Category: Energy

MIL-OSI USA: U.S. imports of major transportation fuels decreased in 2024

Source: US Energy Information Administration

In-brief analysis

April 29, 2025

U.S. imports of petroleum products decreased by 210,000 barrels per day (b/d) in 2024 to average 1.8 million b/d. Imports of all major transportation fuels, such as motor gasoline, diesel, and jet fuel, as well as other products, such as unfinished oils, decreased.

Motor gasoline makes up the largest share of U.S. petroleum product imports because it is the most widely consumed petroleum fuel in the United States. In 2024, the United States imported 651,000 b/d of motor gasoline, about 36% of all petroleum product imports and 75,000 b/d less than in 2023. U.S. gasoline consumption in 2024 was largely unchanged from 2023; inventories fell in 2024 after they had increased in 2023, reflecting the decrease in imports.

Although the United States imports more gasoline than any other petroleum product, the United States exported 226,000 b/d more gasoline than it imported in 2024. The United States has been a net exporter of gasoline every year since 2016.

U.S. petroleum product exports primarily originate from the Gulf Coast due to the region’s concentrated refining capacity and proximity to major ports. U.S. Gulf Coast refinery production exceeds regional market demand, resulting in exports by waterborne tankers. Although Gulf Coast refineries have a wide distribution network, infrastructure constraints limit their ability to supply fuels to all parts of the country. Consequently, certain regions rely on imported petroleum products instead of transporting them from the Gulf Coast.

U.S. gasoline imports came from a variety of countries, but the largest five suppliers were Canada, the Netherlands, India, the United Kingdom, and South Korea. All these countries except Korea are among the top five sources for U.S. gasoline imports over the last 10 years (2014–23). Imports from Canada are the primary source of gasoline for several northeastern states and make up a small share in other markets throughout the country.

Canada is also the largest source of distillate imports into the United States. The United States imported 144,000 b/d of distillate fuel oil in 2024, 95% of which came from Canada. U.S. imports of distillate primarily come into the East Coast (112,000 b/d, or 78%). In addition to use as a transportation fuel, distillate imports are also the primary source of home heating oil for the U.S. Northeast.

Jet fuel imports in 2024 totaled 109,000 b/d, down from 127,000 b/d in 2023. Jet fuel imports flowed primarily to the West Coast. South Korea supplied 77,000 b/d, or 71%, of U.S. jet fuel imports last year. The next-largest suppliers were Canada, China, India, and Kuwait.

Imports of petroleum products other than gasoline, distillate fuel oil, and jet fuel primarily consisted of residual fuel oil for use as a marine bunker fuel and unfinished oils used as feedstock for U.S. refineries to produce other finished products.

Principal contributor: Kevin Hack

MIL OSI USA News –

May 1, 2025
MIL-OSI USA: U.S. oil companies spent less on interest over the last decade despite higher rates
Source: US Energy Information Administration

In-brief analysis

April 30, 2025

Data source: Evaluate Energy
Note: Production expenses include costs of goods sold, operating expenses, and production taxes from company income statements. Interest expenses are in 2024 dollars and deflated using the Consumer Price Index.

Higher oil prices, increased drilling efficiency, and structurally lower debt needs have contributed to lower interest expenses for some publicly traded U.S. oil companies over the past decade, despite the level of interest rates across the economy being relatively high.

Based on the published financial reports of 26 U.S. publicly traded oil companies, interest expenses per barrel of oil equivalent (BOE)—a measure that accounts for crude oil, hydrocarbon gas liquids, and natural gas production—in 2024 were about $1.50/BOE, or around 6% of production expenses. In real dollar terms and as a share of production expenses, interest expenses are lower than they were before the pandemic, even though general interest rates are now higher.

Although interest expenses typically represent a small portion of production expenses—those associated with labor, materials, and the costs of extracting and storing oil and other commodities—their variability can fluctuate with macroeconomic conditions. For example, a rapid decline in crude oil prices might lower some production expenses but not interest expenses, which are often fixed throughout the life of a loan. During these times, interest expenses can represent 15% or more of regular production expenses.

Data source: Bloomberg L.P.

The decline in interest expenses may be counterintuitive as interest rates in the United States have generally increased since 2020 and 2021. Short-term interest rates—designated by the federal funds effective rate, which determines the interest rate on overnight bank loans—have reached as high as 5.3% since 2022 and stayed above 4% since then, compared with nearly 0% five years ago.

The Federal Reserve determines the federal funds rate, and the rate serves as a key monetary policy tool to reach the goals of price stability and maximum employment. The federal funds rate affects other interest rates that are determined from market participants’ supply and demand for loans, including bank loans, government bonds, and corporate bonds. For example, Moody’s Aaa and Baa corporate bond rates represent different bond yields based on creditworthiness.

Oil company interest expense has declined despite higher interest rates because of:
- Relatively high oil prices. Crude oil prices increased in the years after the pandemic. Higher oil prices bring in more revenue, which means oil companies need to borrow less to fund their capital expenditures and can also pay down debt obligations. In addition, higher oil prices increase the value of a company’s proved reserves and reduce the risk of loan default, which may lead to better borrowing terms, such as lower interest rates.
- Increased efficiency and cost reduction. Lowering production expenses and improving efficiency increases company profits, which could result in better borrowing terms and lower borrowing costs.
- Tempered investment growth and strategy. In recent years, companies have implemented strategies that favor modest capital expenditure growth by targeting fewer but more profitable projects. With this approach, the company may generate more profits even if the company’s production growth was small or unchanged. This strategy reduces companies’ needs for outside capital, including borrowing.
Principal contributor: Jeff Barron

MIL OSI USA News –
May 1, 2025
MIL-OSI: CBAK Energy Captures 14.6% Share of 32140 Cylindrical Cell Market in Q1 2025

Source: GlobeNewswire (MIL-OSI)

DALIAN, China, April 30, 2025 (GLOBE NEWSWIRE) — CBAK Energy Technology, Inc. (NASDAQ: CBAT) (“CBAK Energy” or the “Company”), a leading manufacturer of lithium-ion and sodium-ion batteries and electric energy solutions in China, today announced its Q1 2025 market performance for 32140 cylindrical cells, based on the latest findings from the Start Point Institute of Research (“SPIR”, “SPIR Report”). According to the SPIR Report, CBAK Energy’s 32140 cylindrical cell shipments captured a notable 14.6% share of the global market, positioning the Company fourth overall—behind only a select group of major multinational competitors—highlighting its growing influence and competitiveness in the global battery sector.

Back in February, based on findings from the previous SPIR Report covering 2024, the Company announced it had captured a remarkable 19% share of the global market for 32140 cylindrical cells. Building on that success, CBAK Energy has once again demonstrated strong performance in Q1. With ongoing discussions with major existing and prospective customers, the Company remains confident in its ability to sustain this momentum and further expand its presence in the large cylindrical cell market in the periods ahead.

“We are pleased to see our 32140 cylindrical cells continue to gain market acceptance,” said Zhiguang Hu, Chief Executive Officer of CBAK Energy. “Our outstanding performance in Q1 2025 underscores our commitment to delivering high-quality, reliable energy storage solutions that meet the growing demands of our customers. We remain focused on innovation and expanding our market presence.”

About CBAK Energy
CBAK Energy Technology, Inc. (NASDAQ: CBAT) is a leading high-tech enterprise in China engaged in the development, manufacturing, and sales of new energy high power lithium batteries and raw materials for use in manufacturing high power lithium batteries. The applications of the Company’s products and solutions include electric vehicles, light electric vehicles, electric tools, energy storage, uninterruptible power supply (UPS), and other high-power applications. In January 2006, CBAK Energy became the first lithium battery manufacturer in China listed on the Nasdaq Stock Market. CBAK Energy has multiple operating subsidiaries in Dalian, Nanjing and Shaoxing, as well as a large-scale R&D and production base in Dalian.

For more information, please visit ir.cbak.com.cn.

Safe Harbor Statement
This press release contains “forward-looking statements” that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. We have attempted to identify forward-looking statements by terminology including “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “should,” or “will” or the negative of these terms or other comparable terminology. Our actual results may differ materially or perhaps significantly from those discussed herein, or implied by, these forward-looking statements.

The forward-looking statements included in this press release are made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking statements, other than as required by applicable law.

For further inquiries, please contact:
In China:
CBAK Energy Technology, Inc.
Investor Relations Department
Email: ir@cbak.com.cn

The MIL Network –

May 1, 2025
MIL-OSI United Kingdom: Sinn Fein cites lack of support for petition in aid of their case to impose Irish signage on Grand Central

Source: Traditional Unionist Voice – Northern Ireland

Statement by TUV MLA Timothy Gaston:

“I want to commend Jamie Bryson for bringing a case before the courts concerning the imposition of Irish signage at Grand Central. In doing so, Mr Bryson has accomplished more on this issue than all the Unionist parties combined.

“This morning’s court hearing made it abundantly clear that the lack of action from DUP and UUP MLAs is, in fact, aiding the Sinn Fein Minister responsible.

“I note with concern that the Department for Infrastructure’s legal representatives cited the complete absence of signatures—beyond my own — on my petition against the dual-language signage as justification for claiming Minister Kimmins’ decision was not controversial.

“This flatly contradicts claims by some on social media that failing to support the petition made no difference. Quite the opposite is true: that inaction is now being used as legal cover for the imposition of signage which the local loyalist community strongly oppose.

“It is therefore incumbent upon every Unionist MLA in the Assembly to explain why they failed to support my petition, and to publicly clarify their position on this matter. Letters making this clear to the court are a matter of urgency.

“When a Sinn Fein-led department cites Unionist inaction as proof of consensus, it’s time for serious reflection — and accountability.”

MIL OSI United Kingdom –

May 1, 2025
MIL-OSI: Turbo Energy Partners with Chilean Utility Saesa to Expand Smart Battery Storage Systems in Latin America

Source: GlobeNewswire (MIL-OSI)

VALENCIA, Spain, April 30, 2025 (GLOBE NEWSWIRE) — Turbo Energy S.A. (Nasdaq: TURB) (“Turbo Energy” or the “Company”), a global provider of leading-edge, AI-optimized solar energy storage technologies and solutions, has teamed with Saesa, one of Chile’s largest electric utilities, to expand the deployment of smart battery systems across the Andean country.

This partnership marks a significant step forward in Turbo Energy’s expansion into Latin America, resulting in the completion of the companies’ first joint project— the installation of a smart battery energy storage system (BESS) at the headquarters of Bayas del Sur, a leading berry producer in southern Chile.

The project integrates lithium batteries with 200 kW of power and 880 kWh of storage capacity. Designed to complement Bayas del Sur’s existing photovoltaic installation, the system enables the plant to optimize energy consumption, reduce fuel dependence and maintain operations during peak demand periods or grid outages.

“The commissioning of this project for Bayas del Sur reflects a growing trend among companies across all sectors: the search for effective solutions that ensure stable and sustainable energy flow while mitigating market price volatility,” said Mariano Soria, Chief Executive Officer of Turbo Energy. “Working alongside a utility giant like Saesa gives Turbo Energy a strong foundation to deploy smart BESS solutions for Chile’s most forward-thinking companies — a key driver behind the region’s desired economic decarbonization objectives.”

Saesa executives emphasized the importance of the project in advancing renewable energy and supporting industrial decarbonization in Chile. “Our collaboration with Turbo Energy represents a pivotal advancement in sustainable infrastructure for southern Chile,” said Camila Trujillo, Energy Manager at Saesa Innova. “By integrating intelligent solar storage solutions, we’re not only improving grid reliability for industrial clients like Bayas del Sur, but also reinforcing our commitment to cleaner, smarter energy systems that benefit both businesses and communities across our nation.”

The project with Saesa closely follows Turbo Energy’s entry into the Chilean market. In March 2025, the Company launched Latin America’s first, fully integrated, end-to-end solar energy storage system at the Alto Labranza shopping center, marking the debut of its new business unit, Turbo Energy Solutions. The division focuses on photovoltaic generation, energy storage and smart energy management for the commercial and industrial sectors across Latin America.

About Turbo Energy, S.A.

Founded in 2013, Turbo Energy is a globally recognized pioneer of proprietary solar energy storage technologies and solutions managed through Artificial Intelligence. Turbo Energy’s elegant all-in-one and scalable, modular energy storage systems empower residential, commercial and industrial users expanding across Europe, North America and South America to materially reduce dependence on traditional energy sources, helping to lower electricity costs, provide peak shaving and uninterruptible power supply and realize a more sustainable, energy-efficient future. A testament to the Company’s commitment to innovation and industry disruption, Turbo Energy’s introduction of its flagship SUNBOX represents one of the world’s first high performance, competitively priced, all-in-one home solar energy storage systems, which also incorporates patented EV charging capability and powerful AI processes to optimize solar energy management. Turbo Energy is a proud subsidiary of publicly traded Umbrella Global Energy, S.A., a vertically integrated, global collective of solar energy-focused companies. For more information, please visit www.turbo-e.com.

Forward-Looking Statements

Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on current beliefs, expectations and assumptions regarding the future of the business of the Company, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control, including the risks described in our registration statements and annual report under the heading “Risk Factors” as filed with the Securities and Exchange Commission. Actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Any forward-looking statements contained in this press release speak only as of the date hereof, and Turbo Energy, S.A. specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

For more information, please contact:
At Turbo Energy, S.A.
Dodi Handy, Director of Communications
Phone: 407-960-4636
Email: dodihandy@turbo-e.com

The MIL Network –

May 1, 2025
MIL-OSI USA: U.S. energy flow and energy consumption by source and sector charts for 2024
Source: US Energy Information Administration

A publication of recent and historical U.S. energy statistics. This publication includes total energy production, consumption, stocks, and trade; energy prices; overviews of petroleum, natural gas, coal, electricity, nuclear energy, renewable energy, and carbon dioxide emissions; and data unit conversions values.

Each month, most MER tables and figures present data for a new month. These data are usually preliminary (and sometimes estimated or forecasted) and likely to be revised the following month. The first dissemination of most annual data is also preliminary. It is often based on monthly estimates and is likely to be revised later that year after final data are published from sources, according to source data revision policies and publication schedules. In addition, EIA may revise historical data when a major revision in a source publication is needed, when new data sources become available, or when estimation methodologies are improved. A record of current and historical changes to MER data is available on the What’s New in the Monthly Energy Review—Content Changes webpage.

Data categories

Expand all Collapse all
Energy overview
1.9Light-duty vehicle average miles travel by technology type

Available formats: PDF XLS CSV|Interactive

1.10Electric and fuel cell electric light-duty vehicles overview

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1.13aNon-combustion use of fossil fuels in physical units

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Section notes

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Energy consumption by sector
2.7U.S. government energy consumption by agency, fiscal years

Available formats: PDF XLS CSV|Interactive

2.8U.S. government energy consumption by source, fiscal years

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Section notes

Available formats: PDF
Petroleum
3.7Petroleum consumption by sector:

3.8Heat content of petroleum consumption by sector:

Section notes

Available formats: PDF
Natural gas
Section notes

Available formats: PDF
Crude oil and natural gas resource development
Section notes

Available formats: PDF
Coal
Section notes

Available formats: PDF
Electricity
7.2Electricity net generation:

7.3Consumption of combustible fuels for electricity generation:

7.4Consumption of combustible fuels for electricity generation and useful thermal output:

7.7Electric net summer capacity:

7.8Capacity factors and usage factors at electric generators:

Section notes

Available formats: PDF

Other notes:

Notes on estimated monthly data (1989–2000)

Available formats: PDF

Estimating power sector fuel use

Available formats: PDF

Allocating municipal solid waste to biogenic and nonbiogenic energy

Available formats: PDF
Nuclear energy
Section notes

Available formats: PDF
Energy prices
9.2F.O.B. costs of crude oil imports from selected countries

Available formats: PDF XLS CSV|Interactive

9.3Landed costs of crude oil imports from selected countries

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9.4Retail motor gasoline and on-highway diesel fuel prices

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Section notes

Available formats: PDF
Renewable energy
Section notes

Available formats: PDF

Allocating municipal solid waste to biogenic and non-biogenic energy

Available formats: PDF
Environment
Carbon dioxide emissions from energy consumption:

Section notes

Available formats: PDF
Appendices (heat rates, conversion factors, and more)
Appendix A

Available formats: PDF

Approximate heat content of:

A1Petroleum and biofuels

Available formats: PDF

A6Approximate heat rates for electricity, and heat content of electricity

Available formats: PDF XLS CSV|Interactive

Appendix A documentation

Available formats: PDF

Appendix B

Available formats: PDF

B1Metric conversion factors

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B2Metric prefixes

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B3Other physical conversion factors

Available formats: PDF

Appendix C

Available formats: PDF

C1Population, U.S. gross domestic product, and U.S. gross output

Available formats: PDF XLS CSV|Interactive

Appendix D

Available formats: PDF

D1Estimated primary energy consumption in the United States, selected years, 1635–1945

Available formats: PDF XLS

Appendix D section notes

Available formats: PDF

Appendix E

Available formats: PDF

E1Primary Energy Overview, Fossil Fuel Equivalency Approach

Available formats: PDF XLS CSV|Interactive

E2Primary Energy Production by Source, Fossil Fuel Equivalency Approach

Available formats: PDF XLS CSV|Interactive

E3Primary Energy Consumption by Source, Fossil Fuel Equivalency Approach

Available formats: PDF XLS Glossary

Glossary

Available formats: PDF
MIL OSI USA News –
May 1, 2025
MIL-OSI: Indonesia Energy Files 2024 Annual Report and Provides an Update on Operations and Planned Drilling During the Remainder of 2025

Source: GlobeNewswire (MIL-OSI)

2024 investments in seismic and other exploration work at Kruh Block set the stage for new drilling in the second half of 2025

JAKARTA, INDONESIA AND DANVILLE, CA, April 30, 2025 (GLOBE NEWSWIRE) — Indonesia Energy Corporation (NYSE American: INDO) (“IEC”), an oil and gas exploration and production company focused on Indonesia, today announced that it has filed today its annual report on Form 20-F which contains its financial and operating results for the year ended December 31, 2024.

Also provided in that report is an update on IEC’s planned drilling activity for the second half of 2025. During 2024, IEC curtailed drilling activity at its Kruh Block asset in lieu of investing in seismic and other exploration work intended to maximum the return on new drilling. That drilling is expected to commence in the second half of 2025, as IEC plans to drill at least one new well this year as part of its multi-year program to drill 18 new wells at Kruh Block.

Mr. Frank Ingriselli, IEC’s President, commented “We are pleased to have filed our year end 2024 annual report, which shows our investments in Kruh Block as we look to recommence drilling activity this year. We believe our seismic data in hand will make our drilling even more effective and help us maximize the returns from this important asset.”

More information regarding IEC’s financial and operating results for the years ended December 31, 2024 and 2023, including IEC’s full audited financial statements and footnotes, can be found in IEC’s annual report on Form 20-F which was filed earlier today with the Securities and Exchange Commission and is available on IEC’s website at: https://ir.indo-energy.com/sec-filings/

A hard copy of the annual report is also available to be sent free of charge by contacting IEC at the following link: https://indo-energy.com/contact/

About Indonesia Energy Corporation Limited

Indonesia Energy Corporation Limited (NYSE American: INDO) is a publicly traded energy company engaged in the acquisition and development of strategic, high growth energy projects in Indonesia. IEC’s principal assets are its Kruh Block (63,000 acres) located onshore on the Island of Sumatra in Indonesia and its Citarum Block (195,000 acres) located onshore on the Island of Java in Indonesia. IEC is headquartered in Jakarta, Indonesia and has a representative office in Danville, California. For more information on IEC, please visit www.indo-energy.com.

Cautionary Statement Regarding Forward-Looking Statements

All statements in this press release, and related statements of Indonesia Energy Corporation Limited (“IEC”) and its representatives and partners that are not based on historical fact are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Acts”). In particular, the words “could,” “estimates,” “believes,” “hopes,” “expects,” “intends,” “on-track”, “plans,” “anticipates,” or “may,” and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Acts and are subject to the safe harbor created by the Acts. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. In this press release, forward-looking statements include, without imitation those related to IEC’s future drilling plans at Kruh Block. While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of significant risks, uncertainties, and other factors, many of which are outside of the IEC’s control, that could cause actual results to materially and adversely differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth in the Risk Factors section of the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2024, filed on April 29, 2025, and other filings with the Securities and Exchange Commission (SEC). Copies are of such documents are available on the SEC’s website, www.sec.gov and IEC’s website at https://ir.indo-energy.com/sec-filings/. IEC undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Company Contact:

Frank C. Ingriselli
President, Indonesia Energy Corporation Limited
Frank.Ingriselli@Indo-Energy.com

The MIL Network –

May 1, 2025
MIL-OSI USA: ICYMI: Warren Reads 100 Acts of Trump Corruption Into Congressional Record To Mark 100 Days of the Trump Administration

US Senate News:

Source: United States Senator for Massachusetts – Elizabeth Warren
April 30, 2025
“[I]nstead of following through on his promise [to lower costs], Trump and his administration have paved the way for the president, his top officials, and his billionaire buddies to personally feed at the trough of government corruption.”
“That’s 100 corrupt acts in 100 days. Americans deserve accountability. We need to fight back—all of us.”
Video of Speech (YouTube)
Washington, D.C. – On the 100th day of this Trump administration, U.S. Senator Elizabeth Warren (D-Mass.) read 100 reports of corruption from President Trump’s term so far into the Congressional record.
Senator Warren pointed to all the ways President Trump, his family, and associates like Elon Musk have used the presidency to enrich themselves, give favors to donors, and made it more difficult to hold him accountable for corruption.
Transcript: “One Hundred Days, One Hundred Acts of Corruption”U.S. Senate FloorApril 29, 2025
As Prepared for Delivery
Senator Elizabeth Warren: So here we are: one hundred days; one hundred acts of corruption.
Today, I’m reading into the congressional record 100 reports of corruption from Donald Trump’s first 100 days in office. When he ran for office, Trump promised repeatedly that he would lower costs “on day 1.” But instead of following through on his promise, Trump and his administration have paved the way for the president, his top officials, and his billionaire buddies to personally feed at the trough of government corruption.
So, count with me: In just one hundred days, Donald Trump, his family, and his Administration have:
Turned the White House into a Tesla dealership.
Fired independent commissioners at the FTC.
Punished former officials who opposed his 2020 election lies.
Paid for the White House Easter Egg roll by soliciting corporate sponsors who have business pending with the government.
Helped Trump’s son set up a club — pay $500,000 for access to Trump’s cabinet.
Declared that there would be NO tariff exceptions. Then permitted Apple’s CEO “behind the scenes” access — and poof, iPhone tariffs were cut.
Created an opening for insider trading by reportedly giving Wall Street exclusive information about trade talks.
Hosted million-dollar dinners between Big Pharma CEOs and their regulator RFK Jr.
Launched crypto memecoin right before inauguration to make millions of dollars, then increased the value of those coins by signing executive orders making crypto a priority.
Launched a meme coin for Melania, too.
Promised his “rich-as-hell” donors a giant tax handout, and is working to deliver.
Weakened rules insulating government workers from politics.
Limited corporate foreign bribery investigations.
Halted enforcement of the Corporate Transparency Act.
Offered a private dinner with Trump himself—and a special tour of the White House—for the top 220 holders of his memecoin, permitting Trump and his family to profit both from the run up in the value of the coin AND the increase in trading on the Trump platform.
Accepted $40 million for First Lady Melania’s documentary from Jeff Bezos – way above the market rate.
Pointed to Bezos’s multi-million-dollar documentary payment as a model, when Warner Bros. asked Trump’s team how to improve its own relationship with the White House.
Struck a deal with Amazon to stream Trump’s old show The Apprentice, which will mean more money for Trump as Amazon seeks tax breaks and other federal benefits.
Coercing law firms to offer almost $1 billion in free legal work in an arrangement that experts say could run afoul of anti-bribery laws.
Started undermining Medicare’s ability to negotiate drug prices after Big Pharma companies gave millions to Trump’s inauguration.
Filed a meritless lawsuit against 60 Minutes and launched a baseless FCC investigation.
Tried to get the AP to bend the knee and kicked them out of the White House briefing room when they refused.
Hired Defense Secretary Hegseth’s younger brother to serve in a key role.
Hired a longtime former partner of Don Jr. to serve as Ambassador to Greece.
Nominated Jared Kushner’s father to serve as Ambassador to France.
Selected Tiffany Trump’s father-in-law to serve as an adviser.
Appointed an oil and gas executive to lead the Department of Energy.
Selected a Chief of Staff who was a big-time lobbyist for clients like tobacco and mining companies.
Named officials who had recently lobbied for oil and chemical giants to help write E-P-A rules.
Appointed Mehmet Oz, who has close ties to Medicare Advantage insurers, to lead CMS to set payment rates and otherwise help out Medicare Advantage insurers.
Appointed John Phelan, a major donor with no military or government experience, to lead the Navy and hand out Navy construction contracts.
Appointed Pam Bondi, a former lobbyist for a federal detention contractor, to lead the DOJ.
Announced the DOJ would stop prioritizing enforcement of restrictions on foreign lobbyists, under the leadership of Bondi, who herself is a former foreign lobbyist for Qatar.
Appointed Howard Lutnick, who has billions invested in companies accused of illegally facilitating crypto money laundering, to lead the Commerce Department.
Appointed Marty Makary, the former executive of a company selling weight-loss drugs, to lead the FDA, which would regulate his company.
Appointed Sean Duffy, who lobbied for the airline industry, to Transportation Secretary.
Tapped Pete Hegseth, whose wife owns stock in large defense contractors, to lead the Defense Department.
Tapped Doug Burgum — who made money from leasing land to Big Oil — to lead the Interior Department.
Nominated a Big Oil lobbyist to run the Bureau of Ocean Energy Management.
Nominated as IRS head Billy Long, an aggressive salesman for a fraud-riddled tax credit, who received donations after being nominated to clear old campaign debts.
Tapped Paul Atkins, a former crypto lobbyist, to lead the SEC.
Appointed a former tax lobbyist, to lead tax policy.
Appointed RFK Jr., who planned to get paid for anti-vax lawsuits while heading up HHS.
Appointed a top Pentagon official who led a firm investing in defense contractors and has directed D-O-D to outsource as much as it can.
Appointed someone who lobbied to privatize Medicare to lead OMB’s healthcare budget.
Installed Steve Davis to effectively lead DOGE while also leading a Musk company.
Installed another DOGE leader to control Treasury’s payment system while still holding down his day job as a software CEO.
Handed power over crypto policy to a White House crypto czar who leads a venture capital firm that heavily invests in crypto.
Selected a border czar who led a firm that got tens of millions of dollars of federal contracts for homeland security companies.
Appointed Treasury Secretary Bessent who is gutting the IRS so that it can’t audit rich tax cheats — he’s a tax-dodging mega-millionaire.
Pardoned Rod Blagojevich, former Illinois governor convicted for corruption, after his vocal support for Trump.
Pardoned January 6 insurrectionists who tried to overturn an election he lost.
Pardoned a Trump loyalist found guilty of wire fraud.
Pardoned the son of a longtime Republican donor.
Pardoned a corporation that had been fined $100 million for money laundering.
Launched his own stablecoin while preparing to sign legislation that will help the stablecoin and let him oversee it.
Sold merch with presidential branding.
Disbanded DOJ’s crypto unit after business talks between Binance and a Trump-backed crypto company ramped up.
Halted SEC enforcement actions against crypto companies that enriched Trump.
Met with crypto executives who are asking Treasury to back off of oversight of their companies — all while exploring a deal to list a Trump-linked crypto company’s new stablecoin.
Maintained financial ties between Trump officials and Trump’s media company. That includes: FBI Director Kash Patel who was gifted a huge award of Trump media company stock.
Nominated Attorney General Bondi who owned $2 million in DJT shares.
Paid the Education Secretary almost $1 million in Trump Media company shares.
Intelligence Board nominees who have millions in Trump Media company shares.
Selected a Special Envoy to the Middle East who wants to develop real estate in Gaza while running his own real estate firm.
Appointed an FBI Director who consulted for the Qatari government.
Picked that FBI Director even though he also received millions from a Cayman Island holding company with ties to China.
Decided to cancel the Direct File program, which will help the bottom line of Intuit, which gave $1 million to Trump’s inauguration.
Took its largest inauguration donation from a poultry company under DOJ scrutiny. After the donation, the SEC approved its parent company for the New York Stock Exchange.
Dropped a probe into sexual misconduct allegations against Trump’s Education Secretary’s husband.
Hosted dozens of foreign, federal, and state officials at Mar-a-Lago, helping enrich Trump.
Hosted a GOP retreat at another one of Trump’s resorts.
Circumvented the normal contracting process to pick a company with close ties to Trump’s former campaign manager.
Awarded a $30 million ICE contract to Trump insider Peter Thiel.
Continued developing new Trump properties overseas, including in Saudi Arabia and the UAE.
Hatched a plan for the State Department to pay Tesla $400 million dollars.
Accepted a $4 million inauguration donation from a GOP megadonor and nominated him as UK ambassador the same day.
And Donald Trump took actions that could advance the personal interests of his co-president Elon Musk:

Fired EEOC leaders investigating and suing Tesla.
Illegally fired the NLRB Chair, which filed a complaint against SpaceX.
Gutted CFPB staff and fired the Director after they investigated complaints against Musk’s companies.
Gutted the Department of Labor office investigating Tesla and Space X.
Fired the USAID Inspector General, who launched a probe into satellite terminals made by Musk’s Starlink.
Targeted the National Highway Traffic Safety Administration staff who were reportedly, quote, a “thorn in Tesla’s side.”
Said Musk would self-police his conflicts of interest. Yeah right…
Pressured the Administrator of the FAA, which fined Musk’s SpaceX, to resign .
Permitted Musk to keep his financial disclosure hidden. I’ve got a new bill to fix that!
Allowed Musk’s Starlink to start working with the FAA after Musk criticized the FAA’s air traffic telecom system.
Made Musk’s SpaceX the frontrunner for a new lucrative Golden Dome contract.
Stood by Musk when his X executives told an advertising firm to increase ad revenue — threatening that Musk could interfere with a pending merger.
Permitted Musk to join Trump’s interview with the Air Force secretary nominee while SpaceX held billions of dollars in contracts with the Air Force.
Permitted the National Transportation Safety Board to share news related to the airplane crashes in Washington and Philadelphia only on Musk-owned X.
Permitted the Social Security Administration to only share important public communication on X.
Dropped DOJ’s anti-discrimination complaint against Musk’s SpaceX.
Fired FDA staffers reviewing Elon Musk’s Neuralink clinical trial applications.
And for our closing six moves that make every bit of this corruption even harder to root out, Trump got rid of cops on the beat:

Fired 18 Inspectors General who make sure the federal agencies follow the law.
Fired the head of the Office of Special Counsel who protects whistleblowers and makes sure that civil service laws are fired.
Fired the head of the Office of Government Ethics who watches to see that the President and his Administration follow the laws on conflicts of interest, bribery and other ethics issues.
Fired DOJ prosecutors who worked on January 6th investigations.
Sidelined DOJ’s office that reviews the legality of executive orders.
Gutted DOJ’s office that prosecutes misconduct by public officials.
That’s 100 corrupt acts in 100 days. Americans deserve accountability. We need to fight back—all of us.

MIL OSI USA News –

May 1, 2025
MIL-OSI: UAB “Atsinaujinančios energetikos investicijos” publishes its factsheet for the first quarter of 2025
Source: GlobeNewswire (MIL-OSI)

UAB “Atsinaujinančios energetikos investicijos” (the Company) publishes its factsheet, providing information about the Company’s investment portfolio, key events, business strategy, operating segments, and financial indicators as of 31 March 2025.

2025 Q1 KEY EVENTS
- Total aggregated 2025 YTD Revenue and YTD EBITDA amounted to 2,437 kEUR and 1,226 kEUR, respectively.
- Following the issuance of its audited financial statements for 2024, UAB “Atsinaujinančios Energetikos Investicijos” has retrospectively adjusted its net asset value (NAV) and share price as at 31 December 2024 and 31 March 2025, due to discrepancies identified in the fair value measurement of investment assets.
Solar development in Poland:
- The construction of 67.8 MW total capacity PV Energy Projects sp. z. o.o. portfolio nears completion. As of reporting period, 46 MW are operational. 1 project (1 MW) was energized during this quarter and 4 projects (1 MW each) are planned to be energized in Q2 2025. The anticipated COD for the entire park is set for September 2025.
- The PL SUN sp. z o.o. portfolio, with a total capacity of 113.97 MW, is divided into two phases. Construction works for the first phase (66.6 MW) were largely finalized in Q2 2024. Of this, 26.4 MW were energized in Q4. The remaining 40.2 MW are scheduled to be energized by Q2 2025. Construction of the second phase commenced in October 2024. The total capacity was reduced from 48.1 MW to 47.4 MW due to technical issues with the land plots of one project. Balance of System, technical advisory, and O&M contracts have been signed. Modules and inverters have been delivered to all sites. Mounting structure construction and module installation works have started at 7 sites (45.1 MW). Transformer stations were delivered to 2 sites (5.87 MW).
Wind Projects:
- The Energy Production license for the Anykščiai wind farm was obtained in August 2024, for Jonava and Rokiškis wind farms the license obtainal is schduled for Q2 2025.
- The 112 MW wind farm developed under Zala Elektriba SIA is scheduled to reach RtB in Q2 2025. The turbine supply agreement was signed on 28th of March.
Hybrid Projects:
- The hybrid projects managed by UAB “Ekoelektra” and UAB “KNT Holding” are progressing, with the majority of land lease agreements and cable and road servitudes secured for the former, and approximately 50% secured for the latter.
Contact person for further information:

Mantas Auruškevičius

Manager of the Investment Company

mantas.auruskevicius@lordslb.lt

www.lordslb.lt/AEI_green_bonds

Attachment
- AEI Investor report 2025Q1 – EN
The MIL Network –
May 1, 2025
MIL-OSI Africa: African Mining Week 2025 to Feature Women in Leadership Forum

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

CAPE TOWN, South Africa, April 30, 2025/APO Group/ —

As women take on increasingly influential roles in shaping the future of Africa’s mining sector, African Mining Week (AMW) 2025 – taking place from October 1–3 in Cape Town – will host a dedicated Women in Leadership Forum. This platform will bring together female leaders from across the mining value chain, connecting them with global investors, strategic partners and emerging project opportunities.

