Category: Economy

MIL-OSI Asia-Pac: Boosting of Leisure Tourism in India

Source: Government of India

Posted On: 17 MAR 2025 3:49PM by PIB Delhi

As per data from the Bureau of Immigration, India recorded 9.52 million Foreign Tourist Arrivals (FTAs) in 2023, reflecting a 47.90% increase compared to 2022. The number of FTAs for Leisure, Holiday, and Recreation in 2023 was 4.40 million, registering an 86.96% growth compared to 2022. Similarly, FTAs for Business and Professional purposes stood at 0.98 million in 2023, marking a 49.66% increase from the previous year.

FTAs have recovered to 87.1% of the pre-pandemic levels closely aligning with the global recovery rate of 88.8% and surpassing the Asia-Pacific region’s recovery rate of 65.4%.

The growth in Foreign Tourist Arrivals (FTAs) is mainly driven by the post-pandemic revival of global travel and increasing confidence in India as a diverse and culturally rich destination. Enhanced air connectivity has improved accessibility to key tourist spots, while continuous development of tourism infrastructure has elevated the visitor experience. Additionally, targeted domestic and international marketing campaigns have strengthened India’s global appeal, positioning it as a premier destination for travelers worldwide.

Ministry of Tourism has taken several measures/initiatives over the years to increase tourist arrivals in the country, details of which are:

●       The Ministry of Tourism under the schemes of ‘Swadesh Darshan’, ‘National Mission on Pilgrimage Rejuvenation and Spiritual Heritage Augmentation Drive (PRASHAD)’ and ‘Assistance to Central Agencies for Tourism Infrastructure Development’ provides financial assistance to State Governments/ Union Territory Administrations/ Central Agencies for the development of tourism related infrastructure and facilities at various tourism destinations in the country.

●       Ministry of Tourism through its various campaigns and events promotes various tourism destinations and products of India in domestic and international markets. Some of the initiatives are Dekho Apna Desh campaign, Chalo India campaign, International Tourism Mart, Bharat Parv.

●       The Incredible India Content Hub was launched which is available in the public domain. Promotions are also carried out through the web-site – www.incredibleindia.org and social media handles of the Ministry.

●       Thematic tourism like wellness tourism, culinary tourism, rural, eco-tourism, etc. amongst other niche subjects are promoted so as to expand the scope of tourism into other sectors as well.

●       Enhance the overall quality and visitor experience through initiatives focused on capacity building, skill development such as ‘Capacity Building for Service Providers’ ‘Incredible India Tourist Facilitator’ (IITF), ‘Paryatan Mitra’ and ‘Paryatan Didi’.

●       For improving air connectivity to important tourist destinations, Ministry of Tourism has collaborated with Ministry of Civil Aviation under their RCS-UDAN Scheme. As on date, 53 tourism routes have been operationalized.

●       e-Visa scheme is now available to 167 countries and it is available for 9 sub-categories:

i.        e-Tourist Visa

ii.       e-Business Visa

iii.      e-Medical Visa

iv       e-Conference Visa

v.       e-Medical Attendant Visa

vi.      e-Ayush Visa

vii.     e-Ayush Attendant Visa

viii. e- Student Visa

ix.      e-Student X Visa

This information was given by Union Minister for Tourism and Culture Shri Gajendra Singh Shekhawat in a written reply in Lok Sabha today.

***

Sunil Kumar Tiwari

tourism4pib[at]gmail[dot]com

(Release ID: 2111811) Visitor Counter : 19

MIL OSI Asia Pacific News –

March 18, 2025
MIL-OSI Asia-Pac: Coal Supply and Logistics to Meet Electricity Demand

Source: Government of India

Posted On: 17 MAR 2025 3:36PM by PIB Delhi

There is adequate availability of coal in the country. The focus of the Government is on increasing the domestic production of coal to meet the energy requirement of the country. The country has witnessed highest ever coal production in the year 2023-24. The all-India domestic coal production in the year 2023-2024 was 997.826 MT in comparison to 893.191 MT in the year 2022-2023 with the growth of about 11.71 %.

In the current year 2024-25, the country has produced 929.15 MT (provisional) of coal (upto February, 2025) in comparison to 881.16 MT in the corresponding period of the last year 2023-24 with a growth rate of 5.45%.

Ministry of Power communicated their domestic coal requirement of 906.1 million tonnes (MT) for the financial year 2025-26, against which Ministry of Coal (MOC) has conveyed the domestic coal supply plan of 906.1 million tonnes (MT) to the power sector for FY 2025-26.

As per Central Electricity Authority (CEA), the coal stock at domestic coal-based power plants stands at 53.49 million tonne (MT) as on 10.03.2025, in comparison to 44.51 MT in the corresponding day of the last year 2023-24 with a growth rate of 20.20%. The current coal stock is sufficient for about 20 days at 85% Plant load factor (PLF).

The supply of coal to the power plants is a continuous process. Coal supply is continuously monitored by the coal companies and also by an Inter-Ministerial Sub-Group comprising of representatives from Ministry of Power, Ministry of Coal, Ministry of Railways, Central Electricity Authority (CEA), Coal India Limited (CIL) and Singareni Collieries Company Limited (SCCL) which meet regularly to take various operational decisions to enhance supply of coal to Thermal Power Plants.

Besides, an Inter-Ministerial Committee (IMC) has also been constituted comprising of Chairman, Railway Board; Secretary, Ministry of Coal; Secretary, Ministry of Environment, Forest and Climate Change and Secretary, Ministry of Power; to monitor augmentation of coal supply and power generation capacity. Secretary, Ministry of New and Renewable Energy and Chairperson, CEA are co-opted as Special Invitees as and when required by the IMC.

This information was given by Union Minister of Coal and Mines Shri G. Kishan Reddy in a written reply in Rajya Sabha today.

*******

Shuhaib T

(Release ID: 2111791) Visitor Counter : 62

MIL OSI Asia Pacific News –

March 18, 2025

MIL-OSI: Diversified Achieves Strong Final Year-End 2024 Results, Delivers on Capital Allocation Promises, and Introduces 2025 Combined Company Outlook

Source: GlobeNewswire (MIL-OSI)

2024 Achievements Position Diversified on a Meaningful Path Forward as a Stronger and Larger Company

Executed Approximately $2 Billion of Acquisitions in an Advantageous Pricing Environment

Third year of Consistent Operating Costs Despite Broader Industry and Inflationary Pressures

Maverick Integration Anticipated to Provide Meaningful Financial and Operational Benefits to Drive Free Cash Flow Acceleration

Created a PDP Solution for Upstream Peers to Facilitate Operated Acquisitions with an Undeveloped Inventory Focus

BIRMINGHAM, Ala., March 17, 2025 (GLOBE NEWSWIRE) — Diversified Energy Company PLC (LSE: DEC; NYSE: DEC) is pleased to announce its operational and final audited results for the year ended December 31, 2024.

Diversified remains a differentiated key player in acquiring and building a portfolio of assets through value-accretive transactions while simultaneously unlocking hidden value through its unique operational framework, strategic development partnerships, and growing adjacent business segments, including coal mine methane (CMM), energy marketing and well-retirement. By completing over $4.0 billion of acquisitions since its public listing in 2017, Diversified has built a large-scale integration and operating company that remains focused on delivering de-risked, reliable cash flow for its shareholders. With the combination of maturing assets and M&A activity leading to growth-oriented E&P’s recycling capital through divestment, there remains an ample opportunity set for Diversified’s continued growth. Additionally, with most upstream acquisitions today focusing on increasing undeveloped inventory, Diversified provides a creative and actionable solution as the PDP purchasing partner for those E&P’s that only value inventory.

Only Publicly Traded Champion of the PDP Subsector with Unique Strategic Advantages

Large Operational Scale: Multiple geographies in core basins including Western Anadarko (largest producer), Permian, Appalachia, Barnett and Ark-La-Tex with commodity product diversification
Vertical Integration: In-house marketing, extensive midstream network, wholly-owned processing infrastructure, and a well retirement business segment
Leading Technology Platform: 100% cloud architecture, supporting well level data capture, information for actionable production optimization, and real-time monitoring which mitigates production downtime
Beneficial Financing Solution: Demonstrated ability to access numerous capital solutions, including investment grade, low-cost Asset Backed Securities, commercial banking facilities and equity investment partners
Flexible Capital Allocation: shareholder returns-focused model prioritizing Free Cash Flow for systematic debt reduction, fixed dividend payments, opportunistic share repurchases, and accretive acquisitions
Proven Process to Capture Synergies: established integration playbook and sophisticated corporate infrastructure provides considerable expense savings and unlocks sustainable value

Delivering Consistent and Reliable Results in 2024

Delivered average net daily production: 791 MMcfepd (132 MBoepd)
- December exit rate of 864 MMcfepd (144 MBoepd)
Year end 2024 reserves of 4.5 Tcfe (747 MMBoe; PV10 of $3.3 billion⁽^b⁾)
Total Revenue, inclusive of hedges of $946 million⁽^e⁾, net of $151 million in commodity cash hedge receipts that supplemented Total Revenue of $795 million
Operating Cash Flow of $346 million; Net loss of $87 million, inclusive of $141 million tax-effected, non-cash unsettled derivative fair value adjustments
Adjusted EBITDA of $472 million⁽^c⁾; Adjusted Free Cash Flow of $211 million^(d)
- 2024 Adjusted EBITDA Margin of 51%⁽^c⁾
- 2024 Adjusted Operating Cost per unit of $1.70/Mcfe ($10.22/Boe)

Achieving Expectations

Recommend a final quarterly dividend of $0.29 per share
Generated $49 million of cash proceeds through land sales and Coal Mine Methane Revenues
Retired over $200 million in debt principal through amortizing debt payments
Returned $105 million to shareholders, including $21 million in share buybacks⁽^h⁾
Completed $585 million (gross) in strategic and bolt-on acquisitions during 2024
Retired 202 Diversified wells in Appalachia, marking third consecutive year to exceed 200 wells
OGMP Gold Standard and MSCI AA Rating for third and second consecutive year, respectively
Decreased Scope 1 methane intensity to 0.7 MT CO₂e per MMcfe, a 13% reduction from 2023

Powerful Step Forward

Closed transformative $1.3 billion acquisition of Maverick Natural Resources (“Maverick”)
- Largest Producer in the Western Anadarko Basin (WAB)
- Entry into the Permian basin
- Expecting to achieve over $50 million in annual synergies by year-end 2025
Closed the accretive bolt-on acquisition of assets from Summit Natural Resources
- Anticipate over 300% increase in cash flow from CMM environmental credit sales in the next 24 months
Developed a unique partnership to create an innovative, reliable, net-zero data center power solution
Enhancing free cash flow growth in 2025 by advantageously added natural gas hedges (related to ABS & recent acquisitions) and planning approximately $40 million from the divestiture of undeveloped leasehold during the first half of 2025

CEO Rusty Hutson, Jr. commented:

“Our over 1,600 women and men of Diversified remain the driving force behind our strong operational and financial performance in 2024. Whether it’s natural gas to power the technology of the future or the everyday needs of families and businesses across our operating region, Diversified provides the reliable and sustainable energy needed, and we continue to invest in growing our business while expanding our opportunity set of cash flow generation through verticals in a variety of end markets.

We have built a Company that remains highly focused on long-term value creation through the growth of our platform and our ability to leverage vertical integration and scale to operate a structurally and dependably higher-margin business that delivers de-risked, consistent cash flow. Our focused strategy, disciplined leadership team, sound operating practices, and the strong demand for natural gas provide us with momentum as we begin the year and the confidence to achieve our full-year 2025 expectations while executing against our capital allocation strategy. We are starting the year in a position of strength as a bigger, better business, and there has never been a more exciting time for our Company and the energy industry. We feel privileged to be at the heart of the energy renaissance as the Right Company at the Right Time to help provide essential energy needs.”

Combined Company 2025 Outlook

Following the recently completed acquisition of Maverick, Diversified expects to realize significant operational synergies associated with a larger, consolidated position in Oklahoma and the ability to improve the overall cost structure of the Maverick Natural Resources assets while continuing to prioritize returns and Free Cash Flow generation.

The following outlook incorporates a nine-month contribution from the recently acquired Maverick.

	2025 Guidance
Total Production (Mmcfe/d)	1,050 to 1,100
% Liquids	~25%
% Natural Gas	~75%
Total Capital Expenditures (millions)	$165 to $185
Adj. EBITDA¹(millions)	$825 to $875
Adj. Free Cash Flow¹(millions)	~$420
Leverage Target	2.0x to 2.5x
Combined Company Synergies (millions)	>$50
¹Includes the value of anticipated cash proceeds for 2025 land sales

Posting of 2024 Annual Report and Notice of Annual General Meeting

Diversified has published to the Company’s website its 2024 Annual Report and Notice of AGM, along with the form of proxy for the AGM. These documents can be viewed or downloaded from Diversified’s website at https://ir.div.energy/financial-info.

The Company has also provided copies of these documents to the National Storage Mechanism that, in accordance with UK Listing Rule 6.4.1R, will be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

Annual General Meeting Arrangements

The Company’s AGM will be held on April 9, 2025 at 1:00pm BST (8:00am EDT) at the offices of FTI Consulting, 200 Aldersgate, Aldersgate Street, London EC1A 4HD.

Presentation and Webcast

DEC will host a conference call today at 12:30 pm GMT (8:30am EDT) to discuss these results. The conference call details are as follows:

A corporate presentation will be posted to the Company’s website before the conference call. The presentation can be found at https://ir.div.energy/presentations.

Footnotes:

(a)	Corporate decline rate of ~10% calculated as the change in average daily production for the month of December 2023 (775 MMcfepd), adjusted for the impact of acquisitions and divestitures occurring during the 2024 calendar year, to the average daily production for the month of December 2024.
(b)	Based on the Company’s year-end PDP reserves and using 10-year NYMEX strip, as at December 31, 2024.
(c)	Adjusted EBITDA represents earnings before interest, taxes, depletion, and amortization, and includes adjustments for items that are not comparable period-over-period; As presented, Adjusted EBITDA includes the impact of the accounting basis for land sales; Adjusted EBITDA Margin represents Adjusted EBITDA (excluding the adjustment for the accounting basis on land sales) as a percent of Total Revenue, Inclusive of Settled Hedges; For purposes of comparability, Adjusted EBITDA Margin excludes Other Revenue of $16 million and Lease Operating Expense of $19 million in 2024 associated with Diversified’s wholly owned plugging subsidiary, Next LVL Energy. For more information, please refer to Non-IFRS Measures, below.
(d)	Free Cash Flow represents net cash provided by operating activities less expenditures on natural gas and oil properties and equipment and cash paid for interest; As used herein, Adjusted Free Cash Flow represents Free Cash Flow, plus cash proceeds from undeveloped acreage sales; For more information, please refer to Non-IFRS Measures, below.
(e)	Calculated as total revenue recorded for the period, inclusive of the impact of derivatives settled in cash. For more information, please refer to Non-IFRS Measures, below.
(f)	Calculated as the availability on the Company’s Revolving Credit Facility (“SLL”) and cash on hand (unrestricted)of December 31, 2024; Does not include the impact of Letters of Credit.
(g)	Net Debt-to-Adjusted EBITDA, or “Leverage” or “Leverage Ratio,” is measured as Net Debt divided by Pro Forma Adjusted EBITDA; Pro forma adjusted EBITDA includes adjustments for the year ended December 31, 2024 for the annualized impact of acquisitions completed during the year. Net Debt calculated as of December 31, 2024 and includes total debt as recognized on the balance sheet, less cash and restricted cash; Total debt includes the Company’s borrowings under the Company’s Revolving Credit Facility (“SLL”) and borrowings under or issuances of, as applicable, the Company’s subsidiaries’ securitization facilities. For more information, please refer to Non-IFRS Measures, below.

