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Category: Europe

  • MIL-OSI United Kingdom: UK science flies to the Moon with NASA

    Source: United Kingdom – Executive Government & Departments

    Press release

    UK science flies to the Moon with NASA

    Advanced technology funded by the UK Space Agency began its 4-month journey to the Moon this morning, on board NASA’s Lunar Trailblazer mission.

    The Lunar Trailblazer spacecraft, which weighs 200kg and is about the size of a washing machine, aims to map the location and form of water on the Moon. This will improve scientists’ understanding of lunar resources and support future missions, when astronauts return to the lunar surface.

    On board is the Lunar Thermal Mapper (LTM) – a state-of-the-art thermal imaging camera developed by the University of Oxford with £3.1 million funding from the UK Space Agency and the Department for Science, Innovation and Technology (DSIT).

    Science Minister Sir Patrick Vallance said:

    Backed by UK Government funding, this project could be key to unlocking new insights into lunar water and in turn sustain future missions and deep space exploration for generations to come.

    Space is a fast-growing global industry, and these investments will generate important information to help grow the sector.

    The LTM is designed to measure the surface temperature and the various minerals that make up the lunar landscape, which is vital information to help confirm the presence and location of water. The instrument will work in tandem with NASA’s High-resolution Volatiles and Minerals Moon Mapper (HVM3) to produce the most detailed maps of water on the Moon’s surface to date.

    The Lunar Thermal Mapper being worked on at Oxford University. Credit: Department of Physics, University of Oxford.

    Neil Bowles, instrument scientist for LTM at Oxford University, said:

    The measurements of temperature will help confirm the presence of the water signal in HVM3’s measurements and the two instruments will work together to map the composition of the Moon, showing us details that have only been hinted at from previously.

    The UK’s role in Lunar Trailblazer demonstrates the importance of collaboration in the space sector, and the significant space expertise found in academic institutions across the country.

    The Clarendon Lab at the University of Oxford, which includes the Infrared Multilayer Laboratory, manufactured infrared filters for the mission. Durham University manufactured the precision LTM optics, mirrors, and pointing mirror. Cardiff University provided long wave infrared mesh filters, essential for the Lunar Thermal Mapper’s ability to accurately measure the surface temperature and composition of the Moon.

    Lauren Taylor, Major Projects Lead at The UK Space Agency, said:

    The UK Space Agency is thrilled to be a part of NASA’s Lunar Trailblazer mission. Our work with the University of Oxford to develop the Lunar Thermal Mapper showcases the UK’s leading role in space exploration and scientific research.

    This mission will provide invaluable data on the Moon’s water resources, supporting future human missions and enhancing our understanding of the lunar environment.

    UK companies also made significant contributions. From Ramp in Yeovil providing coatings and paint, and Micro Systems in Warrington manufacturing mechanical parts, to STFC RAL Space in Harwell providing insulation and electronics.

    Marie-Claire Perkinson, Chair of the Space, Science and Exploration Committee at the UKspace trade association, said:

    The launch of the UK Lunar Thermal Mapper instruments demonstrates the capabilities of the UK academic community working in collaboration with their industrial suppliers.

    Once in orbit around the Moon, Lunar Trailblazer will cover the surface 12 times a day and use its instruments to examine features including the permanently shadowed craters at the Moon’s South Pole, which could contain significant quantities of water ice.

    Lunar Trailblazer launched on a SpaceX Falcon 9 rocket together with Intuitive Machine’s IM-2 spacecraft, which will attempt a soft landing on the Moon next week.

    The UK Space Agency is also funding the joint UK-Canada Aqualunar Challenge to further our understanding of lunar water and its potential uses. The Aqualunar Challenge focuses on developing innovative technologies to purify water found on the Moon, which is crucial for supporting future human missions. The winners will be announced in March.