Women are playing a pivotal role in transforming the continent’s mining industry – championing policy reforms, driving investment, leading major companies,and advancing mineral diversification. Bogolo Kenewendo, Botswana’s Minister of Mining, is spearheading structural reforms aimed at strengthening investor partnerships and expanding the country’s diamond value chain. In February 2025, Botswana signed a landmark diamond sales agreement with De Beers, doubling its share of rough diamonds from the Debswana joint venture from 25% to 50% over the next decade. The agreement also extended Debswana’s mining license by 25 years, reinforcing the continued contribution of diamonds to Botswana’s economy, where the sector accounts for 80% of exports and 25% of GDP.

In Uganda, Minister of Energy and Mineral Development, Ruth Nankabirwa, is driving strategic partnerships to revitalize the country’s mineral sector. In March 2025, Uganda signed its first-ever Mineral Production Sharing Agreement for the redevelopment of the Kilembe copper mines with Sarrai Group Limited and Nile Fibreboard Limited. Uganda is also progressing toward its first commercial rare earth production at the Makuutu Project, developed in partnership with Ionic Rare Earths, with operations expected to begin in 2026.

Malawi’s Minister of Mining, Monica Chang’anamuno, is leading efforts to diversify the country’s mineral portfolio and enhance sector governance. The World Bank estimates that Malawi could earn up to $30 billion in mineral revenues between 2026 and 2040, driven by uranium, graphite and rare earth developments. Lotus Resources is targeting initial uranium production at the Kayelekera Mine in Q3 2025. Additionally, Malawi established its first-ever Mining Regulatory Authority in late 2024 to streamline approvals and accelerate project development.

Beyond the public sector, female executives are also steering the energy industry’s evolution. Kelly Ayuk Mealia, Chairperson and Co-founder of Energy Capital & Power – the organizer of African Mining Week – is a vocal advocate for investment and project development across the continent. Marie-Chantal Kaninda, President of Glencore DRC, plays a strategic role in maintaining the DRC’s global leadership in cobalt and copper. Nolitha Fakude, Chairperson of Anglo American South Africa, is a prominent voice on ESG and diversity, while Nombasa Tsengwa, CEO of Exxaro Resources, leads one of South Africa’s top coal producers. Other notable women in leadership include Elizabeth Rogo, CEO of Tsavo Oilfield Services (Kenya); Naomi Biney, CEO of Goldridge Ghana Limited (Ghana); and Nneka Ezeigwe, CEO of Eta Zuma Mining and Industries (Nigeria).

The Women in Leadership Forum at AMW 2025 will highlight how women are not only contributing to the industry – but actively redefining it for a more inclusive and sustainable future.

African Mining Week serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2025 conference from October 1-3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.

MIL OSI Africa –

May 1, 2025
MIL-OSI Russia: With the support of Rosneft, Reindeer Herders’ Day was celebrated in Taimyr

Translation. Region: Russian Federal

Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

RN-Vankor (part of the Rosneft oil and gas complex) acted as the general partner of the main holiday of the indigenous peoples of the North – Reindeer Herders’ Day in the Taimyr village of Nosok. The event became the key cultural event of the already traditional EcoArctic forum, held in Krasnoyarsk Krai – the territory of the implementation of the flagship project of the Company Vostok Oil.

The most spectacular part of the festival was the reindeer sled race. More than 300 participants competed for the title of the fastest musher in men’s, women’s and youth races.

The indigenous people took part in northern competitions: jumping over sleds, pulling a stick and throwing a maut on a khorey (a lasso is thrown onto a long pole used to drive reindeer). The ethnic site also hosted a national clothing competition, women presented northern cuisine dishes made from fish and reindeer meat, and arts and crafts. The winners of all competitions received gifts from the oil workers.

The event ended with a large festive concert with the participation of local creative groups.

More than 1.5 thousand people live in the village of Nosok, of which almost 90% are representatives of indigenous peoples leading a nomadic lifestyle. Preservation of the national culture and traditional way of life of the indigenous peoples of the North is one of the significant areas of Rosneft’s social policy.

Oil workers build housing for the indigenous population, develop the infrastructure of northern villages, help families of reindeer herders, improve the material and technical base of educational institutions, social facilities and healthcare institutions in the areas of traditional residence of the indigenous peoples of the North.

Reference:

RN-Vankor LLC, a subsidiary of Rosneft, is the operator for the implementation of the largest oil and gas production project Vostok Oil in the north of Krasnoyarsk Krai. It includes 60 licensed areas, including the Vankor and Payakh cluster fields.

Department of Information and Advertising of PJSC NK Rosneft April 30, 2025

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

MIL OSI Russia News –

April 30, 2025
MIL-OSI: Axi Celebrates Axi Select’s Two $1M Funded Traders in Sydney, Australia

Source: GlobeNewswire (MIL-OSI)

SYDNEY, April 30, 2025 (GLOBE NEWSWIRE) — Leading online FX and CFD broker Axi proudly announced a few months ago their first-ever Axi Select traders to have reached the Pro M stage of their capital allocation program, with each securing $1 million in funding.

To celebrate this major milestone and their remarkable achievement, the two traders, Francisco Quesada Godines and Daniel Gutiérrez Viñas, visited Axi’s headquarters in Sydney, Australia, where they were formally inducted into the Axi Pro Hall of Fame, and were presented with their $1M cheques, celebration trophies, and certificates of achievement. The visit also included a series of interviews where the traders reflected on their trading journey with Axi Select, their strategies to reaching the top milestone of the program, and the unique opportunities that the program provides.

Rajesh Yohannan, Chief Executive Officer of Axi, shared his excitement for the program’s success, noting “The value of Axi Select extends far beyond funding. Both Francisco and Daniel benefitted from an array of support features such as the EDGE score, our dashboard and leaderboard, our exclusive trading room, and our vast educational resources, each one designed to elevate traders’ edge in the markets.”

Following the incredible news of Axi Select’s first two $1,000,000 funded traders, 22-year-old Kayan Freitas also joined the ranks of Pro M traders, accessing the top funding amount. Reflecting on his success, the trader commented that “It’s a big responsibility”, but, at the same time, is confident in his skills and is ready to rise to the challenge.

Launched in 2023, Axi Select offers traders the opportunity to access capital funding up to $1,000,000 USD and earn up to 90% of their profits. Moreover, Axi Select traders benefit from $0 membership fees*, trading on a live account, unrestrictive trading conditions, an exclusive trading room, and more.

Watch video https://youtu.be/25ZOZBFUB3Y?si=QQuj4uDnxG-BJ8_g

The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available to AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. * Standard trading fees and minimum deposit apply.

About Axi

Axi is a global online FX and CFD trading company, with thousands of customers in 100+ countries worldwide. Axi offers CFDs for several asset classes including Forex, Shares, Gold, Oil, Coffee, and more.

For more information or additional comments from Axi, please contact: mediaenquiries@axi.com

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/af0cd73a-fe85-42d6-891a-4348cc3016d4

https://www.globenewswire.com/NewsRoom/AttachmentNg/0a6eebca-9de1-4c28-86c6-97a19edd13cd

The MIL Network –

April 30, 2025

MIL-OSI Asia-Pac: LCQ11: Sale of electricity generated by waste-to-energy facilities

Source: Hong Kong Government special administrative region

LCQ11: Sale of electricity generated by waste-to-energy facilities
Question:

It is learnt that the Government is currently selling the surplus electricity generated by waste-to-energy facilities to the power companies at the prevailing fuel costs of the power companies. It has been reported that the relevant sale prices of electricity are too low, but the power companies are selling electricity to consumers at normal prices. There are views that the Government should make public the criteria for determining the sale prices of electricity, so as to ensure that the electricity generated by waste-to-energy facilities can be sold to the power companies at reasonable prices. In this connection, will the Government inform this Council:

(1) since the commissioning of T·PARK, O·PARK1 and O·PARK2, of (i) the amount of electricity generated by such facilities, (ii) the prices at which the surplus electricity generated by them was sold to the power companies, (iii) the criteria for the sale of electricity (including why the surplus electricity from such facilities was sold to the power companies at fuel costs), and (iv) the respective prevailing average tariffs charged by the power companies; the revenue received by the Government from the sale of such electricity;

(2) given that the Integrated Waste Management Facilities Phase 1 (i.e. I·PARK1) is expected to come into operation within this year, whether the authorities have drawn up plans for the sale of electricity in respect of the facilities;

(3) as it is learnt that the Government sells the surplus electricity generated by waste-to-energy facilities to the power companies at the prevailing fuel costs of the power companies, whether the tariff revenue concerned has been deducted from the permitted rate of return stipulated in the Scheme of Control Agreements (SCAs); if so, of the details; if not, whether the relevant provision will be added when formulating SCAs in the future; and

(4) whether it will require the power companies to offer corresponding tariff discounts to the grass roots, or residents living in the vicinity of waste-to-energy facilities; if so, of the details; if not, the reasons for that?

Reply:

President,

To achieve the goals of “Zero Landfill” and carbon neutrality set out in the Waste Blueprint for Hong Kong 2035 and Hong Kong’s Climate Action Plan 2050, the Government is pressing ahead with the development of a network of advanced and highly efficient modern waste-to-energy (WtE) facilities, including modern WtE incineration facilities and food waste treatment facilities, with a view to moving away from the reliance on landfills for direct disposal of municipal solid waste and transforming waste into energy for the daily operation of such facilities, while the surplus electricity generated can be exported to the power grid of the power companies. According to the existing arrangement, the Government would sell the surplus electricity to the power companies at the prevailing fuel costs of the power companies. The relevant revenue generated would be paid into the general revenue of the Government. My reply to the question raised by the Hon Chan Hak-kan is as follows:

(1) and (3) T·PARK, Organic Resources Recovery Centre Phase 1 (O·PARK1) and Phase 2 (O·PARK2) are all WtE facilities. T·PARK is a sludge incineration facility dedicated to treating sludge generated from sewage treatment works. The heat energy generated from the sludge incineration process is recovered to generate electricity. On the other hand, O·PARK1 and O·PARK2 adopt anaerobic digestion technology to convert food waste into biogas for electricity generation. From their commencement of operation till December 2024, the cumulative amount of electricity generated and surplus electricity exported to the power grid by T·PARK and O·PARK1 are tabulated below:

Facility(million kWh)(million kWh)O·PARK2 began receiving food waste for operational testing in March 2024, during which the contractor was required to test and fine-tune each combined heat and power generation unit in phases. The electricity generated and utilised during normal operation was not reflected, and there was no surplus electricity exported to the power grid. Hence, there are no detailed records for O·PARK2 from March to December 2024.

The sale of surplus electricity generated by WtE facilities to the power companies by the Government does not cause an increase in overall electricity demand. Its actual effect is saving the fuel that power companies would otherwise need to generate an equivalent amount of electricity. If the sale price is set at a level higher than the fuel cost thus saved, it will lead to an increase of the fuel cost. On the contrary, if the sale price is set at a level lower than the fuel cost thus saved, it will be equivalent to subsidising the fuel cost by the Government. The Government has therefore used the prevailing marginal fuel cost of electricity generation saved by the power companies for purchasing such surplus electricity as a basis for setting the price of the surplus electricity, to avoid affecting the tariff. According to the Scheme of Control Agreements (SCAs) signed between the Government and the power companies, the amounts paid by the power companies for purchasing the surplus electricity generated by the Government’s renewable energy systems are counted as part of their fuel costs, which are accountable expenses. The power companies are not permitted to earn a return from such electricity purchases.

Over the years, the surplus electricity generated by T·PARK and O·PARK1 has been sold to CLP Power Hong Kong Limited at actual prices ranging from approximately $0.2 to $0.8 per kWh, while the average net tariffs have been charged at rates ranging from approximately $1.1 to $1.5 per kWh. The sale has yielded a total revenue of around $52 million to the Government.

(2) The Integrated Waste Management Facilities Phase 1 (I·PARK1) is expected to commence operation this year. The aforementioned existing arrangement will apply to I·PARK1. Upon full operation of I·PARK1, apart from generating electricity for its daily operation, it is estimated that approximately 480 million kWh of surplus electricity can be exported to the power grid each year.

(4) Under the framework of the SCAs, the power companies have provided the energy saving rebate scheme and concessionary tariff schemes to offer discounts in the electricity bills to low consumption customers and customers in need, thereby encouraging energy saving and reducing their expenditure on electricity tariff. In addition, through programmes under their respective Community Energy Saving Fund and Smart Power Care Fund, the power companies would assist the disadvantaged in alleviating their expenses on electricity tariff, including the provision of cash subsidies to eligible grassroots families and households of sub-divided units. The Government will continue to encourage the power companies to provide assistance for customers in need having regard to their operating situations.
Issued at HKT 11:55

NNNN

MIL OSI Asia Pacific News –

April 30, 2025

MIL-OSI Africa: ConocoPhillips President for Europe, Middle East and Africa (EMEA) to Speak at Invest in African Energy (IAE) 2025

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

PARIS, France, April 30, 2025/APO Group/ —

Steinar Vaage, President – Europe, Middle East and Africa at ConocoPhillips, has been confirmed to speak at the upcoming Invest in African Energy (IAE) 2025 Forum (https://apo-opa.co/4d15jtk), taking place in Paris next month.

Underscoring the strategic importance of Libya’s energy sector to global operators and ConocoPhillips’ ongoing commitment to the country’s future, Vaage will join the Libya in Focus session, a key platform for dialogue around one of Africa’s leading energy markets.

IAE 2025 is an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 13-14, 2025 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit www.Invest-Africa-Energy.com. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

ConocoPhillips is among the major international oil companies maintaining a presence in Libya’s upstream sector. As a long-term partner, the company is working to enhance production following years of disruption, undertaking upgrades to existing infrastructure and targeting underdeveloped reserves.

Current efforts are focused on increasing output at the concession – which presently produces around 375,000 barrels per day (bpd) – to between 600,000 and 700,000 bpd through new collaboration agreements, workover programs and pipeline integrity initiatives. ConocoPhillips’ continued investment (https://apo-opa.co/4lUjJiC) signals renewed optimism in Libya’s ability to stabilize output and reemerge as a significant oil producer.

The Libya in Focus session at IAE 2025 will explore new investment opportunities and operational strategies in Libya’s energy sector, as the country seeks to increase oil production, launch new gas-focused expansion initiatives and strengthen infrastructure to support sustainable growth. Discussions will address ongoing sector reforms, the resurgence of upstream activities and frameworks for securing long-term growth amid a dynamic political environment. As Libya works to unlock its full production potential, the session aims to foster renewed international engagement and support the country’s efforts to drive economic recovery through energy development.

MIL OSI Africa –

April 30, 2025
MIL-OSI: On Natural Gas Transmission System Operator’s Revenue Cap of Regulated Activities for 2026

Source: GlobeNewswire (MIL-OSI)

AB Amber Grid, legal entity code: 303090867. Address: Laisvės pr. 10, LT-04215 Vilnius, Lithuania.

On 30 April 2025, the National Energy Regulatory Council (hereinafter referred to as “Council”) adopted a decision on the revenue cap of AB Amber Grid’s regulated activities, providing natural gas transportation via the natural gas transmission network services, effective from 1st of January 2026.

The revenue cap of regulated activities for year 2026 is set at 82.95 million EUR per year. This is 30.0 % more than the approved revenue cap for year 2025, which is 63.83 million EUR.

Compared to 2025, due to inflation and implemented investments, the regulated costs of all categories increases by ~10% in 2026. Additionally, the final compensation to the Polish natural gas transmission operator (for the implementation of the Lithuania–Poland interconnection project of common interest) is included, contributing to a further ~3% increase in costs. Another significant reason for the increase (~17%) in the revenue cap is the adjustment for deviations in revenues, costs, and return on investment rate for previous periods.

The anticipated further price-related decisions:

• The Board of Amber Grid will approve prices on using natural gas transmission network infrastructure, effective from 1st of January 2026, not exceeding revenue cap.

• After the decision of the Board of Amber Grid the prices will be presented to the Council for approbation.

More information:

Laura Šebekienė, Head of Communications of Amber Grid,

ph. +370 699 61 246, e-mail: l.sebekiene@ambergrid.lt

The MIL Network –

April 30, 2025

MIL-OSI: High Arctic Overseas Announces 2024 Fourth Quarter Results

Source: GlobeNewswire (MIL-OSI)

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW

CALGARY, Alberta, April 30, 2025 (GLOBE NEWSWIRE) — High Arctic ‎Overseas Holdings Corp. (TSXV: HOH) (“High Arctic Overseas” or the “Corporation”) has released its financial and operating results for the quarter and year ended December 31, 2024. The Corporation’s audited consolidated financial statements (the “Financial Statements”) and management’s discussion & analysis (“MD&A”) for the three months and year ended December 31, 2024, will be available on SEDAR+ at www.sedarplus.ca. All amounts are denominated in United States dollars (“USD”), unless otherwise indicated.

The common shares of the Corporation began trading on the TSXV on August 16, 2024 under the trading symbol HOH.

Mike Maguire, Chief Executive Officer commented on the Corporation’s fourth quarter 2024 financial and operating results:

“We have finished the spin-out transaction and have established High Arctic Overseas Holdings Corp. with dedicated Management and have trimmed our recurring G&A on a go forward basis. We have maintained the Corporation’s cash balance thanks to solid contribution from our manpower services & equipment rentals.

The Corporation is now well placed to participate meaningfully in anticipated future drilling activity, with a resilient core business. Our experience combined with ideal drilling equipment for the challenging PNG environment positions us well.

We are heartened by announced LNG developments including key environmental approvals for Papua LNG and positive public statements by the PNG Prime Minister following meetings with senior executives from the major project participants in January.

I remain excited about our prospects to play a strategic role servicing the major projects anticipated in PNG over the second half of the decade.”

HIGHLIGHTS

Adjusted EBITDA for the Quarter and full year of ($482) and $4,290 as a result of low drilling activity and costs associated with the close out of the spin-out.
Significant adjustments to inventory carrying value as a result of confirmation of the terms of contracts which resulted in a one-time positive non-cash impact to earnings of $3.4 million;
Post the spin-out we have established independent management team and expect to see General and Administrative costs normalise moving forward; and
Exited the quarter with a strong liquidity position with a working capital balance of $20.6 million which includes a cash balance of $14.9 million and no debt.

2024 FOURTH QUARTER RESULTS

Drilling rig 103 remained suspended and drilling rigs 115 and 116 remained cold-stacked. Manpower services and rental services continued with other customers. Operating margins decreased from 32.2% in Q4 2023 to 28.6% in Q4 2024. The net result was a substantial reduction to revenue and the generation of a significantly lower EBITDA in the quarter:
- Revenue for the quarter of $2,421, a decrease of $10,112 or 81% compared to Q4 2023 at $12,533, and
- Adjusted negative EBITDA of $482, decrease of $3,418 or 116% compared to Q4 2023 at $2,936.

The reduced revenue generating activities in Q4 2024 were offset by the significant adjustments to inventory and reported obligations that were the result of renegotiated terms of contracts related to spares inventory, this resulted in:
- Net income of $1,806 in Q4 2024 compared to net income of $1,907 realized in Q4 2023.

2024 YEAR TO DATE RESULTS

Drilling Rig 103 operated through into Q2 2024 when drilling was suspended at which point it was cold stacked. Manpower services and rentals with other customers continued at similar run rates through the remainder of 2024. Operating margins improved from 2023 of 33.2% to 37.7% in 2024 as a result of reduced material and supply costs and higher proportional contribution from higher margin rentals.
- Revenue for 2024 was $24,075, a reduction of $19,305 or 45% compared to 2023,
- Adjusted EBITDA for 2024 was $4,290, a 60% reduction compared to 2023 as a result of general and administrative costs not reducing proportionally to revenue, and
- General and administrative costs were impacted by additional expenses related to the Arrangement.

The reduced operating activities combined with the Q4 2024 significant adjustments to inventory and reported obligations drove the following results for the Corporation:
- Net income of $2,857 for 2024 compared to a net loss of $8,623 for the same period 2023 which included an impairment charge of $15,200.
Improved liquidity with a working capital balance of $20.6 million, which includes a cash balance of $14.9 million.

Since the Corporation and HAES-Cyprus were both wholly-owned by HWO, the transfer of all of the outstanding ordinary shares of HAES-Cyprus to the Corporation was deemed a common control transaction. The Corporation’s Financial Statements are presented under the continuity of interests basis. Financial and operational results contained within this Press Release present the historic financial position, results of operations and cash flows of HAES-Cyprus for all prior periods up to August 12, 2024, under HWO’s control. The financial position, results of operations and cash flows from April 1, 2024 (the date of incorporation of the Corporation) to August 12, 2024, include both HAES-Cyprus and the Corporation on a combined basis and from August 12, 2024, forward include the results of the Corporation on a consolidated basis upon completion of the Arrangement.

For reporting purposes in the Financial Statements, the MD&A and this Press Release, it is assumed that the Corporation held the PNG business prior to August 12, 2024, and as such, information provided includes the financial and operating results for the three and twelve months ended December 31, 2024, including all comparative periods.

In the above results discussion, the three months ended December 31, 2024 may be referred to as the “quarter” or “Q4 2024” and the comparative three months ended December 31, 2023 may be referred to as “Q4 2023”. References to other quarters may be presented as “QX 20XX” with X/XX being the quarter/year to which the commentary relates. Additionally, the twelve months ended December 31, 2024 may be referred to as “YTD” or “YTD 2024”. References to other twelve-month periods ended December 31 may be presented as “YTD 20XX” with XX being the year to which the twelve-month period ended December 31 commentary relates.

FOURTH QUARTER 2024 SELECT FINANCIAL AND OPERATIONAL RESULTS OVERVIEW

	Three months ended Dec 31,				Year ended Dec 31,
(thousands of USD except per share amounts)	2024		2023		2024	2023
Operating results
Revenue	2,421		12,533		24,075	43,380
Net income (loss)	1,806		1,907		2,857	(8,623	)
Per share (basic and diluted) ⁽¹⁾	$0.14	$0.16		$0.23		($0.69	)
Operating margin ⁽²⁾	693		4,037		9,069	14,416
Operating margin as a % of revenue ⁽²⁾	*28.6*%		32.2%		*37.7*%	33.2%
EBITDA ⁽²⁾	2,887		2,975		7,733	11,211
Adjusted EBITDA ⁽²⁾	(482)		2,936		4,290	10,797
Adjusted EBITDA as a % of revenue ⁽²⁾	*(19.9*%)		23.4%		*17.8*%	24.9%
Operating income (loss) ⁽²⁾	(1,264)		2,240		455	4,575
Per share (basic and diluted) ⁽¹⁾	($0.10	$0.18		$0.04		$0.37
Cash flow from operations:
Cash flow from operating activities	248		6,131		10,112	8,906
Per share (basic & diluted) ⁽¹⁾	$0.02	$0.49		$0.81		$0.71
Funds flow from operating activities ⁽²⁾	2,667		2,929		6,770	10,273
Per share (basic & diluted) ⁽¹⁾	$0.21	$0.24		$0.54		$0.83
Capital expenditures	62		93		652	1,080

(thousands of USD)					As at Dec 31, 2024	As at Dec 31, 2023
Financial position:
Working capital ⁽²⁾					20,602	20,335
Cash and cash equivalents					14,930	10,958
Total assets					35,287	43,374
Shareholder’s equity					30,953	33,112
Per share (basic) ⁽¹⁾				$2.48		$2.66
Per share (fully diluted) ⁽¹⁾				$2.47		$2.66
Weighted average common shares outstanding (000’s) ⁽¹⁾					12,448	12,448
Weighted average diluted shares outstanding (000’s) ⁽¹⁾					12,539	12,448

⁽¹⁾For the purposes of computing per share amounts, the number of common shares outstanding for the periods prior to the Arrangement is deemed to be the number of shares issued by the Corporation to the shareholders of HWO upon completion of the Arrangement. For the period after the Arrangement, the number of shares outstanding in the computation of per share amounts is the total issued shares of the Corporation on August 12, 2024, and any common shares issued subsequent to August 12, 2024. See the “Overview” section of this MD&A and the Corporation’s Financial Statements as at and for the years ended December 31, 2024 and 2023 for additional details.
⁽²⁾Operating margin, EBITDA (Earnings before interest, tax, depreciation, and amortization), Adjusted EBITDA, Operating income (loss), Funds flow from operating activities and Working capital do not have a standardized meanings prescribed by IFRS. See “Non IFRS Measures” in this MD&A for calculations of these measures.

Operating Results

	Three months ended Dec 31,		Year ended Dec 31,
(thousands of USD, unless otherwise noted)	2024	2023	2024	2023
Revenue	2,421	12,533	24,075	43,380
Operating expense	(1,728)	(8,496)	(15,006)	(28,964)
Operating margin⁽¹⁾	693	4,037	9,069	14,416
*Operating margin (%)*	*28.6*%	32.2%	*37.7*%	33.2%

⁽¹⁾See “Non-IFRS Measures”

Revenues totaled $2,421 and $24,075 for the three months and year ended December 31, 2024, respectively, compared to $12,533 and $43,880 for the comparative periods in 2023. Revenues for the year ended 2024 and Q4 2024, as compared to the prior year comparative periods, were negatively impacted as a result of reduced overall utilization of Rig 103. Customer-owned Rig 103 was utilized for 8 months during 2023 versus the first 5.5 months in 2024. Despite reduced drilling activity in 2024 compared to 2023, the Corporation was able to maintain a consistent level of activity related to the provision of skilled personnel for key customers in PNG. Operating margin as a percentage of revenues increased from 2023 to 2024, largely as a result of reduced material and supply costs associated with the recommencement of Rig 103 during fiscal 2023 and a higher proportional contribution by higher margin rentals in 2024.

The Corporation owns two heli-portable drilling rigs (Rigs 115 and 116) which remain preserved and maintained ready for deployment.

	Three months ended Dec 31,				Year ended Dec 31,
(thousands of USD except per share amounts)	2024		2023		2024		2023
Operating results
Revenue	2,421		12,533		24,075		43,380
Net income (loss)	1,806		1,907		2,857		(8,623)
Per share (basic and diluted) ⁽¹⁾	$0.14	$0.16		$0.23		($0.69)
Operating margin ⁽²⁾	693		4,037		9,069		14,416
Operating margin as a % of revenue ⁽²⁾	*28.6*%		32.2%		*37.7*%		33.2%
EBITDA ⁽²⁾	2,887		2,975		7,733		11,211
Adjusted EBITDA ⁽²⁾	(482)		2,936		4,290		10,797
Adjusted EBITDA as a % of revenue ⁽²⁾	*(19.9*%)		23.4%		*17.8*%		24.9%
Operating income (loss) ⁽²⁾	(1,264)		2,240		455		4,575
Per share (basic and diluted) ⁽¹⁾	($0.10	$0.18		$0.04		$0.37
Cash flow from operations:
Cash flow from operating activities	248		6,131		10,112		8,906
Per share (basic & diluted) ⁽¹⁾	$0.02	$0.49		$0.81		$0.71
Funds flow from operating activities ⁽²⁾	2,667		2,929		6,770		10,273
Per share (basic & diluted) ⁽¹⁾	$0.21	$0.24		$0.54		$0.83
Capital expenditures	62		93		652		1,080

(thousands of USD)					As at Dec 31, 2024		As at Dec 31, 2023
Financial position:
Working capital ⁽²⁾					20,602		20,335
Cash and cash equivalents					14,930		10,958
Total assets					35,287		43,374
Shareholder’s equity					30,953		33,112
Per share (basic) ⁽¹⁾				$2.48		$2.66
Per share (fully diluted) ⁽¹⁾				$2.47		$2.66
Weighted average common shares outstanding (000’s) ⁽¹⁾					12,448		12,448
Weighted average diluted shares outstanding (000’s) ⁽¹⁾					12,539		12,448

⁽¹⁾For the purposes of computing per share amounts, the number of common shares outstanding for the periods prior to the Arrangement is deemed to be the number of shares issued by the Corporation to the shareholders of HWO upon completion of the Arrangement. For the period after the Arrangement, the number of shares outstanding in the computation of per share amounts is the total issued shares of the Corporation on August 12, 2024, and any common shares issued subsequent to August 12, 2024. See the “Overview” section of this Press Release and the Corporation’s Financial Statements as at and for the years ended December 31, 2024 and 2023 for additional details.
⁽²⁾Operating margin, EBITDA (Earnings before interest, tax, depreciation, and amortization), Adjusted EBITDA, Operating income (loss), Funds flow from operating activities and Working capital do not have a standardized meanings prescribed by IFRS. See “Non IFRS Measures” in this Press Release for calculations of these measures.

Operating Results

	Three months ended Dec 31,		Year ended Dec 31,
(thousands of USD, unless otherwise noted)	2024	2023	2024	2023
Revenue	2,421	12,533	24,075	43,380
Operating expense	(1,728)	(8,496)	(15,006)	(28,964)
Operating margin⁽¹⁾	693	4,037	9,069	14,416
*Operating margin (%)*	*28.6*%	32.2%	*37.7*%	33.2%

⁽¹⁾See “Non-IFRS Measures”

The Corporation owns two heli-portable drilling rigs (Rigs 115 and 116) which remain preserved and maintained ready for deployment.

Liquidity and Capital Resources

	Three months ended Dec 31,		Year ended Dec 31,
(thousands of USD)	2024	2023	2024	2023
Cash provided by (used in) operations:
Operating activities	248	6,131	10,112	8,906
Investing activities	(62)	(93)	(652)	(1,080)
Financing activities	(113)	(179)	(5,487)	(714)
Effect of exchange rate changes	(1)	–	(1)	–
Increase (decrease) in cash	72	5,859	3,972	7,112

(thousands of USD, unless otherwise noted)	As at Dec 31, 2024	As at Dec 31, 2023
Current assets	24,706	30,090
Working capital⁽¹⁾	20,602	20,335
Working capital ratio⁽¹⁾	6.0:1	3.1:1
Cash and cash equivalents	14,930	10,958

⁽¹⁾See “Non-IFRS Measures”

Liquidity and Capital Resources
Cashflows from Operating Activities
For the three months and year ended December 31, 2024, cash generated from operating activities was $248 (Q4 2023 $6,131) and $10,112 (YTD-2023 $8,906), respectively. The change in operating cash flow was largely driven by changes in working capital related to the timing of drilling activity in the respective years with a cash drawdown in 2023 as operations ramped up and a cash harvesting in 2024 as operations were ceased.

Cashflows from Investing Activities
For the three months and year ended December 31, 2024, the Corporation’s cash used in investing activities was $62 (Q4 2023 $93) and $652 (YTD-2023 $1,080), respectively. Cash outflows associated with investing activities were directed towards capital expenditures on rental assets. The reduction in capital expenditures in 2024 is due to reduced customer activity. The Corporation will continue to seek opportunities to invest in additional capital assets, in particular where it can do so under take-or-pay agreements.

Cash flows from Financing Activities
For the three months and year ended December 31, 2024, the Corporation’s cash used in financing activities was $113 (Q4 2023 $179) and $5,487 (YTD-2023 $714) respectively. Excluding the impact of a $5,000 dividend paid by HAES-Cyprus to HWO prior to the completion of the Arrangement transaction, cash outflows associated with finance activities were directed towards lease obligation payments.

Outlook
Consistent with the outlook provided by the Corporation in the third quarter of 2024, the outlook for the Corporation’s core business in PNG for 2025 remains subdued. The Corporation’s 2024 fourth quarter and annual results were impacted by the completion of customer drilling activity during the second quarter of 2024, with Rig 103 being relocated to the customer’s forward base location and cold-stacked. With no near-term drilling activity currently anticipated, the Corporation expects equipment rental and manpower to be the primary revenue generating activity for 2025. Quarterly revenues for 2025 are anticipated to be consistent with third and fourth quarters of 2024.

The Corporation remains engaged with its principal customer on planning for future drilling activity and continues to focus on enhancing and optimizing its existing rental fleet deployment and manpower solutions offerings.

The Corporation also continues to pursue business expansion opportunities in PNG, actively engaging with potential customers for its services in PNG and the wider region while also taking actions to protect its capability to realize the future potential of the business.

Our rationale for a business strategy focussed on PNG is unchanged. Papua New Guinea possesses substantial deposits of natural resources including significant reserves of oil and natural gas and has emerged as a reliable low-cost energy exporter to Asian markets, particularly for liquefied natural gas (“LNG”). A significant investment in the country’s oil and gas industry was evidenced by the successful construction of the PNG-LNG project in 2014, with the primary partners in the venture being customers of the Corporation. In the period following, the Corporation’s predecessor company committed to the purchase and upgrade of drilling rigs 115 and 116 and expansion of the Corporation’s fleet of rentable equipment including camps, material handling equipment and worksite matting. These investments contributed to a substantive lift in revenues and earnings as PNG enjoyed its highest period of exploration and development activity.

Since the onset of COVID-19 in early 2020, there has been a substantive reduction in drilling services in PNG. This follows some consolidation among the active exploration and production companies and evolving political and economic influences. In the longer term, High Arctic believes PNG is on the precipice of a new round of large-scale projects in the natural resources sector. ‎The next significant ‎LNG project currently being planned is Papua-LNG a project lead by the French oil and gas super-major TotalEnergies, with a final investment decision anticipated in late 2025. There is an expectation for increased drilling activity through the latter half of this decade, ‎not only to develop wells for the supply of gas to the Papua-LNG export facility, but also to explore for and ‎appraise other discoveries. The signing of a fiscal stability agreement between the P’nyang gas field joint venture and the government of PNG is another positive signal for that expansionary project to follow Papua-LNG.

The Corporation is strategically positioned to support these developments, given its dominant position for drilling and associated services in PNG, existing work relationships with the operating companies, and proximity to the proposed sites of operation. The Corporation’s drilling rigs 115 and 116 are portable by helicopter and have been maintained and preserved for future use.

There are a number of other petroleum projects and substantive nation-building projects including infrastructure, ‎electrification, telecommunications and defence projects planned for the development of PNG. ‎These ‎projects will require access to transport and material handling machinery, quality worksite and temporary ‎road mats and a substantive amount of labour including skilled equipment operators, qualified tradespeople and engineers, ‎geoscientists and other professionals. ‎High Arctic’s business continues to position itself to be a meaningful supplier of services, equipment and manpower for this market.