For Company-specific items, refer also to the Glossary of Terms and/or Alternative Performance Measures found in Diversified’s 2024 Annual Report

For further information, please contact:
Diversified Energy Company PLC	+1 973 856 2757
Doug Kris	dkris@dgoc.com
www.div.energy

FTI Consulting	dec@fticonsulting.com
U.S. & UK Financial Public Relations

About Diversified Energy Company PLC

Diversified is a leading publicly traded energy company focused on natural gas and liquids production, transport, marketing, and well retirement. Through our differentiated strategy, we acquire existing, long-life assets and invest in them to improve environmental and operational performance until retiring those assets in a safe and environmentally secure manner. Recognized by ratings agencies and organizations for our sustainability leadership, this solutions-oriented, stewardship approach makes Diversified the Right Company at the Right Time to responsibly produce energy, deliver reliable free cash flow, and generate shareholder value.

Important Notices

This announcement may contain certain forward-looking statements, beliefs or opinions, with respect to the financial condition, results of operations and business of the Company, and its wholly owned subsidiaries (“the Group”) following the Maverick Acquisition. These statements, which contain the words “anticipate”, “believe”, “intend”, “estimate”, “expect”, “may”, “will”, “seek”, “continue”, “aim”, “target”, “projected”, “plan”, “goal”, “achieve”, “outlook” and words of similar meaning, reflect the Company’s beliefs and expectations and are based on numerous assumptions regarding the Company’s present and future business strategies and the environment the Company and the Group will operate in and are subject to risks and uncertainties that may cause actual results to differ materially. No representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements of the Company or the Group to be materially different from those expressed or implied by such forward looking statements. Many of these risks and uncertainties relate to factors that are beyond the Company’s or the Group’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behaviour of other market participants, the actions of regulators and other factors such as the Company’s or the Group’s ability to continue to obtain financing to meet its liquidity needs, changes in the political, social and regulatory framework in which the Company or the Group operate or in economic or technological trends or conditions, and the Company’s or Group’s ability to realize expected benefits of the Maverick acquisition. Past performance of the Company cannot be relied on as a guide to future performance. As a result, you are cautioned not to place undue reliance on such forward-looking statements. The list above is not exhaustive and there are other factors that may cause the Company’s or the Group’s actual results to differ materially from the forward-looking statements contained in this announcement, including the risk factors described in the “Risk Factors” section in the Company’s Annual Report and Form 20-F for the year ended December 31, 2024, filed with the United States Securities and Exchange Commission.

Forward-looking statements speak only as of their date and neither the Company, nor the Group nor any of its respective directors, officers, employees, agents, affiliates or advisers expressly disclaim any obligation to supplement, amend, update or revise any of the forward-looking statements made herein, except where it would be required to do so under applicable law. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements in this announcement may not occur. No statement in this announcement is intended as a profit forecast or a profit estimate and no statement in this announcement should be interpreted to mean that the financial performance of the Company for the current or future financial years would necessarily match or exceed the historical published for the Company.

The contents of this announcement are not to be construed as legal, business or tax advice. Each shareholder should consult its own legal adviser, financial adviser or tax adviser for legal, financial or tax advice respectively.

Percentages in tables have been rounded and accordingly may not add up to 100 per cent. Certain financial data have also been rounded. As a result of this rounding, the totals of data presented in this announcement may vary slightly from the actual arithmetic totals of such data.

Use of Non-IFRS Measures

Certain key operating metrics that are not defined under IFRS (alternative performance measures) are included in this announcement. These non-IFRS measures are used by us to monitor the underlying business performance of the Company from period to period and to facilitate comparison with our peers. Since not all companies calculate these or other non-IFRS metrics in the same way, the manner in which we have chosen to calculate the non-IFRS metrics presented herein may not be compatible with similarly defined terms used by other companies. The non-IFRS metrics should not be considered in isolation of, or viewed as substitutes for, the financial information prepared in accordance with IFRS. Certain of the key operating metrics are based on information derived from our regularly maintained records and accounting and operating systems.

Non-IFRS Disclosures

Adjusted EBITDA

As used herein, EBITDA represents earnings before interest, taxes, depletion, depreciation, and amortization. Adjusted EBITDA further adjusts for items that are not comparable period-over-period, including accretion of asset retirement obligations, other (income) expense, loss on joint and working interest owners receivable, (gain) loss on bargain purchases, (gain) loss on fair value adjustments of unsettled financial instruments, (gain) loss on natural gas and oil property and equipment, costs associated with acquisitions, other adjusting costs, non-cash equity compensation, (gain) loss on foreign currency hedge, net (gain) loss on interest rate swaps and other similar items.

Adjusted EBITDA should not be considered in isolation or as a substitute for operating profit (loss), net income (loss), or cash flows provided by (used in) operating, investing, and financing activities. However, we believe this measure is useful to investors in evaluating our financial performance because it (1) is widely used by investors in the natural gas and oil industry as an indicator of underlying business performance; (2) helps investors more meaningfully evaluate and compare the results of our operations from period to period by removing the often-volatile revenue impact of changes in the fair value of derivative instruments prior to settlement; (3) is used in the calculation of a key metric in one of our Credit Facility financial covenants; and (4) is used by us as a performance measure in determining executive compensation. When evaluating this measure, we believe investors also commonly find it useful to assess this metric as a percentage of our total revenue, inclusive of settled hedges, which we refer to as adjusted EBITDA margin.

	Year Ended
	December 31, 2024			December 31, 2023			December 31, 2022
Net income (loss)	$	(87,001	)	$	759,701		$	(620,598	)
Finance costs		137,643			134,166			100,799
Accretion of asset retirement obligations		30,868			26,926			27,569
Other (income) expense^(a)		(1,257	)		(385	)		(269	)
Income tax (benefit) expense		(136,951	)		240,643			(178,904	)
Depreciation, depletion and amortization		256,484			224,546			222,257
(Gain) loss on bargain purchases		—			—			(4,447	)
(Gain) loss on fair value adjustments of unsettled financial instruments		189,030			(905,695	)		861,457
(Gain) loss on natural gas and oil properties and equipment^(b)		15,308			4,014			93
(Gain) loss on sale of equity interest		7,375			(18,440	)		—
Unrealized (gain) loss on investment		4,013			(4,610	)		—
Impairment of proved properties^(c)		—			41,616			—
Costs associated with acquisitions		11,573			16,775			15,545
Other adjusting costs^(d)		22,375			17,794			69,967
Loss on early retirement of debt		14,753			—			—
Non-cash equity compensation		8,286			6,494			8,051
(Gain) loss on foreign currency hedge		—			521			—
(Gain) loss on interest rate swap		(190	)		2,722			1,434
Total adjustments	$	559,310		$	(212,913	)	$	1,123,552
Adjusted EBITDA	$	472,309		$	546,788		$	502,954
Pro forma adjusted EBITDA^(e)	$	548,570		$	553,252		$	574,414

Excludes $1 million in dividend distributions received for our investment in DP Lion Equity Holdco during the year ended December 31, 2024.
Excludes $27 million, $24 million and $2 million in cash proceeds received for leasehold sales during the years ended December 31, 2024, 2023 and 2022, respectively, less $14 million and $4 million of basis in leasehold sales for the years ended December 31, 2024 and 2023, respectively.
For the year ended December 31, 2023, the Group determined the carrying amounts of certain proved properties within two fields were not recoverable from future cash flows, and therefore, were impaired.
Other adjusting costs for the year ended December 31, 2024, were primarily associated with legal and professional fees related to the U.S. listing, legal fees for certain litigation, and expenses associated with unused firm transportation agreements. For the year ended December 31, 2023, these costs were primarily related to legal and professional fees for the U.S. listing, legal fees for certain litigation, and expenses for unused firm transportation agreements. For the year ended December 31, 2022, these costs mainly included $28 million in contract terminations, which enabled the Group to secure more favorable future pricing, and $31 million in deal breakage and/or sourcing costs for acquisitions.
Includes adjustments for the year ended December 31, 2024 for the Oaktree, Crescent Pass, and East Texas II acquisitions to pro forma their results for the full twelve months of operations. Similar adjustments were made for the year ended December 31, 2023 for the Tanos II Acquisition, as well as for the year ended December 31, 2022 for the East Texas I and ConocoPhillips acquisitions.

Total Revenue, Inclusive of Hedges and Adjusted EBITDA Margin

As used herein, total revenue, inclusive of settled hedges, accounts for the impact of derivatives settled in cash. We believe that total revenue, inclusive of settled hedges, is a useful measure because it enables investors to discern our realized revenue after adjusting for the settlement of derivative contracts.

As used herein, adjusted EBITDA margin is calculated as adjusted EBITDA expressed as a percentage of total revenue, inclusive of settled hedges. Adjusted EBITDA margin encompasses the direct operating costs and the portion of general and administrative costs required to produce each Mcfe. This metric includes operating expense, employee costs, administrative costs and professional services, and recurring allowance for credit losses, which cover both fixed and variable costs components. We believe that adjusted EBITDA margin is a useful measure of our profitability and efficiency, as well as our earnings quality, because it evaluates the Group on a more comparable basis period-over-period, especially given our frequent involvement in transactions that are not comparable between periods.

	Year Ended
	December 31, 2024			December 31, 2023			December 31, 2022
Total revenue	$	794,841		$	868,263		$	1,919,349
Net gain (loss) on commodity derivative instruments^(a)		151,289			178,064			(895,802	)
Total revenue, inclusive of settled hedges	$	946,130		$	1,046,327		$	1,023,547
Adjusted EBITDA	$	472,309		$	546,788		$	502,954
Adjusted EBITDA margin		50	%		52	%		49	%
Adjusted EBITDA margin, excluding Next LVL Energy		51	%		53	%		50	%

Net gain (loss) on commodity derivative settlements represents the cash paid or received on commodity derivative contracts. This excludes settlements on foreign currency and interest rate derivatives, as well as the gain (loss) on fair value adjustments for unsettled financial instruments for each of the periods presented.

Free Cash Flow

As used herein, free cash flow represents net cash provided by operating activities, less expenditures on natural gas and oil properties and equipment, and cash paid for interest. We believe that free cash flow is a useful indicator of our ability to generate cash that is available for activities beyond capital expenditures. The Directors believe that free cash flow provides investors with an important perspective on the cash available to service debt obligations, make strategic acquisitions and investments, and pay dividends.

	Year Ended
	December 31, 2024			December 31, 2023			December 31, 2022
Net cash provided by operating activities	$	345,663		$	410,132		$	387,764
LESS: Expenditures on natural gas and oil properties and equipment		(52,100	)		(74,252	)		(86,079	)
LESS: Cash paid for interest		(123,141	)		(116,784	)		(83,958	)
Free cash flow	$	170,422		$	219,096		$	217,727
Cash generated through divestitures of land	$	40,986		$	28,160		$	2,472
Adjusted free cash flow	$	211,408		$	247,256		$	220,199

Net Debt and Net Debt-to-Adjusted EBITDA (“Leverage”)

As used herein, net debt represents total debt as recognized on the balance sheet, minus cash and restricted cash. Total debt includes borrowings under our Credit Facility and borrowings under, or issuances of, our subsidiaries’ securitization facilities. We believe net debt is a useful indicator of our leverage and capital structure.

As used herein, net debt-to-adjusted EBITDA, also referred to as “leverage” or the “leverage ratio,” is calculated by dividing net debt by adjusted EBITDA. We believe this metric is a crucial measure of our financial liquidity and flexibility, and it is also used in the calculation of a key metric in one of our Credit Facility financial covenants.

	As of
	December 31, 2024		December 31, 2023		December 31, 2022
Total debt^(a)	$	1,693,242	$	1,276,627	$	1,440,329
LESS: Cash		5,990		3,753		7,329
LESS: Restricted cash^(b)		46,269		36,252		55,388
Net debt	$	1,640,983	$	1,236,622	$	1,377,612

Adjusted EBITDA	$	472,309,000	$	546,788,000	$	502,954,000
Pro forma adjusted EBITDA^(c)	$	548,570	$	553,252	$	574,414
Net debt-to-pro forma adjusted EBITDA^(d)	2.9x		2.2x		2.4x

Includes adjustments for deferred financing costs and original issue discounts, consistent with presentation on the Statement of Financial Position.
The increase of restricted cash as of December 31, 2024, is due to the addition of $21 million and $3 million in restricted cash for the ABS VIII Notes and ABS IX Notes, respectively, offset by $7 million and $9 million for the retirement of the ABS III Notes and ABS V Notes, respectively.
Includes adjustments for the year ended December 31, 2024 for the Oaktree, Crescent Pass, and East Texas II acquisitions to pro forma their results for the full twelve months of operations. Similar adjustments were made for the year ended December 31, 2023 for the Tanos II Acquisition, as well as for the year ended December 31, 2022 for the East Texas I and ConocoPhillips acquisitions.
Excludes long-term plant financing of $30 million for the year ended December 31, 2024.

The MIL Network –

MIL-OSI: RAAC Launches Testnet for $235m Gold-Backed RWA Platform

Source: GlobeNewswire (MIL-OSI)

ROAD TOWN, British Virgin Islands, March 17, 2025 (GLOBE NEWSWIRE) — RAAC, a decentralized Real World Asset (RWA) lending and borrowing ecosystem, is announcing the launch of its testnet today in the face of strong institutional demand. This has helped the project secure $235 million in gold-backed deposits at launch from one of the largest gold reserves in North America, while it also pursues opportunities in US rental property and more.

Grounded in the $1.8 billion Curve ecosystem, RAAC is a member of the Chainlink Build program and has been incubated by The LLamas – a DeFi community that supports, builds, and promotes Curve ecosystem growth.

Curve founder and RAAC advisor Michael Egorov says: “Most value in crypto is driven by DeFi and payments. However, as for DeFi, this value is currently derived mostly from crypto speculation. We need projects like RAAC to go beyond our crypto bubble, realize the true potential of programmable, decentralized money, and eventually have the global financial system naturally re-architected.”

Initially, RAAC will develop protocols integrating gold-backed and real estate-backed tokens from asset owners through Instruxi – a leading institutional tokenization provider that serves both the digital and traditional asset space. These asset owners include Pretio DeFi Solutions, which, with its partners, has secured a contract with the North Terrace Mining Project in British Columbia to acquire 1 million troy ounces of proven gold reserves for tokenization.

At the time of tokenization, these reserves are valued at approximately $400 million—20% of a discounted spot price of $2,000 per troy ounce. Over a 10 to 15-year production cycle, once the gold is extracted, refined, and securely stored, the tokenized asset’s total estimated value could reach up to $3 billion, depending on market conditions and future gold prices.

RAAC founder Kevin Rusher says: “RAAC has been in the works for a long time. This is not something we wanted to rush. Our team believes passionately in increasing access to the world’s most stable assets in one of the world’s most volatile sectors. We will achieve all this and more with RAAC. We don’t want to bring the next billion users into decentralized finance, but the next $100 billion.”

The tokenization process will transform these proven gold reserves into fractional digital assets, which will be deposited into the Pretio Foundation DAO. The DAO Treasury will manage a comprehensive digital ecosystem that leverages on-chain liquidity and advanced DeFi protocols from the RAAC ecosystem.

This ecosystem will operate via stablecoins minted by the Pretio Treasury, initially backed by the gold reserves—and later by additional precious metals. At RAAC’s launch, Pretio will contribute an initial $235 million in treasury assets, with further assets to be added to the ecosystem over time.

Pier S. Bjorklund, manager of Pretio DeFi Solutions, remarks: “The North Terrace Mining Project exemplifies our commitment to innovation. Pretio DeFi and our partners are setting a new standard by seamlessly integrating traditional gold mining with state-of-the-art blockchain, decentralized finance technologies, and sustainable mining practices.”

Mathew Harrowing, co-founder of Instruxi, adds: “One of the biggest issues RWA tokenization faced was on-chain liquidity. RAAC solves that elegantly while providing a vehicle for asset holders and traditional finance institutions to get credible exposure to the DeFi market with a stable and predictable yield. It’s truly game-changing.”

RAAC’s testnet is available to non-US persons and will be followed by a closed beta. Currently, the Ethereum mainnet launch and Token Generation Event are scheduled for Q2.