    Updates to this page

    Published 27 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Scientific Regiment. Student Katya Petrova’s Memories of War and Study

    Translartion. Region: Russians Fedetion –

    Source: State University of Management – Official website of the State –

    When talking about contemporaries of the Great Patriotic War, the first to be remembered are the participants in the military operations, and they do not forget about home front workers, scientists and teachers, but stories about ordinary students are rare. They did not throw themselves under tanks, defending their native land, did not stand two shifts in a row at the machine, did not organize production and did not save lives in hospitals, but they also lived their war years and remembered them forever – they performed a small student feat, receiving an education in a difficult time for the country and using it for the benefit of the Motherland in the post-war years. Today we will tell you about such a person in the “Scientific Regiment” section.

    Ekaterina Valerianovna Petrova is a candidate of economic sciences, professor of the statistics department at the Moscow Institute of Economics and Management, and an Honorary Worker of Higher Professional Education of the Russian Federation. She was awarded the medal of the Order of Merit for the Fatherland, 2nd degree, the Order of Valiant Labor in the Great Patriotic War of 1941-1945, and other medals.

    Ekaterina Petrova entered the mechanical engineering department of the Moscow Engineering and Economics Institute named after Sergo Ordzhonikidze (now the State University of Management) in 1940. After completing her first year, the war began and she and her family had to evacuate to the Saratov region for two years, where she worked as an accountant on a state farm. In October 1943, the institute called Ekaterina back to Moscow, where she was able to live independently due to the fact that students were given work cards for food, orders for clothing and footwear, and a stipend was paid to all students, and not just excellent students or those with low incomes, as was the case before the war. In this way, the state invested in the future even in the most difficult years. Despite all the difficulties, the management of the Moscow Engineering and Economics Institute tried to provide comfortable living conditions in the dormitories, replenished the institute’s material resources whenever possible, arranged a normal life, and even organized festive evenings with the participation of artists.

    The dean of the mechanical engineering faculty at that time was Khadzhi-Murat Timurovich Aldakov, who at the beginning of the war was deputy head of the construction of defensive lines near Moscow.

    “At first, Hadji-Murat Timurovich gave the impression of being a withdrawn, somewhat gloomy person, so at first the students were afraid of him,” recalls Ekaterina Valerianovna. “However, having met him on business once or twice, everyone understood that he treated the students very kindly and fairly. I was able to see for myself that he was also an excellent teacher, since I completed my diploma project under his supervision.”

    According to Ekaterina Valerianovna, everyone studied with great enthusiasm and tried not to miss lectures. The shortage of textbooks also had an impact on attendance – often only one manual was given to three or four students, and for some subjects there were none at all, so they prepared for exams only from their own lecture notes. Accordingly, teachers approached teaching with full responsibility and explained the subject until the students fully understood it. For example, Professor of the Department of Organization and Planning of Production Eduard Adamovich Satel had a manner of conducting, as they would say now, interactive lectures – he asked students questions about how they would solve various problems of production processes.

    Ekaterina Petrova especially remembers the associate professor of the department of production organization and planning, Yuri Osipovich Lyubovich, who, thanks to his sensitive attitude towards students, goodwill and gentle humor, became a true friend of his students.

    “His imposing appearance, velvety voice and artistic abilities captivated the audience and worked genuine miracles. The students listened with admiration to every word when the material of deep scientific content was presented. And, what is most surprising, these wonderful lectures, thanks to the art of reading, could be easily recorded,” says Ekaterina Valerianovna.

    There were practically no vacations during the war years, instead students worked in the Moscow suburban subsidiary farm of the Moscow Institute of Power Engineering, in haymaking, in logging, at vegetable warehouses. No one even thought about being released from work, everyone worked for the needs of the country and the front.

    In May 1945, the maximum concentration of efforts of the entire state led to the Great Victory over Nazi Germany and its allies. Of course, the difficulties did not end there; a long period of restoration of the country lay ahead. Ekaterina Petrova graduated from MIEI in 1947, continued her education in graduate school, and since 1950 began teaching at her native university, which she never left, having trained thousands of specialists over many years.