NON-IFRS MEASURES
This Press Release contains references to certain financial measures that do not have a standardized meaning prescribed by International Financial Reporting Standards (“IFRS”) and may not be comparable to the same or similar measures used by other companies. High Arctic Overseas uses these financial measures to assess performance and believes these measures provide useful supplemental information to shareholders and investors. These financial measures are computed on a consistent basis for each reporting period and include Oilfield services operating margin, EBITDA (Earnings before interest, tax, depreciation and amortization), Adjusted EBITDA, Operating loss, Funds flow from operating activities, Working capital and Net cash. These do not have standardized meanings.

These financial measures should not be considered as an alternative to, or more meaningful than, net income (loss), cash from operating activities, current assets or current liabilities, cash and/or other measures of financial performance as determined in accordance with IFRS.

For additional information regarding non-IFRS measures, including their use to management and investors and reconciliations to measures recognized by IFRS, please refer to the Corporation’s Q3 2024 MD&A, which is available online at www.sedarplus.ca.

About High Arctic ‎Overseas Holdings Corp.

High Arctic Overseas is a market leader in Papua New Guinea providing drilling ‎and specialized well completion services, manpower solutions and supplies rental equipment including rig matting, camps, material ‎handling and drilling support equipment.

For further information, please contact:

Mike Maguire
Chief Executive Officer
1.587.320.1301

High Arctic Overseas Holdings Corp.
Suite 2350, 330–5th Avenue SW
Calgary, Alberta, Canada T2P 0L4
www.higharctic.com
Email: info@higharctic.com

Forward-Looking Statements

This Press Release contains forward-looking statements. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “seek”, “propose”, “estimate”, “expect”, and similar expressions are intended to identify forward-looking statements. Such statements reflect the Corporation’s current views with respect to future events and are subject to certain risks, uncertainties, and assumptions. Many factors could cause the Corporation’s actual results, performance, or achievements to vary from those described in this Press Release.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this Press Release as intended, planned, anticipated, believed, estimated or expected. Specific forward-looking statements in this Press Release include, among others, statements pertaining to the following: future energy projects including drilling activity and LNG projects in PNG; the Corporation’s ability to participate in the energy industry in PNG; potential future contracts with existing or new customers of the Corporation; future infrastructure and defence projects in PNG and the ability of the Corporation to participate in same; the Corporation’s expectations related to financial and operational results in 2025, including the expectation that the equipment rental and manpower services portion of the Corporation’s business will be the primary revenue generating activity for fiscal 2025; the timing and ability of the Corporation to put its own administrative infrastructure in place; the ability of the Corporation to expand its geographic customer base outside of PNG; and the deploying idle heli-portable drilling rigs 115 and 116 and securing future work with other exploration companies in PNG.

With respect to forward-looking statements contained in this Press Release, the Corporation has made assumptions regarding, among other things: general economic and business conditions; the role of the energy services industry in future phases of the energy industry; the outlook for energy services both globally and within PNG; the impact of conflict in the Middle East and Ukraine; the timing and impact on the Corporation’s business related to potential new large-scale natural resources projects and increased drilling activity in PNG; the impact, if any, related to existing or future changes to government regulations by the government of PNG; the impact, if any, on the Corporation’s future financial and operational results related to non-resource development opportunities in PNG; market fluctuations in commodity prices, and foreign currency exchange rates; restrictions on repatriation of funds held in PNG; expectations regarding the Corporation’s ability to manage its liquidity risk, raise capital and manage its debt finance agreements; projections of market prices and costs; factors upon which the Corporation will decide whether or not to undertake a specific course of operational action or expansion; the Corporation’s ongoing relationship with its major customers; customers’ drilling intentions; the Corporation’s ability to position itself to be a significant supplier of services, equipment and manpower for other resource and non-resources based projects in PNG; the Corporation’s ability to invest in additional capital assets, including the impact on the Corporation’s future financial and operational results; the impact, if any, of geo-political events, changes in government, changes to tariff’s or related trade policies and the potential impact on the Corporation’s ability to execute on its 2025 business plan and strategic objectives; the Corporation’s ability to: maintain its ongoing relationship with major customers; successfully market its services to current and new customers; devise methods for, and achieve its primary objectives; source and obtain equipment from suppliers; successfully manage, operate, and thrive in an environment which is facing much uncertainty; remain competitive in all its operations; attract and retain skilled employees; and obtain equity and debt financing on satisfactory terms and manage liquidity related risks. While the Corporation considers these assumptions to be reasonable, the assumptions are inherently subject to significant uncertainties and contingencies.

A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in the Corporation’s disclosure documents on the SEDAR+ website at www.sedarplus.ca. Although the Corporation has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Although the Corporation has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information.

The forward-looking statements contained in this Press Release are expressly qualified in their entirety by this cautionary statement. These statements are given only as of the date of this Press Release. The Corporation does not assume any obligation to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law.

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

The MIL Network –

April 30, 2025

MIL-OSI: Credit Agricole Sa: Results first quarter 2025 – INCREASED REVENUES, STRONG PROFITABILITY DESPITE EXCEPTIONAL HIGH TAX IMPACT

Source: GlobeNewswire (MIL-OSI)

INCREASED REVENUES, STRONG PROFITABILITY DESPITE EXCEPTIONAL HIGH TAX IMPACT

	CRÉDIT AGRICOLE S.A.		CRÉDIT AGRICOLE GROUP
	Q1 2025	Var. Q1/Q1	Q1 2025	Var Q1/Q1
Revenues	7,256	+6.6%	10,048	+5.5%
Expenses	-3,991	+8.8%	-5,992	+7.2%
Gross Operating Income	3,266	+4.1%	4,056	+3.0%
Cost of risk	-413	+3.4%	-735	+12.9%
Net pre-tax income	2,900	+4.6%	3,399	+1.6%
Net income group share	1,824	-4.2%	2,165	-9.2%
C/I ratio	55.0%	+1.1 pp	59.6%	+1.0 pp
NET PRE-TAX INCOME UP Record quarterly revenues and strong growth, fuelled by the excellent performance by Asset Gathering and Large Customers High profitability: contained cost/income ratio (increase in expenses of +3.2% Q1/Q1 excluding exceptional elements) and 15.9% return on tangible equity Stable cost of risk Results impacted by additional corporate tax charge EXCELLENT PERFORMANCE IN CIB AND ASSET GATHERING DIVISION High CIB, asset management and insurance business, reflected in the increased level of insurance revenues with contributions from all activities, net inflows (medium-long term) and a record level of assets under management, as well as a new record reached by CIB Loan production in France recovered compared with the low point in early 2024 without confirming the end-of-year momentum and consumer finance down, impacted by decreased activity in automotive financing; international credit activity at a high level. CAPITAL OPERATIONS AND STRATEGIC PROJECTS Creation of the GAC Sofinco Leasing joint venture Partnership created between Amundi and Victory Capital Stake in the capital of Banco BPM increased to 19.8% Planned acquisition of Banque Thaler announced by Indosuez Wealth Management AS EXPECTED, SOLVENCY RATIOS BENEFITING FROM THE POSITIVE IMPACT OF CRR3. Crédit Agricole S.A.’s phased-in CET1 at 12.1% and Group phased-in CET1 at 17.6% CONTINUED SUPPORT FOR THE ENERGY TRANSITION Continued withdrawal from fossil energies and reallocation to low-carbon energy sources Support for the transition of households and businesses

Dominique Lefebvre,
Chairman of SAS Rue La Boétie and Chairman of the Crédit Agricole S.A. Board of Directors

“Quarter after quarter, Crédit Agricole continues its action to support the major societal, environmental, agricultural and agri-food transitions, which are solid development levers for the entire Group. I would like to thank each of our employees for their daily commitment to serving our customers.“

Philippe Brassac,
Chief Executive Officer of Crédit Agricole S.A.

“The Group has published high-level results this quarter, driven by strong revenue growth, despite exceptional taxation. Crédit Agricole S.A. posted record revenues this quarter and high profitability.”

This press release comments on the results of Crédit Agricole S.A. and those of Crédit Agricole Group, which comprises the Crédit Agricole S.A. entities and the Crédit Agricole Regional Banks, which own 62.8% of Crédit Agricole S.A.

All financial data are now presented stated for Crédit Agricole Group, Crédit Agricole S.A. and the business lines results, both for the income statement and for the profitability ratios.

Crédit Agricole Group

Group activity

The Group’s commercial activity during the quarter continued at a steady pace across all business lines, with a good level of customer capture. In the first quarter of 2025, the Group recorded +550,000 new customers in retail banking. More specifically, over the year, the Group gained +433,000 new customers for Retail Banking in France and 117,000 new International Retail Banking customers (Italy and Poland).

At 31 March 2025, in retail banking, on-balance sheet deposits totalled €835 billion, up +1.3% year-on-year in France and Italy (+1.6% for Regional Banks and LCL and -2.1% in Italy). Outstanding loans totalled €881 billion, up +1.0% year-on-year in France and Italy (+1.0% for Regional Banks and LCL and +1.6% in Italy). The upturn in home loan production continued in France compared to the low point observed at the beginning of 2024, without confirming the end-of-year momentum, partly explained by the seasonal effect, recording an increase of +37% for the Regional Banks and +46% for LCL compared to the first quarter of 2024, and -4.3% and -34% respectively compared to the fourth quarter of 2024. Home loan production by CA Italia is high and up +19% compared with the first quarter of 2024. The property and casualty insurance equipment rate¹ rose to 44.2% for the Regional Banks (+0.8 percentage points compared to the first quarter of 2024), 28.0% for LCL (+0.2 percentage point) and 20.3% for CA Italia (+1.0 percentage point).

In asset management, quarterly inflows remained strong at +€31.1 billion, fuelled by strong medium/long-term assets, excluding JVs (+€37 billion). In insurance, savings/retirement gross inflows rose to a record €10.8 billion over the quarter (+27% year-on-year), with the unit-linked rate in production staying at a high 34.3%. Net inflows were positive at +€4 billion, growing for both euro-denominated and unit-linked contracts. The strong performance in property and casualty insurance was driven by price changes and portfolio growth (16.8 million contracts at end-March 2025, +5% year-on-year). Assets under management totalled €2,878 billion, up +8.7% in the year for all three segments: asset management rose +6.2% over the year to €2,247 billion; life insurance was up +5.2% to €352 billion; and wealth management (Indosuez Wealth Management and LCL Private Banking) increased +41.3% year-on-year to €278 billion, notably with the positive impact of the consolidation of Degroof Petercam (€69 billion in assets under management consolidated in the second quarter of 2024).

Business in the SFS division decreased. At CAPFM, consumer finance outstandings increased to €120.7 billion, up +5.6% compared with the end of March 2024, with car loans representing 54%² of total outstandings, while new loan production decreased slightly, by -6.4% compared with end-March 2024, mainly due to the economic context negatively impacting the automotive market in Europe and China. Regarding Crédit Agricole Leasing & Factoring (CAL&F), production of lease financing outstandings was up +5.7% compared to March 2024 to €20.5 billion, with a particularly strong contribution from property leasing and renewable energy financing in France.

Large Customers again posted record revenues for the quarter in Corporate and Investment Banking. Capital Markets and Investment Banking was driven by all activities, supported by high volatility, while Financing activities reaped the benefits of growth in commercial activities. Asset Servicing recorded a high level of assets under custody of €5,467 billion and assets under administration of €3,575 billion (+9% and +4.7%, respectively, compared with the end of March 2024), with good sales momentum and positive market effects over the year.

Continued support for the energy transition

The Group is continuing the mass roll-out of financing and investment to promote the transition. The Crédit Agricole Group increased its exposure to low-carbon energy financing³ by +141% between the end of 2020 and the end of 2024, with €26.3 billion in financing at 31 December 2024. Investments in low-carbon energy⁴ totalled €6 billion at 31 December 2024.

At the same time, as a universal bank, Crédit Agricole is supporting the transition of all its customers. Thus, outstandings related to the environmental transition⁵ amounted to €111.7 billion at 31 December 2024, including €86.7 billion for energy-efficient buildings and €5.3 billion for clean transport and mobility.

In addition, the Group is continuing its exit path from carbon-based energy financing and disclosed its exposure to hydrocarbon extraction project financing⁶, down to $0.96 billion at the end of 2024, i.e. -30% compared to 2020. The target of a -25% reduction of exposure to oil extraction at the end of 2025 compared to 2020 was greatly exceeded at the end of 2024 and stands at -56%.

Group results

In the first quarter of 2025, Crédit Agricole Group’s net income Group share came to €2,165 million, down

-9.2% compared to the first quarter of 2024.

Credit Agricole Group, Income statement Q1-25 and Q1-2024

€m	Q1-25	Q1-24	∆ Q1/Q1
Revenues	10,048	9,525	+5.5%
Operating expenses	(5,992)	(5,589)	+7.2%
Gross operating income	4,056	3,936	+3.0%
Cost of risk	(735)	(651)	+12.9%
Equity-accounted entities	75	68	+9.5%
Net income on other assets	4	(7)	n.m.
Change in value of goodwill	–	–	n.m.
Income before tax	3,399	3,347	+1.6%
Tax	(1,041)	(755)	+37.9%
Net income from discont’d or held-for-sale ope.	(0)	–	n.m.
Net income	2,358	2,592	(9.0%)
Non controlling interests	(193)	(208)	(7.2%)
Net income Group Share	2,165	2,384	(9.2%)
Cost/Income ratio (%)	59.6%	58.7%	+1.0 pp

In the first quarter of 2025, revenues amounted to €10,048 million, up +5.5% compared to the first quarter of 2024, driven by favourable results from most of the business lines. Revenues were up in French Retail Banking, while the Asset Gathering division benefited from good business momentum and the integration of Degroof Petercam, the Large Customers division enjoyed a high level of revenues across all of its business lines and the Specialised Financial Services division benefited from a positive price effect, compensating slightly down revenues in international retail banking. Operating expenses were up +7.2% in the first quarter of 2025, totalling €5,992 million. Overall, Credit Agricole Group saw its cost/income ratio reach 59.6% in the first quarter of 2025, up by +1.0 percentage point. As a result, the gross operating income stood at €4,056 million, up +3.0% compared to the first quarter of 2024.

The cost of credit risk stood at -€735 million, a year-on-year increase of +12.9% compared to the first quarter of 2024. This figure comprises an amount of -€47 million to prudential provisions on performing loans (stages 1 and 2) and an amount of -€677 million for the cost of proven risk (stage 3). There was also an addition of -€11 million for other risks. The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the first quarter are the same used for the previous quarter. The cost of risk/outstandings⁷reached 27 basis points over a four rolling quarter period and 24 basis points on an annualised quarterly basis⁸.

Pre-tax income stood at €3,399 million, a year-on-year increase of +1.6% compared to first quarter 2024. This includes the contribution from equity-accounted entities for €75 million (up +9.5%) and net income on other assets, which came to +€4 million over this quarter. The tax charge was -€1,041 million, up +37.9% over the period, with the tax rate this quarter rising by +8.3 percentage points to 31.3%. This increase is related to the exceptional corporate income tax of €-207 million at the Crédit Agricole Group level, corresponding to an estimation of €-330 million in 2025 (assuming 2025 fiscal result being equal to 2024 fiscal result). Net income before non-controlling interests was down -9.0% to €2,358 million. Non-controlling interests decreased -7.2%.

Regional banks

Gross customer capture stands at +319,000 new customers. The percentage of customers using demand deposits as their main account is stable and those who use digital tools continued to increase. Credit market share (total credits) stood at 22.7% (at the end of December 2024, source Banque de France), up by 0.1 percentage point compared to December 2023. Loan production was up +19.4% compared to the first quarter of 2024, reflecting the +37% rise in home loans and 8% in specialised markets. However, home loan production has slowed compared to the strong activity at the end of the year (-4.8% compared to the fourth quarter of 2024). The average lending production rate for home loans stood at 3.18%⁹ over January and February 2025, -17 basis points lower than in the fourth quarter of 2024. By contrast, the global loan stock rate showed a gradual improvement (+11 basis points compared to the first quarter of 2024). Outstanding loans totalled €649 billion at the end of March 2025, up by 0.8% year-on-year across all markets and up slightly by +0.2% over the quarter.
Customer assets were up +2.5% year-on-year to reach €915.7 billion at the end of March 2025. This growth was driven both by on-balance sheet deposits, which reached €603.2 billion (+1.3% year-on-year), and off-balance sheet deposits, which reached €312.6 billion (+5% year-on-year) benefiting from strong inflows in life insurance. Over the quarter, demand deposits slightly decreased by -1.1% compared to the fourth quarter of 2024, while term deposits are stable. The market share of on-balance sheet deposits is up compared to last year and stands at 20.1% (Source Banque de France, data at the end of December 2024, i.e. +0.2 percentage points compared to December 2023). The equipment rate for property and casualty insurance¹⁰ was 44.2% at the end of March 2025 and continues to rise (up +0.8 percentage point compared to March 2024). In terms of payment instruments, the number of cards rose by +1.8% year-on-year, as did the percentage of premium cards in the stock, which increased by 1.8 percentage point year-on-year to account for 17% of total cards.
In the first quarter of 2025, the Regional Banks’ consolidated revenues stood at €3,339 million, up +1.3% compared to the first quarter of 2024, notably impacted by a base effect of +€41 million related to the reversal of the Home Purchase Savings Plan provision in the first quarter of 2024¹¹. Excluding this item, revenues were up +2.6% compared to the first quarter of 2024, benefiting from the increase in the intermediation margin and stable fee and commission income, mainly driven by account management and payment instruments (+3.3%). Operating expenses posted a contained increase (+1.8%). Gross operating income was stable year-on-year (+5.2% excluding the base effect¹¹). The cost of risk increased by +28.7% compared to the first quarter of 2024 to -€318 million. The cost of risk/outstandings (over four rolling quarters) remained under control at 21 basis points (a 1 basis point increase compared to fourth quarter 2024).
Thus, the net pre-tax income was down -11.6% and stood at €522 million. The Regional Banks’ consolidated net income was €346 million, down -21.2% compared to the first quarter of 2024, especially impacted by the corporate income tax surcharge (-15.3% excluding the base effect ¹¹).
The Regional Banks’ contribution to net income Group share was €341 million in the first quarter of 2025, up -23% compared to the first quarter of 2024 (-17% excluding base effect¹¹).

Crédit Agricole S.A.

Results

Crédit Agricole S.A.’s Board of Directors, chaired by Dominique Lefebvre, met on 29 April 2025 to examine the financial statements for the first quarter of 2025.

Credit Agricole S.A. – Income statement, Q1-25 and Q1-24

En m€	T1-25	T1-24	∆ T1/T1
Revenues	7,256	6,806	+6.6%
Operating expenses	(3,991)	(3,669)	+8.8%
Gross operating income	3,266	3,137	+4.1%
Cost of risk	(413)	(400)	+3.4%
Equity-accounted entities	47	43	+9.2%
Net income on other assets	1	(6)	n.m.
Change in value of goodwill	–	–	n.m.
Income before tax	2,900	2,773	+4.6%
Tax	(827)	(610)	+35.5%
Net income from discont’d or held-for-sale ope.	0	–	n.m.
Net income	2,073	2,163	(4.1%)
Non controlling interests	(249)	(259)	(3.9%)
Net income Group Share	1,824	1,903	(4.2%)
Earnings per share (€)	0.56	0.50	+11.4%
Cost/Income ratio (%)	55.0%	53.9%	+1.1 pp

In the first quarter of 2025, Crédit Agricole S.A.’s net income Group share amounted to €1,824 million, a decrease of -4.2% from the first quarter of 2024. The results of the first quarter of 2025 are based on high revenues, a cost/income ratio maintained at a low level and a controlled cost of risk, but are impacted by the corporate income tax surcharge. Pre-tax income is high, up +4.6% compared to the first quarter of 2024.

In the first quarter of 2025, revenues were at a record level, standing at €7,256 million. They were up sharply (+6.6%) compared to the first quarter of 2024. This growth was driven by growth in the Asset Gathering division (+15%) which in turn was driven by strong activity and the rise in outstandings across all business lines, including the integration of Degroof Petercam¹². Large Customer division revenues (+6.3%) were driven by good results from all business lines with continued revenue growth in corporate and investment banking (with a record revenue level for Crédit Agricole CIB) in the first quarter, in addition to an improvement in the net interest margin and fee and commission income within CACEIS. Specialised Financial Services division revenues (+2.6%) benefited mainly from positive price effects in the Personal Finance and Mobility business line. French Retail Banking growth (+1.0%) was driven by the rise in fee and commission income, and International Retail Banking revenues (-3.0%) were impacted by a base effect related to exceptional foreign exchange activity in Egypt in the first quarter of 2024. Revenues from the Corporate Centre recorded an increase of +€40 million, favourably impacted by the revaluation of the stake in Banco BPM.

Operating expenses totalled -€3,991 million in the first quarter of 2025, an increase of +8.8% compared to the first quarter of 2024, reflecting the support given to business line development. The increase in expenses of -€322 million between the first quarter of 2024 and the first quarter of 2025 is partly made up of a scope effect and integration costs of -€138 million¹³ and IFRIC impact of -€72 million. Other expenses increase by -€113 million (+3.2%).

The cost/income ratio thus stood at 55.0% in the first quarter 2025, increasing by +1.1 percentage point compared to the first quarter of 2024.

Gross operating income in the first quarter of 2025 stood at €3,266 million, an increase of +4.1% compared to the first quarter of 2024.

As at 31 March 2025, risk indicators confirm the high quality of Crédit Agricole S.A.’s assets and risk coverage level. The diversified loan book is mainly geared towards home loans (26% of gross outstandings) and corporates (45% of Crédit Agricole S.A. gross outstandings). The Non Performing Loans ratio showed little change from the previous quarter and remained low at 2.3%. The coverage ratio¹⁴ was high at 74.9%, up +0.8 percentage points over the quarter. Loan loss reserves amounted to €9.4 billion for Crédit Agricole S.A., a -€0.2 billion decline from end-December 2024. Of those loan loss reserves, 36.6% were for performing loans (percentage up +0.8% from the previous quarter).

The cost of risk was a net charge of -€413 million, up +3.4% compared to the first quarter of 2024, and came mainly from a provision for non-performing loans (level 3) of -€411 million (compared to a provision of -€384 million in the first quarter of 2024). Net provisioning on performing loans (levels 1 and 2) was almost zero this quarter, compared to a provision of -€12 million in the first quarter of 2024. Also noteworthy is a provision of -€2 million for other items (legal provisions) versus -€5 million in the first quarter of 2024. By business line, 60% of the net provision for the quarter came from Specialised Financial Services (55% at end-March 2024), 22% from LCL (30% at end-March 2024), 16% from International Retail Banking (20% at end-March 2024), 5% from the Corporate Centre (3% at end-March 2024) and recovered for Large Customers (same as end-March 2024). The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the first quarter are the same used for the previous quarter. In the first quarter of 2025, the cost of risk/outstandings was 34 basis points over a rolling four-quarter period¹⁵ and 30 basis points on an annualised quarterly basis¹⁶ (a decrease of one basis point, versus the first quarter of 2024).

The contribution from equity-accounted entities amounted to €47 million in the first quarter of 2025, up +9.2% compared to the first quarter of 2024, mainly due to the growth of equity-accounted entities in the Personal finance and mobility business line.

Pre-tax income, discontinued operations and non-controlling interests therefore increased by +4.6% to €2,900 million.

The effective tax rate stood at 29.0%, up +6.6 percentage points compared to the first quarter of 2024. The tax charge was -€827 million, up +35.5% in connection with the impact in the first quarter of 2025 of the exceptional corporate tax surcharge of €-123 million, corresponding to an estimation of -€200 million in 2025 (assuming 2025 fiscal result being equal to 2024 fiscal result). Net income before non-controlling interests was down -4.1% to €2,073 million. Non-controlling interests amounted to -€249 million in first quarter 2025, down -3.9%.

Earnings per share in the first quarter of 2025 reached €0.56, increasing by +11.4% compared to the first quarter of 2024.
RoTE¹⁷, which is calculated on the basis of an annualised Net Income Group Share ¹⁸ and IFRIC charges and additional corporate tax charge linearised over the year, net of annualised Additional Tier 1 coupons (return on equity Group share excluding intangibles) and net of foreign exchange impact on reimbursed AT1, and restated for certain volatile items recognised in equity (including unrealised gains and/or losses), reached 15.9% in the first quarter of 2025, decreasing of 0.1 percentage point compared to the first quarter of 2024.

Analysis of the activity and the results of Crédit Agricole S.A.’s divisions and business lines

Activity of the Asset Gathering division

In the first quarter of 2025, the assets under management of the Asset gathering (AG) division stood at €2,878 billion, up +€11 billion over the quarter (i.e. +0.4%), mainly due to positive net inflows in the three insurance, asset management, and wealth management businesses, offset by an unfavourable market and foreign exchange impact effect over the period. Over the year, assets under management rose by +8.7%.

Insurance activity (Crédit Agricole Assurances) was very strong, with total premium income of €14.8 billion, up +20.7% compared to the first quarter of 2024 and up in all three segments: savings/retirement, property and casualty, and death & disability/creditor/group insurance.

In Savings/Retirement, first quarter 2025 premium income stood at €10.8 billion, up +27% compared to the first quarter of 2024. Activity was driven by the success of euro payment bonus campaigns in France (full effect of commercial events over the quarter), which boosted gross euro inflows. As a result, unit-linked rate in gross inflows is down -4.7 percentage points over the year at 34.3%¹⁹.The quarter’s record net inflows totalled +€4.0 billion (up +€1.5 billion compared to the fourth quarter of 2024), comprised of +€2.0 billion net inflows from unit-linked contracts and +€1.9 billion from euro funds.

Assets under management (savings, retirement and funeral insurance) continued to grow and came to €352.4 billion (up +€17.5 billion year-on-year, or +5.2%). The growth in outstandings was driven by the very high level of quarterly net inflows and favourable market effects. Unit-linked contracts accounted for 30% of outstandings, up +0.5 percentage point compared to the end of March 2024.

In property and casualty insurance, premium income stood at €2.6 billion in the first quarter of 2025, up +8%²⁰ compared to the first quarter of 2024. Growth stemmed from a price effect, with the increase in the average premium benefiting from revised rates and changes in the product mix, and a volume effect, with a portfolio of over €16.8 million²¹ policies at the end of March 2025 (an increase of +5% over the year). Lastly, the combined ratio at the end of March 2025 stood at 93.2%²², an improvement of -0.6 percentage point year-on-year.

In death & disability/creditor insurance/group insurance, premium income for the first quarter of 2025 stood at €1.4 billion, up +4% compared to the first quarter of 2024. The strong year-on-year activity was driven by an excellent quarter in group insurance (+24% compared to the first quarter of 2024) due to the entry into effect of the collective health contract with the Ministry of Agriculture and Food Sovereignty²³. Creditor (+2%) and individual death & disability (+3%) activities were resilient.

In Asset Management (Amundi), assets under management by Amundi increased by +0.3% and +6.2% respectively over the quarter and the year, reaching a new record of 2,247 billion at the end of March 2025, benefiting from a high level of inflows over 12 months (+€70 billion), and despite a significantly negative foreign exchange impact this quarter (-€26 billion). Over the quarter, net inflows in asset management (Amundi) stood at +€31.1 billion, driven by a record quarterly inflow of medium-long term assets²⁴(+€37 billion). This good performance is illustrated in particular by the continued dynamic in the strategic aeras (ETF +€10 billion, Third Party Distribution +€8 billion, Asia +€8 billion). In the institutional segment, net inflows of €22.4 billion over the quarter continued their strong commercial activity, driven by medium-long term assets, mainly the acquisition of a large ESG equity index mandate with The People’s Pension in the United Kingdom (+€21 billion). In return, Corporates recorded a seasonal outflow in treasury products. Finally, JVs posted a net inflow of €2.9 billion over the period, with good inflows in Korea, stabilisation in China and an outflow in India related to the end of the financial year and the local market correction from the fourth quarter of 2024. Furthermore, the finalisation of the partnership with Victory Capital was announced on 1 April 2025.

In Wealth management, total assets under management (CA Indosuez Wealth Management and LCL Private Banking) amounted to €278 billion at the end of March 2025, and were up +41.3% compared to March 2024 and stable compared to December 2024.

For Indosuez Wealth Management, outstandings at the end of March stood at €213 billion²⁵, down -0.7% compared to end-December 2024. Despite activity remaining positive with positive net inflows of €0.8 billion, the market and foreign exchange impact for the quarter was unfavourable by -€2 billion. Compared to the end of March 2024, assets under management were up by +€80 billion (or +60.2%), taking into account a scope effect of €69 billion (integration of Degroof Petercam in June 2024). The announcement on 4 April 2025 of the planned acquisition of Banque Thaler in Switzerland is also noteworthy.

Results of the Asset Gathering division

In the first quarter of 2025, the Asset Gathering division generated €2,058 million in revenues, up +15.0% compared to the first quarter of 2024, driven by all the division’s business lines. Expenses increased +24.1% to -€936 million and gross operating income came to €1,123 million, +8.4% compared to first quarter of 2024. The cost/income ratio for the first quarter of 2025 stood at 45.5%, up +3.3 percentage points compared to the same period in 2024. As a result, pre-tax income increased by +8.2% to €1,139 million in the first quarter of 2025. Net income Group share recorded a drop of 5%, taking into account corporate tax additional charge in France.

In the first quarter of 2025, the Asset Gathering division contributed by 35% to the net income Group share of the Crédit Agricole S.A. core businesses and 28% to revenues (excluding the Corporate Centre division).

As at 31 March 2025, equity allocated to the division amounted to €13.4 billion, including €10.8 billion for Insurance, €1.8 billion for Asset Management, and €0.8 billion for Wealth Management. The division’s risk-weighted assets amounted to €51.7 billion, including €24.3 billion for Insurance, €19.2 billion for Asset Management and €8.2 billion for Wealth Management.

Insurance results

In first quarter 2025, insurance revenues stood at €727 million, a slight increase of +0.7% compared to the first quarter of 2024, supported by Savings/Retirement (related to the increase in outstandings) and property and casualty insurance, offsetting a narrowing of technical margins in Creditor insurance combined with methodological effects. Revenues for the quarter included €505 million from savings/retirement and funeral insurance²⁶, €103 million from personal protection²⁷ and €122 million from property and casualty insurance²⁸.

The Contractual Service Margin (CSM) totalled €25.8 billion at the end of March 2025, an increase of +2% compared to the end of December 2024.

Non-attributable expenses for the quarter stood at -€96 million, up +4.7% over the first quarter of 2024. As a result, gross operating income reached €632 million, stable (+0.1%) compared to the same period in 2024. Net pre-tax income was stable, amounting to €631 million. Excluding the effect of replacing Tier 1 debt with Tier 2 debt in September 2024²⁹, it was up by +2%. For the same reason, non-controlling interests amounted to -€3 million compared to -€14 million in the first quarter of 2024, due to the inclusion of accounting items on the redemption of Tier 1 instruments²⁹. Net income Group share stood at €439 million, down -11.0% compared to the first quarter of 2024, taking into account the corporate tax additional charge in France.

Insurance contributed 23% to the net income Group share of Crédit Agricole S.A.’s business lines (excluding the Corporate Centre division) at end-March 2025 and 10% to their revenues (excluding the Corporate Centre division).

Asset Management results

In the first quarter of 2025, revenues amounted to €892 million, showing double-digit growth of +11.0% compared to the first quarter of 2024. Net management fee and commission income showed a sustained increase of +7.7% on the first quarter of 2024 in a context of market appreciation. Performance fee and commission income was also up by +30.7% compared to the first quarter of 2024. Amundi Technology’s revenues continued their sustained growth and increased by +46.2% compared to the first quarter of 2024, thanks to the integration of aixigo, a European leader in Wealth Tech, whose acquisition was finalised in November 2024, amplifying organic growth, which remained strong (+21%). Operating expenses amounted to -€496 million, up +10.6% compared to the first quarter of 2024. They include the scope effects related to Alpha Associates and aixigo, as well as the integration costs related to Victory Capital. Apart from these effects, expenses increased by +6.3% over the period. The cost/income ratio at 55.6%, is down -0.2 percentage points despite Victory Capita^l³⁰ integration costs. Restated from the latter, the cost/income ratio stood at 54.8%. Gross operating income stood at €396 million, an increase of +11.6% compared to the first quarter of 2024. The contribution of equity-accounted entities, including the contribution of Amundi’s Asian joint ventures, amounted to €28 million, down slightly compared to the first quarter of 2024. Consequently, pre-tax income came to €419 million, a +9.3% increase compared to the first quarter of 2024. Net income Group share stood at €183 million, down -7.3% compared to the first quarter of 2024, taking into account the impact of the corporate tax additional charge in France.

Wealth Management results³¹

In the first quarter of 2025, revenues from wealth management amounted to €439 million, up +66.4% compared to the first quarter of 2024, benefiting from the impact of the integration of Degroof Petercam in June 2024³². Apart from this effect, revenues were supported by the strong activity of transactional fee and commission income, and the net interest margin held up well over the period. Expenses for the quarter amounted to -€344 million, up +60.7% compared to the first quarter of 2024, impacted by a Degroof Petercam scope effect³² and -€13 million in integration costs. Restated for these impacts, growth in expenses was stable compared to the first quarter of 2024. The cost/income ratio for the first quarter of 2025 stood at 78.4%, down -2.8 percentage points compared to the same period in 2024. Restated for integration costs, it amounted to 75.5%. Gross operating income reached €95 million, up sharply (+91.3%) compared to the first quarter of 2024. Cost of risk remained moderate at -€6 million. Net income Group share reached €58 million, up sharply (x 2.3) compared to the first quarter of 2024.

Wealth Management contributed 3% to the net income Group share of Crédit Agricole S.A.’s business lines (excluding the Corporate Centre division) at end-March 2025 and 6% of their revenues (excluding the Corporate Centre division).

At 31 March 2025, equity allocated to Wealth management was €0.8 billion and risk-weighted assets totalled €8.2 billion.

Activity of the Large Customers division

The large customers division posted good activity in the first quarter of 2025, thanks to very good performance from Corporate and Investment banking (CIB) and strong activity in asset servicing.

