subsidiaries, Palomar Specialty Insurance Company, Palomar Specialty Reinsurance Company Bermuda Ltd., and Palomar Excess and Surplus Insurance Company, have a financial strength rating of “A” (Excellent) from A.M. Best.

To learn more, visit PLMR.com

Follow Palomar on LinkedIn: @PLMRInsurance

Contact
Media Inquiries
Lindsay Conner
1-551-206-6217
lconner@plmr.com

Investor Relations
Jamie Lillis
1-203-428-3223
investors@plmr.com
Source: Palomar Holdings, Inc.

The MIL Network –

April 29, 2025

MIL-OSI: NXP Semiconductors Reports First Quarter 2025 Results, Announces Management Transition

Source: GlobeNewswire (MIL-OSI)

EINDHOVEN, The Netherlands, April 28, 2025 (GLOBE NEWSWIRE) — NXP Semiconductors N.V. (NASDAQ: NXPI) today reported financial results for the first quarter, which ended March 30, 2025. “NXP delivered quarterly revenue of $2.84 billion, in-line with the midpoint of guidance. NXP’s first-quarter results and guidance for the second quarter underpin a cautious optimism that NXP continues to effectively navigate through a challenging set of market conditions. We are operating in a very uncertain environment influenced by tariffs with volatile direct and indirect effects. Considering these external factors, we are redoubling our efforts to manage what is in our direct control, enabling NXP to drive solid profitability and earnings,” said Kurt Sievers, NXP President and Chief Executive Officer.

The company announced that Mr. Sievers has informed the Board of Directors of his intention to retire from NXP at the end of 2025. “Kurt has been a dynamic, visionary, and highly effective CEO of NXP since May 2020,” said Julie Southern, NXP’s Chair of the Board of Directors. “He has been instrumental in leading the definition and implementation of NXP’s strategy to be the leader in intelligent systems at the edge within the Automotive and Industrial & IoT end markets. After a successful 30-year career with NXP, we are saddened to see Kurt retire. We and the entire NXP community thank him for his leadership and wish him the absolute best in his retirement.”

Following a comprehensive and thorough succession planning process, NXP’s Board of Directors announced that it has unanimously approved Mr. Rafael Sotomayor to succeed Mr. Sievers as President, effective April 28, 2025. Messrs. Sievers and Sotomayor will work closely to orchestrate a smooth leadership transition until October 28, 2025, when Mr. Sotomayor will assume the role of President and Chief Executive Officer. “Rafael has been an integral part of creating and shaping NXP’s strategy and enabling the company’s success. We are confident he is ideally suited to assume the role of President and CEO at NXP, and to execute the company’s vision for leadership in the intelligent systems at the edge within the Automotive and Industrial & IoT end markets,” said Ms. Southern.

Mr. Sievers’ departure is a purely personal decision and is not related to any disagreement with the Board of Directors, or any issues relating to the strategic or financial performance of the company.

Key Highlights for the First Quarter 2025:

Revenue was $2.84 billion, down 9 percent year-on-year;
GAAP gross margin was 55.0 percent, GAAP operating margin was 25.5 percent and GAAP diluted Net Income per Share was $1.92;
Non-GAAP gross margin was 56.1 percent, non-GAAP operating margin was 31.9 percent, and non-GAAP diluted Net Income per Share was $2.64;
Cash flow from operations was $565 million, with net capex investments of $138 million, resulting in non-GAAP free cash flow of $427 million;
Capital return during the quarter was $561 million, representing 131 percent of first quarter non-GAAP free cash flow. Share buybacks were $303 million and dividends paid during the quarter were $258 million. After the end of the first quarter, between March 31, 2025, and April 25, 2025, NXP executed via a 10b5-1 program additional share repurchases totaling $90 million;
On January 7, 2025, NXP announced the MCX L14x and MCX L25x, the first families in the ultra-low-power L Series of the MCX microcontroller portfolio. The MCX L series features a dual-core architecture with an independent ultra-low-power sense domain to enable challenging battery-limited applications, such as sensors for industrial monitoring, building management, and flow metering;
On January 8, 2025, Honeywell and NXP announced an expansion of its partnership that will accelerate aviation product development and chart the path for autonomous flight. The Honeywell Anthem cockpit is powered by NXP’s i.MX 8 applications processors to help improve operational efficiency, safety and unlock value for pilots and operators. This builds on the companies’ existing relationship, which is focused on helping optimize how building management systems sense and securely control energy consumption;
On January 15, 2025, NXP announced it has secured a €1 billion loan from the European Investment Bank (EIB) to advance the company’s RDI investments across its broad portfolio of semiconductor solutions. The €1 billion loan facility carries a weighted average interest rate of 4.54 percent when drawn in dollar denominated tranches, under the current market conditions and has a duration of six years;
On February 10, 2025, NXP announced the agreement to acquire Kinara Inc., an industry leader in high performance, energy-efficient and programmable discrete neural processing units (NPUs) to enable intelligence at the edge solutions. The all-cash transaction was valued at $307 million and is expected to close in the first half of 2025, subject to customary closing conditions, including regulatory clearances;
On March 11, 2025, NXP announced the new S32K5 family of automotive microcontrollers (MCU), the automotive industry’s first 16nm FinFET MCU with embedded magnetic RAM (MRAM). The S32K5 MCU family will extend the NXP CoreRide platform with pre-integrated zonal and electrification system solutions for scalable software-defined vehicle (SDV) architectures.

Summary of Reported First Quarter 2025 ($ millions, unaudited) ⁽¹⁾

	Q1 2025			Q4 2024			Q1 2024			Q – Q		Y – Y
Total Revenue	$	2,835		$	3,111		$	3,126		-9	%	-9	%
GAAP Gross Profit	$	1,560		$	1,678		$	1,783		-7	%	-13	%
Gross Profit Adjustments ⁽ⁱ⁾	$	(31	)	$	(111	)	$	(35	)
Non-GAAP Gross Profit	$	1,591		$	1,789		$	1,818		-11	%	-12	%
GAAP Gross Margin		55.0	%		53.9	%		57.0	%
Non-GAAP Gross Margin		56.1	%		57.5	%		58.2	%
GAAP Operating Income (Loss)	$	723		$	675		$	856		7	%	-16	%
Operating Income Adjustments ⁽ⁱ⁾	$	(181	)	$	(390	)	$	(224	)
Non-GAAP Operating Income	$	904		$	1,065		$	1,080		-15	%	-16	%
GAAP Operating Margin		25.5	%		21.7	%		27.4	%
Non-GAAP Operating Margin		31.9	%		34.2	%		34.5	%
GAAP Net Income (Loss) attributable to Stockholders	$	490		$	495		$	639		-1	%	-23	%
Net Income Adjustments ⁽ⁱ⁾	$	(183	)	$	(322	)	$	(201	)
Non-GAAP Net Income (Loss) Attributable to Stockholders	$	673		$	817		$	840		-18	%	-20	%
GAAP diluted Net Income (Loss) per Share ⁽ⁱⁱ⁾	$	1.92		$	1.93		$	2.47		—	%	-22	%
Non-GAAP diluted Net Income (Loss) per Share ⁽ⁱⁱ⁾	$	2.64		$	3.18		$	3.24		-17	%	-19	%

Additional information
	Q1 2025		Q4 2024		Q1 2024		Q – Q		Y – Y
Automotive	$	1,674	$	1,790	$	1,804	-6	%	-7	%
Industrial & IoT	$	508	$	516	$	574	-2	%	-11	%
Mobile	$	338	$	396	$	349	-15	%	-3	%
Comm. Infra. & Other	$	315	$	409	$	399	-23	%	-21	%
DIO		169		151		144
DPO		62		65		65
DSO		34		30		26
Cash Conversion Cycle		141		116		105
Channel Inventory (weeks)		9		8		7
Gross Financial Leverage ⁽ⁱⁱⁱ⁾	2.4x		2.1x		1.9x
Net Financial Leverage ^(iv)	1.6x		1.5x		1.3x

Additional Information for the First Quarter 2025:

For an explanation of GAAP to non-GAAP adjustments, please see “Non-GAAP Financial Measures”.
Refer to Table 1 below for the weighted average number of diluted shares for the presented periods.
Gross financial leverage is defined as gross debt divided by trailing twelve months adjusted EBITDA.
Net financial leverage is defined as net debt divided by trailing twelve months adjusted EBITDA.

Guidance for the Second Quarter 2025: ($ millions, except Per Share data) ⁽¹⁾


	GAAP			Reconciliation	non-GAAP
	Low	Mid	High		Low	Mid	High
Total Revenue	$2,800	$2,900	$3,000		$2,800	$2,900	$3,000
Q-Q	-1%	2%	6%		-1%	2%	6%
Y-Y	-10%	-7%	-4%		-10%	-7%	-4%
Gross Profit	$1,533	$1,604	$1,675	$(29)	$1,562	$1,633	$1,704
Gross Margin	54.8%	55.3%	55.8%		55.8%	56.3%	56.8%
Operating Income (loss)	$680	$741	$802	$(182)	$862	$923	$984
Operating Margin	24.3%	25.6%	26.7%		30.8%	31.8%	32.8%
Financial Income (expense)	$(100)	$(100)	$(100)	$(12)	$(88)	$(88)	$(88)
Tax rate	18.5%-19.5%				17.0%-18.0%
Equity-accounted investees	$(8)	$(8)	$(8)	$(6)	$(2)	$(2)	$(2)
Non-controlling interests	$(9)	$(9)	$(9)		$(9)	$(9)	$(9)
Shares – diluted	255.0	255.0	255.0		255.0	255.0	255.0
Earnings Per Share – diluted	$1.78	$1.97	$2.16		$2.46	$2.66	$2.86

Note (1) Additional Information:

GAAP Gross Profit is expected to include Purchase Price Accounting (“PPA”) effects, $(7) million; Share-based Compensation, $(15) million; Other Incidentals, $(7) million;
GAAP Operating Income (loss) is expected to include PPA effects, $(33) million; Share-based Compensation, $(115) million; Restructuring and Other Incidentals, $(34) million;
GAAP Financial Income (expense) is expected to include Other financial expense $(12) million;
GAAP Results relating to equity-accounted investees is expected to include results relating to non-foundry equity-accounted investees $(6) million;
GAAP diluted EPS is expected to include the adjustments noted above for PPA effects, Share-based Compensation, Restructuring and Other Incidentals in GAAP Operating Income (loss), the adjustment for Other financial expense, the adjustment for results relating to non-foundry equity-accounted investees and the adjustment on Tax due to the earlier mentioned adjustments.

NXP has based the guidance included in this release on judgments and estimates that management believes are reasonable given its assessment of historical trends and other information reasonably available as of the date of this release. Please note, the guidance included in this release consists of predictions only, and is subject to a wide range of known and unknown risks and uncertainties, many of which are beyond NXP’s control. The guidance included in this release should not be regarded as representations by NXP that the estimated results will be achieved. Actual results may vary materially from the guidance we provide today. In relation to the use of non-GAAP financial information see the note regarding “Non-GAAP Financial Measures” below. For the factors, risks, and uncertainties to which judgments, estimates and forward-looking statements generally are subject see the note regarding “Forward-looking Statements.” We undertake no obligation to publicly update or revise any forward-looking statements, including the guidance set forth herein, to reflect future events or circumstances.

Non-GAAP Financial Measures

In managing NXP’s business on a consolidated basis, management develops an annual operating plan, which is approved by our Board of Directors, using non-GAAP financial measures, that are not in accordance with, nor an alternative to, U.S. generally accepted accounting principles (“GAAP”). In measuring performance against this plan, management considers the actual or potential impacts on these non-GAAP financial measures from actions taken to reduce costs with the goal of increasing our gross margin and operating margin and when assessing appropriate levels of research and development efforts. In addition, management relies upon these non-GAAP financial measures when making decisions about product spending, administrative budgets, and other operating expenses. We believe that these non-GAAP financial measures, when coupled with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of the Company’s results of operations and the factors and trends affecting NXP’s business. We believe that they enable investors to perform additional comparisons of our operating results, to assess our liquidity and capital position and to analyze financial performance excluding the effect of expenses unrelated to core operating performance, certain non-cash expenses and share-based compensation expense, which may obscure trends in NXP’s underlying performance. This information also enables investors to compare financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management.

These non-GAAP financial measures are provided in addition to, and not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The presentation of these and other similar items in NXP’s non-GAAP financial results should not be interpreted as implying that these items are non-recurring, infrequent, or unusual. Reconciliations of these non-GAAP measures to the most comparable measures calculated in accordance with GAAP are provided in the financial statements portion of this release in a schedule entitled “Financial Reconciliation of GAAP to non-GAAP Results (unaudited).” Please refer to the NXP Historic Financial Model file found on the Financial Information page of the Investor Relations section of our website at https://investors.nxp.com for additional information related to our rationale for using these non-GAAP financial measures, as well as the impact of these measures on the presentation of NXP’s operations.

In addition to providing financial information on a basis consistent with GAAP, NXP also provides the following selected financial measures on a non-GAAP basis: (i) Gross profit, (ii) Gross margin, (iii) Research and development, (iv) Selling, general and administrative, (v) Amortization of acquisition-related intangible assets, (vi) Other income, (vii) Operating income (loss), (viii) Operating margin, (ix) Financial Income (expense), (x) Income tax benefit (provision), (xi) Results relating to non-foundry equity-accounted investees, (xii) Net income (loss) attributable to stockholders, (xiii) Earnings per Share – Diluted, (xiv) EBITDA, adjusted EBITDA and trailing 12 month adjusted EBITDA, and (xv) free cash flow, trailing 12 month free cash flow and trailing 12 month free cash flow as a percent of Revenue. The non-GAAP information excludes, where applicable, the amortization of acquisition related intangible assets, the purchase accounting effect on inventory and property, plant and equipment, merger related costs (including integration costs), certain items related to divestitures, share-based compensation expense, restructuring and asset impairment charges, extinguishment of debt, foreign exchange gains and losses, income tax effect on adjustments described above and results from non-foundry equity-accounted investments.

The difference in the benefit (provision) for income taxes between our GAAP and non-GAAP results relates to the income tax effects of the GAAP to non-GAAP adjustments that we make and the income tax effect of any discrete items that occur in the interim period. Discrete items primarily relate to unexpected tax events that may occur as these amounts cannot be forecasted (e.g., the impact of changes in tax law and/or rates, changes in estimates or resolved tax audits relating to prior year tax provisions, the excess or deficit tax effects on share-based compensation, etc.).