    Yes, the years of the Great Patriotic War were much harder physically and morally than our days. However, the feelings that students of those years experienced, judging by the words of Ekaterina Valerianovna, were the same:

    “The student years, which coincided for my generation with the war years, were nevertheless the happiest: there was the joy of victories at the front, the joy of communicating with teachers and friends, the joy of youth and the expectation of all the best ahead.”

    Students of those years forged victory with knowledge and labor in the rear, bringing a bright future closer. Today, when our country is once again facing challenges, students of the State University of Management continue to study and develop, making their contribution to supporting the country and preserving the future. The stories of these generations are separated by time, but united by a common desire for knowledge and love for the Motherland.

    #Scientific regiment

    Subscribe to the TG channel “Our GUU” Date of publication: 02/27/2025

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

    MIL OSI Russia News –

  • MIL-OSI United Kingdom: Preferred candidate to lead Office for Students confirmed

    Source: United Kingdom – Executive Government & Departments

    Press release

    Preferred candidate to lead Office for Students confirmed

    Professor Edward Peck CBE named as preferred candidate to be the next Chair of the Office for Students by Education Secretary

    The Education Secretary Bridget Phillipson has named Professor Edward William Peck CBE as her preferred candidate to be the next Chair of the Office for Students.

    Professor Peck will now go on to attend a pre-appointment hearing before the Education Select Committee on 4 March.

    The Office for Students (OfS) is the independent regulator of higher education in England. It is responsible for ensure that every student has a fulfilling university experience that enriches their lives and careers. Following last year’s election one of its top priorities has been monitoring the financial sustainability of the sector.

    Professor Peck has been selected following a rigorous assessment process conducted in accordance with the Governance Code on Public Appointments. He currently serves as Chair of the HE Mental Health Implementation Taskforce and is the DfE’s Student Support Champion, and will stand down as Vice Chancellor of Nottingham Trent University this summer.

    If appointed Professor Peck will take over from Sir David Behan, who was appointed interim chair last year following Lord Wharton of Yarm’s resignation. Sir David’s independent review, Fit for the Future, was published in July and is informing the OfS’s priorities on financial sustainability and quality. 

    Education Secretary Bridget Phillipson said:

    Professor Peck has played a key role in supporting students and has a wealth of experience that will be instrumental in guiding the OfS forward. I look forward to finalising his appointment. 

    He will play a vital part in supporting higher education providers’ financial sustainability and breaking down barriers to opportunity. Through our Plan for Change we want to ensure students from all backgrounds are at the heart of the higher education system, and receive a high quality education that will help them drive growth as we fix the foundations of our economy. 

    I would like to thank Sir David for his independent review and the work he has done as interim chair which will inform the strategic direction of the OfS as it implements his core recommendations.

    The Chair leads the OfS at board level, working with Ministers and the Chief Executive to provide clear leadership and priorities for the next phase of the OfS’ critical work.

    Since 2014 Professor Peck has served as Vice Chancellor of Nottingham Trent University, and currently holds roles as a trustee of UCAS, Chair of the HE Mental Health Implementation Taskforce and the DfE’s first Student Support Champion. Following his appointment he will stand down from these roles.

    He has also served on the Independent Advisory Panel for Post-18 Education and Funding (the Augar Review), and from 2008-2014 was Pro Vice-Chancellor and Head of the College of Social Sciences at the University of Birmingham.

    Following his pre-appointment hearing, the Education Select Committee will publish their recommendations, which the Education Secretary will consider before deciding whether to finalise the appointment.

    Updates to this page

    Published 27 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Nokia adds new Agentic-AI capabilities across its autonomous networks portfolio #MWC25

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    Nokia adds new Agentic-AI capabilities across its autonomous networks portfolio #MWC25

    • Agentic-AI innovations embedded in autonomous networks portfolio help CSPs to automate, secure, and monetize their networks.
    • New capabilities introduce several new security features, including new AI-powered Threat Hunt Assistant that reduces threat dwell time from days to minutes by proactively detecting cybersecurity attacks.
    • AI innovations will be showcased at Nokia’s booth 3B20 sat Mobile World Congress, Barcelona, 3-6 March.