*RAAC is only available in a limited number of jurisdictions and is not available to US persons*

About RAAC
RAAC is a decentralized lending and borrowing ecosystem that is widening participation in tokenized Real World Assets like real estate and gold. The platform allows users to borrow against their holdings at competitive rates, while also offering investors access to high-value arbitrage opportunities. Providing a bridge between traditional and decentralized finance, RAAC is modernizing the way investors can access and profit from the world’s most stable assets.

Profile Links:

Contact

CEO and Founder
Rebecca Jones
Block3 PR
rebecca@block3.pr

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1439670f-0439-46e4-b2c2-93bf24d79c64

The MIL Network –

March 18, 2025
MIL-OSI: Bitfarms Advances U.S. Strategy with Completion of Stronghold Digital Mining Acquisition
Source: GlobeNewswire (MIL-OSI)

-1.1 GW PA Growth Pipeline Strategically Located for HPC/AI and BTC Mining-
– Positions Bitfarms as the leading Bitcoin miner in PJM market-

This news release constitutes a “designated news release” for the purposes of the Company’s second amended and restated prospectus supplement dated December 17, 2024, to its short form base shelf prospectus dated November 10, 2023.

TORONTO, March 17, 2025 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ/TSX: BITF), a global Bitcoin and vertically integrated data center company, today announced the successful completion of its previously announced acquisition of Stronghold Digital Mining, Inc. (“Stronghold” or “SDIG”).

The acquisition of Stronghold yields the following benefits:

Strategic MW Growth
- Increases energy portfolio to 623 Megawatts Under Management (“MWuM”) with incremental 165 MW of active generating capacity and 142 MW of immediately available import capacity
- Secures 1.1 GW growth pipeline in Pennsylvania, including current power generation capacity, current grid import capacity and future import capacity
- PJM demand response programs anticipated to reduce overall electricity costs
U.S. Portfolio Expansion
- Rebalances year-end 2025 energy portfolio to 80% North American and 20% international
Advancement of HPC/AI Strategy
- Potential to develop two power campuses totaling nearly one gigawatt for HPC/AI
- Strategic partners WWT and ASG prioritizing Stronghold sites for potential HPC/AI conversion
EH Growth
- Adds nearly 1 Exahash Under Management (“EHuM”) through existing Canaan hosting agreements with 50% profit split, bringing Bitfarms total to 18 EHuM
- Previously announced Stronghold hosting agreements are now Bitfarms self-mining
Ben Gagnon, Chief Executive Officer of Bitfarms, stated, “The completion of this strategic acquisition further expands our U.S. footprint and makes us the industry leader in the PJM market. With Stronghold’s portfolio of power assets, combined with our operational expertise and balance sheet strength, we are well positioned to create long-term value for our shareholders by executing on our US strategy and developing an HPC/AI business geared for scale. Our combined PJM pipeline, spanning three sites in Pennsylvania, totals over 1 GW with strategically located land, power and fiber that is well-suited for both HPC/AI and Bitcoin mining. This marks the start of an exciting new chapter for Bitfarms, and we’re thrilled to welcome the talented Stronghold team to write that chapter with us.”

Transaction Details

Bitfarms acquired Stronghold in a stock-for-stock merger pursuant to which Stronghold shareholders received 2.52 shares of Bitfarms for each share of Stronghold they own and Stronghold became a wholly-owned subsidiary of Bitfarms. Approximately 59,678,164 Bitfarms common shares and 10,574,848 Bitfarms warrants are being issued in connection with the consummation of the merger. In addition, approximately $44.5 million was paid at closing to retire outstanding Stronghold loans.

In connection with the completion of the transaction, SDIG’s common stock ceased trading on Nasdaq prior to the opening of trading today.

About Bitfarms Ltd.

Founded in 2017, Bitfarms is a global Bitcoin and vertically integrated data center company that sells its computational power to one or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns, and operates vertically integrated mining facilities with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers.

Bitfarms currently has 15 operating Bitcoin data centers in four countries: the United States, Canada, Paraguay, and Argentina. Powered predominantly by environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.

To learn more about Bitfarms’ events, developments, and online communities:

www.bitfarms.com
https://www.facebook.com/bitfarms/
http://x.com/Bitfarms_io
https://www.instagram.com/bitfarms/
https://www.linkedin.com/company/bitfarms/

Glossary of Terms
- MWuM = Megawatts Under Management, the electrical capacity currently being utilized or available to utilize in Bitfarms data centers which includes immediately available grid import capacity and active generation capacity
- EHuM = Exahash Under Management, which includes Bitfarms’ proprietary hashrate and hashrate being hosted by Bitfarms for third-party hosting clients
- EH or EH/s = Exahash or exahash per second
- MW or MWh = Megawatts or megawatt hour
- HPC/AI = High Performance Computing / Artificial Intelligence
- PJM = Pennsylvania-New Jersey-Maryland Interconnection
Forward-Looking Statements

This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding the positive impact of the Stronghold acquisition and the ability to gain access to additional electrical power and grow hashrate of the Stronghold business, target hashrate, opportunities relating to the Company’s geographical diversification and expansion, the merits of the rebalancing operations to North America and projected growth, the North American energy and compute infrastructure strategy, opportunities relating to the potential of the Company’s data centers for HPC/AI, performance of the plants and equipment upgrades and the impact on operating capacity including the target hashrate and multi-year expansion capacity, the opportunities to leverage Bitfarms’ proven expertise to successfully enhance energy efficiency and hashrate, and other statements regarding future growth, plans and objectives of the Company are forward-looking information. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.

This forward-looking information is based on assumptions and estimates of management of the Company at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to: an inability to apply the Company’s data centers to HPC/AI opportunities on a profitable basis; a failure to secure long-term contracts associated with HPC/AI customers on terms which are economic or at all; the construction and operation of the Company’s facilities may not occur as currently planned, or at all; an inability to successfully integrate the business of Stronghold Digital Mining, Inc. as contemplated, or at all; expansion may not materialize as currently anticipated, or at all; the anticipated merits of the HPC/AI strategy, the benefits and programs of the PJM deregulated market and the objectives of diversification in general may not be realized as planned; efforts to improve and optimize the performance of equipment may not be successful; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power for the Company to operate cryptocurrency mining assets; the risks of an increase in the Company’s electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates and the adverse impact on the Company’s profitability; future capital needs and the ability to complete current and future financings, including Bitfarms’ ability to utilize an at-the-market offering program ( “ATM Program”) and the prices at which securities may be sold in such ATM Program, as well as capital market conditions in general; share dilution resulting from an ATM Program and from other equity issuances; the risk that a material weakness in internal control over financial reporting could result in a misstatement of the Company’s financial position that may lead to a material misstatement of the annual or interim consolidated financial statements if not prevented or detected on a timely basis; any regulations or laws that will prevent Bitfarms from operating its business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; and the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission at www.sec.gov), including the restated MD&A for the year-ended December 31, 2023, filed on December 9, 2024. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by the Company. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law. Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

Investor Relations Contacts:

Tracy Krumme
SVP, Head of IR & Corp. Comms.
+1 786-671-5638
tkrumme@bitfarms.com

Media Contacts:

Caroline Brady Baker
Director, Communications
cbaker@bitfarms.com

The MIL Network –
March 18, 2025

MIL-OSI: Renasant and The First Announce Receipt of Regulatory Approvals for Merger

Source: GlobeNewswire (MIL-OSI)

TUPELO, Miss. and HATTIESBURG, Miss., March 17, 2025 (GLOBE NEWSWIRE) — Renasant Corporation (NYSE: RNST) (“Renasant”) and The First Bancshares, Inc. (NYSE: FBMS) (“The First”) jointly announced today that they have received all necessary regulatory approvals to complete the proposed merger of The First with and into Renasant, and the related merger of The First’s wholly owned subsidiary, The First Bank, with and into Renasant Bank, Renasant’s wholly owned subsidiary. Renasant and The First previously announced that their respective shareholders approved the proposed merger at special shareholder meetings on October 22, 2024.

“We’re excited to have received regulatory approval to move forward with the merger between The First and Renasant,” said Renasant CEO and Executive Vice Chairman, Mitch Waycaster. “We believe this merger creates a transformative partnership between two great organizations with shared values and a commitment to serving our customers and communities.”

Renasant and The First expect to close the merger on April 1, 2025, subject to the satisfaction of other customary closing conditions. The combination will result in a financial services institution with approximately $26 billion in assets and more than 250 locations throughout the Southeast, as well as offering factoring and asset-based lending on a nationwide basis.

“I am confident we are building a strong foundation for the future, and we look forward to seeing our alliance come to fruition,” said The First CEO and President, Hoppy Cole. “We believe the combination of our two like-minded banks will unlock new possibilities that neither could achieve alone.”

About Renasant Corporation:
Renasant Corporation is the parent of Renasant Bank, a 120-year-old financial services institution. Renasant has assets of approximately $18.0 billion and operates 186 banking, lending, mortgage, and wealth management offices throughout the Southeast as well as offering factoring and asset-based lending on a nationwide basis. Additional information is available on Renasant’s website: www.renasantbank.com.

About The First Bancshares, Inc.:
The First Bancshares, Inc., headquartered in Hattiesburg, Mississippi, is the parent company of The First Bank. Founded in 1996, the First has operations in Mississippi, Louisiana, Alabama, Florida and Georgia. Additional information is available on The First’s website: www.thefirstbank.com.

Forward-looking statements:
This press release may contain, or incorporate by reference, statements about Renasant Corporation that constitute “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. Words and phrases such as “may,” “approximately,” “continue,” “should,” “expects,” “projects,” “anticipates,” “is likely,” “look ahead,” “look forward,” “believes,” “will,” “intends,” “estimates,” “strategy,” “plan,” “could,” “potential,” “possible” and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements include information about Renasant’s future financial performance, business strategy, and projected plans and objectives, including related to the merger transaction involving Renasant and The First, and are based on the current beliefs and expectations of management. Renasant’s management believes these forward-looking statements are reasonable, but they are all inherently subject to significant business, economic and competitive risks and uncertainties, many of which are beyond Renasant’s control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Prospective investors are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties and, accordingly, investors should not place undue reliance on these forward-looking statements, which speak only as of the date they are made.

Additional information about the Renasant/First Merger:
This communication is being made in respect of the merger transaction involving Renasant and The First. In connection with the merger, Renasant filed with the Securities and Exchange Commission (the “SEC”) a definitive proxy statement for The First that also constitutes a definitive prospectus of Renasant, and Renasant may file additional documents concerning the merger with the SEC. This release does not constitute an offer to sell or the solicitation of an offer to buy any securities. Before making any investment decision, The First investors are urged to read the definitive proxy statement/prospectus and any other documents to be filed with the SEC in connection with the merger or incorporated by reference in the definitive proxy statement/prospectus because they will contain important information about Renasant, The First and the merger. The definitive proxy statement/prospectus was mailed to shareholders of The First on September 17, 2024. Investors may obtain copies of the proxy statement/prospectus and other relevant documents filed by Renasant (when they become available) free of charge at the SEC’s website (www.sec.gov). In addition, documents filed with the SEC by Renasant will be available free of charge from Jim Mabry, Chief Financial Officer, Renasant Corporation, 209 Troy Street, Tupelo, Mississippi 38804-4827, telephone: (662) 680-1281.

Contacts:

For Media:
John S. Oxford
Senior Vice President
Chief Marketing Officer
(662) 680-1219joxford@renasant.com

For Financials:
James C. Mabry IV
Executive Vice President
Chief Financial Officer
(662) 680-1281jim.mabry@renasant.com

The MIL Network –

MIL-OSI: SAIC Announces Fourth Quarter and Full Fiscal Year 2025 Results

Source: GlobeNewswire (MIL-OSI)

Q4 FY25 revenues of $1.84 billion, 5.8% organic growth⁽¹⁾; FY25 revenues of $7.48 billion, 3.1% organic growth⁽¹⁾; organic growth adjusted for divestitures
Q4 FY25 net income of $98 million, adjusted EBITDA⁽¹⁾ of $177 million or 9.6% of revenue; FY25 net income of $362 million, adjusted EBITDA⁽¹⁾ of $710 million or 9.5% of revenue
Q4 FY25 diluted earnings per share of $2.00, adjusted diluted earnings per share⁽¹⁾ of $2.57; FY25 diluted earnings per share of $7.17, adjusted diluted earnings per share⁽¹⁾ of $9.13
Q4 FY25 cash flows provided by operating activities of $115 million, free cash flow⁽¹⁾ and transaction-adjusted free cash flow⁽¹⁾ of $236 million; FY25 cash flows provided by operating activities of $494 million, free cash flow⁽¹⁾ of $499 million, transaction-adjusted free cash flow⁽¹⁾ of $507 million
Q4 FY25 net bookings of $1.3 billion; book-to-bill ratio of 0.7; trailing twelve months book-to-bill ratio of 0.9
FY26 guidance introduced above prior targets for revenues, adjusted EBITDA⁽¹⁾, adjusted EBITDA margin⁽¹⁾, and adjusted diluted EPS⁽¹⁾

RESTON, Va., March 17, 2025 (GLOBE NEWSWIRE) — Science Applications International Corporation (NASDAQ: SAIC), a premier Fortune 500® technology integrator driving our nation’s digital transformation across the defense, space, civilian, and intelligence markets, today announced results for the fourth quarter and full fiscal year ended January 31, 2025.

“I am proud of the results we delivered in the quarter with revenue, adjusted EBITDA, adjusted earnings per share, and free cash flow ahead of guidance,” said Toni Townes-Whitley, SAIC Chief Executive Officer. “Subsequent to quarter close, we received a $1.8 billion award for our largest recompete win in recent years, the System Software Lifecycle Engineering program. This important win along with a backlog of submitted bids valued at approximately $20 billion reflect the momentum we are building inside the company. I want to thank the team for a strong finish to the year and for their commitment and dedication to our customers’ mission during these uncertain times.”

Fourth Quarter and Full Fiscal Year 2025: Summary Operating Results

	Three Months Ended								Year Ended
	January 31, 2025			Percent change		February 2, 2024			January 31, 2025			Percent change		February 2, 2024
	(in millions, except per share amounts)
Revenues	$	1,838		6	%	$	1,737		$	7,479		—	%	$	7,444
Operating income		138		75	%		79			563		(24	)%		741
Operating income as a percentage of revenues		*7.5*	%	300 bps			4.5	%		*7.5*	%	-250 bps			10.0	%
Adjusted operating income⁽¹⁾		176		42	%		124			705		7	%		659
Adjusted operating income as a percentage of revenues		*9.6*	%	250 bps			7.1	%		*9.4*	%	50 bps			8.9	%
Net income		98		151	%		39			362		(24	)%		477
EBITDA⁽¹⁾		175		48	%		118			708		(21	)%		891
EBITDA as a percentage of revenues		*9.5*	%	270 bps			6.8	%		*9.5*	%	-250 bps			12.0	%
Adjusted EBITDA⁽¹⁾		177		39	%		127			710		6	%		668
Adjusted EBITDA as a percentage of revenues		*9.6*	%	230 bps			7.3	%		*9.5*	%	50 bps			9.0	%
Diluted earnings per share	$	2.00		170	%	$	0.74		$	7.17		(19	)%	$	8.88
Adjusted diluted earnings per share⁽¹⁾	$	2.57		80	%	$	1.43		$	9.13		16	%	$	7.88
Net cash provided by operating activities	$	115		83	%	$	63		$	494		25	%	$	396
Free cash flow⁽¹⁾	$	236		143	%	$	97		$	499		21	%	$	414
Transaction-adjusted free cash flow⁽¹⁾	$	236		98	%	$	119		$	507		4	%	$	486

⁽¹⁾Non-GAAP measure, see Schedule 6 for information about this measure.

The Company utilizes a 52/53 week fiscal year ending on the Friday closest to January 31, with fiscal quarters typically consisting of 13 weeks. Fiscal years 2025 and 2024 both consisted of 52 weeks.

Fourth Quarter Summary Results

Revenues for the quarter increased $101 million compared to the prior year quarter primarily due to ramp up in volume on new and existing contracts, partially offset by contract completions.

