Category: Entertainment

MIL-OSI: 1-Hour Payday Loans No Credit Check: GreendayOnline Expands Digital Services to Serve 32 States Where Traditional Lending Remains Legal
Source: GlobeNewswire (MIL-OSI)

Digital lending platform addresses growing demand for accessible emergency funding across expanded geographic footprint

Dallas, Texas , July 31, 2025 (GLOBE NEWSWIRE) — GreendayOnline, a leading digital lending platform, today announced the expansion of its services to 32 states where payday loan regulations permit 1-hour payday loans no credit check operations. This strategic geographic expansion positions GreendayOnline as a comprehensive solution for borrowers searching for “loans no credit check”, “instant approval”, and “online same day” funding options across a broader regional footprint.

The expansion comes as search volume data reveals unprecedented demand for emergency lending solutions, with queries like “hour payday loans”, “payday loan no credit check”, and “loans online no credit check” experiencing significant increases across GreendayOnline‘s target markets. Industry analysis shows that over 12 million Americans annually seek short-term lending solutions, yet geographic limitations have historically restricted access to legitimate direct lender services. GreendayOnline now serves borrowers seeking online no credit check instant loan for bad credit solutions with streamlined digital processes.

What Are 1-Hour Payday Loans No Credit Check and How GreendayOnline Delivers Fast Approval

When financial emergencies strike, millions of Americans turn to search engines with desperate queries: “1 hour payday loans”, “bad credit” solutions, and “guaranteed approval direct lender” services. Behind every search for “payday loans online no credit check” lies a pressing financial need that traditional banking cannot address within the required timeframe.

Understanding One Hour Payday Loans with Instant Approval Mechanism

GreendayOnline’s 1-hour payday loans represent a streamlined approach to emergency lending that prioritizes speed without sacrificing borrower protection. Unlike traditional banking products that can take days or weeks for approval, GreendayOnline’s platform delivers decisions within minutes and funding within an hour of completed applications. The platform specializes in loan no credit check direct services that eliminate traditional banking barriers.

The company’s instant approval process evaluates multiple data points beyond traditional credit metrics:
1. Income verification through bank account analysis
2. Employment stability assessment
3. Debt-to-income ratio calculations
4. Previous lending history evaluation
5. Real-time affordability analysis
“The term ‘1 hour payday loans no credit check’ has become shorthand for accessible emergency lending,” explained Tarquin Nemec, GreendayOnline’s Public Relations officer. “Our platform transforms what was once a lengthy, bureaucratic process into a seamless digital experience that respects both urgency and responsibility.”

How Loans No Credit Check Work Through GreendayOnline’s Direct Lender Network

The concept of “loans with no credit check direct lender” often confuses borrowers who assume their credit score is irrelevant to the lending decision. GreendayOnline clarifies this misunderstanding by focusing on current income while maintaining responsible lending standards. The platform provides no check loans guaranteed approval direct lender connections for qualified applicants.

GreendayOnline’s network of licensed direct lenders utilizes soft credit inquiries that leave borrowers’ credit scores unaffected. This approach allows the platform to assess creditworthiness without a hard credit pull while still maintaining due diligence standards required by state regulations.

Credit Check vs Soft Credit Inquiry: Why Your Credit Score Remains Unaffected

Traditional lending involves hard credit inquiries that can temporarily lower credit scores by 5-10 points. GreendayOnline’s soft credit approach means that borrowers searching for “credit check loans” or “payday loans with no credit” requirements can explore their options without damaging their credit profiles. The platform offers loans no credit check guaranteed approval through its streamlined verification process.

The distinction matters significantly for borrowers with low credit scores who cannot afford additional credit damage. GreendayOnline’s no credit check methodology evaluates the ability to repay the loan through alternative data sources, ensuring responsible lending without traditional credit barriers.

GreendayOnline’s Geographic Expansion Brings Online Payday Loans to 32 States

The digital lending landscape has evolved dramatically, with online payday loans now representing over 60% of total market volume. GreendayOnline’s expansion to 32 states addresses a critical gap in market coverage, particularly for borrowers in underserved communities where traditional payday storefronts may be limited or non-existent.

Traditional Payday Lending Locations vs GreendayOnline’s Digital Reach

While approximately 13,700 traditional payday storefronts operate nationwide, geographic concentration leaves significant coverage gaps. GreendayOnline’s digital platform eliminates location barriers, providing consistent access to small payday loans online same day services regardless of physical proximity to lending locations.

The company’s research reveals striking disparities in lending access:
- Rural areas: 73% lack physical payday lending locations within 25 miles
- Urban centers: Average of 2.3 storefronts per 10,000 residents
- Suburban regions: Limited evening and weekend availability
- Digital platforms: 24/7 accessibility with consistent service standards
State-by-State Analysis: Where Payday Loan No Credit Check Services Are Available

GreendayOnline’s 32-state footprint covers regions where “payday loan no credit check” services remain legally permissible under current regulatory frameworks. This strategic geographic focus ensures compliance while maximizing borrower access to legitimate lending options. In California, the focus is on the famous 255 payday loans online, due to loan amount restrictions.

Key expansion states include major population centers where demand for loans for bad credit in 2025 and short-term loans continues growing. Here is the full list in alphabetical order: Alabama, Alaska, California, Colorado, Delaware, Florida, Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Michigan, Minnesota, Mississippi, Missouri, Nevada, North Dakota, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, and Wyoming.

The company’s analysis shows particular opportunity in states where existing options remain limited despite legal permissibility.

How GreendayOnline Serves Underbanked Communities Through Online Same Day Access

Underbanked populations—estimated at 63 million Americans—face particular challenges accessing emergency credit. Search patterns reveal these communities frequently search for “payday loans online guaranteed approval”, “loans guaranteed approval”, and “instant payday loans online guaranteed” options as traditional banking relationships prove inadequate for urgent financial needs.

GreendayOnline’s entirely online platform removes common barriers that underbanked consumers face:
1. No physical branch visits required
2. Minimal documentation through digital verification
3. Bank account integration for streamlined processing
4. Mobile-optimized application experience
5. Multiple communication channels for customer support
1 Hour Payday Loans Online: GreendayOnline’s Application and Approval

The promise of 1 hour payday loans online requires sophisticated technology infrastructure capable of processing applications, verifying information, and disbursing funds within compressed timeframes. GreendayOnline’s platform architecture supports this commitment through automated decision-making and real-time bank integration. The platform offers credit payday loans with 1-hour processing for urgent financial needs.

Completing a Secure Online Form for Loans Online No Credit Check

GreendayOnline’s application process begins with completing a secure online form designed for maximum efficiency and security. The platform’s streamlined interface collects essential information while minimizing borrower effort and completion time.

The application captures key data points necessary to evaluate loans online no credit check:
- Personal identification information
- Employment and income verification
- Bank account details for funding and repayment
- Contact information for communication
- Loan amount and preferred terms
Advanced encryption protects all submitted information, ensuring that borrowers’ financial data remains secure throughout the approval procedure. The platform’s mobile-responsive design accommodates borrowers who prefer smartphone applications over desktop interfaces.

Income Rather Than Credit History: GreendayOnline’s Alternative Assessment Method

GreendayOnline’s underwriting philosophy prioritizes income rather than credit history when evaluating loan approval decisions. This approach recognizes that credit scores may not accurately reflect current financial capacity, particularly for borrowers who have experienced temporary financial disruptions. The platform provides services that focus on current financial ability rather than past credit issues.

The platform’s alternative assessment methodology examines:
- Current monthly income stability
- Bank account transaction patterns
- Employment verification through multiple data sources
- Existing debt obligations and payment history
- Cash flow analysis for repayment capacity
This comprehensive evaluation enables GreendayOnline to serve borrowers who might struggle with credit check payday loans from traditional lenders offering no credit check while maintaining responsible lending standards.

From Application to Account Within an Hour: The GreendayOnline Timeline

GreendayOnline’s commitment to “account within an hour” funding reflects significant technology investment in automated processing and real-time financial institution integration. The typical timeline progresses as follows:

0-5 minutes: Application submission and initial verification 5-15 minutes: Income rather than credit assessment and underwriting review 15-30 minutes: Loan approval notification and terms confirmation 30-60 minutes: Fund disbursement to borrower’s designated account

This accelerated timeline addresses the urgent nature of most 1 hour payday loans requests while ensuring thorough evaluation of each application.

Payday Loans Online No Credit Check: Loan Options and Terms Through GreendayOnline

GreendayOnline’s payday loans online no credit check offerings encompass multiple product variations designed to accommodate diverse borrower needs and financial circumstances. The platform’s loan options reflect both market demand and regulatory requirements across its 32-state operating region.

Loan Amounts and Repayment Terms for 1 Hour Payday Loans No Credit

Loan amounts available through GreendayOnline’s platform range from $100 to $1,000, with specific limits varying by state regulation and individual borrower qualification. The company’s “hour payday loans no credit” products feature flexible repayment structures designed to align with borrowers’ pay cycles.

Standard loan terms include:
- Repayment periods: 14-30 days based on borrower preference
- Extension options: Available in states where legally permitted
- Early repayment: No prepayment penalties
- Automatic renewal: Optional with explicit borrower consent
- Payment scheduling: Aligned with pay day cycles when possible
The platform ensures that loans due dates are clearly communicated and aligned with borrower income schedules to minimize payment conflicts.

Understanding APR and Loan Terms for Payday Loans with No Credit Requirements

Transparency in loan terms represents a cornerstone of GreendayOnline’s approach to payday loans with no credit requirements. The platform provides clear APR calculations and fee structures before borrowers commit to any loan agreement.

GreendayOnline’s fee structure adheres to state regulatory maximums while offering payday loans online with no credit check with a competitive marketplace. Borrowers receive detailed breakdowns of all costs associated with their payday lending experience, including:
1. Principal loan amount
2. Finance charges and fees
3. Total repayment amount
4. Effective APR calculation
5. Payment due dates and methods
Multiple Loan Offers vs Single Direct Lender: GreendayOnline’s Approach

Unlike platforms that provide multiple loan offers from various lenders, GreendayOnline operates as a direct lender platform, streamlining the borrowing experience and eliminating confusion over varying terms and conditions. This approach ensures consistent service standards and simplified communication throughout the lending relationship.

Bad Credit and Personal Loan Alternatives: How GreendayOnline Serves All Credit Types

The intersection of bad credit and emergency lending needs creates particular challenges for borrowers who face rejection from traditional personal loan providers. GreendayOnline’s inclusive approach recognizes that financial history may not reflect current financial stability or repayment capacity.

Loans for Bad Credit: GreendayOnline’s No Hard Credit Pull Policy

GreendayOnline’s loans for bad credit methodology eliminates the anxiety many borrowers experience when applying for emergency funding. The platform’s no hard credit pull policy ensures that application inquiries do not involve a hard credit check that could further damage struggling credit profiles.

This approach particularly benefits borrowers who have experienced:
- Recent financial hardships affecting credit scores
- Medical debt or unexpected emergency expenses
- Employment disruptions or income reductions
- Limited credit history or “thin file” credit profiles
- Previous payday lending experiences
Short-Term Loans vs Personal Loan Options for Low Credit Borrowers

While personal loan products typically require extensive credit evaluation and longer approval timeframes, GreendayOnline’s short-term loans provide immediate access to emergency funding for borrowers with low credit scores. The platform’s products bridge the gap between expensive credit card advances and traditional installment lending.

Short-term loan advantages include:
- Faster approval and funding timelines
- Lower qualification requirements
- No collateral or cosigner requirements
- Flexible repayment scheduling
- Minimal impact on existing credit relationships
Why Credit History Doesn’t Determine Loan Approval with GreendayOnline

GreendayOnline’s underwriting philosophy recognizes that credit history represents past financial behavior rather than current repayment capacity. The platform’s alternative evaluation methods focus on real-time financial indicators that better predict successful loan repayment.

Key evaluation factors beyond credit scores include:
1. Current employment status and income stability
2. Bank account activity and cash flow patterns
3. Existing debt obligations and payment history
4. Length of banking relationship and account management
5. Geographic and demographic risk factors
Instant Payday Loans Online Guaranteed Approval: GreendayOnline’s Direct Lender Network

The concept of guaranteed approval in lending requires careful interpretation, as responsible lenders must maintain underwriting standards while maximizing approval rates. GreendayOnline’s approach to “instant payday loans online guaranteed approval” balances accessibility with prudent risk management.

Guaranteed Approval Direct Lender Services vs Traditional Banking

While no legitimate lender can offer truly guaranteed approval without any qualification requirements, GreendayOnline’s “guaranteed approval direct lender” approach maximizes approval rates through flexible underwriting criteria and alternative data evaluation methods.

The platform’s approval rates significantly exceed traditional banking standards:
- GreendayOnline approval rate: 89% for qualified applicants
- Traditional bank personal loans: 23-31% approval rates
- Credit union emergency loans: 45-52% approval rates
- Credit card cash advances: 67% approval for existing cardholders
Payday Loans Online Guaranteed Approval Process Through Licensed Lenders

GreendayOnline’s “payday loans online guaranteed approval” process operates exclusively through licensed direct lenders compliant with state and federal regulations. This commitment ensures borrower protection while maintaining the accessibility that emergency lending requires.

The platform’s network of lenders offering payday loans undergoes rigorous vetting to ensure:
- Full licensing compliance in all operating states
- Adherence to maximum fee and rate regulations
- Transparent disclosure of all loan terms and conditions
- Proper data security and privacy protections
- Responsive customer service and dispute resolution
How GreendayOnline Connects Borrowers with Licensed Direct Lenders

GreendayOnline’s role as a connector between borrowers seeking “loans guaranteed approval direct lender” services and qualified lending partners streamlines the emergency funding process. The platform’s technology matches borrower profiles with appropriate offers based on qualification criteria and funding requirements.

Online Loans No Credit Check: GreendayOnline’s Technology and Market Position

As the digital lending landscape continues evolving, GreendayOnline’s position in the market, dedicated to online loans with no credit check, reflects both technological sophistication and market understanding. The platform’s expansion to 32 states positions it as a significant player in the estimated $35 billion annual payday lending market.

Lenders Offering 1 Hour Payday Loans Through GreendayOnline’s Platform

GreendayOnline’s network of lenders offering 1 hour payday loans represents carefully vetted financial institutions committed to responsible lending practices and rapid decision-making. The platform’s technology enables lenders through a secure online portal to access borrower applications and make real-time lending decisions.

Partner lender qualifications include:
- State licensing for payday lending operations
- Minimum capitalization requirements for lending volume
- Technology integration capabilities for real-time processing
- Customer service standards meeting platform requirements
- Compliance monitoring and reporting capabilities
Credit Check Loans Guaranteed Approval vs No Credit Check Options

The distinction between “credit check loans guaranteed approval” and true no credit check lending affects borrower experience and approval outcomes. GreendayOnline’s approach utilizes soft credit inquiries that provide lenders with credit information without a hard credit pull, affecting borrower credit scores.

This hybrid methodology enables the platform to offer no credit check loans with guaranteed approval rates approaching true no credit check lending while maintaining responsible underwriting standards required by state regulations.

Next Payday Funding: How GreendayOnline Ensures Timely Loan Processing

GreendayOnline’s commitment to next payday funding timelines requires sophisticated coordination between application processing, underwriting decisions, and fund disbursement systems. The platform’s technology infrastructure supports same-day funding for applications approved before daily cutoff times.

The company’s “repay the loan” scheduling system automatically aligns with borrower pay cycles when possible, reducing the likelihood of payment timing conflicts that could result in additional fees or credit inquiry impacts.

About GreendayOnline

GreendayOnline operates as a leading digital lending platform specializing in 1-hour payday loans no credit check services across 32 states where such lending remains legally permissible. The company’s technology-driven approach to offering no credit check loans serves borrowers who require fast access to emergency funding while maintaining responsible lending standards and regulatory compliance.

For more information about GreendayOnline’s “loan no credit check options” and expanded geographic availability, visit https://greendayonline.com/ or contact the company’s customer service team.

Media Contact:
Tarquin Nemec
GreendayOnline Public Relations Phone: (800) 424-2789
Email: tarquin.nemec@greendayonline.com

This press release contains forward-looking statements regarding GreendayOnline’s expansion plans and market position. Actual results may differ from those projected. Lending decisions are subject to state regulations and individual borrower qualification. All loan products are subject to regulatory approval and may not be available in all states.

The MIL Network –
August 5, 2025
MIL-OSI: Announcing Avery Prendergast’s Participation in the Successful Farmers of Salem Internship Program
Source: GlobeNewswire (MIL-OSI)

WILMINGTON, Del., July 31, 2025 (GLOBE NEWSWIRE) — Farmers of Salem (FOS), a regional mutual insurance company specializing in insurance for home and business owners, is pleased to announce Avery Prendergast’s successful participation in their internship program. Graduating from Levittown’s Neshaminy High School, Ms. Prendergast is completing a degree in both Legal Studies and Risk Management & Insurance with Temple University of Philadelphia. She is looking forward to a December 2025 graduation. When asked how her interest in RMI came about, Avery said, “I became interested in RMI when I took the Introduction to Risk Management class at Temple. It reminded me of torts, which was something I had studied at Bucks County Community College while in the Paralegal program. It mixed well with my Legal Studies major, so I decided to take both majors.”

Of the Intern Delaware program, Ms. Prendergast said, “ID has introduced me to industries, and people that I would never have gotten the opportunity to meet. It is a great program that shows you how easy it is to get involved and get things done in this wonderful state. ID has provided unique opportunities like visiting Legislative Hall, meeting past and present senators, networking with other interns in a variety of industries, and learning from senior executives and other professionals firsthand.” With only one more semester left, Avery is excited to settle into a career and is making the most out of her summer with Farmers. In her free time, she enjoys reading novels, watching movies with friends, and camping with her family.

When asked “Why Farmers?”, Ms. Prendergast said, “I have had an amazing time working at Farmers of Salem this summer. Transitioning from working retail and being a student, to working a 9-5 was daunting, but everyone was so welcoming and kind that it became an easier process. FOS has a great environment where my voice matters. I am seen as a person and not just an employee. I have been tasked with real projects and work that make each day feel productive and meaningful.” Avery added, “With the rotational internship, I have been able to go through multiple departments and learn the ins and outs of the business. There have been so many lightbulb moments when I am learning something new and connecting the dots to something else in another department. I have learned so much that will help me with my final college courses and my future career.”

Temple University uniquely hosts Actuarial Science and Risk Management & Insurance degree programs. Dr. Drennan, Chair of Risk, Actuarial Science, and Legal Studies at Temple University, along with his team, challenge students through thought-provoking course work while setting the bar quite high.

Elizabeth Dean, Human Resources Director for Farmers of Salem said, “The difference with Farmers of Salem’s internship program, compared to other insurance companies, is that we ask interns to roll up their sleeves and get to work alongside our tenured team members. This job-shadowing approach has allowed interns to gain first-hand experiences as they rotate through the various departments of the organization. Our employees enjoy mentoring the interns, not only to share their knowledge, but to learn from interns that have been so well prepared by Temple.” Added by Jim Reagan, CPCU, Vice President Product & Regulatory Compliance, “Asking our interns to get down to business and work alongside our valued employees is precisely what sets our internship experience apart. This process has been validated by our intern feedback.”

About Farmers of Salem
Founded in 1851, and located on the Riverfront in Wilmington DE, Farmers of Salem provides insurance coverage to homeowners and businesses in New Jersey, Pennsylvania, Delaware, and Maryland through a network of independent agents. Rated A- Excellent by A.M. Best Company and a Financial Stability Rating of A Exceptional by Demotech, Inc. “We pride ourselves in providing Superior Service with Personal Attention,” says Kim Lorenzini, Vice President, Marketing & Business Development.

For more information about Farmers of Salem, visit www.farmersofsalem.com

As a mutual corporation, fundamentally rooted in serving our community, we engage in corporate philanthropy, giving annually to an array of organizations and causes. Through our giving, in local markets where we have a presence, Farmers of Salem has supported educational development, physical education, and health and wellness programs that provide communities in most need with essential services, opportunities to improve the quality of their lives and provide them with assets to create a better future.

A partial list of events and organizations that Farmers of Salem supports annually:
- Autism Delaware
- Serviam Girls Academy
- Vehicles for Veterans
- Salem County Humane Society
- Habitat for Humanity
- VFW Post #253
- Operation Legacy
- Keeping Hope Alive, Inc.
- Temple University
- Girl Scouts and Boy Scouts
- Holiday Service Project – Thanksgiving Food Baskets – Salvation Army
- Make A Wish
- American Red Cross
- American Cancer Society
- Longwood Gardens
- Bo Lends a Paw Pet Pantry
Contact: Kim Lorenzini

856-628-0150

klorenzini@fosnj.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0d1f5ccc-9a93-4259-b449-b63c5eb4f69a

The MIL Network –
August 5, 2025

MIL-OSI: Silvercrest Asset Management Group Inc. Reports Q2 2025 Results

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 31, 2025 (GLOBE NEWSWIRE) — Silvercrest Asset Management Group Inc. (NASDAQ: SAMG) (the “Company” or “Silvercrest”) today reported the results of its operations for the quarter ended June 30, 2025.

Business Update

Discretionary assets under management (“AUM”) increased $1.0 billion during the second quarter, primarily due to strong markets. While net flows were negative, Silvercrest added $80.0 million in organic new client accounts and has added $0.5 billion in new client accounts during the first half of 2025. That is on pace to be one of the stronger levels of organic new client flows over the past several years. Silvercrest has added approximately $2.0 billion in organic new client accounts over the past four quarters.

Discretionary AUM, which drives revenue, now stands at $23.7 billion, which is a 4.4% sequential quarterly increase and an increase of 9.7% year-over-year. Total AUM at the end of the second quarter hit a new high for the firm at $36.7 billion.

Barring short-term market volatility, the increase in AUM bodes well for future revenue, as Silvercrest primarily bills quarterly in advance. Silvercrest’s strategic investments continue to promote growth, and our earnings and Adjusted EBITDA¹ reflect a concerted effort to invest capital to support our long-term strategic priorities. We remain highly optimistic about securing more significant organic flows over the course of 2025 and 2026, as our investments bear fruit.

Our strategic initiatives highlight Silvercrest in both the institutional and wealth markets. The firm continues to invest in talent across the firm to drive new growth and successfully transition the business toward the next generation. Our new business pipeline remains robust.

As previously discussed, Silvercrest will continue to monitor and adjust our interim compensation ratio to match important investments in the business as long as we have compelling opportunities to grow the firm and build our return on invested capital.

We completed a $12.0 million stock repurchase program at the beginning of the second quarter. As a result, we announced a new buyback program of $25.0 million on May 23, 2025. Our strong balance sheet supports ongoing capital returns as well as our growth initiatives.

We will continue to look for opportunities to return capital to or accrete shareholders, especially as we invest in the business.

On July 30, 2025, the Company’s Board of Directors approved an increase of 5% to the Company’s quarterly dividend, from $0.20 per share of Class A common stock to $0.21 per share of Class A common stock. The dividend will be paid on or about September 19, 2025 to stockholders of record as of the close of business on September 12, 2025.

Second Quarter 2025 Highlights

Total AUM of $36.7 billion, inclusive of discretionary AUM of $23.7 billion and non-discretionary AUM of $13.0 billion, at June 30, 2025.
Revenue of $30.7 million.
U.S. Generally Accepted Accounting Principles (“GAAP”) consolidated net income and net income attributable to Silvercrest of $3.1 million and $1.9 million, respectively.
Basic and diluted net income per share of $0.21.
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”)¹ of $5.7 million.
Adjusted net income¹ of $3.3 million.
Adjusted basic and diluted earnings per share^1,2 of $0.26 and $0.25, respectively.

The table below presents a comparison of certain GAAP and non-GAAP (“Adjusted”) financial measures and AUM.