    27 February 2025
    Espoo, Finland – Nokia today announced new Agentic AI capabilities within its autonomous networks portfolio that will help Communication Service Providers (CSPs) better automate, secure, and monetize their networks. Extending the AI capabilities already embedded in Nokia’s autonomous networks portfolio, the latest Agentic AI enhancements enable CSPs to more easily detect security threats, accelerate new service creation, and improve the management of their networks.

    “CSPs around the world are actively pursuing higher levels of network autonomy to achieve increased operational efficiency and offer their customers personalized experiences. AI is the catalyst to unlock L4/L5 autonomy, manage complexity, and orchestrate actions across network domains and operational functions,” said Kal De, SVP Product and Engineering, Cloud and Network Services at Nokia.

    “Traditional machine learning, LLMs, and Agentic AI will each play critical roles in the journey towards fully autonomous networks. Nokia is helping CSPs evolve their network, service and security operations with AI models trained on telco data, and with access to contextual information like threat intelligence,” said Andy Hicks, Senior Principal Analyst at GlobalData.

    Nokia’s autonomous networks portfolio delivers advanced security, analytics, and operations capabilities that provide CSPs with a holistic, real-time view of the network so they can reduce costs, accelerate time-to-value, and deliver the best customer experience. Industry analysts have recognized Nokia as a leader in cybersecurity, telco AI, network automation software, service assurance, and cross-domain service orchestration*. The latest AI capabilities across Nokia’s autonomous networks portfolio include:

    • New AI innovations in security: Nokia is using a telco trained LLM and Agentic AI to proactively detect security threats and rapidly retrieve insights. With its AI-driven approach, Nokia enables CSPs to reduce manual work and significantly improve their security posture by reducing the dwell time between threats occurring and being removed from the network from days to minutes. The new AI-powered Threat Hunt Assistant, part of NetGuard Cybersecurity Dome, leverages telco threat intelligence, network telemetry, and AI to detect attacks and guide security analysts on remediation steps. In addition, enhancements to NetGuard Endpoint Detection and Response, including a signature validation capability that ensures the integrity and authenticity of container images, prevent the deployment of untrusted or tampered software in telco cloud environments.
    • New AI innovations in analytics: Nokia has augmented its subscriber experience analytics for fixed and mobile networks with Generative AI enabling CSP engineers to interact through natural language to easily retrieve insights and generate reports without requiring specialized technical skills (e.g., knowledge of SQL coding). The new self-service AI studio, part of Nokia’s Data Suite, provides an MLOps and LLMOps framework, including pre-packaged AI models for CSPs to build their own AI and GenAI use cases. Together with the AI studio, Data Suite’s curated data products help CSPs to reduce the time it takes to create new AI use cases from six months to four weeks.
    • New AI innovations in digital operations: Nokia’s Digital Operations Center leverages Agentic AI to automate tasks and troubleshoot issues in service orchestration, fulfilment, and assurance. For example, an AI agent can be used to speed up the creation and cataloguing of a new service – or to help an engineer investigate and resolve an order that has failed during the provisioning process. Additionally, Nokia Bell Labs AI models are incorporated for advanced anomaly detection and prediction of network faults.

    Nokia’s latest innovations in AI demonstrate a commitment to help CSPs realize the vision of fully autonomous networks that sense, think, and act.

    * ‘Leading Suppliers in Network Automation Software’ (Appledore Research, July 2024), ‘Frost Radar™: Extended Detection and Response, 2024 (Frost & Sullivan, December 2024), ‘GigaOm Radar for Extended Detection and Response’ (GigaOm, April 2024), ‘Automated Assurance: Worldwide Market Shares 2023’ (Analysys Mason, October 2024),  ‘Service Assurance: Competitive Landscape Assessment’ (GlobalData, December 2024).

    Multimedia, technical information and related news 
    Blog: Orchestrating the future of fully autonomous networks with GenAI
    Product Page: NetGuard Cybersecurity Dome
    Web Page: Nokia AI and Analytics

    About Nokia 
    At Nokia, we create technology that helps the world act together. 

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation. 