Conference Call and Webcast Information

The company will host a conference call with the financial community on Tuesday, April 29, 2025 at 8:00 a.m. U.S. Eastern Daylight Time (EDT) to review the first quarter 2025 results in detail.

Interested parties may preregister to obtain a user-specific access code for the call here.

The call will be webcast and can be accessed from the NXP Investor Relations website at www.nxp.com. A replay of the call will be available on the NXP Investor Relations website within 24 hours of the actual call.

About NXP Semiconductors

NXP Semiconductors N.V. (NASDAQ: NXPI) is the trusted partner for innovative solutions in the automotive, industrial & IoT, mobile, and communications infrastructure markets. NXP’s “Brighter Together” approach combines leading-edge technology with pioneering people to develop system solutions that make the connected world better, safer, and more secure. The company has operations in more than 30 countries and posted revenue of $2.84 billion in 2024. Find out more at www.nxp.com.

Forward-looking Statements

This document includes forward-looking statements which include statements regarding NXP’s business strategy, financial condition, results of operations, market data, as well as any other statements which are not historical facts. By their nature, forward-looking statements are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those projected. These factors, risks and uncertainties include the following: market demand and semiconductor industry conditions; our ability to successfully introduce new technologies and products; the demand for the goods into which NXP’s products are incorporated; trade disputes between the U.S. and China, potential increase of barriers to international trade and resulting disruptions to NXP’s established supply chains; the impact of government actions and regulations, including restrictions on the export of US-regulated products and technology; increasing and evolving cybersecurity threats and privacy risks, including theft of sensitive or confidential data; the ability to generate sufficient cash, raise sufficient capital or refinance corporate debt at or before maturity to meet both NXP’s debt service and research and development and capital investment requirements; our ability to accurately estimate demand and match our production capacity accordingly or obtain supplies from third-party producers to meet demand; our access to production capacity from third-party outsourcing partners, and any events that might affect their business or NXP’s relationship with them; our ability to secure adequate and timely supply of equipment and materials from suppliers; our ability to avoid operational problems and product defects and, if such issues were to arise, to correct them quickly; our ability to form strategic partnerships and joint ventures and to successfully cooperate with our alliance partners; our ability to win competitive bid selection processes; our ability to develop products for use in customers’ equipment and products; the ability to successfully hire and retain key management and senior product engineers; global hostilities, including the invasion of Ukraine by Russia and resulting regional instability, sanctions and any other retaliatory measures taken against Russia and the continued hostilities and the armed conflict in the Middle East, which could adversely impact the global supply chain, disrupt our operations or negatively impact the demand for our products in our primary end markets; the ability to maintain good relationships with NXP’s suppliers; and a change in tax laws could have an effect on our estimated effective tax rate. In addition, this document contains information concerning the semiconductor industry, our end markets and business generally, which is forward-looking in nature and is based on a variety of assumptions regarding the ways in which the semiconductor industry, our end markets and business will develop. NXP has based these assumptions on information currently available, if any one or more of these assumptions turn out to be incorrect, actual results may differ from those predicted. While NXP does not know what impact any such differences may have on its business, if there are such differences, its future results of operations and its financial condition could be materially adversely affected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak to results only as of the date the statements were made. Except for any ongoing obligation to disclose material information as required by the United States federal securities laws, NXP does not have any intention or obligation to publicly update or revise any forward-looking statements after we distribute this document, whether to reflect any future events or circumstances or otherwise. For a discussion of potential risks and uncertainties, please refer to the risk factors listed in our SEC filings. Copies of our SEC filings are available on our Investor Relations website, www.nxp.com/investor or from the SEC website, www.sec.gov.

For further information, please contact:

Investors: Jeff Palmer jeff.palmer@nxp.com +1 408 205 0687	Media: Paige Iven paige.iven@nxp.com +1 817 975 0602

NXP-CORP

NXP Semiconductors
Table 1: Condensed consolidated statement of operations (unaudited)

($ in millions except share data)	Three months ended
	March 30, 2025			December 31, 2024			March 31, 2024

Revenue	$	2,835		$	3,111		$	3,126
Cost of revenue		(1,275	)		(1,433	)		(1,343	)
Gross profit		1,560			1,678			1,783
Research and development		(547	)		(612	)		(564	)
Selling, general and administrative		(281	)		(323	)		(306	)
Amortization of acquisition-related intangible assets		(27	)		(28	)		(51	)
Total operating expenses		(855	)		(963	)		(921	)
Other income (expense)		18			(40	)		(6	)
Operating income (loss)		723			675			856
Financial income (expense):
Other financial income (expense)		(92	)		(91	)		(70	)
Income (loss) before income taxes		631			584			786
Benefit (provision) for income taxes		(130	)		(77	)		(141	)
Results relating to equity-accounted investees		(4	)		(2	)		(1	)
Net income (loss)		497			505			644
Less: Net income (loss) attributable to non-controlling interests		7			10			5
Net income (loss) attributable to stockholders		490			495			639

Earnings per share data:
Net income (loss) per common share attributable to stockholders in $
Basic	$	1.93		$	1.95		$	2.49
Diluted	$	1.92		$	1.93		$	2.47

Weighted average number of shares of common stock outstanding during the period (in thousands):
Basic		253,709			254,349			256,567
Diluted		255,018			256,628			258,954

NXP Semiconductors
Table 2: Condensed consolidated balance sheet (unaudited)

	($ in millions)	As of
		March 30, 2025		December 31, 2024		March 31, 2024
ASSETS
Current assets:
	Cash and cash equivalents	$	3,988	$	3,292	$	2,908
	Short-term deposits		—		—		400
	Accounts receivable, net		1,060		1,032		881
	Inventories, net		2,350		2,356		2,102
	Other current assets		627		625		603
Total current assets			8,025		7,305		6,894

Non-current assets:
	Deferred tax assets		1,284		1,251		1,048
	Other non-current assets		1,942		1,796		1,290
	Property, plant and equipment, net		3,210		3,267		3,304
	Identified intangible assets, net		777		836		839
	Goodwill		9,942		9,930		9,945
Total non-current assets			17,155		17,080		16,426

Total assets			25,180		24,385		23,320

LIABILITIES AND EQUITY
Current liabilities:
	Accounts payable		863		1,017		954
	Restructuring liabilities-current		75		147		68
	Other current liabilities		1,412		1,434		1,906
	Short-term debt		1,499		500		—
Total current liabilities			3,849		3,098		2,928

Non-current liabilities:
	Long-term debt		10,226		10,354		10,178
	Restructuring liabilities		4		10		9
	Other non-current liabilities		1,424		1,392		1,055
Total non-current liabilities			11,654		11,756		11,242

	Non-controlling interests		355		348		321
	Stockholders’ equity		9,322		9,183		8,829
Total equity			9,677		9,531		9,150

Total liabilities and equity			25,180		24,385		23,320

NXP Semiconductors
Table 3: Condensed consolidated statement of cash flows (unaudited)

($ in millions)	Three months ended
	March 30, 2025			December 31, 2024			March 31, 2024
Cash flows from operating activities:
Net income (loss)	$	497		$	505		$	644
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Depreciation and amortization		209			259			235
Share-based compensation		127			117			115
Amortization of discount (premium) on debt, net		1			1			1
Amortization of debt issuance costs		1			2			2
Net (gain) loss on sale of assets		(22	)		(1	)		(2	)
Results relating to equity-accounted investees		4			2			1
(Gain) loss on equity securities, net		6			6			2
Deferred tax expense (benefit)		(27	)		(145	)		(64	)
Changes in operating assets and liabilities:
(Increase) decrease in receivables and other current assets		(29	)		(25	)		(25	)
(Increase) decrease in inventories		6			(122	)		32
Increase (decrease) in accounts payable and other liabilities		(110	)		16			(102	)
(Increase) decrease in other non-current assets		(106	)		(218	)		6
Exchange differences		4			(1	)		3
Other items		4			(5	)		3
Net cash provided by (used for) operating activities		565			391			851

Cash flows from investing activities:
Purchase of identified intangible assets		(25	)		(36	)		(32	)
Capital expenditures on property, plant and equipment		(139	)		(130	)		(226	)
Insurance recoveries received for equipment damage		—			—			2
Proceeds from the disposals of property, plant and equipment		1			1			2
Advance payment from sale of property, plant and equipment		—			30			—
Proceeds of short-term deposits		—			400			9
Purchase of investments		(53	)		(67	)		(34	)
Proceeds from the sale of investments		—			—			5
Net cash provided by (used for) investing activities		(216	)		198			(274	)

Cash flows from financing activities:
Repurchase of long-term debt		—			—			(1,000	)
Proceeds from the issuance of long-term debt		370			670			—
Cash paid for debt issuance costs		—			(1	)		—
Proceeds from the issuance of commercial paper notes		646			—			—
Repayment of commercial paper notes		(146	)		—			—
Dividends paid to common stockholders		(258	)		(258	)		(261	)
Proceeds from issuance of common stock through stock plans		37			3			37
Purchase of treasury shares and restricted stock unit withholdings		(303	)		(455	)		(303	)
Other, net		(1	)		—			(1	)
Net cash provided by (used for) financing activities		345			(41	)		(1,528	)

Effect of changes in exchange rates on cash positions		2			(4	)		(3	)
Increase (decrease) in cash and cash equivalents		696			544			(954	)
Cash and cash equivalents at beginning of period		3,292			2,748			3,862
Cash and cash equivalents at end of period		3,988			3,292			2,908

Net cash paid during the period for:
Interest		41			92			38
Income taxes, net of refunds		96			280			198
Net gain (loss) on sale of assets:
Cash proceeds from the sale of assets		31			1			2
Book value of these assets		(9	)		—			—
Non-cash investing activities:
Non-cash capital expenditures		108			161			223

NXP Semiconductors
Table 4: Financial Reconciliation of GAAP to non-GAAP Results (unaudited)

($ in millions except share data)	Three months ended
	March 30, 2025			December 31, 2024			March 31, 2024
GAAP Gross Profit	$	1,560		$	1,678		$	1,783
PPA Effects		(8	)		(11	)		(12	)
Restructuring		(4	)		(21	)		(3	)
Share-based compensation		(16	)		(15	)		(15	)
Other incidentals		(3	)		(64	)		(5	)
Non-GAAP Gross Profit	$	1,591		$	1,789		$	1,818
GAAP Gross margin		55.0	%		53.9	%		57.0	%
Non-GAAP Gross margin		56.1	%		57.5	%		58.2	%
GAAP Research and development	$	(547	)	$	(612	)	$	(564	)
Restructuring		(7	)		(50	)		(3	)
Share-based compensation		(64	)		(60	)		(58	)
Other incidentals		(1	)		(5	)		(1	)
Non-GAAP Research and development	$	(475	)	$	(497	)	$	(502	)
GAAP Selling, general and administrative	$	(281	)	$	(323	)	$	(306	)
Restructuring		(3	)		(41	)		(1	)
Share-based compensation		(47	)		(42	)		(42	)
Other incidentals		(20	)		(12	)		(29	)
Non-GAAP Selling, general and administrative	$	(211	)	$	(228	)	$	(234	)
GAAP Operating income (loss)	$	723		$	675		$	856
PPA effects		(40	)		(39	)		(63	)
Restructuring		(14	)		(112	)		(7	)
Share-based compensation		(127	)		(117	)		(115	)
Other incidentals		—			(122	)		(39	)
Non-GAAP Operating income (loss)	$	904		$	1,065		$	1,080
GAAP Operating margin		25.5	%		21.7	%		27.4	%
Non-GAAP Operating margin		31.9	%		34.2	%		34.5	%
GAAP Income tax benefit (provision)	$	(130	)	$	(77	)	$	(141	)
Income tax effect		13			87			30
Non-GAAP Income tax benefit (provision)	$	(143	)	$	(164	)	$	(171	)
GAAP Net income (loss) attributable to stockholders	$	490		$	495		$	639
PPA Effects		(40	)		(39	)		(63	)
Restructuring		(14	)		(112	)		(7	)
Share-based compensation		(127	)		(117	)		(115	)
Other incidentals		—			(122	)		(39	)
Other adjustments:
Adjustments to financial income (expense)		(12	)		(17	)		(6	)
Income tax effect		13			87			30
Results relating to equity-accounted investees, excluding Foundry investees¹		(3	)		(2	)		(1	)
Non-GAAP Net income (loss) attributable to stockholders	$	673		$	817		$	840


Additional Information:
1. Refer to Table 7 below for further information regarding the results relating to equity-accounted investees.

GAAP net income (loss) per common share attributable to stockholders – diluted	$	1.92		$	1.93		$	2.47
PPA Effects		(0.16	)		(0.15	)		(0.24	)
Restructuring		(0.05	)		(0.44	)		(0.03	)
Share-based compensation		(0.50	)		(0.46	)		(0.44	)
Other incidentals		—			(0.47	)		(0.15	)
Other adjustments:
Adjustments to financial income (expense)		(0.05	)		(0.07	)		(0.02	)
Income tax effect		0.05			0.34			0.11
Results relating to equity-accounted investees, excluding Foundry investees¹		(0.01	)		—			—
Non-GAAP net income (loss) per common share attributable to stockholders – diluted	$	2.64		$	3.18		$	3.24


Additional Information:
1. Refer to Table 7 below for further information regarding the results relating to equity-accounted investees.

NXP Semiconductors
Table 5: Financial Reconciliation of GAAP to non-GAAP Financial income (expense) (unaudited)

	($ in millions)	Three months ended
		March 30, 2025			December 31, 2024			March 31, 2024
GAAP Financial income (expense)		$	(92	)	$	(91	)	$	(70	)
	Foreign exchange loss		(3	)		3			(1	)
	Other financial expense		(9	)		(20	)		(5	)
Non-GAAP Financial income (expense)		$	(80	)	$	(74	)	$	(64	)

NXP Semiconductors
Table 6: Financial Reconciliation of GAAP to non-GAAP Other income (expense) (unaudited)

	($ in millions)	Three months ended
		March 30, 2025			December 31, 2024			March 31, 2024
GAAP Other income (expense)		$	18		$	(40	)	$	(6	)
	PPA effects		(5	)		—			—
	Other incidentals		24			(41	)		(4	)
Non-GAAP Other income (expense)		$	(1	)	$	1		$	(2	)

NXP Semiconductors
Table 7: Financial Reconciliation of GAAP to non-GAAP Results relating to equity-accounted investees (unaudited)

	($ in millions)	Three months ended
		March 30, 2025			December 31, 2024			March 31, 2024
GAAP Results relating to equity-accounted investees		$	(4	)	$	(2	)	$	(1	)
	Results of equity-accounted investees, excluding Foundry investees¹		(3	)		(2	)		(1	)
Non-GAAP Results relating to equity-accounted investees		$	(1	)	$	—		$	—

Additional Information:
We adjust our results relating to equity-accounted investees for those results from investments over which NXP has significant influence, but not control, and whose business activities are not related to the core operating performance of NXP. Our equity-investments in foundry partners are part of our long-term core operating performance and accordingly those results comprise the Non-GAAP Results relating to equity-accounted investees.