Operating income as a percentage of revenues increased to 7.5% for the quarter as compared to 4.5% in the comparable prior year period primarily due to improved profitability across our contract portfolio, lower incentive-based compensation expense, and lower stock-based compensation related to the restructuring and executive transition.

Adjusted EBITDA⁽¹⁾ as a percentage of revenues for the quarter was 9.6%, compared to 7.3% for the prior year quarter primarily due to improved profitability across our contract portfolio, lower incentive-based compensation expense, and lower stock-based compensation related to the restructuring and executive transition.

Diluted earnings per share for the quarter was $2.00 compared to $0.74 in the prior year quarter. Adjusted diluted earnings per share⁽¹⁾ was $2.57 for the quarter compared to $1.43 in the prior year quarter. The weighted-average diluted shares outstanding during the quarter decreased to 49.0 million shares from 52.7 million during the prior year quarter.

⁽¹⁾Non-GAAP measure, see Schedule 6 for information about this measure.

Fiscal Year 2025 Summary Results

Revenues for the fiscal year increased $35 million compared to the prior year primarily due to ramp up in volume in existing and new contracts. This was partially offset by the sale of the Supply Chain Business ($188 million) in the prior year, and contract completions. Adjusting for the impact of the divestiture, revenues grew approximately 3.1%.

Operating income as a percentage of revenues for the fiscal year decreased compared to the prior year primarily due to a $233 million gain recognized from the sale of the Supply Chain Business and a $7 million gain recognized from the deconsolidation of FSA in the prior year. This was partially offset by improved profitability across our contract portfolio, the resolution of the Assault Amphibious Vehicle (“AAV”) contract termination, lower incentive-based compensation expense, and lower stock-based compensation related to the restructuring and executive transition.

Adjusted EBITDA⁽¹⁾ as a percentage of revenues for the fiscal year increased compared to the prior year. The increase was driven by improved profitability across our contract portfolio, the resolution of the AAV contract termination, lower incentive-based compensation expense, and lower stock-based compensation related to the restructuring and executive transition.

Diluted earnings per share for the year was $7.17 compared to $8.88 in the prior year. Adjusted diluted earnings per share⁽¹⁾ was $9.13 for the year compared to $7.88 in the prior year. The weighted-average diluted shares outstanding during the year decreased to 50.5 million shares from 53.7 million shares during the prior year.

⁽¹⁾Non-GAAP measure, see Schedule 6 for information about this measure.

Cash Generation and Capital Deployment

Total cash flows provided by operating activities for the fourth quarter were $115 million, an increase of $52 million compared to the prior year quarter, primarily due to lower tax payments in the current quarter, timing of vendor payments, and other changes in working capital, partially offset by higher cash outflows from the usage of the Master Accounts Receivable Purchase Agreement (“MARPA Facility”) with MUFG bank, LTD.

Total cash flows provided by operating activities for the year were $494 million, an increase of $98 million from the prior year, primarily due to higher tax payments in fiscal 2024 from the sale of the Supply Chain Business and other changes in working capital, partially offset by higher incentive-based compensation payments in the current year.

During the quarter, SAIC deployed $163 million of capital, consisting of $130 million of share repurchases in accordance with established repurchase plans, $18 million in cash dividends to shareholders, and $15 million of capital expenditures. For the year, SAIC deployed $638 million of capital, consisting of share repurchases of $527 million (approximately 4.2 million shares) in accordance with established repurchase plans, cash dividends of $75 million to shareholders, and $36 million of capital expenditures.

Quarterly Dividend Declared

As previously announced, subsequent to fiscal year-end, the Company’s Board of Directors (“Board of Directors”) declared a cash dividend of $0.37 per share of the Company’s common stock payable on April 25, 2025 to stockholders of record on April 11, 2025. SAIC intends to continue paying dividends on a quarterly basis, although the declaration of any future dividends will be determined by the Board of Directors each quarter and will depend on earnings, financial condition, capital requirements and other factors.

Backlog and Contract Awards

Net bookings for the quarter were approximately $1.3 billion, which reflects a book-to-bill ratio of approximately 0.7. Net bookings for the year were approximately $6.6 billion, which reflects a book-to-bill ratio of approximately 0.9.

SAIC’s estimated backlog at the end of fiscal year 2025 was approximately $21.9 billion of which $3.4 billion was funded.

SAIC was awarded the following contracts during the quarter:

Notable New Awards:

Department of Defense: During the quarter, SAIC was awarded the Defense Readiness Reporting System (“DRRS”) Sustainment task order under the recently awarded Personnel and Readiness Infrastructure Support Management (“PRISM”) Multiple Award Task Order Contract (“MATOC”) vehicle to support the Department of Defense (“DoD”) and its need to obtain critical services in a shorter time frame. The $187 million task order has a 3-year period of performance (one-year base, plus two, one-year options), tasking SAIC with modernizing DRRS to create a predictive, proactive readiness management tool for the DoD.

Notable Recompete Awards:

U.S. Space and Intelligence Community: During the quarter, SAIC was awarded approximately $480 million of contract awards by space and intelligence organizations. These awards represent a combination of new business and recompetes.

Notable Awards Subsequent to Period End (not included in current quarter bookings):

U.S. Army Combat Capabilities Development Command (CCDC) Aviation and Missile Center (AvMC): Subsequent to the end of the quarter, SAIC was awarded the System Software Lifecycle Engineering contract, a five-year (one year base, plus four, one-year option periods) $1.8 billion contract to continue mission engineering, integration, software development, and other life cycle support to CCDC-AvMC. Under the five-year award, SAIC will continue to develop and integrate advanced technologies throughout the software life cycle, including software development and maintenance.

Fiscal Year 2026 Guidance

The Company’s outlook for fiscal year 2026 is being provided. The table below summarizes fiscal year 2026 guidance and represents our views as of March 17, 2025.

	CURRENT Fiscal Year	PRIOR Fiscal Year
	2026 Guidance	2026 Targets
Revenue	$7.60B – $7.75B	$7.55B – $7.75B
Adjusted EBITDA⁽¹⁾	$715M – $735M	~$720M
Adjusted EBITDA Margin %⁽¹⁾	9.4% – 9.6%	9.3% – 9.5%
Adjusted Diluted EPS⁽¹⁾	$9.10 – $9.30	$8.90 – $9.10
Free Cash Flow⁽¹⁾	$510M – $530M	$510M – $530M

⁽¹⁾ Non-GAAP measure, see Schedule 6 for information about this measure.

Webcast Information

SAIC management will discuss operations and financial results in an earnings conference call beginning at 10 a.m. Eastern time on March 17, 2025. The conference call will be webcast simultaneously to the public through a link on the Investor Relations section of the SAIC website (investors.saic.com). We will be providing webcast access only – “dial-in” access is no longer available. Additionally, a supplemental presentation will be available to the public through links to the Investor Relations section of the SAIC website. After the call concludes, an on-demand audio replay of the webcast can be accessed on the Investor Relations website.

About SAIC

SAIC is a premier Fortune 500® technology integrator focused on advancing the power of technology and innovation to serve and protect our world. Our robust portfolio of offerings across the defense, space, civilian and intelligence markets includes secure high-end solutions in mission IT, enterprise IT, engineering services and professional services. We integrate emerging technology, rapidly and securely, into mission critical operations that modernize and enable critical national imperatives.

We are approximately 24,000 strong; driven by mission, united by purpose, and inspired by opportunities. Headquartered in Reston, Virginia, SAIC has annual revenues of approximately $7.5 billion. For more information, visit saic.com. For ongoing news, please visit our newsroom.

Contacts

Investor Relations: Joe DeNardi, joseph.w.denardi@saic.com

Media: Kara Ross, kara.g.ross@saic.com

GAAP to Non-GAAP Guidance Reconciliation

The Company does not provide a reconciliation of forward-looking adjusted diluted EPS to GAAP diluted EPS or adjusted EBITDA margin to GAAP net income due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. Because certain deductions for non-GAAP exclusions used to calculate net income may vary significantly based on actual events, the Company is not able to forecast GAAP diluted EPS or GAAP net income with reasonable certainty. The variability of the above charges may have an unpredictable and potentially significant impact on our future GAAP financial results.

Forward-Looking Statements

Certain statements in this release contain or are based on “forward-looking” information within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by words such as “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “guidance,” and similar words or phrases. Forward-looking statements in this release may include, among others, estimates of future revenues, operating income, earnings, earnings per share, charges, total contract value, backlog, outstanding shares and cash flows, as well as statements about future dividends, share repurchases and other capital deployment plans. Such statements are not guarantees of future performance and involve risk, uncertainties and assumptions, and actual results may differ materially from the guidance and other forward-looking statements made in this release as a result of various factors. Risks, uncertainties and assumptions that could cause or contribute to these material differences include those discussed in the “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Legal Proceedings” sections of our Annual Report on Form 10-K, as updated in any subsequent Quarterly Reports on Form 10-Q and other filings with the SEC, which may be viewed or obtained through the Investor Relations section of our website at saic.com or on the SEC’s website at sec.gov. Due to such risks, uncertainties and assumptions you are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. SAIC expressly disclaims any duty to update any forward-looking statement provided in this release to reflect subsequent events, actual results or changes in SAIC’s expectations. SAIC also disclaims any duty to comment upon or correct information that may be contained in reports published by investment analysts or others.

Schedule 1:

SCIENCE APPLICATIONS INTERNATIONAL CORPORATION CONDENSED AND CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

	Three Months Ended						Year Ended
	January 31, 2025			February 2, 2024			January 31, 2025			February 2, 2024
	(in millions, except per share amounts)
Revenues	$	1,838		$	1,737		$	7,479		$	7,444
Cost of revenues		1,606			1,545			6,587			6,572
Selling, general and administrative expenses		94			114			339			373
(Gain) loss on divestitures, net of transaction costs		—			—			—			(240	)
Other operating (income) expense		—			(1	)		(10	)		(2	)
Operating income		138			79			563			741
Interest expense, net		29			32			126			120
Other (income) expense, net		2			(1	)		9			1
Income before income taxes		107			48			428			620
Provision for income taxes		(9	)		(9	)		(66	)		(143	)
Net income	$	98		$	39		$	362		$	477

Weighted-average number of shares outstanding:
Basic		48.6			52.0			50.1			53.1
Diluted		49.0			52.7			50.5			53.7
Earnings per share:
Basic	$	2.02		$	0.75		$	7.23		$	8.98
Diluted	$	2.00		$	0.74		$	7.17		$	8.88

Schedule 2:

SCIENCE APPLICATIONS INTERNATIONAL CORPORATION CONDENSED AND CONSOLIDATED BALANCE SHEETS (Unaudited)
	January 31, 2025		February 2, 2024
	(in millions)
ASSETS
Current assets:
Cash and cash equivalents	$	56	$	94
Receivables, net		1,000		914
Prepaid expenses and other current assets		98		123
Total current assets		1,154		1,131
Goodwill		2,851		2,851
Intangible assets, net		779		894
Property, plant, and equipment, net		104		91
Operating lease right of use assets		164		152
Other assets		194		195
Total assets	$	5,246	$	5,314

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	744	$	711
Accrued payroll and employee benefits		339		370
Debt, current portion		313		77
Total current liabilities		1,396		1,158
Debt, net of current portion		1,907		2,022
Operating lease liabilities		173		147
Deferred income taxes		24		28
Other long-term liabilities		169		174
Equity:
Total stockholders’ equity		1,577		1,785
Total liabilities and stockholders’ equity	$	5,246	$	5,314

Schedule 3:

SCIENCE APPLICATIONS INTERNATIONAL CORPORATION CONDENSED AND CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Three Months Ended						Year Ended
	January 31, 2025			February 2, 2024			January 31, 2025			February 2, 2024
	(in millions)
Cash flows from operating activities:
Net income	$	98		$	39		$	362		$	477
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		36			36			140			142
Deferred income taxes		12			16			(3	)		(17	)
Stock-based compensation expense		15			26			53			68
Gain on divestitures		—			—			—			(247	)
Other		2			(2	)		(7	)		(6	)
Increase (decrease) resulting from changes in operating assets and liabilities, net of the effect of the acquisitions and divestitures:
Receivables		22			96			(86	)		(46	)
Prepaid expenses and other current assets		(7	)		(56	)		24			(43	)
Other assets		(9	)		(19	)		1			(14	)
Accounts payable and accrued liabilities		(71	)		(128	)		48			13
Accrued payroll and employee benefits		28			53			(31	)		49
Operating lease assets and liabilities, net		1			(1	)		(6	)		(4	)
Other long-term liabilities		(12	)		3			(1	)		24
Net cash provided by operating activities		115			63			494			396
Cash flows from investing activities:
Expenditures for property, plant, and equipment		(15	)		(11	)		(36	)		(27	)
Purchases of marketable securities		(3	)		(2	)		(14	)		(8	)
Sales of marketable securities		2			1			12			6
Proceeds from sale of equity method investments		—			—			10			—
Proceeds from divestitures		—			—			—			356
Cash divested upon deconsolidation of joint venture		—			—			—			(8	)
Other		(4	)		2			(7	)		(5	)
Net cash (used in) provided by investing activities		(20	)		(10	)		(35	)		314
Cash flows from financing activities:
Principal payments on borrowings		(325	)		(166	)		(1,381	)		(441	)
Proceeds from borrowings		385			—			1,499			160
Stock repurchased and retired or withheld for taxes on equity awards		(133	)		(89	)		(558	)		(382	)
Dividend payments to stockholders		(18	)		(19	)		(75	)		(79	)
Issuances of stock		6			4			20			17
Other		—			—			(3	)		—
Net cash used in financing activities		(85	)		(270	)		(498	)		(725	)
Net increase (decrease) in cash, cash equivalents and restricted cash		10			(217	)		(39	)		(15	)
Cash, cash equivalents and restricted cash at beginning of period		54			320			103			118
Cash, cash equivalents and restricted cash at end of period	$	64		$	103		$	64		$	103

Schedule 4:

SCIENCE APPLICATIONS INTERNATIONAL CORPORATION SEGMENT OPERATING RESULTS (Unaudited)

	Three Months Ended						Year Ended
	January 31, 2025			February 2, 2024			January 31, 2025			February 2, 2024
	(in millions)
Revenues
Defense and Intelligence	$	1,360		$	1,352		$	5,726		$	5,817
Civilian		478			385			1,753			1,627
Total revenues	$	1,838		$	1,737		$	7,479		$	7,444

Operating income (loss)
Defense and Intelligence	$	96		$	100		$	440		$	436
Civilian		63			19			168			158
Corporate		(21	)		(40	)		(45	)		147
Total operating income	$	138		$	79		$	563		$	741

Operating margin
Defense and Intelligence		7.1	%		7.4	%		7.7	%		7.5	%
Civilian		13.2	%		4.9	%		9.6	%		9.7	%
Total operating margin		7.5	%		4.5	%		7.5	%		10.0	%

Adjusted operating income (loss)⁽¹⁾
Defense and Intelligence	$	113		$	117		$	509		$	504
Civilian		75			31			216			206
Corporate		(12	)		(24	)		(20	)		(51	)
Total adjusted operating income⁽¹⁾	$	176		$	124		$	705		$	659

Adjusted operating margin⁽¹⁾
Defense and Intelligence		8.3	%		8.7	%		8.9	%		8.7	%
Civilian		15.7	%		8.1	%		12.3	%		12.7	%
Total adjusted operating margin⁽¹⁾		9.6	%		7.1	%		9.4	%		8.9	%

Defense and Intelligence Results

Revenues in the fourth quarter increased $8 million or 0.6% compared to the same period in the prior year primarily due to ramp up in volume on existing and new contracts, partially offset by contract completions.

Revenues in the fiscal year decreased $91 million or 2% compared to the prior year primarily due to the sale of the Supply Chain Business ($188 million) in the prior year, and contract completions. This was partially offset by ramp up in volume on existing and new contracts. Adjusting for the impact of the divestiture, revenues grew 1.7%.

Operating income and adjusted operating income⁽¹⁾ as a percentage of revenues in the fourth quarter decreased compared to the same period in the prior year primarily due to timing and volume mix.