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future. 

    Media inquiries 
    Nokia Press Office 
    Email: Press.Services@nokia.com  

    Follow us on social media 
    LinkedIn X Instagram Facebook YouTube 

    The MIL Network –

  • MIL-OSI: Municipality Finance issues USD 20 million notes under its MTN programme

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Stock exchange release
    27 February 2025 at 10:00 am (EET)

    Municipality Finance issues USD 20 million notes under its MTN programme

    Municipality Finance Plc issues USD 20 million notes on 28 February 2025. The maturity date of the notes is 28 February 2035. MuniFin has a right, but no obligation, to redeem the notes early on 28 February 2027. The notes bear interest at a fixed rate of 5.305% per annum.

    The notes are issued under MuniFin’s EUR 50 billion programme for the issuance of debt instruments. The offering circular, the supplemental offering circular and the final terms of the notes are available in English on the company’s website at https://www.kuntarahoitus.fi/en/for-investors.

    MuniFin has applied for the notes to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 28 February 2025.

    UBS Europe SE acts as the dealer for the issue of the notes.

    MUNICIPALITY FINANCE PLC

    Further information:

    Joakim Holmström
    Executive Vice President, Capital Markets and Sustainability
    tel. +358 50 444 3638

    MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The company is owned by Finnish municipalities, the public sector pension fund Keva and the State of Finland.
    The Group’s balance sheet total is over EUR 53 billion.

    MuniFin builds a better and more sustainable future with its customers. MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, corporate entities under their control, and non-profit organisations nominated by the Housing Finance and Development Centre of Finland (ARA). Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

    MuniFin’s customers are domestic but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.

    Read more: https://www.kuntarahoitus.fi/en/

    Important Information

    The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

    This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

    The MIL Network –

  • MIL-OSI: Austria’s Regulatory Reporting Infrastructure to Move to the Cloud with Nasdaq AxiomSL

    Source: GlobeNewswire (MIL-OSI)

    Nasdaq secures technology partnership with AuRep, a unique collaborative joint venture of banks and financial service providers in Austria

    Cloud-based platform will support early compliance with the EU’s Integrated Reporting Framework (IReF)

    NEW YORK and VIENNA, Feb. 27, 2025 (GLOBE NEWSWIRE) — Nasdaq (Nasdaq: NDAQ) today announced it has signed an agreement with Austrian Reporting Services (AuRep) to provide the regulatory reporting technology that underpins the Austrian financial services industry. Founded in 2013, AuRep is a unique collaboration amongst major banks and financial service providers in Austria designed to consolidate regulatory reporting infrastructure onto a single, shared platform.

    The agreement will see around 90% of Austrian credit institutions move their regulatory reporting infrastructure to the cloud, upgrading their legacy on-premises solution to Nasdaq AxiomSL. It reflects the growing demand for regulatory technology solutions that simplify banks’ underlying architecture to more flexibly meet future requirements.

    “AuRep is a truly unique and innovative response to regulatory complexity and setting the global standard for simplifying regulatory reporting compliance,” said Ed Probst, Senior Vice President, Regulatory Technology at Nasdaq. “European banks are subject to intense supervisory oversight and ever-greater reporting requirements, which is driving increasing demand for cloud-based platforms that can readily adapt to change while providing scalability and the highest standards of security. We are proud of our track record in delivering the highest quality regulatory reporting products and services and AuRep’s rigorous selection process has confirmed the same.”

    Staying ahead of regulatory change was critical for AuRep. By selecting Nasdaq AxiomSL as a Service (SaaS), AuRep is able to rapidly deploy regulatory updates and scale up capacity to deliver to the Austrian banking community. Future regulatory changes such as the EU’s incoming Integrated Reporting Framework (IReF) will be seamlessly integrated into the Nasdaq AxiomSL platform ensuring timely and cost-effective compliance. IReF seeks to harmonize statistical reporting across euro area banks, but will significantly increase the volume, granularity, and frequency of data submissions, meaning many will be unable to comply unless they modernize their underlying data architecture or seek cloud-based solutions.