Corporate and Investment Banking’s first quarter 2025 revenues rose sharply to €1,887 million, an increase of +7.3% compared to the first quarter of 2024, driven by growth in its two business lines. Capital Markets and Investment Banking grew its revenues to €1,017 million, an increase of +10.0% compared with the first quarter of 2024. This was fuelled by new growth in revenues across all Capital Market activities (+5.9% compared to the first quarter of 2024) in a context of high volatility, and by the good level of activity in Investment Banking (+31.6% compared to the first quarter of 2024) thanks to the good dynamics of Structured Equities activities. Financing activity revenues were also up at €870 million, an increase of +4.4% relative to the first quarter of 2024. This was mainly due to the performance of Commercial Banking (+1.7% compared to the first quarter of 2024), driven by the performance of assets financing and project financing, particularly in Green Energy and Aerospace, and by Trade and Export Finance activities. The structured finance activity also recorded an increase in revenues of +9.4% compared to the first quarter of 2024.

Financing activities consolidated its leading position in syndicated loans (#1 in France³³ and #2 in EMEA³³). Crédit Agricole CIB reaffirmed its strong position in bond issues (#2 All bonds in EUR Worldwide³³) and was ranked #1 in Green, Social & Sustainable bonds in EUR³⁴. Average regulatory VaR stood at €10.5 million in the first quarter of 2025, up slightly from €9.5 million in the fourth quarter of 2024, reflecting changes in positions and financial markets. It remained at a level that reflected prudent risk management.

For Asset servicing, business growth was supported by strong commercial activity and favourable market effects, which offset the planned exit of ISB customers.

Assets under custody (AuC) rose by +3.3% at end-March 2025 compared to end-December 2024, up +9.0% from end-March 2024, to reach €5,467 billion. Assets under administration also increased by +5.3% this quarter and were up +4.7% year-on-year, totalling €3,575 billion at end-March 2025.

Results of the Large Customers division

In the first quarter of 2025, revenues of the Large Customers division once again reached a record level, with €2,408 million, up +6.3% compared with the first quarter of 2024, buoyed by an excellent performance in the Corporate and Investment Banking and Asset Servicing business lines.

Operating expenses increased by +4.9% due to IT investments and business line development. As a result, the division’s gross operating income was up +8.2% from the first quarter of 2024 to €1,048 million. The business line recorded a net reversal in the cost of risk of +€25 million, compared to a reversal of +33 million in the first quarter of 2024. Pre-tax income amounted to €1,078 million, up +7.2% compared to the first quarter of 2024. The tax charge stood at -€305 million in the first quarter of 2025, taking into account the additional corporate income tax charge. Finally, net income Group share totalled €723 million in the first quarter of 2025, stable (+0.2%) compared to the first quarter of 2024.

The business line contributed 38% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-March 2025 and 33% to revenues excluding the Corporate Centre.

At 31 March 2025, the equity allocated to the division was €13.5 billion and its risk-weighted assets were €141.7 billion.

Corporate and Investment Banking results

In the first quarter of 2025, Corporate and Investment Banking revenues reached a record of €1,887 million, up +7.3% compared to the first quarter of 2024. This was the best quarter recorded for Corporate and Investment Banking.

Operating expenses rose by +7.5% to -€992 million, mainly due to IT investments and the development of business line activities. Gross operating income rose sharply by +7.1% compared to the first quarter 2024, taking it to a high level of +€895 million. The cost/income ratio was stable at 52.6% (+0.1 percentage point over the period). The cost of risk recorded a net reversal of +€24 million, notably related to new synthetic securitisation transactions. Lastly, pre-tax income in the first quarter of 2025 stood at €919 million, up +5.3% compared to the first quarter of 2024. Finally, net income Group share recorded a decrease of -0.5%, impacted by the additional corporate tax charge, to reach €648 million in the first quarter of 2025.

Asset servicing results

In the first quarter of 2025, the revenues of Asset Servicing were up +2.7% compared to the first quarter of 2024, standing at €522 million. This increase was driven by the favourable evolution of the net interest margin and fee and commission income on flow activities and transactions. Operating expenses were down by -1.6% to
-€368 million, due to the decrease in ISB integration costs compared to the first quarter of 2024³⁵. Apart from this effect, expenses were up slightly pending the acceleration of synergies. As a result, gross operating income was up by +14.7 and stood at €153 million in the first quarter of 2025. The cost/income ratio for the first quarter of 2025 stood at 70.6%, down -3.1 percentage points compared to the same period in 2024. Consequently, pre-tax income was up by +19.1% and stood at €160 million in the first quarter of 2025. Net income Group share recorded an increase of +6% taking into account the additional corporate tax charge.

Specialised financial services activity

The commercial production of Crédit Agricole Personal Finance & Mobility (CAPFM) totalled €11.0 billion in the first quarter of 2025. It was down by -6.4% compared to the first quarter of 2024, related to the economic context negatively impacting the automotive market in Europe and China. The share of automotive financing³⁶ in quarterly new business production stood at 48.5%. The average customer rate for production was up slightly by +3 basis points from the fourth quarter of 2024. As a result, CAPFM’s assets under management stood at €120.7 billion at end-March 2025, up +5.6% compared to end-March 2024, driven by all scopes: Automotive +8.6%³⁷, LCL and Regional Bank +4.4%, Other Entities +3.0%. Automotive benefited from the consolidation of GAC Leasing this quarter as well as the development of car rental activities. Lastly, consolidated outstandings totalled €68.7 billion at end-March 2025, up 0.8% compared to the first quarter of 2024.

Crédit Agricole Leasing & Factoring (CAL&F) commercial production increased by +3.0% in leasing, compared to the first quarter of 2024. This was driven by property leasing and renewable energy financing in France. Leasing outstandings rose +5.7% year-on-year, both in France (+4.5%) and internationally (+10.6%), to reach €20.5 billion at end-March 2025 (of which €16.1 billion in France and €4.4 billion internationally). Commercial production in factoring was down by -5.1% compared to the first quarter of 2024; International sales were down -31.6% due to a base effect linked to Germany, which recorded significant deals in the first quarter of 2024; France was up +16%, benefiting from significant contracts this quarter. Factoring outstandings at end-March 2025 were up +14.4% compared to end-March 2024, and factored revenues were up by +5.4% compared to the same period in 2024.

Specialised financial services’ results

The revenues of the Specialised Financial Services division were €868 million in the first quarter of 2025, up +2.6% compared to the first quarter of 2024. Expenses stood at -€474 million, up +4.4% compared to the first quarter of 2024. The cost/income ratio stood at 54.5%, up +0.9 percentage points compared to the same period in 2024. Gross operating income thus came to €395 million, up +0.6% compared to the first quarter of 2024. Cost of risk amounted to -€249 million, up +13.8% compared to the third quarter of 2024. The results of equity-accounted entities amounted to €36 million, up +18.5% compared to the first quarter of 2024; restated for non-recurring items from the first quarter of 2025 for €12 million, it was down -21.0%. Pre-tax income for the division amounted to €182 million, down -10.6% compared to the same period in 2024. Net income Group share includes the corporate tax additional charge in France and amounted to €148 million, up +4.1% compared to the same period in 2024.

The business line contributed 8% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-March 2025 and 12% to revenues excluding the Corporate Centre.

At 31 March 2025, the equity allocated to the division was €7.5 billion and its risk-weighted assets were €79.0 billion.

Personal Finance and Mobility results

CAPFM revenues reached €683 million in the first quarter of 2025, up +2.0% compared to the first quarter of 2024, with a positive price effect thanks in particular to the production margin rate, which improved by +32 basis points in the first quarter of 2025 compared to the first quarter of 2024 (up +9 basis points compared to the fourth quarter of 2024). Expenses amounted to -€370 million, an increase of +4.3% due to employee expenses and IT expenses and compared to the first quarter of 2024, which was low. Gross operating income therefore stood at €313 million, stable compared to the first quarter of 2024 (-0.5%). The cost/income ratio stood at 54.2%, up +1.2 percentage points compared to the same period in 2024. The cost of risk stood at -€225 million, up +13.0% from the first quarter of 2024. The cost of risk/outstandings thus stood at 130 basis points³⁸, a deterioration of +13 basis points compared to the first quarter of 2024, especially in international subsidiaries. The Non-Performing Loans ratio was 4.5% at the end of March 2025, down -0.2 percentage point compared to the end of December 2024, while the coverage ratio reached 73.5%, up +0.3 percentage points compared to the end of December 2024. The contribution from equity-accounted entities rose by +18.1% compared to the same period in 2024. Restated for non-recurring items from the first quarter of 2025 for €12 million, the results for equity-accounted entities dropped by -19.3% in connection with the Chinese market. Pre-tax income amounted to €126 million, down -14.3% compared to the same period in 2024. The net income Group share includes the corporate tax additional charge in France and reached €106 million, up +7.5% compared to the previous year.

Leasing & Factoring results

CAL&F’s revenues totalled €185 million, up +4.8% compared to the first quarter 2024. This increase was driven by equipment leasing and factoring. Expenses stood at -€104 million, up +4.6% in connection with the growth of the system, and the cost/income ratio stood at 56.0%, an improvement of -0.1 percentage point compared to the first quarter of 2024. Gross operating income stood at €82 million, up +5.0% compared to the first quarter of 2024. Cost of risk totalled -€24 million, up +21.5% compared to the same period in 2024. This rise was due to the small business and SME markets. Cost of risk/outstandings stood at 25 basis points³⁸, up +3 basis points compared to first quarter 2024. Pre-tax income amounted to €56 million, stable (-0.7%) compared to the same period in 2024. Net income Group share includes the corporate tax additional charge in France and amounted to €42 million, down -3.7% compared to the previous year.

Crédit Agricole S.A. Retail Banking activity

In retail banking at Crédit Agricole S.A. this quarter, loan production in France continued its upturn compared to the first half of 2024 and the dynamic momentum continues in Italy. The number of customers with insurance is progressing.

Retail banking activity in France

In the first quarter of 2025, activity remained steady, albeit with a slowdown in property loans compared to the previous quarter and a stability in inflows and non-remunerated demand deposits over the quarter. Customer acquisition remained dynamic, with 67,000 new customers this quarter.

The equipment rate for car, multi-risk home, health, legal, all mobile phones or personal accident insurance rose by +0.2 percentage points to stand at 28.0% at end-March 2025.

Loan production totalled €6.7 billion, representing a year-on-year increase of +32%. The first quarter of 2025 recorded a slowdown in the production of property loans(+46% compared to the first quarter of 2024 and -34% compared to the fourth quarter of 2024), partially due to the seasonal effect. The average production rate for home loans came to 3.18%, down -6 basis points from the fourth quarter of 2024 and -102 basis points year on year. The home loan stock rate improved by +5 basis points over the quarter and by +19 basis points year on year. The strong momentum continued in the corporate market (+49% year on year) and the small business market (+6.4% year on year) but slowed for the consumer credit segment (-10.3%), in a challenging economic environment.

Outstanding loans stood at €171 billion at end-March 2025, stable over the quarter and increasing by +1.6% year-on-year (of which +1.7% for home loans, +1.1% for loans to professionals, +2.0% for loans to corporates). Customer assets totalled €256.5 billion at end-March 2025, up +2.2% year on year, driven by interest-earning deposits and off-balance sheet funds. Over the quarter, customer assets were also up by +0.6%, including term deposits by +0.9%, in an environment that remains uncertain. Off-balance sheet deposits benefited from a positive year-on-year (unfavourable in the quarter) market effect across all segments and positive net inflows in life insurance.

Retail banking activity in Italy

In the first quarter of 2025, CA Italia posted gross customer capture of 53,000.

Loan outstandings at CA Italia stood at €61.1 billion at end-March 2025³⁹, up +1.6% compared with end-March 2024, in a stable Italian market⁴⁰, driven by the retail segment, which posted an increase in outstandings of +3.0%, and with a stable corporate segment. The loan stock rate was down -34 basis points compared to the fourth quarter of 2024, in line with the evolution in market rates. Loan production, buoyed by the solid momentum in all markets, rose +19.2% compared with the first quarter of 2024.

Customer assets at end-March 2025 totalled €118.2 billion, up +1.7% compared with end-March 2024; on-balance sheet deposits were down -2.1% compared to end-March 2024, while the cost of on-balance sheet deposits decreased. Finally, off-balance sheet deposits increased by +6.5% over the same period and benefited from net flows and a positive market effect.

CA Italia’s equipment rate in car, multi-risk home, health, legal, all mobile phones or personal accident insurance exceeded 20.0%, at 20.3%, up +1.0 percentage point compared with the first quarter of 2024.

International Retail Banking activity excluding Italy

For International Retail Banking excluding Italy, loan outstandings were €7.4 billion, up +5.8% at current exchange rates at end-March 2025 compared with end-March 2024 (+4.7% at constant exchange rates). Customer assets rose by +€12 billion and were up +11.1% over the same period at current exchange rates (+11.5% at constant exchange rates).

In Poland in particular, loan outstandings increased by +3.6% compared to end-March 2024 (+0.7% at constant exchange rates) driven by the retail segment and on-balance sheet deposits of +17.0% (+13.8% at constant exchange rates). Loan production in Poland was stable this quarter compared to the first quarter of 2024 (+3.4% at current exchange rates and +0.3% at constant exchange rates). In addition, gross customer capture in Poland reached 64,000 new customers this quarter.

In Egypt, commercial activity was strong in all markets. Loan outstandings rose +19.7% between end-March 2025 and end-March 2024 (+27.8% at constant exchange rates). Over the same period, on-balance sheet deposits increased by +5.4%% and were up +12.5% at constant exchange rates.

Liquidity is still very strong with a net surplus of deposits over loans in Poland and Egypt amounting to +€2.3 billion at 31 March 2025, and reached €3.9 billion including Ukraine.

French retail banking results

In the first quarter of 2025, LCL revenues amounted to €963 million, up (+1.0%) compared to the first quarter of 2024. The increase in fee and commission income (+3.6% Q1/Q1) was driven by all activities (excluding securities management), but mainly by strong momentum in insurance (life and non-life). NIM is down by -1.7% Q1/Q1 and benefited from the increase in credit yields (stock repricing +19 bp Q1/Q1 and +5 bp Q1/Q4) and the reduction in the cost of resources, making it possible to mitigate the lower contribution of macro-hedging.

Expenses are up by +3.8% and stood at -€625 million linked to the acceleration of investments (IT and employee expenses). The cost/income ratio stood at 64.9%, an increase by 1.8 percentage point compared to first quarter 2024. Gross operating income fell by -3.9% to €338 million.

The cost of risk was down -22.9% compared to the first quarter of 2024 and stood at -€92 million (including a provision of -€95 million on proven risk and a recovery of €3 for contingent liabilities). The cost of risk/outstandings therefore stood at 20 basis points, with its level still high on the professional market. The coverage ratio stood at 63.0% at end-March 2025 (+0.4 percentage points compared to end-December 2024). The Non-Performing Loans ratio reached 2.0% at the end of March 2025, stable compared to the end of December 2024.

In the end, pre-tax income stood at €247 million, up +5.3% compared to the first quarter of 2024, and net income Group share was down -25.6% compared to the first quarter 2024, impacted by the corporate income tax.

In the end, the business line contributed 7% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) in the first quarter of 2025 and 13% to revenues excluding the Corporate Centre division.

At 31 March 2025, the equity allocated to the business line stood at €5.1 billion and risk-weighted assets amounted to €53.9 billion.

International Retail Banking results⁴¹

In the first quarter of 2025, revenues for International Retail Banking totalled €1,025 million, down compared with the fourth quarter of 2024 (-3.0% at current exchange rates, -0.7% at constant exchange rates). Operating expenses were under control at -€515 million, an increase of +1.8% (+2.6% at constant exchange rates). Gross operating income consequently totalled €511 million, down -7.5% (-3.9% at constant exchange rates) for the period. Cost of risk amounted to -€66 million, down -18.9% compared to first quarter 2024 (-19.0% at constant exchange rates).

All in all, net income Group share for CA Italia, CA Egypt, CA Poland and CA Ukraine amounted to €246 million in the first quarter of 2025, down -4.3% (and stable at -0.4% at constant exchange rates).

At 31 March 2025, the capital allocated to International Retail Banking was €4.1 billion and risk-weighted assets totalled €43.4 billion.

Results in Italy

In the first quarter of 2025, Crédit Agricole Italia revenues stood at €777 million, stable (+0.3%) compared to the first quarter of 2024. The decrease in net interest margin (-5.8% compared to the first quarter of 2024) is offset by the increase in fee and commission income (+7.4% compared to the first quarter of 2024), which was driven by fee and commission income on assets under management (+11.6% compared to the first quarter of 2024). Operating expenses were -€384 million, contained and stable at +0.5% over the first quarter of 2024.

Cost of risk amounted to -€56 million in first quarter 2025, down -7.9% compared to first quarter 2024, and corresponded almost entirely to provisions for proven risk. Cost of risk/outstandings⁴² stood at 39 basis points, up 1 basis point compared to the fourth quarter of 2024. The NPL ratio stood at 2.8%, improved compared to the fourth quarter of 2024, while the coverage ratio stood at 77.9% (+2.8 percentage points compared to the fourth quarter of 2024). Net income Group share for CA Italia was therefore €178 million, stable (-0.8%) compared to the first quarter of 2024.

International Retail Banking results – excluding Italy

In the first quarter of 2025, revenues for International Retail Banking excluding Italy totalled €248 million, down -12.2% (+3.9% at constant exchange rates) compared to the first quarter of 2024. Revenues in Poland were up +8.6% compared to the first quarter of 2024 (+5.3% at constant exchange rates), with a higher net interest margin. Revenues in Egypt were down -35.7% (-13.2% at constant exchange rates) with a base effect related to the exceptional foreign exchange activity of the first quarter of 2024, but benefited from an increased net interest margin. Operating expenses for International Retail Banking excluding Italy amounted to €131 million, up +5.8% compared to the first quarter of 2024 (+9.4% at constant exchange rates) due to the effect of employee expenses and taxes in Poland as well as employee expenses and inflation in Egypt. Gross operating income amounted to €117 million, down -26.3% (+15.3% at constant exchange rates) compared to the first quarter of 2024. The cost of risk remained contained at -€10 million, versus -€21 million in the first quarter of 2024. Furthermore, at end-March 2025, the coverage ratio for loan outstandings remained high in Poland and Egypt, at 122% and 144% respectively. In Ukraine, the local coverage ratio remains prudent (450%). All in all, the contribution of International Retail Banking excluding Italy to net income Group share was €67 million, down -12.4% compared with the first quarter of 2024 at current exchange rates and stable at constant exchange rates (+0.8%).

At 31 March 2025, the entire Retail Banking business line contributed 19% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) and 27% to revenues excluding the Corporate Centre.

At 31 March 2025, the division’s equity amounted to €9.2 billion. Its risk-weighted assets totalled €97.2 billion.

Corporate Centre results

The net income Group share of the Corporate Centre was -€102 million in first quarter 2025, up +€5 million compared with first quarter 2024. The positive contribution of the Corporate Centre division can be analysed by distinguishing between the “structural” contribution (-€55 million) and other items (-€48 million).
The contribution of the “structural” component (-€55 million) was up by +€52 million compared with the first quarter of 2024 and can be broken down into three types of activity:

The activities and functions of the Corporate Centre of the Crédit Agricole S.A. Parent Company. This contribution was -€315 million in the first quarter of 2025, down -€20 million, mainly explained by the accounting of the IFRIC tax in a single payment this quarter, whereas it had been spread over two quarters last year

The business lines that are not part of the core businesses, such as CACIF (private equity), CA Immobilier, CATE and BforBank (equity-accounted). Their contribution, at +€252 million in the first quarter of 2025, was up +€67 million compared to the first quarter of 2024, including a positive impact of the revaluation of Banco BPM shares.
Group support functions. Their contribution amounted to +€9 million this quarter (+€4 million compared with first quarter 2024).

The contribution from “other items” amounted to -€48 million, down -€47 million compared to the first quarter of 2024, mainly explained by a negative variance related to ESTER/BOR volatility.

At 31 March 2025, risk-weighted assets stood at €35.1 billion.

Financial strength

Crédit Agricole Group has the best level of solvency among European Global Systemically Important Banks.

Capital ratios for Crédit Agricole Group are well above regulatory requirements. At 31 March 2025, the phased Common Equity Tier 1 ratio (CET1) for Crédit Agricole Group stood at 17.6%, or a substantial buffer of 780 basis points above regulatory requirements. The change in the CET1 ratio over the quarter is explained by the impacts of (a) +56 basis points linked to CRR3 impact (b) +25 basis points linked to retained earnings, (c) -17 bp related to the organic growth of the business lines and (d) -17 basis points for methodological effects, M&A and other effects, taking into account in the -9 basis points of the latest IFRS 9 phasing and -8 basis points related to the purchase of shares in Crédit Agricole S.A.

Crédit Agricole S.A., in its capacity as the corporate center of the Crédit Agricole Group, fully benefits from the internal legal solidarity mechanism as well as the flexibility of capital circulation within the Crédit Agricole Group. The phased-in CET1 capital ratio stood at 12.1% at 31 March 2025, or a buffer of 350 basis points above regulatory requirements. The change in the CET1 ratio over the quarter is explained by the impacts of (a) +44 basis points linked to CRR3 impact (b) +21 basis points linked to retained earnings, (c) -9 bp related to the organic growth of the business lines and (d) -10 basis points for methodological effects, M&A and other effects, taking into account in the -5 basis points of the latest IFRS 9 phasing. Including M&A transactions completed after March 31, 2025 and the estimated impact from the crossing of the exemption threshold in Q2 2025, the proforma CET1 ratio would be 11.8%.

The breakdown in risk weighted assets for Crédit Agricole S.A. by business line resulted from the combined effects of (a) -€12.9 billion related to the impact of CRR3 and, excluding this effect, (b) -€0.2 billion in the Retail Banking divisions, (c) +€1.4 billion in Asset Gathering, in particular in connection with the increase in the Equity Accounted Value of insurance (d) +€1.9 billion in specialized financial services, (e) -€0.8 billion in Large Customers and (f) +€0.1 billion in Corporate Center.

For the Crédit Agricole Group, the impact of CRR3 was -€18.2 billion and the increase in risk weighted assets at the Retail Banking divisions was +€1.3 billion excluding the CRR3 effect. The evolution of the other businesses follows the same trend as for Crédit Agricole S.A.

Crédit Agricole Group’s financial structure

	Crédit Agricole Group			Crédit Agricole S.A.
	*31/03/25*	*31/12/24*	Requirements 31/03/25	*31/03/25*	*31/12/24*	Requirements 31/03/25
Phased-in CET1 ratio⁴³	17.6%	17.2%	9.8%	12.1%	11.7%	8.6%
Tier1 ratio⁴³	19.0%	18.3%	11.7%	14.3%	13.4%	10.4%
Total capital ratio⁴³	21.8%	20.9%	14.1%	18,4%	17.4%	12.8%
Risk-weighted assets (€bn)	641	653		405	415
Leverage ratio	5.6%	5.5%	3.5%	4.0%	3.9%	3.0%
Leverage exposure (€bn)	2,173	2,186		1,434	1,446
TLAC ratio (% RWA) ⁴³^,⁴⁴	28.5%	26.9%	22,32%
TLAC ratio (% LRE)⁴⁴	8.4%	8.0%	6.75%
Subordinated MREL ratio (% RWA) ⁴³	28.5%	26.9%	22.57%
Subordinated MREL ratio (% LRE)	8.4%	8.0%	6.25%
Total MREL ratio (% RWA) ⁴³	34.0%	32.4%	26.33%
Total MREL ratio (% LRE)	10.0%	9.7%	6.25%
Distance to the distribution restriction trigger (€bn)⁴⁵	46	43		14	12

For Crédit Agricole S.A., the distance to the trigger for distribution restrictions is the distance to the MDA trigger⁴⁵, i.e. 354 basis points, or €14 billion of CET1 capital at 31 March 2025. Crédit Agricole S.A. is not subject to either the L-MDA (distance to leverage ratio buffer requirement) or the M-MDA (distance to MREL requirements).

For Crédit Agricole Group, the distance to the trigger for distribution restrictions is the distance to the L-MDA trigger at 31 March 2025. Crédit Agricole Group posted a buffer of 210 basis points above the L-MDA trigger, i.e. €46 billion in Tier 1 capital.

At 31 March 2025, Crédit Agricole Group’s TLAC and MREL ratios are well above requirements⁴⁴. Crédit Agricole Group posted a buffer of 590 basis points above the M-MDA trigger, i.e. €38 billion in CET1 capital. At this date, the distance to the M-MDA trigger corresponded to the distance between the subordinated MREL ratio and the corresponding requirement. The Crédit Agricole Group’s 2025 target is to maintain a TLAC ratio greater than or equal to 26% of RWA excluding eligible senior preferred debt.

Liquidity and Funding

Liquidity is measured at Crédit Agricole Group level.

As of 31 December 2024, changes have been made to the presentation of the Group’s liquidity position (liquidity reserves and balance sheet, breakdown of long term debt). These changes are described in the 2024 Universal Registration Document.

Diversified and granular customer deposits remain stable compared to December 2024 (€1,148 billion at end-March 2025).

The Group’s liquidity reserves, at market value and after haircuts⁴⁶, amounted to €487 billion at 31 March 2025, up +€14 billion compared to 31 December 2024.

Liquidity reserves covered more than twice the short term debt net of treasury assets.

This increase in liquidity reserves is notably explained by:

The increase in the securities portfolio (HQLA and non-HQLA) for +€6 billion;
The increase in collateral already pledged to Central Banks and unencumbered for +€5 billion, including a €2 billion increase in self-securitisations;
The increase in central bank deposits for €3 billion.

Crédit Agricole Group also continued its efforts to maintain immediately available reserves (after recourse to ECB financing). Central bank eligible non-HQLA assets after haircuts amounted to €144 billion.

Standing at €1,691 billion at 31 March 2025, the Group’s liquidity balance sheet shows a surplus of stable funding resources over stable application of funds of €197 billion, up +€20 billion compared with end-December 2024. This surplus remains well above the Medium-Term Plan target of €110bn-€130bn.

Long term debt was €315 billion at 31 March 2025, up compared with end-December 2024. This included:

Senior secured debt of €89 billion, up +€5 billion;
Senior preferred debt of €162 billion, up +€3 billion due to the increase in entities’ issuances;
Senior non-preferred debt of €40 billion, up +€3 billion due to the MREL/TLAC eligible debt;
And Tier 2 securities of €24 billion, down -€1 billion.

Credit institutions are subject to a threshold for the LCR ratio, set at 100% on 1 January 2018.

At 31 March 2025, the average LCR ratios (calculated on a rolling 12-month basis) were 139% for Crédit Agricole Group (representing a surplus of €92 billion) and 144% for Crédit Agricole S.A. (representing a surplus of €89 billion). They were higher than the Medium-Term Plan target (around 110%).

In addition, the NSFR of Crédit Agricole Group and Crédit Agricole S.A. exceeded 100%, in accordance with the regulatory requirement applicable since 28 June 2021 and above the Medium-Term Plan target (>100%).

The Group continues to follow a prudent policy as regards medium-to-long-term refinancing, with a very diversified access to markets in terms of investor base and products.

At 31 March 2025, the Group’s main issuers raised the equivalent of €15.6 billion⁴⁷in medium-to-long-term debt on the market, 82% of which was issued by Crédit Agricole S.A.

In particular, the following amounts are noted for the Group excluding Crédit Agricole S.A.:

Crédit Agricole Assurances issued €750 million in RT1 Perpetual NC10.75 year;
Crédit Agricole Personal Finance & Mobility issued:
- €500 million in EMTN issuances through Crédit Agricole Auto Bank (CAAB);
- €420 million in securitisations through Agos;
Crédit Agricole Italia issued one senior secured debt issuance for a total of €1 billion;
Crédit Agricole next bank (Switzerland) issued two tranches in senior secured format for a total of 200 million Swiss francs, of which 100 million Swiss francs in Green Bond format.

At 31 March 2025, Crédit Agricole S.A. raised the equivalent of €11.2 billion through the market⁴⁸^,⁴⁹.

The bank raised the equivalent of €11.2 billion, of which €4.7 billion in senior non-preferred debt and €1.4 billion in Tier 2 debt, as well as €1.3 billion in senior preferred debt and €3.8 billion in senior secured debt at end-March. The financing comprised a variety of formats and currencies, including:

€1.75 billion⁵⁰^,⁵¹;
3.5 billion US dollars (€3.4 billion equivalent);
0.8 billion pounds sterling (€1 billion equivalent);
94.3 billion Japanese yen (€0.6 billion equivalent);
0.4 billion Singapore dollars (€0.3 billion equivalent);
0.6 billion Australian dollars (€0.4 billion equivalent).

At end-March, Crédit Agricole S.A. had issued 76%⁵²^,⁵³ of its funding plan in currencies other than the euro.

In addition, on 13 February 2025, Crédit Agricole S.A. issued a PerpNC10 AT1 bond for €1.5 billion at an initial rate of 5.875% and announced on 30 April 2025 the regulatory call exercise for the AT1 £ with £103m outstanding (XS1055037920) – ineligible, grandfathered until 28/06/2025 – to be redeemed on 30/06/2025.

The 2025 MLT market funding programme was set at €20 billion, with a balanced distribution between senior preferred or senior secured debt and senior non-preferred or Tier 2 debt.

The programme was 56% completed at 31 March 2025, with:

€3.8 billion in senior secured debt;
€1.3 billion equivalent in senior preferred debt;
€4.7 billion equivalent in senior non-preferred debt;
€1.4 billion equivalent in Tier 2 debt.

Appendix 1 – Credit Agricole Group : income statement by business line

Credit Agricole Group – Results by business line, Q1-25 and Q1-24

	Q1-25
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	3,352	963	1,048	2,049	868	2,408	(640)	10,048
Operating expenses	(2,530)	(625)	(535)	(936)	(474)	(1,360)	468	(5,992)
Gross operating income	822	338	513	1,113	395	1,047	(172)	4,056
Cost of risk	(319)	(92)	(67)	(11)	(249)	25	(22)	(735)
Equity-accounted entities	6	–	–	28	36	6	–	75
Net income on other assets	3	1	(0)	(0)	0	0	0	4
Income before tax	511	247	445	1,130	182	1,078	(194)	3,399
Tax	(170)	(112)	(137)	(351)	(12)	(305)	46	(1,041)
Net income from discont’d or held-for-sale ope.	–	–	0	–	–	–	(0)	(0)
Net income	341	135	308	779	170	773	(148)	2,358
Non controlling interests	0	(0)	(42)	(101)	(21)	(36)	7	(193)
Net income Group Share	341	135	266	679	148	738	(141)	2,165

	Q1-24
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	3,314	954	1,081	1,793	846	2,266	(728)	9,525
Operating expenses	(2,484)	(602)	(524)	(754)	(454)	(1,297)	527	(5,589)
Gross operating income	830	351	556	1,039	392	969	(201)	3,936
Cost of risk	(247)	(119)	(84)	(3)	(219)	33	(13)	(651)
Equity-accounted entities	5	–	–	29	30	4	–	68
Net income on other assets	2	2	(0)	(8)	(0)	0	(2)	(7)
Income before tax	589	234	472	1,056	203	1,006	(216)	3,347
Tax	(147)	(53)	(143)	(220)	(42)	(235)	85	(755)
Net income from discont’d or held-for-sale ope.	–	–	–	–	–	–	–	–
Net income	442	181	330	837	161	772	(131)	2,592
Non controlling interests	(0)	(0)	(51)	(112)	(19)	(34)	7	(208)
Net income Group Share	442	181	279	725	142	738	(123)	2,384

Appendix 2 – Credit Agricole S.A. : Income statement by business line

Crédit Agricole S.A. – Résults by business line, Q1-25 and Q1-24

	Q1-25
En m€	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	2,058	2,408	868	963	1,025	(67)	7,256
Operating expenses	(936)	(1,360)	(474)	(625)	(515)	(81)	(3,991)
Gross operating income	1,123	1,048	395	338	511	(148)	3,266
Cost of risk	(11)	25	(249)	(92)	(66)	(21)	(413)
Equity-accounted entities	28	6	36	–	–	(22)	47
Net income on other assets	(0)	0	0	1	(0)	0	1
Income before tax	1,139	1,078	182	247	444	(191)	2,900
Tax	(352)	(305)	(12)	(112)	(137)	92	(827)
Net income from discontinued or held-for-sale operations	–	–	–	–	0	–	0
Net income	787	774	170	135	308	(99)	2,073
Non controlling interests	(107)	(50)	(21)	(6)	(62)	(3)	(249)
Net income Group Share	680	723	148	129	246	(102)	1,824

	Q1-24
En m€	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	1,789	2,266	846	954	1,057	(107)	6,806
Operating expenses	(754)	(1,297)	(454)	(602)	(505)	(56)	(3,669)
Gross operating income	1,035	969	392	351	552	(163)	3,137
Cost of risk	(3)	33	(219)	(119)	(82)	(11)	(400)
Equity-accounted entities	29	4	30	–	–	(20)	43
Net income on other assets	(8)	0	(0)	2	(0)	–	(6)
Income before tax	1,053	1,006	203	234	470	(194)	2,773
Tax	(220)	(235)	(42)	(53)	(142)	82	(610)
Net income from discontinued or held-for-sale operations	–	–	–	–	–	–	–
Net income	834	772	161	181	328	(112)	2,163
Non controlling interests	(117)	(50)	(19)	(8)	(71)	5	(259)
Net income Group Share	716	722	142	173	257	(107)	1,903

Appendix 3 – Data per share

Credit Agricole S.A. – Earnings p/share, net book value p/share and RoTE

(€m)

Q1-2025
Q1-2024

Net income Group share

1,824
1,903

– Interests on AT1, including issuance costs, before tax

(129)
(138)

– Foreign exchange impact on reimbursed AT1

–
(247)

NIGS attributable to ordinary shares

[A]
1,695
1,518

Average number shares in issue, excluding treasury shares (m)

[B]
3,025
3,018

Net earnings per share

[A]/[B]
0.56 €
0.50 €

(€m)

31/03/2025
31/03/2024

Shareholder’s equity Group share

77,378
72,429

– AT1 issuances

(8,726)
(7,184)

– Unrealised gains and losses on OCI – Group share

1,222
1,021

– Payout assumption on annual results*

(3,327)
(3,181)

Net book value (NBV), not revaluated, attributable to ordin. sh.