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
(in thousands except as indicated)	2025			2024			2025			2024
Revenue	$	30,673		$	30,993		$	62,065		$	61,265
Income before other income (expense), net	$	4,041		$	5,309		$	8,878		$	11,213
Net income	$	3,149		$	4,380		$	7,077		$	9,295
Net income margin		10.3	%		14.1	%		11.4	%		15.2	%
Net income attributable to Silvercrest	$	1,918		$	2,665		$	4,387		$	5,665
Net income per basic share	$	0.21		$	0.28		$	0.47		$	0.60
Net income per diluted share	$	0.21		$	0.28		$	0.47		$	0.60
Adjusted EBITDA¹	$	5,735		$	7,232		$	12,232		$	14,685
Adjusted EBITDA Margin¹		18.7	%		23.3	%		19.7	%		24.0	%
Adjusted net income¹	$	3,258		$	4,402		$	7,152		$	9,121
Adjusted basic earnings per share^{1, 2}	$	0.26		$	0.31		$	0.57		$	0.65
Adjusted diluted earnings per share^{1, 2}	$	0.25		$	0.30		$	0.54		$	0.63
Assets under management at period end (billions)	$	36.7		$	33.4		$	36.7		$	33.4
Average assets under management (billions)³	$	36.0		$	34.0		$	36.6		$	33.4
Discretionary assets under management (billions)	$	23.7		$	21.6		$	23.7		$	21.6

¹	Adjusted measures are non-GAAP measures and are explained and reconciled to the comparable GAAP measures in Exhibits 2 and 3.
²	Adjusted basic and diluted earnings per share measures for the three and six months ended June 30, 2025 are based on the number of shares of Class A common stock and Class B common stock outstanding as of June 30, 2025. Adjusted diluted earnings per share are further based on the addition of unvested restricted stock units and non-qualified stock options to the extent dilutive at the end of the reporting period.
³	We have computed average AUM by averaging AUM at the beginning of the applicable period and AUM at the end of the applicable period.

AUM at $36.7 Billion

Silvercrest’s discretionary AUM increased by $2.1 billion, or 9.7%, to $23.7 billion at June 30, 2025, from $21.6 billion at June 30, 2024. Silvercrest’s total AUM increased by $3.3 billion, or 9.9%, to $36.7 billion at June 30, 2025, from $33.4 billion at June 30, 2024. The increase in total AUM was attributable to market appreciation of $2.8 billion and net client inflows of $0.5 billion.

Silvercrest’s discretionary assets under management increased by $1.0 billion, or 4.4%, to $23.7 billion at June 30, 2025, from $22.7 billion at March 31, 2025. The increase was attributable to market appreciation of $1.4 billion partially offset by net client outflows of $0.4 billion. Silvercrest’s total AUM increased by $1.4 billion, or 4.0%, to $36.7 billion at June 30, 2025, from $35.3 billion at March 31, 2025. The increase was attributable to market appreciation of $1.8 billion partially offset by net client outflows of $0.4 billion.

Second Quarter 2025 vs. Second Quarter 2024

Revenue decreased by $0.3 million, or 1.0%, to $30.7 million for the three months ended June 30, 2025, from $31.0 million for the three months ended June 30, 2024. This decrease was driven by a decrease in the average annual management fee rate.

Total expenses increased by $0.9 million, or 3.7%, to $26.6 million for the three months ended June 30, 2025, from $25.7 million for the three months ended June 30, 2024. Compensation and benefits expense increased by $0.3 million, or 1.7%, to $18.8 million for the three months ended June 30, 2025 from $18.5 million for the three months ended June 30, 2024. The increase was primarily attributable to an increase in salaries and benefits of $1.2 million primarily as a result of merit-based increases and newly-hired staff, partially offset by decreases in the accrual for bonuses of $0.8 million and equity-based compensation of $0.1 million. General and administrative expenses increased by $0.6 million, or 8.8%, to $7.8 million for the three months ended June 30, 2025 from $7.2 million for the three months ended June 30, 2024. This was primarily attributable to increases in professional fees of $0.2 million, occupancy and related costs of $0.1 million primarily related to new office space in Singapore, marketing and advertising costs of $0.1 million, shareholder expenses of $0.1 million and travel and entertainment expenses of $0.1 million.

Consolidated net income was $3.1 million, or 10.3% of revenue, for the three months ended June 30, 2025, as compared to consolidated net income of $4.4 million, or 14.1% of revenue, for the same period in the prior year. Net income attributable to Silvercrest was $1.9 million, or $0.21 per basic and diluted share, for the three months ended June 30, 2025. Our adjusted net income¹ was $3.3 million, or $0.26 per adjusted basic share and $0.25 per adjusted diluted share², for the three months ended June 30, 2025.

Adjusted EBITDA¹ was $5.7 million, or 18.7% of revenue, for the three months ended June 30, 2025, as compared to $7.2 million, or 23.3% of revenue, for the same period in the prior year.

Six Months Ended June 30, 2025 vs. Six Months Ended June 30, 2024

Revenue increased by $0.8 million, or 1.3%, to $62.1 million for the six months ended June 30, 2025, from $61.3 million for the six months ended June 30, 2024. This increase was driven by market appreciation partially offset by net client outflows.

Total expenses increased by $3.1 million, or 6.3%, to $53.2 million for the six months ended June 30, 2025, from $50.1 million for the six months ended June 30, 2024. Compensation and benefits expense increased by $1.5 million, or 4.2%, to $37.7 million for the six months ended June 30, 2025, from $36.2 million for the six months ended June 30, 2024. The increase was primarily attributable to an increase in salaries and benefits of $2.7 million primarily as a result of merit-based increases and newly-hired staff, partially offset by decreases in the accrual for bonuses of $1.1 million and severance expense of $0.1 million. General and administrative expenses increased by $1.6 million, or 11.6%, to $15.5 million for the six months ended June 30, 2025, from $13.9 million for the six months ended June 30, 2024. This was primarily attributable to increases in professional fees of $0.6 million, occupancy and related costs of $0.1 million primarily related to new office space in Singapore, portfolio and systems expense of $0.3 million, shareholder expenses of $0.1 million, marketing and advertising costs of $0.1 million, office expenses of $0.1 million, sub-advisory and referral fees of $0.1 million and travel and entertainment expenses of $0.2 million.

Consolidated net income was $7.1 million, or 11.4% of revenue, for the six months ended June 30, 2025, as compared to consolidated net income of $9.3 million, or 15.2% of revenue, for the same period in the prior year. Net income attributable to Silvercrest was $4.4 million, or $0.47 per basic share and diluted share for the six months ended June 30, 2025. Our adjusted net income¹ was $7.2 million, or $0.57 per adjusted basic share and $0.54 per adjusted diluted share² for the six months ended June 30, 2025.

Adjusted EBITDA¹ was $12.2 million, or 19.7% of revenue, for the six months ended June 30, 2025, as compared to $14.7 million, or 24.0% of revenue, for the same period in the prior year.

Liquidity and Capital Resources

Cash and cash equivalents were $30.0 million at June 30, 2025, compared to $68.6 million at December 31, 2024. As of June 30, 2025, there was nothing outstanding under our term loan with City National Bank and nothing outstanding on our revolving credit facility with City National Bank.

Silvercrest Asset Management Group Inc.’s total equity was $100.0 million at June 30, 2025. We had 8,501,241 shares of Class A common stock outstanding and 4,126,476 shares of Class B common stock outstanding at June 30, 2025.

Non-GAAP Financial Measures

To provide investors with additional insight, promote transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making, we supplement our consolidated financial statements presented on a basis consistent with GAAP with Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Earnings Per Share, which are non-GAAP financial measures of earnings. These adjustments, and the non-GAAP financial measures that are derived from them, provide supplemental information to analyze our operations between periods and over time. Investors should consider our non-GAAP financial measures in addition to, and not as a substitute for, financial measures prepared in accordance with GAAP.

EBITDA represents net income before provision for income taxes, interest income, interest expense, depreciation and amortization.
We define Adjusted EBITDA as EBITDA without giving effect to the Delaware franchise tax, professional fees associated with acquisitions or financing transactions, gains on extinguishment of debt or other obligations related to acquisitions, impairment charges and losses on disposals or abandonment of assets and leaseholds, client reimbursements and fund redemption costs, severance and other similar expenses, but including partner incentive allocations, prior to our initial public offering, as an expense. We believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted EBITDA, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring earnings of the Company, taking into account earnings attributable to both Class A and Class B stockholders.
Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenue. We believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted EBITDA Margin, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring profitability of the Company, taking into account profitability attributable to both Class A and Class B stockholders.
Adjusted Net Income represents recurring net income without giving effect to professional fees associated with acquisitions or financing transactions, losses on forgiveness of notes receivable from our partners, gains on extinguishment of debt or other obligations related to acquisitions, impairment charges and losses on disposals or abandonment of assets and leaseholds, client reimbursements and fund redemption costs, severance and other similar expenses. Furthermore, Adjusted Net Income includes income tax expense assuming a blended corporate rate of 26%. We believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted Net Income, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring income of the Company, taking into account income attributable to both Class A and Class B stockholders.
Adjusted Earnings Per Share represents Adjusted Net Income divided by the actual Class A and Class B shares outstanding as of the end of the reporting period for basic Adjusted Earnings Per Share, and to the extent dilutive, we add unvested restricted stock units and non-qualified stock options to the total shares outstanding to compute diluted Adjusted Earnings Per Share. As a result of our structure, which includes a non-controlling interest, we believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted Earnings Per Share, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring earnings per share of the Company as a whole as opposed to being limited to our Class A common stock.

Conference Call

The Company will host a conference call on August 1, 2025, at 8:30 am (Eastern Time) to discuss these results. Hosting the call will be Richard R. Hough III, Chief Executive Officer and President, and Scott A. Gerard, Chief Financial Officer. Listeners may access the call by dialing 1-844-836-8743 or for international listeners the call may be accessed by dialing 1-412-317-5723. A live, listen-only webcast will also be available via the investor relations section of www.silvercrestgroup.com. An archived replay of the call will be available after the completion of the live call on the Investor Relations page of the Silvercrest website at http://ir.silvercrestgroup.com/.

Forward-Looking Statements

This release contains, and from time to time our management may make, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks, uncertainties and assumptions. These statements are only predictions based on our current expectations and projections about future events. Important factors that could cause actual results, level of activity, performance or achievements to differ materially from those indicated by such forward-looking statements include, but are not limited to: incurrence of net losses; fluctuations in quarterly and annual results; adverse economic or market conditions; our expectations with respect to future levels of assets under management, inflows and outflows; our ability to retain clients; our ability to maintain our fee structure; our particular choices with regard to investment strategies employed; our ability to hire and retain qualified investment professionals; the cost of complying with current and future regulation coupled with the cost of defending ourselves from related investigations or litigation; failure of our operational safeguards against breaches in data security, privacy, conflicts of interest or employee misconduct; our expected tax rate; our expectations with respect to deferred tax assets, adverse economic or market conditions; incurrence of net losses; adverse effects of management focusing on implementation of a growth strategy; failure to develop and maintain the Silvercrest brand; and other factors disclosed under “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2024, which is accessible on the U.S. Securities and Exchange Commission’s website at www.sec.gov. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

About Silvercrest

Silvercrest was founded in April 2002 as an independent, employee-owned registered investment adviser. With offices in New York, Boston, Virginia, New Jersey, California and Wisconsin, Silvercrest provides traditional and alternative investment advisory and family office services to wealthy families and select institutional investors.

Silvercrest Asset Management Group Inc.

Contact: Richard Hough
212-649-0601
rhough@silvercrestgroup.com

Exhibit 1

Silvercrest Asset Management Group Inc. Condensed Consolidated Statements of Operations (Unaudited and in thousands, except share and per share amounts or as noted)

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2025			2024			2025			2024

Revenue
Management and advisory fees	$	29,515		$	29,900		$	59,783		$	59,065
Family office services		1,158			1,093			2,282			2,200
Total revenue		30,673			30,993			62,065			61,265
Expenses
Compensation and benefits		18,805			18,493			37,686			36,162
General and administrative		7,827			7,191			15,501			13,890
Total expenses		26,632			25,684			53,187			50,052
Income before other (expense) income, net		4,041			5,309			8,878			11,213
Other (expense) income, net
Other (expense) income, net		20			7			27			15
Interest income		163			289			436			636
Interest expense		(15	)		(29	)		(30	)		(80	)
Total other (expense) income, net		168			267			433			571
Income before provision for income taxes		4,209			5,576			9,311			11,784
Provision for income taxes		(1,060	)		(1,196	)		(2,234	)		(2,489	)
Net income		3,149			4,380			7,077			9,295
Less: net income attributable to non-controlling interests		(1,231	)		(1,715	)		(2,690	)		(3,630	)
Net income attributable to Silvercrest	$	1,918		$	2,665		$	4,387		$	5,665
Net income per share:
Basic	$	0.21		$	0.28		$	0.47		$	0.60
Diluted	$	0.21		$	0.28		$	0.47		$	0.60
Weighted average shares outstanding:
Basic		9,095,966			9,509,711			9,337,530			9,494,869
Diluted		9,124,278			9,547,879			9,370,217			9,531,730

Exhibit 2

Silvercrest Asset Management Group Inc. Reconciliation of GAAP to non-GAAP (“Adjusted”) Adjusted EBITDA Measure (Unaudited and in thousands, except share and per share amounts or as noted)

Adjusted EBITDA	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2025			2024			2025			2024
Reconciliation of non-GAAP financial measure:
Net income	$	3,149		$	4,380		$	7,077		$	9,295
Provision for income taxes		1,060			1,196			2,234			2,489
Delaware Franchise Tax		50			50			100			100
Interest expense		15			29			30			80
Interest income		(163	)		(289	)		(436	)		(636	)
Depreciation and amortization		1,079			1,058			2,118			2,077
Equity-based compensation		401			485			855			839
Other adjustments (A)		144			323			254			441
Adjusted EBITDA	$	5,735		$	7,232		$	12,232		$	14,685
Adjusted EBITDA Margin		18.7	%		23.3	%		19.7	%		24.0	%

(A) Other adjustments consist of the following:

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Severance	$	—	$	—	$	—	$	60
Other (a)		144		323		254		381
Total other adjustments	$	144	$	323	$	254	$	441

(a)

For the three months ended June 30, 2025, represents an ASC 842 rent adjustment of $48 related to the amortization of property lease incentives, legal fees of $84 related to our application for licensure in the European Union (the “EU”) and rent expense of $12. For the six months ended June 30, 2025, represents an ASC 842 rent adjustment of $96 related to the amortization of property lease incentives, legal fees of $84 related to our application for licensure in the EU, sign-on bonuses paid to certain employees of $62 and rent expense of $12. For the three months ended June 30, 2024, represents a fair value adjustment to the Neosho contingent purchase price consideration of $12, an ASC 842 rent adjustment of $48 related to the amortization of property lease incentives, sign on bonuses paid to certain employees of $188, professional fees of $26 related to a transfer pricing project, legal fees of $46 and software implementation costs of $3. For the six months ended June 30, 2024, represents a fair value adjustment to the Neosho contingent purchase price consideration of $12, an ASC 842 rent adjustment of $96 related to the amortization of property lease incentives, sign on bonuses paid to certain employees of $188, professional fees of $26 related to a transfer pricing project, legal fees of $46 and software implementation costs of $13.

Exhibit 3

Silvercrest Asset Management Group Inc. Reconciliation of GAAP to non-GAAP (“Adjusted”) Adjusted Net Income and Adjusted Earnings Per Share Measures (Unaudited and in thousands, except per share amounts or as noted)

Adjusted Net Income and Adjusted Earnings Per Share	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Reconciliation of non-GAAP financial measure:
Net income	$	3,149		$	4,380		$	7,077		$	9,295
Consolidated GAAP Provision for income taxes		1,060			1,196			2,234			2,489
Delaware Franchise Tax		50			50			100			100
Other adjustments (A)		144			323			254			441
Adjusted earnings before provision for income taxes		4,403			5,949			9,665			12,325
Adjusted provision for income taxes:
Adjusted provision for income taxes (26% assumed tax rate)		(1,145	)		(1,547	)		(2,513	)		(3,205	)

Adjusted net income	$	3,258		$	4,402		$	7,152		$	9,121

GAAP net income per share (B):
Basic	$	0.21		$	0.28		$	0.47		$	0.60
Diluted	$	0.21		$	0.28		$	0.47		$	0.60

Adjusted earnings per share/unit (B):
Basic	$	0.26		$	0.31		$	0.57		$	0.65
Diluted	$	0.25		$	0.30		$	0.54		$	0.63

Shares/units outstanding:
Basic Class A shares outstanding		8,501			9,547			8,501			9,547
Basic Class B shares/units outstanding		4,127			4,443			4,127			4,443
Total basic shares/units outstanding		12,628			13,990			12,628			13,990

Diluted Class A shares outstanding (C)		8,525			9,586			8,525			9,586
Diluted Class B shares/units outstanding (D)		4,630			5,038			4,630			5,038
Total diluted shares/units outstanding		13,155			14,624			13,155			14,624

	(A)	See A in Exhibit 2.
	(B)	GAAP earnings per share is strictly attributable to Class A stockholders. Adjusted earnings per share takes into account earnings attributable to both Class A and Class B stockholders.
	(C)	Includes 23,426 and 38,936 unvested restricted stock units at June 30, 2025 and 2024, respectively.
	(D)	Includes 137,100 and 228,118 unvested restricted stock units at June 30, 2025 and 2024, respectively, and 366,293 unvested non-qualified options at June 30, 2025 and 2024.

Exhibit 4

Silvercrest Asset Management Group Inc. Condensed Consolidated Statements of Financial Condition (Unaudited and in thousands)

	June 30, 2025			December 31, 2024
Assets
Cash and cash equivalents	$	30,041		$	68,611
Investments		164			1,354
Receivables, net		13,129			12,225
Due from Silvercrest Funds		875			945
Furniture, equipment and leasehold improvements, net		7,302			7,387
Goodwill		63,675			63,675
Operating lease assets		15,127			16,032
Finance lease assets		189			254
Intangible assets, net		15,547			16,644
Deferred tax asset		2,737			4,220
Prepaid expenses and other assets		3,925			3,085
Total assets	$	152,711		$	194,432
Liabilities and Equity
Accounts payable and accrued expenses	$	3,190		$	1,953
Accrued compensation		17,811			39,865
Operating lease liabilities		21,071			22,270
Finance lease liabilities		197			262
Deferred tax and other liabilities		10,488			10,389
Total liabilities		52,757			74,739
Commitments and Contingencies (Note 10)
Equity
Preferred Stock, par value $0.01, 10,000,000 shares authorized; none issued and outstanding		—			—
Class A Common Stock, par value $0.01, 50,000,000 shares authorized; 10,801,353 and 8,501,241 issued and outstanding, respectively, as of June 30, 2025; 10,450,559 and 9,376,280 issued and outstanding, respectively, as of December 31, 2024		108			104
Class B Common Stock, par value $0.01, 25,000,000 shares authorized; 4,126,476 and 4,373,315 issued and outstanding as of June 30, 2025 and December 31, 2024, respectively		40			42
Additional Paid-In Capital		58,704			56,369
Treasury Stock, at cost, 2,300,112 and 1,074,279 shares as of June 30, 2025 and December 31, 2024, respectively		(38,866	)		(19,728	)
Accumulated other comprehensive income (loss)		(41	)		(43	)
Retained earnings		44,660			43,953
Total Silvercrest Asset Management Group Inc.’s equity		64,605			80,697
Non-controlling interests		35,349			38,996
Total equity		99,954			119,693
Total liabilities and equity	$	152,711		$	194,432

Exhibit 5

Silvercrest Asset Management Group Inc. Total Assets Under Management (Unaudited and in billions)

Total Assets Under Management:
	Three Months Ended June 30,						% Change from June 30,
	2025			2024			2024
Beginning assets under management	$	35.3		$	34.5			2.3	%

Gross client inflows		0.9			0.6			50.0	%
Gross client outflows		(1.3	)		(1.5	)		-13.3	%
Net client flows		(0.4	)		(0.9	)		55.6	%

Market appreciation/(depreciation)		1.8			(0.2	)	NM
Ending assets under management	$	36.7		$	33.4			9.9	%

	Six Months Ended June 30,						% Change from June 30,
	2025			2024			2024
Beginning assets under management	$	36.5		$	33.3			9.6	%

Gross client inflows		2.3			1.7			35.3	%
Gross client outflows		(2.5	)		(3.0	)		-16.7	%
Net client flows		(0.2	)		(1.3	)		84.6	%

Market appreciation		0.4			1.4			-71.4	%
Ending assets under management	$	36.7		$	33.4			9.9	%

NM = Not Meaningful

Exhibit 6

Silvercrest Asset Management Group Inc. Discretionary Assets Under Management (Unaudited and in billions)

Discretionary Assets Under Management:

	Three Months Ended June 30,						% Change from June 30,
	2025			2024			2024
Beginning assets under management	$	22.7		$	22.7			0.0	%

Gross client inflows		0.6			0.6			0.0	%
Gross client outflows		(1.0	)		(1.5	)		-33.3	%
Net client flows		(0.4	)		(0.9	)		55.6	%

Market appreciation/(depreciation)		1.4			(0.2	)	NM
Ending assets under management	$	23.7		$	21.6			9.7	%

	Six Months Ended June 30,						% Change from June 30,
	2025			2024			2024
Beginning assets under management	$	23.3		$	21.9			6.4	%

Gross client inflows		1.6			1.2			33.3	%
Gross client outflows		(1.7	)		(2.5	)		-32.0	%
Net client flows		(0.1	)		(1.3	)		-92.3	%

Market appreciation		0.5			1.0			-50.0	%
Ending assets under management	$	23.7		$	21.6			9.7	%

NM = Not Meaningful

Exhibit 7

Silvercrest Asset Management Group Inc. Non-Discretionary Assets Under Management (Unaudited and in billions)

Non-Discretionary Assets Under Management:

	Three Months Ended June 30,					% Change from June 30,
	2025			2024		2024
Beginning assets under management	$	12.6		$	11.8		6.8	%

Gross client inflows		0.3			—		100.0	%
Gross client outflows		(0.3	)		—		100.0	%
Net client flows		—			—		100.0	%

Market appreciation		0.4			—		100.0	%
Ending assets under management	$	13.0		$	11.8		10.2	%

	Six Months Ended June 30,						% Change from June 30,
	2025			2024			2024
Beginning assets under management	$	13.2		$	11.4			15.8	%

Gross client inflows		0.7			0.5			40.0	%
Gross client outflows		(0.8	)		(0.5	)		60.0	%
Net client flows		(0.1	)		—			-100.0	%

Market (depreciation)/appreciation		(0.1	)		0.4			-125.0	%
Ending assets under management	$	13.0		$	11.8			10.2	%

Exhibit 8

Silvercrest Asset Management Group Inc. Assets Under Management (Unaudited and in billions)

	Three Months Ended June 30,
	2025			2024
Total AUM as of March 31,	$	35.328		$	34.509
Discretionary AUM:
Total Discretionary AUM as of March 31,	$	22.655		$	22.681
New client accounts/assets (1)		0.080			0.068
Closed accounts (2)		(0.071	)		(0.036	)
Net cash inflow/(outflow) (3)		(0.426	)		(0.955	)
Non-discretionary to Discretionary AUM (4)		—			—
Market appreciation/(depreciation)		1.430			(0.112	)
Change to Discretionary AUM		1.013			(1.035	)
Total Discretionary AUM at June 30,		23.668			21.646
Change to Non-Discretionary AUM (5)		0.332			(0.044	)
Total AUM as of June 30,	$	36.673		$	33.430

	Six Months Ended June 30,
	2025			2024
Total AUM as of January 1,	$	36.455		$	33.281
Discretionary AUM:
Total Discretionary AUM as of January 1,	$	23.319		$	21.885
New client accounts/assets (1)		0.517			0.103
Closed accounts (2)		(0.125	)		(0.475	)
Net cash inflow/(outflow) (3)		(0.540	)		(0.948	)
Non-discretionary to Discretionary AUM (4)		0.001			(0.002	)
Market appreciation		0.497			1.083
Change to Discretionary AUM		0.350			(0.239	)
Total Discretionary AUM at June 30,		23.669			21.646
Change to Non-Discretionary AUM (5)		(0.132	)		0.388
Total AUM as of June 30,	$	36.673		$	33.430

(1)	Represents new account flows from both new and existing client relationships.
(2)	Represents closed accounts of existing client relationships and those that terminated.
(3)	Represents periodic cash flows related to existing accounts.
(4)	Represents client assets that converted to Discretionary AUM from Non-Discretionary AUM.
(5)	Represents the net change to Non-Discretionary AUM.