NXP Semiconductors
Table 8: Adjusted EBITDA and Free Cash Flow (unaudited)

($ in millions)	Three months ended
	March 30, 2025			December 31, 2024			March 31, 2024
GAAP Net income (loss)	$	497		$	505		$	644
Reconciling items to EBITDA (Non-GAAP)
Financial (income) expense		92			91			70
(Benefit) provision for income taxes		130			77			141
Depreciation and impairment		143			190			145
Amortization		66			69			90
EBITDA (Non-GAAP)	$	928		$	932		$	1,090
Reconciling items to adjusted EBITDA (Non-GAAP)
Results of equity-accounted investees, excluding Foundry investees¹		3			2			1
Purchase accounting effect on asset sale		5			—			—
Restructuring		14			112			7
Share-based compensation		127			117			115
Other incidental items²		(4	)		77			39
Adjusted EBITDA (Non-GAAP)	$	1,073		$	1,240		$	1,252
Trailing twelve month adjusted EBITDA (Non-GAAP)	$	4,885		$	5,064		$	5,395

Additional Information:
1. Refer to Table 7 above for further information regarding the results relating to equity-accounted investees.
2. Excluding from total other incidental items, charges included in depreciation, amortization or impairment reconciling items:
– other incidental items		4			45			—



($ in millions)	Three months ended
	March 30, 2025			December 31, 2024			March 31, 2024
Net cash provided by (used for) operating activities	$	565		$	391		$	851
Net capital expenditures on property, plant and equipment		(138	)		(99	)		(224	)
Non-GAAP free cash flow	$	427		$	292		$	627
Trailing twelve month non-GAAP free cash flow	$	1,889		$	2,089		$	2,933
Trailing twelve month non-GAAP free cash flow as percent of Revenue		15	%		17	%		22	%

The MIL Network –

April 29, 2025

MIL-OSI: Two Senior Executives Join the Diginex Team to Drive Sustainable Finance Initiatives and strategic M&A

Source: GlobeNewswire (MIL-OSI)

LONDON, April 28, 2025 (GLOBE NEWSWIRE) — Diginex Limited (“Diginex”) (NASDAQ: DGNX), a leading impact technology company focused on solving pressing environmental, social, and governance (ESG) challenges, is thrilled to announce the appointment of two senior executives to the Diginex team. This builds off recent news of strategic alliances signed with Russell Bedford International, Forvis Mazars, and Baker Tilly Singapore, marking a significant step for Diginex to support a sustainable and innovation-driven economy.

Dan Campion was appointed as Diginex’s Global Chief Commercial Officer. With a distinguished career in strategic leadership and business development, Mr. Campion will spearhead Diginex’s efforts to expand its ESG solutions and sustainable finance offerings, reinforcing the Diginex’s commitment to creating a more responsible and resilient global economy.

Mr. Campion brings a wealth of experience to Diginex, having held senior leadership roles across multiple industries, including most recently as Global Head of “Markets” Sales at S&P Global. His expertise in navigating complex markets and delivering client-focused solutions aligns seamlessly with Diginex’s mission to empower organizations with cutting-edge tools for sustainability and ethical governance. In his new role, Mr. Campion will oversee Diginex’s global commercial strategy, help to accelerate market penetration, and strengthen Diginex’s position as a trusted partner in ESG and sustainable finance.

Lorenzo Romano was appointed as Diginex’s Lead Strategic Advisor on M&A. Mr. Romano is a seasoned banking executive with a distinguished track record in private banking, wealth management, and strategic growth advisory. Formerly Head of Private Banking at EFG Bank, Geneva, Mr. Romano spearheaded key initiatives to elevate client experience and expand the bank’s footprint. Prior to that, Mr. Romano served as Head of Switzerland, Europe, and the Middle East at Syz Bank, where he successfully led cross-border operations and business development across multiple regions. Leveraging over two decades of leadership in the financial sector, Mr. Romano will help to identify and execute accretive transactions across the Sustainability RegTech sector as the Company pursues a strategy of growth through acquisitions to complement the organic growth of its existing product lines.

“We are delighted to welcome both Dan Campion and Lorenzo Romano to the Diginex team,” said Miles Pelham, Chairman and Founder of Diginex. “Their deep understanding of commercial dynamics and passion for sustainable innovation makes them the ideal leaders to advance our Sustainable RegTech solutions. Their appointments mark an exciting step forward as we continue to support businesses worldwide in achieving their sustainability goals as well as look to grow through accretive M&A transactions.”

About Diginex Limited

Diginex Limited (Nasdaq: DGNX; ISIN KYG286871044), headquartered in London, is a sustainable RegTech business that empowers businesses and governments to streamline ESG, climate, and supply chain data collection and reporting. The Company utilizes blockchain, AI, machine learning and data analysis technology to lead change and increase transparency in corporate regulatory reporting and sustainable finance. Diginex’s products and services solutions enable companies to collect, evaluate and share sustainability data through easy-to-use software.

The award-winning diginexESG platform supports 17 global frameworks, including GRI (the “Global Reporting Initiative”), SASB (the “Sustainability Accounting Standards Board”), and TCFD (the “Task Force on Climate-related Financial Disclosures”). Clients benefit from end-to-end support, ranging from materiality assessments and data management to stakeholder engagement, report generation and an ESG Ratings Support Service.

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

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results disclosed in the Company’s filings with the SEC.

For investor and media inquiries, please contact:

Diginex
Investor Relations
Email: ir@diginex.com

IR Contact – Europe
Anna Höffken
Phone: +49.40.609186.0
Email: diginex@kirchhoff.de

IR Contact – US
Kincade Ayers
Lambert by LLYC
Phone: +1 (616) 258-5794
Email: kincade.ayers@llyc.global

IR Contact – Asia
Shelly Cheng
Strategic Public Relations Group Ltd.
Phone: +852 2864 4857
Email: sprg_diginex@sprg.com.hk

The MIL Network –

April 29, 2025

MIL-OSI: Turtle Beach Corporation to Report First Quarter 2025 Financial Results on Thursday, May 8, 2025

Source: GlobeNewswire (MIL-OSI)

WHITE PLAINS, N.Y., April 28, 2025 (GLOBE NEWSWIRE) — Turtle Beach Corporation (Nasdaq: TBCH) a leading gaming headset and accessories brand, today announced it will report financial results for the first quarter 2025 on Thursday, May 8, 2025, after the close of trading on the Nasdaq Stock Market.

The Company will also host a conference call and audio webcast at 5:00p.m. ET / 2:00p.m. PT that same day to review the results. The call will be hosted by Cris Keirn, Chief Executive Officer, and Mark Weinswig, Chief Financial Officer.

Conference Call Information
The live webcast of the call will be available on the “Events & Presentations” page of the Company’s website at corp.turtlebeach.com. Interested individuals may also join by dialing 1-877-407-0792 or 1-201-689-8263. To avoid delays, participants are encouraged to dial into the conference call 15-minutes ahead of the scheduled start time.

A telephone replay of the call will be available through May 22, 2025, and can be accessed by dialing 1-844-512-2921 or 1-412-317-6671 and entering passcode 13752645. A replay of the webcast will also be available on the investor relations website for a limited time.

About Turtle Beach Corporation

Turtle Beach Corporation (the “Company”) (corp.turtlebeach.com) is one of the world’s leading gaming accessory providers. The Company’s namesake Turtle Beach brand (www.turtlebeach.com) is known for designing best-selling gaming headsets, top-rated game controllers, award-winning PC gaming peripherals, and groundbreaking gaming simulation accessories. Innovation, first-to-market features, a broad range of products for all types of gamers, and top-rated customer support have made Turtle Beach a fan-favorite brand and the market leader in console gaming audio for over a decade. Turtle Beach Corporation acquired Performance Designed Products (www.pdp.com) in 2024. Turtle Beach’s shares are traded on the Nasdaq Exchange under the symbol: TBCH.

Cautionary Note on Forward-Looking Statements
This press release includes forward-looking information and statements within the meaning of the federal securities laws. Except for historical information contained in this release, statements in this release may constitute forward-looking statements regarding assumptions, projections, expectations, targets, intentions, or beliefs about future events. Statements containing the words “may”, “could”, “would”, “should”, “believe”, “expect”, “anticipate”, “plan”, “estimate”, “target”, “goal”, “project”, “intend” and similar expressions, or the negatives thereof, constitute forward-looking statements. Forward-looking statements are only predictions and are not guarantees of performance. Forward-looking statements involve known and unknown risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. The inclusion of such information should not be regarded as a representation by the Company, or any person, that the objectives of the Company will be achieved. Forward-looking statements are based on management’s current beliefs and expectations, as well as assumptions made by, and information currently available to, management.

While the Company believes that its expectations are based upon reasonable assumptions, there can be no assurances that its goals and strategy will be realized. Numerous factors, including risks and uncertainties, may affect actual results and may cause results to differ materially from those expressed in forward-looking statements made by the Company or on its behalf. Some of these factors include, but are not limited to, risks related to macroeconomic conditions affecting the demand for our products, logistic and supply chain challenges and costs, dependence on the success and availability of third-parties to manufacturer and manage the logistics of transporting and distributing our products, the substantial uncertainties inherent in the acceptance of existing and future products, the difficulty of commercializing and protecting new technology, the impact of competitive products and pricing, general business and economic conditions, risks associated with the expansion of our business including the integration of any businesses we acquire and the integration of such businesses within our internal control over financial reporting and operations, our indebtedness, liquidity, and other factors discussed in our public filings, including the risk factors included in the Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and the Company’s other periodic reports filed with the Securities and Exchange Commission. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the Securities and Exchange Commission, the Company is under no obligation to publicly update or revise any forward-looking statement after the date of this release whether as a result of new information, future developments or otherwise.

CONTACTS

Investors:
tbch@icrinc.com
(646) 277-1285

Public Relations & Media:
MacLean Marshall
Sr. Director, Global Communications
Turtle Beach Corporation
(858) 914-5093
maclean.marshall@turtlebeach.com

The MIL Network –

April 29, 2025

MIL-OSI: Powell Max Limited Announces 2024 Audited Financial Results

Source: GlobeNewswire (MIL-OSI)

HONG KONG, April 28, 2025 (GLOBE NEWSWIRE) — Powell Max Limited (Nasdaq: PMAX) (the “Company” or “Powell Max”), a financial communications services provider headquartered in Hong Kong, today announced the audited financial results of the Company and its subsidiary for the financial year ended December 31, 2024.

Overview:

Revenue was HK$36.5 million (US$4.7 million) for the year ended December 31, 2024, representing a decrease of 25.7% for the year ended December 31, 2023.
Net loss was HK$18.1 million (US$2.3 million) for the year ended December 31, 2024, as compared with the profit for the year of HK$7.1 million for the year ended December 31, 2023.

Financial Results for the year ended December 31, 2024

Revenue. Revenue decreased by 25.7% from HK$49.1 million for the year ended December 31, 2023 to HK$36.5 million (US$4.7 million) for the year ended December 31, 2024, which was mainly due to the decrease in both the revenue from corporate financial communications services and IPO financial printing services.

General and administrative expenses. General and administrative expenses increased by 1.28 times from HK$10.9 million for the year ended December 31, 2023 to HK$24.9 million (US$3.2 million) for the year ended December 31, 2024, which was mainly due to the incurrence of issuance expenses (which consisted of professional fee and related expenses relating to the equity line of credit under standby equity purchase agreement entered into with YA II PN, Ltd. on November 21, 2024), an increase in professional services fees and an increase in employee benefits expense.

Selling and distribution expenses. Selling and distribution expenses increased by 55.6% from HK$4.5 million for the year ended December 31, 2023 to HK$7.0 million (US$0.9 million) for the year ended December 31, 2024, which was mainly due to an increase in the number of staff in our sales team and an increase in other expenses on business development and marketing. In light of the reduction of capital market activities in Hong Kong, we have allocated extra resources on sales and marketing with the view to maintain our market presence.

Net loss. Net loss for the year ended December 31, 2024 was HK$18.1 million (US$2.3 million), as compared with the profit for the year of HK$7.1 million for the year ended December 31, 2023.

Basic and diluted loss per share. Basic and diluted loss per share was HK$1.37 (US$0.18) per ordinary share for the year ended December 31, 2024, as compared to a basic and diluted earning per share of HK$0.56 per ordinary share for the year ended December 31, 2023.

About Powell Max Limited

Powell Max Limited is a financial communications services provider headquartered in Hong Kong. The Company engages in the provision of financial communications services that support capital market compliance and transaction needs for corporate clients and their advisors in Hong Kong. Its financial communications services cover a full range of financial printing, corporate reporting, communications and language support services from inception to completion, including typesetting, proofreading, translation, design, printing, electronic reporting, newspaper placement and distribution. The Company’s clients consist of domestic and international companies listed in Hong Kong, together with companies who are seeking to list in Hong Kong, as well as their advisors.

Exchange Rate Information

The Company is a holding company with operations conducted in Hong Kong through JAN Financial Press Limited and Miracle Media Production Limited (which was acquired after the reporting period), its direct wholly-owned operating subsidiaries. The operating subsidiaries’ reporting currency is Hong Kong dollars. Unless otherwise noted, all translations from Hong Kong dollars to United States Dollars in this press release were calculated the noon middle rate of US$1 — HK$7.7677, as published in the H.10 statistical release of the Board of Governors of the Federal Reserve System on December 31, 2024, respectively. No representation is made that the HK$ amount represents or could have been, or could be, converted, realized or settled into US$ at that rate, or at any other rate.