[D]
66,546
63,086

– Goodwill & intangibles** – Group share

(17,764)
(17,280)

Tangible NBV (TNBV), not revaluated attrib. to ordinary sh.

[E]
48,783
45,807

Total shares in issue, excluding treasury shares (period end, m)

[F]
3,025
3,026

NBV per share , after deduction of dividend to pay (€)
+ Dividend to pay (€)

TNBV per share, after deduction of dividend to pay (€)

TNBV per sh., before deduct. of divid. to pay (€)

[D]/[F]
22.0 €
20.9 €

[H]
1.10 €
1.05 €

[G]=[E]/[F]
16.1 €
15.1 €

[G]+[H]
17.2 €
16.2 €

* dividend proposed to the Board meeting to be paid

** including goodwill in the equity-accounted entities

(€m)

Q1-25
Q1-24

Net income Group share

[K]
1,824
1,903

Impairment of intangible assets

[L]
0
0

Additional corporate tax

[LL]
-123
–

IFRIC

[M]
-173
-110

NIGS annualised (1)

[N]
8,111
7,944

Interests on AT1, including issuance costs, before tax, foreign exchange impact, annualised

[O]
-515
-799

Result adjusted

[P] = [N]+[O]
7,596
7,145

Tangible NBV (TNBV), not revaluated attrib. to ord. sh. – avg *** (2)

[J]
47,752
44,671

Stated ROTE adjusted (%)

= [P] / [J]
15.9%
16.0%

*** including assumption of dividend for the current exercice

(1) ROTE calculated on the basis of an annualised net income Group share and linearised IFRIC costs over the year
(2) Average of the NTBV not revalued attributable to ordinary shares, calculated between 31/12/2024 and 21/03/2025 (line [E]), restated with an assumption of dividend for current exercises

Alternative Performance Indicators⁵⁴

NBV Net Book Value (not revalued)
The Net Book Value not revalued corresponds to the shareholders’ equity Group share from which the amount of the AT1 issues, the unrealised gains and/or losses on OCI Group share and the pay-out assumption on annual results have been deducted.

NBV per share Net Book Value per share – NTBV Net Tangible Book Value per share
One of the methods for calculating the value of a share. This represents the Net Book Value divided by the number of shares in issue at end of period, excluding treasury shares.

Net Tangible Book Value per share represents the Net Book Value after deduction of intangible assets and goodwill, divided by the number of shares in issue at end of period, excluding treasury shares.

EPS Earnings per Share
This is the net income Group share, from which the AT1 coupon has been deducted, divided by the average number of shares in issue excluding treasury shares. It indicates the portion of profit attributable to each share (not the portion of earnings paid out to each shareholder, which is the dividend). It may decrease, assuming the net income Group share remains unchanged, if the number of shares increases.

Cost/income ratio
The cost/income ratio is calculated by dividing operating expenses by revenues, indicating the proportion of revenues needed to cover operating expenses.

Cost of risk/outstandings
Calculated by dividing the cost of credit risk (over four quarters on a rolling basis) by outstandings (over an average of the past four quarters, beginning of the period). It can also be calculated by dividing the annualised cost of credit risk for the quarter by outstandings at the beginning of the quarter. Similarly, the cost of risk for the period can be annualised and divided by the average outstandings at the beginning of the period.

Since the first quarter of 2019, the outstandings taken into account are the customer outstandings, before allocations to provisions.

The calculation method for the indicator is specified each time the indicator is used.

Doubtful loan
A doubtful loan is a loan in default. The debtor is considered to be in default when at least one of the following two conditions has been met:

a payment generally more than 90 days past due, unless specific circumstances point to the fact that the delay is due to reasons independent of the debtor’s financial situation.
the entity believes that the debtor is unlikely to settle its credit obligations unless it avails itself of certain measures such as enforcement of collateral security right.

Impaired loan
Loan which has been provisioned due to a risk of non-repayment.

Impaired (or non-performing) loan coverage ratio
This ratio divides the outstanding provisions by the impaired gross customer loans.

Impaired (or non-performing) loan ratio
This ratio divides the impaired gross customer loans on an individual basis, before provisions, by the total gross customer loans.

Net income Group share
Net income/(loss) for the financial year (after corporate income tax). Equal to net income Group share, less the share attributable to non-controlling interests in fully consolidated subsidiaries.

Net income Group share attributable to ordinary shares
The net income Group share attributable to ordinary shares represents the net income Group share from which the AT1 coupon has been deducted, including issuance costs before tax.

RoTE Return on Tangible Equity
The RoTE (Return on Tangible Equity) measures the return on tangible capital by dividing the Net income Group share annualised by the Group’s NBV net of intangibles and goodwill. The annualised Net income Group share corresponds to the annualisation of the Net income Group share (Q1x4; H1x2; 9Mx4/3) excluding impairments of intangible assets and restating each period of the IFRIC impacts in order to linearise them over the year.

Disclaimer

The financial information on Crédit Agricole S.A. and Crédit Agricole Group for first quarter 2025 comprises this presentation and the attached appendices and press release which are available on the website: https://www.credit-agricole.com/finance/publications-financieres.

This presentation may include prospective information on the Group, supplied as information on trends. This data does not represent forecasts within the meaning of EU Delegated Act 2019/980 of 14 March 2019 (Chapter 1, article 1, d).

This information was developed from scenarios based on a number of economic assumptions for a given competitive and regulatory environment. Therefore, these assumptions are by nature subject to random factors that could cause actual results to differ from projections. Likewise, the financial statements are based on estimates, particularly in calculating market value and asset impairment.

Readers must take all these risk factors and uncertainties into consideration before making their own judgement.

Applicable standards and comparability

The figures presented for the three-months period ending 31 March 2025 have been prepared in accordance with IFRS as adopted in the European Union and applicable at that date, and with regulations currently in force. This financial information does not constitute a set of financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting” and has not been audited.

Note: The scopes of consolidation of the Crédit Agricole S.A. and Crédit Agricole groups have not changed materially since the Crédit Agricole S.A. 2024 Universal Registration Document and its A.01 update (including all regulatory information about the Crédit Agricole Group) were filed with the AMF (the French Financial Markets Authority).

The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding.

Other information

Crédit Agricole S.A.’s Combined General Meeting will take place on 14 May 2025 in Paris.

As announced at the time of the publication of Crédit Agricole S.A.’s 2024 results, the Board of Directors will propose to the General Meeting a cash dividend of €1.10 per share

26 May 2025: ex-dividend date
27 May 2025: Record date
28 May 2025: Dividend payment

Financial Agenda

14 May 2025                General Meeting
31 July 2025                Publication of the 2025 second quarter and the first half-year results
30 October 2025                Publication of the 2025 third quarter and first nine months results

Contacts

CREDIT AGRICOLE PRESS CONTACTS

CRÉDIT AGRICOLE S.A. INVESTOR RELATIONS CONTACTS

Institutional investors	+ 33 1 43 23 04 31	investor.relations@credit-agricole-sa.fr
Individual shareholders	+ 33 800 000 777 (freephone number – France only)	relation@actionnaires.credit-agricole.com

Cécile Mouton	+ 33 1 57 72 86 79	cecile.mouton@credit-agricole-sa.fr
Equity investor relations:
Jean-Yann Asseraf Fethi Azzoug	+ 33 1 57 72 23 81 + 33 1 57 72 03 75	jean-yann.asseraf@credit-agricole-sa.fr fethi.azzoug@credit-agricole-sa.fr
Oriane Cante	+ 33 1 43 23 03 07	oriane.cante@credit-agricole-sa.fr
Nicolas Ianna	+ 33 1 43 23 55 51	nicolas.ianna@credit-agricole-sa.fr
Leila Mamou	+ 33 1 57 72 07 93	leila.mamou@credit-agricole-sa.fr
Anna Pigoulevski	+ 33 1 43 23 40 59	anna.pigoulevski@credit-agricole-sa.fr


Debt investor and rating agency relations:
Gwenaëlle Lereste	+ 33 1 57 72 57 84	gwenaelle.lereste@credit-agricole-sa.fr
Florence Quintin de Kercadio	+ 33 1 43 23 25 32	florence.quintindekercadio@credit-agricole-sa.fr
Yury Romanov	+ 33 1 43 23 86 84	yury.romanov@credit-agricole-sa.fr

See all our press releases at: www.credit-agricole.com – www.creditagricole.info

1 Car, home, health, legal, all mobile phones or personal accident insurance.
2 CA Auto Bank, automotive JVs and automotive activities of other entities
3 Low-carbon energy outstandings made up of renewable energy produced by the clients of all Crédit Agricole Group entities, including nuclear energy outstandings for Crédit Agricole CIB.
4CAA outstandings (listed investments managed directly, listed investments managed under mandate and unlisted investments managed directly) and Amundi Transition Energétique.
5 Crédit Agricole Group outstandings, directly or via the EIB, dedicated to the environmental transition according to the Group’s internal sustainable assets framework, as of 31/12/2024. Change of method compared with the outstandings reported at 30/09/2024: with the same method, the outstandings at 31/12/2024 would be €115.5 billion.
6 Direct exposure to project financing of hydrocarbon extraction (gross exposure excl. export credit cover).

7 The cost of risk/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters
8 The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter
9 Average rate of loans to monthly production for January and February 2025.
10 Equipment rate – Home-Car-Health policies, Legal, All Mobile/Portable or personal accident insurance
11 Home Purchase Savings Plan base effect (reversal of the Home Purchase Savings Plan provision) in Q1-24 totalling +€41m in revenues and +€30m in net income Group share
12 Scope effect of Degroof Petercam revenues: +€164 million in the first quarter of 2025
13 Includes -€115 million in scope effect on Degroof Petercam

14 Provisioning rate calculated with outstandings in Stage 3 as denominator, and the sum of the provisions recorded in Stages 1, 2 and 3 as numerator.
15 The cost of risk/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters
16 The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter
17 See Appendixes for details on the calculation of the RoTE (return on tangible equity)
18 The annualised net income Group share corresponds to the annualisation of the net income Group share (Q1x4; H1x2; 9Mx4/3) by restating each period for IFRIC impacts and the corporate income tax surcharge to linearise them over the year
19 In local standards
20 Property and casualty insurance premium income includes a scope effect linked to the initial consolidation in Q2-24 of CATU (a property and casualty insurance entity in Poland) with retroactive effect at 1 January 2024: +7.7% Q1/Q1 increase in premium income at constant scope

21 Scope: property and casualty in France and abroad
22 Combined property & casualty ratio in France (Pacifica) including discounting and excluding undiscounting, net of reinsurance: (claims + operating expenses + fee and commission income)/gross premiums earned. Undiscounted ratio: 95.9% (-0.4 pp over the year)
23 The Agrica – Crédit Agricole Assurances – Groupama consortium chosen to ensure the new health care scheme for employees as of 01/01/25
24 Excluding JV
25 Excluding assets under custody for institutional clients
26 Amount of allocation of Contractual Service Margin (CSM), loss component and Risk Adjustment (RA), and operating variances net of reinsurance, in particular
27 Amount of allocation of CSM, loss component and RA, and operating variances net of reinsurance, in particular.
28 Net of reinsurance cost, including financial results
29 The charge on Tier 1 debt is recorded as a non-controlling interest while that of Tier 2 debt is deducted from the revenues.
30 Integration costs of -€7m in Q1-25 vs. -€13m in Q4-24, related to Victory and aixigo
31 Indosuez Wealth Management scope
32 Degroof Petercam data for the quarter included in Wealth Management results: Revenues of €164m and expenses of -€115m (excluding integration costs partly borne by Degroof Petercam)
33 Refinitiv LSEG
34 Bloomberg in EUR
35 ISB integration costs: -€9m in Q1-25 (€20m in Q1-24)
36 CA Auto Bank, automotive JVs and auto activities of other entities
37 CA Auto Bank and automotive JVs
38 Cost of risk for the last four quarters as a proportion of the average outstandings at the beginning of the period for the last four quarters.
39 Net of POCI outstandings
40 Source Abi Monthly Outlook April 2025: stable +0.0% March/March for all loans
41 At 31 March 2025 this scope includes the entities CA Italia, CA Polska, CA Egypt and CA Ukraine.

42 Over a rolling four quarter period.
43 SREP requirement applicable at 31 March 2025, including the combined capital buffer requirement (a) for Crédit Agricole Group a 2.5% capital conservation buffer, a 1% G-SIB buffer (which will increase to 1.5% on 1 January 2026 following the notification received from the ACPR on 27 November 2024), the countercyclical buffer set at 0.75%, as well as the 0.06% systemic risk buffer and (b) for Crédit Agricole S.A., a 2.5% capital conservation buffer, the countercyclical buffer set at 0.58% as well as the 0.09% systemic risk buffer.
44 As part of its annual resolvability assessment, Crédit Agricole Group has chosen to continue waiving the possibility offered by Article 72ter(3) of the Capital Requirements Regulation (CRR) to use senior preferred debt for compliance with its TLAC requirements in 2025.
45 In the event of non-compliance with the combined capital buffer requirement. The distributable elements of Crédit Agricole S.A. amounted to €42.9 billion, including €29.6 billion in distributable reserves and €13.3 billion in share premiums at 31 December 2024.
46From December 2024, securities within liquidity reserves are valued after discounting idiosyncratic stress (previously systemic stress) to better reflect the economic reality of central bank value.
47 Gross amount before buy-backs and amortisations
48 Gross amount before buy-backs and amortisations
49 Excl. AT1 issuances
50 Excl. AT1 issuances
51 Excl. senior secured issuances
52 Excl. AT1 issuances
53 Excl. senior secured issuances
54 APMs are financial indicators not presented in the financial statements or defined in accounting standards but used in the context of financial communications, such as net income Group share or RoTE. They are used to facilitate the understanding of the company’s actual performance. Each APM indicator is matched in its definition to accounting data.

Attachment

EN_CASA_PR_2025_Q1

The MIL Network –

April 30, 2025

MIL-OSI: Equinor first quarter 2025 results
Source: GlobeNewswire (MIL-OSI)

Equinor (OSE:EQNR, NYSE:EQNR) delivered adjusted operating income* of USD 8.65 billion and USD 2.25 billion after tax in the first quarter of 2025. Equinor reported net operating income of USD 8.87 billion and net income at USD 2.63 billion. Adjusted net income* was USD 1.79 billion, leading to adjusted earnings per share* of USD 0.66.

Strong financial and operational performance
- Strong financial results and cash flow
- Solid oil and gas production
Strategic progress
- Successful start-up of the Johan Castberg and Halten East fields
- Final investment decision on Northern Lights phase 2
Capital distribution
- First quarter cash dividend of USD 0.37 per share
- Proposed second tranche of share buy-back of up to USD 1.265 billion
- Expected total capital distribution for 2025 of up to USD 9 billion
Anders Opedal, President and CEO of Equinor ASA:

“Equinor delivers strong financial results in the first quarter. I am pleased to see the good operational performance and solid production capturing higher gas prices. With the current market uncertainties, Equinor’s core objective is safe, stable and cost efficient operations and resilience through a strong balance sheet.”

“We maintain a competitive capital distribution and expect to deliver a total of USD 9 billion in 2025.”

“The production start-up of the Johan Castberg field strengthens Norway’s role as a reliable energy exporter to Europe. The field opens a new region in the Barents Sea and is expected to contribute to energy supply, value creation and ripple effects for at least 30 years to come.”

“We have invested in Empire Wind after obtaining all necessary approvals, and the order to halt work now is unprecedented and in our view unlawful. This is a question of the rights and obligations granted under legally issued permits, and security of investments based on valid approvals. We seek to engage directly with the US Administration to clarify the matter and are considering our legal options.”

Solid production

Equinor delivered a total equity production of 2,123 mboe per day in the first quarter, down from 2,164 mboe in the same quarter last year.

The operational performance for most of the fields on Norwegian continental shelf is strong, including the Johan Sverdrup and Troll fields. This almost offsets the negative production impact from the shut-in at Sleipner B after the fire in fourth quarter 2024 and planned and unplanned maintenance at Hammerfest LNG.

In the US, production increased from the same period last year. This was due to increased production from the fields and transactions increasing Equinor’s ownership interest in onshore gas assets in 2024.

The production from the international upstream segment, excluding US, is down compared to the same quarter last year, due to exits from Nigeria and Azerbaijan in 2024.

The total power generation from the renewable portfolio was 0.76 TWh, on par with the same period last year.

In the quarter, Equinor completed five offshore exploration wells on the NCS with two commercial discoveries.

Strong financial results

Equinor delivered adjusted operating income* of USD 8.65 billion. and USD 2.25 billion after tax* in the first quarter of 2025. The results are driven by solid gas production and higher gas prices.

Equinor realised a European gas price of USD 14.8 per mmbtu and realised liquids prices were USD 70.6 per bbl in the first quarter.

Adjusted operating and administrative expenses* increased from the same quarter last year driven by overlift, higher maintenance activity and some one-off costs. This was partially offset by active measures to reduce costs for business development and early phase projects in renewables and low carbon solutions.

A strong operational performance generated a cash flow from operating activities, before taxes paid and working capital items, of USD 10.6 billion for the first quarter. Equinor paid one NCS tax instalment of USD 3.09 billion in the quarter.

Cash flow from operations after taxes paid* ended at USD 7.39 billion.

Organic capital expenditure* was USD 3.02 billion for the quarter, and total capital expenditures were USD 4.50 billion.

Equinor continues to demonstrate capital discipline and strengthen financial robustness with a net debt to capital employed adjusted ratio* of 6.9% at the end of the first quarter, compared to 11.9% at the end of the fourth quarter of 2024.

Empire Wind 1

After quarter close, Equinor received a halt work order from the US government on the offshore construction on the outer continental shelf for the Empire Wind project. The lease was obtained in 2017 and the project was fully permitted in 2024. It has a potential for delivering power to half a million New York homes, and is approximately 30% to completion.

Equinor is complying with the order and is seeking dialogue with the proper authorities and assessing legal options. The Empire Wind project has per 31 March 2025 a gross book value of around USD 2.5 billion, including South Brooklyn Marine Terminal.

Strategic progress

A major milestone was reached when production was started from the Johan Castberg field in the Barents Sea on 31 March. Production also started at the Halten East development in the Norwegian Sea, with estimated recoverable reserves of 100 million boe and one year pay-back time.

Equinor continues to optimise and strengthen long-term value creation on the NCS, and was awarded 27 new production licenses in the Awards in Predefined Areas round (APA) in January. The ambition is to drill around 250 exploration wells on the NCS by 2035.

In the quarter, the Bacalhau floating production, storage and offloading vessel (FPSO) arrived at its destination in the Santos Basin in Brazil’s pre-salt region. First oil is expected in 2025.

Within low carbon solutions, Equinor together with partners Shell and TotalEnergies made a final investment decision to progress phase two of the groundbreaking Northern Lights carbon transport and storage development in Øygarden. The NOK 7.5 billion investment is expected to increase the total injection capacity from 1.5 million tonnes of CO2 per year (Mtpa) to at least 5 Mtpa and further develop the commercial market for transport and storage of CO2.

The appraisal wells for carbon storage at Smeaheia were completed in the quarter on time and on cost.

Competitive capital distribution

The board of directors has decided a cash dividend of USD 0.37 per share for the first quarter 2025, in line with communication at the Capital Markets Update in February.

Expected total capital distribution for 2025 is USD 9 billion, including a share buy-back programme of up to USD 5 billion. The board has decided to initiate a second tranche of the share buy-back programme of up to USD 1.265 billion. The second tranche is subject to an authorisation from the company’s annual general meeting 14 May 2025 and will commence after this. The tranche will end no later than 21 July 2025.

The first tranche of the share buy-back programme for 2025 was completed on 24 March 2025 with a total value of USD 1.2 billion.

All share buy-back amounts include shares to be redeemed by the Norwegian State.

– – –

*For items marked with an asterisk throughout this report, see Use and reconciliation of non-GAAP financial measures in the Supplementary disclosures.

– – –

Further information from:

Investor relations
Bård Glad Pedersen, Senior vice president Investor relations
+47 918 01 791 (mobile)

Press
Sissel Rinde, Vice president Media relations
+47 412 60 584 (mobile)

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act

Attachments
- Equinor 1Q 2025 Financial Statements and Review
- CFO presentation – 1Q 2025 results
The MIL Network –
April 30, 2025
MIL-OSI: Equinor ASA: Key information relating to cash dividend for first quarter 2025

Source: GlobeNewswire (MIL-OSI)

Key information relating to the cash dividend to be paid by Equinor (OSE: EQNR, NYSE: EQNR) for first quarter 2025.

Cash dividend amount: 0.37

Announced currency: USD

Last day including rights: 15 August 2025

Ex-date Oslo Børs : 18 August 2025

Ex-date New York Stock Exchange: 19 August 2025

Record date: 19 August 2025

Payment date: 29 August 2025

Date of approval: 29 April 2025

Other information: The cash dividend per share in NOK will be communicated 25 August 2025.

This information is published in accordance with the requirements of the Continuing Obligations and is subject to the disclosure requirements pursuant to Section 5-12 in the Norwegian Securities Trading Act.

The MIL Network –

April 30, 2025
MIL-OSI: Equinor to commence second tranche of the 2025 share buy-back programme

Source: GlobeNewswire (MIL-OSI)

Equinor (OSE: EQNR, NYSE: EQNR) will after the annual general meeting 14 May 2025 commence the second tranche of up to USD 1,265 million of the share buy-back programme for 2025, as announced in relation with the first quarter results 30 April 2025.

Execution of share buy-back under the tranche is subject to renewal of a board authorisation for share buy-back from the annual general meeting 14 May 2025 and agreement with the Norwegian State regarding share buy-back.

In this second tranche of the share buy-back programme for 2025, shares for up to USD 417.5 million will be purchased in the market, implying a total second tranche of up to USD 1,265 million including shares to be redeemed from the Norwegian State. The tranche will end no later than 21 July 2025.

Equinor announced at the Capital Market Update in February 2025 a share buy-back programme of up to USD 5 billion for 2025, including shares to be redeemed from the Norwegian State, in order to conclude the two-year programme for 2024 – 2025, announced in February 2024. The share buy-back programme will be subject to market outlook and balance sheet strength and be structured into tranches where Equinor will buy back shares for a certain value in USD over a defined period. For the second tranche in 2025, Equinor will be entering into a non-discretionary agreement with a third party who will execute repurchases of shares and make its trading decisions independently of the company.

Commencement of new share buy-back tranches after the second tranche in 2025 will be decided by the board of directors on a quarterly basis in line with the company’s dividend policy and will be subject to a new board authorisation for share buy-back from the company’s annual general meeting and agreement with the Norwegian State regarding share buy-back (as further described below).

The purpose of the share buy-back programme is to reduce the issued share capital of the company. All shares purchased as part of the second tranche for 2025 will thus be cancelled through a capital reduction at the annual general meeting of the company in May 2026.

Further information about the share buy-back programme and the second tranche:

The second tranche of the share buy-back programme for 2025 is subject to an authorisation being granted to the board of directors by the annual general meeting of the company 14 May 2025. According to such authorisation proposed by the board of directors, the maximum number of shares which can be purchased in the market is 84 million. The minimum price that can be paid per share is NOK 50, and the maximum price is NOK 1,000. The authorisation proposed will be valid until the annual general meeting of the company in May 2026, but no later than 30 June 2026.

It is a precondition for execution of the second tranche that Equinor and the Norwegian State have entered into an agreement regulating the State’s participation in the share buy-back programme: At the annual general meeting of the company in May 2026, the State will, as per proposal by the board of directors, vote for the cancellation of shares purchased in the market pursuant to the board authorisation, and the redemption and cancellation of a proportionate number of its shares in order to maintain its ownership share in the company at 67%. The price to be paid to the State for redemption of the State’s shares shall be the volume-weighted average of the price paid by Equinor for shares purchased in the market plus interest rate compensation, adjusted for any dividends paid.

In the second tranche in 2025, shares will be purchased on the Oslo Stock Exchange and possibly other trading venues within the EEA. Transactions will be conducted in accordance with applicable safe harbour conditions, and as further set out in the Norwegian Securities Trading Act of 2007, EU Commission Regulation (EC) No 2016/1052 and the Norwegian Financial Supervisory Authority’s Guidelines for buy-back programmes from March 2025.

The board of directors will propose to the annual general meeting to be held in May 2026, to cancel shares purchased in the market in this second tranche in 2025 and to redeem and cancel a proportionate number of the State’s shares per the agreement with the State. Based on renewal of this agreement, shares purchased under subsequent tranches of the share buy-back programme for 2025, and a proportionate number of the State’s shares will follow a similar process at the annual general meeting of the company in 2026.

This is information that Equinor is obliged to make public pursuant to the EU Market Abuse Regulation and that is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

Further information from:

Investor relations
Bård Glad Pedersen, senior vice president Investor Relations,
+47 918 01 791

Media
Sissel Rinde, vice president Media Relations,
+47 412 60 584

The MIL Network –

April 30, 2025
MIL-OSI USA News: ICYMI: Celebrating President Trump’s Incredible First 100 Days

Source: The White House

President Donald J. Trump has accomplished more in 100 days than most presidents do over an entire term — and he’s still just getting started. President Trump’s unprecedented work in the first 100 days has earned praise from across Capitol Hill and beyond.

Here’s what they’re saying:

Speaker Mike Johnson: “@POTUS has been able to do far more for the American people in the first 100 days than the Biden Administration did in four years. Thanks to the Trump White House, AMERICA IS BACK – and we’re just getting started.”

Senate Majority Leader John Thune: “It’s been 100 days of the new Trump administration, and @POTUS is delivering. Securing our southern border, restoring American strength, extending tax relief for Americans, unleashing American energy, saving taxpayer dollars, and restoring common sense.”

Senate Majority Whip John Barrasso: “In the first 100 days under @POTUS Trump, Republicans are fighting for the American people. Secure the border. Rebuild the economy. Restore peace through strength. Unleash American energy.”

Senate Republican Conference Chair Tom Cotton: “Joe Biden unleashed mass illegal migration across our nation during his time in office. In his first 100 days, President Trump ended the Biden Border Crisis by cracking down on criminals and following the law.”

Sen. Jim Banks: “100 days of securing the border… Thanks to President Trump’s strong leadership, the invasion along our borders is over!”

Sen. Marsha Blackburn: “Congratulations to President Trump on 100 days of Making America Great Again.”

Sen. Katie Britt: “President Trump has kept his promises in the first 100 days.”

Sen. Ted Budd: “From day one: clear goals, hard work, concrete results. At Day 100, @POTUS has built real momentum to deliver long-term prosperity for the American people — and he’s just getting started.”

Sen. Shelley Moore Capito: “Real leadership leads to real results. @SenateGOP and @POTUS are delivering on our promises in these 100 days to protect and secure our country.”

Sen. Bill Cassidy: “After 100 days, the results are clear: America is safer and the border is secure.”

Sen. John Cornyn: “I’ve worked hand-in-glove with President Trump to accomplish his agenda during his first 100 days.”

Sen. Mike Crapo: “President Trump has had phenomenal successes in his first 100 days. He has closed the border, revitalized our energy production, brought trillions of dollars of capital investment into the United States.”

Sen. Steve Daines: “In just 100 days, @POTUS has delivered win after win. Border crossings are at an all-time low, American energy is thriving & we’re kicking Biden and the left’s woke agenda to the curb. If this is what 100 days of progress looks like, can’t wait for what the future brings!”

Sen. Joni Ernst: “From a wide-open southern border to complete border security in just 100 days. That is the Trump effect.”

Sen. Chuck Grassley: “2day marks 100 days of Pres Trumps return 2 White House Ive seen the President working hard 2 KEEP HIS PROMISES + RESTORE COMMON SENSE Praise the Lord we hv a Commander in Chief who is standing on the platform he ran on& getting things done for the American ppl.”

Sen. Lindsay Graham: “In just 100 days, President Trump has delivered historic results for the American people… I look forward to continue working with the President and his team in the Senate to make sure we DELIVER his historic agenda to the American people.”

Sen. Bill Hagerty: “This has been the most effective, most impactful in a positive sense 100 days in my lifetime.”

Sen. Josh Hawley: “For the first time in decades, working Americans have a President who stands with them. Trump’s giving Americans their country back”

Sen. John Hoeven: “#100Days in, @POTUS has secured the border and now he’s empowering our energy producers to make the country energy dominant—removing barriers, driving growth, and restoring America’s place as the world’s energy leader.”

Sen. Jon Husted: “Daily border apprehensions have dropped 95% since @POTUS took office. Pres. Trump is following through on his promise to secure the border and safeguard Americans.”

Sen. Cindy Hyde-Smith: “Just 100 days in, @POTUS and the Senate Republicans are delivering for the American people – securing our border, rolling back harmful Biden policies, confirming Trump nominees, passing common-sense laws, and locking in a strong budget.”

Sen. Jim Justice: “100 days under @POTUS:
✔️American Energy Unleashed
✔️Border is secure
✔️Manufacturing is coming back to the states
✔️ West Virginia Coal making a comeback
President Trump is just getting started and I will keep working alongside him to get results for Americans!”

Sen. John Kennedy: “In just 100 days, President Trump has secured the border, fought racial quotas, and totally changed the national conversation about the budget.”

Sen. James Lankford: “An unprecedented 100 days under President Trump!” Let’s continue this moment for the American people—great job @POTUS.”

Sen. Mike Lee: “A HISTORIC FIRST 100 DAYS.”

Sen. Cynthia Lummis: “100 days of a stronger and safer America.”

Sen. Roger Marshall: “The President’s first 100 days is a return to American greatness.”

Sen. Dave McCormick: “We’re 100 days into the Trump Administration and we’re already seeing enormous change on behalf of the American people, just like the president promised.”

Sen. Ashley Moody: “Today marks President Trump’s first 100 days, and the country is already stronger and safer than it has ever been before.”

Sen. Jerry Moran: “In his first 100 days in office, President Trump has made our southern border safer by ending catch & release, signing the Laken Riley Act into law & reinstating Remain in Mexico. Illegal encounters at the southern border are down 95% thanks to these commonsense policies.”

Sen. Markwayne Mullin: “100 DAYS: PROMISES MADE, PROMISES KEPT.”

Sen. Rand Paul: “100 days of cutting government waste, securing the border, pursuing peace abroad, and simply restoring sanity to the American people.”

Sen. Pete Ricketts: “In his first 100 days in office, President Trump has delivered for the American people.”

Sen. Jim Risch: “100 days of America First”

Sen. Rick Scott: “President Trump is delivering on his promises to make our country safer, our economy stronger, and America Great Again!”

Sen. Tim Scott: “How do you describe 100 days of President Trump? Promises made, promises kept.”

Sen. Eric Schmitt: “100 days of putting America first. Us”

Sen. Tim Sheehy: “Whether it’s ending Biden’s border crisis, unleashing American energy, bolstering our military and restoring American strength, or securing better deals for hardworking families, @POTUS has delivered win after win in his first 100 days.”

Sen. Dan Sullivan: “Congratulations @POTUS on 100 days in office and thank you in particular for working to unleash Alaska’s extraordinary resource potential!”

Sen. Tommy Tuberville: “He’s done an outstanding job A+, we continue to even get better because he’s solving more problems everyday Thank you, President Trump for what you’ve done!”

Sen. Roger Wicker: “Mr. President you’re bringing the kind of peace through strength our children will talk about fifty years from now- we thank you.”

House Majority Leader Steve Scalise: “Today marks 100 DAYS of President Trump and Republican majorities in Congress. … America First and common sense are BACK. And we’re just getting started. Promises made. Promises kept.”

House Majority Whip Tom Emmer: “100 days in, President Trump is delivering for the people of Minnesota.”

House Republican Conference Chair Lisa McClain: “Today, @HouseGOP celebrates POTUS’ historic first 100 days in office. He has delivered on his promises to secure the borders, restore energy independence, show peace through strength, and make America COMPETITIVE.”

House Republican Leadership Chair Elise Stefanik: “President @realDonaldTrump is securing our borders, reining in inflation, unleashing American energy dominance, combatting antisemitism, supporting the rule of law, and restoring American greatness and peace through strength on the world stage.”

Rep. Mark Alford: “100 days ago, America was on the brink. Today, because of President Trump: Hope is back. Strength is back. America is BACK.”

Rep. Rick Allen: “Promises made, promises kept. In just 100 days, @POTUS has delivered:
✅ A secure border
✅ Safer communities
✅ Energy independence
✅ Job growth
✅ Lowers costs for essentials like gas and eggs
The list goes on and we’re just getting started!”

Rep. Jodey Arrington: “In the first 100 days of President Trump’s second term our nation has experienced unprecedented achievements in a new era of American politics defined by competent leadership, common sense policies, and a commitment to America first.”

Rep. Brian Babin: “100 days in and America is roaring back to life. The economy is up. The border is secure. Our pride is restored. The American comeback is here. FIGHT, FIGHT, FIGHT!”

Rep. Don Bacon: “I commend the Trump Administration for tackling these campaign promises in the first 100 days:
✅ Restoring energy independence & bringing prices under control
✅ Securing our border with 95% drop in illegal crossings
✅ Taking decisive action against the Houthis
The border and energy independence were top priorities this past Nov.”

Rep. Jim Baird: “In 100 days, POTUS and his administration have been reversing the disastrous Biden-era policies and are working hard to usher in the Golden Age of America. Promises made. Promises kept.”

Rep. Troy Balderson: “In President Trump’s first 100 days, he has…
us Secured the border
Unleashed American energy
Rooted out government waste
Added 345,000 jobs
…and we’re just getting started”

Rep. Andy Barr: “President @realDonaldTrump’s first 100 days have been nothing short of historic. I’m honored to stand with him as we secure the border, unleash American energy, rebuild our economy, and put America First again. Together, we’re delivering the results the American people demanded.”