Exhibit 9

Silvercrest Asset Management Group Inc.
Equity Investment Strategy Composite Performance^{1, 2}
As of June 30, 2025
(Unaudited)

PROPRIETARY EQUITY PERFORMANCE ^{1, 2}

ANNUALIZED PERFORMANCE

INCEPTION

1-YEAR

3-YEAR

5-YEAR

7-YEAR

INCEPTION

Large Cap Value Composite

4/1/02

10.1

12.6

13.4

10.7

9.6

Russell 1000 Value Index

13.7

12.8

13.9

9.6

8.0

Small Cap Value Composite

4/1/02

-0.1

7.4

11.9

6.0

9.7

Russell 2000 Value Index

5.5

7.5

12.5

4.9

7.5

Smid Cap Value Composite

10/1/05

8.7

8.6

11.8

6.4

9.2

Russell 2500 Value Index

10.5

10.7

14.0

6.9

7.7

Multi Cap Value Composite

7/1/02

11.4

11.3

12.0

8.5

9.6

Russell 3000 Value Index

13.3

12.5

13.9

9.3

8.4

Equity Income Composite

12/1/03

9.6

9.9

11.4

7.7

10.7

Russell 3000 Value Index

13.3

12.5

13.9

9.3

8.6

Focused Value Composite

9/1/04

15.1

8.0

9.1

5.7

9.4

Russell 3000 Value Index

13.3

12.5

13.9

9.3

8.4

Global Value Opportunity Composite

1/1/20

19.5

16.2

15.3

—

11.0

MSCI ACWI Value – Net Index

15.6

13.1

13.0

—

7.8

Small Cap Opportunity Composite

7/1/04

3.0

11.4

11.1

7.6

10.4

Russell 2000 Index

7.7

10.0

5.5

7.8

Small Cap Growth Composite

7/1/04

6.5

8.8

9.2

8.0

10.1

Russell 2000 Growth Index

9.7

12.4

7.4

5.7

8.3

Smid Cap Growth Composite

1/1/06

16.2

11.3

8.9

11.3

10.7

Russell 2500 Growth Index

8.8

12.1

7.5

9.2

¹	Returns are based upon a time weighted rate of return of various fully discretionary equity portfolios with similar investment objectives, strategies and policies and other relevant criteria managed by Silvercrest Asset Management Group LLC (“SAMG LLC”), a subsidiary of Silvercrest. Performance results are gross of fees and net of commission charges. An investor’s actual return will be reduced by the advisory fees and any other expenses it may incur in the management of the investment advisory account. SAMG LLC’s standard advisory fees are described in Part 2 of its Form ADV. Actual fees and expenses will vary depending on a variety of factors, including the size of a particular account. Returns greater than one year are shown as annualized compounded returns and include gains and accrued income and reinvestment of distributions. Past performance is no guarantee of future results. This piece contains no recommendations to buy or sell securities or a solicitation of an offer to buy or sell securities or investment services or adopt any investment position. This piece is not intended to constitute investment advice and is based upon conditions in place during the period noted. Market and economic views are subject to change without notice and may be untimely when presented here. Readers are advised not to infer or assume that any securities, sectors or markets described were or will be profitable. SAMG LLC is an independent investment advisory and financial services firm created to meet the investment and administrative needs of individuals with substantial assets and select institutional investors. SAMG LLC claims compliance with the Global Investment Performance Standards (GIPS^®).
²	The market indices used to compare to the performance of Silvercrest’s strategies are as follows:
	The Russell 1000 Index is a capitalization-weighted, unmanaged index that measures the 1000 largest companies in the Russell 3000. The Russell 1000 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values.
	The Russell 2000 Index is a capitalization-weighted, unmanaged index that measures the 2000 smallest companies in the Russell 3000. The Russell 2000 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 2000 Index companies with lower price-to-book ratios and lower expected growth values.
	The Russell 2500 Index is a capitalization-weighted, unmanaged index that measures the 2500 smallest companies in the Russell 3000. The Russell 2500 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 2000 Index companies with lower price-to-book ratios and lower expected growth values.
	The Russell 3000 Value Index is a capitalization-weighted, unmanaged index that measures those Russell 3000 Index companies with lower price-to-book ratios and lower forecasted growth.

The MIL Network –

August 5, 2025

MIL-OSI: Great Elm Group Announces Strategic Partnership with Kennedy Lewis Investment Management
Source: GlobeNewswire (MIL-OSI)

– Purchases 4.9% of Great Elm Group’s Common Stock; $150 Million Debt Investment in Monomoy Properties REIT to Accelerate Industrial Real Estate Platform Expansion –

– Company to Host Conference Call at 8:30 a.m. ET on August 1, 2025 –

Transaction Highlights:
- Certain funds affiliated with Kennedy Lewis Investment Management LLC (“KLIM”) purchase 4.9% of Great Elm Group, Inc’s (“GEG”) outstanding common stock at market price, approximately $2.11 per share.
- $150 million of term loans in total strategic financing for Monomoy Properties REIT, LLC (“Monomoy REIT”) from KLIM to catalyze growth across the Monomoy industrial real estate platform recently consolidated under Great Elm Real Estate Ventures, LLC (“Real Estate Ventures”)
- KLIM appoints board representatives at both GEG and Monomoy REIT, underscoring its commitment to a long-term partnership
PALM BEACH GARDENS, Fla., July 31, 2025 (GLOBE NEWSWIRE) — Great Elm Group, Inc. (“we,” “us,” “our,” “GEG” or “Great Elm,”) (NASDAQ: GEG), a publicly traded alternative asset manager, today announced a transformational strategic partnership with KLIM, an institutional alternative investment firm focused on opportunistic credit strategies including real estate with over $30 billion in assets under management. This partnership delivers up to $150 million in leverageable capital to support continued growth across Great Elm’s real estate platform, which includes Monomoy REIT, Monomoy CRE (MCRE), Monomoy Construction Services (MCS), and Monomoy BTS (MBTS) (together “Monomoy”). Monomoy offers a full-service suite of project management, procurement, construction management, asset management, market analysis and feasibility services for its industrial real estate tenants.

Under the terms of the transaction, KLIM is providing an initial $100 million term loan to Monomoy REIT, and the option for an additional $50 million in future capital. Additionally, KLIM is purchasing 4.9% of GEG’s common stock at market price, approximately $2.11 a share, and will hold an initial 15% profits interest (which may be increased to 20% under certain circumstances) in the newly formed Great Elm Real Estate Ventures, LLC, which consolidates GEG’s real estate subsidiaries: MCRE, MCS, and MBTS.

“KLIM’s investment strengthens our position as a full-spectrum real estate enterprise,” said Jason Reese, Chief Executive Officer of Great Elm. “Their deep sector expertise, alignment with our long-term vision, and capital commitment empower us to deliver superior value to Monomoy’s tenants and clients as well as our shareholders.”

KLIM is also appointing a board representative at each of Great Elm and Monomoy REIT, underscoring its role as a long-term partner.

“We are excited to partner with Great Elm and support the continued expansion of its industrial real estate platform,” said David Chene, Co-Founder of KLIM. “The integrated strategy being executed through Monomoy is exactly the kind of scalable, opportunity-rich platform we seek to support. We look forward to working closely with the leadership team to unlock the full potential of this business.”

About the Monomoy Platform

Monomoy Properties REIT, LLC (REIT) is a private real estate investment trust with approximately $400 million of diversified net leased IOS assets. Backed by disciplined investment principles and a long-term view, the REIT provides investors with exposure to mission-critical facilities occupied by high-quality tenants. The REIT offers investors returns through dividends and long-term capital appreciation.

Great Elm Real Estate Ventures (Real Estate Ventures), a newly created entity comprised of wholly owned subsidiaries of GEG, brings together a vertically integrated group of real estate-focused businesses, each playing a strategic role in delivering best-in-class industrial outdoor storage (IOS) properties across the United States. The wholly owned subsidiaries of GEG include the following:

Monomoy CRE, LLC (MCRE) serves as the real estate asset manager at the core of the Monomoy platform. MCRE is responsible for executing Monomoy Properties REIT’s day-to-day investment strategy while also sourcing and identifying prime IOS real estate opportunities for development by BTS. With deep market expertise and a proactive approach, MCRE ensures seamless coordination across acquisition, development, and asset management functions.

Monomoy BTS Corp. (BTS) focuses on acquiring land and developing custom-built IOS properties tailored to tenant needs. Each project is executed with precision, supporting business growth and operational efficiency for its clients.

Monomoy Construction Services, LLC (MCS) offers full-service procurement and construction management. MCS serves the REIT, BTS, and select third-party clients, ensuring consistent delivery, quality, cost control, and timely execution.

Together, these entities create a powerful, end-to-end real estate platform that combines deep market insight, professional asset management services investment expertise, and turnkey execution capabilities to generate long-term value for tenants and investors alike.

Transforming Into a Full-Service Real Estate Platform

This capital injection represents a major milestone in the continued growth and ongoing evolution of Great Elm’s real estate business. This structure enables Great Elm Real Estate Ventures to serve its tenants as a comprehensive, value-added real estate partner, enhancing delivery of real estate solutions from acquisition through development and management.

Strategic and Financial Impact

The KLIM financing substantially improves Monomoy REIT’s cost of capital and allows for the refinancing of existing convertible debt and repayment of key credit facilities. The capital will also be used to fund new acquisitions and further scale Monomoy’s operations.

Great Elm Real Estate Ventures Conference Call & Webcast Information

When: Friday, August 1, 2025, 8:30 a.m. Eastern Time (ET)

Call: All interested parties are invited to participate in the conference call by dialing +1 (877) 407-0752; international callers should dial +1 (201) 389-0912. Participants should enter the Conference ID 13755229 if asked.

Webcast: The conference call will be webcast simultaneously and can be accessed here. A copy of the slide presentation accompanying the conference call, can be found here.

About Kennedy Lewis Investment Management, LLC

Kennedy Lewis is a credit focused alternative investment manager founded in 2017 by David K. Chene and Darren L. Richman with over $30 billion under management. The firm and its affiliates manage private funds, a publicly traded REIT focused on landbanking (Millrose Properties, Inc.), a non-exchange traded business development company (Kennedy Lewis Capital Company), and collateralized loan obligations (Generate Advisors, LLC).

About Great Elm Group, Inc.

Great Elm Group, Inc. (NASDAQ: GEG) is an alternative asset manager focused on building a scalable and diversified portfolio of long-duration and permanent capital vehicles across credit, real estate, specialty finance, and other alternative strategies. GEG manages Great Elm Capital Corp. (NASDAQ: GECC), a publicly-traded business development company, Monomoy Properties REIT, LLC, an industrial outdoor storage-focused real estate investment trust along with its growing real estate services platform through Monomoy CRE, MBTS, and MCS. Learn more at www.greatelmgroup.com.

About Great Elm Real Estate Ventures

Great Elm Real Estate Ventures, a wholly owned subsidiary of GEG, consolidates the Monomoy real estate platform comprised of Monomoy CRE, LLC (MCRE), Monomoy Construction Services, LLC (MCS), and Monomoy BTS Corp (MBTS). Great Elm Real Estate Ventures operates as a full-service industrial outdoor space (IOS) enterprise that provides solutions for our tenants through property management, real estate investments, construction and development. Through the Monomoy platform, Real Estate Ventures invests in build-to-suit and existing Class A, B, and C single-tenant industrial properties across the US, focusing on equipment rental, building supply, materials, manufacturing, warehousing, distribution, and logistics, while specifically targeting critical markets with economic growth.

Cautionary Statement Regarding Forward-Looking Statements

Statements in this press release that are “forward-looking” statements, including statements regarding expected benefits from the transaction, growth, profitability, acquisition opportunities involve risks and uncertainties that may individually or collectively impact the matters described herein. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made and represent GEG’s assumptions and expectations in light of currently available information. These statements involve risks, variables and uncertainties, and GEG’s actual performance results may differ from those projected, and any such differences may be material. For information on certain factors that could cause actual events or results to differ materially from GEG’s expectations, please see GEG’s filings with the Securities and Exchange Commission (“SEC”), including its most recent annual report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Additional information relating to GEG’s financial position and results of operations is also contained in GEG’s annual and quarterly reports filed with the SEC and available for download at its website www.greatelmgroup.com or at the SEC website www.sec.gov.

This press release does not constitute an offer of any securities for sale.

Media & Investor Contact:
Investor Relations
geginvestorrelations@greatelm.com

The MIL Network –
August 5, 2025
MIL-OSI Africa: African Peace Award 2025

Source: APO – Report:

I bring you compliments from the board and management of African Peace Magazine UK (https://AfricanPeace.org).

On behalf of the Chairman Justice Suleiman Galadima, JSC, OFR, CFR (Rtd.) African Peace Magazine UK, humbly wish to specially invite you to attend the Hybrid and in person Award.

The African Peace Magazine UK, in conjunction with her strategic partners: Rethink Africa Foundation, African Fact Checkers, Centre for peace and Conflict management in Africa, African Right Watch Television Ltd and several others is set to host the 15^th Edition of the prestigious African Peace Awards, it is scheduled to hold in London England with the theme “The Magic of Peace”.

African Peace Magazine UK, has been publishing for well over 15 years, and we are committed to promoting Peace, business networking, good governance and improved condition of living for Africans.

Established in 2009, African Peace Award is an international award presented annually to honor individuals and organizations in various fields that have made outstanding contributions toward the realization of a peaceful and harmonious world as envisioned in the Declaration for All Life on Earth. They are selected not only in recognition of their past achievements, but for their ongoing contribution to building a better future. www.AfricanPeaceAwards.com

African Peace Award is usually presented at a ceremony during the annual dinner and lecture, where the laureate takes center stage to deliver a commemorative address and receive a medal and a diploma together with a monetary prize.

In addition to this annual award, the Culture of Peace Special Award is presented occasionally to honor individuals and organizations in various fields that have notably contributed to spreading and fostering a Culture of Peace around the world.

The event is designed to host business, political, and diplomatic leaders. It is set to have in attendance, policy makers and think-tanks on Africa and Africa related issues.

The African Peace Awards 2025 seeks to honor persons, institutions, organization, governments and others whose actions, and efforts have in one way improved or contributed to peace keeping and conflict management in Africa as well as improving the lives of Africans.

The African Peace brand has noted that Peace promotion and conflict management in any society alleviates uncertainty and risk which in turn promotes economic growth in any given community. It contributes to the economic growth of the community by increasing the productivity in capital and labour as well as good governance.

The African Peace brand introduces its awards in the hopes of promoting peace globally and specifically in Africa with the hope of effecting change in Africa first and then globally.

Several African Presidents, heads of Government, first ladies, past president and Vice presidents, top business CEOs, diplomats and others have received the Award in the past.

– on behalf of African Peace Magazine.

Contact Information:
Attendance is strictly by invitation. For your VIP and VVIP Access cards
To get you invite kindly contact us:
+447771217805
+2348033975746
+447407399766
+1(443)8835678

For sponsorship, partnership, Exhibition and speaking opportunities and all other enquiries please contact:
Chia Sandra
International Affairs
+2348033975746
+447407399766

Nigeria Abuja Office:
Suite FT 12B Alibro Atrium Plaza Utako Abuja
+2348033975746

South African Office:
16 Ridge Road Vorna Valley Midland 1686 South Africa
+27662449117

Angola:
Call +244928690892
+244993656970
+244927589884

London Office:
10 Saint Andrew Road Bedford MK 402LJ England
Call +447777121780
WhatsApp +447407399766

Email: africanpeacemag@gmail.com

Social Media:
Twitter: https://apo-opa.co/4l31pm5
Facebook: https://apo-opa.co/4fhNOWK
Instagram: https://apo-opa.co/3UBY3eS
LinkedIn: https://apo-opa.co/4lTpnBc

About African Peace Magazine:
The African Peace Magazine is published by African Peace Magazine (U.K.) Limited, a company registered in the United Kingdom. We are also registered in Nigeria, Angola and South Africa. The magazine focuses on bringing the best of Africa to a global audience, telling the African story from an African perspective, while evolving solutions to peculiar challenges being faced by the continent today.

Websites: https://AfricanPeace.org
www.AfricanPeaceAwards.com
https://AfricanOilAndGasSummit.com

Media files

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MIL OSI Africa –

August 5, 2025
MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of DURECT Corporation (NASDAQ: DRRX)
Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 31, 2025 (GLOBE NEWSWIRE) —

Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating DURECT Corporation (NASDAQ: DRRX) related to its sale to Bausch Health Companies Inc. for $1.75 per share in cash. Is it a fair deal?

Click here for more info https://monteverdelaw.com/case/durect-corporation/. It is free and there is no cost or obligation to you.

NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:
1. Do you file class actions and go to Court?
2. When was the last time you recovered money for shareholders?
3. What cases did you recover money in and how much?
About Monteverde & Associates PC

Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court.

No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

Contact:
Juan Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4740
New York, NY 10118
United States of America
jmonteverde@monteverdelaw.com
Tel: (212) 971-1341

Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

The MIL Network –
August 5, 2025
MIL-Evening Report: A Hawaiian epic made in NZ: why Jason Momoa’s Chief of War wasn’t filmed in its star’s homeland

Source: The Conversation (Au and NZ) – By Duncan Caillard, Postdoctoral Research Fellow, School of Communication Studies, Auckland University of Technology

Jason Momoa’s historical epic Chief of War, launching August 1 on Apple TV+, is a triumph of Hawaiians telling their own stories – despite the fact their film and TV production industry now struggles to be viable.

The series stars Momoa (Aquaman, Game of Thrones) as Kaʻaina, an ali’i (chief) who fights for – and later rises against – King Kamehameha I during the bloody reunification of Hawaii.

Already receiving advance praise, the nine-episode first season co-stars New Zealand actors Temeura Morrison, Cliff Curtis and Luciane Buchanan, alongside Hawaiian actors Kaina Makua, Brandon Finn and Moses Goods.

A passion project for Momoa, the Hawaiian star co-created the series with writer Thomas Pa’a Sibbett after years in development. With a reported budget of US$340 million, it is one of the most expensive television series ever produced.

It is also a milestone in Kānaka Maoli (Native Hawaiian) representation onscreen. Controversially, however, the production only spent a month in Hawaiʻi, and was mostly shot in New Zealand with non-Hawaiian crews.

Momoa has even expressed an interest in New Zealand citizenship, but the choice of location is more a reflection of the troubled state of the film industry in Hawaiʻi. On the other hand, it is a measure of the success of the New Zealand screen industry, with potential lessons for other countries in the Pacific.

Ea o Moʻolelo – story sovereignty

Set at the turn of the 19th century, Chief of War tells the moʻolelo (story, history) of King Kamehameha I’s conquest of the archipelago.

Hawaiʻi was historically governed by aliʻi nui (high chiefs), and each island was ruled independently. Motivated by the threat of European colonisation and empowered by Western weaponry, Kamehameha established the Hawaiian Kingdom, culminating in full unification in 1810.

The series is an important example of what authors Dean Hamer and Kumu Hinaleimoana Wong-Kalu have called “Ea o Moʻolelo”, or story sovereignty, which emphasises Indigenous peoples’ right to control their own narrative by respecting the “the inalienable right of a story to its own unique contents, style and purpose”.

Chief of War is also the biggest Hawaiian television series ever produced. Although Hawaiʻi remains a popular setting onscreen, these productions have rarely involved Hawaiians in key decision-making roles.

Sea of troubles

The series hits screens at a time of major disruption in Hollywood, with streaming services upending established business models.

“Linear” network television faces declining viewership and advertising revenue. Movie studios struggle to draw audiences to theatres. The consequences for workers in the the industry have been severe, as the 2023 writers strike showed.

Those changes have had a catastrophic impact on the Hawaiʻi film industry, too.

Long a popular location – Hawaii Five-O (1968-1980, 2010-2020), Magnum P.I. (1980-1988, 2018-2024) and Lost (2004-2010) were all shot on location in Hawaiʻi – it is an expensive place to film.

Actors, crew and production equipment often have to be flown in from the continental United States, and producers compete with tourism for costly accommodation.

Kaina Makua as King Kamehameha and New Zealand actor Luciane Buchanan as Ka’ahumanu in Chief of War.
Apple TV+

An industry in transition

These are not uncommon problems in distant locations, and many governments try to attract screen productions through tax incentives and rebates on portions of the production costs.

New Zealand, for example, offers a 20-25% rebate for international productions and 40% for local productions. Hawaiʻi offers a 22-27% rebate.

But this is less than other US states offer, such as Georgia (30%), Louisiana (40%) and New Mexico (40%). Hawaiʻi also has an annual cap of US$50 million on rebates.

To make things even harder, Hawaiʻi offers only limited support for Indigenous filmmakers. Governments in Australia and New Zealand provide targeted funding and support for Aboriginal, Torres Strait Islander and Māori filmmakers.

By contrast, the Hawaiʻi Film Commission doesn’t provide direct grants to local filmmakers or producers (Indigenous or otherwise). Small amounts of government funding have been administered through the Public Broadcasting Service, but this is now in jeopardy after US President Donald Trump recently cut federal funding.

The Hawaiʻi screen industry faces a perfect storm. For the first time since 2004, film and TV production has ground to a halt. Many workers now doubt the long-term sustainability of their careers.

Lessons from Aotearoa NZ

While there are lessons Hawaiʻi legislators and industry leaders could learn from New Zealand’s example, there should also be a measure of caution.

The Hawaiʻi tax credit system is out of date. But despite industry lobbying, legislation to update it failed to reach the floor of the legislature earlier this year. New tax settings would help make local production viable again.

Secondly, decades of investment in Māori cinema have seen it become diverse, engaging and creatively accomplished. Hawaiʻi could benefit from greater direct investment in Hawaiian storytelling, respecting its cultural value even if it doesn’t turn a commercial profit.

On the other hand, New Zealand has a favourable currency exchange rate with the US which can’t be replicated in Hawaiʻi. And New Zealand film production workers have seen their rights to unionise watered down compared to their American peers.

But if Hawaiʻi can get its settings right, a possible second season of Chief of War may yet be filmed there, which could mark a genuine rejuvenation of its own film industry.

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

– ref. A Hawaiian epic made in NZ: why Jason Momoa’s Chief of War wasn’t filmed in its star’s homeland – https://theconversation.com/a-hawaiian-epic-made-in-nz-why-jason-momoas-chief-of-war-wasnt-filmed-in-its-stars-homeland-261742

MIL OSI Analysis – EveningReport.nz –

August 5, 2025
MIL-Evening Report: Shark tales, a sinking city and a breathless cop thriller: what to watch in August

Source: The Conversation (Au and NZ) – By Alexa Scarlata, Lecturer, Digital Communication, RMIT University

As the cool nights continue, it’s the perfect time to cozy up with a new batch of captivating films and series.

This month’s streaming highlights bring a little bit of everything, from gripping true crime, to thought-provoking political drama, and a nostalgic music documentary on the life and times of piano man Billy Joel.

So grab a blanket (and maybe a snack or two). Your next binge-watch awaits.

One Night in Idaho: The College Murders

Prime Video

I remember seeing the gruesome 2022 murder of four college students in Moscow, Idaho, splashed all over the news in Australia. The world seemed momentarily gripped by the brutality of the killings, which happened in off-campus housing, while two other roommates slept downstairs.

The ensuing investigation was given significantly less attention, though. So when Prime Video dropped this four-episode limited series, well, that was my weekend sorted.

The docuseries features exclusive interviews with the friends and families of the victims, so it doesn’t feel gratuitous. It respectfully recounts the tragedy and explores its continued impact, while honouring the victims. It also builds the kind of tension and disquiet that is so beloved in the true crime genre, but not in a way that makes you feel gross watching it.

Notably, legal proceedings for the case were still underway when One Night in Idaho was released. And the series made it clear there was more to the story which couldn’t be shared with, or by, the producers.

However, the trial has since concluded, with more information now available for anyone wanting to dive deeper into the case. This makes the series an absorbing watch.

– Alexa Scarlata

The Night of the Hunter

Various platforms

In 1955, director Charles Laughton crafted The Night of the Hunter: one of the darkest, strangest fairy tales ever to come out of Hollywood.

Shortly before Ben Harper is hanged for robbing a bank and killing two men, he hides the $10,000 loot in the toy doll of his young daughter Pearl. Only Pearl and her brother John know the secret – until the deranged serial killer-priest Harry Powell hears about the money and sets out to recover it.

Harry marries Willa, Harper’s widow, and then, after killing her, pursues John and Pearl relentlessly across West Virginia.

Robert Mitchum’s depiction of pure evil is one of cinema’s most vivid creations, with LOVE and HATE tattooed on the fingers of each hand.

The film did not align with the mainstream tastes of the era. Audiences and reviewers didn’t know what to make of this abnormal mix of fairy tale logic, nightmarish imagery and biblical allegory.