Operating income and adjusted operating income⁽¹⁾ as a percentage of revenues in the fiscal year increased from the prior year primarily due to ramp up in volume on existing and new contracts, and the resolution of the AAV contract termination, partially offset by contract completions and the gain on sale of the Supply Chain Business in the prior year.

Civilian Results

Revenues in the fourth quarter increased $93 million or 24% compared to the same period in the prior year primarily due to ramp up in volume on existing contracts, partially offset by contract completions.

Revenues in the fiscal year increased $126 million or 8% compared to the prior year primarily due to ramp up in volume on existing and new contracts, partially offset by contract completions.

Operating income and adjusted operating income⁽¹⁾ as a percentage of revenues in the fourth quarter increased compared to the same period in the prior year primarily due to improved profitability across our contract portfolio.

Operating income and adjusted operating income⁽¹⁾ as a percentage of revenues in the fiscal year decreased compared to the prior year primarily due to timing and volume mix.

Corporate Results

Operating loss and adjusted operating loss⁽¹⁾ in the fourth quarter decreased $19 million and $12 million, respectively, compared to the same period in the prior year primarily due to lower incentive-based compensation expense, including acceleration of stock-based compensation related to the reorganization and executive transition in the prior year.

Operating loss in the fiscal year increased $192 million compared to the prior year primarily due to gain on the sale of the Supply Chain Business in the prior year ($233 million) and the gain recognized from the deconsolidation of FSA ($7 million) in the prior year, partially offset by lower incentive-based compensation expense, and lower stock-based compensation related to the restructuring and executive transition.

Adjusted operating loss⁽¹⁾ in the fiscal year decreased $31 million compared to the prior year primarily due to lower incentive-based compensation expense, and lower stock-based compensation related to the restructuring and executive transition.

⁽¹⁾ Non-GAAP measure, see Schedule 6 for information about this measure.

Schedule 5:

SCIENCE APPLICATIONS INTERNATIONAL CORPORATION BACKLOG (Unaudited)

The estimated value of our total backlog as of the dates presented was:

	January 31, 2025						February 2, 2024
	Defense and Intelligence		Civilian		Total SAIC		Defense and Intelligence		Civilian		Total SAIC
	(in millions)
Funded backlog	$	2,599	$	845	$	3,444	$	2,707	$	832	$	3,539
Negotiated unfunded backlog		15,341		3,072		18,413		16,316		2,908		19,224
Total backlog	$	17,940	$	3,917	$	21,857	$	19,023	$	3,740	$	22,763

Backlog represents the estimated amount of future revenues to be recognized under negotiated contracts and task orders as work is performed and excludes contract awards which have been protested by competitors until the protest is resolved in our favor. SAIC segregates backlog into two categories, funded backlog and negotiated unfunded backlog. Funded backlog for contracts with government agencies primarily represents contracts for which funding is appropriated less revenues previously recognized on these contracts, and does not include the unfunded portion of contracts where funding is incrementally appropriated or authorized by the U.S. government and other customers even though the contract may call for performance over a number of years. Funded backlog for contracts with non-government agencies represents the estimated value of contracts which may cover multiple future years under which SAIC is obligated to perform, less revenues previously recognized on these contracts. Negotiated unfunded backlog represents the estimated future revenues to be earned from negotiated contracts for which funding has not been appropriated or authorized, and unexercised priced contract options. Negotiated unfunded backlog does not include any estimate of future potential task orders expected to be awarded under indefinite delivery, indefinite quantity (IDIQ), U.S. General Services Administration (GSA) schedules or other master agreement contract vehicles, with the exception of certain IDIQ contracts where task orders are not competitively awarded and separately priced but instead are used as a funding mechanism, and where there is a basis for estimating future revenues and funding on future anticipated task orders.

Schedule 6:

SCIENCE APPLICATIONS INTERNATIONAL CORPORATION
NON-GAAP FINANCIAL MEASURES
(Unaudited)

This schedule describes the non-GAAP financial measures included in this earnings release. While we believe that these non-GAAP financial measures may be useful in evaluating our financial information, they should be considered as supplemental in nature and not as a substitute for financial information prepared in accordance with GAAP. Reconciliations, definitions, and how we believe these measures are useful to management and investors are provided below. Other companies may define similar measures differently.

EBITDA and Adjusted EBITDA

	Three Months Ended						Year Ended
	January 31, 2025			February 2, 2024			January 31, 2025			February 2, 2024
	(in millions)
Revenues	$	1,838		$	1,737		$	7,479		$	7,444
Net income		98			39			362			477
Interest expense, net and loss on sale of receivables		32			34			140			129
Provision for income taxes		9			9			66			143
Depreciation and amortization		36			36			140			142
EBITDA⁽¹⁾	$	175		$	118		$	708		$	891
EBITDA as a percentage of revenues		*9.5*	%		6.8	%		*9.5*	%		12.0	%
Acquisition and integration costs		—			—			(2	)		1
Restructuring and impairment costs		4			15			8			23
Depreciation included in restructuring and impairment costs		(1	)		(1	)		(1	)		(1	)
Recovery of acquisition and integration costs and restructuring and impairment costs		(1	)		(5	)		(3	)		(6	)
Gain on divestitures, net of transaction costs		—			—			—			(240	)
Adjusted EBITDA⁽¹⁾	$	177		$	127		$	710		$	668
Adjusted EBITDA as a percentage of revenues		*9.6*	%		7.3	%		*9.5*	%		9.0	%

EBITDA is a performance measure that is calculated by taking net income and excluding interest and loss on sale of receivables, provision for income taxes, and depreciation and amortization. Adjusted EBITDA is a performance measure that excludes the impact of non-recurring transactions that we do not consider to be indicative of our ongoing operating performance. The acquisition and integration costs relate to the Company’s acquisitions. The restructuring and impairment costs represent the reorganization and facilities optimization costs or impairments of long-lived assets, along with associated depreciation included in those restructuring and impairment costs. The recovery of acquisition and integration costs and restructuring and impairment costs relate to costs recovered through the Company’s indirect rates in accordance with Cost Accounting Standards. The (gain) loss on divestitures includes gains associated with the deconsolidation of FSA and the sale of the logistics and supply chain management business, net of transaction costs. We believe that these performance measures provide management and investors with useful information in assessing trends in our ongoing operating performance and may provide greater visibility in understanding the long-term financial performance of the Company.

⁽¹⁾ Non-GAAP measure, see above for definition.

Schedule 6 (continued):

SCIENCE APPLICATIONS INTERNATIONAL CORPORATION
NON-GAAP FINANCIAL MEASURES
(Unaudited)

Adjusted Operating Income

	Three Months Ended January 31, 2025
	GAAP results			Restructuring and impairment costs		Depreciation included in restructuring and impairment costs			Recovery of acquisition and integration costs and restructuring and impairment costs			Depreciation of property, plant, and equipment		Amortization of intangible assets		Non-GAAP results⁽¹⁾			Non-GAAP operating margin⁽¹⁾
	(in millions)
Defense and Intelligence	$	96		$	—	$	—		$	—		$	1	$	16	$	113		8.3	%
Civilian		63			—		—			—			—		12		75		15.7	%
Corporate		(21	)		4		(1	)		(1	)		7		—		(12	)	NM
Total	$	138		$	4	$	(1	)	$	(1	)	$	8	$	28	$	176		9.6	%

	Three Months Ended February 2, 2024
	GAAP results			Restructuring and impairment costs		Depreciation included in restructuring and impairment costs			Recovery of acquisition and integration costs and restructuring and impairment costs			Depreciation of property, plant, and equipment		Amortization of intangible assets		Non-GAAP results⁽¹⁾			Non-GAAP operating margin⁽¹⁾
	(in millions)
Defense and Intelligence	$	100		$	—	$	—		$	—		$	—	$	17	$	117		8.7	%
Civilian		19			—		—			—			—		12		31		8.1	%
Corporate		(40	)		15		(1	)		(5	)		7		—		(24	)	NM
Total	$	79		$	15	$	(1	)	$	(5	)	$	7	$	29	$	124		7.1	%

Adjusted operating income is a performance measure that primarily excludes the impact of non-recurring transactions that we do not consider to be indicative of our ongoing operating performance. The acquisition and integration costs relate to the Company’s acquisitions. The restructuring and impairment costs represent the reorganization and facilities optimization costs or impairments of long-lived assets, along with associated depreciation included in those restructuring and impairment costs. The recovery of acquisition and integration costs and restructuring and impairment costs relate to costs recovered through the Company’s indirect rates in accordance with Cost Accounting Standards. Depreciation of property, plant, and equipment relates to property, plant, and equipment specifically identifiable for each segment. Adjusted operating income also excludes amortization of intangible assets because we do not have a history of significant acquisition activity, we do not acquire businesses on a predictable cycle, and the amount of an acquisition’s purchase price allocated to intangible assets and the related amortization term are unique to each acquisition. We believe that these performance measures provide management and investors with useful information in assessing trends in our ongoing operating performance and may provide greater visibility in understanding the long-term financial performance of the Company.

⁽¹⁾ Non-GAAP measure, see above for definition.

Schedule 6 (continued):

SCIENCE APPLICATIONS INTERNATIONAL CORPORATION
NON-GAAP FINANCIAL MEASURES
(Unaudited)

Adjusted Operating Income

	Year Ended January 31, 2025
	GAAP results			Acquisition and integration costs			Restructuring and impairment costs		Depreciation included in restructuring and impairment costs			Recovery of acquisition and integration costs and restructuring and impairment costs			Depreciation of property, plant, and equipment		Amortization of intangible assets		Non-GAAP results⁽¹⁾			Non-GAAP operating margin⁽¹⁾
	(in millions)
Defense and Intelligence	$	440		$	—		$	—	$	—		$	—		$	2	$	67	$	509		8.9	%
Civilian		168			—			—		—			—			—		48		216		12.3	%
Corporate		(45	)		(2	)		8		(1	)		(3	)		23		—		(20	)	NM
Total	$	563		$	(2	)	$	8	$	(1	)	$	(3	)	$	25	$	115	$	705		9.4	%

	Year Ended February 2, 2024
	GAAP results		Acquisition and integration costs		Restructuring and impairment costs		Depreciation included in restructuring and impairment costs			Recovery of acquisition and integration costs and restructuring and impairment costs			Depreciation of property, plant, and equipment		Amortization of intangible assets		Gain on divestitures, net of transaction costs			Non-GAAP results⁽¹⁾			Non-GAAP operating margin⁽¹⁾
	(in millions)
Defense and Intelligence	$	436	$	—	$	—	$	—		$	—		$	1	$	67	$	—		$	504		8.7	%
Civilian		158		—		—		—			—			—		48		—			206		12.7	%
Corporate		147		1		23		(1	)		(6	)		25		—		(240	)		(51	)	NM
Total	$	741	$	1	$	23	$	(1	)	$	(6	)	$	26	$	115	$	(240	)	$	659		8.9	%

Adjusted operating income is a performance measure that primarily excludes the impact of non-recurring transactions that we do not consider to be indicative of our ongoing operating performance. The acquisition and integration costs relate to the Company’s acquisitions. The restructuring and impairment costs represent the reorganization and facilities optimization costs or impairments of long-lived assets, along with associated depreciation included in those restructuring and impairment costs. The recovery of acquisition and integration costs and restructuring and impairment costs relate to costs recovered through the Company’s indirect rates in accordance with Cost Accounting Standards. Depreciation of property, plant, and equipment relates to property, plant, and equipment specifically identifiable for each segment. Adjusted operating income also excludes amortization of intangible assets because we do not have a history of significant acquisition activity, we do not acquire businesses on a predictable cycle, and the amount of an acquisition’s purchase price allocated to intangible assets and the related amortization term are unique to each acquisition. The (gain) loss on divestitures includes gains associated with the deconsolidation of FSA and the sale of the logistics and supply chain management business, net of transaction costs. We believe that these performance measures provide management and investors with useful information in assessing trends in our ongoing operating performance and may provide greater visibility in understanding the long-term financial performance of the Company.

⁽¹⁾ Non-GAAP measure, see above for definition.

Schedule 6 (continued):

SCIENCE APPLICATIONS INTERNATIONAL CORPORATION
NON-GAAP FINANCIAL MEASURES
(Unaudited)

Adjusted Diluted Earnings Per Share

	Three Months Ended January 31, 2025
	As Reported			Restructuring and impairment costs			Recovery of acquisition and integration costs and restructuring and impairment costs			Amortization of intangible assets			Non-GAAP results⁽¹⁾
	(in millions, except per share amounts)
Income before income taxes	$	107		$	4		$	(1	)	$	28		$	138
Income tax expense		(9	)		(1	)		—			(2	)		(12	)
Net income	$	98		$	3		$	(1	)	$	26		$	126

Diluted EPS	$	2.00		$	0.06		$	(0.02	)	$	0.53		$	2.57

	Three Months Ended February 2, 2024
	As Reported			Restructuring and impairment costs			Recovery of acquisition and integration costs and restructuring and impairment costs			Amortization of intangible assets			Gain on divestitures, net of transaction costs		Non-GAAP results⁽¹⁾
	(in millions, except per share amounts)
Income before income taxes	$	48		$	15		$	(5	)	$	29		$	—	$	87
Income tax expense		(9	)		(1	)		1			(5	)		2		(12	)
Net Income	$	39		$	14		$	(4	)	$	24		$	2	$	75

Diluted EPS	$	0.74		$	0.27		$	(0.08	)	$	0.46		$	0.04	$	1.43

Adjusted diluted earnings per share is a performance measure that excludes the impact of non-recurring transactions that we do not consider to be indicative of our ongoing operating performance. The acquisition and integration costs relate to the Company’s acquisitions. The restructuring and impairment costs represent the reorganization and facilities optimization costs or impairments of long-lived assets. The recovery of acquisition and integration costs and restructuring and impairment costs relate to costs recovered through the Company’s indirect rates in accordance with Cost Accounting Standards. Adjusted diluted earnings per share also excludes amortization of intangible assets because we do not have a history of significant acquisition activity, we do not acquire businesses on a predictable cycle, and the amount of an acquisition’s purchase price allocated to intangible assets and the related amortization term are unique to each acquisition. The (gain) loss on divestitures includes gains associated with the sale of the logistics and supply chain management business, net of transaction costs. We believe that this performance measure provides management and investors with useful information in assessing trends in our ongoing operating performance and may provide greater visibility in understanding the long-term financial performance of the Company.

⁽¹⁾ Non-GAAP measure, see above for definition.

Schedule 6 (continued):

SCIENCE APPLICATIONS INTERNATIONAL CORPORATION
NON-GAAP FINANCIAL MEASURES
(Unaudited)

Adjusted Diluted Earnings Per Share

	Year Ended January 31, 2025
	As Reported			Acquisition and integration costs			Restructuring and impairment costs			Recovery of acquisition and integration costs and restructuring and impairment costs			Amortization of intangible assets			Non-GAAP results⁽¹⁾
	(in millions, except per share amounts)
Income before income taxes	$	428		$	(2	)	$	8		$	(3	)	$	115		$	546
Income tax expense		(66	)		—			(1	)		—			(18	)		(85	)
Net income	$	362		$	(2	)	$	7		$	(3	)	$	97		$	461

Diluted EPS	$	7.17		$	(0.04	)	$	0.14		$	(0.06	)	$	1.92		$	9.13

	Year Ended February 2, 2024
	As Reported			Acquisition and integration costs		Restructuring and impairment costs			Recovery of acquisition and integration costs and restructuring and impairment costs			Amortization of intangible assets			Gain on divestitures, net of transaction costs			Non-GAAP results⁽¹⁾
	(in millions, except per share amounts)
Income before income taxes	$	620		$	1	$	23		$	(6	)	$	115		$	(240	)	$	513
Income tax expense		(143	)		—		(2	)		1			(21	)		75			(90	)
Net Income	$	477		$	1	$	21		$	(5	)	$	94		$	(165	)	$	423

Diluted EPS	$	8.88		$	0.02	$	0.39		$	(0.09	)	$	1.75		$	(3.07	)	$	7.88

Adjusted diluted earnings per share is a performance measure that excludes the impact of non-recurring transactions that we do not consider to be indicative of our ongoing operating performance. The acquisition and integration costs relate to the Company’s acquisitions. The restructuring and impairment costs represent the reorganization and facilities optimization costs or impairments of long-lived assets. The recovery of acquisition and integration costs and restructuring and impairment costs relate to costs recovered through the Company’s indirect rates in accordance with Cost Accounting Standards. Adjusted diluted earnings per share also excludes amortization of intangible assets because we do not have a history of significant acquisition activity, we do not acquire businesses on a predictable cycle, and the amount of an acquisition’s purchase price allocated to intangible assets and the related amortization term are unique to each acquisition. The (gain) loss on divestitures includes gains associated with the deconsolidation of FSA and the sale of the logistics and supply chain management business, net of transaction costs. We believe that this performance measure provides management and investors with useful information in assessing trends in our ongoing operating performance and may provide greater visibility in understanding the long-term financial performance of the Company.