Rep. Tom Barrett: “In President Trump’s first 100 days, we’ve teamed up to secure the border, bring manufacturing jobs back, and unleash American energy.
🚨 Illegal border crossings are at historic lows.
The Laken Riley Act is signed into law.
📉 Inflation and energy prices are falling..
🚔 We are making our communities safe again.
America First is back and we’re just getting started. #100Days”

Rep. Michael Baumgartner: “On National Fentanyl Awareness Day, we celebrate the progress made with record low border crossings. President Trump’s first 100 days in office set the stage for this success. Let’s continue the fight to eradicate fentanyl and protect our communities.”

Rep. Aaron Bean: “We’re celebrating #100Days of President Trump in office, and one thing is abundantly clear: America’s future is looking up! Since day one, POTUS has understood the assignment: undo the damage done by the previous administration and usher in the Golden Age of America. Working together at historic speed, we are securing our border, slashing wasteful spending, reviving our economy, and defending our American values.”

Rep. Stephanie Bice: “100 days of bringing back America first policies.”

Rep. Gus Bilirakis: “One of President Trump’s biggest success stories in his first 100 days is enhanced border security. U. S. Customs and Border Protection now has total control of the border, with daily border encounters down by 93%. March of 2025 saw the lowest monthly number of border encounters in recorded history. Also, in March of 2025, fentanyl traffic at the southern border fell by 54% compared to March of 2024. To date, the Trump Administration has also arrested more than 151,000 illegal aliens and has deported over 135,000. This includes 600 members of Tren De Aragua and thousands of MS-13 and 18thStreet Gang members. We will continue to get dangerous predators off our streets!”

Rep. Andy Biggs: “President Trump has done more for our country in his first 100 days than Democrats could dream of accomplishing in four years. Countless nations have already reached out to amend unfair trade practices.”

Rep. Sheri Biggs: “100 Days of Results: President Trump promised to secure our border—and he’s delivered. Illegal crossings are down 94%, catch & release is over, and the border is finally under control.”

Rep. Mike Bost: “What a difference 100 days make! Border apprehensions dropped by 94%, gas prices are down 6.3%, and egg prices have fallen by 56%. Over 100,000 illegal aliens have been deported, and U.S. manufacturing is roaring back.”

Rep. Josh Brecheen: “We have seen tremendous progress at our borders due to President
@realDonaldTrump taking decisive action in his first 100 days:
• Daily border encounters are DOWN by 93%.
• Over 135,000 illegal aliens have been DEPORTED.
• Illegal alien crossings are DOWN by 99.99%.
Promises made, promises kept!”

Rep. Vern Buchanan: “In his first 100 days, POTUS has delivered on his promises.”

Rep. Eric Burlison: “✅ Illegal crossings down 94%
✅ $Trillions in private investments
✅ Ended the Green New Scam
✅ Peace Through Strength
✅ Protecting women in sports
Still not tired of winning.”

Rep. Ken Calvert: “In the four years of Joe Biden’s presidency the border was in chaos as illegal immigrants and deadly drugs flowed unchecked into America. In the first 100 days of Donald Trump’s presidency order and security has been restored at the border.”

Rep. Kat Cammack: “In 100 days, President Trump has protected women and girls’ sports, reduced illegal border crossings by 95%, removed dangerous criminals from the U.S., protected our children, enhanced transparency, and more!”

Rep. Buddy Carter: “It’s been a historic and productive first 100 days of the second Trump Administration. From securing the southern border to reestablishing fair trade deals and unleashing American energy dominance, this presidency can be defined by one word: efficiency.”

Rep. Juan Ciscomani: “.@POTUS Trump delivered on his promise to secure the border in his first 100 days – and it’s making a real difference for families in #AZ06.Just ask Jim and Sue Chilton. Under President Biden, their ranch saw 5,640 illegal crossings in April 2024. Under President Trump, things have changed for the better. In April 2025, they recorded ZERO crossings in a span of three weeks — a direct result of President Trump’s strong border policies. ✅Promises made, promises kept!”

Rep. Ben Cline: “Trump’s first 100 days are a new era of American renewal”

Rep. Michael Cloud: “The difference is undeniable. In just 100 days, President Trump has reversed the failures of the Biden administration and put America back on the path to greatness.”

Rep. Andrew Clyde: “Today marks 100 days of President Trump putting America FIRST!”

Rep. Mike Collins: “This has been the most consequential first 100 days in any American presidency.
✅The border crisis is solved.
✅Domestic manufacturing is back.
✅America is respected again.
✅DEI is dead.
100 down and 1362 to go.”

Rep. James Comer: “100 Days. President Trump has delivered on dozens of promises made to the American people… America’s future is bright under President Trump’s leadership.”

Rep. Eli Crane: “Thank you, President Trump, for ending the premeditated border invasion. We didn’t need new legislation. We just needed a new President.”

Rep. Dan Crenshaw: “Today marks President Trump’s 100th day back in office. He promised action, and he’s delivering it. If you listened during the campaign, you knew this was coming — promises made, promises kept”

Rep. Warren Davidson: “President Trump in his first 100 days:
– Secured the border
– Removed woke ideology from the military
– Eliminated billions in fraud and abuse
– Deported over 100K illegal aliens
Best sequel EVER”

Rep. Monica De La Cruz: “During his first 100 days, President Trump stood up for South Texas farmers and ranchers — demanding Mexico honor its water delivery commitments, and he has delivered. Thank you, @POTUS! #PromisesMadePromisesKept”

Rep. Mario Diaz-Balart: “100 days of SUCCESS with President Trump back in the White House—leading with strength, and laying the foundation for prosperity and peace for America to be the global powerhouse for generations to come.”

Rep. Byron Donalds: “THE BEST IS YET TO COME”

Rep. Troy Downing: “President Trump in his first term talked about promises made, promises kept. This time, it’s on steroids.”

Rep. Neal Dunn: “100 days in, and the Trump administration has already achieved countless victories! From plummeting illegal border crossings to swift downsizing of the bloated federal bureaucracy, President Trump is delivering for the American people!”

Rep. Ron Estes: “Today marks 100 days of President Trump’s second term. @POTUS and House Republicans have been hard at work to turn the page on four years of open borders, a sluggish economy and runaway federal spending. In just 100 days, border encounters are down 95%, hostages have returned home, violent criminals are being deported, more than $5 trillion in new investments have been secured, and the Department of Government Efficiency has saved taxpayers $160 billion (that’s an average saving of $1.6 billion every day). But we’re just getting started – we’re working to extend the 2017 Tax Cuts and Jobs Act, preserve and protect Social Security, reduce wasteful spending and restore our energy independence.”

Rep. Mike Ezell: “During @POTUS’s first 100 days, the Coast Guard has worked around the clock to defend our maritime borders and stop the flow of illegal drugs and migrants. I’m proud that President Trump is recognizing their hard work—service that too often goes unnoticed but is vital to our national security.”

Rep. Pat Fallon: “President Trump’s border security measures have yielded incredible results in 100 days. With 113,000 arrests, over 100,000 deportations, and a 94% reduction in illegal crossings, his policies are in the best interest of all Americans and public safety.”

Rep. Julie Fedorchak: “Today is the 100 day marker for @POTUS Trump. He is tackling big issues that have long been ignored.
✅ Illegal border crossings are down 95%. Turns out we didn’t need new laws. We needed a new President that would actually enforce them.
✅ American energy is on the move. We are aggressively and responsibly developing our nation’s abundant, diverse natural resources.
✅ President Biden’s stifling regulations are being rolled back—lifting burdens off our farmers, businesses, and energy producers.
✅ Government waste, fraud and abuse is being identified and eliminated.
Promises made. Promises kept.”

Rep. Randy Feenstra: “In just 100 days, President Trump has achieved incredible victories for our country. He locked down our border, deported violent criminals, repealed ridiculous Biden-era regulations, and rooted our waste, fraud, and abuse in our government.”

Rep. Brad Finstad: “In his first 100 days in office, President Trump has delivered on his promises, with over 300,000 new jobs created, strengthened border security, and an improved economic outlook for our nation. Together, we will continue working to restore the American Dream by making our communities safer and addressing the kitchen-table issues that matter most to the American people.”

Rep. Michelle Fischbach: “In his first 100 days, @POTUS has signed the Laken Riley Act into law, has dangerous gangs and cartels shaking in their boots, and has shut our borders to illegal immigrants.”

Rep. Scott Fitzgerald: “Only 100 days in, and @POTUS has delivered real results… I’m proud to stand with President Trump and the America First agenda!”

Rep. Chuck Fleischmann: “In his first 100 Days, @POTUS is taking strong action to get America back on track! President Trump has:
Secured our borders.
Ended the war on American-made energy.
Begun rebuilding our economy.
Signed the Laken Riley Act into law.
Restored commonsense in government.”

Rep. Vince Fong: “In his first 100 days, President Trump has relentlessly pursued policies that are delivering on his promises to Central Valley families and the American people as we speak.”

Rep. Scott Franklin: “100 days back in the White House and the results speak for themselves… America is back on the path to strength, security and prosperity!”

Rep. Russell Fry: “President Trump’s first 100 days in office have been the MOST SUCCESSFUL IN THE HISTORY OF THE COUNTRY.”

Rep. Brandon Gill: “President Trump’s historic presidency delivered major wins for the American people in his first 100 days.”

Rep. Craig Goldman:” For years, we had a President who allowed millions of illegal aliens to flood across our borders. In 100 days, @POTUS has secured the border. The difference is clear:
✅ Daily apprehensions are down 94%
✅ Known gotaways are down 90%
✅ 100,000+ illegal aliens have been deported”

Rep. Tony Gonzales: “Illegal Border Crossings⬇️95%
Unleashing American Energy
Water Deliveries from Mexico to South Texas
Empowering LEOs to Tackle Crime & Protect our Communities
And we’re just getting started! #100Days”

Rep. Lance Gooden: “Just 100 days into President Donald Trump’s second term, the answer is resounding: Yes, we are better off.”

Rep. Sam Graves: “In his first 100 days, President Trump has moved quickly to secure the border, unleash American energy production, and get rid of burdensome regulations… It’s exactly what the American people voted for.”

Rep. Mark Green: “In less than three months, President Trump has restored law and order to our nation’s borders, removed criminal illegal aliens from our communities, and helped ensure the safety of the American people by empowering DHS law enforcement to do their jobs.”

Rep. Marjorie Taylor Greene: “The American people & I are SO happy with the work President Trump has done the last 100 days! Our nation is safer, common sense has been restored, and America is being put first!”

Rep. Glenn Grothman: “In his first 100 days, President Trump delivered more for the American people than Joe Biden had in four years. He’s keeping his promises, prioritizing American interests, securing our border, and leading with transparency. In the House, we’re building on that momentum to deliver real results that honor the American people’s electoral mandate.”

Rep. Brett Guthrie: “Today marks the first 100 days of President Trump’s Administration. @POTUS has delivered on his promises of securing our border, unleashing American energy and repealing burdensome red tape. Promises made, promises kept.”

Rep. Harriet Hageman: “In his first 100 days, President Trump has fixed a lot of what Biden and Kamala Harris broke and he’s on track to do a lot more.”

Rep. Abe Hamadeh: “Promises made. Promises kept. Congratulations to @POTUS on an incredibly successful First 100 Days!”

Rep. Mike Haridopolos: “President Trump is keeping the promises that he made to the American people. Just 100 days in, we’re already seeing the RESULTS.”

Rep. Pat Harrigan: “100 days in, the Trump Doctrine holds firm: American interests first, American sovereignty always.”

Rep. Mark Harris: “It’s been 100 days of:
✅Restoring common sense
✅Protecting Americans from criminal illegals
✅Rooting out government waste, fraud, and abuse
Looking forward to the next 1361 days!!”

Rep. Diana Harshbarger: “100 days of investing in America… Promises Made, Promises Kept.”

Rep. Kevin Hern: “The last 100 days have gone by quickly but so much has happened. POTUS is moving at record pace to RESTORE American strength, SAVE taxpayers’ money, and PROTECT our national security and sovereignty.”

Rep. Clay Higgins: “100 days of MAGA. President Trump’s administration is restoring common sense, securing our border, unleashing America’s energy potential, and attacking waste, fraud, abuse, and theft in the bureaucracy.”

Rep. Ashley Hinson: “Closing in on 100 days of President Trump back in the Oval, and the results speak for themselves: strong and CLOSED borders, American energy back on top, peace through strength restored on the world stage, and a more competitive America. Promises made, promises kept.”

Rep. French Hill: “100 days into his second term, and President Trump continues to move with unprecedented speed to deliver on the promises made to the American people. America is back on the path to restoring our strength, security, and prosperity. I’m looking forward to building on these early wins to lower costs, expand opportunity, and make the Trump tax cuts permanent for working families, small businesses, and the middle class.”

Rep. Erin Houchin: “President Trump is off to a strong start! In just 100 days, he’s delivering on his promises to secure our border, rebuild our economy, and restore law and order. Proud to stand with him as we fight to put America First again!”

Rep. Bill Huizenga: “President Trump is delivering on promise after promise for the American people. In just 100 days, he has secured our border, unleashed American energy, and restored common-sense regulatory policies to Washington. And we are just getting started!”

Rep. Wesley Hunt: “100 Days in and Trump is keeping his promises.
– 345,000 New Jobs
– 4th highest Payroll Growth in 2 years
– 9,000 New Manufacturing Jobs
– Unemployment Rate Decreased
– Consumer Price Decline
– Hourly Wage Growth”

Rep. Jeff Hurd: “I commend @POTUS and @HouseGOP for delivering on key promises in the first 100 days:
✅ Establishing energy dominance for rural America
✅ Securing our borders with a significant drop in illegal crossings
✅ Reviving the coal industry and identifying coal resources on federal lands”

Rep. Darrell Issa: “In only 100 days, @realDonaldTrump ended the Biden border crisis, extended economic opportunity, slashed billions in government waste, and restored our standing in the world. This is setting the pace for the next four years as we Make America Great Again.”

Rep. Jim Jordan: “President Trump said he’d stop federal censorship, defend religious liberty, and promote school choice. He’s done all of it. Promises made. Promises kept.”

Rep. Mike Kelly: “In just his first 100 days, President Trump has:
– Cracked down on illegal immigration – Compared to March 2024, Southwest border apprehensions have decreased by 94% and Northern border land encounters have decreased by 73%.
– Expanded American energy production
– Secured trillions of dollars in new U.S.-based economic investment
– Brought jobs back to the U.S. and restructured trade negotiations
– Restored accountability and transparency in government
– Secured the release of Butler County native Marc Fogel and freed hostages

@POTUS and @HouseGOP are putting America first!”

Rep. Trent Kelly: “Today marks the 100th day in office for President Donald Trump. During this time, the Trump administration has made significant progress and worked quickly to fulfill his promises by securing the border, restoring energy independence, strengthening national defense, and boosting American competitiveness.”

Rep. Brad Knott: “Never have the first 100 days of a presidency been so consequential. Following four years of disastrous and destructive policy from Biden-Harris, Americans were eager to see big, sweeping change and @POTUS delivered.”

Rep. David Kustoff: “President Trump Has Kept His Promises in the First 100 Days!
1. Strengthened border security, slashing illegal crossings to record lows 🚓
2. Fueled growth in U.S. manufacturing and industrial production 🏭
3. Curbed inflation, easing the cost-of-living crisis for Americans 💸
4. Enacted the Laken Riley Act to ensure justice for crime victims ⚖️
5. Combatted Tren de Aragua and MS-13 gangs in American communities 🚨
6. Cracked down on sanctuary cities, upholding federal immigration laws 🔒
7. Championed energy independence through robust oil and gas expansion ⛽️
8. Lifted the natural gas export ban, cementing U.S. energy dominance 🛢️
9. Dismantled DEI policies in government and DoD, recognized only male/female genders 🚻
10. Declassified JFK and RFK records for transparency 📂
11. Reduced the amount of federal bureaucracy 🏛️”

Rep. Darin LaHood: “President Trump’s first 100 days have secured our border, made our communities safer, and put U.S. foreign adversaries on notice.”

Rep. Doug LaMalfa: “In just 100 days, President Trump has delivered the most secure border this country has seen in modern history. Illegal crossings are down 95%, gotaways have dropped by 99%, and catch-and-release is over. Over 139,000 illegal immigrants have been deported, construction on the border wall is back underway, and Kamala Harris’ migrant app has been shut down for good. Violent gangs like Tren de Aragua and MS-13 are being dismantled, sanctuary cities are finally being held accountable, and the Trump administration is making clear that migrant crime will not be ignored — signing the Laken Riley Act into law to deliver justice for American families. Promises made, promises kept.”

Rep. Bob Latta: “Today marks @POTUS’s first 100 days in office. From day one, he has prioritized the American people, working to eliminate waste, fraud, and abuse. Proud to work with
@HouseGOP and President Trump to make life better for people in Ohio and across the country. Promises made, promises kept.”

Rep. Nick Langworthy: “100 days of President Trump putting America First… and we are just getting started.”

Rep. Laurel Lee: “In his first 100 days in office, President Trump is driving the American dream forward at a historic rate by securing American manufacturing, unleashing American energy, and supporting American-owned businesses.”

Rep. Julia Letlow: “In 100 days President Trump has: reduced illegal border encounters by 95%, reduced total migrant crossings by nearly 100%, ended the Biden Border Crisis.”

Rep. Barry Loudermilk: “Marking 100 days into his presidency, @POTUS continues to deliver on his promises to Make America Great Again.
• 26 hostages freed from adversarial nations
• Women’s sports protected
• Unleashing the American worker and industry
• $5 trillion in new investments/trade commitments secured
All we needed was a different President.”

Rep. Anna Paulina Luna: “In 100 days, President Trump has: Secured our border, declassified the JFK+RFK files, deported thousands of illegal alien thugs, protected American manufacturing & workers, started eliminating rampant waste, fraud, and abuse, crushed DEI in academia & business.”

Rep. Morgan Luttrell: “President Trump is ushering in a Golden Age of America.

✅ 100k+ illegal aliens deported
✅ Gas prices down
✅ Border crossings down 94%
✅ Eggs down 56%
✅ 228,000 jobs in March”

Rep. Nancy Mace: “100 days of holding the line. Thank you President Donald J. Trump.”

Rep. Tracey Mann: “On Inauguration Day, President Trump promised he would usher in the Golden Age of America. 100 days into his historic second term, he is delivering just that for the American people. Promises made, promises kept.”

Rep. Brian Mast: “Today marks 100 days of President Trump’s historic second term. We’re closing the border, bringing investments and manufacturing back to America, and reducing inflation. But we’re just getting started.”

Rep. Nicolle Malliotakis: “From securing our border and deporting criminals to attracting trillions in private investment to negotiating the release of dozens of hostages, it’s been a fast & furious first 100 days!”

Rep. Michael McCaul: “The American people gave a mandate to secure the border, and
@POTUS delivered. Today, on his 100th day in office, @HomelandGOP is working to fully fund his border security agenda & protect the homeland for years to come.”

Rep. Addison McDowell: “During President Trump’s first hundred days, the Coast Guard has defended our maritime border and stood on the front lines against illegal drugs and migrants. President Trump has made it clear—their hard work matters, and it won’t go unnoticed.”

Rep. John McGuire: “President Trump promised a secure border. In his first 100 days, border encounters are down 95%.”

Rep. Mark Messmer: “In just 100 days, @POTUS is restoring American Greatness with…
✅ Secure borders
✅ Energy independence
✅ Lower grocery prices
✅ Peace through strength”

Rep. Dan Meuser: “In just 100 days President @realDonaldTrump has worked to strengthen our national security, create an America-First economy, deliver savings for taxpayers, restore global leadership, and bring commonsense back to Washington. The border is secure, American energy is recovering, jobs are coming back, inflation is falling, and our military recruitment is surging — among much more. President Trump has a plan that will lead to long-term success for the United States.”

Rep. Mary Miller: “As we reach the first 100 days of President Donald Trump’s second term in the White House, it is abundantly clear: Christians across America once again have a powerful, unapologetic advocate in the Oval Office.”

Rep. Mariannette Miller-Meeks: “Today marks 100 days since @POTUS returned to the White House, and @HouseGOP is hard at work delivering on his America First agenda!”

Rep. Riley Moore: “It’s been an incredible first 100 days for @POTUS
✅ Sealed the border
✅ Deporting violent criminals
✅ Lowering prices & reversing inflation
✅ Only 2 genders
✅ Over $5 trillion in private investment
✅ Negotiating free and fair trade relationships
Commonsense is back!”

Rep. Tim Moore: “Since Day 1, President Trump has made it clear that rebuilding Western North Carolina and helping Hurricane Helene victims was one of his top priorities. 100 days in, there’s still a lot of work to do, but President Trump has completely turned around the federal response.”

Rep. Nathaniel Moran: “Great visiting with local and national media to highlight @POTUS successes during his first 100 days in office. We’ve delivered real results as a party—but there’s still more work to do for the American people. I look forward to advancing President Trump’s agenda in the days ahead and keeping our commitment to putting America First.”

Rep. Troy Nehls: “Today marks President Trump’s first 100 days back in the White House.
Border is secured.
Gas prices are dropping.
DEI is dead.
Historic investments secured.
American energy is back.
Common sense is restored.
Protected women’s sports.
We just keep winning!”

Rep. Ralph Norman: “Within a mere 100 days – Gas prices have dropped 7%, energy prices are down 2%, egg prices dropped over 50%. @POTUS has delivered for the American people!! Welcome to the GOLDEN AGE!”

Rep. Zach Nunn: “After 100 days of Biden: 451,063 CBP Apprehensions
After 100 days of Trump: 21,528 CBP Apprehensions
⬇️ Apprehensions down 95%
⬇️ Migrant crossings down 99.99%
✅ Iowa communities safer & more secure”

Rep. Andy Ogles: “It’s working — thanks to President Trump, ‘Made in Middle Tennessee’ is back and stronger than ever.”

Rep. Burgess Owens: “President @realDonaldTrump brought back something Washington had lost: America First leadership. 100 Days of historic and unprecedented wings for our nation. Promises made. Promises kept. us”

Rep. Gary Palmer: “In his first 100 days, President Trump has brought common sense back to the White House.”

Rep. Jimmy Patronis: “Since @POTUS took office and reversed Biden’s burdensome regulations, Americans have enjoyed 100 days of lower prices.
📉A/Cs
📉Gas Stoves
📉Water Heaters
📉Lightbulbs
📈WINNING
Having a strong quarterback in the White House matters; and it’s just the first quarter”

Rep. August Pfluger: “The first 100 days have set the foundation, the next 100 days will build the framework, and the next 100 years will showcase the lasting legacy of conservative governance done right.”

Rep. Guy Reschenthaler: “100 days of American greatness — and many more to come”

Rep. Hal Rogers: “Celebrating @POTUS ‘s first 100 days in office and the positive impact he is having in our country, including:
-Securing our borders
-Putting drug cartels on the run
-Ending unfair trade policies
-Restoring commonsense, conservative policies that protect the American people
-Strengthening our domestic energy supply, and much more.”

Rep. Mike Rogers: “President Trump has accomplished more in 100 days than Biden did in his entire presidency. I am proud to see an America that is stronger and safer than it was 100 days ago.”

Rep. John Rose: “In just 100 days, President Trump and his administration have accomplished more than Joe Biden did in four years.”

Rep. David Rouzer: “President Trump is ushering in a new Golden Age of America!
✅ Restarted construction of the southern border wall
✅ Created 345,000 jobs
✅ Unlocked America’s Energy potential—bringing gas prices down 6.3%
✅ Reversed Biden-era rules – saving the average family of four $11,000
✅ Ended DEI in the military and government”

Rep. Mike Rulli: “100 Days of Action. 100 Days of Results.
President Trump is keeping his promises to the American people:
🛑 Secured the border & ended catch-and-release
🧱 Restarted the wall & deported criminal illegals
⚡ Declared a National Energy Emergency
💸 Slashed waste, fraud & DEI bloat
🏗️ Bringing jobs back through smarter trade”

Rep. Maria Elvira Salazar: “Biden left us an open border. Now, border crossings are down 99 percent, criminals are being held accountable, and American manufacturing is coming back. It’s only the beginning.”

Rep. Derek Schmidt: “✅ Secured the border
✅ Lowered inflation
✅ Unleashed American energy
✅ Eliminated waste, fraud, & abuse
✅ Reestablished peace through strength
@POTUS’ first 100 days have been success after success- and he’s just getting started. us”

Rep. Keith Self: “President Trump’s first 100 days embody the spirit of leadership, strength, and America First values. By upholding Reagan’s legacy of peace through strength, he fights to secure our nation and defend our freedoms. Thank you, @realDonaldTrump!”

Rep. Jefferson Shreve: “Today, we mark 100 days of promises made and promises kept. .@HouseGOP
and the @WhiteHouse have been delivering — for the American people.

✅Securing our southern border
✅Unleashing American energy dominance
✅Deporting terrorists and illegal criminals
✅Investing in American manufacturing
✅Saving billions of dollars for the American taxpayers”

Rep. Mike Simpson: “100 Days: @POTUS has delivered promise after promise to make America safer, more prosperous, and stronger. From securing our southern border to reducing regulations and restoring government transparency, President Trump has followed through for the American people.”

Rep. Jason Smith: “President Trump’s first 100 days in office have been 100 days of promises made, promises kept.”

Rep. Lloyd Smucker: “Promises made, promises kept. I’m proud to work alongside the Trump administration to extend tax relief for hardworking families and small businesses, cut government waste, secure our border, unleash American energy dominance, and achieve peace through strength.”

Rep. Pete Stauber: “In his first 100 days, President Trump has delivered major wins for the American people:
✅Secured the border.
✅Deported violent illegal gang members.
✅Unleashed American energy and lowered gas prices.
✅Reduced government waste.
✅Protected women’s sports.
✅Boosted military recruitment.
✅Brought hostages home.
Promises made, promises kept!”

Rep. Greg Steube: “They laughed. They doubted. They lied. But President Trump DELIVERED. The border is secure. DEI is DEAD. Women’s sports are protected. This is what fighting for America looks like. And we’re just getting started.”

Rep. Dale Strong: “In his first 100 days, @POTUS has delivered real results for the people of North Alabama. From strengthening national security to fueling job growth and reinvigorating American industry, Trump is taking action to push back against the failed policies of the radical left that weakened America’s economy, values, and institutions.”

Rep. Dave Taylor: “President Trump is on a roll. In his first 100 days in office he has:
– Lowered border encounters by 95%
– Created 345,000 jobs
– Signed the Laken Riley Act into law
– Invested in American energy & manufacturing
– Repealed restrictive Biden-era regulations
Republicans are ready to work with President Trump to deliver on his mandate. And we’re just getting started!”

Rep. Claudia Tenney: “President Trump has had a more productive first 100 days than any other president in history!”

Rep. Tom Tiffany: “President Trump delivered in just 100 days.
Secured the border.
Lowered gas prices.
Ended DEI programs.
Boosted investments.
Cut government waste.
Brought hostages home.
Deported gang members.
Protected women’s sports.
Revived military recruitment.
Promises made. Promises kept.”

Rep. Glenn Thompson: “Over the past 100 days, President Trump has worked tirelessly to secure our border, unleash American energy, and root out waste, fraud, and abuse in our government. Promises made, promises kept.”

Rep. William Timmons: “President Trump did more in 100 days than Joe Biden did in four years.”

Rep. Jeff Van Drew: “In just 100 days, President Trump did what Biden wouldn’t in four years:
✅ Laken Riley Act: signed
✅ Remain in Mexico: reinstated
✅ CBP One App: shut down
✅ Catch and Release: ended
✅ Criminal illegals: deported
Biden opened the floodgates and Trump slammed them shut.”

Rep. Beth Van Duyne: “100 days in and we are not tired of winning!
✅ Secured the border.
✅ $5+ trillion in new private U.S. investment
✅ Unleashed American Energy
✅ Lowered prices
✅ Negotiating for free and fair trade”

Rep. Derrick Van Orden: “Over 77 million Americans and 1.7 million Wisconsinites put their trust in President Trump to get our nation back on track after four years of disastrous policy from the Biden administration. In just 100 days, President Trump has delivered on his promises to the American people.”

Rep. Tim Walberg: “100 days in, Trump creating new Golden Age.”

Rep. Randy Weber: “President Trump has been in office 100 GREAT days. Thank you for finally putting Americans FIRST. A new era of greatness has begun for our great country.”

Rep. Daniel Webster: “President Trump is getting our country back on track. In just the first 100 days, @POTUS:
✅ Secured the border – 94% drop in illegal crossings.
✅ Unleashed American energy – gas prices have fallen 6.3%.
✅ Secured trillions in new U.S. based investments, and brought back American jobs.
✅ Restored peace through Strength.
✅ Cut waste, fraud, and abuse in the federal government.
The Golden Age of America has only just begun.”

Rep. Tony Wied: “100 days of a secure border, 100 days of eliminating waste in our government, 100 days of unleashing American energy, 100 days of putting America First.”

Rep. Roger Williams: “In just 100 days under @POTUS, Illegal border encounters are DOWN by 95% and gotaways are DOWN by 99%.”

Rep. Joe Wilson: “Today marks 100 days since President Donald Trump took back the White House, and along with the Republican-led House and Senate, immediately began Promises Made, Promises Kept, delivering for American families. In just 100 days, the Trump administration has secured the borders, restored energy independence, began Peace Through Strength, and brought massive investments and jobs, making America competitive again. President Trump is keeping his promises to families, making the country strong, safe, and secure.”

Rep. Steve Womack: “In the first 100 days, @POTUS Trump has delivered huge wins for our nation, securing our borders and halting the surge of illegal crossings witnessed under Biden. National security begins with strong border policies, and I’m pleased to see this administration making it a top priority.”

Rep. Rudy Yakym: “100 days of promises made, promises kept
✅Illegal border crossings down 95%
✅Deporting violent criminals
✅Bringing dozens of hostages home
✅Restoring peace through strength
✅Unleashing American energy”

Rep. Ryan Zinke: “First 100 days of @POTUS by the numbers:
📉Border encounters down 88% since last year
📉Gas Prices down 6.3%
📉Eggs prices down 56%
📈10,000 new manufacturing jobs
📈 8,900 new auto jobs
➡️ over 100,000 illegal aliens deported”

Vice President JD Vance: “President Trump has made historic progress in the first 100 days of his presidency, but he’s also revealed the ways in which the entrenched bureaucracy in Washington is working to undermine the will of the American people. Thank God, we have a president who is fighting back.”

Secretary of the Treasury Scott Bessent: “Bringing down persistent Bidenflation has been a priority for the first 100 days of the Trump administration, and @POTUS has done a great job of leading that effort.”

Attorney General Pam Bondi: “This is all at Donald Trump’s directive, and this is what all of us have been doing, as a team, since Day One when he took office – Make America Safe Again.”

Secretary of Energy Doug Burgum: “100 Days of promises made, promises kept! This administration is bolstering our national security, reducing inflation, ending our reliance on foreign adversaries, & cementing this country as a global energy powerhouse.”

Secretary of Veterans Affairs Doug Collins: “The first 100 days of the second Trump Administration have been full of great news for America’s Veterans. Under @POTUS’ leadership, we are putting Veterans first!”

Secretary of Labor Lori Chavez-DeRemer: “In just the first 100 days, we’re witnessing a resurgence of the grit, determination, and ingenuity that built our country into a shining city on a hill.”

Secretary of Transportation Sean Duffy: “From zero to 100 days: How Donald Trump is revolutionizing transportation.”

Director of National Intelligence Tulsi Gabbard: “President Trump’s first 100 days have delivered historic change for the American people, to make our country more safe, secure, and free.”

Secretary of Health and Human Services Robert F. Kennedy, Jr.: “The first 100 days of the Trump administration have been historic—a critical course correction for a nation suffering from chronic disease and the stranglehold of corporate power.”

Small Business Administration Administrator Kelly Loeffler: “No better place to celebrate the wins of President Trump’s first 100 Days than with America’s small businesses and workers. In record time, he’s delivering the strongest pro-growth agenda in modern history– to help Main Street hire, build, and boom again.”

Secretary of Education Linda McMahon: “The American people gave us a historic mandate to restore our education system. We’re 100 days in, and we’re just getting started.”

Secretary of Homeland Security Kristi Noem: “Under the leadership of President Donald J. Trump, we have the most secure border in American history. In less than 100 days, daily border encounters are down 93%… The world is hearing our message: do not come to this country illegally. If you do, we will arrest you, deport you and you will not be allowed to return.”

Secretary of Agriculture Brooke Rollins: “As President Donald J. Trump ushers in a new golden age of prosperity for our economy, we are fighting to give farmers and ranchers a seat at the table. For far too long, the hardworking Americans who feed, fuel, and clothe the world were left on the sidelines. At USDA, I am reversing the policies of the Biden Administration that actively made life harder for America’s farmers and ranchers and instead pushing to expand market access and unleash prosperity for generations to come.”

Secretary of Housing and Urban Development Scott Turner: “After 100 Days of President Trump’s leadership, we are well on our way to restoring the American Dream.”

National Security Advisor Mike Waltz: “One hundred days into President Trump’s historic second term, America is far safer than it was during Joe Biden’s disastrous presidency.”

Secretary of Energy Chris Wright: “100 days in—President Trump’s leadership is turning policy into power.”

MIL OSI USA News –

April 30, 2025
MIL-OSI: 2025 China · Wuyi Auto Rally Successfully Concludes

Source: GlobeNewswire (MIL-OSI)

JINHUA, CHINA, April 29, 2025 (GLOBE NEWSWIRE) — On April 27, as the roaring engine sounds of the participating vehicles gradually faded away, the 2025 China·Wuyi Auto Rally, a speed battle that weaves through picturesque landscapes and perilous terrains, successfully concluded. This not only reignited Wuyi’s “rally” engine but also opened a new chapter in the in-depth integration of Wuyi’s “industry, event and tourism”. Li Xianwu, a member of the Standing Committee of the CPC Wuyi County Committee and Director of the Propaganda Department, attended the ceremony.

At the car-receiving ceremony, the drivers, with excitement and a touch of reluctance, drove their racing cars back to the starting platform amidst applause and cheers, received garlands, and bid farewell to this event.

Xu Jun and Huang Shaojun from Tonglian Rally Team won the 4-wheel-drive group championship. Yang Xidong and Tang Xiaoming from Dean Auto Sports Team won the runner-up, and Pan Dong and Gao Hui from Dongsheng Feichi-GOLF Team won the third-place.