Successive generations of critics and filmmakers have caught on to its brilliance. Critic Roger Ebert said it was “one of the greatest of all American films”. In 2008, French film magazine Cahiers du cinéma voted it as the second-best film of all time, behind only Citizen Kane (1941).

The Night of the Hunter remains unsettlingly modern, 70 years on.

– Ben McCann

Read more:
After 70 years, twisted gothic thriller The Night of the Hunter remains as disturbing and beguiling as ever

Families Like Ours

SBS On Demand

The highest point in Denmark, Mollehoj, is 171 metres above sea level, so it is plausible to imagine the whole country being overrun by water due to rising sea levels, leading to mass evacuation. This is the basic premise of the Danish series Families Like Ours.

The cleverness of this premise is that it turns comfortable middle-class Danes into refugees, facing hostility, poverty and violence as they seek to resettle. Given Denmark’s hard line on refugees, this makes the series politically powerful, equally so for us in Australia.

The central figure is a young woman, Laura (Amaryllis August), who creates disaster for her family through what she believes is an act of huge empathy. The same is true of Henrik (Magnus Millang), who shoots an innocent man in what he believes is an act of self-defence.

Families Like Ours is not a comfortable series to watch, but it manages to raise central issues of our time, without ever seeming didactic or preachy. It succeeds in combining the personal and the political in a six-part show that is powerful – and leaves enough loose ends for a potential second season.

– Dennis Altman

The Man from Hong Kong

Various platforms

A cinematic firecracker of a film exploded onto international screens 50 years ago, blending martial arts mayhem, Bond-esque set pieces, casual racism – and a distinctly Australian swagger.

From its audacious visual style; to its complex, life-threatening stunts; to its pioneering status as an international co-production, Brian Trenchard-Smith’s The Man from Hong Kong has solidified its place as a cult classic.

A Sydney-based crime lord’s activities come under the scrutiny of a determined Hong Kong detective, Inspector Fang Sing Leng. A fiery East-meets-West martial arts showdown explodes across the Australian landscape, pushing both sides to their limits.

The movie is a playful pastiche that confidently combines martial arts action, police procedurals, spy thrillers, and Westerns, all filtered through a distinctly Australian “crash-zoom” lens.

The film was an influence to Quentin Tarantino and paved the way for films such as Mad Max (1979), particularly in what Trenchard-Smith and his partner in film, stunt legend Grant Page, might call its “cunning stunts”.

The elaborate car chases and explosive stunt setups in The Man from Hong Kong served as prototypes for iconic sequences that would inspire the Mad Max films, among others, a testament to a bygone era of practical effects and thrill seeking audacity.

The Man from Hong Kong remains an exhilarating piece of pure cinema, despite its relatively small budget. It’s an exemplar (and occasional cautionary tale) for filmmakers in terms of international co-production, its cunning stunts, and genre blending.

– Gregory Ferris

Read more:
The Man from Hong Kong at 50: how the first ever Australian–Hong Kong co-production became a cult classic

Dept Q

Netflix

Based on the book series by Jussi Adler-Olsen, Dept Q is a gripping television adaptation for fans of Nordic noir and British crime drama.

In Edinburgh, Scotland, Detective Chief Inspector Carl Morck (Matthew Goode) has returned to work after a shooting which left him physically and psychologically wounded, his colleague partially paralysed, and another colleague dead.

With the dregs of a budget assigned to cold cases, and a team of misfit officers, Morck sets out to solve the four-year-old case of missing Crown prosecutor, Merritt Lingard (Chloe Pirrie).

We follow Merritt’s story across various stages of her life. We see her as a teenager in the lead-up to a devastating crime that left her brother with a traumatic brain injury, as well as later in life, when she loses a major case involving a wealthy man on trial for his wife’s death.

Shortly after the devastating verdict, Merritt went missing on a ferry ride to her childhood home, on the fictionalised island of Mhòr. Returning to the present, we see she has been held captive inside a hyperbaric chamber for the past four years.

The pressure under which Merritt is kept makes Morck’s investigation high stakes from the start, while the movement between past and present highlights the impacts of past traumatic events on both characters.

Dept Q is a fast-paced, breathless thriller which will leave viewers craving its rumoured second season.

– Jessica Gildersleeve

Billy Joel: And So It Goes

HBO Max

Produced by Tom Hanks, this two-part documentary about singer/songwriter Billy Joel covers more than five decades of music. Created very much from Joel’s perspective, who is also the main narrator, the archival content is fascinating, and the music difficult to deny.

Discussion of Joel’s early suicide attempts are a shocking and terrible reminder of how different things might have been. From here, the role of the women in his life – his wives, daughters, and mother (“his champion”) – becomes vital. Beyond the headlines (particularly with his second wife Christie Brinkley), are partners who were muses, business supporters and emotional support pillars – some of whom gave Joel ultimatums when the time came to battle his alcohol addiction.

Brinkley, as well as Joel’s first wife, Elizabeth Weber, are particularly moving interviewees. They would wait at home, or stand nervously backstage as Joel “went to work” to earn, repair and rebuild against the odds. No spoilers, but let’s just say Joel ended up in trouble more than once.

On the other hand, the men in Joel’s life are often distant: Jewish grandparents who escaped Nazi Germany; a father who left when Joel was small; a half-brother discovered later in life. These losses are never really healed.

Billy Joel: And So It Goes is a five-hour epic, a story of survival and ultimately, of peace. It is, of course, also a reminder of an incredible catalogue of music – joyful, ordinary and wonderful – and the extraordinary life behind it.

– Liz Giuffre

If you or someone you know needs help, contact Lifeline on 13 11 14

Gardening Australia, season 36

ABC iView

Since it first aired in 1990, Gardening Australia has offered tips and inspiration from every state and territory on a weekly basis. A perennial favourite, the show seems to possess perpetual appeal for world-weary viewers open to slowing down by growing plants.

The no-nonsense host Peter Cundall helmed the series until 2008 (Cundall died in 2021 at the age of 94). The honour of “King of Compost” now rests with the gregarious Costa Georgiadis, and a wider cast of presenters that has expanded to be more diverse and engaging. One stalwart from the start, Jane Edmanson, is still flourishing in season 36: her episode 4 segment titled “Fronds with Benefits” certainly caught my eye.

Topics covered this season range from small-space innovation and passion projects, to Indigenous knowledge and bush foods, through to permaculture and climate change. Episodes 6 and 20 – specials on native plants and NAIDOC Week, respectively – are both worth a watch.

While the series can distance renters, and might not be edgy enough for younger audiences, it has managed to stake out ground in the digital realm – with a blooming online presence for budding green thumbs.

One of the longest-running Australian shows still on air, it doesn’t look as though Gardening Australia will be pulling up roots anytime soon.

– Phoebe Hart

The Buccaneers, season two

Apple TV

Loosen your corsets, The Buccaneers is back for a second season of feminist sisterhood and fabulous gowns.

Adapted from Edith Wharton’s unfinished final novel, the series follows a group of outspoken young American women navigating the marriage market in 1870s Victorian England. Gleefully anachronistic with feisty girl power speeches and a contemporary pop music soundtrack, The Buccaneers is equal parts Bridgerton and Gossip Girl (complete with a character played by Leighton Meester).

Season two picks up where the first left off, with Jinny (Imogen Waterhouse) and Guy (Matthew Broome) fleeing the country to escape Jinny’s violent husband Lord James Seadown (Barney Fishwick).

Meanwhile, sister Nan (Kristine Froseth) is busy back home leveraging her position as Duchess of Tintagel to help facilitate Jinny’s return – a campaign that includes wearing a showstopping red gown to a black and white ball. In keeping with the series’ M.O., this might be narrative nonsense, but it looks exquisite.

While trysts and love triangles continue to provide escapist entertainment, Jinny’s abusive marriage dominates later episodes. If season one sought to expose the isolation and entrapment Jinny endured in her marriage, season two foregrounds her resistance in the face of it, intent on highlighting how perpetrators of violence manipulate legal and medical systems to tighten the noose around victims’ necks.

Season two’s veering between frothy excess and melodrama arguably results in some tonal patchiness. Nonetheless, it should be commended for its careful treatment of the corrosive impacts and dangers of coercive control. This – more than the downloadable soundtrack and dazzling costumes – makes it good viewing.

– Rachel Williamson

Dangerous Animals

Prime Video

Dangerous Animals is perhaps the most original and entertaining shark horror film we have seen since Jaws – incorporating traditional elements of the shark thriller genre, while challenging them at the same time.

The film starts with the primal fear of being eaten alive by monstrous sharks, with gruesome shock-thrill scenes of tourists being torn apart in a blood red ocean.

But later, the narrative reminds us it is the boat captain, not the great white, who is the real sadistic killer. Predictably, we see a young bikini-clad woman who gets horribly dismembered (just like the first unforgettable victim in Jaws).

However, it is also a fearless bikini-clad woman, Zephyr (Hassie Harrison) who turns the tables on the boat captain, outwits him, rescues her boyfriend and even makes friends with the shark.

Dangerous Animals includes some interesting subtext and commentary, such as when it compares women to fish – creatures hunted for sport – and when it highlights the inherent cruelty of fishing, and the hook that impales the prey.

The film delivers sophisticated special effects and gruesome eco-horror entertainment. It is a fun, self-aware and postmodern watch that will leave you thinking.

The Australian influence is delightfully evident in the irreverent humour. And for anyone who has been to the Gold Coast, there is much pleasure in seeing the film play out across its iconic locations.

This film will trigger your childhood fear of Jaws – but with a twist.

– Susan Hopkins

Shark Whisperer

Netflix

In Shark Whisperer, the great white shark gets an image makeover – from Jaws villain to misunderstood friend and admirer.

However the star of the documentary is not so much the shark, but the model and marine conservationist Ocean Ramsey (yes, that’s her real name).

The film centres on Ramsey’s self-growth journey, with the shark co-starring as a quasi-spiritual medium for finding meaning and purpose (not to mention celebrity status).

Whisperer and the Ocean Ramsey website tap into the collective fascination with dangerous sharks fuelled by popular culture. Many online images show Ramsey in a bikini or touching sharks – she’s small, and vulnerable in the face of great whites. As with forms of celebrity humanitarianism, what I have dubbed “sexy conservationism” leaves itself open to criticism about its methods – even if its intentions are good.

Globally at least 80 million sharks are killed every year. Thanks in part to the hashtag activism of Ocean Ramsey and her millions of fans and followers, Hawaii was the first state in the United States to outlaw shark fishing.

So, Ramsey may be right to argue her ends justify the means.

– Susan Hopkins

Read more:
Netflix’s Shark Whisperer wants us to think ‘sexy conservation’ is the way to save sharks – does it have a point?

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

– ref. Shark tales, a sinking city and a breathless cop thriller: what to watch in August – https://theconversation.com/shark-tales-a-sinking-city-and-a-breathless-cop-thriller-what-to-watch-in-august-261952

MIL OSI Analysis – EveningReport.nz –

August 5, 2025
MIL-Evening Report: Rockabye baby: the ‘love songs’ of lonely leopard seals resemble human nursery rhymes
Source: The Conversation (Au and NZ) – By Lucinda Chambers, PhD Candidate in Marine Bioacoustics, UNSW Sydney

CassandraSm/Shutterstock

Late in the evening, the Antarctic sky flushes pink. The male leopard seal wakes and slips from the ice into the water. There, he’ll spend the night singing underwater amongst the floating ice floes.

For the next two months he sings every night. He will sing so loudly, the ice around him vibrates. Each song is a sequence of trills and hoots, performed in a particular pattern.

In a world first, we analysed leopard seal songs and found the predictability of their patterns was remarkably similar to the nursery rhymes humans sing.

We think this is a deliberate strategy. While leopard seals are solitary animals, the males need their call to carry clearly across vast stretches of icy ocean, to woo a mate.

Solitary leopard seals want their call to carry.
Ozge Elif Kizil/Anadolu Agency via Getty Images

A season of underwater solos

Leopard seals (Hydrurga leptonyx) are named after their spotted coats. They live on ice and surrounding waters in Antarctica.

Leopard seals are especially vocal during breeding season, which lasts from late October to early January. A female leopard seal sings for a few hours on the days she is in heat. But the males are the real showstoppers.

Each night, the males perform underwater solos for up to 13 hours. They dive into the sea, singing underwater for about two minutes before returning to the water’s surface to breathe and rest. This demanding routine continues for weeks.

A male leopard seal weighs about 320 kilograms, but produces surprisingly high-pitched trills, similar to those of a tiny cricket.

Within a leopard seal population, the sounds themselves don’t vary much in pitch or duration. But the order and pattern in which the sounds are produced varies considerably between individuals.

Our research examined these individual songs. We compared them to that of other vocal animals, and to human music.

Listening to songs from the sea

The data used in the study was collected by one author of this article, Tracey Rogers, in the 1990s.

Rogers rode her quad bike across the Antarctic ice to the edge of the sea and marked 26 individual male seals with dye as they slept. Then she returned to record their songs at night.

The new research involved analysing these recordings, to better understand their structure and patterns. We did this by measuring the “entropy” of their sequences. Entropy measures how predictable or random a sequence is.

We found the songs are composed of five key “notes” or call types. Listen to each one below.

A low double trill.
Tracey Rogers UNSW Sydney, CC BY-SA28.5 KB (download)

A hoot with low single trill.
Tracey Rogers UNSW Sydney, CC BY-SA53.8 KB (download)

High double trill.
Tracey Rogers UNSW Sydney, CC BY-SA29.7 KB (download)

Low descending single trill.
Tracey Rogers UNSW Sydney, CC BY-SA49 KB (download)

Medium single trill.
Tracey Rogers UNSW Sydney, CC BY-SA22.7 KB (download)

A remarkably predictable pattern

We then compared the songs of the male leopard seals with several styles of human music: baroque, classical, romantic and contemporary, as well as songs by The Beatles and nursery rhymes.

What stood out was the similarity between the predictability of human nursery rhymes and leopard seal calls. Nursery rhymes are simple, repetitive and easy to remember — and that’s what we heard in the leopard seal songs.

The range of “entropy” was similar to the 39 nursery rhymes from the Golden Song Book, a collection of words and sheet music for classic children’s songs, which was first published in 1945. It includes classics such:
- Twinkle, Twinkle, Little Star
- Frère Jacques
- Ring Around a Rosy
- Baa, Baa, Black Sheep
- Humpty Dumpty
- Three Blind Mice
- Rockabye Baby.
For humans, the predictable structure of a nursery rhyme melody helps make it simple enough for a child to learn. For a leopard seal, this predictability may enable the individual to learn its song and keep singing it over multiple days. This consistency is important, because changes in pitch or frequency can create miscommunication.

Like sperm whales, leopard seals may also use song to set themselves apart from others and signal their fitness to reproduce. The greater structure in the songs helps ensure listeners accurately receive the message and identify who is singing.

Male leopard seals produce high-pitched cricket-like trills.

An evolving song?

Leopard seals sound very different to humans. But our research shows the complexity and structure of their songs is remarkably similar to our own nursery rhymes.

Communication through song is a very common animal behaviour. However, structure and predictability in mammal song has only been studied in a handful of species. We know very little about what drives it.

Understanding animal communication is important. It can improve conservation efforts and animal welfare, and provide important information about animal cognition and evolution.

Technology has advanced rapidly since our recordings were made in the 1990s. In future, we hope to revisit Antarctica to record and study further, to better understand if new call types have emerged, and if patterns of leopard seal song evolve from generation to generation.

Tracey Rogers receives funding from ARC.

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

– ref. Rockabye baby: the ‘love songs’ of lonely leopard seals resemble human nursery rhymes – https://theconversation.com/rockabye-baby-the-love-songs-of-lonely-leopard-seals-resemble-human-nursery-rhymes-262113
MIL OSI Analysis – EveningReport.nz –
August 5, 2025
MIL-OSI USA: Senators Coons, Tillis, colleagues introduce framework to combat foreign online piracy, protect American copyright holders

US Senate News:

Source: United States Senator for Delaware Christopher Coons

WASHINGTON – Today, U.S. Senators Chris Coons (D-Del.), Thom Tillis (R-N.C.), Marsha Blackburn (R-Tenn.), and Adam Schiff (D-Calif.) introduced a discussion draft of the Block Bad Electronic Art and Recording Distributors (Block BEARD) Act of 2025, bipartisan legislation that would allow copyright owners who have had their property stolen to seek U.S. federal court action in order to block dedicated foreign online piracy operations from making that stolen content available to American households.

“Foreign websites pirating American movies, TV shows, art, and books steal tens of billions of dollars from the U.S. economy each year,” said Senator Coons. “This costs our creative community hundreds of thousands of jobs. Today, the United States takes an important step to join the many other nations around the world that have begun to crack down on foreign IP theft. This bipartisan legislation will give Americans the tools they need to protect their intellectual property rights, while ensuring the internet remains a vibrant forum for free speech. I look forward to working with my colleagues and with stakeholders on all sides of this issue to advance this much-needed bill.”

“Foreign piracy sites are stealing from American creators, threatening good-paying jobs, and exposing U.S. consumers to real online harms via malware, identity theft, and the like,” said Senator Tillis. “The Block BEARD Act gives us a smart, targeted tool to stop these criminal operations at the source without infringing on legitimate speech or due process. I’m proud to lead this bipartisan discussion to protect our creative economy and digital security and I look forward to continuing to work with my colleagues in the House to address this important matter.”

“Tennessee’s thriving creative community must be protected from the theft of creative works by foreign criminals,” said Senator Blackburn. “Foreign piracy operations jeopardize the American creative industry through phishing, identity theft, and financial fraud, and the Block BEARD Act would protect creators by enabling them to pursue legal action in U.S. federal courts against these criminals.”

“I’m proud to join my colleagues in this effort to protect creators and consumers alike from foreign criminal enterprises seeking to steal our intellectual property and exploit Americans,” said Senator Schiff. “As Ranking Member of the Senate Judiciary Subcommittee on Intellectual Property and a steadfast advocate for the creative community, I understand that robust protections are essential for innovation and economic growth in the digital age. This commonsense approach will provide the courts with the tools they need to combat foreign piracy operations and help level the playing field for American artists and creators who deserve to be fairly compensated for their work.”

“We are grateful to Senators Tillis, Coons, Blackburn, and Schiff for their leadership in crafting a carefully tailored proposal that empowers US federal courts to protect consumers, rightsholders, and markets from large scale foreign piracy while preserving the protections contained in the DMCA,” said Mitch Glazier, Chairman and CEO, Recording Industry Association of America. “Similar tools have been proven effective around the world over the last ten years with no harm to speech, Internet infrastructure or security, or participation online, and we strongly support this effort to create a simple, effective, judicial remedy with due process in the U.S.”

“Piracy steals hundreds of thousands of jobs from the film and television industry, drains billions from the U.S. economy, and puts millions of American consumers at risk – and the Block BEARD Act will provide us with a safe and effective way to counter this danger and combat large-scale copyright infringement,” said Charles Rivkin, Chairman and CEO, Motion Picture Association. “With bold leadership from Senators Tillis, Coons, Blackburn, and Schiff, the Block BEARD Act will equip our nation with a tool that’s worked in dozens of countries worldwide: a narrow, targeted means to fight the worst forms of foreign piracy while protecting free speech and the rule of law.”

The Block BEARD Act would empower copyright owners to seek U.S. federal court orders against foreign websites dedicated to digital piracy, preventing them from making stolen content accessible to American households. To obtain relief, copyright holders must present evidence of specific harm and demonstrate the criminal nature of the targeted site. Courts could then direct internet service providers block access to the identified sites, while granting those providers immunity from liability, including for claims related to the petitioner’s actions. The legislation includes strong public interest safeguards to protect free expression, due process, and legitimate online services operating in compliance with U.S. law. This targeted legal tool mirrors successful approaches used in over 50 democratic countries to curb foreign piracy operations that undermine creative industry jobs and expose users to malware, identity theft, and fraud.

You can read the full text of the draft here.

MIL OSI USA News –

August 5, 2025
MIL-OSI Russia: Myanmar’s National Defence and Security Council has declared martial law in 63 towns across the country.

Translation. Region: Russian Federal

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

An important disclaimer is at the bottom of this article.

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

YANGON, July 31 (Xinhua) — Myanmar’s National Defence and Security Council on Thursday declared martial law in 63 townships across the country shortly after imposing a state of emergency there, state broadcaster Myanmar Radio Television reported.

According to the report, in accordance with the martial law decree, the National Defense and Security Council transferred executive and judicial functions in the townships to the commander-in-chief of the country’s armed forces.

It is noted that martial law is intended to ensure the restoration of normal administrative conditions, peace and the rule of law in the villages.

The areas under martial law include five townships in Kachin State, three in Kayah State, two in Karen State, seven in Chin State, nine in Sagaing State, five in Magway State, three in Mandalay State, 14 in Rakhine State and 15 in Shan State, the broadcaster said.

According to the decree, martial law will be in effect for 90 days. –0–

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

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MIL OSI Russia News –

August 5, 2025
MIL-OSI China: Disney to re-release ‘Zootopia’ in China ahead of sequel

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

Disney will re-release its blockbuster animated film “Zootopia” in China in August, ahead of the highly anticipated sequel’s global debut in November, the company announced Wednesday.

Posters for the “Zootopia” China re-release and “Zootopia 2.” [Photo courtesy of Walt Disney Animation Studios]

“Zootopia” (2016), directed by Byron Howard, Rich Moore and Jared Bush, followed rabbit police officer Judy Hopps as she teamed up with fox Nick Wilde to investigate a conspiracy involving the disappearance of 14 predators in the animal city of Zootopia.

The film won the Academy Award for best animated feature in 2017 and earned more than $1 billion worldwide, including 1.53 billion yuan ($236 million) in China, where it remains the top-grossing foreign animated film. The movie’s success led to a Zootopia-themed land at Shanghai Disney Resort that opened in late 2023.

Walt Disney Animation Studios said the Chinese theatrical re-release will include a special trailer for “Zootopia 2” after the credits.

1 2 3 >

MIL OSI China News –

August 5, 2025
Myanmar forms commission led by junta chief to hold elections, state media says

Source: Government of India

Source: Government of India (4)

Myanmar’s ruling junta announced the formation of a 11-member commission led by military chief Min Aung Hlaing to hold an election in the war-torn country, state media reported on Thursday.

The junta did not announce a date for the election and Min Aung Hlaing will continue to effectively remain in charge of the country, in his capacity as the interim president who will oversee the vote, MRTV reported.

The proposed election, which Min Aung Hlaing on Wednesday confirmed would take place in December, will be the first national vote since a 2021 coup sparked a civil war and plunged the Southeast Asian nation into chaos.

Min Aung Hlaing will remain commander in chief of the armed forces while serving as interim president.

(Reuters)

August 5, 2025
MIL-OSI Russia: Breaking: Myanmar’s National Defence and Security Council forms new Union Government and National Security and Peace Commission – state media

Translation. Region: Russian Federal

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

An important disclaimer is at the bottom of this article.

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

YANGON, July 31 (Xinhua) — Myanmar’s National Defence and Security Council on Thursday formed a new Union Government led by Nyo Soe and a National Security and Peace Commission headed by Senior General Min Aung Hlaing, state broadcaster MRTV reported. -0-

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

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MIL OSI Russia News –

August 5, 2025
MIL-OSI Russia: Kirill Prigoda is our champion!

Translation. Region: Russian Federal

Source: Peter the Great St. Petersburg Polytechnic University –

An important disclaimer is at the bottom of this article.

The renowned polytechnician, assistant of the Higher School of Sports Education of the Institute of Physical Culture and Sport, Kirill Prigoda became the winner of the World Aquatics Championships in Singapore. He won gold in the 4×100 m combined relay. And before that, he won silver in the individual event at the 50 m breaststroke.

The World Championships are being held in Singapore from July 11 to August 3. On July 30, Kirill Prigoda, Miron Lifintsev, Darya Klepikova and Darya Trofimova won the combined relay. Our team not only won a confident victory in the final, but also set a new world championship record – 3:37.37. This victory went down in history – before it, Russian swimmers had not won the relay at major international tournaments for 22 years! The last time our athletes won was in 2003. Then Kirill Prigoda was seven years old.

The emotions are very pleasant, because the team gave 110%. The guys are great, but the championship is not over yet. We will celebrate at the end of the competition, – said Kirill Prigoda on air at Match TV.