    Kenneth Born, CEO at Aurep, said: “We selected Nasdaq AxiomSL to future-proof our Common Reporting Platform, optimized according to our Target Operating Model drawing on innovative, scalable, and fully compliant public cloud infrastructure. Adapting this software in line with the Austrian Central Bank’s granular Integrated Reporting Data Model, continues the success story of the Austrian standardized granular reporting platform. It enables banks to create and submit reports legally required under Austrian and European regulations, with tailored and efficient software in a consistent and highly standardized manner, while realizing economies of share.”

    Owned by the majority of Austrian Banking groups, AuRep operates a common regulatory reporting platform, offering an audit-proof, stable, and reliable framework for its members. It is the single point of contact for all reporting entities and financial service providers in the country, aggregating data into a central client-isolated reporting system, which then transmits data reliably and securely to the Central Bank of the Republic of Austria.

    Nasdaq AxiomSL is a comprehensive data management tool and regulatory reporting platform. It is designed to simplify regulatory reporting processes for banks and other financial services companies, recognizing that in an increasingly global and real-time financial ecosystem, institutions need modern compliance and regulatory reporting solutions that simplify a complex regulatory landscape. The platform allows clients to centralize and scale all current and future regulatory reporting processes from a single, cloud-enabled, end-to-end platform. It supports compliance with 110 regulators across 55 jurisdictions, backed by a global team of industry experts, supporting a quick time to market as banks expand into new markets or asset classes.

    Nasdaq’s technology is used by 97% of global systematically important banks, half of the world’s top 25 stock exchanges, 35 central banks and regulatory authorities, and 3,500+ clients across the financial services industry. As a scaled platform partner, Nasdaq draws on deep industry experience, technology expertise, and cloud managed service experience to help financial services companies solve their toughest operational challenges while advancing industrywide modernization.

    About Nasdaq

    Nasdaq (Nasdaq: NDAQ) is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

    Media Contacts

    Andrew Hughes; +44 (0)7443 100896; Andrew.Hughes@nasdaq.com

    Camille Stafford; +1 (234) 934 9513; Camille.Stafford@nasdaq.com

    Cautionary Note Regarding Forward-Looking Statements:

    Information set forth in this press release contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Forward-looking statements can be identified by words such as “will” and “can” and other words and terms of similar meaning. Such forward-looking statements include, but are not limited to, statements related to the benefits of Nasdaq’s AxiomSL platform. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These risks and uncertainties are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

    -NDAQG-

    The MIL Network –

  • MIL-OSI Economics: Samsung Partners With Kia to Integrate SmartThings Pro into Kia PBV for More Convenient Business Management Experiences

    Source: Samsung

    Samsung Electronics Co., Ltd. today announced a partnership with Kia Corporation that integrates SmartThings Pro, Samsung’s B2B management solution, into Kia’s Platform Beyond Vehicles (PBVs).1 The agreement — signed at the Kia EV Day event held this week in Spain — is an extension of the strategic technology partnership signed last September with Hyundai Motor and Kia.
    The latest agreement expands the collaboration to provide business customers with more convenient and valuable mobility experiences through SmartThings Pro. The B2B management platform offers efficient energy savings and integrated space management by connecting various devices, solutions and services across residential facilities to office buildings and commercial facilities. Attending the signing ceremony were Chanwoo Park, Executive Vice President at Samsung’s B2B Integrated Offering Center, and Sangdae Kim, Head of Kia’s PBV Division.
    “By integrating SmartThings Pro into Kia PBV, we plan to present an intelligent new way for businesses to be connected to their customers,” said Chanwoo Park, Executive Vice President of B2B Integrated Offering Center at Samsung Electronics. “We will provide an optimized integrated store management experience based on customized solutions to cater for a range of B2B customers including the self-employed and small business owners.”