Forward-Looking Statements

This press release contains certain forward-looking statements. Words such as “will,” future,” “expects,” “believes,” and “intends,” or similar expressions, are intended to identify forward-looking statements. Forward-looking statements are subject to inherent uncertainties in predicting future results and conditions. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

Rounding Amounts and Percentages

Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding.

For investor and media inquiries, please contact:

Company Info:

Powell Max Limited
Investor Relations
ir@janfp.com
(852) 2158 2888

POWELL MAX LIMITED AND ITS SUBSIDIARY CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

	As of December 31
	2023			2024
	HK$			HK$			US$
ASSETS
Non-current assets
Property, plant and equipment		5,819,230			4,253,686			547,612
Total non-current assets		5,819,230			4,253,686			547,612

Current assets
Trade and other receivables		13,510,032			16,096,160			2,072,191
Cash and bank balances		3,660,213			42,222,014			5,435,588
Total current assets		17,170,245			58,318,174			7,507,779

Total assets		22,989,475			62,571,860			8,055,391

LIABILITIES AND EQUITY
Current liabilities
Trade and other payables		27,376,032			12,990,458			1,672,368
Contract liabilities		1,524,761			1,310,435			168,703
Bank borrowings		4,767,829			3,845,863			495,110
Lease liabilities		3,361,230			1,376,122			177,159
Derivative		—			6,756,516			869,822
Convertible promissory notes		—			13,860,647			1,784,395
Total current liabilities		37,029,852			40,140,041			5,167,557

Non-current liabilities
Trade and other payables		150,000			150,000			19,311
Lease liabilities		1,122,591			1,014,182			130,564
Total non-current liabilities		1,272,591			1,164,182			149,875

Total liabilities		38,302,443			41,304,223			5,317,432

Equity attributable to owners of the Company
Share capital		9,750			11,457			1,475
Accumulated losses		(15,680,728	)		(33,754,822	)		(4,345,537	)
Reserves		358,010			55,011,002			7,082,021
Total equity		(15,312,968	)		21,267,637			2,737,959

Total liabilities and equity		22,989,475			62,571,860			8,055,391

POWELL MAX LIMITED AND ITS SUBSIDIARY CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

	Year ended December 31,
	2022			2023			2024
	HK$			HK$			HK$			US$
Revenue		37,772,821			49,121,839			36,461,260			4,693,958
Cost of sales		(22,217,680	)		(25,238,821	)		(22,081,030	)		(2,842,673	)
Gross profit		15,555,141			23,883,018			14,380,230			1,851,285

Other income and gain		1,851,815			54,116			1,952,986			251,425
General and administrative expenses		(10,723,611	)		(10,862,255	)		(24,854,036	)		(3,199,665	)
Selling and distribution expenses		(5,250,421	)		(4,530,134	)		(7,049,538	)		(907,545	)
Allowance of expected credit loss – trade receivables		(841,051	)		(914,788	)		(488,640	)		(62,908	)

Profit/(Loss) from operations		591,873			7,629,957			(16,058,998	)		(2,067,408	)
Finance costs		(690,476	)		(550,714	)		(2,015,096	)		(259,418	)

(Loss)/Profit before income tax		(98,603	)		7,079,243			(18,074,094	)		(2,326,826	)
Income tax expense		—			—			—			—
(Loss)/Profit for the year		(98,603	)		7,079,243			(18,074,094	)		(2,326,826	)

Other comprehensive (loss)/income:
Exchange differences on foreign currency translations		25,138			(47,378	)		48,424			6,234
Total comprehensive (loss)/income for the year		(73,465	)		7,031,865			(18,025,670	)		(2,320,592	)

(Loss)/Earnings per share attributable to owners of the Company
Basic and diluted		(0.01	)		0.56			(1.37	)		(0.18	)

Weighted average number of ordinary shares
Basic and diluted		12,500,000			12,500,000			13,178,314			13,178,314

The MIL Network –

April 29, 2025

MIL-OSI: Transocean Ltd. Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

	Three months ended									Three months ended
	March 31,			December 31,			sequential			March 31,			year-over-year
	2025			2024			change			2024			change
(In millions, except per share amounts, percentages and backlog)
Contract drilling revenues	$	906		$	952		$	(46	)	$	763		$	143
Revenue efficiency ⁽¹⁾		95.5	%		93.5	%					92.9	%
Operating and maintenance expense	$	618		$	579		$	(39	)	$	523		$	(95	)
Net income (loss) attributable to controlling interest	$	(79	)	$	7		$	(86	)	$	98		$	(177	)
Basic earnings (loss) per share	$	(0.09	)	$	0.01		$	(0.10	)	$	0.12		$	(0.21	)
Diluted earnings (loss) per share	$	(0.11	)	$	(0.11	)	$	—		$	0.11		$	(0.22	)

Adjusted EBITDA	$	244		$	323		$	(79	)	$	199		$	45
Adjusted EBITDA margin		26.9	%		33.9	%					26.0	%
Adjusted net income (loss)	$	(65	)	$	27		$	(92	)	$	(22	)	$	(43	)
Adjusted diluted loss per share	$	(0.10	)	$	(0.09	)	$	(0.01	)	$	(0.03	)	$	(0.07	)


Backlog as of the April 2025 Fleet Status Report	$	7.9	billion

STEINHAUSEN, Switzerland, April 28, 2025 (GLOBE NEWSWIRE) — Transocean Ltd. (NYSE: RIG) today reported a net loss attributable to controlling interest of $79 million, or loss of $0.11 per diluted share, for the three months ended March 31, 2025.

First quarter results included $14 million, $0.01 per diluted share, for unfavorable discrete tax items, net. After consideration of these discrete items, first quarter 2025 adjusted net loss was $65 million, or loss of $0.10 per diluted share.

Contract drilling revenues for the three months ended March 31, 2025, decreased sequentially by $46 million to $906 million, primarily due to lower revenues generated by one rig that was undergoing contract preparation and mobilization activities during the quarter, lower revenues generated by one rig that was idle in between contracts and two fewer days in the quarter, partially offset by higher revenue efficiency and average daily revenues across the fleet.

Operating and maintenance expense was $618 million, compared with $579 million in the prior quarter. The sequential increase was the result of an unfavorable legal outcome in the first quarter, a favorable legal settlement in the fourth quarter and increased costs related to a rig in shipyard, partially offset by lower in-service maintenance costs across our fleet.

General and administrative expense was $50 million, down from $56 million in the fourth quarter due primarily to decreased legal and professional fees.

Interest expense was $152 million in the first and fourth quarter, excluding the favorable adjustment of $36 million and $61 million, respectively, for the fair value of the bifurcated exchange feature related to the 4.625% exchangeable bonds. Interest income was $8 million, compared to $10 million in the prior quarter.

The Effective Tax Rate⁽²⁾ was (95.8)%, down from 89.0% in the prior quarter. The decrease was primarily due to lower operating income in the current quarter compared to the prior quarter. The Effective Tax Rate excluding discrete items was (62.3)% compared to 56.7% in the previous quarter. In the first quarter, cash paid for taxes was $13 million.

Cash provided by operating activities was $26 million during the first quarter of 2025, representing a decrease of $180 million compared to the prior quarter. The sequential decrease was in large part due to reduced collections from customers and increased payroll-related payments that regularly occur in the first quarter of each year.

First quarter 2025 capital expenditures of $60 million, compared to $29 million in the prior quarter, were related to capital upgrades for certain rigs in our fleet.

“The Transocean team delivered a solid quarter, with an adjusted EBITDA of $244 million on revenues of $906 million,” said Chief Executive Officer, Jeremy Thigpen. “We also improved our balance sheet with the repayment of $210 million in outstanding debt.”

Thigpen concluded, “While uncertain macroeconomic conditions have resulted in near-term market volatility, including commodity prices, Transocean is very well-positioned to navigate this evolving landscape. In addition to continuing to deliver strong operating performance across our highly contracted fleet, we remain engaged in constructive conversations with our customers on opportunities several years in the future.”

Non-GAAP Financial Measures

We present our operating results in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). We believe certain financial measures, such as EBITDA, Adjusted EBITDA, Adjusted Net Income and Free Cash Flow, which are non-GAAP measures, provide users of our financial statements with supplemental information that may be useful in evaluating our operating performance. We believe that such non-GAAP measures, when read in conjunction with our operating results presented under U.S. GAAP, can be used to better assess our performance from period to period and relative to performance of other companies in our industry, without regard to financing methods, historical cost basis or capital structure. Such non-GAAP measures should be considered as a supplement to, and not as a substitute for, financial measures prepared in accordance with U.S. GAAP.

All non-GAAP measure reconciliations to the most comparative U.S. GAAP measures are displayed in quantitative schedules on the company’s website at: www.deepwater.com.

About Transocean

Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services, and operates the highest specification floating offshore drilling fleet in the world.

Transocean owns or has partial ownership interests in and operates a fleet of 34 mobile offshore drilling units, consisting of 26 ultra-deepwater floaters and eight harsh environment floaters.

For more information about Transocean, please visit: www.deepwater.com.

Conference Call Information

Transocean will conduct a teleconference starting at 10 a.m. EDT, 4 p.m. CEST, on Tuesday, April 29, 2025, to discuss the results. To participate, dial +1 785-424-1619 and refer to conference code 119877 approximately 15 minutes prior to the scheduled start time.

The teleconference will be simulcast in a listen-only mode at: www.deepwater.com, by selecting Investors, News, and Webcasts. Supplemental materials that may be referenced during the teleconference will be available at: www.deepwater.com, by selecting Investors, Financial Reports.

A replay of the conference call will be available after 1 p.m. EDT, 7 p.m. CEST, on Tuesday, April 29, 2025. The replay, which will be archived for approximately 30 days, can be accessed at +1 402-220-7202, passcode 119877. The replay will also be available on the company’s website.

Forward-Looking Statements

The statements described herein that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements could contain words such as “possible,” “intend,” “will,” “if,” “expect,” or other similar expressions. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out-of-service time, sales of drilling units, timing of the company’s newbuild deliveries, operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the fluctuation of current and future prices of oil and gas, the global and regional supply and demand for oil and gas, the intention to scrap certain drilling rigs, the success of our business following prior acquisitions, the effects of the spread of and mitigation efforts by governments, businesses and individuals related to contagious illnesses, and other factors, including those and other risks discussed in the company’s most recent Annual Report on Form 10-K for the year ended December 31, 2024, and in the company’s other filings with the SEC, which are available free of charge on the SEC’s website at: www.sec.gov. Should one or more of these risks or uncertainties materialize (or the other consequences of such a development worsen), or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or expressed or implied by such forward-looking statements. All subsequent written and oral forward-looking statements attributable to the company or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law.

This press release, or referenced documents, do not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and do not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”) or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of Transocean and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean.

Notes

(1)		Revenue efficiency is defined as actual operating revenues, excluding revenues for contract terminations and reimbursements, for the measurement period divided by the maximum revenue calculated for the measurement period, expressed as a percentage. Maximum revenue is defined as the greatest amount of contract drilling revenues the drilling unit could earn for the measurement period, excluding revenues for incentive provisions, reimbursements and contract terminations. See the accompanying schedule entitled “Revenue Efficiency.”

(2)		Effective Tax Rate is defined as income tax expense or benefit divided by income or loss before income taxes. See the accompanying schedule entitled “Supplemental Effective Tax Rate Analysis.”

Analyst Contact:
Alison Johnson
+1 713-232-7214

Media Contact:
Pam Easton
+1 713-232-7647


TRANSOCEAN LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share data) (Unaudited)

	Three months ended
	March 31,
	2025			2024

Contract drilling revenues	$	906		$	763

Costs and expenses
Operating and maintenance		618			523
Depreciation and amortization		176			185
General and administrative		50			52
		844			760

Gain (loss) on disposal of assets, net		2			(6	)
Operating income (loss)		64			(3	)

Other income (expense), net
Interest income		8			15
Interest expense, net of amounts capitalized		(116	)		(117	)
Other, net		4			12
		(104	)		(90	)
Loss before income tax expense (benefit)		(40	)		(93	)
Income tax expense (benefit)		39			(191	)

Net income (loss)		(79	)		98
Net income attributable to noncontrolling interest		—			—
Net income (loss) attributable to controlling interest	$	(79	)	$	98

Earnings (loss) per share
Basic	$	(0.09	)	$	0.12
Diluted	$	(0.11	)	$	0.11

Weighted-average shares outstanding
Basic		883			819
Diluted		958			955


TRANSOCEAN LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except share data) (Unaudited)

	March 31,			December 31,
	2025			2024
Assets
Cash and cash equivalents	$	263		$	560
Accounts receivable, net of allowance of $2 at March 31, 2025 and December 31, 2024		551			564
Materials and supplies, net of allowance of $184 and $178 at March 31, 2025 and December 31, 2024, respectively		453			439
Assets held for sale		344			343
Restricted cash and cash equivalents		428			381
Other current assets		165			165
Total current assets		2,204			2,452

Property and equipment		22,460			22,417
Less accumulated depreciation		(6,746	)		(6,586	)
Property and equipment, net		15,714			15,831

Deferred tax assets, net		50			45
Other assets		1,051			1,043
Total assets	$	19,019		$	19,371

Liabilities and equity
Accounts payable	$	273		$	255
Accrued income taxes		24			31
Debt due within one year		712			686
Other current liabilities		647			691
Total current liabilities		1,656			1,663

Long-term debt		5,936			6,195
Deferred tax liabilities, net		519			499
Other long-term liabilities		697			729
Total long-term liabilities		7,152			7,423

Commitments and contingencies

Shares, $0.10 par value, 1,057,879,029 authorized, 141,262,093 conditionally authorized, 940,828,901 issued
and 883,261,456 outstanding at March 31, 2025, and $0.10 par value, 1,057,879,029 authorized,
141,262,093 conditionally authorized, 940,828,901 issued and 875,830,772 outstanding at December 31, 2024		88			87
Additional paid-in capital		14,887			14,880
Accumulated deficit		(4,624	)		(4,545	)
Accumulated other comprehensive loss		(141	)		(138	)
Total controlling interest shareholders’ equity		10,210			10,284
Noncontrolling interest		1			1
Total equity		10,211			10,285
Total liabilities and equity	$	19,019		$	19,371


TRANSOCEAN LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited)