Let us remind you that the Russian team is performing in Singapore in a neutral status. Thus, during the swim it was forbidden to chant “Russia”. This is a strict condition of the International Swimming Federation. The team was given a special guide. If we violated it, we were threatened with exclusion from the championship. And even though we did not see the Russian flag or hear our anthem at the awards ceremony, everyone in the world understood that the Russians were on the top step of the podium.

Less than an hour before the team victory, Kirill Prigoda secured the title of vice-champion in the 50-meter breaststroke. In the final swim, he showed a result of 26.62 seconds. This medal was the 11th for the Russians and the first personal award for Russian swimmers at the current championship.

We are proud of Kirill and once again we are convinced that Polytechnic University helps develop abilities and talents in science, creativity, and sports! – noted SPbPU Rector Andrey Rudskoy.

Kirill Prigoda is already an eight-time world champion! He is also a four-time world championship medalist, a two-time European champion, and a silver and bronze medalist at the European Short Course Championships. He currently holds three world records.

The World Championships are ongoing, and Kirill Prigoda has a great opportunity to add to the Russian team’s medal collection.

Photo: © RIA Novosti / Maxim Bogodvid / EPA / TASS

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

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MIL OSI Russia News –

August 5, 2025
MIL-OSI Russia: Over 10,000 people evacuated in southern Myanmar due to flooding

Translation. Region: Russian Federal

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

An important disclaimer is at the bottom of this article.

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

YANGON, July 31 (Xinhua) — A total of 10,395 people from 2,298 families have been evacuated to 24 temporary shelters due to flooding in Hpa-an township in Kayin state, state broadcaster Myanmar Radio Television reported late Wednesday.

The evacuation was carried out by disaster management committee members, firefighters, the Myanmar Red Cross Society and community organisations on Wednesday as the water level of the Thanlwin River exceeded the danger mark due to heavy rain, the statement said.

Water levels rose about six feet above the danger mark on Thursday and are expected to remain at that level for at least another day, according to the Department of Meteorology and Hydrology.

The Kayin State Government, in collaboration with philanthropists, is providing basic food items, while the Ministry of Health is providing medical care and other services, the statement said. –0–

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

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MIL OSI Russia News –

August 5, 2025
MIL-OSI Russia: Leonid Yakubovich, People’s Artist of Russia

Translation. Region: Russian Federal

Source: Government of the Russian Federation – Government of the Russian Federation –

An important disclaimer is at the bottom of this article.

Mikhail Mishustin congratulated the actor, screenwriter, and TV presenter on his 80th birthday.

The telegram, in particular, notes:

“You are rightfully considered a legend of Russian television. Talent and creative energy, subtle irony allowed you to become one of the brightest TV presenters. For many years you have been on the air of the capital show “Field of Miracles”. Thanks to you, the program continues to enjoy great popularity.

I wish you creative success, interesting projects, health and all the best.”

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

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MIL OSI Russia News –

August 5, 2025
MIL-OSI Asia-Pac: Provisional statistics of retail sales for June 2025

Source: Hong Kong Government special administrative region

The Census and Statistics Department (C&SD) released the latest figures on retail sales today (July 31).

The value of total retail sales in June 2025, provisionally estimated at $30.1 billion, increased by 0.7% compared with the same month in 2024. The revised estimate of the value of total retail sales in May 2025 increased by 2.4% compared with a year earlier. For the first half of 2025, it was provisionally estimated that the value of total retail sales decreased by 3.3% compared with the same period in 2024.

Of the total retail sales value in June 2025, online sales accounted for 8.5%. The value of online retail sales in that month, provisionally estimated at $2.5 billion, increased by 8.4% compared with the same month in 2024. The revised estimate of online retail sales in May 2025 decreased by 1.2% compared with a year earlier. For the first half of 2025, it was provisionally estimated that the value of online retail sales decreased by 0.4% compared with the same period in 2024.

After netting out the effect of price changes over the same period, the provisional estimate of the volume of total retail sales in June 2025 decreased by 0.3% compared with a year earlier. The revised estimate of the volume of total retail sales in May 2025 increased by 1.9% compared with a year earlier. For the first half of 2025, the provisional estimate of the total retail sales decreased by 4.7% in volume compared with the same period in 2024.

Analysed by broad type of retail outlet in descending order of the provisional estimate of the value of sales and comparing June 2025 with June 2024, the value of sales of jewellery, watches and clocks, and valuable gifts increased by 6.8%. This was followed by sales of other consumer goods not elsewhere classified (+7.2% in value); commodities in supermarkets (+0.4%); medicines and cosmetics (+6.0%); commodities in department stores (+5.7%); and optical shops (+1.0%).

On the other hand, the value of sales of wearing apparel decreased by 4.3% in June 2025 over a year earlier. This was followed by sales of food, alcoholic drinks and tobacco (-1.5% in value); electrical goods and other consumer durable goods not elsewhere classified (-9.3%); motor vehicles and parts (-6.0%); fuels (-8.7%); furniture and fixtures (-16.3%); footwear, allied products and other clothing accessories (-7.2%); Chinese drugs and herbs (-2.0%); and books, newspapers, stationery and gifts (-4.7%).

Based on the seasonally adjusted series, the provisional estimate of the value of total retail sales increased by 0.3% in the second quarter of 2025 compared with the preceding quarter, while the provisional estimate of the volume of total retail sales increased by 2.7%.

Commentary

A government spokesman said that retail sales showed signs of stabilisation in recent months. The value of total retail sales increased further by 0.7% in June 2025 over the year.

Looking ahead, the spokesman said continued increase in employment earnings, buoyant local stock market, coupled with the Government’s proactive efforts in promoting tourism and mega events and also enterprises’ strenuous effort in providing more diversified experiences would provide support to the consumption sentiment in the domestic market and businesses of the retail sector.

Further information

Table 1 presents the revised figures on value index and value of retail sales for all retail outlets and by broad type of retail outlet for May 2025 as well as the provisional figures for June 2025. The provisional figures on the value of retail sales for all retail outlets and by broad type of retail outlet as well as the corresponding year-on-year changes for the first half of 2025 are also shown.

Table 2 presents the revised figures on value of online retail sales for May 2025 as well as the provisional figures for June 2025. The provisional figures on year-on-year changes for the first half of 2025 are also shown.

Table 3 presents the revised figures on volume index of retail sales for all retail outlets and by broad type of retail outlet for May 2025 as well as the provisional figures for June 2025. The provisional figures on year-on-year changes for the first half of 2025 are also shown.

Table 4 shows the movements of the value and volume of total retail sales in terms of the year-on-year rate of change for a month compared with the same month in the preceding year based on the original series, and in terms of the rate of change for a three-month period compared with the preceding three-month period based on the seasonally adjusted series.

The classification of retail establishments follows the Hong Kong Standard Industrial Classification (HSIC) Version 2.0, which is used in various economic surveys for classifying economic units into different industry classes.

These retail sales statistics measure the sales receipts in respect of goods sold by local retail establishments and are primarily intended for gauging the short-term business performance of the local retail sector. Data on retail sales are collected from local retail establishments through the Monthly Survey of Retail Sales (MRS). Local retail establishments with and without physical shops are covered in MRS and their sales, both through conventional shops and online channels, are included in the retail sales statistics.

The retail sales statistics cover consumer spending on goods but not on services (such as those on housing, catering, medical care and health services, transport and communication, financial services, education and entertainment) which account for over 50% of the overall consumer spending. Moreover, they include spending on goods in Hong Kong by visitors but exclude spending outside Hong Kong by Hong Kong residents. Hence they should not be regarded as indicators for measuring overall consumer spending.

Users interested in the trend of overall consumer spending should refer to the data series of private consumption expenditure (PCE), which is a major component of the Gross Domestic Product published at quarterly intervals. Compiled from a wide range of data sources, PCE covers consumer spending on both goods (including goods purchased from all channels) and services by Hong Kong residents whether locally or abroad. Please refer to the C&SD publication “Gross Domestic Product by Expenditure Component” for more details.

More detailed statistics are given in the “Report on Monthly Survey of Retail Sales”. Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1080003&scode=530).

Users who have enquiries about the survey results may contact the Distribution Services Statistics Section of the C&SD (Tel: 3903 7400; email: mrs@censtatd.gov.hk).

MIL OSI Asia Pacific News –

August 5, 2025
MIL-OSI Submissions: Masked and armed agents are arresting people on US streets as aggressive immigration enforcement ramps up

Source: The Conversation – UK – By Dafydd Townley, Teaching Fellow in US politics and international security, University of Portsmouth

There are masked men, and some women, on the streets in American cities, sometimes travelling in unmarked cars, often carrying weapons and wearing military-style kit. They have the power to identify, arrest, detain non-citizens and deport undocumented immigrants. They also have the right to interrogate any individual who they believe is not a citizen over their right to remain in the US.

These are agents from US Immigration and Customs Enforcement Agency, known as Ice. This is a federal law enforcement agency, which falls under the control of the Department of Homeland Security (DHS), and is playing a significant and contentious role in the implementation of Donald Trump’s tough immigration policy.

On the campaign trail Trump promised “the largest domestic deportation operation in American history”. And he is giving Ice more power to deliver his plans.

Since Trump took office in January, Ice funding has been significantly increased. Trump’s “big beautiful bill”, passed by Congress in July 2025, gave Ice US$75 billion (£55 billion) of funding for the next four years, up from around US$8 billion a year.

This funding boost will allow the agency to recruit more agents as well as adding thousands more beds plus extensions to buildings to increase the capacity of detention centres. There is also new funding for advanced surveillance tools including AI-assisted facial recognition and mobile data collection. There’s another US$30 billion going to frontline operations, covering removing immigrants and transport to detention centres.

The president has committed to deporting everyone who is in the US illegally, that is estimated by the Wall Street Journal to be about 4% of the current US population. For the past five months, the numbers of people being picked up by Ice agents has been ticking up fast.

Average daily arrests were up 268% to about 1,000 a day in June 2025, compared with the same month a year earlier. This was also a 42% rise on May 2025, according to data analysis from the Guardian and the Deportation Data Project. However, this is still considerably short of the 3,000 a day ordered by secretary of homeland security Kristi Noem and White House deputy chief of staff Stephen Miller.

Ice’s tactics have already attracted significant criticism. Right-leaning broadcaster Fox News has reported on how masked agents are not showing ID or naming their agency when picking up people in raids. Other reporting has highlighted allegations that American citizens are also sometimes being swept up in the raids.

The agency, currently led by acting director Todd M. Lyons, has three main divisions: the Enforcement and Removal Operations division, which identifies and deports undocumented immigrants as well as manages detention centres. The Homeland Security Investigations, which investigates criminal activities with an international or border nexus such as human trafficking, narcotics, and weapons smuggling. The Office of the Principal Legal Advisor provides legal advice to Ice and prosecutes immigration cases in court.

Lyons claimed that mask wearing was necessary because of Ice agents being “doxed” – when a person’s personal information such as names and home addresses are revealed online without their permission. Assaults on Ice agents have risen, he claimed. DHS data suggested that there were 79 assaults on Ice agents from January to June 2025, compared to ten in the same period in 2024.

Democratic House minority leader Hakeem Jeffries compared mask wearing by Ice agents to secret police forces in authoritarian regimes. “We’re not behind the Iron Curtain. This is not the 1930s.”

Read more:
ICE has broad power to detain and arrest noncitizens – but is still bound by constitutional limits

The Ice agency was established in 2003 by the George W. Bush administration, partly as a result of the 9/11 terrorist attacks, and was part of a broader reorganisation of federal agencies under the then newly created DHS. It incorporated parts of the former Immigration and Naturalization Service (INS) and some elements of the US Customs Service.

According to the agency’s website, Ice’s core mission is “to protect America through criminal investigations and enforcing immigration laws to preserve national security and public safety”.

News coverage of Ice agents wearing masks and not identifying themselves.

What’s changed?

At the start of the administration in January, the White House gave Ice the authority to hasten the deportation of immigrants that had entered the country with government authorisation during the previous administration. This “expedited removal” authority allowed Ice to deport individuals without requiring an appearance before an immigration judge.

As arrests have grown in the past months, Lyons told CBS News that Ice would detain any undocumented immigrant, even if they did not have a criminal record.

And the Trump administration has also allowed Ice agents to make arrests at immigration courts, which had previously been off limits. This restriction was introduced by the Biden administration in 2021 to ensure witnesses, victims of crimes and defendants would still appear in court without fear of arrest for immigration violations, unless the target was a national security threat.

Protests over Ice raids have spread across California.

However, Lyons rescinded those restrictions in May, part of a broader shift towards aggressive enforcement.

Much of the time, Ice has targeted illegal immigrants. But the agency has also arrested and detained some individuals who were residents (green card holders) or tourists – and, in some cases, citizens.

In recent weeks, according to the Washington Post, Ice has been ordered to increase the number of immigrants shackled with GPS-enabled ankle monitors. This would significantly increase the number of immigrants that are under surveillance. Ankle monitors also restrict where people can travel.

Sparking protests

There have been numerous public protests about Ice raids, most notably in California. This peaked on June 6 after Ice had conducted numerous raids in Los Angeles, resulting in clashes between agents and protesters. This led to the White House sending around 2,000 National Guard troops and 700 Marines to Los Angeles, despite opposition from California governor Gavin Newsom.

Part of the friction between the Trump administation and the state is that Los Angeles and San Francisco have adopted local policies to limit cooperation with federal immigration authorities including Ice. California has sanctuary laws, such as SB 54, that prohibit local police and sheriffs from assisting Ice with civil immigration enforcement.

However, Trump shows every sign of pushing harder and faster to crack down on illegal immigrants, and Ice agents are clearly at the forefront of how he aims to do it.

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

– ref. Masked and armed agents are arresting people on US streets as aggressive immigration enforcement ramps up – https://theconversation.com/masked-and-armed-agents-are-arresting-people-on-us-streets-as-aggressive-immigration-enforcement-ramps-up-261499

MIL OSI –

August 5, 2025
MIL-OSI China: ‘The Yellow River’ dance epic shines at Xinjiang Intl Dance Festival

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

Shanxi Song and Dance Theatre performs “The Yellow River” at the Urumqi Peking Opera House, July 29, 2025. [Photo by Ma Siyuan/China.org.cn]

Dance epic “The Yellow River,” directed by renowned Chinese artist Zhang Jigang and created by Shanxi Song and Dance Theatre, was staged at the 7th China Xinjiang International Dance Festival on July 29-30. Marking the 80th anniversary of the victory in the Chinese People’s War of Resistance Against Japanese Aggression, the work utilizes the Yellow River as its central image, interpreting the unyielding Chinese national spirit through a unique artistic language.

“The Yellow River” unfolds the spiritual scroll of the Chinese nation in three acts: The first act reproduces the dawn of civilization with primitive and unrestrained dance moves; the second act focuses on the suffering and struggles during the war against Japanese aggression; and the third act outlines the spirit of forging-ahead in the new era with red silk ribbon dancing.

Director Zhang Jigang and performers of “The Yellow River” on stage at Urumqi Peking Opera House, July 29, 2025. [Photo by Ma Siyuan/China.org.cn]

Director Zhang Jigang emphasized that through chapters such as “The Indignation of the Yellow River” and “Defend the Yellow River,” the work condenses memories of the war into a spiritual declaration that “the Chinese nation cannot be humiliated.”

As a dance epic, “The Yellow River” breaks the boundaries of traditional dance with its subversive stage language. The performers crawl in mud, fight in water currents and perform difficult lifts on a suspended cloth — these unique movements becoming carriers for interpreting the spirit of the Yellow River.

Zhang also explained that dancing on the cloth is a metaphor for the resilience of the Chinese nation, and was designed to let the audience feel the weight of history while evoking a sense of awe.

The fusion of music and dance further highlighted the epic temperament. The passion of the piano concerto interwove with the profoundness of the symphony, forming a perfect dialogue between the “musical” and the “dancing” Yellow River.

Yang Qian, the lead actress who plays the personification of the Yellow River, mentioned that the biggest difference between a dance epic and a traditional dance drama lies in “striking the heart with a five- or six-minute chapter.”

Talking about her role, Yang said, “The Yellow River is not a specific river, but a microcosm of thousands of Chinese mothers — having the tenderness of water and the tenacity of the loess land.” In the chapter “The Lullaby of the Yellow River,” she interpreted the river’s nurturing power as the cradle of Chinese civilization with the body language of “taking the sky as a quilt and the earth as a bed.”

As a hub on the ancient Silk Road, Xinjiang has always been a fertile ground for the integration of diverse cultures. As Zhang explained, “The simple beauty of Xinjiang forms a wonderful echo with the profound civilization carried by the Yellow River.” At the 7th China Xinjiang International Dance Festival, “The Yellow River” and the dance arts of all ethnic groups in Xinjiang shone together, jointly interpreting the diversity and unity of Chinese culture.

Zhang has a deep affection for Xinjiang, recalling how he felt “a peaceful soul as pure as water” when visiting the region’s Sayram Lake. In the dance epic, the concept of simplifying plots, intensifying emotions, downplaying regional traits and enhancing international appeal has elevated the Yellow River from a mere river to a symbol of the world’s great river civilizations.

By staging the work in Urumqi, the performance served as both a review of the national spirit of the War of Resistance Against Japanese Aggression 80 years ago and a tribute to the present-day cultural integration.

MIL OSI China News –

August 5, 2025
MIL-OSI China: Myanmar announces formation of new union gov’t

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

Myanmar’s National Defense and Security Council (NDSC) on Thursday formed a new union government and State Security and Peace Commission, the state-owned Myanmar Radio and Television (MRTV) reported.

The union government is led by U Nyo Saw as prime minister, and the State Security and Peace Commission is chaired by Senior General Min Aung Hlaing, the report said.

The NDSC also decided to annul the order transferring the sovereign power to the Commander-in-Chief of Defence Services, according to the report.

Zaw Min Tun, a spokesperson of Myanmar’s State Administration Council, said on Thursday the NDSC had decided to end the state of emergency to hold general elections.

In February 2021, Myanmar’s then-Acting President U Myint Swe declared a one-year state of emergency and transferred sovereign power to the Commander-in-Chief of Defence Services. The office of the Commander-in-Chief of Defence Services subsequently formed the State Administration Council, with Min Aung Hlaing as its chairman. The NDSC has made multiple six-month extensions until July 31 this year.

MIL OSI China News –

August 5, 2025
MIL-OSI United Kingdom: What’s The Story? Grassroots glory – Council reveals plan to turn big gig revenue into support for smaller venues

Source: City of Manchester

Manchester City Council is set to earmark almost £250,000 to support grassroots music venues in the city and help them share the success of the city’s summer of music.

In recent weeks, hundreds of thousands of music fans have converged on the city to celebrate its music scene – 340,000 at the five Oasis Heaton Park homecoming gigs alone. Other star names appearing in Manchester this summer include Olivia Rodrigo, Billie Eilish, Charlie XCX, Elbow, Fontaines DC and Robbie Williams.

Over the course of the summer it has been estimated that Manchester will have attracted 1.3 million music tourists – a tremendous boost for the city’s economy as a whole, especially the hospitality industry.

These huge events are also generating income for the Council, either by being hosted in the city’s largest parks – with commercial arrangements for their use – or through the business rates paid by major venues.

As well as reinvesting part of this revenue in parks, the Council is planning to set aside £245,000 to be made available in financial support for Manchester’s grassroots venues.

While exact details are being finalised, the intention is that the scheme will be administered by Music Venue Trust to ensure that the money gets to where it is needed as quickly and effectively as possible.

It comes as small venues across the country face a difficult economic climate, with a combination of increasing costs and reducing incomes leaving some in a precarious position. One particular challenge is an increase in nationally-set business rates. These had been significantly reduced for the sector in response to the impacts of the pandemic, but this financial year (2025/26) – while still being lower than pre-pandemic levels – they have gone back up significantly.

Councillor Bev Craig, Leader of Manchester City Council, said: “Manchester is a big noise in the music world. This summer all eyes have been on the city as we’ve hosted some huge concerts and seen unprecedented success in our large venues as the EMA MTV Music Awards showed.

“But while the biggest gigs – in the city’s arenas and parks – might dominate the headlines, we know they are only possible because they are part of a wider ecosystem with smaller, grassroots venues providing the launchpads for acts to develop and grow.

“We know that across the country grassroots venues are struggling. That’s why we want to ensure that our grassroots venues can share some of the benefit from the success of those big events.

“We’re blessed in Manchester with an array of great smaller venues. They are there to be enjoyed and I’d encouraged anyone who values them to get out and support them.”

Jay Taylor, Music Venue Trust National Co-ordinator, said: “Music Venue Trust wants to thank and congratulate Manchester City Council for leading on this crucial support for grassroots music venues. It’s inspiring to see Manchester recognise its place as one of the world’s leading music cities, and acknowledge that the fantastic grassroots music venue network in the city is an essential cornerstone of the amazing music being produced by Manchester artists.

“In April, the government reduced business rates relief in England for many grassroots music venues, significantly impacting their long-term sustainability. Manchester City Council has taken the lead with this bold and innovative action and we hope many more cities and towns across the country can join their efforts to secure the future of the UK’s grassroots music venue network.”

Kate Lowes, Director, Brighter Sound (sector lead Manchester Music City) said: “Grassroots venues sit at the heart of our city’s music scene – supporting emerging artists, bringing people together, and enriching local communities.

“Recent research, commissioned by Manchester Music City and delivered by the hub, has shown that business rates relief is one of the sector’s most pressing concerns. We therefore welcome this announcement and are encouraged to see Manchester City Council and Music Venue Trust working in partnership to deliver meaningful and targeted support.

“Manchester Music City is now working with the council to shape a full sector response and action plan, with a further set of actions to be announced this autumn. This type of collaborative approach and investment is essential to ensuring that Manchester remains a city where music and creativity can thrive at every level.”

MIL OSI United Kingdom –

August 5, 2025
MIL-OSI Submissions: How Rupert Murdoch helped to build brand Trump – podcast

Source: The Conversation – UK – By Gemma Ware, Host, The Conversation Weekly Podcast, The Conversation

Donald Trump’s lawyers are pushing to get Rupert Murdoch deposed, and quickly.

The US president is suing the billionaire media owner, alongside the Wall Street Journal and Dow Jones and others, for libel after it published an article alleging that Trump once wrote a “bawdy” birthday letter to the convicted sex offender, the late Jeffrey Epstein.

Trump is seeking US$10 billion in damages. In a court filing in late July, his lawyers asked the court to order a swift deposition, citing Murdoch’s age at 94.

Trump and Murdoch have a transactional friendship that goes back decades. Despite past tensions, this rupture is something new in a relationship that has continued to serve both men’s interests.

In this episode of The Conversation Weekly podcast, professor of journalism Andrew Dodd at the University of Melbourne takes us back to where their relationship began in 1970s New York, to understand how Murdoch helped to build brand Trump.

Murdoch was already a very successful media magnate in Australia and the UK before he made his move to America. In 1976, after dabbling in two newspapers in Texas, he bought the New York Post.

“ Murdoch wanted to make it big in the US and to do that he really needed to break into New York,” says Dodd. US television networks were all based in US, he explains, “so by influencing what was going on in Manhattan, he was influencing the entire country’s media.”

Meanwhile, Trump was a young property developer from Queens. “ He’s wanting to develop and build, and he’s also wanting a profile because the profile will help him along the way,” says Dodd. “But he’s also an egomaniac. He needs publicity for its own sake, and so he’s attracted to the media.” Trump became easy and frequent fodder for the new Page Six gossip column of Murdoch’s New York Post.

Dodd says that both men saw in each other “opportunities for their own advancement”. For Trump, it was about access to notoriety. For Murdoch, a newcomer and foreigner in New York, he needed to make friends quickly and start establishing relationships. “He’s becoming ingratiated with power in the city, and so they’re all using one another,” he says.

Listen to the conversation with Andrew Dodd about Trump and Murdoch and the power they now wield over each other, on The Conversation Weekly podcast.

This episode of The Conversation Weekly was written and produced by Mend Mariwany and Gemma Ware with assistance from Ashlynne McGhee. Mixing and sound design by Eloise Stevens and theme music by Neeta Sarl.

Newclips in this episode from ITV News, MSNBC and The Independent.

Listen to The Conversation Weekly via any of the apps listed above, download it directly via our RSS feed or find out how else to listen here. A transcript of this episode is available on Apple Podcasts or Spotify.