⁽¹⁾ Non-GAAP measure, see above for definition.

Schedule 6 (continued):

SCIENCE APPLICATIONS INTERNATIONAL CORPORATION
NON-GAAP FINANCIAL MEASURES
(Unaudited)

Free Cash Flow

	Three Months Ended						Year Ended
	January 31, 2025			February 2, 2024			January 31, 2025			February 2, 2024
	(in millions)
Net cash provided by operating activities	$	115		$	63		$	494		$	396
Expenditures for property, plant, and equipment		(15	)		(11	)		(36	)		(27	)
Cash used (provided) by MARPA Facility		136			45			41			45
Free cash flow⁽¹⁾	$	236		$	97		$	499		$	414
L&SCM divestiture transaction fees		—			—			—			7
L&SCM divestiture cash taxes		—			18			—			74
L&SCM divestiture transition services		—			4			8			(9	)
Transaction-adjusted free cash flow⁽¹⁾	$	236		$	119		$	507		$	486

	FY26 Guidance
	(in millions)
Net cash provided by operating activities	$545M to $565M
Expenditures for property, plant, and equipment	Approximately $35M
Free cash flow⁽¹⁾	$510M to $530M

Free cash flow is calculated by taking cash flows provided by operating activities less expenditures for property, plant, and equipment and less cash flows from our Master Accounts Receivable Purchasing Agreement (MARPA Facility) for the sale of certain designated eligible U.S. government receivables. Under the MARPA Facility, the Company can sell eligible receivables up to a maximum amount of $300 million. Transaction-adjusted free cash flow excludes cash taxes, transaction fees, and other costs related to the divestiture of the logistics and supply chain management business from free cash flow as previously defined. We believe that free cash flow and transaction-adjusted free cash flow provides management and investors with useful information in assessing trends in our cash flows and in comparing them to other peer companies, many of whom present similar non-GAAP liquidity measures. These measures should not be considered as a measure of residual cash flow available for discretionary purposes.

⁽¹⁾Non-GAAP measure, see above for definition.

The MIL Network –

MIL-OSI: Descartes Study: 39% of High-growth Companies Leverage Trade Compliance as Competitive Advantage

Source: GlobeNewswire (MIL-OSI)

ATLANTA and LONDON, March 17, 2025 (GLOBE NEWSWIRE) — Descartes Systems Group (Nasdaq:DSGX) (TSX:DSG), the global leader in uniting logistics-intensive businesses in commerce, released findings from its study Top Three Traits of Companies with a Successful Approach to Trade Compliance. The study showed that 39% of fast-growing companies (those expecting greater than 15% growth over the next two years) consider trade compliance to be a competitive advantage and not only a regulatory requirement, compared to 22% of slower-growing companies (those with less than 5% growth expectations).

Furthermore, 57% of companies surveyed believe technology is also very or extremely important for competitive advantage in trade compliance strategies (see Figure 1). This view is even more pronounced in growth businesses versus non-growth companies: 72%, or almost three quarters, of fast-growing companies believe technology is a valuable competitive differentiator, compared to just 41% of businesses predicting shrinking, limited, or no growth.

Figure 1: Importance of technology for competitive advantage in trade compliance strategies

Source: Descartes/SAPIO

The study also revealed that 86% of fast-growing companies indicated technology is fundamental or highly important to growth strategies. Underscoring a strong link between technology, business expansion and trade compliance, 47% of fast-growing companies confirm investing in technology is the top approach to tackling international trade challenges—compared to just 18% of those expecting shrinking, limited, or no growth.

In addition to gaining competitive advantage by leveraging trade compliance and investing in technology, higher-growth companies are focused on building a well-resourced compliance team. The study found that companies with greater than 15% expected growth in the next two years allocate an average of eight people to trade compliance activities, compared to six people in companies anticipating shrinking, limited, or no growth.

“Given the volatility of the current trade landscape, rife with evolving tariffs, trade barriers, sanctions and regulations, effective and efficient global trade compliance is a distinct competitive differentiator,” said Jackson Wood, Director, Industry Strategy at Descartes. “Companies that invest in building their compliance teams view compliance as a strategic advantage. They leverage leading technologies to turn compliance into an engine for growth while creating more resilient supply chain operations.”

Descartes and SAPIO Research surveyed 887 corporate decision makers in international trade compliance and/or supply chain intelligence across Argentina, Benelux, Brazil, Canada, China, Denmark, Finland, France, Germany, India, Japan, Mexico, Norway, Sweden, UK and USA. The goal was to understand the strategies, tactics and technologies used by companies involved in international trade to help gain a competitive advantage and ensure continued business growth, and to identify if these varied by factors such as country, industry, company size and business growth. Respondents are members of company leadership teams, from management level to Chief Executive Officer or Owner. To learn more, read the study Top Three Traits of Companies with a Successful Approach to Trade Compliance.

Learn more about Descartes’ global trade intelligence solutions.

About Descartes

Descartes (Nasdaq:DSGX) (TSX:DSG) is the global leader in providing on-demand, software-as-a-service solutions focused on improving the productivity, security and sustainability of logistics-intensive businesses. Customers use our modular, software-as-a-service solutions to route, track and help improve the safety, performance and compliance of delivery resources; plan, allocate and execute shipments; rate, audit and pay transportation invoices; access global trade data; file customs and security documents for imports and exports; and complete numerous other logistics processes by participating in the world’s largest, collaborative multimodal logistics community. Our headquarters are in Waterloo, Ontario, Canada and we have offices and partners around the world. Learn more at www.descartes.com, and connect with us on LinkedIn and Twitter.

Global Media Contact
Cara Strohack
cstrohack@descartes.com

Cautionary Statement Regarding Forward-Looking Statements

This release contains forward-looking information within the meaning of applicable securities laws (“forward-looking statements”) that relate to Descartes’ global trade intelligence solution offerings and potential benefits derived therefrom; and other matters. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the factors and assumptions discussed in the section entitled, “Certain Factors That May Affect Future Results” in documents filed with the Securities and Exchange Commission, the Ontario Securities Commission and other securities commissions across Canada including Descartes’ most recently filed management’s discussion and analysis. If any such risks actually occur, they could materially adversely affect our business, financial condition or results of operations. In that case, the trading price of our common shares could decline, perhaps materially. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Forward-looking statements are provided for the purposes of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2458abe4-87e5-4a31-8a58-b127eacde619

The MIL Network –

March 18, 2025

MIL-OSI Economics: Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2024-25)

Source: Reserve Bank of India

With a view to providing greater convenience to taxpayers, it has been decided to keep the branches of Agency banks, dealing with Government business, open for transactions on March 31, 2025 (Monday-Public Holiday).

In order to facilitate accounting of Government receipts and payments in the current financial year itself, necessary arrangements have also been made to conduct special clearing operations across the country. Special clearing will be conducted for government cheques on March 31, 2025 for which the Department of Payment and Settlement Systems (DPSS), RBI will issue necessary instructions.

Notwithstanding the facilitations outlined above, the taxpayers are hereby exhorted to complete their transactions in respect of their tax payables, well in advance.

Instructions to agency banks for Annual Closing has been issued separately.

(Puneet Pancholy)
Chief General Manager

Press Release: 2024-2025/2395

MIL-OSI Economics: RBI imposes monetary penalty on Jogindra Central Co-operative Bank Ltd., Himachal Pradesh

Source: Reserve Bank of India

The Reserve Bank of India (RBI) has, by an order dated March 12, 2025, imposed a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on Jogindra Central Co-operative Bank Ltd., Himachal Pradesh (the bank) for contravention of provisions of Section 20 read with Section 56 of the Banking Regulation Act, 1949 (BR Act). This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the BR Act.

The statutory inspection of the bank was conducted by National Bank for Agriculture and Rural Development (NABARD) with reference to its financial position as on March 31, 2023. Based on supervisory findings of contravention of statutory provisions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said provisions. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty:

The bank had sanctioned/renewed director related loans in contravention of Section 20 of the BR Act.

This action is based on deficiencies in statutory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

(Puneet Pancholy)
Chief General Manager

Press Release: 2024-2025/2391

MIL-OSI: MEXC Launches DeepLink Protocol (DLC) with Spot and Futures Trading, Offering 16,000,000 DLC & 149,000 USDT to Fuel Decentralized Cloud Gaming
Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, March 17, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, announced the listing of DeepLink Protocol (DLC) on both spot and futures markets, scheduled for March 18, 2025, at 12:00 (UTC). To celebrate the launch, MEXC is introducing an Airdrop+ rewards pool totaling 16,000,000 DLC & 149,000 USDT, reinforcing its commitment to supporting cutting-edge blockchain projects.

Powering Decentralized Cloud Gaming: DeepLink Protocol (DLC) Now Listed on MEXC

DeepLink Protocol is a decentralized cloud gaming platform powered by AI and blockchain technology, merging Artificial Intelligence, GPU computing, Real-World Asset (RWA) Tokenization, and Decentralized Physical Infrastructure Networks (DePINs) into a unified ecosystem. With ultra-low-latency game rendering, DeepLink enables cloud-based esports, cybercafés, AAA gaming, and immersive virtual experiences, enhancing resolution and clarity through AI-driven optimization. Backed by leading investors such as Amber, DePIN X, and NeoVentures, and with 2.6 million+ users and 1.4 million+ DLC holders, DeepLink is rapidly scaling its ecosystem and sponsoring major blockchain events like WebX, KBW, and TOKEN 2049.

As a global exchange, MEXC actively supports projects across sectors such as gaming, AI, and DePIN by providing market access, liquidity, and broader exposure. By listing DeepLink Protocol (DLC), MEXC enables more users to capture the investment opportunities in this sector, contributing to the expansion of decentralized gaming within the Web3 ecosystem. Beyond listing, MEXC plays a key role in helping emerging projects build market traction. With an active trading community and deep liquidity, MEXC will support the growth of DLC, ensuring accessibility for both retail and institutional participants. Additionally, through marketing initiatives, ecosystem collaborations, and trading events, MEXC enhances DLC’s visibility, driving engagement among Web3 users and expanding its adoption. By integrating DLC into its diverse asset offerings, MEXC continues to provide a launchpad for innovative projects, bridging blockchain technology with real-world applications.

Celebrate the DLC Listing with a 16,000,000 DLC & 149,000 USDT Prize Pool

MEXC continues its mission to support innovative blockchain projects by listing DeepLink Protocol (DLC) in the Innovation Zone on March 18, 2025, at 12:00 (UTC). The DLC/USDT spot market will be available first, followed by the DLC USDT perpetual futures launch at 12:10 (UTC), offering up to 50x leverage in both cross and isolated margin modes.

To mark the occasion, a 16,000,000 DLC & 149,000 USDT prize pool will be available through a series of exclusive events from March 17, 2025, at 10:00 (UTC) to March 27, 2025, at 10:00 (UTC).

Event 1: Airdrop+ Rewards
- Deposit and share 10,000,000 DLC & 99,000 USDT (New user exclusive)
- Futures Challenge — Trade to share 50,000 USDT in futures bonuses (Open to all users)
- Invite friends and share 6,000,000 DLC (Open to all users)
Event 2: Spread the Word and Win DLC Rewards
- Share the Airdrop+ event on social media between March 17 – March 23, 2025, and win additional DLC rewards.
Your Easiest Way to Trending Tokens

MEXC aims to become the go-to platform offering the widest range of valuable crypto assets. The platform has grown its user base to 34 million by offering a diverse selection of tokens, high-frequency airdrops, competitive fees, and comprehensive liquidity. In 2024, MEXC launched a total of 2,376 new tokens, including 1,716 initial listings and 605 memecoins, with total airdrop rewards exceeding $136 million.

About MEXC

Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto”. Serving over 34 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, frequent airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC

Contact:
Lucia Hu
PR Manager
lucia.hu@mexc.com

Disclaimer: This content is provided by MEXC. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.

Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2b74b171-c6e8-4d8e-8920-80a3612c24a9

The MIL Network –
March 17, 2025
MIL-OSI: Barnwell Industries, Inc. Announces Sale of its Water Drilling Subsidiary for $1,050,000

Source: GlobeNewswire (MIL-OSI)

HONOLULU, March 17, 2025 (GLOBE NEWSWIRE) — Barnwell Industries, Inc. (NYSE American: BRN) (“Barnwell” or the “Company”) today announced the sale of its wholly owned subsidiary, Water Resources International, Inc. (“Water Resources”), a deep drilling and well pumping specialist in the exploration and development of groundwater resources for government, commercial and private clients in Hawaii, for $1,050,000. Proceeds from the sale will be used for general corporate purposes, with a focus towards reinvestment in the Company’s oil and gas operations. Revenues from the divested business, which was represented as the Company’s Contract Drilling segment, totaled approximately $3,162,000 for the trailing-twelve-months ended December 31, 2024.

Strategic Rationale

This transaction represents a further step in Barnwell’s plan for streamlining its holding company operations, simplifying its corporate and accounting structure. This transaction will allow Barnwell’s Board to proceed with its plans to meaningfully decrease general and administrative expenses and public company costs, including implementing such steps as transitioning personnel to Calgary or elsewhere, reducing the Company’s legacy footprint in Hawaii.

The sale of Water Resources simplifies the equity story for Barnwell as investors will be able to focus on the significant opportunities the Company has identified in its oil and natural gas business. The combination of the proceeds from the sale of Water Resources and anticipated holding company savings also further improves Barnwell’s financial position and balance sheet, which has no bank debt.

Management Commentary

Mr. Craig D. Hopkins, Chief Executive Officer of Barnwell, commented, “The sale of Water Resources was an important strategic objective set by the Board of Directors that took significant time and effort to achieve. I am pleased that the current management team was able work collaboratively to deliver on this important initiative to streamline our business, reduce fixed cost, and focus on higher return opportunities.”

Forward-Looking Statements

The information contained in this press release contains “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. A forward-looking statement is one which is based on current expectations of future events or conditions and does not relate to historical or current facts. These statements include various estimates, forecasts, projections of Barnwell’s future performance, statements of Barnwell’s plans and objectives, and other similar statements. Forward-looking statements include phrases such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates,” “assumes,” “projects,” “may,” “will,” “will be,” “should,” or similar expressions. Although Barnwell believes that its current expectations are based on reasonable assumptions, it cannot assure that the expectations contained in such forward-looking statements will be achieved. Forward-looking statements involve risks, uncertainties and assumptions which could cause actual results to differ materially from those contained in such statements. The risks, uncertainties and other factors that might cause actual results to differ materially from Barnwell’s expectations are set forth in the “Forward-Looking Statements,” “Risk Factors” and other sections of Barnwell’s annual report on Form 10-K for the last fiscal year and Barnwell’s other filings with the Securities and Exchange Commission. Investors should not place undue reliance on the forward-looking statements contained in this press release, as they speak only as of the date of this press release, and Barnwell expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein.