	Three months ended
	March 31,
	2025			2024
Cash flows from operating activities
Net income (loss)	$	(79	)	$	98
Adjustments to reconcile to net cash provided by (used in) operating activities:
Amortization of contract intangible asset		—			4
Depreciation and amortization		176			185
Share-based compensation expense		8			11
(Gain) loss on disposal of assets, net		(2	)		6
Amortization of debt-related balances, net		13			13
Gain on adjustment to bifurcated compound exchange feature		(36	)		(10	)
Loss on impairment of investment in unconsolidated affiliates		—			1
Deferred income tax expense (benefit)		15			(164	)
Other, net		4			—
Changes in deferred revenues, net		(38	)		77
Changes in deferred costs, net		(12	)		(38	)
Changes in other operating assets and liabilities, net		(23	)		(269	)
Net cash provided by (used in) operating activities		26			(86	)

Cash flows from investing activities
Capital expenditures		(60	)		(83	)
Investment in loan to unconsolidated affiliate		—			(2	)
Proceeds from disposal of assets, net of costs to sell		2			44
Net cash used in investing activities		(58	)		(41	)

Cash flows from financing activities
Repayments of debt		(210	)		(151	)
Other, net		(8	)		(1	)
Net cash used in financing activities		(218	)		(152	)

Net decrease in unrestricted and restricted cash and cash equivalents		(250	)		(279	)
Unrestricted and restricted cash and cash equivalents, beginning of period		941			995
Unrestricted and restricted cash and cash equivalents, end of period	$	691		$	716


TRANSOCEAN LTD. AND SUBSIDIARIES
FLEET OPERATING STATISTICS


	Three months ended
	March 31,		December 31,		March 31,
Contract Drilling Revenues (in millions)	2025		2024		2024
Ultra-deepwater floaters	$	658	$	675	$	569
Harsh environment floaters		248		277		194
Total contract drilling revenues	$	906	$	952	$	763

	Three months ended
	March 31,		December 31,		March 31,
Average Daily Revenue ⁽¹⁾	2025		2024		2024
Ultra-deepwater floaters	$	443,600	$	428,200	$	422,900
Harsh environment floaters		443,600		452,600		367,900
Total fleet average daily revenue	$	443,600	$	434,700	$	408,200

	Three months ended
	March 31,		December 31,		March 31,
Revenue Efficiency ⁽²⁾	2025		2024		2024
Ultra-deepwater floaters	94.3	%	92.0	%	92.7	%
Harsh environment floaters	99.3	%	97.6	%	93.3	%
Total fleet average revenue efficiency	95.5	%	93.5	%	92.9	%

	Three months ended
	March 31,		December 31,		March 31,
Utilization ⁽³⁾	2025		2024		2024
Ultra-deepwater floaters	61.5	%	64.3	%	51.2	%
Harsh environment floaters	69.5	%	75.0	%	62.0	%
Total fleet average rig utilization	63.4	%	66.8	%	53.7	%


⁽¹⁾ Average daily revenue is defined as operating revenues, excluding revenues for contract terminations, reimbursements and contract intangible amortization, earned per operating day. An operating day is defined as a day for which a rig is contracted to earn a dayrate during the firm contract period after operations commence.

⁽²⁾ Revenue efficiency is defined as actual operating revenues, excluding revenues for contract terminations and reimbursements, for the measurement period divided by the maximum revenue calculated for the measurement period, expressed as a percentage. Maximum revenue is defined as the greatest amount of contract drilling revenues the drilling unit could earn for the measurement period, excluding revenues for incentive provisions, reimbursements and contract terminations.

⁽³⁾ Rig utilization is defined as the total number of operating days divided by the total number of rig calendar days in the measurement period, expressed as a percentage.


TRANSOCEAN LTD. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
ADJUSTED NET INCOME (LOSS) AND ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE
(in millions, except per share data)


	YTD
	03/31/25
Adjusted Net Loss
Net loss attributable to controlling interest, as reported	$	(79	)
Discrete tax items		14
Net loss, as adjusted	$	(65	)

Adjusted Diluted Loss Per Share:
Diluted loss per share, as reported	$	(0.11	)
Discrete tax items		0.01
Diluted loss per share, as adjusted	$	(0.10	)

	YTD			QTD			YTD			QTD			YTD			QTD			YTD
	12/31/24			12/31/24			09/30/24			09/30/24			06/30/24			06/30/24			03/31/24
Adjusted Net Income (Loss)
Net income (loss) attributable to controlling interest, as reported	$	(512	)	$	7		$	(519	)	$	(494	)	$	(25	)	$	(123	)	$	98
Loss on impairment of assets, net of tax		755			—			755			617			138			138			—
Loss on impairment of investment in unconsolidated affiliates		5			—			5			—			5			4			1
Gain on retirement of debt		(161	)		—			(161	)		(21	)		(140	)		(140	)		—
Discrete tax items		(141	)		20			(161	)		(38	)		(123	)		(2	)		(121	)
Net income (loss), as adjusted	$	(54	)	$	27		$	(81	)	$	64		$	(145	)	$	(123	)	$	(22	)

Adjusted Diluted Earnings (Loss) Per Share:
Diluted earnings (loss) per share, as reported	$	(0.76	)	$	(0.11	)	$	(0.65	)	$	(0.58	)	$	(0.03	)	$	(0.15	)	$	0.11
Loss on impairment of assets, net of tax		0.82			—			0.82			0.64			0.17			0.17			—
Loss on impairment of investment in unconsolidated affiliates		0.01			—			0.01			—			—			—			—
Gain on retirement of debt		(0.18	)		—			(0.18	)		(0.02	)		(0.17	)		(0.17	)		—
Discrete tax items		(0.15	)		0.02			(0.18	)		(0.04	)		(0.15	)		—			(0.14	)
Diluted earnings (loss) per share, as adjusted	$	(0.26	)	$	(0.09	)	$	(0.18	)	$	—		$	(0.18	)	$	(0.15	)	$	(0.03	)


TRANSOCEAN LTD. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
ADJUSTED CONTRACT DRILLING REVENUES
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION AND RELATED MARGINS
(in millions, except percentages)


	YTD
	03/31/25

Contract drilling revenues	$	906

Net loss	$	(79	)
Interest expense, net of interest income		108
Income tax expense		39
Depreciation and amortization		176
EBITDA		244

Adjusted EBITDA	$	244


Loss margin		(8.7	)%
EBITDA margin		26.9	%
Adjusted EBITDA margin		26.9	%


	YTD			QTD			YTD			QTD			YTD			QTD			YTD
	12/31/24			12/31/24			09/30/24			09/30/24			06/30/24			06/30/24			03/31/24

Contract drilling revenues	$	3,524		$	952		$	2,572		$	948		$	1,624		$	861		$	763
Contract intangible asset amortization		4			—			4			—			4			—			4
Adjusted Contract Drilling Revenues	$	3,528		$	952		$	2,576		$	948		$	1,628		$	861		$	767

Net income (loss)	$	(512	)	$	7		$	(519	)	$	(494	)	$	(25	)	$	(123	)	$	98
Interest expense, net of interest income		312			81			231			69			162			60			102
Income tax expense (benefit)		(11	)		55			(66	)		(31	)		(35	)		156			(191	)
Depreciation and amortization		739			180			559			190			369			184			185
Contract intangible asset amortization		4			—			4			—			4			—			4
EBITDA		532			323			209			(266	)		475			277			198

Loss on impairment of assets		772			—			772			629			143			143			—
Loss on impairment of investment in unconsolidated affiliates		5			—			5			—			5			4			1
Gain on retirement of debt		(161	)		—			(161	)		(21	)		(140	)		(140	)		—
Adjusted EBITDA	$	1,148		$	323		$	825		$	342		$	483		$	284		$	199


Profit (loss) margin		(14.5	)%		0.7	%		(20.2	)%		(52.0	)%		(1.5	)%		(14.3	)%		12.9	%
EBITDA margin		15.1	%		33.9	%		8.1	%		(28.1	)%		29.2	%		32.2	%		25.8	%
Adjusted EBITDA margin		32.5	%		33.9	%		32.0	%		36.0	%		29.7	%		33.0	%		26.0	%



TRANSOCEAN LTD. AND SUBSIDIARIES
SUPPLEMENTAL EFFECTIVE TAX RATE ANALYSIS
(in millions, except tax rates)


	Three months ended
	March 31,			December 31,			March 31,
	2025			2024			2024

Income (loss) before income taxes	$	(40	)	$	62		$	(93	)
Loss on impairment of investment in unconsolidated affiliates		—			—			1
Adjusted income (loss) before income taxes	$	(40	)	$	62		$	(92	)


Income tax expense (benefit)	$	39		$	55		$	(191	)
Loss on impairment of investment in unconsolidated affiliates		—			—			—
Changes in estimates (1)		(14	)		(20	)		121
Adjusted income tax expense (benefit)	$	25		$	35		$	(70	)

Effective Tax Rate (2)		(95.8	)%		89.0	%		206.0	%

Effective Tax Rate, excluding discrete items (3)		(62.3	)%		56.7	%		76.9	%


(1) Our estimates change as we file tax returns, settle disputes with tax authorities, or become aware of changes in laws, operational changes and rig movements that have an effect on our (a) deferred taxes, (b) valuation allowances on deferred taxes and (c) other tax liabilities.

(2) Our effective tax rate is calculated as income tax expense or benefit divided by income or loss before income taxes.

(3) Our effective tax rate, excluding discrete items, is calculated as income tax expense or benefit, excluding various discrete items (such as changes in estimates and tax on items excluded from income before income taxes), divided by income or loss before income taxes, excluding gains and losses on sales and similar items pursuant to the accounting standards for income taxes related to estimating the annual effective tax rate.


TRANSOCEAN LTD. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
FREE CASH FLOW AND LEVERED FREE CASH FLOW
(in millions)


																			YTD
																			03/31/25

Cash provided by operating activities																			$	26
Capital expenditures																				(60	)
Free Cash Flow																				(34	)
Debt repayments																				(210	)
Debt repayments, paid from debt proceeds																				–
Levered Free Cash Flow																			$	(244	)



	YTD			QTD			YTD			QTD			YTD			QTD			YTD
	12/31/24			12/31/24			09/30/24			09/30/24			06/30/24			06/30/24			03/31/24

Cash provided by (used in) operating activities	$	447		$	206		$	241		$	194		$	47		$	133		$	(86	)
Capital expenditures		(254	)		(29	)		(225	)		(58	)		(167	)		(84	)		(83	)
Free Cash Flow		193			177			16			136			(120	)		49			(169	)
Debt repayments		(2,103	)		(30	)		(2,073	)		(258	)		(1,815	)		(1,664	)		(151	)
Debt repayments, paid from debt proceeds		1,748			–			1,748			99			1,649			1,649			–
Levered Free Cash Flow	$	(162	)	$	147		$	(309	)	$	(23	)	$	(286	)	$	34		$	(320	)



	YTD			QTD			YTD			QTD			YTD			QTD			YTD
	12/31/23			12/31/23			09/30/23			09/30/23			06/30/23			06/30/23			03/31/23

Cash provided by (used in) operating activities	$	164		$	98		$	66		$	(44	)	$	110		$	157		$	(47	)
Capital expenditures		(427	)		(220	)		(207	)		(50	)		(157	)		(76	)		(81	)
Free Cash Flow		(263	)		(122	)		(141	)		(94	)		(47	)		81			(128	)
Debt repayments		(1,717	)		(10	)		(1,707	)		(139	)		(1,568	)		(4	)		(1,564	)
Debt repayments, paid from debt proceeds		1,156			–			1,156			–			1,156			–			1,156
Levered Free Cash Flow	$	(824	)	$	(132	)	$	(692	)	$	(233	)	$	(459	)	$	77		$	(536	)

The MIL Network –

April 29, 2025

MIL-OSI: RBB Bancorp Reports First Quarter 2025 Earnings

Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, April 28, 2025 (GLOBE NEWSWIRE) — RBB Bancorp (NASDAQ:RBB) and its subsidiaries, Royal Business Bank (the “Bank”) and RBB Asset Management Company (“RAM”), collectively referred to herein as the “Company,” announced financial results for the quarter ended March 31, 2025.

First Quarter 2025 Highlights

Net income totaled $2.3 million, or $0.13 diluted earnings per share
Return on average assets of 0.24%, compared to 0.44% for the quarter ended December 31, 2024
Net interest margin expanded to 2.88%, up from 2.76% for the quarter ended December 31, 2024
Net loans held for investment growth of $89.8 million, or 12% annualized
Nonperforming assets decreased $16.5 million, or 20.3%, to $64.6 million at March 31, 2025, down from $81.0 million at December 31, 2024
Book value and tangible book value per share⁽¹⁾ increased to $28.77 and $24.63 at March 31, 2025, up from $28.66 and $24.51 at December 31, 2024

The Company reported net income of $2.3 million, or $0.13 diluted earnings per share, for the quarter ended March 31, 2025, compared to net income of $4.4 million, or $0.25 diluted earnings per share, for the quarter ended December 31, 2024. First quarter of 2025 net income included $6.7 million in pre-tax provision for credit losses mostly related to reducing exposure to nonperforming loans, including higher specific reserves.

“First quarter net income declined to $2.3 million, or 13 cents per share, as we took decisive action to address our nonperforming loans,” said David Morris, Chief Executive Officer of RBB Bancorp. “We reduced our net exposure to nonperforming loans to $51 million, including specific reserves, or 32% since year end. We remain focused on resolving our nonperforming loans as quickly as possible while minimizing the impact to earnings and capital and we think our actions in the first quarter reflect this.”

“Our loan production was relatively strong during the first quarter driven by continued execution of our initiatives, which resulted in 12% annualized net loan growth. Our loan prospect pipeline continues to be healthy, and we anticipate loan growth to continue in the second quarter, albeit likely at a more moderate pace,” said Johnny Lee, President of RBB Bancorp and President and Chief Executive Officer of the Bank. “While the market environment is volatile, we have not observed significant signs of financial impact to our clients at this time.”

(1

)

Reconciliations of the non–U.S. generally accepted accounting principles (“GAAP”) measures included at the end of this press release.

Net Interest Income and Net Interest Margin

Net interest income was $26.2 million for the first quarter of 2025, compared to $26.0 million for the fourth quarter of 2024. The $186,000 increase was due to a $2.4 million decrease in interest expense, offset by a $2.2 million decrease in interest income. The decrease in interest income was mostly due to the impact of fewer days in the quarter of $1.2 million and lower average excess liquidity (cash and cash equivalents and investment securities) of $1.5 million. The decrease in interest expense was mostly due to the impact of lower average funding rates of $1.5 million, fewer days in the quarter of $621,000 and lower average interest-bearing liabilities of $336,000. The $1.5 million attributed to lower average funding rates included $1.8 million due to a 29 basis point decrease in the average cost of interest-bearing deposits.