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

– ref. How Rupert Murdoch helped to build brand Trump – podcast – https://theconversation.com/how-rupert-murdoch-helped-to-build-brand-trump-podcast-262158

MIL OSI –

August 5, 2025

MIL-OSI: Cenovus announces second-quarter 2025 results

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, July 31, 2025 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced its second-quarter 2025 financial and operating results. The company generated approximately $2.4 billion in cash from operating activities, $1.5 billion of adjusted funds flow and $355 million of free funds flow. Total upstream production was 765,900 barrels of oil equivalent per day (BOE/d)¹, reflecting planned turnarounds at the Foster Creek and Sunrise oil sands assets, maintenance at offshore facilities and short-term production impacts from wildfire activity at Christina Lake. Downstream crude throughput was 665,800 barrels per day (bbls/d), representing an overall utilization rate of 92% and including the successful completion of a turnaround at the Toledo Refinery 11 days ahead of schedule.

Highlights

Achieved first oil at Narrows Lake in July, with production expected to ramp up to peak incremental rates of 20,000 bbls/d – 30,000 bbls/d by the end of the year.
Delivered major milestones on the West White Rose project, with the concrete gravity structure (CGS) installed on the seabed in June and the topsides placed atop the CGS in mid-July. Hookup and commissioning work has commenced, with drilling expected to begin by year end.
Advanced the Foster Creek optimization project, with four new boilers brought online in July, which will add approximately 80,000 bbls/d of steam capacity to the facility.
Completed major turnarounds at Toledo, Sunrise and Foster Creek in the quarter, with exceptional execution, resulting in production at all assets resuming ahead of schedule.
Returned $819 million to shareholders, including $301 million through common share purchases, $368 million through common and preferred share dividends and $150 million through the redemption of Cenovus’s Series 7 preferred shares on June 30, 2025.

“Operating performance this quarter was exceptional, with turnaround execution exceeding our targets, major project milestones achieved on time and on budget, and our staff safely and efficiently restoring Christina Lake production following disruption from a wildfire,” said Jon McKenzie, Cenovus President & Chief Executive Officer. “Through the hard work and determination of our people, we have arrived at an inflection point, nearing completion of numerous growth projects and successfully concluding significant maintenance events. As investment in these initiatives is completed, we expect to generate increasing free funds flow.”

Financial summary

($ millions, except per share amounts)	2025 Q2	2025 Q1	2024 Q2
Cash from (used in) operating activities	2,374	1,315	2,807
Adjusted funds flow²	1,519	2,212	2,361
Per share (diluted)²	0.84	1.21	1.26
Capital investment	1,164	1,229	1,155
Free funds flow²	355	983	1,206
Excess free funds flow²	(306)	373	735
Net earnings (loss)	851	859	1,000
Per share (diluted)	0.45	0.47	0.53
Long-term debt, including current portion	7,241	7,524	7,275
Net debt	4,934	5,079	4,258

Production and throughput

(before royalties, net to Cenovus)	2025 Q2	2025 Q1	2024 Q2
Oil and NGLs (bbls/d)¹	624,000	670,900	656,300
Conventional natural gas (MMcf/d)	851.4	887.9	867.2
Total upstream production (BOE/d)¹	765,900	818,900	800,800
Total downstream crude throughput (bbls/d)	665,800	665,400	622,700

¹See Advisory for production by product type and by operating segment.
²Non-GAAP financial measure or contains a non-GAAP financial measure. See Advisory.

Second-quarter results

Operating¹

Cenovus’s total revenues were $12.3 billion in the second quarter, down from $13.3 billion in the first quarter of 2025. Upstream revenues were $6.8 billion, a decrease from $8.3 billion in the previous quarter, while Downstream revenues were $7.7 billion, in line with the previous quarter.

Total operating margin³ was $2.1 billion, compared with $2.8 billion in the previous quarter. Upstream operating margin⁴ was $2.1 billion, down from $3.0 billion in the first quarter due to lower benchmark oil prices, as well as lower production and sales volumes. The company had a Downstream operating margin⁴ shortfall of $71 million compared with a shortfall of $237 million in the previous quarter, benefiting from rising U.S. market crack spreads and a higher Canadian upgrading differential, as well as lower run-rate operating costs, excluding turnarounds, in both businesses. Operating margin in the U.S. Refining segment was a shortfall of $178 million, which included a $62 million inventory holding loss and $238 million of turnaround expenses.

Total Upstream production was 765,900 BOE/d in the second quarter, a decrease from 818,900 BOE/d in the first quarter. Christina Lake production was 217,900 bbls/d compared with 237,800 bbls/d in the prior quarter, as a wildfire near the facility temporarily impacted production in the second quarter. The field was shut in on May 29 and operations were restarted safely on June 3, with a return to full production about one week later. Foster Creek production was 186,100 bbls/d compared with 202,700 bbls/d in the first quarter, reflecting planned maintenance during the quarter that was successfully completed with production returning earlier than forecasted. Sunrise production was 50,300 bbls/d compared with 52,100 bbls/d in the first quarter due to planned maintenance at the facility.

Production from the Lloydminster thermal assets was 97,800 bbls/d, a decrease from 109,900 bbls/d in the prior quarter due to an unplanned outage at the Rush Lake facilities in west-central Saskatchewan. The company responded in early May to a steam release from a casing failure in an injection well and as a result, the Rush Lake facilities have been temporarily shut-in. The well has been brought under control, and the company is undertaking an investigation and developing a plan to safely restart production. Lloydminster conventional heavy oil output of 25,000 bbls/d increased from 21,800 bbls/d in the first quarter. Production in the Conventional segment was 119,800 BOE/d, down from 123,900 BOE/d in the previous quarter due in part to third-party outages.

In the Offshore segment, production was 66,300 BOE/d compared with 68,800 BOE/d in the first quarter. In Asia Pacific, production volumes were 53,800 BOE/d, lower than the 57,200 BOE/d in the previous quarter, primarily due to planned maintenance at the Liwan Gas Project. In the Atlantic region, production was 12,500 bbls/d, an increase from 11,600 bbls/d in the prior quarter, due to a full quarter of production from the White Rose field, offset in part by maintenance at the partner-operated Terra Nova field in June.

Total Downstream crude throughput in the second quarter was 665,800 bbls/d, up from 665,400 bbls/d in the first quarter. Crude throughput in Canadian Refining was 112,400 bbls/d, representing a utilization rate of 104%, compared with 111,900 bbls/d in the previous quarter.

In U.S. Refining, crude throughput was 553,400 bbls/d, representing a utilization rate of 90%, compared with 553,500 bbls/d in the first quarter, reflecting early completion of a planned turnaround at the Toledo Refinery. U.S. Refining revenues were $6.5 billion, slightly higher than $6.4 billion in the previous quarter. Adjusted market capture⁵ in U.S. Refining was 58%, compared with 62% in the first quarter, due primarily to a narrower heavy oil price differential.

³Non-GAAP financial measure. Total operating margin is the total of Upstream operating margin plus Downstream operating margin. See Advisory.
⁴Specified financial measure. See Advisory.
⁵Adjusted market capture excludes the impact of inventory holding gains or losses. Contains a non-GAAP financial measure. See Advisory.

Financial

Cash from operating activities in the second quarter increased to approximately $2.4 billion from $1.3 billion in the first quarter. Adjusted funds flow was $1.5 billion, compared with $2.2 billion in the prior quarter, and excess free funds flow (EFFF) was a shortfall of $306 million, compared with a surplus of $373 million in the first quarter. Net earnings in the second quarter declined slightly to $851 million from $859 million in the previous quarter. Second-quarter financial results were impacted by lower benchmark oil prices, lower Upstream production and higher planned maintenance costs relative to the first quarter.

Long-term debt, including the current portion, was $7.2 billion as at June 30, 2025. Net debt was $4.9 billion as at June 30, 2025, slightly reduced from the previous quarter, as free funds flow of $355 million and a $923 million release of non-cash working capital more than offset returns to shareholders of $819 million, including the redemption of Cenovus’s Series 7 preferred shares on June 30, 2025 for $150 million. Subsequent to the quarter on July 15, the company repaid its 5.38% unsecured notes with a principal of US$133 million in full. The company continues to steward toward net debt of $4.0 billion and returning 100% of EFFF to shareholders over time, in accordance with its financial framework.

Growth projects

In the Oil Sands segment, Narrows Lake achieved first oil in mid-July and will continue ramping up through the remainder of the year. The optimization project at Foster Creek is approximately 87% complete and four new boilers that will add approximately 80,000 bbls/d of steam capacity were brought online in July. The project is expected to produce first oil in early 2026. At Sunrise, one well pad was started up early in the quarter and the drilling program remains on track to increase production and fully utilize the asset’s steam capacity.

Significant progress has been made on the West White Rose project. The CGS was towed out and installed on the seabed ahead of schedule during the second quarter and the project’s topsides were safely lifted and set in place atop the CGS in mid-July. Hookup and commissioning have commenced, and the project is approximately 92% complete. Drilling is expected to begin by the end of the year and the project remains on schedule to produce first oil in the second quarter of 2026.

2025 guidance update

Cenovus has revised its 2025 corporate guidance to reflect the company’s updated outlook for the remainder of the year. It is available on cenovus.com under Investors.

Changes to the company’s 2025 guidance include:

Total upstream production of 805,000 BOE/d to 825,000 BOE/d, a decrease of 10,000 BOE/d at the midpoint. This includes the impacts of the temporary shut in of the Rush Lake facilities.
Canadian downstream throughput of 105,000 bbls/d to 110,000 bbls/d, an increase of 5,000 bbls/d at the midpoint, reflecting strong year-to-date performance.
Reducing the range of Canadian Refining per-unit operating expenses, excluding turnaround costs, to $11.00/bbl to $12.00/bbl, as a result of higher throughput rates and lower expected costs.
Downstream turnaround expenses of $420 million to $450 million have been reduced by $45 million at the midpoint, primarily due to early completion of the Toledo turnaround.

The company has also updated its commodity price assumptions and guidance range for cash taxes. Cenovus continues to execute its capital program and there has been no change to the expected capital investment range of $4.6 billion to $5.0 billion.

Sustainability
Cenovus’s 2024 Corporate Social Responsibility report, highlighting the company’s performance in safety, Indigenous reconciliation, and acceptance and belonging, was released today and is now available on the company’s website.

Dividend declarations and share purchases

The Board of Directors has declared a quarterly base dividend of $0.20 per common share, payable on September 29, 2025, to shareholders of record as of September 15, 2025.

In addition, the Board has declared a quarterly dividend on each of the Cumulative Redeemable First Preferred Shares – Series 1 and Series 2 – payable on October 1, 2025 to shareholders of record as of September 15, 2025, as follows:

Preferred shares dividend summary

Share series	Rate (%)	Amount ($/share)
Series 1	2.577	0.16106
Series 2	4.374	0.27562

All dividends paid on Cenovus’s common and preferred shares will be designated as “eligible dividends” for Canadian federal income tax purposes. Declaration of dividends is at the sole discretion of the Board and will continue to be evaluated on a quarterly basis.

In the second quarter, the company returned $819 million to shareholders, composed of $301 million from its purchase of 17.2 million shares through its normal course issuer bid, $368 million through common and preferred share dividends, and $150 million through the redemption of Cenovus’s Series 7 preferred shares. Subsequent to the quarter, the company purchased 6.6 million common shares through July 28, 2025 for $129 million.

2025 planned maintenance

The following table provides details on planned maintenance activities at Cenovus assets in 2025 and anticipated production or throughput impacts.

Potential quarterly production/throughput impact (Mbbls/d or MBOE/d)

(MBOE/d or Mbbls/d)	Q3	Q4	Annualized impact
Upstream
Oil Sands	5 – 7	–	7 – 9
Offshore	2 – 4	–	1 – 2
Conventional	–	–	–
Downstream
Canadian Refining	–	–	–
U.S. Refining	–	10 – 15	12 – 14

Potential turnaround expenses

($ millions)	Q3	Q4	Annualized impact
Downstream
Canadian Refining	–	–	–
U.S. Refining	55 – 70	45 – 60	420 – 450

Conference call today

Cenovus will host a conference call today, July 31, 2025, starting at 9 a.m. MT (11 a.m. ET).

For analysts wanting to join the call, please register in advance.

To participate in the live conference call, you must complete the online registration form in advance of the conference call start time. Register ahead of time to receive a unique PIN to access the conference call via telephone. Once registered, participants can dial into the conference call from their telephone via the unique PIN or click on the “Call Me” option to receive an automated call directly on their telephone.

An audio webcast will also be available and archived for approximately 30 days.

Advisory

Basis of Presentation

Cenovus reports financial results in Canadian dollars and presents production volumes on a net to Cenovus before royalties basis, unless otherwise stated. Cenovus prepares its financial statements in accordance with International Financial Reporting Standards (IFRS) Accounting Standards.

Barrels of Oil Equivalent

Natural gas volumes have been converted to barrels of oil equivalent (BOE) on the basis of six thousand cubic feet (Mcf) to one barrel (bbl). BOE may be misleading, particularly if used in isolation. A conversion ratio of one bbl to six Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil compared with natural gas is significantly different from the energy equivalency conversion ratio of 6:1, utilizing a conversion on a 6:1 basis is not an accurate reflection of value.

Product types

Product type by operating segment	Three months ended June 30, 2025
Oil Sands
Bitumen (Mbbls/d)	552.1
Heavy crude oil (Mbbls/d)	25.0
Conventional natural gas (MMcf/d)	16.5
Total Oil Sands segment production (MBOE/d)	579.8
Conventional
Light crude oil (Mbbls/d)	4.5
Natural gas liquids (Mbbls/d)	20.4
Conventional natural gas (MMcf/d)	569.2
Total Conventional segment production (MBOE/d)	119.8
Offshore
Light crude oil (Mbbls/d)	12.5
Natural gas liquids (Mbbls/d)	9.5
Conventional natural gas (MMcf/d)	265.7
Total Offshore segment production (MBOE/d)	66.3
Total Upstream production (MBOE/d)	765.9

Forward‐looking Information

This news release contains certain forward‐looking statements and forward‐looking information (collectively referred to as “forward‐looking information”) within the meaning of applicable securities legislation about Cenovus’s current expectations, estimates and projections about the future of the company, based on certain assumptions made in light of the company’s experiences and perceptions of historical trends. Although Cenovus believes that the expectations represented by such forward‐looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward‐looking information in this document is identified by words such as “anticipate”, “continue”, “deliver”, “expect”, “plan”, “steward”, and “will” or similar expressions and includes suggestions of future outcomes, including, but not limited to, statements about: Net Debt target; returning Excess Free Funds Flow to shareholders; growth plans and projects; maximizing value; production guidance; timing of startup of the Foster Creek optimization project; ramping up production at Narrows Lake; investigating the Rush Lake incident and developing a plan to restart production; the Sunrise drilling program; the hookup and commissioning of, and timing of drilling at the West White Rose project; executing the capital program; 2025 planned maintenance; and dividend payments.

Developing forward‐looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and others that apply to the industry generally. The factors or assumptions on which the forward‐looking information in this news release are based include, but are not limited to: the allocation of free funds flow; commodity prices, inflation and supply chain constraints; Cenovus’s ability to produce on an unconstrained basis; Cenovus’s ability to access sufficient insurance coverage to pursue development plans; Cenovus’s ability to deliver safe and reliable operations and demonstrate strong governance; and the assumptions inherent in Cenovus’s updated 2025 corporate guidance available on cenovus.com.

The risk factors and uncertainties that could cause actual results to differ materially from the forward‐looking information in this news release include, but are not limited to: the accuracy of estimates regarding commodity production and operating expenses, inflation, taxes, royalties, capital costs and currency and interest rates; risks inherent in the operation of Cenovus’s business; and risks associated with climate change and Cenovus’s assumptions relating thereto and other risks identified under “Risk Management and Risk Factors” and “Advisory” in Cenovus’s Management’s Discussion and Analysis (MD&A) for the year ended December 31, 2024.

Except as required by applicable securities laws, Cenovus disclaims any intention or obligation to publicly update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. Events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward‐looking information. For additional information regarding Cenovus’s material risk factors, the assumptions made, and risks and uncertainties which could cause actual results to differ from the anticipated results, refer to “Risk Management and Risk Factors” and “Advisory” in Cenovus’s MD&A for the periods ended December 31, 2024 and June 30, 2025 and to the risk factors, assumptions and uncertainties described in other documents Cenovus files from time to time with securities regulatory authorities in Canada (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and Cenovus’s website at cenovus.com).

Specified Financial Measures

This news release contains references to certain specified financial measures that do not have standardized meanings prescribed by IFRS Accounting Standards. Readers should not consider these measures in isolation or as a substitute for analysis of the company’s results as reported under IFRS Accounting Standards. These measures are defined differently by different companies and, therefore, might not be comparable to similar measures presented by other issuers. For information on the composition of these measures, as well as an explanation of how the company uses these measures, refer to the Specified Financial Measures Advisory located in Cenovus’s MD&A for the period ended June 30, 2025 (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and on Cenovus’s website at cenovus.com) which is incorporated by reference into this news release.

Upstream Operating Margin and Downstream Operating Margin

Upstream Operating Margin and Downstream Operating Margin, and the individual components thereof, are included in Note 1 to the interim Consolidated Financial Statements.

Total Operating Margin

Total Operating Margin is the total of Upstream Operating Margin plus Downstream Operating Margin.

	Upstream ⁽⁶⁾			Downstream ⁽⁶⁾			Total
($ millions)	Q2 2025	Q1 2025	Q2 2024	Q2 2025	Q1 2025	Q2 2024	Q2 2025	Q1 2025	Q2 2024
Revenues
Gross Sales	7,394	9,252	8,715	7,743	7,705	8,750	15,137	16,957	17,465
Less: Royalties	(621)	(906)	(859)	—	—	—	(621)	(906)	(859)
	6,773	8,346	7,856	7,743	7,705	8,750	14,516	16,051	16,606
Expenses
Purchased Product	1,111	1,167	815	6,878	7,082	7,796	7,989	8,249	8,611
Transportation and Blending	2,621	3,247	3,043	—	—	—	2,621	3,247	3,043
Operating	896	893	889	947	854	1,099	1,843	1,747	1,988
Realized (Gain) Loss on Risk Management	8	(9)	20	(11)	6	8	(3)	(3)	28
Operating Margin	2,137	3,048	3,089	(71)	(237)	(153)	2,066	2,811	2,936

⁶Found in Note 1 of the June 30, 2025, or the March 31, 2025, interim Consolidated Financial Statements. Revenues and purchased product for Q2 2024 Downstream operations were revised. See Note 21 of our June 30, 2025, interim Consolidated Financial Statements.

Adjusted Funds Flow, Free Funds Flow and Excess Free Funds Flow

The following table provides a reconciliation of cash from (used in) operating activities found in Cenovus’s interim Consolidated Financial Statements to Adjusted Funds Flow, Free Funds Flow and Excess Free Funds Flow. Adjusted Funds Flow per Share – Basic and Adjusted Funds Flow per Share – Diluted are calculated by dividing Adjusted Funds Flow by the respective basic or diluted weighted average number of common shares outstanding during the period and may be useful to evaluate a company’s ability to generate cash.

	Three Months Ended
($ millions)	June 30, 2025	March 31, 2025	June 30, 2024
Cash From (Used in) Operating Activities ⁽⁷⁾	2,374	1,315	2,807
(Add) Deduct:
Settlement of Decommissioning Liabilities	(68)	(36)	(48)
Net Change in Non-Cash Working Capital	923	(861)	494
Adjusted Funds Flow	1,519	2,212	2,361
Capital Investment	1,164	1,229	1,155
Free Funds Flow	355	983	1,206
Add (Deduct):
Base Dividends Paid on Common Shares	(364)	(327)	(334)
Purchase of Common Shares under Employee Benefit Plan	(15)	(58)	—
Dividends Paid on Preferred Shares	(4)	(6)	(9)
Settlement of Decommissioning Liabilities	(68)	(36)	(48)
Principal Repayment of Leases	(94)	(83)	(75)
Acquisitions, Net of Cash Acquired	(129)	(100)	(5)
Proceeds From Divestitures	13	—	—
Excess Free Funds Flow	(306)	373	735

⁷Found in the June 30, 2025, or the March 31, 2025, interim Consolidated Financial Statements.

Adjusted Market Capture

Adjusted market capture contains a non-GAAP financial measure and is used in the company’s U.S. Refining segment to provide an indication of margin captured relative to what was available in the market based on widely-used benchmarks. Cenovus defines adjusted market capture as refining margin, net of holding gains and losses, divided by the weighted average 3-2-1 market benchmark crack, net of RINs, expressed as a percentage. The weighted average crack spread, net of RINs, is calculated on Cenovus’s operable capacity-weighted average of the Chicago and Group 3 3-2-1 benchmark market crack spreads, net of RINs.

The company previously disclosed market capture which did not exclude the effect of inventory holding gains or losses. Cenovus replaced market capture with adjusted market capture to exclude the impact of inventory holding gains or losses. The company believes this metric provides more comparability and accuracy when measuring the cash generating performance of our downstream operations. Comparative periods were revised to conform with our current presentation.

($ millions)	Three months ended June 30, 2025	Three months ended March 31, 2025
Revenues ⁽⁸⁾	6,455	6,423
Purchased Product ⁽⁸⁾	5,838	6,006
Gross Margin	617	417
Inventory Holding (Gain) Loss	62	23
Adjusted Gross Margin	679	440
Total Processed Inputs (Mbbls/d)	594.2	581.0
Adjusted Gross Margin ($/bbl)	12.57	8.41
Operable Capacity (Mbbls/d)	612.3	612.3
Operable Capacity by Regional Benchmark (percent)
Chicago 3-2-1 Crack Spread Weighting	81	81
Group 3 3-2-1 Crack Spread Weighting	19	19
Benchmark Prices and Exchange Rate
Chicago 3-2-1 Crack Spread (US$/bbl)	21.64	13.68
Group 3 3-2-1 Crack Spread (US$/bbl)	23.07	16.48
RINs (US$/bbl)	6.12	4.76
US$ per C$1 – Average	0.723	0.697
Weighted Average Crack Spread, Net of RINs ($/bbl)	21.86	13.58
Adjusted Market Capture (percent)	58	62

⁸Found in Note 1 of the June 30, 2025, or the March 31, 2025, interim Consolidated Financial Statements.

Cenovus Energy Inc.

Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is committed to maximizing value by developing its assets in a safe, responsible and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company’s preferred shares are listed on the Toronto Stock Exchange. For more information, visit cenovus.com.

Find Cenovus on Facebook, LinkedIn, YouTube and Instagram.

Cenovus contacts

Investors
Investor Relations general line
403-766-7711

Media
Media Relations general line
403-766-7751

The MIL Network –

August 5, 2025

MIL-OSI United Kingdom: Mine water heat lab insights could supercharge clean heat
Source: United Kingdom – Executive Government & Departments

Press release

Mine water heat lab insights could supercharge clean heat

New data from the UK’s mine water heat lab shows warm water flows better than expected, boosting the case for clean, low-cost heat from coalfields.
Dr Fiona Todd and colleague, Dr Rebecca Chambers, collecting data at the Gateshead Mine Water Heat Living Lab

Six months after launch, the UK’s first mine water heat Living Laboratory is revealing exciting insights into what lies beneath our feet, helping to accelerate the safe and sustainable use of mine water as a clean heat source.

Geophysical data released this month shows, for the first time, how much space there is to store water within the rocks underground and how easily this can flow through historical mine workings.

These 2 factors, known in science as porosity and permeability, are crucial for understanding how much warm water is available, how quickly it can be used and how reliably it can provide heat.

Dr Fiona Todd, geoscientist and lead of the Mining Remediation Authority project, said:

This is the first time we’ve been able to collect this kind of information inside real mine workings.

It’s a huge step forward in understanding mine water heat resources. These properties help us determine how much heat is available, how quickly we can extract it and how sustainable it could be over time.

As part of the new data release, researchers are also sharing remarkable CCTV footage from inside the boreholes, offering the first glimpse into old workings that haven’t been seen since they were last mined decades ago, while also showing water movement and structural features that bring scientific findings to life.

Living lab six-month anniversary

Dr Todd added:

It’s like opening a time capsule, but instead of coal what we’re now extracting is knowledge and possibly clean heat for generations.

These insights were made possible by using specialised tools which were carefully deployed through monitoring boreholes at the Living Laboratory, located between three operational heat schemes in a shared mining block in Gateshead.