    With the integration of SmartThings Pro and Kia PBV, B2B customers can connect their vehicles to external business spaces and execute automated routine controls set in vehicles to increase operational efficiency and convenience. For example, self-employed and small business owners who purchase Kia PBVs will be able to manage automation routines such as air conditioning, signage and home appliances in their stores through SmartThings Pro, making operation and management much more convenient.
    Small business owners who remotely operate multiple unmanned stores or shared lodgings can use a Kia PBV to manage them in real time while on the move. As part of remote management, users can receive notifications of abnormal activity and device failures or maintenance. Users can also manage check-ins and check-outs, optimize air conditioning and prevent energy waste when customers are away.
    Additionally, SmartThings Pro provides advance notifications of the on-site tasks that need to be carried out — such as consumable replacements and maintenance lists — tailored to the store or establishment where the PBV arrives, enabling easy operation.

    MIL OSI Economics –

  • MIL-OSI: Fourth Quarter Report 2024

    Source: GlobeNewswire (MIL-OSI)

    SERSTECH GROUP, 1 OCTOBER – 31 DECEMBER 2024

    • Net sales amounted to KSEK 13 326 (4 209).
    • EBITDA amounted to KSEK -1 515 (-4 390).
    • EBIT amounted to KSEK -3 725 (-7 405).
    • Cash flow from operating activities amounted to KSEK 3 645 (4 667).
    • Earnings per share amounted to SEK -0.02 (-0.04).
    • Earnings per average number of shares amounted to SEK -0.02 (-0.04).

    SERSTECH GROUP, 1 JANUARY – 31 DECEMBER 2024

    • Net sales amounted to KSEK 52 262 (62 913).
    • EBITDA amounted to KSEK -1 199 (12 900).
    • EBIT amounted to KSEK -9 040 (955).
    • Cash flow from operating activities amounted to KSEK 562 (7 632).
    • Earnings per share amounted to SEK -0.04 (0.00).
    • Earnings per average number of shares amounted to SEK -0.04 (0.00).

    Message from the CEO

    Our net sales in 2024 were 52.3 MSEK, with a net result of -9.1 MSEK. The year ended in a strong way, with an order intake of approximately 28 MSEK in Q4, whereof 15.9 MSEK will be delivered and invoiced in Q1 2025. There are several significant improvements compared to the record-breaking 2023. In 2023, we delivered three major orders from two partners, whereof one order was almost half the annual revenue. In 2024, we delivered seven major orders from seven partners. We see that the order distribution will likely continue to develop in the right direction, reducing the risk and dependency on a small number of partners.

    In 2025, we will spend significant resources on reevaluating our partner network to identify key partners and fill gaps in the coverage. To do this, we are investing more in sales and the expanded team will visit all partners we think have potential before the end of the year. During the pandemic we lost the contribution from most of our par tners. Some closed their operations, and some shifted their efforts to other areas still open for business. We know from experience that we need to push again and again to stay top-of[1]mind with our partners, who often sell a broad variety of other products. With 170 partners and only three people in sales, this has been a challenge in the past.

    We are adding two salespeople during the first half of 2025, and we have recruited a new head of sales, who starts in March. He will lead the efforts to build the sales team, and we aim to have the complete team in place before the end of the summer. We will see significant effects of our sales investments in 2026 and beyond.

    In May 2024, we launched the new Serstech Arx mkII. Throughout the year, we have spent all our R&D resources on improving it further, through upgrades of the software, algorithms, production process, and libraries. We have also invested in our SERS offering, i.e. the various accessories that allow our handheld instruments to go way beyond what a handheld instrument traditionally can do. With the SERS accessories, we can identify miniscule amounts of powders and liquids, very low concentrations, and samples with weak Raman signals. The feedback we receive from the market is that our SERS accessories are by far the best solution in the industry, and customers almost always include some SERS products when they place an order of our instruments.

    At the end of the year, we secured additional capital, which will allow the investments in sales and R&D and significant improvements in our production. The market remains larger than usual, and we need to invest in sales to be able to capture the increased volumes available. The plan is that our sales team will grow from three people to six in 2025, and as our sales capacity grows, we will add focus on the military customer segment, which is relatively new to Serstech.