The net interest margin (“NIM”) was 2.88% for the first quarter of 2025, an increase of 12 basis points from 2.76% for the fourth quarter of 2024. The NIM expansion was due to a 17 basis point decrease in the overall cost of funds, partially offset by a 3 basis point decrease in the yield on average interest-earning assets. The yield on average interest-earning assets decreased to 5.76% for the first quarter of 2025 from 5.79% for the fourth quarter of 2024 due mainly to a decrease in the yield on average cash and cash equivalents of 32 basis points and average loans of 2 basis points, partially offset by the benefit of a change in the mix in average-earning assets. Average loans represented 84% of average interest-earning assets in the first quarter of 2025, as compared to 82% in the fourth quarter of 2024.

The average cost of funds decreased to 3.15% for the first quarter of 2025 from 3.32% for the fourth quarter of 2024, driven by a 29 basis point decrease in the average cost of interest-bearing deposits, partially offset by a 38 basis point increase in the average cost of borrowings. The average cost of interest-bearing deposits decreased to 3.77% for the first quarter of 2025 from 4.06% for the fourth quarter of 2024. During the first quarter of 2025, $150.0 million in Federal Home Loan Bank (“FHLB”) advances with an average cost of 1.18% matured and were largely replaced with $110.0 million in FHLB advances with various terms at an average rate of 3.88%. The overall funding mix for the first quarter of 2025 remained relatively unchanged from the fourth quarter of 2024 with total deposits representing 90% of the funding mix and average noninterest-bearing deposits representing 17% of average total deposits. The all-in average spot rate for total deposits was 3.06% at March 31, 2025.

Provision for Credit Losses

The provision for credit losses was $6.7 million for the first quarter of 2025 compared to $6.0 million for the fourth quarter of 2024. The first quarter of 2025 provision for credit losses was due to an increase in specific reserves of $2.8 million, net charge-offs of $2.6 million and an increase in general reserves of $1.3 million due mainly to net loan growth. The first quarter increase in specific reserves related mostly to two lending relationships. Net charge-offs included $1.4 million related to a bulk sale of $10.8 million in underperforming single-family residential (“SFR”) mortgage loans, of which $6.5 million were on nonaccrual at the end of the year, and $1.2 million related to an $8.8 million loan transferred to other real estate owned (“OREO”) and subsequently sold. Net charge-offs on an annualized basis represented 0.35% of average loans for the first quarter of 2025 compared to 0.26% for the fourth quarter of 2024. The first quarter provision also took into consideration factors such as changes in loan balances, the loan portfolio mix, the outlook for economic conditions and market interest rates, and changes in credit quality metrics, including changes in nonperforming loans, special mention and substandard loans during the period.

Noninterest Income

Noninterest income for the first quarter of 2025 was $2.3 million, a decrease of $434,000 from $2.7 million for the fourth quarter of 2024. This decrease was mostly due to the fourth quarter of 2024 including $258,000 of income from a Bank Enterprise Award grant (included in other income) and lower net gain on sale of loans as compared to the fourth quarter of 2024.

Noninterest Expense

Noninterest expense for the first quarter of 2025 was $18.5 million, an increase of $873,000 from $17.6 million for the fourth quarter of 2024. This increase was mostly due to higher salaries and employee benefits expense of $716,000 attributed to higher payroll taxes and annual pay increases, which are typically reflected in the first quarter of the year. The annualized noninterest expenses to average assets ratio was 1.90% for the first quarter of 2025, up from 1.76% for the fourth quarter of 2024. The efficiency ratio was 65.1% for the first quarter of 2025, up from 61.5% for the fourth quarter of 2024 due mostly to higher noninterest expense.

Income Taxes

The effective tax rate was 28.2% for the first quarter of 2025 and 13.3% for the fourth quarter of 2024. The increase in the effective tax rate for the first quarter was due in part to lower tax credits combined with higher estimated pre-tax net income for the full year of 2025 as compared to the prior quarter.2

Balance Sheet

At March 31, 2025, total assets were $4.0 billion, a $16.9 million increase compared to December 31, 2024, and a $131.4 million increase compared to March 31, 2024.

Loan and Securities Portfolio

Loans held for investment (“HFI”) totaled $3.1 billion as of March 31, 2025, an increase of $89.8 million, or 12% annualized, compared to December 31, 2024 and an increase of $115.7 million, or 3.8%, compared to March 31, 2024. The first quarter of 2025 net loan growth included $201 million in new production with an average yield of 6.77%. When loan sales, charge-offs, and foreclosures totaling $28.6 million are considered, the annualized first quarter net loan growth rate was 16%. The increase from December 31, 2024 was primarily due to a $51.8 million increase in SFR mortgage loans, a $44.0 million increase in commercial real estate (“CRE”) loans, a $6.0 million increase in commercial and industrial (“C&I”) loans and a $3.4 million increase in Small Business Administration (“SBA”) loans, partially offset by a $14.4 million decrease in construction and land development (“C&D”) loans. The loan to deposit ratio was 98.4% at March 31, 2025, compared to 97.5% at December 31, 2024 and 98.6% at March 31, 2024.

As of March 31, 2025, available for sale securities totaled $378.2 million, a decrease of $42.0 million from December 31, 2024, primarily related to the net decrease in short-term commercial paper of $41.4 million due to maturity and purchase activity during the first quarter of 2025. As of March 31, 2025, net unrealized losses totaled $25.0 million, a $4.2 million decrease, when compared to net unrealized losses of $29.2 million as of December 31, 2024.

Deposits

Total deposits were $3.1 billion as of March 31, 2025, an increase of $58.8 million, or 7.7% annualized, compared to December 31, 2024 and an increase of $114.3 million, or 3.8%, compared to March 31, 2024. The increase during the first quarter of 2025 was due to a $93.6 million increase in interest-bearing deposits, while noninterest-bearing deposits decreased $34.8 million. The increase in interest-bearing deposits included increases in non-maturity deposits of $58.2 million and time deposits of $35.5 million. Wholesale deposits totaled $158.5 million at March 31, 2025, and $147.5 million at December 31, 2024. Noninterest-bearing deposits totaled $528.2 million and represented 16.8% of total deposits at March 31, 2025 compared to $563.0 million and 18.3% at December 31, 2024.

Credit Quality

Nonperforming assets totaled $64.6 million, or 1.61% of total assets, at March 31, 2025, down from $81.0 million, or 2.03% of total assets, at December 31, 2024. The $16.5 million decrease in nonperforming assets was due to sales totaling $20.0 million and payoffs or paydowns of $1.8 million, partially offset by the addition of one $5.3 million CRE loan placed on nonaccrual status in the first quarter of 2025. Nonperforming assets included one $4.2 million OREO (included in “Accrued interest and other assets”) at March 31, 2025, which was a nonaccrual loan at December 31, 2024.

Special mention loans totaled $64.3 million, or 2.05% of total loans, at March 31, 2025, down from $65.3 million, or 2.14% of total loans, at December 31, 2024. The $1.1 million decrease was primarily due to the upgrade of one $1.7 million CRE loan to a pass-rated loan, offset by the addition of one $578,000 C&I loan. All special mention loans are paying current.

Substandard loans totaled $76.4 million at March 31, 2025, down from $100.3 million at December 31, 2024. This $24.0 million decrease was primarily due to loan sales totaling $11.7 million, transfers to OREO totaling $12.8 million, of which $8.8 million was subsequently sold during the first quarter of 2025, and payoffs and paydowns totaling $5.4 million, partially offset by the downgrade of two loans totaling $6.2 million. Of the total substandard loans at March 31, 2025, there were $16.0 million on accrual status.

30-89 day delinquent loans, excluding nonperforming loans, totaled $5.9 million, or 0.19% of total loans, at March 31, 2025, down from $22.1 million, or 0.72% of total loans, at December 31, 2024. The $16.2 million decrease was mostly due to $16.3 million in loans returning to current status, $2.9 million in SFR mortgage loans included in the bulk sale of several underperforming SFR mortgage loans and $398,000 in paydowns and payoffs, offset by $3.5 million in new delinquent loans.3

As of March 31, 2025, the allowance for credit losses totaled $52.6 million and was comprised of an allowance for loan losses of $51.9 million and a reserve for unfunded commitments of $629,000 (included in “Accrued interest and other liabilities”). This compares to the allowance for credit losses of $48.5 million, comprised of an allowance for loan losses of $47.7 million and a reserve for unfunded commitments of $729,000 at December 31, 2024. The $4.1 million increase in the allowance for credit losses for the first quarter of 2025 was due to a $6.7 million provision for credit losses offset by net charge-offs of $2.6 million. Net charge-offs included $1.4 million related to a bulk sale of $10.8 million in underperforming SFR mortgage loans, of which $6.5 million were on nonaccrual at the end of the year, and $1.2 million related to an $8.8 million loan transferred to OREO and subsequently sold. The allowance for loan losses as a percentage of loans HFI increased to 1.65% at March 31, 2025, compared to 1.56% at December 31, 2024, due to an increase in specific reserves. The allowance for loan losses as a percentage of nonperforming loans HFI was 86% at March 31, 2025, an increase from 68% at December 31, 2024.

	For the Three Months Ended March 31, 2025
*(dollars in thousands)*	Allowance for loan losses			Reserve for unfunded loan commitments			Allowance for credit losses
Beginning balance	$	47,729		$	729		$	48,458
Provision for (reversal of) credit losses		6,846			(100	)		6,746
Less loans charged-off		(2,727	)		—			(2,727	)
Recoveries on loans charged-off		84			—			84
Ending balance	$	51,932		$	629		$	52,561

Shareholders’ Equity

At March 31, 2025, total shareholders’ equity was $510.3 million, a $2.4 million increase compared to December 31, 2024, and a $3.7 million decrease compared to March 31, 2024. The increase in shareholders’ equity for the first quarter of 2025 was due to lower net unrealized losses on available for sale securities of $3.0 million, net income of $2.3 million and equity compensation activity of $43,000, offset by common stock cash dividends paid of $2.9 million. The decrease in shareholders’ equity for the last twelve months was due to common stock repurchases of $19.2 million and dividends paid of $11.6 million on common stock, offset by net income of $20.9 million, lower net unrealized losses on available for sale securities of $3.7 million, and equity compensation activity of $2.5 million. Book value per share and tangible book value per share⁽¹⁾ increased to $28.77 and $24.63 at March 31, 2025, up from $28.66 and $24.51 at December 31, 2024 and up from $27.67 and $23.68 at March 31, 2024.

(1

)

Reconciliations of the non–U.S. generally accepted accounting principles (“GAAP”) measures included at the end of this press release.

Corporate Overview

RBB Bancorp is a community-based financial holding company headquartered in Los Angeles, California. As of March 31, 2025, the Company had total assets of $4.0 billion. Its wholly-owned subsidiary, Royal Business Bank, is a full service commercial bank, which provides consumer and business banking services predominately to the Asian-centric communities in Los Angeles County, Orange County, and Ventura County in California, in Las Vegas, Nevada, in Brooklyn, Queens, and Manhattan in New York, in Edison, New Jersey, in the Chicago neighborhoods of Chinatown and Bridgeport, Illinois, and on Oahu, Hawaii. Bank services include remote deposit, E-banking, mobile banking, commercial and investor real estate loans, business loans and lines of credit, commercial and industrial loans, SBA 7A and 504 loans, 1-4 single family residential loans, trade finance, a full range of depository account products and wealth management services. The Bank has nine branches in Los Angeles County, two branches in Ventura County, one branch in Orange County, California, one branch in Las Vegas, Nevada, three branches and one loan operation center in Brooklyn, three branches in Queens, one branch in Manhattan in New York, one branch in Edison, New Jersey, two branches in Chicago, Illinois, and one branch in Honolulu, Hawaii. The Company’s administrative and lending center is located at 1055 Wilshire Blvd., Los Angeles, California 90017, and its operations center is located at 7025 Orangethorpe Ave., Buena Park, California 90621. The Company’s website address is www.royalbusinessbankusa.com.

Conference Call

Management will hold a conference call at 11:00 a.m. Pacific time/2:00 p.m. Eastern time on Tuesday, April 29, 2025, to discuss the Company’s first quarter 2025 financial results.

To listen to the conference call, please dial 1-888-506-0062 or 1-973-528-0011, the Participant ID code is 534591, conference ID RBBQ125. A replay of the call will be made available at 1-877-481-4010 or 1-919-882-2331, the passcode is 52277, approximately one hour after the conclusion of the call and will remain available through May 13, 2025.

The conference call will also be simultaneously webcast over the Internet; please visit our Royal Business Bank website at www.royalbusinessbankusa.com and click on the “Investors” tab to access the call from the site. This webcast will be recorded and available for replay on our website approximately two hours after the conclusion of the conference call.

Disclosure

This press release contains certain non-GAAP financial disclosures for tangible common equity and tangible assets and adjusted earnings. The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and to enhance investors’ overall understanding of such financial performance. Please refer to the tables at the end of this release for a presentation of performance ratios in accordance with GAAP and a reconciliation of the non-GAAP financial measures to the GAAP financial measures.