CONTACT:

Craig D. Hopkins
Chief Executive Officer and President
Phone: (403) 531-1560
Email: info@bocl.ca

Russell M. Gifford
Executive Vice President and Chief Financial Officer
Phone: (808) 531-8400
Email: rmg@brninc.com

The MIL Network –

March 17, 2025
MIL-OSI United Kingdom: Council secures more than £3.4 million funding for warmer homes
Source: City of York

Published Friday, 14 March 2025

Council leaders have confirmed that City of York Council will receive more than £3.4 million of funding thanks to 2 separate grants.
The funding, announced this week by the Department for Energy Security and Net Zero, will be used to upgrade around 280 homes over the next 3 years, to reduce carbon emissions and fuel poverty and improve the comfort and health of council homes.

The first grant of around £1.4 million will be used to improve the energy efficiency of around 140 council homes via the Warm Homes: Social Housing Fund.

The second grant of around £2 million will be used to improve the energy efficiency of around 140 homes for lower income homeowners through the Warm Homes: Local Grant Scheme.

These works build on improving 73 council homes to which 141 energy-efficiency measures have been installed. And they add to the 211 homes of lower-income owners to which have been added 241 new energy efficiency measures. The measures include:

loft, flat roof, external wall and cavity wall insulation

air source heat pumps

smart heating controls

solar photovoltaic panels to generate electricity

To support eligible owners and landlords of draughty, listed buildings or of homes in conservation areas, the council’s Local Energy Advice Demonstrator (LEAD) Project has given 452 pieces of advice since November 2023. This project’s funding ends on 31 March 2025, so find out more about the LEAD Home Energy Advice Scheme, or call 01904 555520 or email: saveenergy@york.gov.uk.

Cllr Michael Pavlovic, Executive Member for Housing at City of York Council, said:

We know that making York’s homes warmer and better insulated is a huge benefit to residents, financially and in terms of the positive impact on their wellbeing.

“With rising energy costs and continued concerns around climate change, it’s essential that these improvements are made as soon as possible so that residents will see the benefits for years to come.

“For free advice, assessment and coordination of energy saving measures, York residents who aren’t eligible for the LEAD scheme, should contact YorEnergy by calling 01904 211221 or emailing: hello@yorenergy.co.uk.”

Further details about how to apply for the next phase of retrofit works will be announced as soon as possible. Meanwhile, see more information about home energy efficiency.

An update on the council’s retrofit programme was discussed at Executive on Tuesday, 11 March 2025.
MIL OSI United Kingdom –
March 17, 2025

MIL-OSI Banking: RBI imposes monetary penalty on The Gurdaspur Central Co-operative Bank Ltd., Gurdaspur, Punjab

Source: Reserve Bank of India

The Reserve Bank of India (RBI) has, by an order dated March 12, 2025, imposed a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on The Gurdaspur Central Co-operative Bank Ltd., Gurdaspur, Punjab (the bank) for contravention of provisions of Section 20 read with Section 56 of the Banking Regulation Act, 1949 (BR Act). This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the BR Act.

The bank had sanctioned/renewed director related loan in contravention of Section 20 of the BR Act.

(Puneet Pancholy)
Chief General Manager

Press Release: 2024-2025/2388

MIL-OSI Economics: RBI imposes monetary penalty on The Baramulla Central Co-operative Bank Ltd., Jammu and Kashmir

Source: Reserve Bank of India

The Reserve Bank of India (RBI) has, by an order dated March 12, 2025, imposed a monetary penalty of ₹5.00 lakh (Rupees Five Lakh only) on The Baramulla Central Co-operative Bank Ltd., Jammu and Kashmir (the bank) for non-compliance with specific directions issued by RBI prohibiting acceptance of fresh deposits. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

The statutory inspection of the bank was conducted by National Bank for Agriculture and Rural Development (NABARD) with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty:

The bank had accepted fresh deposits in violation of specific directions issued by RBI.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

(Puneet Pancholy)
Chief General Manager

Press Release: 2024-2025/2389

MIL-OSI Economics: RBI imposes monetary penalty on The Anantnag Central Co-operative Bank Ltd., Jammu and Kashmir

Source: Reserve Bank of India

The Reserve Bank of India (RBI) has, by an order dated March 12, 2025, imposed a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on The Anantnag Central Co-operative Bank Ltd., Jammu and Kashmir (the bank) for non-compliance with specific directions issued by RBI prohibiting acceptance of fresh deposits. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

The statutory inspection of the bank was conducted by National Bank for Agriculture and Rural Development (NABARD) with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty:

The bank had accepted fresh deposits in violation of specific directions issued by RBI.

(Puneet Pancholy)
Chief General Manager

Press Release: 2024-2025/2390

MIL-OSI Global: Who does Spiderman vote for? Study shows people project their political views onto fictional heroes and villains

Source: The Conversation – UK – By Stuart J. Turnbull-Dugarte, Associate Professor in Quantitative Political Science, University of Southampton

From a very young age, we’re socialised to view the world as being made up of “goodies” and “baddies”. When you’re a child fooling around with your friends in the playground, nobody ever wants to be the baddy. And when it comes to dressing up, everybody wants to be Luke Skywalker – not Darth Vader.

This oversimplified way of viewing the world as being made up of right and wrong or good people and bad people doesn’t dissipate as we grow older. If anything, it tends to solidify as we form the social identities that define who we are in adult life.

This is particularly the case when it comes to our political identities and, specifically, the partisan identities and loyalties that individuals attach themselves to.

Partisanship is one hell of a powerful force. Not only does sticking a party label under a candidate determine whether we support them or not – often regardless of what the individual candidate actually stands for – but it also shapes how we view the state of the country and economy. Note how Democrats’ view of how the US economy was doing tanked the day Donald Trump took office, while Republicans’ positivity about the same economy spiked.

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Our partisanship can also affect who we choose to socialise with, who we share a beer with, and who we date. There is even evidence that it affects who gets hired and who doesn’t. Knowing who your neighbour votes for and if they vote for “your team” shapes your view of them as good or bad.

In a new study, I show that the reverse is also true. Knowing someone is good or bad shapes if we think they are one of “us” or one of “them”. In other words, partisans project their own political identities onto people they view as good, and project the political identities of their opponents onto those they dislike.

Who do Darth Vader and Cinderella vote for?

The first part of the study involved a social experiment that applied a political twist on a childish game. In a representative survey of thousands of respondents from both the US and UK, participants were shown images of fictional characters. These were heroes like Harry Potter and Spiderman, or villains like Scar from Disney’s The Lion King and Joffrey Baratheon from Game of Thrones.

Participants were then asked to guess each character’s political affiliation. What emerged was a striking pattern: participants thought that heroes voted for the same party as them, and that villains voted for the opposing party.

Essentially, US Democrats consistently thought Harry Potter and his friends Ron and Hermione voted Democrat, whereas Republicans consistently thought they voted Republican. Similar behaviour was expected of heroes (and the opposite of villains) from across a whole host of characters from different film and fiction.

Percentages who thought each character voted for ‘their’ party:

Heroes in pink, villains in blue: how we think fictional characters vote.
Stuart Turnbull-Dugarte, CC BY-ND

Participants thought Spiderman, Cinderella, Yoda, Aladdin, Brienne of Tarth, Gandalf and Captain America shared their political views. They dismissed Kylo Ren, Ursula the sea witch, Cersei Lannister and Thanos as siding with their political opposition.

Participants were also asked to read a short story about a local politician. In one version of the story, the politician was depicted as a generous figure who donated money to charity. In another, the same politician was shown in a negative light, and as having been accused of corruption. At no point in the story was the partisanship of the politician mentioned.

Despite the absence of any direct mention of partisanship, respondents falsely “remembered” the politician’s party affiliation in a way that aligned with the moral tone of the story. Labour-voting participants who read the generous politician story said they remembered it was about a Labour politician. Conservative-voting participants reading the same story said they remembered it being about a Conservative politician. The reverse pattern was observed among participants who read the corrupt politician story.

These results are striking. Even when there is nothing to be remembered and participants could say that partisanship wasn’t part of the story, voters read what they wanted between the lines based on their own tribal political identities.

These studies demonstrate that partisan identities undermine voter rationality. Politically motivated projection – assuming those who are good must be one of “us” and those who are bad must be one of “them” – doesn’t just shape how we view others; it reinforces and consolidates partisan divisions.

If we assume the person who lives next door is a lousy neighbour because they vote for our political opponents, and simultaneously assume the person who lives down the street votes for our political opponents because they are a lousy neighbour, then we very quickly fall into a scenario where our politically tribal instincts feel increasingly justified.

This cycle of political villainisation deepens divides, making it harder to find common ground. If we continue to let partisanship shape not just how we vote but how we see each other, we risk turning those who don’t share our political views into our enemies.

Stuart J. Turnbull-Dugarte has received funding from the British Academy and the Leverhulme Trust

– ref. Who does Spiderman vote for? Study shows people project their political views onto fictional heroes and villains – https://theconversation.com/who-does-spiderman-vote-for-study-shows-people-project-their-political-views-onto-fictional-heroes-and-villains-252221

MIL OSI – Global Reports –

March 17, 2025
MIL-OSI Global: Chewing gum is plastic pollution, not a litter problem

Source: The Conversation – UK – By David Jones, Sessional Teaching Fellow, School of the Environment and Life Sciences, University of Portsmouth

Wirestock Collection/Shutterstock

Thousands of tonnes of plastic pollution could be escaping into the environment every year … from our mouths. Most chewing gum on sale is made from a variety of oil-based synthetic rubbers – similar to the plastic material used in car tyres.

If you find that thought slightly unsettling, you are not alone. I have been researching and speaking about the plastic pollution problem for 15 years. The people I talk to are always surprised, and disgusted, when they find out they’ve been chewing on a lump of malleable plastic. Most manufacturers just don’t advertise what gum is actually made of – they dodge around the detail by listing “gum base” in the ingredients.

There’s no strict definition of synthetic gum base. Chewing gum brand, Wrigley Extra partners with dental professionals around the world to promote the use of sugar-free chewing gum to improve oral health.

The brand’s Wrigley Oral Health Program states that: “Gum base puts the “chew” in chewing gum, binding all the ingredients together for a smooth, soft texture. We use synthetic gum base materials for a consistent and safe base that provides longer-lasting flavour, improved texture, and reduced tackiness.“

It almost sounds harmless. But chemical analysis shows that gum contains styrene-butadiene (the durable synthetic chemical used to make car tyres), polyethylene (the plastic used to make carrier bags and bottles) and polyvinyl acetate (woodglue) as well as some sweetener and flavouring.

The chewing gum industry is big business, worth an estimated US$48.68 billion (£37.7 billion) in 2025. Three companies own 75% of the market share, the largest of which is Wrigley, with an estimated 35%. There are few reliable statistics available about the amount of gum being produced, but one peer-reviewed global estimate states 1.74 trillion pieces are made per year.

I examined several types of gum and found that the most common weight of an individual piece of gum is 1.4g – that means that globally, a staggering 2.436 million tonnes of gum are produced each year. About a third (30%) of that weight, or just over 730,000 tonnes, is synthetic gum base.

If the idea of chewing plastic isn’t disturbing enough, consider what happens after you spit it out. Most people have experienced discarded gum under bench seats, school desks and on street pavements. But, like other plastics, synthetic chewing gum does not biodegrade and can persist in the environment for many years.

In the environment it will harden, crack and breakdown into microplastics but this can take decades. Cleaning it up is not cheap because it is labour intensive. The average cost is £1.50 per square metre and estimates suggest that the annual clean-up cost for chewing gum pollution for councils in the UK is around £7 million.

There have been some efforts to address the problem. In many public locations around the UK, gum collection pots supplied by Dutch company Gumdrop Ltd have been installed to collect and recycle used gum. Signage provided by councils encouraging responsible disposal is also now a regular feature in some UK high streets, and there is a growing number of small producers offering plant-based alternatives.

In the UK, the environmental charity Keep Britain Tidy launched the chewing gum task force in 2021. This collaboration involves three major manufacturers who have committed to investing up to £10 million in order to clean up “historic gum staining and changing behaviour so that more people bin their gum”.

Read more:
Car tyres shed a quarter of all microplastics in the environment – urgent action is needed

But, here lies the crux of the issue.

The first objective implies that cleaning up gum is a solution to this form of plastic pollution; it isn’t. Manufacturers making a financial contribution to clean-up efforts is like plastic manufacturers paying for litter pickers and bin bags at volunteer beach cleans. Neither addresses the root cause of the problem.

Binning gum is not the solution either. Addressing gum as a plastic pollutant dictates that the prevention of gum pollution should include the well-known tenets, like all plastic pollution, of reduce, reuse, recycle and redesign. It is not only a disposal issue.

Another issue that I have uncovered is definition. In the two annual reports published by the gum litter task force since its inception, there is no mention of the word pollution. The distinction between litter and pollution is important. By calling it chewing gum pollution, the narrative changes from an individual negligence issue to a corporate one. That places an onus for accountability onto the producers rather than the consumers.

Single-use solutions

Like single-use plastic items, chewing gum pollution needs to be tackled from all angles – education, reduction, alternatives, innovation, producer responsibility, and legislation.

Educating people about the contents of gum and the environmental consequences those ingredients have will reduce consumption and encourage better disposal habits. More transparent labelling on packaging would empower shoppers to make informed choices. Stricter regulations can hold manufacturers to account – a levy tax on synthetic gum can help pay for clean ups. In turn, this would incentivise more investment in plant-based gums and other sustainable alternatives.

We can all reduce the environmental consequences of this plastic pollution by kicking the gum habit, calling on councils to enforce stricter pollution penalties and encouraging governments to put a tax levy on manufacturers to fund clean ups and force them to list the contents of gum base.

Throwing away any non-disposable, inorganic products is unsustainable. Chewing gum pollution is just another form of plastic pollution. It’s time we start treating it as such.

Don’t have time to read about climate change as much as you’d like?

Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed so far.

David Jones is affiliated with the marine conservation charity Just One Ocean

– ref. Chewing gum is plastic pollution, not a litter problem – https://theconversation.com/chewing-gum-is-plastic-pollution-not-a-litter-problem-251662

MIL OSI – Global Reports –

March 17, 2025
MIL-OSI Africa: Ministry of Digital Transition and Administration Reform, the Digital Development Agency and GITEX Africa Morocco 2025 organiser announce the landmark third edition in Marrakech

Source: Africa Press Organisation – English (2) – Report:

RABAT, Morocco, March 17, 2025/APO Group/ —

Under the High Patronage of His Majesty King Mohammed VI, May God Assist Him, the Ministry of Digital Transition and Administration Reform, in partnership with the Digital Development Agency (ADD) and KAOUN International, has officially announced the much-anticipated third edition of GITEX Africa Morocco (www.GITEXAfrica.com), set to take place from April 14 to 16, 2025, in the vibrant city of Marrakech. As Africa’s largest and most influential technology and startup event, GITEX Africa Morocco stands as a beacon of innovation, fostering investment, technological breakthroughs, and economic transformation across the continent.

With the resounding success of previous editions, GITEX Africa Morocco 2025 is poised to be bigger, bolder, and more transformative than ever before. This year’s event will feature specialized industry summits, exclusive creative industry activations, and high-impact networking forums, all meticulously designed to connect government officials, industry pioneers, investors, and entrepreneurs in groundbreaking discussions and collaborations. With a reinforced focus on Africa’s digital public infrastructure, emerging AI ecosystems, and cutting-edge technological advancements, this edition will further establish Africa as a key player in the global tech landscape.

Key features of GITEX Africa Morocco 2025

Pioneering industry-centric initiatives

Among the most highly anticipated additions to GITEX Africa Morocco 2025 is the Africa Future Connectivity Summit, an exclusive assembly for leaders in telecommunications, cloud computing, and data centers. This summit will delve into the far-reaching impact of broadband expansion, 5G deployment, and cloud-driven advancements, fostering strategic public-private partnerships that will shape Africa’s digital future.

Bridging global African innovation

Another key addition to GITEX Africa Morocco 2025 is the Diaspora Studio, a dedicated hub designed to unite African innovators across the world. This initiative aims to unlock investment opportunities, cross-border partnerships, and knowledge-sharing between the African diaspora and local tech ecosystems. By engaging with venture capitalists, startup incubators, and leading research institutions, this platform will serve as a powerful conduit for advancing Africa’s technological leadership on the world stage.