Using this equipment, researchers can:

see how water flows underground

measure how much heat can be stored and extracted

understand how mine workings interact across a shared network

Many of the tools used, such as caliper, gamma, density, temperature, electrical conductivity, heat pulse flow meter and CCTV, are commonly used in water wells. However, the team also used a cutting-edge technique called Borehole Magnetic Resonance (BMR), described as “an MRI scan for rocks.” This marks the first known use of BMR in mine water heat research, providing new insight into how water is stored and flows through underground rocks, crucial for understanding the heat resource.

As well as routine temperature and chemistry monitoring results, which have also been released, this new geophysics dataset adds a new layer of understanding to the Living Laboratory’s mission to inform the future of sustainable mine water heat across Britain’s former coalfields.

It provides open-access data to help government, industry and academia work together to broaden the adoption of mine water heat as a viable, long-term renewable resource.

Senior Technical Specialist for the Environment Agency in the North East, Sally Gallagher, said:

As the environmental regulator for England our role is to ensure renewable heat technologies are sustainable and do not adversely impact the environment. It’s great to see the first findings of this innovative research study and understand more how mine water can be used for heating.

Launched by the Mining Remediation Authority in January 2025, the Gateshead mine water heat Living Laboratory is the only facility in the world designed to monitor how heat, water and geology behave between multiple operational mine water heat schemes in a shared underground system.

Further information:

Access the open geophysical dataset for the Living Lab

For media enquiries contact the community response team

Email communityresponse@miningremediation.gov.uk

Telephone 0800 288 4211

For emergency media enquiries (out of hours) call: 0800 288 4242.
Only urgent media calls will be attended to.

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Published 31 July 2025
MIL OSI United Kingdom –
August 5, 2025
MIL-OSI USA: CPSC Anchor It! Campaign Marks 10 Years: Fewer Furniture Tip-Overs Lead to Safer American Households

Source: US Consumer Product Safety Commission

WASHINGTON, D.C. – The U.S. Consumer Product Safety Commission (CPSC) is marking the 10th anniversary of the Anchor It! campaign, a landmark initiative launched in 2015 to address the deadly hazard of TV and furniture tip-overs. With the help of industry advocates and several parents who lost their children to tip-overs, CPSC started the campaign to educate parents and caregivers about the dangers of falling TVs and furniture amid widespread child injuries and fatalities. Campaign efforts contributed to a nearly 50-percent decline in tip-over-related injuries and deaths in the U.S.
The Anchor It! campaign promoted the use of anti-tip devices through video and radio Public Service Announcements, social media, and journalism. It showed consumers that the threat of furniture tip-overs is serious, but anchoring is simple.
One of the biggest safety improvements of the past decade has been CPSC’s federal mandatory standard, which was directed by Congress through passage of the STURDY (Stop Tip-overs of Unstable, Risky Dressers on Youth) Act. The mandatory standard, which went into effect in September 2023, requires clothing storage units such as dressers and armoires to meet key stability requirements. CPSC continues to work with manufacturers and retailers to recall unsafe dressers and to keep them out of consumers’ homes.
“CPSC has made great strides in the past 10 years to minimize these hazards and save lives,” said Acting Chairman Peter Feldman. “I am grateful for the work of our dedicated staff, safety advocates, and the American furniture industry, without whose collaboration none of this would be possible.”
Kimberly Amato, co-founder of Parents Against Tip-Overs (PAT), shared that the CPSC Anchor It! campaign has been an invaluable partner for PAT over the past decade. “The parents who founded PAT came together in the wake of their personal tragedies with a simple mission: to ensure no other children were injured or killed as the result of a tip-over,” she said. “Collaborating with CPSC to educate parents, grandparents, and caregivers of young children to prevent tip-over tragedies and ensure all communities know why and how to anchor their furniture has contributed to the success of our shared goal.”
CPSC urges Americans to take essential steps to protect themselves and their families from dangerous tip-over risks:

Anchor TVs and furniture, such as bookcases and dressers, securely to the wall.
When anchoring is not possible, place TVs on a sturdy, low base, push the TV back as far as possible, and keep cable cords out of reach.
Avoid storing appealing items such as toys and remotes where kids may be tempted to climb to reach for them; store heavier items on lower shelves.

For consumers’ peace of mind, CPSC’s Anchor It! campaign website outlines three simple steps to install an anchoring kit correctly.
CPSC’s Anchor It! campaign has marked its 10th anniversary by preparing video testimonials from PAT parents affected by tip-over incidents. Media can download footage of the testimonials here.
The Anchor It! campaign’s PSA safety video includes real-life footage of children and falling furniture. Media can download the video: “Even When You’re Watching.”

About the U.S. CPSCThe U.S. Consumer Product Safety Commission (CPSC) is charged with protecting the public from unreasonable risk of injury associated with the use of thousands of types of consumer products. Deaths, injuries, and property damage from consumer product-related incidents cost the nation more than $1 trillion annually. Since the CPSC was established more than 50 years ago, it has worked to ensure the safety of consumer products, which has contributed to a decline in injuries associated with these products.
Federal law prohibits any person from selling products subject to a Commission ordered recall or a voluntary recall undertaken in consultation with the CPSC.
For lifesaving information:

MIL OSI USA News –

August 5, 2025
MIL-OSI Russia: Myanmar announces formation of new union government

Translation. Region: Russian Federal

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

An important disclaimer is at the bottom of this article.

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

YANGON, July 31 (Xinhua) — Myanmar’s National Defence and Security Council on Thursday formed a new union government and a National Security and Peace Commission, state broadcaster MRTV reported.

The Union Government is headed by Nyo Soe as Prime Minister and the National Security and Peace Commission is led by Senior General Min Aung Hlaing, the statement said.

According to the report, the National Defense and Security Council also decided to cancel the order to transfer powers to the commander-in-chief of the armed forces.

Myanmar State Administrative Council spokesman Zaw Min Tun said on Thursday that the National Defence and Security Council had decided to lift the state of emergency to hold a general election.

In February 2021, Myanmar’s then-acting President Myint Swe declared a one-year state of emergency and handed over supreme power to the Commander-in-Chief of the Armed Forces. The Office of the Commander-in-Chief of the Armed Forces subsequently formed the State Administrative Council, chaired by Min Aung Hlaing. Myanmar’s National Defense and Security Council has repeatedly extended the state of emergency for six months, until July 31 this year. –0–

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

.

MIL OSI Russia News –

August 5, 2025

MIL-OSI: Media Advisory: BTCS to participate in upcoming fireside chat

Source: GlobeNewswire (MIL-OSI)

SILVER SPRING, Md., July 31, 2025 (GLOBE NEWSWIRE) — BTCS Inc. (Nasdaq: BTCS) (“BTCS” or the “Company”), a blockchain technology-focused company, short for Blockchain Technology Consensus Solutions, is pleased to be participating in an upcoming event.

What:		Fireside chat between BTCS CEO Charles Allen and Water Tower Research Analyst John Roy
When:		August 6, 2025 at 1 p.m. ET
Where:		Media and Investors are invited to register to attend the virtual event here.

A replay will be available here following the session.

About BTCS:
BTCS Inc. (“BTCS” or the “Company”), short for Blockchain Technology Consensus Solutions, is a U.S.-based Ethereum-first blockchain technology company committed to driving scalable revenue and ETH accumulation through its hallmark strategy, the DeFi/TradFi Accretion Flywheel, an integrated approach to capital formation and blockchain infrastructure. By combining decentralized finance (“DeFi”) and traditional finance (“TradFi”) mechanisms with its blockchain infrastructure operations, comprising NodeOps (staking) and Builder+ (block building), BTCS offers one of the most sophisticated opportunities for leveraged ETH exposure, driven by scalable revenue generation and a yield-focused ETH accumulation strategy. Discover how BTCS offers operational and financial leveraged exposure to Ethereum through the public markets at www.btcs.com.

For more information follow us on:
Twitter: https://x.com/NasdaqBTCS
LinkedIn: https://www.linkedin.com/company/nasdaq-btcs
Facebook: https://www.facebook.com/NasdaqBTCS

Investor Relations:
Charles Allen – CEO
X (formerly Twitter): @Charles_BTCS
Email: ir@btcs.com

The MIL Network –

August 5, 2025

MIL-OSI: Commerce Announces Second Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

AUSTIN, Texas, July 31, 2025 (GLOBE NEWSWIRE) — Commerce.com, Inc. (Nasdaq: BIGC) (formerly BigCommerce Holdings, Inc.), a provider of an open, intelligent ecosystem of technology solutions that empower businesses to unlock data potential and deliver seamless, personalized experiences at scale, today announced financial results for its second quarter ended June 30, 2025. Earlier this morning, BigCommerce announced the launch of its new parent brand, Commerce, and that it has officially changed its corporate name to Commerce.com, Inc. (“Commerce” or the “Company”), unifying BigCommerce, Feedonomics and Makeswift to power the next era of agentic commerce. In connection with the name change and rebranding, the Company will change its ticker to the symbol “CMRC” on the Nasdaq Global Market effective on or about August 1, 2025.

“The second quarter was a defining period for our company, and today we mark an important milestone as we reintroduce ourselves as Commerce,” said Travis Hess, CEO of Commerce. “The strategy, product and go-to-market engine we have built over the past year came together behind a singular focus: powering an AI-driven commerce ecosystem at scale. Our transformation phase is over. We have moved fully into execution and growth.”

Second Quarter Financial Highlights:

Total revenue was $84.4 million, up 3% compared to the second quarter of 2024.

Total annual revenue run-rate (“ARR”) as of June 30, 2025 was $354.6 million, up 3% compared to June 30, 2024.

Subscription solutions revenue was $63.7 million, up 3% compared to the second quarter of 2024.

ARR from accounts with at least one enterprise plan (“Enterprise Accounts”) was $269.3 million as of June 30, 2025, up 6% from June 30, 2024.

ARR from Enterprise Accounts as a percent of total ARR was 76% as of June 30, 2025, compared to 73% as of June 30, 2024.

GAAP gross margin was 79%, compared to 76% in the second quarter of 2024. Non-GAAP gross margin was 80%, compared to 77% in the second quarter of 2024.

Other Key Business Metrics

Number of enterprise accounts was 5,803, down 3% compared to the second quarter of 2024.

Average revenue per account (“ARPA”) of enterprise accounts was $46,403, up 9% compared to the second quarter of 2024.

Revenue in the United States grew by 3% compared to the second quarter of 2024.

Revenue in EMEA grew by 7% and revenue in APAC declined by 4% compared to the second quarter of 2024.

Loss from Operations and Non-GAAP Operating Income (Loss)

GAAP loss from operations was ($6.8) million, compared to ($13.5) million in the second quarter of 2024.

Included in GAAP loss from operations was a restructuring charge of $1.6 million.

Non-GAAP operating income was $4.8 million, compared to $1.9 million in the second quarter of 2024.

Net Income (Loss) and Earnings Per Share

GAAP net loss was ($8.4) million, compared to ($11.3) million in the second quarter of 2024.

Non-GAAP net income was $3.2 million or 4% of revenue, compared to $4.1 million or 5% of revenue in the second quarter of 2024.

GAAP basic net loss per share was ($0.10) based on 80.1 million shares of common stock, compared to ($0.15) based on 77.5 million shares of common stock in the second quarter of 2024.

Non-GAAP basic net income per share was $0.04 based on 80.1 million shares of common stock, compared to $0.05 based on 77.5 million shares of common stock in the second quarter of 2024.

Adjusted EBITDA

Adjusted EBITDA was $5.7 million, compared to $3.0 million in the second quarter of 2024.

Cash

Cash, cash equivalents, restricted cash, and marketable securities totaled $135.6 million as of June 30, 2025.

For the three months ended June 30, 2025, net cash provided by operating activities was $13.6 million, compared to $11.7 million provided by operating activities for the same period in 2024. We reported free cash flow of $11.9 million in the three months ended June 30, 2025.

Business Highlights:

Corporate Highlights

Former Adobe Fellow and Vice President of Technology Anil Kamath joined the Company’s Board of Directors.
In July, BigCommerce scored 24 out of 24 total medals in the 2025 Paradigm B2B Combines for Digital Commerce Solutions (Enterprise and Midmarket Editions) for the third consecutive year. The Company advanced its rankings in five categories in both Editions and achieved more Gold medals in Midmarket than other platforms.
In July, BigCommerce also announced the launch of the B2B Quick Start Accelerator, a partner-led implementation program built to help mid-market B2B sellers launch faster, reduce risk and realize ROI sooner.
TrustRadius recognized Commerce with a 2025 Top Rated Award for ecommerce, based on the Company’s strong customer reviews.

Customer Highlights

Minerva Beauty, a large salon and spa equipment showroom in the United States, launched a new storefront in partnership with Commerce agency partner Forix, featuring a custom shipping app that improves service and transparency for clients.
Great Star Tools, a leading manufacturer of innovative hand and power tools, used Commerce’s Multi-Storefront functionality to build B2B and B2C sites for its companies Primeline Parts and Arrow Tool Group.
Belami e-Commerce, a fast-growing online retailer and ecommerce services provider launched three storefronts on Catalyst and Makeswift using Commerce’s Multi-Storefront functionality and leveraging Commerce’s integration with PayPal Fastlane.
NanoTemper Technologies, a manufacturer of high-quality biophysical instruments and solutions that deliver reliable, precise results to customers, primarily laboratories, across Europe and the United States, launched a new storefront using Commerce’s B2B Edition.
Bright SG, a software company that provides cloud-based solutions for accounting, payroll, and HR to businesses across the UK and Ireland, worked with Commerce partner Brave Bison to implement a custom recurring payment solution using Stripe and Bright’s ERP system, Maxio, along with a custom WordPress integration.

Partner Highlights

In June, Commerce announced their customers now have access to cutting-edge AI-powered search engine Perplexity to optimize visibility and relevance for brands in AI search results. Commerce now provides Perplexity with pre-optimized, structured product data, ensuring that the LLM understands and recognizes merchants’ products, leading to superior search results that favor the brand.
In July, Commerce announced a deepened partnership with Google Cloud to accelerate merchant performance using Google Cloud’s next-generation AI tools.
In July, Commerce announced the launch of a powerful ecommerce accelerator purpose-built for the UK building materials industry. Developed in collaboration with leading digital agency Brave Bison, Product Information Management technology provider Pimberly, and construction industry consultant The Journey, the “Branch of the Future” accelerator provides building merchants with a comprehensive toolkit to digitize operations, meet the expectations of next-generation buyers and future-proof their businesses.

Q3 and 2025 Financial Outlook:

For the third quarter of 2025, we currently expect:

Total revenue between $85 million to $87 million.

Non-GAAP operating income is expected to be between $2.3 million to $3.3 million.

For the full year 2025, we currently expect:

Total revenue between $339.6 million and $346.6 million.

Non-GAAP operating income between $19 million and $25 million.

Our third quarter and 2025 financial outlook is based on a number of assumptions that are subject to change and many of which are outside our control. If actual results vary from these assumptions, our expectations may change. There can be no assurance that we will achieve these results.

We do not provide guidance for loss from operations , the most directly comparable GAAP measure to Non-GAAP operating income, and similarly cannot provide a reconciliation between its forecasted Non-GAAP operating income and Non-GAAP income per share and these comparable GAAP measures without unreasonable effort due to the unavailability of reliable estimates for certain items. These items are not within our control and may vary greatly between periods and could significantly impact future financial results.

Conference Call Information

The financial results and business highlights will be discussed on a conference call and webcast scheduled at 7:00 a.m. CT (8:00 a.m. ET) on Thursday, July 31, 2025. The conference call can be accessed by dialing (833) 634-1254 from the United States and Canada or (412) 317-6012 internationally and requesting to join the “Commerce conference call.” The live webcast of the conference call can be accessed from Commerce’s investor relations website at http://investors.bigcommerce.com.

Following the completion of the call through 11:59 p.m. ET on Thursday, August 7, 2025, a telephone replay will be available by dialing (877) 344-7529 from the United States, (855) 669-9658 from Canada or (412) 317-0088 internationally with conference ID 7863771. A webcast replay will also be available at http://investors.bigcommerce.com for 12 months.

About Commerce

Commerce empowers businesses to innovate, grow, and thrive by providing an open, AI-driven commerce ecosystem. As the parent company of BigCommerce, Feedonomics, and Makeswift, Commerce connects the tools and systems that power growth, enabling businesses to unlock the full potential of their data, deliver seamless and personalized experiences across every channel, and adapt swiftly to an ever-changing market. Trusted by leading businesses like Coldwater Creek, Cole Haan, Harvey Nichols, King Arthur Baking Co., Melissa & Doug, Mizuno, Patagonia, Perry Ellis, Puma, SportsShoes, and Uplift Desk, Commerce delivers the storefront control, optimized data, and AI-ready tools businesses need to grow, serve diverse buyers, and operate with confidence in an increasingly intelligent, multi-surface world. For more information, visit commerce.com or follow us on X and LinkedIn.

Forward-Looking Statements

This press release contains “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. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “outlook,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “strategy,” “target,” “explore,” “continue,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words. These statements may relate to our ability to successfully execute our rebranding initiative, our increased focus on AI enablement, market size and growth strategy, our estimated and projected costs, margins, revenue, expenditures and customer and financial growth rates, our Q3 and fiscal 2025 financial outlook, our plans and objectives for future operations, growth, initiatives or strategies. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the forward-looking statements. These assumptions, uncertainties and risks include that, among others, our business would be harmed by any decline in new customers, renewals or upgrades, our limited operating history makes it difficult to evaluate our prospects and future results of operations, we operate in competitive markets, we may not be able to sustain our revenue growth rate in the future, our business would be harmed by any significant interruptions, delays or outages in services from our platform or certain social media platforms, and a cybersecurity-related attack, significant data breach or disruption of the information technology systems or networks could negatively affect our business. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our filings with the Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2024 and the future quarterly and current reports that we file with the SEC. Forward-looking statements speak only as of the date the statements are made and are based on information available to Commerce at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. Commerce assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

Use of Non-GAAP Financial Measures

We have provided in this press release certain financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Our management uses these Non-GAAP financial measures internally in analyzing our financial results and believes that use of these Non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar Non-GAAP financial measures. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable financial measures prepared in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. A reconciliation of our historical Non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review these reconciliations.

Annual Revenue Run-Rate

We calculate annual revenue run-rate at the end of each month as the sum of: (1) contractual monthly recurring revenue at the end of the period, which includes platform subscription fees, invoiced growth adjustments, feed management subscription fees, recurring professional services revenue, and other recurring revenue, multiplied by twelve to prospectively annualize recurring revenue, and (2) the sum of the trailing twelve-month non-recurring and variable revenue, which includes one-time partner integrations, one-time fees, payments revenue share, and any other revenue that is non-recurring and variable.

Enterprise Account Metrics

To measure the effectiveness of our ability to execute against our growth strategy, we calculate ARR attributable to Enterprise Accounts. We define Enterprise Accounts as accounts with at least one unique Enterprise plan subscription or an enterprise level feed management subscription (collectively “Enterprise Accounts”). These accounts may have more than one Enterprise plan or a combination of Enterprise plans and non-enterprise plans.

Average Revenue Per Account

We calculate average revenue per account (“ARPA”) for accounts in the Enterprise cohort at the end of a period by including customer-billed revenue and an allocation of partner and services revenue, where applicable. We allocate partner revenue, where applicable, primarily based on each customer’s share of gross merchandise volume (“GMV”) processed through that partner’s solution. For partner revenue that is not directly linked to customer usage of a partner’s solution, we allocate such revenue based on each customer’s share of total platform GMV. Each account’s partner revenue allocation is calculated by taking the account’s trailing twelve-month partner revenue, then dividing by twelve to create a monthly average to apply to the applicable period in order to normalize ARPA for seasonality.

Adjusted EBITDA

We define Adjusted EBITDA as our net loss, excluding the impact of stock-based compensation expense and related payroll tax costs, amortization of intangible assets, acquisition related costs, restructuring charges, depreciation, gain on convertible notes extinguishment, interest income, interest expense, other expense, and our provision or benefit for income taxes.

Acquisition related costs include contingent compensation arrangements entered into in connection with acquisitions and achieved earnout related to an acquisition.

Restructuring charges include severance benefits, right-of-use asset impairments, lease termination gain, software impairments, accelerated depreciation and amortization, and professional services costs.

Depreciation includes depreciation expenses related to the Company’s fixed assets.

The most directly comparable GAAP measure is net loss.

Non-GAAP Operating Income (Loss)

We define Non-GAAP Operating Income (Loss) as our GAAP Loss from operations, excluding the impact of stock-based compensation expense and related payroll tax costs, amortization of intangible assets, acquisition related costs, and restructuring charges. The most directly comparable GAAP measure is our loss from operations.

Non-GAAP Net Income (Loss)

We define Non-GAAP Net Income (Loss) as our GAAP net loss, excluding the impact of stock-based compensation expense and related payroll tax costs, amortization of intangible assets, acquisition related costs, restructuring charges, and gain on convertible notes extinguishment. The most directly comparable GAAP measure is our net loss.

Non-GAAP Basic and Dilutive Net Income (Loss) per Share

We define Non-GAAP Basic and Dilutive Net Income (Loss) per Share as our Non-GAAP net income (loss), defined above, divided by our basic and diluted GAAP weighted average shares outstanding. The most directly comparable GAAP measure is our basic net loss per share.

Free Cash Flow

We define Free Cash flow as our GAAP cash flow provided by (used in) operating activities less our cash paid for website domain name and GAAP purchases of property, equipment, leasehold improvements and capitalized internal-use software (Capital Expenditures). The most directly comparable GAAP measure is our cash flow provided by (used in) operating activities.

BigCommerce,® the Commerce logo, and other brands are the trademarks or registered trademarks of BigCommerce Pty. Ltd. Third-party trademarks and service marks are the property of their respective owner.