Safe Harbor

Certain matters set forth herein (including the exhibits hereto) constitute forward-looking statements relating to the Company’s current business plans and expectations and our future financial position and operating results. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance and/or achievements to differ materially from those projected. These risks and uncertainties include, but are not limited to, the effectiveness of the Company’s internal control over financial reporting and disclosure controls and procedures; the potential for additional material weaknesses in the Company’s internal controls over financial reporting or other potential control deficiencies of which the Company is not currently aware or which have not been detected; business and economic conditions generally and in the financial services industry, nationally and within our current and future geographic markets, including the tight labor market, ineffective management of the United States (“U.S.”) federal budget or debt or turbulence or uncertainly in domestic or foreign financial markets; the strength of the U.S. economy in general and the strength of the local economies in which we conduct operations; adverse developments in the banking industry highlighted by high-profile bank failures and the potential impact of such developments on customer confidence, liquidity and regulatory responses to these developments; possible additional provisions for credit losses and charge-offs; credit risks of lending activities and deterioration in asset or credit quality; extensive laws and regulations and supervision that we are subject to, including potential supervisory action by bank supervisory authorities; compliance with the Bank Secrecy Act and other money laundering statutes and regulations; potential goodwill impairment; liquidity risk; failure to comply with debt covenants; fluctuations in interest rates; risks associated with acquisitions and the expansion of our business into new markets; inflation and deflation; real estate market conditions and the value of real estate collateral; the effects of having concentrations in our loan portfolio, including commercial real estate and the risks of geographic and industry concentrations; environmental liabilities; our ability to compete with larger competitors; our ability to retain key personnel; successful management of reputational risk; severe weather, natural disasters, earthquakes, fires, including direct and indirect costs and impacts on clients, the Company and its employees from the January 2025 Los Angeles County wildfires; or other adverse external events could harm our business; geopolitical conditions, including acts or threats of terrorism, actions taken by the U.S. or other governments in response to acts or threats of terrorism and/or military conflicts, including the conflicts between Russia and Ukraine, in the Middle East, and increasing tensions between China and Taiwan, which could impact business and economic conditions in the U.S. and abroad; tariffs, trade policies, and related tensions, which could impact our clients, specific industry sectors, and/or broader economic conditions and financial market; public health crises and pandemics, and their effects on the economic and business environments in which we operate, including our credit quality and business operations, as well as the impact on general economic and financial market conditions; general economic or business conditions in Asia, and other regions where the Bank has operations; failures, interruptions, or security breaches of our information systems; climate change, including any enhanced regulatory, compliance, credit and reputational risks and costs; cybersecurity threats and the cost of defending against them; our ability to adapt our systems to the expanding use of technology in banking; risk management processes and strategies; adverse results in legal proceedings; the impact of regulatory enforcement actions, if any; certain provisions in our charter and bylaws that may affect acquisition of the Company; changes in tax laws and regulations; the impact of governmental efforts to restructure the U.S. financial regulatory system and increased costs of compliance and other risks associated with changes in regulation, including any amendments to the Dodd-Frank Wall Street Reform and Consumer Protection Act; the impact of changes in the Federal Deposit Insurance Corporation (“FDIC”) insurance assessment rate and the rules and regulations related to the calculation of the FDIC insurance assessments; the effect of changes in accounting policies and practices or accounting standards, as may be adopted from time-to-time by bank regulatory agencies, the SEC, the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters; fluctuations in the Company’s stock price; restrictions on dividends and other distributions by laws and regulations and by our regulators and our capital structure; our ability to raise additional capital, if needed, and the potential resulting dilution of interests of holders of our common stock; the soundness of other financial institutions; our ongoing relations with our various federal and state regulators, including the SEC, FDIC, FRB and California Department of Financial Protection and Innovation; our success at managing the risks involved in the foregoing items and all other factors set forth in the Company’s public reports, including its Annual Report as filed under Form 10-K for the year ended December 31, 2024, and particularly the discussion of risk factors within that document. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements except as required by law. Any statements about future operating results, such as those concerning accretion and dilution to the Company’s earnings or shareholders, are for illustrative purposes only, are not forecasts, and actual results may differ.

RBB BANCORP AND SUBSIDIARIES
CONDENSED 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 due from banks	$	25,315		$	27,747		$	26,388		$	23,313		$	21,887
Interest-earning deposits with financial institutions		213,508			229,998			323,002			229,456			247,356
Cash and cash equivalents		238,823			257,745			349,390			252,769			269,243
Interest-earning time deposits with financial institutions		600			600			600			600			600
Investment securities available for sale		378,188			420,190			305,666			325,582			335,194
Investment securities held to maturity		5,188			5,191			5,195			5,200			5,204
Loans held for sale		655			11,250			812			3,146			3,903
Loans held for investment		3,143,063			3,053,230			3,091,896			3,047,712			3,027,361
Allowance for loan losses		(51,932	)		(47,729	)		(43,685	)		(41,741	)		(41,688	)
Net loans held for investment		3,091,131			3,005,501			3,048,211			3,005,971			2,985,673
Premises and equipment, net		24,308			24,601			24,839			25,049			25,363
Federal Home Loan Bank (FHLB) stock		15,000			15,000			15,000			15,000			15,000
Cash surrender value of bank owned life insurance		60,699			60,296			59,889			59,486			59,101
Goodwill		71,498			71,498			71,498			71,498			71,498
Servicing assets		6,766			6,985			7,256			7,545			7,794
Core deposit intangibles		1,839			2,011			2,194			2,394			2,594
Right-of-use assets		26,779			28,048			29,283			30,530			31,231
Accrued interest and other assets		87,926			83,561			70,644			63,416			65,608
Total assets	$	4,009,400		$	3,992,477		$	3,990,477		$	3,868,186		$	3,878,006
Liabilities and shareholders’ equity
Deposits:
Noninterest-bearing demand	$	528,205		$	563,012		$	543,623		$	542,971		$	539,517
Savings, NOW and money market accounts		721,216			663,034			666,089			647,770			642,840
Time deposits, $250,000 and under		1,000,106			1,007,452			1,052,462			1,014,189			1,083,898
Time deposits, greater than $250,000		893,101			850,291			830,010			818,675			762,074
Total deposits		3,142,628			3,083,789			3,092,184			3,023,605			3,028,329
FHLB advances		160,000			200,000			200,000			150,000			150,000
Long-term debt, net of issuance costs		119,624			119,529			119,433			119,338			119,243
Subordinated debentures		15,211			15,156			15,102			15,047			14,993
Lease liabilities – operating leases		28,483			29,705			30,880			32,087			32,690
Accrued interest and other liabilities		33,148			36,421			23,150			16,818			18,765
Total liabilities		3,499,094			3,484,600			3,480,749			3,356,895			3,364,020
Shareholders’ equity:
Common stock		260,284			259,957			259,280			266,160			271,645
Additional paid-in capital		3,360			3,645			3,520			3,456			3,348
Retained earnings		263,885			264,460			262,946			262,518			259,903
Non-controlling interest		72			72			72			72			72
Accumulated other comprehensive loss, net		(17,295	)		(20,257	)		(16,090	)		(20,915	)		(20,982	)
Total shareholders’ equity		510,306			507,877			509,728			511,291			513,986
Total liabilities and shareholders’ equity	$	4,009,400		$	3,992,477		$	3,990,477		$	3,868,186		$	3,878,006

RBB BANCORP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
*(In thousands, except share and per share data)*

	For the Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
Interest and dividend income:
Interest and fees on loans	$	45,621	$	46,374	$	45,547
Interest on interest-earning deposits		2,014		3,641		5,040
Interest on investment securities		4,136		3,962		3,611
Dividend income on FHLB stock		330		330		331
Interest on federal funds sold and other		235		248		266
Total interest and dividend income		52,336		54,555		54,795
Interest expense:
Interest on savings deposits, NOW and money market accounts		4,468		4,671		4,478
Interest on time deposits		19,084		21,361		23,322
Interest on long-term debt and subordinated debentures		1,632		1,660		1,679
Interest on FHLB advances		989		886		439
Total interest expense		26,173		28,578		29,918
Net interest income before provision for credit losses		26,163		25,977		24,877
Provision for credit losses		6,746		6,000		—
Net interest income after provision for credit losses		19,417		19,977		24,877
Noninterest income:
Service charges and fees		1,017		988		992
Gain on sale of loans		81		376		312
Loan servicing fees, net of amortization		588		492		589
Increase in cash surrender value of life insurance		403		407		382
Gain on OREO		—		—		724
Other income		206		466		373
Total noninterest income		2,295		2,729		3,372
Noninterest expense:
Salaries and employee benefits		10,643		9,927		9,927
Occupancy and equipment expenses		2,407		2,403		2,443
Data processing		1,602		1,499		1,420
Legal and professional		1,515		1,355		880
Office expenses		408		399		356
Marketing and business promotion		197		251		172
Insurance and regulatory assessments		730		677		982
Core deposit premium		172		182		201
Other expenses		848		956		588
Total noninterest expense		18,522		17,649		16,969
Income before income taxes		3,190		5,057		11,280
Income tax expense		900		672		3,244
Net income	$	2,290	$	4,385	$	8,036

Net income per share
Basic	$	0.13	$	0.25	$	0.43
Diluted	$	0.13	$	0.25	$	0.43
Cash dividends declared per common share	$	0.16	$	0.16	$	0.16
Weighted-average common shares outstanding
Basic		17,727,712		17,704,992		18,601,277
Diluted		17,770,588		17,796,840		18,666,683

RBB BANCORP AND SUBSIDIARIES
AVERAGE BALANCE SHEET AND NET INTEREST INCOME
(Unaudited)

	For the Three Months Ended
	March 31, 2025							December 31, 2024							March 31, 2024
(tax-equivalent basis,	Average		Interest		Yield /			Average		Interest		Yield /			Average		Interest		Yield /
*dollars in thousands)*	Balance		& Fees		Rate			Balance		& Fees		Rate			Balance		& Fees		Rate
Interest-earning assets
Cash and cash equivalents ⁽¹⁾	$	194,236	$	2,249		4.70	%	$	308,455	$	3,890		5.02	%	$	364,979	$	5,306		5.85	%
FHLB Stock		15,000		330		8.92	%		15,000		330		8.75	%		15,000		331		8.88	%
Securities
Available for sale ⁽²⁾		390,178		4,113		4.28	%		361,253		3,939		4.34	%		320,015		3,589		4.51	%
Held to maturity ⁽²⁾		5,189		49		3.83	%		5,194		48		3.68	%		5,207		46		3.55	%
Total loans ⁽³⁾		3,079,224		45,621		6.01	%		3,059,786		46,374		6.03	%		3,018,423		45,547		6.07	%
Total interest-earning assets		3,683,827	$	52,362		5.76	%		3,749,688	$	54,581		5.79	%		3,723,624	$	54,819		5.92	%
Total noninterest-earning assets		260,508							244,609							246,341
Total average assets	$	3,944,335						$	3,994,297						$	3,969,965

Interest-bearing liabilities
NOW		61,222		321		2.13	%	$	53,879	$	254		1.88	%	$	58,946	$	298		2.03	%
Money market		463,443		3,625		3.17	%		463,850		3,735		3.20	%		411,751		3,526		3.44	%
Saving deposits		155,116		522		1.36	%		162,351		682		1.67	%		157,227		654		1.67	%
Time deposits, $250,000 and under		989,622		10,046		4.12	%		1,034,946		11,583		4.45	%		1,175,804		13,805		4.72	%
Time deposits, greater than $250,000		864,804		9,038		4.24	%		835,583		9,778		4.66	%		785,172		9,517		4.88	%
Total interest-bearing deposits		2,534,207		23,552		3.77	%		2,550,609		26,032		4.06	%		2,588,900		27,800		4.32	%
FHLB advances		176,833		989		2.27	%		200,000		886		1.76	%		150,000		439		1.18	%
Long-term debt		119,562		1,295		4.39	%		119,466		1,295		4.31	%		119,180		1,295		4.37	%
Subordinated debentures		15,175		337		9.01	%		15,121		365		9.60	%		14,957		384		10.33	%
Total interest-bearing liabilities		2,845,777		26,173		3.73	%		2,885,196		28,578		3.94	%		2,873,037		29,918		4.19	%
Noninterest-bearing liabilities
Noninterest-bearing deposits		520,145							539,900							528,346
Other noninterest-bearing liabilities		66,151							56,993							55,795
Total noninterest-bearing liabilities		586,296							596,893							584,141
Shareholders’ equity		512,262							512,208							512,787
Total liabilities and shareholders’ equity	$	3,944,335						$	3,994,297						$	3,969,965
Net interest income / interest rate spreads			$	26,189		2.03	%			$	26,003		1.85	%			$	24,901		1.73	%
Net interest margin						2.88	%						2.76	%						2.69	%

Total cost of deposits	$	3,054,352	$	23,552		3.13	%	$	3,090,509	$	26,032		3.35	%	$	3,117,246	$	27,800		3.59	%
Total cost of funds	$	3,365,922	$	26,173		3.15	%	$	3,425,096	$	28,578		3.32	%	$	3,401,383	$	29,918		3.54	%

(1	)	Includes income and average balances for interest-earning time deposits and other miscellaneous interest-earning assets.
(2	)	Interest income and average rates for tax-exempt securities are presented on a tax-equivalent basis.
(3	)	Average loan balances relate to loans held for investment and loans held for sale and include nonaccrual loans. Interest income on loans includes the effects of discount accretion and net deferred loan origination fees and costs accounted for as yield adjustments.

RBB BANCORP AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)

	At or for the Three Months Ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Per share data (common stock)
Book value	$	28.77		$	28.66		$	27.67
Tangible book value ⁽¹⁾	$	24.63		$	24.51		$	23.68
Performance ratios
Return on average assets, annualized		0.24	%		0.44	%		0.81	%
Return on average shareholders’ equity, annualized		1.81	%		3.41	%		6.30	%
Return on average tangible common equity, annualized ⁽¹⁾		2.12	%		3.98	%		7.37	%
Noninterest income to average assets, annualized		0.24	%		0.27	%		0.34	%
Noninterest expense to average assets, annualized		1.90	%		1.76	%		1.72	%
Yield on average earning assets		5.76	%		5.79	%		5.92	%
Yield on average loans		6.01	%		6.03	%		6.07	%
Cost of average total deposits ⁽²⁾		3.13	%		3.35	%		3.59	%
Cost of average interest-bearing deposits		3.77	%		4.06	%		4.32	%
Cost of average interest-bearing liabilities		3.73	%		3.94	%		4.19	%
Net interest spread		2.03	%		1.85	%		1.73	%
Net interest margin		2.88	%		2.76	%		2.69	%
Efficiency ratio ⁽³⁾		65.09	%		61.48	%		60.07	%
Common stock dividend payout ratio		123.08	%		64.00	%		37.21	%

(1	)	Non-GAAP measure. See Non–GAAP reconciliations set forth at the end of this press release.
(2	)	Total deposits include non-interest bearing deposits and interest-bearing deposits.
(3	)	Ratio calculated by dividing noninterest expense by the sum of net interest income before provision for credit losses and noninterest income.