Chen Liang and Tong Xijun from DA-Motorsport won the 2-wheel-drive group championship. Du Wenbin and Cheng Darong from Hunan Linwu You Team won the runner-up, and Tang Junzhe and Hao Peng from Fangjia Racing Team won the third-place.

“This is my first return to Wuyi after more than twenty years. The first time I came was because of Xu Lang, and I was his co-driver at that time. Over the past twenty years, Wuyi has changed a lot, but the people of Wuyi are still very enthusiastic. When I come to Wuyi, I feel like I’m back in my hometown. Especially the iconic U-turn on the Houshuling track reminds me of the days when I used to practice driving with Xu Lang.” Huang Shaojun, the co-driver and winner of the 4-wheel-drive group championship, said that Wuyi is a blessed place.

As the “King of Flying Cars” in the history of China’s rally racing and the true initiator of Wuyi’s racing culture, Xu Lang not only achieved excellent results in international competitions. He made more racing enthusiasts aware of Wuyi, transformed the gravel roads in his hometown into training grounds, and deeply implanted the racing spirit and culture into the land of Wuyi.

“After a ten-year interval, Wuyi is hosting a rally race again. As a native of Wuyi, winning the championship this time is very commemorative for me. I hope my hometown can continue to host auto rally races in the future, making the rally a new calling card for Wuyi. I want all racing enthusiasts to participate, get to know Wuyi, understand Wuyi, and fall in love with Wuyi.” Xu Jun, a racing driver, couldn’t hide his excitement about Wuyi hosting this event again.

In addition to legendary racing drivers like Xu Lang, Xu Jun, and Fu Junfei, known as the “Three Champions from One County”, who have amazed the industry, Wuyi’s connection with rally racing is also inseparable from its unique geographical advantages. With a landscape of “eight parts mountains, half part water, and half part farmland” within the county and winding township roads, it provides an ideal racing environment for rally race. During this competition, Wuyi used public roads as the race track and the landscape of mountains and waters as the backdrop, integrating the roar of motorsport with the tranquility of hot springs, writing a legend of speed.

Moreover, Wuyi has upgraded the rally race from a “periodic event” to a “sustainable economic engine”, focusing on building a closed-loop of “event-driven attraction—industrial foundation—cultural and tourism empowerment”, and steadily creating a county-level model of in-depth integration of “industry, event and tourism”.

From the intelligent production line of Zhejiang PDW Industrial Co., Ltd., which has a daily output of 3,000 wheels, to Apollo’s globally first electric off-road motorcycle, which seizes the commanding heights of the industry with innovative technology, and then to the layout of Leapmotor in Wuyi’s “New Energy Vehicle Town”…. 260 auto and motorcycle parts enterprises and a hard-core industrial strength with an output value of 4.3 billion yuan have made the auto and motorcycle parts industry one of the three pillar industries in Wuyi.

“This event not only showcases the characteristics of the integration of culture and tourism in Wuyi County, but also demonstrates the strength of Wuyi County’s auto and motorcycle parts industry. This is not only a new starting point for Wuyi County’s event-based economy, but also a new beginning for ‘strengthening and supplementing the chains’ of Wuyi County’s automotive industry chain. In the follow-up, we will continue to promote the in-depth integration of event-based economy with culture, tourism and industry, empower and support the auto and motorcycle industry chain in Wuyi, and provide cultural and tourism support for the development of new-quality productivity in Wuyi.” A relevant person in charge of the County Bureau of Culture, Radio, Television, Tourism and Sports said.

Media Contact
Wuyi County Publicity Department
Email: heyn@8531.cn
Tel: +86 15857143688
Website: http://www.8531.cn

SOURCE: Wuyi County Publicity Department

The MIL Network –

April 30, 2025
MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for April 30, 2025

ER Report: Here is a summary of significant articles published on EveningReport.nz on April 30, 2025.

Locked up for life? Unpacking South Australia’s new child sex crime laws
Source: The Conversation (Au and NZ) – By Xanthe Mallett, Criminologist, CQUniversity Australia Melnikov Dmitriy/Shutterstock It’s election time, which means the age old “tough on crime” rhetoric is being heralded by many politicians aiming to score votes. Opposition leader Peter Dutton is pushing for a national public sex offender register. Currently only Western Australia has

Why do dogs eat poo? A canine scientist explains
Source: The Conversation (Au and NZ) – By Mia Cobb, Research Fellow, Animal Welfare Science Centre, The University of Melbourne nygi/Unsplash When miniature dachshund Valerie was captured after 529 days alone in the wilds of Australia’s Kangaroo Island, experts speculated she survived partly by eating other animals’ poo. While this survival tactic may have saved

On ‘moral panic’ and the courage to speak – the West’s silence on Gaza
Palestinians do not have the luxury to allow Western moral panic to have its say or impact. Not caving in to this panic is one small, but important, step in building a global Palestine network that is urgently needed, writes Dr Ilan Pappé ANALYSIS: By Ilan Pappé Responses in the Western world to the genocide

Sick of eating the same things? 5 ways to boost your nutrition and keep meals interesting and healthy
Source: The Conversation (Au and NZ) – By Clare Collins, Laureate Professor in Nutrition and Dietetics, University of Newcastle Loquellano/Pexels Did you start 2025 with a promise to eat better but didn’t quite get there? Or maybe you want to branch out from making the same meal every week or the same lunch for work

Peace in our time? Why NZ should resist Trump’s one-sided plan for Ukraine
Source: The Conversation (Au and NZ) – By Robert G. Patman, Professor of International Relations, University of Otago GettyImages Getty Images Is it possible to reconcile increased international support for Ukraine with Donald Trump’s plan to end the war? At their recent meeting in London, Christopher Luxon and his British counterpart Keir Starmer seemed to

‘A living collective’: study shows trees synchronise electrical signals during a solar eclipse
Source: The Conversation (Au and NZ) – By Monica Gagliano, Research Associate Professor in Evolutionary Biology, Southern Cross University Zenit Arti Audiovisive Earth’s cycles of light and dark profoundly affect billions of organisms. Events such as solar eclipses are known to bring about marked shifts in animals, but do they have the same effect on

Greenpeace slams deep sea mining bid as ‘rogue’ disregard for global law
By Reza Azam Greenpeace has condemned an announcement by The Metals Company to submit the first application to commercially mine the seabed. “The first application to commercially mine the seabed will be remembered as an act of total disregard for international law and scientific consensus,” said Greenpeace International senior campaigner Louisa Casson. “This unilateral US

State of the states: the campaign is almost over, so how has it played out across Australia?
Source: The Conversation (Au and NZ) – By David Clune, Honorary Associate, Government and International Relations, University of Sydney While many Australians have already voted at pre-poll stations and by post, the politicking continues right up until May 3. So what’s happened across the country over the past five weeks? Here, six experts analyse how

‘No compassion… just blame’: how weight stigma in maternity care harms larger-bodied women and their babies
Source: The Conversation (Au and NZ) – By Briony Hill, Deputy Head, Health and Social Care Unit and Senior Research Fellow, Monash University Kate Cashin Photography According to a study from the United States, women experience weight stigma in maternity care at almost every visit. We expect this experience to be similar in Australia, where

Renewables, coal or nuclear? This election, your generation’s energy preference may play a surprising role
Source: The Conversation (Au and NZ) – By Magnus Söderberg, Professor & Director, Centre for Applied Energy Economics and Policy Research, Griffith University Christie Cooper/Shutterstock In an otherwise unremarkable election campaign, the major parties are promising sharply different energy blueprints for Australia. Labor is pitching a high-renewables future powered largely by wind, solar, hydroelectricity and

Trump says diversity initiatives undermine merit. Decades of research show this is flawed
Source: The Conversation (Au and NZ) – By Paula McDonald, Professor of Work and Organisation, Queensland University of Technology Pixel-Shot/Shutterstock US President Donald Trump declared earlier this year he would forge a “colour blind and merit-based society”. His executive order was part of a broader policy directing the US military, federal agencies and other public

Housing affordability is at the centre of this election, yet two major reforms seem all but off-limits
Source: The Conversation (Au and NZ) – By Matt Garrow, Editorial Web Developer This federal election, both major parties have offered a “grab bag” of policy fixes for Australia’s stubborn housing affordability crisis. But there are still two big policy elephants in the room, which neither side wants to touch. The first is negative gearing.

The Vietnam War ended 50 years ago today, yet films about the conflict still struggle to capture its complexities
Source: The Conversation (Au and NZ) – By Scarlette Nhi Do, Sessional Academic, The University of Melbourne Scene from Apocalypse Now (1979) Prime Video The Vietnam War (1955–1975) was more than just a chapter in the Cold War. For some, it was supposed to achieve Vietnam’s right to self-determination. For others, it was an attempt

Willis warns of a ‘tight’ budget to come, but NZ should be going for productivity, not austerity
Source: The Conversation (Au and NZ) – By Dennis Wesselbaum, Associate Professor, Department of Economics, University of Otago Hagen Hopkins/Getty Images Finance Minister Nicola Willis has warned her 2025 “Growth Budget” will be “one of the tightest budgets in a decade”, with plans to reduce spending by billions. It’s clear New Zealand is following a

50 years after the ‘fall’ of Saigon – from triumph to Trump
30 April 1975. Saigon Fell, Vietnam Rose. The story of Vietnam after the US fled the country is not a fairy tale, it is not a one-dimensional parable of resurrection, of liberation from oppression, of joy for all — but there is a great deal to celebrate. After over a century of brutal colonial oppression

Labor maintains clear lead in all polls and is likely to win election
Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne Labor leads by between 52–48 and 53–47 in four new national polls from Resolve, Essential, Morgan and DemosAU. While Labor’s vote slumped from a high 55.5–44.5 in

Election Diary: Albanese will be encouraged by ‘Trump’ effect in helping Canadian Liberals to victory
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Labor will be encouraged by the Liberals’ victory in Canada’s election, undoubtedly much helped by US President Donald Trump. Trump’s extraordinary attack on the United States’ northern ally, with his repeated suggestion Canada should be the 51st American state, galvanised

French Minister Valls warns New Caledonia is ‘on a tightrope’, pleads for ‘innovative’ solutions
By Patrick Decloitre, RNZ Pacific correspondent French Pacific desk French Minister for Overseas Manuel Valls, who is visiting New Caledonia this week for the third time in two months, has once again called on all parties to live up to their responsibilities in order to make a new political agreement possible. Failing that, he said

Did ‘induced atmospheric vibration’ cause blackouts in Europe? An electrical engineer explains the phenomenon
Source: The Conversation (Au and NZ) – By Mehdi Seyedmahmoudian, Professor of Electrical Engineering, School of Engineering, Swinburne University of Technology The lights are mostly back on in Spain, Portugal and southern France after a widespread blackout on Monday. The blackout caused chaos for tens of millions of people. It shut down traffic lights and

Tarakinikini appointed as Fiji’s ambassador-designate to Israel
By Anish Chand in Suva Filipo Tarakinikini has been appointed as Fiji’s Ambassador-designate to Israel. This has been stated on two official X, formerly Twitter, handle posts overnight. “#Fiji is determined to deepen its relations with #Israel as Fiji’s Ambassador-designate to Israel, HE Ambassador @AFTarakinikini prepares to present his credentials on 28 April, 2025,” stated

MIL OSI Analysis – EveningReport.nz –

April 30, 2025
MIL-OSI Australia: Festival celebrates Greater Bendigo’s heritage
Source: New South Wales Ministerial News

Mayor Cr Andrea Metcalf said the festival program enabled community members and visitors to experience and explore many heritage places.
“Greater Bendigo has a rich and diverse range of heritage places and open spaces that collectively illustrate the region’s history.” Cr Metcalf said.

“The festival program brings heritage to life including exclusive access to all kinds of special historical places from miners cottages to the former Gas Works site.”

National Trust Bendigo & District Branch President Peter Cox OAM said the annual Heritage Festival was an opportunity for people of all ages to celebrate the region’s heritage in many different ways.

“At the Heritage Festival, you can hear stories of the unusual and unknown from amazing experts and guides. With tours, talks, workshops and special events, there’s something for curious minds of all ages,” Mr Cox said.

“It is not often that people get the chance to gain access to incredible places and it’s a sneak peek not to be missed so I encourage you to browse the program and register for events.”

Other highlights from the festival program for Greater Bendigo include:
- A free Open Day on May 17 at Bendigo Heritage Attractions’ sites including Central Deborah Gold Mine, Bendigo Tramways and the Bendigo Joss House Temple
- A tour of the former Bendigo Post Office with a guide on May 10. Prebooking and entry fee applies
- Join Djaara Elder Uncle Rick Nelson on Country (Castlemaine and surrounds) from 10am to 4pm on May 3. Booking and fees apply
- A rare glimpse of the former Gas Works on May 11 with a special tour of the site. It is one of around three remaining intact 19th century gas works in the world, and the only one in Australia. Prebooking and entry fee applies
- An exclusive behind the scenes at the Bendigo Military Museum including the breathtaking band rotunda with panoramic views of Bendigo’s stunning streetscape on May 10. Prebooking and entry fee apply
- Visit three miners cottages and hear two talks on heritage by noted historians on May 3. Prebooking and entry fee applies
- Exclusive tours of the former Bendigo Law Courts on May 1, May 4 and May 10. Prebooking and entry fee applies
For the full program, visit:

MIL OSI News –
April 30, 2025
MIL-OSI USA: Markey, Huffman, Fitzpatrick Reintroduce Bipartisan Legislation to Protect the Arctic Refuge

US Senate News:

Source: United States Senator for Massachusetts Ed Markey
Washington (April 29, 2025) – Senator Edward J. Markey (D-Mass.), a member of the Senate Environment and Public Works Committee, and House Natural Resources Committee Ranking Member Jared Huffman (D-Calif.), Senators Maria Cantwell (D-Wash.), Michael Bennet (D-Colo.) and Representative Brian Fitzpatrick (R-Penn.), today reintroduced the Arctic Refuge Protection Act, legislation that will restore critical protections to the Arctic National Wildlife Refuge—the nation’s largest national wildlife refuge—by designating the Coastal Plain ecosystem as wilderness under the National Wilderness Preservation System. This legislation would permanently halt any new oil and gas leasing, exploration, development, and drilling on the Coastal Plain, and would safeguard the subsistence rights of the Arctic Indigenous Peoples who depend upon the Arctic Refuge.
“Trump’s reopening of the Arctic National Wildlife Refuge to oil and gas is another attempt to revive his old and failed promise of a fictional financial windfall from leasing the Refuge—all to pay for tax breaks for billionaires. The urgency to protect the wilderness of the Coastal Plain and the Refuge more broadly and reaffirm the sovereignty of Arctic Indigenous peoples is paramount—my Arctic Refuge Protection Act would do just that,” said Senator Markey. “We must put a law on the books to affirm these lands are not for sale and defend the Arctic landscape—a sacred home for Indigenous peoples, including the Gwich’in and Inupait—from Trump’s disastrous business plan.”
“What we choose to protect says everything about who we are. The Arctic National Wildlife Refuge is too special to destroy, and we have a responsibility to keep it that way,” said Ranking Member Huffman. “The Refuge is one of the last truly wild places left on the planet — home to caribou herds, polar bears, migratory birds, and breathtaking landscapes. But it’s more than that. It’s about standing with the Gwich’in people, who’ve spent generations protecting this land, living with the caribou herds, and preserving a way of life that predates the fossil fuel industry by thousands of years and continues to this day. Now, President Trump wants to turn the Arctic Refuge into a corporate cash grab, a place where oil companies could frack up the tundra while trampling tribal sovereignty and leaving Americans with nothing but spills and broken promises. This land belongs to the American people and to the Gwich’in, not to Big Oil.”
“Protecting the Arctic Refuge is not only an environmental imperative—it’s a strategic one. This land holds immense ecological value, cultural significance, and climate importance. Reckless development would endanger wildlife, violate Indigenous rights, and yield little economic return. As Co-Chair of the World Wildlife, Oceanic, Environmental and Biodiversity Caucus, I’m proud to support this legislation to protect one of America’s last wild frontiers—because conservation is not a cost, it’s a long-term investment in our security, economy, and planet,” said Representative Fitzpatrick.
“The Arctic National Wildlife Refuge is a pristine, million-year-old ecosystem unlike anything else we have in the United States, which is why it should be permanently protected,” said Senator Cantwell. “The future of the Arctic is in tourism, and with new sea routes opening up the real value of this land is conservation, not exploitation.”
“The Arctic National Wildlife Refuge is one of our country’s most unique and beautiful areas of land. We must work with our indigenous communities to protect our wildlife, and the environment put at risk by oil and gas development in this spectacular refuge. Rather than catering to the interests of the oil companies, we must focus our efforts on diversifying our energy sources with renewable energy and prevent further harm to the environment,” said Senator Schiff.
“We commend our congressional champions for taking a stand to protect one of America’s last great wild places. The Arctic National Wildlife Refuge’s Coastal Plain is not only a sanctuary for wildlife—it is sacred land for the Gwich’in and a symbol of our nation’s commitment to conservation. Selling off this land for oil and gas is not only destructive, it’s bad economics. The last Arctic Refuge lease sale was a failure, proving there is no real demand—only a handout to billion-dollar corporations at the expense of taxpayers. This legislation is a crucial step in permanently protecting this irreplaceable landscape from exploitation. Now, more than ever, Congress must prioritize our public lands and Indigenous rights by restoring protections to the Arctic Refuge and ensuring this land remains unexploited for generations to come,” said Kristen Miller, Executive Director, Alaska Wilderness League.
“We applaud the leadership of Sen. Markey and Reps. Huffman and Fitzpatrick for reintroducing the Arctic Refuge Protection Act,” said Mary Glaves, Alaska Coordinator for Backcountry Hunters & Anglers. “For hunters and anglers, the 1.5-million-acre coastal plain is the birth place of wild pursuits of caribou, waterfowl, and iconic fish species including Dolly Varden and Arctic Char. The abysmal interest in both the 2020 and 2025 lease sales demonstrates the bad economics of drilling in the Arctic Refuge. The wetlands and rivers weave together one of the last truly wild landscapes that are essential for the North American heritage of hunting and fishing and subsistence for local Alaskan communities. The Arctic Refuge is a national treasure that should be protected as such through a wilderness designation.”
“The Arctic Refuge is no place for drilling. It is a sanctuary for caribou, musk oxen, polar bears, wolves, and other wildlife. The Arctic Refuge Protection Act is a clear acknowledgment of that fact. Even the biggest players in the oil industry recognized that drilling in the Refuge was an absurd proposition when they failed to show up for recent lease sales,” said Alexandra Adams, Chief Policy Advocacy Officer at NRDC. “This bill would end an ongoing threat to this treasured place by forever barring industrialization of the Refuge.”
Background
The Arctic Refuge is one of the last truly wild places left in America. The Coastal Plain is the calving ground of the Porcupine caribou herd, the source of the Indigenous Gwich’in people’s way of life and subsistence for generations. It also provides a critical denning habitat for threatened Southern Beaufort Sea populations of polar bears. Oil and gas exploration, seismic testing, and all of the infrastructure that comes with oil drilling – from roads to pipelines to pumpjacks – would threaten polar bears in their dens, disrupt caribou and bird migration patterns, and result in significant and irreversible harm to the unique Arctic Refuge habitat and the Indigenous communities who depend on it.
For the Gwich’in people, who refer to the Coastal Plain as “Iizhik Gwats’an Gwandaii Goodlit” or the Sacred Place Where Life Begins, this land is more than wildlife habitat. It is cultural identity, food security, and a foundation for traditions that span millennia into the current day. The caribou herd is central to their traditions and survival, and industrial development in the region threatens not just an ecosystem, but an entire way of life. The Gwich’in, which span across Alaska and Canada, have been united in their opposition to drilling in the Refuge for decades and have called on the federal government to uphold its trust responsibilities and protect these lands permanently.
Developing the Refuge’s unproven oil and gas reserves would also pose a serious danger to the climate, locking in decades of emissions in a region already warming four times faster than the global average.
For decades, the Refuge’s coastal plain has been targeted for highly speculative oil and gas drilling. In 2017, the Tax Cuts and Jobs Act established an oil and gas leasing program along with a requirement that the Department of the Interior conduct two lease sales in the coastal plain before the end of 2024. According to the Congressional Budget Office’s estimate at the time, these lease sales would result in $1.82 billion in revenue over 10 years. Seven years later, those projections have proven wildly inaccurate.
The first lease sale brought in only $14.4 million in bids on 11 tracts, a far cry from the nearly $2 billion in estimated revenue. Major oil companies didn’t participate in the sale, and most major financial institutions have pledged not to finance drilling there. The most recent lease sale in January of this year generated no interest. Despite the lack of interest or activity, the risk of development and drilling in the Arctic Refuge remains.
On his first day in office, President Trump restarted the Coastal Plain Oil and Gas Leasing Program and reinstated seven leases from the state development corporation, which were previously canceled by the Biden administration. Congressional Republicans may once again use oil and gas leasing to pay for tax cuts for billionaires, despite its catastrophic failure to raise revenue in 2017.
The Senate bill is cosponsored by Senators Ron Wyden (D-Ore.), Jeff Merkley (D-Ore.), Tammy Baldwin (D-Wisc.), Patty Murray (D-Wash.), Alex Padilla (D-Calif.), Chris Van Hollen (D-Md.), Adam Schiff (D-Calif.), Jeanne Shaheen (D-N.H.), Dick Durbin (D-Ill.), Bernie Sanders (I-Vt.), Richard Blumenthal (D-Conn.), Sheldon Whitehouse (D-R.I.), Tina Smith (D-Minn.), Ben Ray Lujan (D-N.M.), Gary Peters (D-Mich.), and Elizabeth Warren (D-Mass.).
The House bill is cosponsored by Representatives Suzanne Bonamici (D-Ore.), Sydney Kamlager-Dove (D-Calif.), Sharice Davids (D-Kan.), Mary Gay Scanlon (D-Pa.), Hank Johnson (D-Ga.), Kevin Mullin (D-Calif.), Bill Foster (D-Ill.), Jamie Raskin (D-Md.), Ro Khanna (D-Calif.), Jared Moskowitz (D-Fla.), Pramila Jayapal (D-Wash.), Salud Carbajal (D-Calif.), Joe Neguse (D-Colo.), Val Hoyle (D-Ore.), Brad Schneider (D-Ill.), Linda Sánchez (D-Calif.), Juan Vargas (D-Calif.), Raja Krishnamoorthi (D-Ill.), Madeline Dean (D-Pa.), Jan Schakowsky (D-Ill.), Lucy McBath (D-Ga.), Dwight Evans (D-Pa.), Nydia Velázquez (D-N.Y.), André Carson (D-Ind.), Andrea Salinas (D-Ore.), Jerrold Nadler (D-N.Y.), Sara Jacobs (D-Calif.), Betty McCollum (D-Minn.), Darren Soto (D-Fla.), Jake Auchincloss (D-Mass.), Delia Ramirez (D-Ill.), Maxine Waters (D-Calif.), Johnny Olszewski (D-Md.), Sarah Elfreth (D-Md.), Jill Tokuda (D-Hawaii), Angie Craig (D-Minn.), Ilhan Omar (D-Minn.), Mark Takano (D-Calif.), Danny Davis (D-Ill.), Raul Ruiz (D-Calif.), Lori Trahan (D-Mass.), Doris Matsui (D-Calif.), Kim Schrier (D-Wash.), Gerry Connolly (D-Va.), Maxwell Frost (D-Fla.), Sean Casten (D-Ill.), Yassamin Ansari (D-Ariz.), Maxine Dexter (D-Ore.), Kelly Morrison (D-Minn.), George Latimer (D-N.Y.), Gabe Amo (D-R.I.), Steve Cohen (D-Tenn.), Rob Menendez (D-N.J.), Jesús “Chuy” García (D-Ill.), Bobby Scott (D-Va.), Grace Meng (D-N.Y.), Suzan DelBene (D-Wash.), Sarah McBride (D-Del.), Summer Lee (D-Pa.), Emily Randall (D-Wash.), Dave Min (D-Calif.), Gil Cisneros (D-Calif.), Adam Smith (D-Wash.), Rick Larsen (D-Wash.), Ted Lieu (D-Calif.), Judy Chu (D-Calif.), Chellie Pingree (D-Maine), Ed Case (D-Hawaii), James McGovern (D-Mass.), Brendan Boyle (D-Pa.), Nanette Barragán (D-Calif.), Becca Balint (D-Vt.), Mike Levin (D-Calif.), Gabe Vasquez (D-N.M.), and Bonnie Watson Coleman (D-N.J.).
The bill was endorsed by National Audubon Society, Gwich’in Steering Committee, Alaska Wilderness League, Trustees for Alaska, The Wilderness Society, League of Conservation Voters, Defenders of Wildlife, National Wildlife Refuge Association, Backcountry Hunters & Anglers, World Wildlife Fund, Earthjustice, Natural Resources Defense Council, and Environment America.

MIL OSI USA News –

April 30, 2025
MIL-OSI USA: In Response to Questioning by Sen. Murray, Top Watchdog Says It’s Opened 39 Impoundment Investigations

US Senate News:

Source: United States Senator for Washington State Patty Murray
At hearing on FY26 budget requests for GAO, CBO, GPO, Murray asks about Trump impoundment investigations, Republicans’ reconciliation bill
GAO Comptroller General says OMB has not been cooperative
***WATCH: Senator Murray’s questioning***
Washington, D.C. — Today—at a Senate Appropriations Legislative Branch Subcommittee hearing to review the FY26 budget requests for the Government Accountability Office, Congressional Budget Office, and the Government Publishing Office—U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, asked Gene L. Dodaro, Comptroller General of the Government Accountability Office (GAO) about the status of the agency’s work investigating this administration’s impoundment of funding approved by Congress.
[IMPOUNDMENT INVESTIGATIONS]
Senator Murray stated: “You know, from day one, President Trump has unilaterally frozen or contravened critical funding provided in our bipartisan laws. Those actions by Trump and Russ Vought have really wreaked havoc for families and communities across the country. That is really not what the Constitution envisioned. Congress has the power of the purse—period. Our Presidents cannot pick and choose which parts of a law that they can follow.”
She then asked Mr. Dorado, “You have testified that GAO is investigating the Trump Administration’s efforts to block federal funds as potential violations of the Impoundment Control Act. What is the status of those investigations?”
Dorado replied: “We have right now 39 different investigations underway. We’re trying to get the information from the agencies about what their legal position is for not expending the money. I’m looking forward to what I understand to be a submission by the administration as a recission package, which would fall in the Impoundment Control Act, so we’ll look at that. We’re monitoring all the litigation surrounding these areas that we’re investigating in. Only three agencies, so far have given us the information that we need. OMB has not been responsive, nor EPA. A number of other agencies are due to get us information this week or next week. So, I would imagine starting next month after we look to see what is in the recission package.” (Dodaro later clarified in response to a separate question that only two agencies have been responsive.)
“Next month as in May?” Senator Murray inquired.
Dorado responded in part: “Yes. …. They won’t all come at once. They’ll come as we collect and analyze all the information.”
“What options do you have if you don’t get timely, responsive information from the federal agencies?” Senator Murray followed up.
“Well, we’ll have to make decisions on our own based upon the available information. Some of it will be in the lawsuit filings that we’re following right now—and then we’ll have to go forward doing this,” Dorado responded, in part.
[REPUBLICANS RECONCILIATION BILL + MEDICAID CUTS]
Senator Murray then discussed Republicans’ reconciliation package, stating: “Republicans are, as you know, moving full speed ahead with the reconciliation package, promising to deliver more than $5.3 trillion in new tax breaks for billionaires and large corporations. And at the same time, some Republicans have promised that Medicaid – which is a lifeline for our kids and seniors – is safe. But the reality is: Republicans can’t keep both these promises.”
She asked Dr. Phillip Swagel, Director of the Congressional Budget Office (CBO), about how the math works out, “The Republican reconciliation instructions direct $880 billion in cuts within the House Energy and Commerce Committee, which has jurisdiction over Medicaid and the Children’s Health Insurance Program, or CHIP,” said Senator Murray. “You responded to a question from House Ranking Member Brendan Boyle and Frank Pallone in March regarding spending within the House Energy and Commerce Committee’s jurisdiction, excluding Medicare—which Republicans say is off the table. In your response, you said over 10 years, Medicaid outlays will account for 93% of baseline budget projections for Energy and Commerce, is that correct?”
“Yes, that is correct,” said Swagel.
“And if you add in CHIP, is it fair to say you are now talking north of 95%?” Murray followed up.
Swagel confirmed, “That’s right. Once you take out Medicaid and CHIP there is only $381 billion still in the current baseline.”
Senator Murray reiterated: “So looking at table 1 in that March 5th letter, is it fair to say the remainder is nowhere close to that $880 billion?”
“That’s correct in the letter that we sent to Mr. Boyle and Mr. Pallone, the dollars after Medicare, Medicare, and CHIP are much smaller than the instruction.” Swagel responded.
“Okay, so for the record, I just want to say it would appear to me to be impossible for Energy and Commerce – the committee with jurisdiction– to reach the spending cuts required under the Republican reconciliation instructions without cutting Medicaid, or putting Medicare back on the table,” Murray concluded.

MIL OSI USA News –

April 30, 2025

MIL-OSI: Orca Energy Group Inc. Announces 2024 Year End Audited Financial Results

Source: GlobeNewswire (MIL-OSI)

TORTOLA, British Virgin Islands, April 29, 2025 (GLOBE NEWSWIRE) — Orca Energy Group Inc. (“Orca” or “the Company” and includes its subsidiaries and affiliates) (TSX-V: ORC.A, ORC.B) today announced its audited financial results for the fourth quarter (“Q4 2024“) and year ended December 31, 2024. All dollar amounts are in United States dollars unless otherwise stated.