Government leadership and global collaboration

The Moroccan government remains a steadfast advocate for GITEX Africa Morocco’s growth, reinforcing its vision of establishing Morocco as a premier digital hub in Africa, in line with the High Instructions of His Majesty King Mohammed VI who stressed the necessity for Africa to be actively engaged in the digital transformation the world is witnessing today. The event will host high-level government representatives, regulatory bodies, and technology industry leaders, driving pivotal conversations on AI governance, digital regulations, and the policies defining Africa’s innovation landscape.

H.E. Amal El Fallah Seghrouchni, Minister Delegate in Charge of Digital Transition and Administration Reform, Government of Morocco, emphasized the government’s dedication to this mission, stating: “Following the success of the 2024 edition, Morocco is proud to host the 3rd edition of GITEX AFRICA, reaffirming its role as a key enabler of Africa’s digital transformation. Under the High Patronage of His Majesty King Mohammed VI, may God assist Him, and with the strong commitment of the Moroccan Government, this edition will introduce strategic sectors such as EdTech, AgriTech, HealthTech, and SportsTech, reinforcing Africa’s position as a global hub for innovation. GITEX AFRICA 2025 will bring together industry leaders, innovators, and policymakers to foster high-impact collaborations and accelerate the continent’s integration into the global digital economy. Morocco remains committed to driving Africa’s technological future through innovation, investment, and strategic partnerships.”

In addition to strong government support, the private sector is also demonstrating its commitment to Africa’s economic growth, with notably the International Finance Corporation (IFC) joining GITEX Africa as the Economic Development Partner. IFC’s involvement underscores its dedication to fostering sustainable investment and driving the continent’s digital transformation.

The International Finance Corporation (IFC) will make a landmark appearance at GITEX Africa 2025, highlighting the intersection of global investment, technology, and entrepreneurship. A keynote from IFC’s Managing Director, Makhtar Diop, will address Africa’s economic evolution and the role of tech-driven growth. This engagement underscores the continent’s rising digital economy and the drive for scalable innovation in fintech and agribusiness.

Additionally, SheWins Africa, an IFC initiative will be featured, reinforcing its mission to empower women-led startups and drive inclusive economic growth across the continent.

Expanding sustainability and digital impact

As GITEX Impact continues to grow, the 2025 edition will expand beyond its traditional focus on agritech, climate, and water technologies to encompass energy transition, mobility, edutech, and sports technologies. These pivotal sectors are instrumental in shaping Africa’s sustainable economic development, reinforcing GITEX Africa Morocco’s commitment to utilizing technology as a force for social and economic transformation.

Mr. Mohammed Drissi Melyani, Director General of ADD said “GITEX Africa Morocco has become the continent’s foremost platform for digital transformation, facilitating the exchange of expertise and best practices in technological innovation while strengthening the global competitiveness of Africa’s public and private ecosystems.

This third edition arrives at a crucial juncture, aligning with the worldwide acceleration of digital transition. GITEX Africa Morocco will address key challenges related to the resilience of the digital economy by showcasing strategic sectors such as Artificial Intelligence, Industry 4.0, IoT, Cloud, Cybersecurity, Fintech, Edutech, Agritech, Health Tech, Smart Cities, and E-Government, all in full alignment with the Sustainable Development Goals. As a global technology gathering, its overarching mission is to explore the boundless potential of digital innovation and its transformative impact, paving the way for a more inclusive and responsible future.”

With an expanded presence of over 1,400 exhibitors from 130+ countries, GITEX Africa Morocco 2025 is expected to attract thousands of technology professionals, entrepreneurs, and investors, providing unparalleled opportunities for networking, deal-making, and knowledge exchange. The event will serve as the foremost platform for showcasing breakthrough innovations across AI, fintech, cybersecurity, health tech, smart cities, and digital transformation.

KAOUN International, the overseas events company of Dubai World Trade Centre (DWTC) and organiser of GITEX events globally, is spearheading the event’s evolution as a world-class technology showcase. Trixie LohMirmand, CEO of KAOUN International, underscored the significance of this year’s edition, stating, “GITEX Africa’s momentum is advancing as new partnerships are forged and new industry sectors are explored to broaden the impact on the Africa’s digital landscape.

To harness the positive outcomes from these initiatives, necessitate commitment and resilience from private and public stakeholders. We are confident GITEX AFRICA shall play a significant role in actuating and fast tracking the leverage of tech and adoption of AI in these vital sectors of economies.”

Seizing the future of Africa’s digital revolution

As Africa’s digital economy surges—projected to contribute $712 billion to the continent’s GDP by 2050—GITEX Africa Morocco 2025 presents a historic opportunity to engage with the continent’s brightest innovators, industry leaders, and global stakeholders. With Africa’s startup ecosystem poised to attract over $5 billion in venture capital investments, coupled with an expanding tech-savvy workforce, the continent is primed for rapid technological acceleration.

GITEX Africa Morocco 2025 is the stage where the future of Africa’s digital economy takes shape. Don’t miss your chance to be part of this transformative event. Register now to attend or exhibit at www.GITEXAfrica.com, and secure your position at the center of Africa’s most influential technology gathering.

Join us in Marrakech from April 14 to 16, 2025, as we chart the next chapter of Africa’s digital revolution and redefine the continent’s role in the global AI economy.

MIL OSI Africa –

March 17, 2025

MIL-OSI Banking: Money Market Operations as on March 14, 2025

Source: Reserve Bank of India


(Amount in ₹ crore, Rate in Per cent)

	Volume (One Leg)	Weighted Average Rate	Range
A. Overnight Segment (I+II+III+IV)	0.00	–	–
I. Call Money	0.00	–	–
II. Triparty Repo	0.00	–	–
III. Market Repo	0.00	–	–
IV. Repo in Corporate Bond	0.00	–	–
B. Term Segment
I. Notice Money**	0.00	–	–
II. Term Money^@@	0.00	–	–
III. Triparty Repo	0.00	–	–
IV. Market Repo	0.00	–	–
V. Repo in Corporate Bond	0.00	–	–

	Auction Date	Tenor (Days)	Maturity Date	Amount	Current Rate / Cut off Rate
C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
I. Today’s Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo

(b) Reverse Repo
(III) Long Term Operations^
(a) Repo
(b) Reverse Repo
3. MSF^#	Fri, 14/03/2025	1	Sat, 15/03/2025	25,529.00	6.50
	Fri, 14/03/2025	2	Sun, 16/03/2025	0.00	6.50
	Fri, 14/03/2025	3	Mon, 17/03/2025	30.00	6.50
4. SDF^Δ#	Fri, 14/03/2025	1	Sat, 15/03/2025	58,418.00	6.00
	Fri, 14/03/2025	2	Sun, 16/03/2025	0.00	6.00
	Fri, 14/03/2025	3	Mon, 17/03/2025	11.00	6.00
5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*				-32,870.00
II. Outstanding Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo	Fri, 07/03/2025	14	Fri, 21/03/2025	8,375.00	6.26
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo	Thu, 13/03/2025	4	Mon, 17/03/2025	50,008.00	6.26
	Thu, 13/03/2025	8	Fri, 21/03/2025	9,860.00	6.26
(b) Reverse Repo
(III) Long Term Operations^
(a) Repo	Fri, 21/02/2025	45	Mon, 07/04/2025	57,951.00	6.26
	Fri, 14/02/2025	49	Fri, 04/04/2025	75,003.00	6.28
	Fri, 07/02/2025	56	Fri, 04/04/2025	50,010.00	6.31
(b) Reverse Repo
3. MSF^#	Thu, 13/03/2025	2	Sat, 15/03/2025	0.00	6.50
	Thu, 13/03/2025	3	Sun, 16/03/2025	0.00	6.50
	Thu, 13/03/2025	4	Mon, 17/03/2025	200.00	6.50
4. SDF^Δ#	Thu, 13/03/2025	2	Sat, 15/03/2025	2,903.00	6.00
	Thu, 13/03/2025	3	Sun, 16/03/2025	0.00	6.00
	Thu, 13/03/2025	4	Mon, 17/03/2025	2,960.00	6.00
D. Standing Liquidity Facility (SLF) Availed from RBI^$				9,443.52
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*				2,54,987.52
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*				2,22,117.52
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on		March 14, 2025		9,26,890.93
(ii) Average daily cash reserve requirement for the fortnight ending		March 21, 2025		9,19,133.00
H. Government of India Surplus Cash Balance Reckoned for Auction as on^¥		March 13, 2025		59,868.00
I. Net durable liquidity [surplus (+)/deficit (-)] as on		February 21, 2025		18,854.00
^@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
^@@ Relates to uncollateralized transactions of 15 days to one year tenor.
^$ Includes refinance facilities extended by RBI.
^& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
^Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
^¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
^# As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
^ As per the Press Release No. 2024-2025/2082 dated February 05, 2025, Press Release No. 2024-2025/2138 dated February 12, 2025, and Press Release No. 2024-2025/2209 dated February 20, 2025.
Ajit Prasad Deputy General Manager (Communications)
Press Release: 2024-2025/2385

MIL-OSI Banking: Money Market Operations as on March 15, 2025

Source: Reserve Bank of India


(Amount in ₹ crore, Rate in Per cent)

	Volume (One Leg)	Weighted Average Rate	Range
A. Overnight Segment (I+II+III+IV)	27,166.39	6.24	4.50-6.52
I. Call Money	1,461.80	6.05	5.25-6.40
II. Triparty Repo	25,438.10	6.26	5.00-6.52
III. Market Repo	266.49	5.46	4.50-6.20
IV. Repo in Corporate Bond	0.00	–	–
B. Term Segment
I. Notice Money**	0.70	5.95	5.95-5.95
II. Term Money^@@	0.00	–	–
III. Triparty Repo	0.00	–	–
IV. Market Repo	0.00	–	–
V. Repo in Corporate Bond	0.00	–	–

	Auction Date	Tenor (Days)	Maturity Date	Amount	Current Rate / Cut off Rate
C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
I. Today’s Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo
(III) Long Term Operations^
(a) Repo
(b) Reverse Repo
3. MSF^#	Sat, 15/03/2025	1	Sun, 16/03/2025	15,144.00	6.50
	Sat, 15/03/2025	2	Mon, 17/03/2025	35.00	6.50
4. SDF^Δ#	Sat, 15/03/2025	1	Sun, 16/03/2025	59,714.00	6.00
	Sat, 15/03/2025	2	Mon, 17/03/2025	3,269.00	6.00
5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*				-47,804.00
II. Outstanding Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo	Fri, 07/03/2025	14	Fri, 21/03/2025	8,375.00	6.26
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo	Thu, 13/03/2025	4	Mon, 17/03/2025	50,008.00	6.26
	Thu, 13/03/2025	8	Fri, 21/03/2025	9,860.00	6.26
(b) Reverse Repo
(III) Long Term Operations^
(a) Repo	Fri, 21/02/2025	45	Mon, 07/04/2025	57,951.00	6.26
	Fri, 14/02/2025	49	Fri, 04/04/2025	75,003.00	6.28
	Fri, 07/02/2025	56	Fri, 04/04/2025	50,010.00	6.31
(b) Reverse Repo
3. MSF^#	Fri, 14/03/2025	2	Sun, 16/03/2025	0.00	6.50
	Fri, 14/03/2025	3	Mon, 17/03/2025	30.00	6.50
	Thu, 13/03/2025	3	Sun, 16/03/2025	0.00	6.50
	Thu, 13/03/2025	4	Mon, 17/03/2025	200.00	6.50
4. SDF^Δ#	Fri, 14/03/2025	2	Sun, 16/03/2025	0.00	6.00
	Fri, 14/03/2025	3	Mon, 17/03/2025	11.00	6.00
	Thu, 13/03/2025	3	Sun, 16/03/2025	0.00	6.00
	Thu, 13/03/2025	4	Mon, 17/03/2025	2,960.00	6.00
D. Standing Liquidity Facility (SLF) Availed from RBI^$				9,443.52
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*				2,57,909.52
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*				2,10,105.52
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on		March 15, 2025		9,10,212.16
(ii) Average daily cash reserve requirement for the fortnight ending		March 21, 2025		9,19,133.00
H. Government of India Surplus Cash Balance Reckoned for Auction as on^¥		March 13, 2025		59,868.00
I. Net durable liquidity [surplus (+)/deficit (-)] as on		February 21, 2025		18,854.00
^@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
^@@ Relates to uncollateralized transactions of 15 days to one year tenor.
^$ Includes refinance facilities extended by RBI.
^& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
^Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
^¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
^# As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
^ As per the Press Release No. 2024-2025/2082 dated February 05, 2025, Press Release No. 2024-2025/2138 dated February 12, 2025, and Press Release No. 2024-2025/2209 dated February 20, 2025.
Ajit Prasad Deputy General Manager (Communications)
Press Release: 2024-2025/2386

MIL-OSI Banking: Money Market Operations as on March 16, 2025

Source: Reserve Bank of India


(Amount in ₹ crore, Rate in Per cent)

	Volume (One Leg)	Weighted Average Rate	Range
A. Overnight Segment (I+II+III+IV)	0.00	–	–
I. Call Money	0.00	–	–
II. Triparty Repo	0.00	–	–
III. Market Repo	0.00	–	–
IV. Repo in Corporate Bond	0.00	–	–
B. Term Segment
I. Notice Money**	0.00	–	–
II. Term Money^@@	0.00	–	–
III. Triparty Repo	0.00	–	–
IV. Market Repo	0.00	–	–
V. Repo in Corporate Bond	0.00	–	–

	Auction Date	Tenor (Days)	Maturity Date	Amount	Current Rate / Cut off Rate
C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
I. Today’s Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo
(III) Long Term Operations^
(a) Repo
(b) Reverse Repo
3. MSF^#	Sun, 16/03/2025	1	Mon, 17/03/2025	13,186.00	6.50
4. SDF^Δ#	Sun, 16/03/2025	1	Mon, 17/03/2025	60,480.00	6.00
5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*				-47,294.00
II. Outstanding Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo	Fri, 07/03/2025	14	Fri, 21/03/2025	8,375.00	6.26
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo	Thu, 13/03/2025	4	Mon, 17/03/2025	50,008.00	6.26
	Thu, 13/03/2025	8	Fri, 21/03/2025	9,860.00	6.26
(b) Reverse Repo
(III) Long Term Operations^
(a) Repo	Fri, 21/02/2025	45	Mon, 07/04/2025	57,951.00	6.26
	Fri, 14/02/2025	49	Fri, 04/04/2025	75,003.00	6.28
	Fri, 07/02/2025	56	Fri, 04/04/2025	50,010.00	6.31
(b) Reverse Repo
3. MSF^#	Sat, 15/03/2025	2	Mon, 17/03/2025	35.00	6.50
	Fri, 14/03/2025	3	Mon, 17/03/2025	30.00	6.50
	Thu, 13/03/2025	4	Mon, 17/03/2025	200.00	6.50
4. SDF^Δ#	Sat, 15/03/2025	2	Mon, 17/03/2025	3,269.00	6.00
	Fri, 14/03/2025	3	Mon, 17/03/2025	11.00	6.00
	Thu, 13/03/2025	4	Mon, 17/03/2025	2,960.00	6.00
D. Standing Liquidity Facility (SLF) Availed from RBI^$				9,443.52
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*				2,54,675.52
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*				2,07,381.52
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on		March 16, 2025		9,07,544.24
(ii) Average daily cash reserve requirement for the fortnight ending		March 21, 2025		9,19,133.00
H. Government of India Surplus Cash Balance Reckoned for Auction as on^¥		March 13, 2025		59,868.00
I. Net durable liquidity [surplus (+)/deficit (-)] as on		February 21, 2025		18,854.00
^@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
^@@ Relates to uncollateralized transactions of 15 days to one year tenor.
^$ Includes refinance facilities extended by RBI.
^& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
^Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
^¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
^# As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
^ As per the Press Release No. 2024-2025/2082 dated February 05, 2025, Press Release No. 2024-2025/2138 dated February 12, 2025, and Press Release No. 2024-2025/2209 dated February 20, 2025.
Ajit Prasad Deputy General Manager (Communications)
Press Release: 2024-2025/2387