RBB BANCORP AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
*(Dollars in thousands)*

	At or for the quarter ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Credit Quality Data:
Special mention loans	$	64,279		$	65,329		$	20,580
Special mention loans to total loans		2.05	%		2.14	%		0.68	%
Substandard loans HFI	$	76,372		$	89,141		$	57,170
Substandard loans HFS	$	—		$	11,195		$	—
Substandard loans HFI to total loans HFI		2.43	%		2.92	%		1.89	%
Loans 30-89 days past due, excluding nonperforming loans	$	5,927		$	22,086		$	20,950
Loans 30-89 days past due, excluding nonperforming loans, to total loans		0.19	%		0.72	%		0.69	%
Nonperforming loans HFI	$	60,380		$	69,843		$	35,935
Nonperforming loans HFS	$	—		$	11,195		$	—
OREO	$	4,170		$	—		$	1,071
Nonperforming assets	$	64,550		$	81,038		$	37,006
Nonperforming loans HFI to total loans HFI		1.92	%		2.29	%		1.19	%
Nonperforming assets to total assets		1.61	%		2.03	%		0.95	%

Allowance for loan losses	$	51,932		$	47,729		$	41,688
Allowance for loan losses to total loans HFI		1.65	%		1.56	%		1.38	%
Allowance for loan losses to nonperforming loans HFI		86.01	%		68.34	%		116.01	%
Net charge-offs	$	2,643		$	2,006		$	184
Net charge-offs to average loans		0.35	%		0.26	%		0.02	%

Capital ratios ⁽¹⁾
Tangible common equity to tangible assets ⁽²⁾		11.10	%		11.08	%		11.56	%
Tier 1 leverage ratio		12.07	%		11.92	%		12.16	%
Tier 1 common capital to risk-weighted assets		17.87	%		17.94	%		19.10	%
Tier 1 capital to risk-weighted assets		18.45	%		18.52	%		19.72	%
Total capital to risk-weighted assets		24.41	%		24.49	%		25.91	%

(1	)	March 31, 2025 capital ratios are preliminary.
(2	)	Non-GAAP measure. See Non-GAAP reconciliations set forth at the end of this press release.

RBB BANCORP AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)

Loan Portfolio Detail	As of March 31, 2025					As of December 31, 2024						As of March 31, 2024
*(dollars in thousands)*	$			%		$			%			$			%
Loans:
Commercial and industrial	$	135,538		4.3	%	$	129,585			4.2	%	$	121,441			4.0	%
SBA		50,651		1.6	%		47,263			1.5	%		54,677			1.8	%
Construction and land development		158,883		5.1	%		173,290			5.7	%		198,070			6.5	%
Commercial real estate ⁽¹⁾		1,245,402		39.6	%		1,201,420			39.3	%		1,178,498			38.9	%
Single-family residential mortgages		1,545,822		49.2	%		1,494,022			48.9	%		1,463,497			48.4	%
Other loans		6,767		0.2	%		7,650			0.4	%		11,178			0.4	%
Total loans ⁽²⁾	$	3,143,063		100.0	%	$	3,053,230			100.0	%	$	3,027,361			100.0	%
Allowance for loan losses		(51,932	)				(47,729	)					(41,688	)
Total loans, net	$	3,091,131				$	3,005,501					$	2,985,673

(1	)	Includes non-farm and non-residential loans, multi-family residential loans and non-owner occupied single family residential loans.
(2	)	Net of discounts and deferred fees and costs of $808, $488, and $474 as of March 31, 2025, December 31, 2024, and March 31, 2024, respectively.

Deposits	As of March 31, 2025				As of December 31, 2024					As of March 31, 2024
*(dollars in thousands)*	$		%		$		%			$		%
Deposits:
Noninterest-bearing demand	$	528,205	16.8	%	$	563,012		18.3	%	$	539,517		17.8	%
Savings, NOW and money market accounts		721,216	22.9	%		663,034		21.5	%		642,840		21.2	%
Time deposits, $250,000 and under		863,962	27.5	%		882,438		28.6	%		901,738		29.8	%
Time deposits, greater than $250,000		870,708	27.8	%		827,854		26.8	%		746,611		24.7	%
Wholesale deposits ⁽¹⁾		158,537	5.0	%		147,451		4.8	%		197,623		6.5	%
Total deposits	$	3,142,628	100.0	%	$	3,083,789		100.0	%	$	3,028,329		100.0	%

(1

)

Includes brokered deposits, collateralized deposits from the State of California, and deposits acquired through internet listing services.

Non-GAAP Reconciliations

Tangible Book Value Reconciliations

Tangible book value per share is a non-GAAP disclosure. Management measures tangible book value per share to assess the Company’s capital strength and business performance and believes this is helpful to investors as additional tools for further understanding our performance. The following is a reconciliation of tangible book value to the Company shareholders’ equity computed in accordance with GAAP, as well as a calculation of tangible book value per share as of March 31, 2025, December 31, 2024, and March 31, 2024.


*(dollars in thousands, except share and per share data)*	March 31, 2025			December 31, 2024			March 31, 2024
Tangible common equity:
Total shareholders’ equity	$	510,306		$	507,877		$	513,986
Adjustments
Goodwill		(71,498	)		(71,498	)		(71,498	)
Core deposit intangible		(1,839	)		(2,011	)		(2,594	)
Tangible common equity	$	436,969		$	434,368		$	439,894
Tangible assets:
Total assets-GAAP	$	4,009,400		$	3,992,477		$	3,878,006
Adjustments
Goodwill		(71,498	)		(71,498	)		(71,498	)
Core deposit intangible		(1,839	)		(2,011	)		(2,594	)
Tangible assets	$	3,936,063		$	3,918,968		$	3,803,914
Common shares outstanding		17,738,628			17,720,416			18,578,132
Common equity to assets ratio		12.73	%		12.72	%		13.25	%
Tangible common equity to tangible assets ratio		11.10	%		11.08	%		11.56	%
Book value per share	$	28.77		$	28.66		$	27.67
Tangible book value per share	$	24.63		$	24.51		$	23.68

Return on Average Tangible Common Equity

Management measures return on average tangible common equity (“ROATCE”) to assess the Company’s capital strength and business performance and believes this is helpful to investors as an additional tool for further understanding our performance. Tangible equity excludes goodwill and other intangible assets (excluding mortgage servicing rights) and is reviewed by banking and financial institution regulators when assessing a financial institution’s capital adequacy. This non-GAAP financial measure should not be considered a substitute for operating results determined in accordance with GAAP and may not be comparable to other similarly titled measures used by other companies. The following table reconciles ROATCE to its most comparable GAAP measure:

	Three Months Ended
*(dollars in thousands)*	March 31, 2025			December 31, 2024			March 31, 2024
Net income available to common shareholders	$	2,290		$	4,385		$	8,036
Average shareholders’ equity		512,262			512,208			512,787
Adjustments:
Average goodwill		(71,498	)		(71,498	)		(71,498	)
Average core deposit intangible		(1,951	)		(2,129	)		(2,726	)
Adjusted average tangible common equity	$	438,813		$	438,581		$	438,563
Return on average common equity, annualized		1.81	%		3.41	%		6.30	%
Return on average tangible common equity, annualized		2.12	%		3.98	%		7.37	%

The MIL Network –

April 29, 2025

MIL-OSI Canada: Making every drop of water count

Demand for water is rising and Alberta is looking at ways to make more water available for farmers, ranchers, businesses and growing communities. The Water Act has not been updated in 25 years and with more families, agri-businesses, food processing plants and many others coming to Alberta, it is important that the system makes every drop count.

While most of the Water Act is working well, government recently heard from over a thousand Albertans who suggested improvements that could potentially help make the system stronger. Alberta’s government is now seeking public feedback on some of the targeted changes put forward by Albertans to maximize the water supply and make more water available to those who need it.

“We need to ensure we have the water we need for people, our environment and our major industries for today, tomorrow and for generations to come. Albertans have given us clear feedback on the Water Act, that it can and should be reviewed, and suggested specific updates for further discussion. We know there are many different views and perspectives, and we’re grateful for the participation and engagement to help us get this right.”

Rebecca Schulz, Minister of Environment and Protected Areas

Critical areas are not up for discussion

The foundation of Alberta’s water management system is already working successfully. For example, Alberta’s priority system will continue to be based on principles of first-in-time, first-in-right – a system that has worked well for more than 100 years. There will be no changes considered that reduce anyone’s current water allocations, nor add any new royalties, bulk or volumetric pricing for water.

Alberta’s Water for Life strategy will keep guiding the province’s water system, ensuring healthy, secure and sustainable water supply for communities, economy and aquatic ecosystems. Alberta will also continue to support water allocation transfers in basins with approved water management plans and will continue to require a special act of the legislature for any high-risk inter-basin transfers.

Targeted improvements proposed by Albertans

Having heard from Albertans directly, government is seeking feedback on some of the most commonly raised, or practical, changes that were proposed. The updates could:

Streamline regulatory decisions on licence amendments and transfers.
Enhance water use information to support licence and transfer decisions.
Enable lower risk inter-basin transfers where it is safe and appropriate to do so.
Enable management of alternative water sources, such as rainwater, stormwater and wastewater reuse.

Albertans can provide feedback on the specific proposals until June 30.

There will also be targeted in-person sessions across the province with Indigenous communities and water using sectors in May. No decisions have been made, and government will review all the feedback before determining what changes, if any, move forward.

This engagement builds off the first phase undertaken in fall 2024 and winter 2025, but there is more work to do. Engagement on other ideas for regulatory, policy and program changes put forward by Albertans to improve water availability may also take place in the future as government works to strengthen the water management system.

Quick facts

Alberta’s government engaged with Albertans to hear ideas about how to strengthen and modernize the water system.
- Phase one occurred October 2024 through January 2025 with more than 1,400 people participating and sharing ideas.
Alberta continues to improve water management across the province, including:
- $5 million over three years for the Alberta Water Storage Assessment Program.
- $12 million over two years for Bow River Reservoir (with Transportation and Economic Corridors).
- $25 million investment this year through the Drought and Flood Protection Program.
- $8.7 million for wetlands through the Wetlands Replacement Program
- $3.5 million through the Watershed Resiliency and Restoration Program.

Related information

Water availability engagement

MIL OSI Canada News –

April 29, 2025

MIL-OSI USA: Nigerian National Sentenced to Prison for International Fraud Scheme that Defrauded Elderly U.S. Victims

Source: US State of California

A Nigerian national was sentenced on Friday to 97 months in prison for his role in a transnational inheritance fraud scheme.

According to court documents, Okezie Bonaventure Ogbata, 36, was a member of a group of fraudsters that sent personalized letters to elderly victims in the United States over the course of several years. The letters falsely claimed that the sender was a representative of a bank in Spain and that the recipient was entitled to receive a multimillion-dollar inheritance left for the recipient by a family member who had died overseas years before. Ogbata and his co-conspirators told a series of lies to victims, including that, before they could receive their purported inheritance, they were required to send money for delivery fees, taxes, and other payments to avoid questioning from government authorities. Ogbata and his co-conspirators collected money victims sent in response to the fraudulent letters through a complex web of U.S.-based former victims, whom the defendants convinced to receive money and forward to the defendants or persons associated with them. Victims who sent money never received any purported inheritance funds. In pleading guilty, Ogbata admitted to defrauding over $6 million from more than 400 victims, many of whom were elderly or otherwise vulnerable.

“The Justice Department’s Consumer Protection Branch will continue to pursue, prosecute, and bring to justice transnational criminals responsible for defrauding U.S. consumers, wherever they are located,” said Acting Assistant Attorney General Yaakov M. Roth of the Justice Department’s Civil Division. “This case is a testament to the critical role of international collaboration in tackling transnational crime. I want to thank our U.S. law enforcement partners, as well as those who assisted across the globe, including the Portuguese Judicial Police and Public Prosecution Service of Portugal, for their outstanding contributions to this case.”

“The long arm of the American justice system has no limits when it comes to reaching fraudsters who prey on our nation’s most vulnerable populations, to include the elderly,” said U.S. Attorney Hayden P. Byrne for the Southern District of Florida. “We will not allow transnational criminals to steal money from the public we serve. Individuals who defraud American consumers will be brought to justice, no matter where they are located.”

“The U.S. Postal Inspection Service (USPIS) has a long history of protecting American citizens from these types of schemes and bringing those responsible to justice,” said Acting Postal Inspector in Charge Steven Hodges of the USPIS Miami Division. “Today’s sentencing is a testament to the dedicated partnership between the Department of Justice’s Consumer Protection Branch, HSI and USPIS to protect our citizens from these scams.”

“It’s inconceivable to imagine any human being robbing from those who’ve spent a lifetime working and building a life, and then are duped out of it all,” said Special Agent in Charge Fransisco B. Burrola of Homeland Security Investigations (HSI) Arizona. “Together, with our law enforcement partners, we will not tolerate this kind of behavior – we will bring justice to those who have wronged and stolen from so many people.”

Senior Trial Attorney and Transnational Criminal Litigation Coordinator Phil Toomajian and Trial Attorneys Josh Rothman and Brianna Gardner of the Civil Division’s Consumer Protection Branch are prosecuting the case. USPIS and HSI investigated the case. The Justice Department’s Office of International Affairs, the U.S. Attorney’s Office for the Southern District of Florida, Europol, and authorities from the UK, Spain, and Portugal all provided critical assistance.

If you or someone you know is age 60 or older and has been a victim of financial fraud, help is standing by at the National Elder Fraud Hotline: 1-833-FRAUD-11 (1-833-372-8311). This U.S. Department of Justice hotline, managed by the Office for Victims of Crime, is staffed by experienced professionals who provide personalized support to callers by assessing the needs of the victim and identifying relevant next steps. Case managers will identify appropriate reporting agencies, provide information to callers to assist them in reporting, connect callers directly with appropriate agencies, and provide resources and referrals, on a case-by-case basis. Reporting is the first step. Reporting can help authorities identify those who commit fraud and reporting certain financial losses due to fraud as soon as possible can increase the likelihood of recovering losses. The hotline is open Monday through Friday from 10:00 a.m. to 6:00 p.m. ET. English, Spanish, and other languages are available.

More information about the department’s efforts to help American seniors is available at its Elder Justice Initiative webpage. For more information about the Consumer Protection Branch and its enforcement efforts, visit its website at www.justice.gov/civil/consumer-protection-branch. Elder fraud complaints may be filed with the FTC at https://reportfraud.ftc.gov/ or at 877-FTC-HELP. The Department of Justice provides a variety of resources relating to elder fraud victimization through its Office for Victims of Crime, which can be reached at www.ovc.gov.

MIL OSI USA News –

April 29, 2025

MIL-OSI Security: Nigerian National Sentenced to Prison for International Fraud Scheme that Defrauded Elderly U.S. Victims

Source: United States Attorneys General 6