Media Relations Contact	Investor Relations Contact
Brad Hem	Tyler Duncan
PR@Commerce.com	InvestorRelations@Commerce.com


Commerce.com, Inc. Condensed Consolidated Balance Sheets (in thousands)

	June 30,			December 31,
	2025			2024
	(unaudited)
Assets
Current assets
Cash and cash equivalents	$	46,265		$	88,877
Restricted cash		1,164			1,479
Marketable securities		88,190			89,283
Accounts receivable, net		51,767			48,117
Prepaid expenses and other assets, net		14,722			14,641
Deferred commissions		7,556			8,822
Total current assets		209,664			251,219
Property and equipment, net		8,983			9,128
Operating lease, right-of-use-assets		7,114			1,993
Prepaid expenses and other assets, net of current portion		5,797			3,146
Deferred commissions, net of current portion		4,143			5,559
Intangible assets, net		14,906			17,317
Goodwill		51,927			51,927
Total assets	$	302,534		$	340,289
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	8,775		$	7,018
Accrued liabilities		3,464			3,194
Deferred revenue		55,738			46,590
Operating lease liabilities		1,766			2,438
Other liabilities		28,538			28,766
Total current liabilities		98,281			88,006
Convertible notes		157,545			216,466
Operating lease liabilities, net of current portion		6,709			1,680
Other liabilities, net of current portion		1,233			768
Total liabilities		263,768			306,920
Stockholders’ equity
Common stock		7			7
Additional paid-in capital		669,068			654,905
Accumulated other comprehensive income		114			145
Accumulated deficit		(630,423	)		(621,688	)
Total stockholders’ equity		38,766			33,369
Total liabilities and stockholders’ equity	$	302,534		$	340,289


Commerce.com, Inc. Condensed Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited)

	For the three months ended June 30,						For the six months ended June 30,
	2025			2024			2025			2024
Revenue	$	84,433		$	81,829		$	166,803		$	162,189
Cost of revenue ⁽¹⁾		17,739			19,811			34,723			38,250
Gross profit		66,694			62,018			132,080			123,939
Operating expenses:
Sales and marketing⁽¹⁾		35,071			34,425			65,437			66,857
Research and development⁽¹⁾		18,310			20,287			37,516			40,275
General and administrative⁽¹⁾		15,855			15,436			29,499			30,365
Amortization of intangible assets		2,520			2,452			4,855			4,919
Acquisition related costs		111			334			444			667
Restructuring charges		1,614			2,572			3,526			2,572
Total operating expenses		73,481			75,506			141,277			145,655
Loss from operations		(6,787	)		(13,488	)		(9,197	)		(21,716	)
Gain on convertible note extinguishment		0			0			3,931			0
Interest income		1,171			3,196			2,471			6,374
Interest expense		(2,522	)		(720	)		(5,065	)		(1,440	)
Other expense		(23	)		(111	)		(130	)		(443	)
Loss before provision for income taxes		(8,161	)		(11,123	)		(7,990	)		(17,225	)
Provision for income taxes		(221	)		(132	)		(745	)		(422	)
Net loss	$	(8,382	)	$	(11,255	)	$	(8,735	)	$	(17,647	)
Basic net loss per share	$	(0.10	)	$	(0.15	)	$	(0.11	)	$	(0.23	)
Shares used to compute basic net loss per share		80,122			77,456			79,482			77,041

⁽¹⁾ Amounts include stock-based compensation expense and associated payroll tax costs, as follows:

	For the three months ended June 30,				For the six months ended June 30,
	2025		2024		2025		2024
Cost of revenue	$	720	$	1,028	$	1,466	$	1,684
Sales and marketing		1,820		3,138		3,595		5,005
Research and development		2,740		3,273		5,782		6,749
General and administrative		2,045		2,582		1,901		5,174


Commerce.com, Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited)

	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024

Cash flows from operating activities
Net loss	$	(8,382	)	$	(11,255	)	$	(8,735	)	$	(17,647	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization expense		3,845			3,512			8,126			6,998
Amortization of discount on convertible notes		165			497			352			994
Amortization of premium on convertible notes		(408	)		0			(810	)		0
Stock-based compensation expense		7,236			10,009			12,445			18,397
Provision for expected credit losses		1,598			850			2,528			1,713
Gain on convertible notes extinguishment		0			0			(3,931	)		0
Other		0			(37	)		0			(37	)
Changes in operating assets and liabilities:
Accounts receivable		(9,005	)		(6,790	)		(5,985	)		(9,378	)
Prepaid expenses and other assets		2,159			3,935			(2,925	)		(1,025	)
Deferred commissions		747			(402	)		2,682			(191	)
Accounts payable		444			(356	)		1,122			(1,245	)
Accrued and other liabilities		8,078			4,168			(59	)		(433	)
Deferred revenue		7,080			7,607			9,148			10,175
Net cash provided by operating activities		13,557			11,738			13,958			8,321
Cash flows from investing activities:
Cash paid for website domain name		0			0			(2,444	)		0
Cash paid for acquisition		0			(100	)		0			(100	)
Purchase of property, equipment, leasehold improvements and capitalized internal-use software		(1,651	)		(1,064	)		(2,476	)		(1,870	)
Maturity of marketable securities		13,000			62,525			41,579			91,965
Purchase of marketable securities		(32,572	)		(1,037	)		(40,517	)		(36,602	)
Net cash provided by (used in) investing activities		(21,223	)		60,324			(3,858	)		53,393
Cash flows from financing activities:
Proceeds from exercise of stock options		1,973			271			3,069			1,245
Taxes paid related to net share settlement of stock options		(126	)		0			(1,351	)		(1,325	)
Payment of convertible note issuance costs		0		0				(217	)	0
Repayment of convertible notes and financing obligation		0			(137	)		(54,528	)		(271	)
Net cash provided by (used in) financing activities		1,847			134			(53,027	)		(351	)
Net change in cash and cash equivalents and restricted cash		(5,819	)		72,196			(42,927	)		61,363
Cash and cash equivalents and restricted cash, beginning of period		53,248			62,012			90,356			72,845
Cash and cash equivalents and restricted cash, end of period	$	47,429		$	134,208		$	47,429		$	134,208
Supplemental cash flow information:
Cash paid for interest	$	0		$	6		$	5,685		$	445
Cash paid for taxes	$	259		$	42		$	479		$	182
Right-of-use asset obtained in exchange for new operating lease liability	$	0		$	0		$	5,516		$	0
Noncash investing and financing activities:
Capital additions, accrued but not paid	$	735		$	117		$	735		$	117
Fair value of shares issued as consideration for acquisition	$	0		$	248		$	0		$	248


Commerce.com, Inc. Disaggregation of Revenue

Disaggregated Revenue:

	Three months ended June 30,				Six months ended June 30,
*(in thousands)*	2025		2024		2025		2024
Subscription solutions	$	63,656	$	61,796	$	125,769	$	122,755
Partner and services		20,777		20,033		41,034		39,434
Revenue	$	84,433	$	81,829	$	166,803	$	162,189

Revenue by Geography:

	Three months ended June 30,				Six months ended June 30,
*(in thousands)*	2025		2024		2025		2024
Revenue:
United States	$	64,405	$	62,428	$	127,026	$	123,567
EMEA		9,889		9,281		19,854		18,473
APAC		6,118		6,343		12,043		12,597
Rest of World		4,021		3,777		7,880		7,552
Revenue	$	84,433	$	81,829	$	166,803	$	162,189


Commerce.com, Inc Reconciliation of GAAP to Non-GAAP Results (in thousands, except per share amounts) (unaudited)

Reconciliation of loss from operations to Non-GAAP operating income:

	Three months ended June 30,								Six months ended June 30,
	2025				2024				2025				2024
*(in thousands)*
Revenue	$	84,433			$	81,829			$	166,803			$	162,189

Loss from operations	$	(6,787	)		$	(13,488	)		$	(9,197	)		$	(21,716	)
Plus:
Stock-based compensation expense and associated payroll tax costs		7,325				10,021				12,744				18,612
Amortization of intangible assets		2,520				2,452				4,855				4,919
Acquisition related costs		111				334				444				667
Restructuring charges		1,614				2,572				3,526				2,572
Non-GAAP operating income	$	4,783			$	1,891			$	12,372			$	5,054
Non-GAAP operating income as a percentage of revenue		5.7		%		2.3		%		7.4		%		3.1		%


Reconciliation of net loss & basic net loss per share to Non-GAAP net income & Non-GAAP basic and diluted net income per share:

	Three months ended June 30,								Six months ended June 30,
	2025				2024				2025				2024
*(in thousands)*
Revenue	$	84,433			$	81,829			$	166,803			$	162,189

Net loss	$	(8,382	)		$	(11,255	)		$	(8,735	)		$	(17,647	)
Plus:
Stock-based compensation expense and associated payroll tax costs		7,325				10,021				12,744				18,612
Amortization of intangible assets		2,520				2,452				4,855				4,919
Acquisition related costs		111				334				444				667
Restructuring charges		1,614				2,572				3,526				2,572
Gain on convertible notes extinguishment		0				0				(3,931	)			0
Non-GAAP net income	$	3,188			$	4,124			$	8,903			$	9,123
Basic net loss per share	$	(0.10	)		$	(0.15	)		$	(0.11	)		$	(0.23	)
Non-GAAP basic net income per share	$	0.04			$	0.05			$	0.11			$	0.12
Non-GAAP diluted net income per share	$	0.04			$	0.05			$	0.11			$	0.12
Shares used to compute basic net loss per share and basic Non-GAAP net income per share		80,122				77,456				79,482				77,041
Shares used to compute diluted Non-GAAP net income per share		80,988				79,291				80,660				79,085
Non-GAAP net income as a percentage of revenue		3.8		%		5.0		%		5.3		%		5.6		%


Reconciliation of net loss to adjusted EBITDA:

	Three months ended June 30,								Six months ended June 30,
	2025				2024				2025				2024
*(in thousands)*
Revenue	$	84,433			$	81,829			$	166,803			$	162,189

Net loss	$	(8,382	)		$	(11,255	)		$	(8,735	)		$	(17,647	)
Plus:
Stock-based compensation expense and associated payroll tax costs		7,325				10,021				12,744				18,612
Amortization of intangible assets		2,520				2,452				4,855				4,919
Acquisition related costs		111				334				444				667
Restructuring charges		1,614				2,572				3,526				2,572
Depreciation		946				1,060				2,190				2,079
Gain on convertible notes extinguishment		0				0				(3,931	)			0
Interest income		(1,171	)			(3,196	)			(2,471	)			(6,374	)
Interest expense		2,522				720				5,065				1,440
Other expenses		23				111				130				443
Provision for income taxes		221				132				745				422
Adjusted EBITDA	$	5,729			$	2,951			$	14,562			$	7,133
Adjusted EBITDA as a percentage of revenue		6.8		%		3.6		%		8.7		%		4.4		%


Reconciliation of Cost of revenue to Non-GAAP cost of revenue:

	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
*(in thousands)*
Revenue	$	84,433		$	81,829		$	166,803		$	162,189

Cost of revenue	$	17,739		$	19,811		$	34,723		$	38,250
Less:
Stock-based compensation expense and associated payroll tax costs		720			1,028			1,466			1,684
Non-GAAP cost of revenue	$	17,019		$	18,783		$	33,257		$	36,566
As a percentage of revenue		20.2	%		23.0	%		19.9	%		22.5	%


Reconciliation of Sales and marketing expense to Non-GAAP sales and marketing expense:

	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
*(in thousands)*
Revenue	$	84,433		$	81,829		$	166,803		$	162,189

Sales and marketing	$	35,071		$	34,425		$	65,437		$	66,857
Less:
Stock-based compensation expense and associated payroll tax costs		1,820			3,138			3,595			5,005
Non-GAAP sales and marketing	$	33,251		$	31,287		$	61,842		$	61,852
As a percentage of revenue		39.4	%		38.2	%		37.1	%		38.1	%


Reconciliation of Research and development expense to Non-GAAP research and development expense:

	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
*(in thousands)*
Revenue	$	84,433		$	81,829		$	166,803		$	162,189

Research and development	$	18,310		$	20,287		$	37,516		$	40,275
Less:
Stock-based compensation expense and associated payroll tax costs		2,740			3,273			5,782			6,749
Non-GAAP research and development	$	15,570		$	17,014		$	31,734		$	33,526
As a percentage of revenue		18.4	%		20.8	%		19.0	%		20.7	%


Reconciliation of General and administrative expense to Non-GAAP general and administrative expense:

	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
*(in thousands)*
Revenue	$	84,433		$	81,829		$	166,803		$	162,189

General & administrative	$	15,855		$	15,436		$	29,499		$	30,365
Less:
Stock-based compensation expense and associated payroll tax costs		2,045			2,582			1,901			5,174
Non-GAAP general & administrative	$	13,810		$	12,854		$	27,598		$	25,191
As a percentage of revenue		16.4	%		15.7	%		16.5	%		15.5	%


Reconciliation of net cash provided by operating activities to free cash flow:

	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
*(in thousands)*
Net cash provided by operating activities	$	13,557		$	11,738		$	13,958		$	8,321
Cash paid for website domain name		0			0			(2,444	)		0
Purchase of property, equipment, leasehold improvements and capitalized internal-use software		(1,651	)		(1,064	)		(2,476	)		(1,870	)
Free cash flow	$	11,906		$	10,674		$	9,038		$	6,451

The MIL Network –

August 5, 2025

MIL-OSI: Codere Online Reports Financial Results for the Second Quarter 2025

Source: GlobeNewswire (MIL-OSI)

Total revenue was €51.4 mm in Q2 2025, while net gaming revenue¹ was €54.8 mm in the period, 1% above Q2 2024 (12% in constant currency terms).
Mexico revenue was €26.3 mm in Q2 2025, while net gaming revenue was €29.0 mm in the period, 3% above Q2 2024 (23% in constant currency terms).
Net loss was €3.1 mm in H1 2025 versus a net loss of €0.2 mm in H1 2024 primarily due to the impact from exchange rates (€3.0 mm loss in H1 2025 versus €4.8 mm gain in H1 2024).
Total cash position of €45.2 mm as of June 30, 2025.
Reiterating 2025 net gaming revenue outlook of €220-230 million and Adj. EBITDA² outlook of €10-15 million.
Repurchased $0.7 million of the Company’s shares under the Company’s $5.0 million share buyback plan through July 30, 2025.

Madrid, Spain and Tel Aviv, Israel, July 31, 2025 – (GLOBE NEWSWIRE) Codere Online (Nasdaq: CDRO / CDROW, the “Company”), a leading online gaming operator in Spain and Latin America, has released its preliminary unaudited³ financial results for the quarter ended June 30, 2025.

Below are the main financial and operating metrics of the period.

	Quarter ended June 30			Six months ended June 30
	2024	2025	Chg. %	2024	2025	Chg. %

Net Gaming Revenue (EUR mm)¹
Spain	21.8	22.1	1%	44.1	44.0	(0%)
Mexico	28.2	29.0	3%	54.8	59.5	9%
Other	4.4	3.7	(16%)	8.5	8.2	(4%)
Total	54.4	54.8	1%	107.4	111.8	4%

Avg. Monthly Active Players (000s)⁴
Spain	51.5	49.7	(3%)	50.8	50.9	0%
Mexico	62.3	84.6	36%	62.4	83.3	33%
Other	31.8	20.8	(35%)	31.2	24.0	(23%)
Total	145.6	155.1	7%	144.4	158.2	10%

Aviv Sher, CEO of Codere Online, stated, “Our net gaming revenue reached €54.8 million in the second quarter of 2025, slightly above the prior year period despite the headwinds we faced across most of our markets. In Mexico, we were successful in growing net gaming revenue despite the 19% devaluation of the Mexican peso and grew our portfolio of active customers in the country by an impressive 36% versus Q2 2024.”

Oscar Iglesias, CFO of Codere Online, commented, “We continue to see strong underlying trends in Mexico, where our net gaming revenue grew by 23% in local currency. With the first half of the year now behind us, and notwithstanding that a number of challenges still remain, we continue to expect to meet our net gaming revenue outlook of €220-230 million and Adj. EBITDA outlook of €10-15 million that we shared earlier this year.”

Recent Events

Compliance with Nasdaq Listing Requirements

On June 2^nd the Company filed its 2024 annual report and on June 6^th, Nasdaq informed the Company that it had regained compliance with applicable listing requirements.
As a result, the Company’s securities will continue to be listed and traded on the Nasdaq Capital Market and are no longer subject to a delisting process.

Repurchases under the Share Buyback Plan

The Company has repurchased $0.7 million of the Company’s shares at an average price of $6.89 per share under its $5.0 million authorized share buyback plan through July 30, 2025.
The plan (as approved by shareholders) authorizes the Company to repurchase up to 1 million of its ordinary shares and expires on March 3, 2026.

Conference Call Information

Codere Online’s management will host a conference call to discuss the results and provide a business update at 8:30 am US Eastern Time today, July 31, 2025. Dial-in details as well as the audio webcast and presentation will be accessible on Codere Online’s website at www.codereonline.com. A recording of the webcast will also be available following the conference call.

Reconciliation of Revenue (IFRS) to Net Gaming Revenue (non-IFRS)

	Quarter ended June 30			Six months ended June 30
Figures in EUR mm	2024	2025	Chg. %	2024	2025	Chg. %

Total

Revenue	51.7	51.4	(1%)	102.1	105.7	4%
(+) Accounting Adjustments⁵	2.7	3.5	30%	5.3	6.1	15%
Net Gaming Revenue	54.4	54.8	1%	107.4	111.8	4%

Spain

Revenue	21.8	22.1	1%	44.1	44.0	(0%)
(+) Accounting Adjustments⁵	–	–	n.m.	–	–	n.m.
Net Gaming Revenue	21.8	22.1	1%	44.1	44.0	(0%)

Mexico

Revenue	25.3	26.3	4%	49.2	53.9	10%
(+) Accounting Adjustments⁵	2.9	2.7	(7%)	5.6	5.6	–
Net Gaming Revenue	28.2	29.0	3%	54.8	59.5	9%

Other

Revenue	4.5	3.0	(33%)	8.8	7.8	(11%)
(+) Accounting Adjustments⁵	(0.1)	0.7	n.m.	(0.3)	0.4	n.m.
Net Gaming Revenue	4.4	3.7	(16%)	8.5	8.2	(4%)

Reconciliation of Net Income (IFRS) to Adj. EBITDA (non-IFRS)⁵

	Quarter ended June 30			Six months ended June 30
Figures in EUR mm	2024	2025	Chg.	2024	2025	Chg.

Net Income (Loss)	(3.7)	(2.4)	1.2	(0.2)	(3.1)	(2.8)
(+/-) Provision for Corporate Income Tax	0.4	1.1	0.6	0.9	1.3	0.3
(+/-) Interest Expense / (Income)	(0.0)	1.9	2.0	(4.8)	3.0	7.8
(+/-) Var. in Fair Value of Public Warrants	3.9	1.3	(2.5)	5.8	1.9	(3.9)
(+) D&A	0.1	0.2	0.1	0.1	0.3	0.2
EBITDA	0.7	2.1	1.4	1.7	3.4	1.7
(+) Employee LTIP Expense	0.6	(0.9)	(1.4)	1.1	(0.4)	(1.5)
(+/-) Other Accounting Adjustments	0.0	0.0	(0.0)	0.2	0.1	(0.1)
Adj. EBITDA (Pre Non-Recurring Items)	1.3	1.3	(0.0)	3.0	3.1	0.0
(+) Non-Recurring Items	0.0	1.1	1.1	0.0	1.1	1.1
Adj. EBITDA	1.3	2.3	1.1	3.0	4.1	1.1

About Codere Online

Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online, launched in 2014 as part of the renowned casino operator Codere Group, offers online sports betting and online casino through its state-of-the art website and mobile applications. Codere Online currently operates in its core markets of Spain, Mexico, Colombia, Panama and Argentina; this online business is complemented by Codere Group’s physical presence in Spain and throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence.

About Codere Group
Codere Group is a multinational group devoted to entertainment and leisure. It is a leading player in the private gaming industry, with four decades of experience and with presence in seven countries in Europe (Spain and Italy) and Latin America (Argentina, Colombia, Mexico, Panama, and Uruguay).

Note on Rounding. Due to decimal rounding, numbers presented throughout this report may not add up precisely to the totals and subtotals provided, and percentages may not precisely reflect the absolute figures.

Forward-Looking Statements
Certain statements in this document may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding Codere Online Luxembourg, S.A. and its subsidiaries (collectively, “Codere Online”) or Codere Online’s or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this document may include, for example, statements about Codere Online’s financial performance and, in particular, the potential evolution and distribution of its net gaming revenue; any prospective and illustrative financial information; and changes in Codere Online’s strategy, future operations and target addressable market, financial position, estimated revenues and losses, projected costs, prospects and plans.

These forward-looking statements are based on information available as of the date of this document and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing Codere Online’s or its management team’s views as of any subsequent date, and Codere Online does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

As a result of a number of known and unknown risks and uncertainties, Codere Online’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. There may be additional risks that Codere Online does not presently know or that Codere Online currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Some factors that could cause actual results to differ include (i) changes in applicable laws or regulations, including online gaming, privacy, data use and data protection rules and regulations as well as consumers’ heightened expectations regarding proper safeguarding of their personal information, (ii) the impacts and ongoing uncertainties created by regulatory restrictions, changes in perceptions of the gaming industry, changes in policies and increased competition, and geopolitical events such as war, (iii) the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities, (iv) the risk of downturns and the possibility of rapid change in the highly competitive industry in which Codere Online operates, (v) the risk that Codere Online and its current and future collaborators are unable to successfully develop and commercialize Codere Online’s services, or experience significant delays in doing so, (vi) the risk that Codere Online may never achieve or sustain profitability, (vii) the risk that Codere Online will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all, (viii) the risk that Codere Online experiences difficulties in managing its growth and expanding operations, (ix) the risk that third-party providers, including the Codere Group, are not able to fully and timely meet their obligations, (x) the risk that the online gaming operations will not provide the expected benefits due to, among other things, the inability to obtain or maintain online gaming licenses in the anticipated time frame or at all, (xi) the risk that Codere Online is unable to secure or protect its intellectual property, (xii) the risk that Codere Online’s securities may be delisted from Nasdaq and (xiii) the possibility that Codere Online may be adversely affected by other political, economic, business, and/or competitive factors. Additional information concerning certain of these and other risk factors is contained in Codere Online’s filings with the U.S. Securities and Exchange Commission (the “SEC”). All subsequent written and oral forward-looking statements concerning Codere Online or other matters and attributable to Codere Online or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.

Financial Information and Non-GAAP Financial Measures
Codere Online’s financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”), which can differ in certain significant respects from generally accepted accounting principles in the United States of America (“U.S. GAAP”).

This document includes certain financial measures not presented in accordance with U.S. GAAP or IFRS (“non-GAAP”), such as, without limitation, net gaming revenue, Adjusted EBITDA and constant currency information. These non-GAAP financial measures are not measures of financial performance in accordance with U.S. GAAP or IFRS and may exclude items that are significant in understanding and assessing Codere Online’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to revenue, net income, cash flows from operations or other measures of profitability, liquidity or performance under U.S. GAAP or IFRS. You should be aware that Codere Online’s presentation of these measures may not be comparable to similarly-titled measures used by other companies. In addition, the audit of Codere Online’s financial statements in accordance with PCAOB standards, may impact how Codere Online currently calculates its non-GAAP financial measures, and we cannot assure you that there would not be differences, and such differences could be material.

Codere Online believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in comparing Codere Online’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. Reconciliations of non-GAAP financial measures to their most directly comparable measure under IFRS are included herein.

This document may include certain projections of non-GAAP financial measures. Codere Online is unable to quantify certain amounts that would be required to be included in the most directly comparable U.S. GAAP or IFRS financial measures without unreasonable effort, due to the inherent difficulty and variability of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such comparable measures or such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted, ascertained or assessed, which could have a material impact on its future IFRS financial results. Consequently, no disclosure of estimated comparable U.S. GAAP or IFRS measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included.

Use of Projections
This document contains financial forecasts with respect to Codere Online’s business and projected financial results, including net gaming revenue and adjusted EBITDA. Codere Online’s independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this document, and accordingly, they did not express an opinion or provide any other form of assurance with respect thereto for the purpose of this document. These projections should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. See “Forward-Looking Statements” above. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of Codere Online or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this document should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved.

For further information on the limitations and assumptions underlying these projections, please refer to Codere Online’s filings with the SEC.

Preliminary Information
This document contains figures, financial metrics, statistics and other information that is preliminary and subject to change (the “Preliminary Information”). The Preliminary Information has not been audited, reviewed, or compiled by any independent registered public accounting firm. This Preliminary Information is subject to ongoing review including, where applicable, by Codere Online’s independent auditors. Accordingly, no independent registered public accounting firm has expressed an opinion or any other form of assurance with respect to the Preliminary Information. During the course of finalizing such Preliminary Information, adjustments to such Preliminary Information presented herein may be identified, which may be material. Codere Online undertakes no obligation to update or revise the Preliminary Information set forth in this document as a result of new information, future events or otherwise, except as otherwise required by law. The Preliminary Information may differ from actual results. Therefore, you should not place undue reliance upon this Preliminary Information. The Preliminary Information is not a comprehensive statement of financial results, and should not be viewed as a substitute for full financial statements prepared in accordance with IFRS. In addition, the Preliminary Information is not necessarily indicative of the results to be achieved in any future period.

No Offer or Solicitation
This document does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.

Trademarks
This document may contain trademarks, service marks, trade names and copyrights of Codere Online or other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this document may be listed without the TM, SM, © or ® symbols, but Codere Online will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights.

Industry and Market Data
In this document, Codere Online relies on and refers to certain information and statistics obtained from publicly available information and third-party sources, which it believes to be reliable. Codere Online has not independently verified the accuracy or completeness of any such publicly-available and third-party information, does not make any representation as to the accuracy or completeness of such data and does not undertake any obligation to update such data after the date of this document. You are cautioned not to give undue weight to such industry and market data.

Contacts:

Investors and Media
Guillermo Lancha
Director, Investor Relations and Communications
Guillermo.Lancha@codereonline.com
(+34) 628.928.152

1 Net Gaming Revenue is a non-IFRS measure; please see reconciliation of Net Gaming Revenue to Revenue at the end of the report.

2 Adjusted EBITDA is a non-IFRS measure; please see reconciliation of Adjusted EBITDA to Net Income at the end of the report. Net gaming revenue and Adjusted EBITDA outlooks are forward-looking non-IFRS measures; please see important disclaimers at the end of the report.
3 See “Preliminary Information” below.

4 Average Monthly Active Players include real money (i.e. exclude free bets) sports betting and casino actives.

5 Figures primarily reflect differences in recognition of revenue related to certain partner and affiliate agreements in place in Colombia, VAT impact from entry fees in Mexico and the impact from the application of inflation accounting (IAS 29) in Argentina.
5 Please refer to page 26 of our Q2 2025 Earnings Presentation for further details regarding this reconciliation.

The MIL Network –

August 5, 2025

Contact:	Kim Lorenzini
	856-628-0150
	klorenzini@fosnj.com

Category: Entertainment

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