Revenue increased by 51% for Q4 2024 and by 1% for the year ended December 31, 2024 compared to the same prior year periods. Certain volumes were supplied as Protected Gas (defined below) prior to July 31, 2024. After the termination of Protected Gas after July 31, 2024, those volumes were instead supplied as Additional Gas (defined below). These volumes, which were delivered to Songas Limited (“Songas“) in August, September and October 2024 and for which the Company did not receive compensation, have not been recognized in revenue in 2024. These unrecognized gross revenues include 80.5% of sales to Songas in the amount of $6.2 million.
On October 30, 2024, PanAfrican Energy Tanzania Limited (“PAET”), a wholly-owned subsidiary of the Company, was advised by Songas that the Interim Power Purchase Agreement (“PPA”) between Tanzania Electric Supply Company Limited (“TANESCO“) and Songas would expire on October 31, 2024, and that it was unknown if a new PPA would be entered into. At midnight on October 31, 2024 Songas shut down the Songas Power Plant. In the event that a new PPA is not entered into, there is a possibility that the Songas Power Plant will be shut down indefinitely. To date the Songas Power Plant remains shutdown. This has adversely impacted demand for production volumes from the Songo Songo gas field.
Gas delivered and sold decreased by 3% for Q4 2024 and by 15% for the year ended December 31, 2024 compared to the same prior year periods. During 2024, Tanzania’s Julius Nyerere Hydropower Project (“JNHPP”) commenced commercial operations, with progressive commissioning of 5 turbines allowing peak output of over 700 MW. Combined with the early onset of the wet season and rainfall well above seasonal averages for the period, hydro power generation and the Songas Power Plant shutdown have been the primary factors in reduced gas liftings for the power sector.
On April 14, 2023, PAET formally requested Tanzanian Petroleum Development Corporation (“TPDC“) apply for an extension of the Songo Songo Development License (the “License”). TPDC is contractually required to make this application promptly upon a request by the Company. There are currently no certainties on the timing, nature and extent of any such extensions. Until such extension has been finalized, a high degree of uncertainty exists with respect to the extent of the Company’s operating activities subsequent to October 2026, when the License is set to expire. In November 2024, TPDC submitted the application for the extension of the License to the Ministry of Energy (“MoE“), however, being uneconomical, the Company informed TPDC that it did not agree with the terms as submitted. Having declined to address PAET’s concerns itself, TPDC has refused to rescind and resubmit the application and has advised PAET to raise any issues directly to the MoE. Our Counsel subsequently submitted a letter to the MoE, requesting a meeting to address the issues, to date we haven’t had a response.
On April 15, 2024, contrary to the terms of the Gas Agreement and Production Sharing Agreement (the “PSA”) and in violation of Pan African Energy Corporation (Mauritius) (“PAEM”) and PAET’s expectations, the Permanent Secretary of MoE wrote to TPDC, copying PAET and Songas, directing TPDC to “ensure that Protected Gas continues to be produced to the end of the Development Licence on 10th October 2026”. Consistent with that instruction, TPDC took the position that Protected Gas should continue despite the parties’ contractual agreement that Protected Gas ceased after July 31, 2024.
PAET, TPDC and Tanzania Portland Cement PLC (“TPCPLC”) subsequently agreed to the terms of the Supplementary Gas Agreement (“SGA”) to sell volumes after July 31, 2024 as Additional Gas, which, prior to August 1, 2024, were supplied as Protected Gas. TPCPLC has fully paid the Company $10.4 million of the receivable outstanding as at December 31, 2024.
Following cessation of Protected Gas after July 31, 2024, despite the absence of an executed contract to do so, Songas continued to lift gas volumes in August, September and October 2024, at an average rate of 20.2 MMcfd. On September 23, 2024, the Company was notified by Songas that it acknowledges it had lifted this volume, but due to TPDC’s refusal to approve a Gas Sales Agreement for this Additional Gas, they would elect to pay for only 19.5% of such volumes. This accords with the payment arrangements for Complex Additional Gas (defined below). Payments were made on this basis by Songas in Q4 2024, in the amount of $1.9 million representing 19.5% of the total invoiced amount of $9.7 million.
On August 7, 2024, PAET and PAEM issued a notice of dispute (“Notice of Dispute”) in respect of an investment treaty claim against the GoT for breach of the Agreement on Promotion and Reciprocal Protection of Investment between the Government of the Republic of Mauritius and the GoT (“BIT”), and a contractual dispute against the Government of Tanzania (“GoT”) and TPDC, for breaches of the: (i) PSA, and (ii) the Gas Agreement. Initial meetings with both the Advisory and Coordinating Committees were held during the week of October 14, 2024 without any resolution on the key issues in dispute. The matters have been further referred to the relevant entity’s chief executive officers and working groups in accordance with the dispute resolution process. Discussions continued with meetings held in March 2025 . Further updates on this matter will be made as appropriate.
In February 2025, the Company received a judgment (the “Judgment”) from the Tanzanian High Court (Commercial Division) (the “Court”) for a claim brought by a contractor against PAET. The claim was brought by the contractor for losses arising from PAET’s termination of a contract relating to the Company’s 3D seismic acquisition program. The contract was signed in 2022 and works were due to be completed by the end of 2022. However, work only commenced in 2023 and was never completed. Pursuant to the Judgment, the Court ordered specific and general damages in the aggregate of $23.1 million, plus legal costs and interest at a rate of 7% per annum be paid by PAET to the contractor. PAET respectfully disagrees with the Judgement and has initiated the appeal process. PAET was required to post security for the full amount of the Judgment until the appeal is resolved. The Company has recognised the resulting liability in 2024 based on the Judgement applied. The Company has initiated the appeal process, and if successful in that process, a reversal would be recognized in earnings at that time.
The well intervention operations on SS-7 have now concluded. The work program, following a complex mobilization to Songo Songo Island, sought to restore the mechanical integrity of the well to shutoff water production in order to restart production from the southern compartment of the Songo Songo gas field. Following several remedial cement treatments to shut off the lower water producing zone and reperforation of the upper Neocomian sands, limited and unsustained gas flows were observed. The Company, in line with its contingency plans, set a cement plug above the Neocomian interval and perforated the shallower Cenomanian sands. Having completed all possible downhole work, and after an unsuccessful attempt to produce gas from the Cenomanian sands, the Company ceased well intervention operations and demobilized the barge and jack-up from the SS-7 site. The total expected project cost has increased to $25.9 million from $23.5 million, primarily as a result of the significant attempts required to shut off water and reproduce the well. A comprehensive post project analysis will be carried out to evaluate the intervention results, which have not met production expectations. During the year, the Company recorded an asset impairment expense of $25.9 million with respect to the SS-7 well workover program.
The Company completed a production and saturation logging program in three wells: SS-3, SS-10 and SS-5. Results indicate that the wells and field are performing in line with expectations, and have been used to update longer term reservoir management plans. The total expected program cost increased to $2.2 million from $1.3 million.
Net loss attributable to shareholders amounted to $21.6 million for the year ended December 31, 2024 compared to net income attributable to shareholders of $7.0 million for the same prior year period. In Q4 2024, the Company recorded an asset impairment expense of $25.9 million with respect to the SS-7 well workover program and a loss allowance of $21.7 million with respect to the ongoing litigation relating to the Judgment in the High Court of Tanzania.
Net cash flows from operating activities decreased by 37% for Q4 2024 and by 44% for the year ended December 31, 2024 compared to the same prior year periods. The decrease for the year ended December 31, 2024 over the comparable prior year period is mainly a result of changes in non-cash working capital.
Capital expenditures increased by 635% for Q4 2024 and by 244% for the year ended December 31, 2024 compared to the same prior year periods. The capital expenditures in 2024 primarily related to the well workover program. The capital expenditures in 2023 primarily related to the initial costs of the well workover program and the 3D seismic acquisition program.
The Company exited the period with $21.9 million in working capital (December 31, 2023: $67.3 million), cash and cash equivalents of $90.1 million (December 31, 2023: $101.6 million) and long-term debt of $ nil (December 31, 2023: $30.0 million). Cash held in hard currencies (USD, Euro, GBP, CDN) was $87.1 million, as at December 31, 2024 (December 31, 2023: $60.4 million). The decrease in long-term debt is related to a repayment of principal of $10.0 million in April 2024 and October 2024, representing the fourth and fifth semi-annual repayments of the Company’s long-term debt as well as maturing of the outstanding loan principal.
Subsequent to December 31, 2024, the Company fully prepaid the $60 million investment (the “Loan”) made by International Finance Corporation (“IFC”) in PAET, pursuant to a loan agreement dated October 29, 2015 between the IFC, PAET and the Company (the “Loan Agreement”). To effect the foregoing prepayment, the Company paid to IFC $30.6 million, representing the aggregate outstanding principal of the Loan together with all accrued interest thereon and all other amounts owing in connection with the Loan as of February 21, 2025. As of the date hereof, the annual variable participating interest granted by PAET to the IFC under the terms of the Loan Agreement remains outstanding.
As at December 31, 2024, the current receivable from TANESCO was $12.7 million (December 31, 2023: $5.9 million). The TANESCO long-term receivable as at December 31, 2024 and as at December 31, 2023 was $22.0 million and has been fully provided for. Subsequent to December 31, 2024, the Company has invoiced TANESCO $14.5 million for Q1 2025 gas deliveries. TANESCO has paid the Company $24.2 million to date which relate to the outstanding amount at December 31, 2024 and payments for a portion of Q1 2025 gas deliveries
Total working interest proved conventional natural gas reserves (“1P”) and total proved plus probable conventional natural gas reserves (“2P”) decreased by 53% and 56%, respectively, as at December 31, 2024 compared to the prior year. The decrease was primarily attributed to 26.7 Bcf of production in 2024 and 18.1 Bcf of negative technical revisions. The technical revisions were primarily due to lower forecasted gas sales to the end of the License attributed to increased hydro power use in Tanzania and the removal of Proved Undeveloped reserves due to the unsuccessful well intervention on SS-7. The net present value of lower reserves and estimated future cash flows from 2P reserves at a 10% discount rate decreased by 45% compared to the previous year mainly as a result of lower reserves at year end 2024 and the associated 33% reduction in the number of years outstanding on the current License.
We currently forecast average Additional Gas sales for 2025 to be in the range of 70-72 MMcfd for the full year which is estimated to be 4% lower than 2024. Given the uncertainty associated with the extension of the License, capital allocations for development projects will be minimal during 2025 and limited to the implementation of essential safety and maintenance matters only.

Financial and Operating Highlights for the Three Months and Year Ended December 31, 2024
	Three Months ended December 31				% Change				Year ended December 31					% Change
(Expressed in $’000 unless indicated otherwise)	2024		2023		Q4/24 vs Q4/23				2024	2023				Ytd/24 vs Ytd/23
OPERATING
Daily average gas delivered and sold(MMcfd)	78.6		80.8		(3)%			72.9		85.6			(15			)%
Industrial	19.7		13.4		47%			16.1		13.7			18			%
Power	58.9		67.4		(13)%			56.8		71.9			(21			)%
Daily average gas delivered and sold and revenue recognized(MMcfd)	71.8		80.8		(11)%			68.8		85.6			(20			)%
Industrial	19.7		13.4		47%			16.1		13.7			18			%
Power	52.1		67.4		(23)%			52.7		71.9			(27			)%
Average price($/mcf)
Industrial	7.35		8.97		(18)%		8.45			8.73				(3)%
Power	3.90		3.84		2%		3.88			3.71				5%
Weighted average	4.85		4.69		3%		4.95			4.51				10%
Operating netback($/mcf)1	3.56		2.28		56%		3.13			2.38				32%
FINANCIAL
Revenue	36,855		24,448		51%		111,593			110,235				1%
Net (loss) / income attributable to shareholders	(25,821	)	(438	)	n/m		(21,578)			7,014				n/m
per share – basic and diluted($)	(1.31	)	(0.02	)	n/m		(1.09)			0.35				n/m
Net cash flows from operating activities	6,254		9,858		(37)%		27,086			48,485				(44)%
per share – basic and diluted($)1	0.32		0.50		(36)%		1.37			2.44				(44)%
Capital expenditures1	14,869		2,065		620%		27,548			8,103				240%
Weighted average Class A and Class B Shares1(‘000)	19,772		19,826		0%		19,780			19,841				0%
					December 31,					As at December 31,
					2024					2023				% Change
Working capital (including cash)¹						21,904						67,323		(67	)%
Cash and cash equivalents						90,076						101,566		(11	)%
Long-term loan						–					21,961			(100	)%
Outstanding shares(‘000)
Class A						1,750						1,750		0	%
Class B						18,022						18,051		0	%
Total shares outstanding						19,772						19,801		0	%
RESERVES²
Gross Reserves(Bcf)
Proved						40						85		(53)%
Probable						1						9		(89)%
Proved plus probable						41						94		(56)%
Net Present Value, discounted at 10%($ million)
Proved									62			108		(43)%
Proved plus probable									65			119		(45)%

¹ See Non-GAAP Financial Measures and Ratios.

Jay Lyons, Chief Executive Officer, commented:

“Orca remains committed to Tanzania and wants to play a key role in Tanzania’s power generation strategy for the foreseeable future. Although demand for power in Tanzania is growing rapidly, surpassing the country’s current capacity, Orca has been unable to agree with the Government of Tanzania and TPDC with regard to securing a license extension for the Songo Songo gas field.

Given the limited time remaining on the License, and the lack of a resolution on an extension, Orca has limited capital spending to only essential safety and maintenance activities. At this current moment, further investment is not commercially viable unless the License is extended. Therefore, in order to preserve shareholder value, Orca has focused on reducing costs, operating efficiently, and minimizing expenditures.

There are currently no certainties on the timing, nature and extent of any such extensions. Until such extension has been finalized, a high degree of uncertainty exists with respect to the extent of the Company’s operating activities subsequent to October 2026. The Company is prepared to invest further in Tanzania. However, this investment depends on resolving the License extension and achieving a sustainable commercial framework. Without a resolution, Orca must act to protect the interests of its shareholders, even as it continues to support Tanzania’s long-term energy goals.”

The Company’s complete Audited Consolidated Financial Statements and Notes and Management’s Discussion & Analysis for the year ended December 31, 2024 may be found on the Company’s website www.orcaenergygroup.com or on the Company’s profile on SEDAR+ at www.sedarplus.ca.

Orca Energy Group Inc.

Orca Energy Group Inc. is an international public company engaged in natural gas development and supply in Tanzania through its subsidiary PanAfrican Energy Tanzania Limited. Orca trades on the TSX Venture Exchange under the trading symbols ORC.B and ORC.A.

The principal asset of Orca is its indirect interest in the with TPDC and the GoT in the United Republic of Tanzania. This PSA covers the production and marketing of certain gas from the License offshore Tanzania. The PSA defines the gas produced from the Songo Songo gas field as “Protected Gas“ and “Additional Gas“. The Gas Agreement defined “Complex Additional Gas”, to be gas produced from the Songo Songo gas field, which is included in Additional Gas. Under the Gas Agreement, until July 31, 2024, Protected Gas was owned by TPDC and was sold to Songas and TPCPLC. After July 31, 2024, Protected Gas ceased and all production from the Songo Songo gas field constitutes Additional Gas which PAET and TPDC are entitled to sell on commercial terms until the PSA expires in October 2026. Songas is the owner of the infrastructure that enables the gas to be processed and delivered to Dar es Salaam, which includes a gas processing plant on Songo Songo Island. Additional Gas is all gas that is produced from the Songo Songo gas field in excess of Protected Gas.

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

Abbreviations

Bcf	billion standard cubic feet
MMcf	million standard cubit feet
MMcfd	million standard cubic feet per day

Non-GAAP Financial Measures and Ratios
In this press release, the Company has disclosed the following non-GAAP financial measures, non-GAAP ratios and supplementary financial measures: capital expenditures, operating netback, operating netback per mcf, working capital, net cash flows from operating activities per share and weighted average Class A and Class B Shares.

These non-GAAP financial measures and ratios disclosed in this press release do not have any standardized meaning under IFRS and may not be comparable to similar financial measures disclosed by other issuers. These non-GAAP financial measures and ratios should not, therefore, be considered in isolation or as a substitute for, or superior to, measures and ratios of the Company’s financial performance defined or determined in accordance with IFRS. These non-GAAP financial measures and ratios are calculated on a consistent basis from period to period.

Non-GAAP Financial Measures

Capital expenditures
Capital expenditures is a useful measure as it provides an indication of our investment activities. The most directly comparable financial measure is net cash from (used in) investing activities. A reconciliation to the most directly comparable financial measure is as follows:

	Three Months ended December 31				Year ended December 31
$’000	2024		2023		2024		2023
Pipelines, well workovers and infrastructure	14,869		2,067		27,233		7,984
Other capital expenditures	–		(2	)	315		119
Capital expenditures	14,869		2,065		27,548		8,103
Right of use	–		852		57		852
Change in non-cash working capital	(4,125	)	(708	)	(9,645	)	(161	)
Net cash used by investing activities	10,744		2,209		17,960		8,794

Operating netback

Operating netback is calculated as revenue less processing and transportation tariffs, TPDC’s revenue share, and operating and distribution costs. The operating netback summarizes all costs that are associated with bringing the gas from the Songo Songo gas field to the market, it is a measure of profitability. A reconciliation to the most directly comparable financial measure is as follows:

	Three Months ended December 31				Year ended December 31
$’000	2024		2023		2024		2023
Revenue	36,855		24,448		111,593		110,235
Production, distribution and transportation expenses	(5,265	)	(4,576	)	(19,990	)	(19,197	)
Net Production Revenue	31,590		19,872		91,603		91,038
Less current income tax adjustment (recorded in revenue)	(8,061	)	(2,896	)	(12,817	)	(16,527	)
Operating netback	23,529		16,976		78,786		74,511
Sales volumes MMcf where revenue is recognized	6,604		7,435		25,185		31,256
Netback $/mcf	3.56		2.28		3.13		2.38

Non-GAAP Ratios

Operating netback per mcf

Operating netback per mcf represents the profit margin associated with the production and sale of Additional Gas and is calculated by taking the operating netback and dividing it by the volume of Additional Gas delivered and sold. This is a key measure as it demonstrates the profit generated from each unit of production.

Supplementary Financial Measures

Working capital

Working capital is defined as current assets less current liabilities, as reported in the Company’s Consolidated Statements of Financial Position. It is an important measure as it indicates the Company’s ability to meet its financial obligations as they fall due.

Net cash flows from operating activities per share

Net cash flows from operating activities per share is calculated as net cash flows from operating activities divided by the weighted average number of shares, similar to the calculation of earnings per share. Net cash flow from operations is an important measure as it indicates the cash generated from the operations that is available to fund ongoing capital commitments.

Weighted average Class A and Class B Shares

In calculating the weighted average number of shares outstanding during any period the Company takes the opening balance multiplied by the number of days until the balance changes. It then takes the new balance and multiplies that by the number of days until the next change, or until the period end. The resulting multiples of shares and days are then aggregated and the total is divided by the total number of days in the period.

Forward-Looking Statements

This press release contains forward-looking statements or information (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact included in this press release, which address activities, events or developments that Orca expects or anticipates to occur in the future, are forward-looking statements. Forward-looking statements often contain terms such as may, will, should, anticipate, expect, continue, estimate, believe, project, forecast, plan, intend, target, outlook, focus, could and similar words suggesting future outcomes or statements regarding an outlook. More particularly, this press release contains, without limitation, forward-looking statements pertaining to the following: anticipated average gas sales, including Additional Gas sales, for 2024; ongoing negotiation of new commercial terms and discussion of requirements under the Gas Agreement with Songas and TPCPLC; ongoing discussion of PGSA extension with TANESCO; assessment by the Company of the merits of the claim made by the seismic contractor and the timing of the scheduled hearing; planned intervention in offshore well SS-7 including timing, project costs and the anticipated increased gas delivery; planned installation of a new common well inlet manifold and its anticipated timing, costs and effects; planned production logging program at various wells and its anticipated timing, costs and effects; implementation of a new work program at the Songas plant and forecasted production improvement as a result; the Company’s expectation that capital projects will be funded through the Company’s working capital; the Company’s expectation that all capital allocation decisions will be based upon prudent economic evaluations and returns; extension of the development license and the Company’s expectation to continue to actively engage with the MoE to progress the license extension; maintenance of gas sale contract discipline by the Company in accordance with its gas supply agreements; and the Company’s expectations regarding supply and demand of natural gas. In addition, statements relating to “reserves” are by their nature forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions that the reserves described can be produced profitably in the future. The recovery and reserve estimates of the Company’s reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Although management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, access to resources and infrastructure, performance or achievement since such expectations are inherently subject to significant business, economic, operational, competitive, political and social uncertainties and contingencies.

These forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company’s control, and many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking statements made by the Company, including, but not limited to: risk that the Company may incur losses and legal expenses as a result of the claim brought forth by the seismic contractor; risk that the cost, timing and anticipated benefits from the Company’s various development programs in 2024 are different than expected; that not all capital allocation decisions will be based upon prudent economic evaluations and returns; inability to extend the development license and inability to maintain gas sale contract discipline; uncertainties with respect to negotiations involving the Gas Agreement; changes to forecasts regarding future development capital spending and source of capital funding; risk of future restrictions on the movement of cash from Jersey, Mauritius or Tanzania; occurrence of circumstance or events which significantly impact the Company’s cash flow and liquidity and the Company’s ability cover its long-term and short-term obligations or fund planned capital expenditures; prolonged foreign exchange reserves deficiency in Tanzania; the lack of availability of US dollars; inability to convert Tanzanian shillings into US dollars as and when required; discontinuation of work by the Company with the GoT on alternative development plan for longer term field development; lack of access to Songas processing and transportation facilities; risk of reduced current and potential production capacity of the Songo Songo gas field; the Company’s expectations regarding the supply and demand of natural gas is incorrect; uncertainty associated with the evolution of Tanzanian legislation; the risk of unanticipated effects regarding changes to the Company’s tax liabilities and its operations as a result of amendments made to existing legislation, the implementation of further legislation and the Company’s interpretation of the same; the impact of general economic conditions in the areas in which the Company operates; civil unrest; the susceptibility of the areas in which the Company operates to outbreaks of disease; industry conditions; changes in laws and regulations including the adoption of new environmental laws and regulations; impact of local content regulations and variances in the interpretation and enforcement of such regulations; the lack of availability of qualified personnel or management; fluctuations in commodity prices, foreign exchange or interest rates; stock market volatility; competition for, among other things, capital, oil and gas field services and skilled personnel and increased competition; failure to obtain required equipment for field development; delays in development plans; effect of changes to the PSA on the Company as a result of the implementation of new government policies for the oil and gas industry; inaccurate reserves estimates; incorrect forecasts in production and growth potential of the Company’s assets; obtaining required approvals of regulatory authorities; risks associated with negotiating with foreign governments; inability to satisfy debt conditions of financing; risk that the Company will not be able to fulfil its contractual obligations; risk that trade and other receivables may not be paid by the Company’s customers when due; the risk that the Company’s Tanzanian operations will not provide near term revenue earnings; reduced global economic activity as a result of the continuing impacts of geo-political conflicts or pandemics. In addition, there are risks and uncertainties associated with oil and gas operations, therefore the Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by these forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive.

Future shareholder returns, including but not limited to the payment of dividends or other distributions to shareholders, if any, and the level thereof is uncertain. Any decision to pay further distributions on the Class A Shares and Class B Shares (including the actual amount, the declaration date, the record date and the payment date in connection therewith) will be subject to the discretion of the Board of Directors of the Company and may depend on a variety of factors, including, without limitation the Company’s business performance, financial condition, financial requirements, growth plans, expected capital requirements and other conditions existing at such future time including, without limitation, contractual restrictions and compliance with applicable laws. There can be no assurance that the Company will pay any distributions in the future.

Such forward-looking statements are based on certain assumptions made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors the Company believes are appropriate in the circumstances, including, but not limited to, the anticipated supply and demand of natural gas are in line with the Company’s expectations; the Company’s average Additional Gas sales are in line with forecasts; accurate assessment by the Company of the merit of claims brought forward by the seismic contractor; successful negotiation of the Gas Agreement; successful implementation of various development programs at the budgeted expenditures, including the planned intervention in the SS-7 well; all capital allocation decisions will be based upon prudent economic evaluations and returns; extension of the development license and maintenance of gas sale contract discipline on a go-forward basis pursuant to the Company’s gas supply agreements; that the Company will receive payment of arrears from TANESCO; that the Company will have sufficient cash flow, debt or equity sources or other financial resources required to fund its capital and operating expenditures and requirements as needed; that there will continue to be no restrictions on the movement of cash from Mauritius, Jersey or Tanzania; availability of US dollars and that the Company will continue to be able to convert Tanzanian shillings into US dollars as required; that the Company will successfully negotiate agreements; receipt of required regulatory approvals; the ability of the Company to increase production as required to meet demand; infrastructure capacity; commodity prices will not deteriorate significantly; the ability of the Company to obtain equipment and services in a timely manner to carry out exploration, development and exploitation activities; future capital expenditures; availability of skilled labor; timing and amount of capital expenditures; uninterrupted access to infrastructure; that the impact of increasing competition is consistent with expectations; conditions in general economic and financial markets; effects of regulation by governmental agencies; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; the effect of new environmental and climate-change related regulations will not negatively impact the Company; the Company is able to maintain strong commercial relationships with the GoT and other state and parastatal organizations; the current and future administration in Tanzania continues to honor the terms of the PSA and the Company’s other principal agreements; and other matters.

The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

The MIL Network –

April 30, 2025

MIL-OSI Submissions: Energy – The U.S.-Africa Energy Forum (USAEF) to Spotlight African Energy Opportunities, U.S.-Africa Collaboration

SOURCE: Energy Capital & Power

U.S. and African energy leaders will gather at the U.S.-Africa Energy Forum in Houston this August to drive investment, forge strategic partnerships and deepen American engagement in key African markets

HOUSTON, United States of America, April 29, 2025 – The U.S.-Africa Energy Forum (USAEF) returns to Houston with a bold agenda focused on catalyzing American investment and innovation across Africa’s most dynamic energy markets. Designed as a high-impact platform for government and private sector dialogue, USAEF brings together African energy stakeholders and leading U.S. companies to accelerate project development, capital deployment and technology transfer across the continent.

The forum is set to open with a High-Level U.S.-Africa Energy Dialogue, bringing together senior policymakers, energy ministers and private sector leaders to set the tone for deeper cooperation and alignment on mutual priorities. This flagship session will be followed by a forward-looking panel discussion on Private Equity Driving a New Wave of African Business, exploring how U.S.-based investment firms are shaping Africa’s next chapter of energy growth. The agenda will also spotlight frontier opportunities; overlooked plays across the Middle East, North Africa and sub-Saharan Africa; and bold strategies to grow the U.S. footprint in Africa’s critical minerals and energy assets.

Libya, the Republic of Congo, Nigeria and the Democratic Republic of the Congo (DRC) will take center stage during a series of Country-Focused Sessions highlighting strategic priorities, reform agendas and concrete investment opportunities. African governments and national oil companies will present their latest projects and policy frameworks, while American firms such as Chevron, ExxonMobil, SLB and ConocoPhillips will explore avenues to deepen partnerships in established markets like Nigeria and Libya, and tap into emerging opportunities in the Republic of Congo and the DRC.

With major reforms and investment drives underway, these markets are fast becoming focal points for American engagement. Libya, North Africa’s powerhouse, has launched a 22-block licensing round as it works to revitalize its upstream sector and reach a production target of 1.6 million barrels per day (bpd), alongside multi-billion-dollar gas monetization and export projects.

The Republic of Congo is aiming to scale production to 500,000 bpd, while advancing gas monetization under a new Gas Master Plan that invites international collaboration. In the DRC, reforms to the hydrocarbons code and a potential minerals-for-security agreement with the U.S. signal new entry points for American firms. Nigeria continues to stand out as a top-tier investment destination, targeting $10 billion in deepwater gas projects through new tax incentives and a planned auction of undeveloped blocks to boost exploration and production.

With participation from key industry players and high-level delegations, USAEF affirms a shared commitment by African stakeholders to attract American capital and technology to bolster their respective energy markets. U.S. companies, in turn, are ready to expand their footprint, forge new alliances and unlock the full potential of Africa’s energy future.

For tickets, sponsorship opportunities and more information, please contact sales@energycapitalpower.com. Join us in Houston this August to connect with the leaders shaping Africa’s energy landscape and experience the momentum that drives ECP’s events worldwide.

MIL OSI – Submitted News –

April 30, 2025
MIL-OSI China: China’s major nuclear power plant surpasses 1 trillion kWh in grid power generation

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

China’s major nuclear power plant surpasses 1 trillion kWh in grid power generation

SHENZHEN, April 29 — China General Nuclear Power Group (CGN) on Tuesday said that the Daya Bay Nuclear Power Plant has generated over 1 trillion kilowatt-hours of grid power, becoming a key contributor to the country’s clean energy supply.

According to CGN, the cumulative electricity produced by the facility, which comprises six reactors, has prevented the consumption of over 300 million tonnes of standard coal and reduced carbon dioxide emissions by more than 820 million tonnes — equivalent to the environmental benefits of afforesting approximately 2.25 million hectares of land.

Commissioned in 1994 in South China’s Shenzhen, the Daya Bay Nuclear Power Plant was the first large-scale commercial nuclear power plant on the Chinese mainland. Subsequent expansions of the plant brought the site’s total installed capacity to more than 6 gigawatts, making it one of the largest pressurized water reactor clusters globally.

“The plant has operated safely for 31 years. We have implemented nearly 200 technical upgrades and over 50 innovations, significantly enhancing the reactors’ nuclear safety, digitalization and reliability,” said He Liuyi, general manager of Daya Bay Nuclear Power Operations and Management Co., Ltd.

CGN noted that the site is embracing artificial intelligence technologies to accelerate innovation and foster new productivity, integrating AI applications more deeply into nuclear operations.

China’s total nuclear power generation capacity — including units in operation, under construction or officially approved — ranks first in the world, according to the China Energy Research Society.

MIL OSI China News –

April 30, 2025
MIL-OSI United Kingdom: Families to get more choice over home upgrades
Source: United Kingdom – Executive Government & Departments

Press release

Families to get more choice over home upgrades

Proposals to give families greater choice when upgrading their home’s heating as well as plans to create up to 18,000 training places for green jobs
Working families to get greater choice on upgrades to their home’s heating including new products, such as air-to-air heat pumps and heat batteries, as well as offering new heat pump purchase options.

Plan to build a ‘clean power army’ receives a boost, with up to 18,000 professionals to be trained to retrofit homes, and install heat pumps, insulation, solar panels and heat networks.

Comes as government invests £4.6 million in Copeland to manufacture more heat pump parts at home in the UK, supporting local jobs and boosting economic growth as part of the Plan for Change.

Homeowners are set to have more choice over ways to access heating systems and bring down costs under proposals being considered as part of the Warm Homes Plan – helping to deliver on the government’s milestone of higher living standards as part of the Plan for Change.

Demand for heat pumps is surging, with the Boiler Upgrade Scheme – which offers up to £7,500 off the cost, enjoying its best month since opening, with 4,028 applications received in March 2025, up 88 per cent on the same month last year. Heat pumps can save families around £100 on their average energy bills when used with a smart tariff.

With more households wanting to make the upgrade to cleaner, homegrown energy, the government has today launched a new consultation on expanding the Boiler Upgrade Scheme to give families even greater choice to pick what works best for them.

Changes to the scheme could see families potentially access air-to-air heat pumps and electric heating technologies such as heat batteries, which are currently not eligible for grants under the scheme, alongside new purchase and ownership models which could spread the cost of a heat pump over several years, or give households the opportunity to lease one for a monthly fee instead.

As part of the government’s Plan for Change, even more households will be able to take up the offer of switching to low-carbon heating, while protecting the pounds in people’s pockets by making more options available.

The government has also set out plans to bolster the ‘clean power army’, training up to 18,000 more home retrofitters, to install heat pumps, insulation, solar panels and heat networks, alongside a major new deal to support the UK’s heat pump supply chain.

Minister for Energy Consumers Miatta Fahnbulleh said:

Our Warm Homes Plan will mean lower bills and warmer homes for millions of families – helping drive better living standards as part of the Plan for Change.

Following a record-breaking month for applications to our Boiler Upgrade Scheme, we are now proposing to give working families more choice and flexibility to pick the low-carbon upgrades that work best for them.

And on top of this, we are investing over £4 million in Copeland to continue building a homegrown heat pump industry and training up the army of skilled workers we need to achieve this.

Copeland in Northern Ireland have been awarded £4.6 million to expand their manufacturing for heating compression technology – a key component of heat pumps, which can help protect family finances from the roller coaster of international gas markets by running on clean electricity.

This investment, backed by a multi-million pound investment from Copeland, will help to support the industries and jobs of the future, while unlocking economic growth, as part of the Prime Minister’s Plan for Change.

Ministers have also unveiled plans to train up to 18,000 skilled workers to install heat pumps, fit solar panels, install insulation and work on heat networks through the extension of the Heat Training Grant and launch of the Warm Homes Skills Programme.

With three days to go until the government’s consultation on introducing higher minimum energy efficiency standards in private rented sector homes closes, ministers have issued a final call for tenants and landlords to make their views heard.

Under the proposals, all private landlords would be required to meet a higher standard of Energy Performance Certificate (EPC) C or equivalent in their properties – up from the current level of EPC E, by 2030.

This will deliver on the priorities of working people, in line with the Prime Minister’s Plan for Change, by requiring landlords to invest in measures such as loft insulation, cavity wall insulation or double glazing – ensuring homes are warmer and more affordable for tenants. Alongside higher standards & funding in the social rented sector, this could lift up to one million households out of fuel poverty by 2030.

Stakeholder reaction:

Charlotte Lee, CEO at the Heat Pump Association said:

Following a record year for UK heat pump sales in 2024, we warmly welcome today’s announcements which will continue to support growth in the sector and increased deployment of clean heating.

The additional funding to support those wishing to become qualified to install heat pumps and heat networks is especially welcome, alongside proposals to expand the Boiler Upgrade Scheme to make clean heating solutions an accessible option for more consumers.

Jambu Palaniappan, CEO at Checkatrade said:

We fully support this latest Government investment in skills and training, and greater choice for homeowners.

At Checkatrade, we’ve seen the growing importance of green energy to consumers, and with our new Green Hub are more easily connecting them with skilled tradespeople to make their homes more energy-efficient.

The new funding is a key step towards empowering more people to enter the trade and a boost for the economy, helping to build long-term, sustainable careers for thousands across the UK.

Verity Davidge, Director of Policy and Public Affairs at Make UK said:

As we continue to transition to a low-carbon economy it is critical we have the people and skills needed to make it happen.

Today’s announcement is a positive step towards ensuring the workforce is equipped with these skills. Many of those trained will develop the transferable skills needed to support industry in its own quest to transition to net zero.

Ned Hammond, Deputy Director (Customers) at Energy UK, said:

Expanding the Boiler Upgrade Scheme and giving families greater choice in the types of low-carbon heating systems available to them is a really positive move. More flexibility in the way customers can pay for these technologies will also help make efficient and smart heating systems, such as heat pumps, heat batteries and heat networks, available to even more customers who are struggling with high energy bills and looking for an alternative to costly gas boilers.

The recent surge in demand for the Boiler Upgrade Scheme following the Government’s funding uplift is a clear signal of consumer appetite and what can be done with the right support in place – and it’s vital this level of investment continues.

Underpinning this is the need for a skilled and dedicated installer supply chain, so it’s fantastic to see Government extending its support for skills and training as part of today’s announcement.

The Government’s figures show that 71% of installers benefitting from the Heat Training Grant said it made all the difference in their decision to upskill into heat pump systems. Extending the subsidy out to 2030 would help further with bringing in the thousands of new entrants we need into the heat pump and heat networks sectors.

Chris O’Shea, CEO of Centrica, said:

As the UK’s largest installer of low carbon heating technologies, we are delighted with the Government’s proposals to expand the Boiler Upgrade Scheme to offer customers more choice on how to decarbonise their homes through greater financing, ownership and technology options.

We can’t wait to add more to our Clean Power Army, the largest in the UK, using our award-winning academies and British Gas engineers to train installers across the UK.

Garry Felgate, Chief Executive of The MCS Foundation, said:

Consumer confidence in low-carbon technologies is growing, with more households installing heat pumps across the UK than ever before. Today’s announcements will help to accelerate that trend, by ensuring more people can access heat pump grants and supporting the growth of the heat pump workforce.

These steps are very welcome news, enabling lower bills, lower carbon emissions, and sustainable jobs.

Sando Matic, Europe President for Copeland, said:

This investment marks a pivotal step in advancing clean energy solutions and driving economic growth.

By expanding our manufacturing capabilities for heating solutions here in Northern Ireland, Copeland is proud to play a key role in helping to reduce reliance on fossil fuels and supporting the energy transition to more sustainable, electricity-powered heating.

Notes to Editors:

Options being considered to help spread the installation cost of a heat pump include:

Hire purchase, giving households the option to pay for a heat pump in instalments, meaning they would own the equipment at the end of their contract.

Hire purchase plus, combining paying for a heat pump in instalments with a separate contract for an energy tariff, allowing providers to simplify costs into a single monthly payment.

Leasing, offering households the option to lease a heat pump for a set amount of time, like leasing a car. At the end of the contract, households would either enter into another agreement to continue leasing the heat pump, or would replace it.

Further information on the Heat Pump Investment Accelerator award to Copeland can be found here: Heat Pump Investment Accelerator Competition successful projects.

The Warm Homes Skills Programme will deliver up to 9,000 training places across England, providing opportunities for people to develop skills in areas including fitting solar panels and installing insulation. More details can be found here: Warm Home Skills Programme.

An extra £5 million will be provided to continue the Heat Training Grant until March 2026, supporting a further 5,500 heat pump installers and 3,500 heat network professionals. The Grant has already trained over 10,650 individuals up to the end of March 2025. More details can be found here: Apply for the Heat Training Grant: discounted heat pump training.

More details on the Heat Training Grant: Heat Network training can be found here: Training providers: apply to offer the Heat Training Grant for heat networks

The government’s consultation on minimum energy efficiency standards for private rented sector homes can be found here: Improving the energy performance of privately rented homes: consultation document

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Published 30 April 2025
MIL OSI United Kingdom –
April 30, 2025

Category: Energy

Data categories

Energy overview

Energy consumption by sector

Petroleum

Natural gas

Crude oil and natural gas resource development

Coal

Electricity

Nuclear energy

Energy prices

Renewable energy

Environment

Appendices (heat rates, conversion factors, and more)

Families to get more choice over home upgrades

Stakeholder reaction:

Notes to Editors:

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