    We are convinced that 2025 will return us to growth and the investments we are now doing in sales and R&D will allow us to build a strong pipeline for 2026 and onwards.

    Stefan Sandor, CEO 

    February 2025

    For further information, please contact:
    Stefan Sandor,
    CEO, Serstech AB Phone: +46 739 606 067
    Email: ss@serstech.com

    or

    Thomas Pileby,
    Chairman of the Board, Serstech AB Phone: +46 702 072 643
    Email: tp@serstech.com
    or visit: www.serstech.com

    This is information that Serstech AB (publ.) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above at 08:45 CET on February 27, 2025.

    Certified advisor to Serstech is Svensk Kapitalmarknadsgranskning AB (SKMG).

    About Serstech
    Serstech delivers solutions for chemical identification and has customers around the world, mainly in the safety and security industry. Typical customers are customs, police authorities, security organizations and first responders. The solutions and technology are however not limited to security applications and potentially any industry using chemicals of some kind could be addressed by Serstech’s solution. Serstech’s head office is in Sweden and all production is done in Sweden.

    Serstech is traded at Nasdaq First North Growth Market and more information about the company can be found at www.serstech.com

    Attachment

    The MIL Network –

  • MIL-OSI: INVL Asset Management launches new INVL Partner Strategic Lending Fund which will invest in a fund that lends to the world’s biggest private equity managers

    Source: GlobeNewswire (MIL-OSI)

    INVL Asset Management, a part of Invalda INVL, the leading asset management group in the Baltics, has launched the INVL Partner Strategic Lending Fund as a new closed-end fund for informed investors. 

    The INVL Partner Strategic Lending Fund will invest in a fund managed by 17Capital, a private credit manager active in North America and Europe. That fund’s strategy is to lend to private equity managers, investors and funds against the net asset value (NAV) of their private equity portfolios.  

    “The new fund offers investors an opportunity to diversify their portfolios by investing in private equity funds and their managers through credit instruments. Capital will be deployed in a fund managed by a global leader in NAV lending, which finances some of the world’s largest fund managers and has an established investment portfolio. These attributes ensure an attractive risk-return profile” says Audrius Matikiūnas, the interim CEO of INVL Asset Management, which has established the INVL Partner Strategic Lending Fund. 

    The INVL Partner Strategic Lending Fund is starting operations following approval its rules by the Bank of Lithuania. 

    Distribution of the investment units of the fund managed by INVL Asset Management starts in March. The units are being distributed in the Baltics by the financial brokerage firm INVL Financial Advisors, which operates in Lithuania under the INVL Family Office brand. Distribution of the fund in Latvia and Estonia will begin after the required notification procedures. 

    The minimum investment in the INVL Partner Strategic Lending Fund is EUR 125,000. The fund’s investments are expected to achieve a net average annual return of 10-12%. The anticipated duration of the fund is 7 years. 

    Founded in 2008, 17Capital operates primarily from London and New York. The company has completed more than 100 investments and 50 exits and since its inception has raised more than USD 13 billion.  

    About INVL Asset Management 

    INVL Asset Management is the leading Baltic alternative asset manager. We strive to deliver superior risk-adjusted returns to our investors while positively impacting our region’s economic development. 

    We are part of the Invalda INVL group with a track record spanning over 30 years. Our group manages or have under supervision more than EUR 1.6 billion of assets across multiple asset classes including private equity, forests and agricultural land, renewable energy, real estate as well as private debt. Our scope of activities also includes family office services in Lithuania, Latvia and Estonia, management of pension funds in Latvia, and investments in global third-party funds. Further information www.invl.com/en/.

    Additional information:
    Audrius Matikiūnas
    audrius.matikiunas@invl.com

    The MIL Network –

  • MIL-OSI: IDEX Biometrics interim report for the fourth quarter and preliminary result for 2024

    Source: GlobeNewswire (MIL-OSI)

    Oslo, Norway: IDEX Biometrics ASA’s interim report for the fourth quarter and preliminary result 2024 is attached to this notice, including the fourth quarter 2024 presentation.

    The report and presentation are available on the IDEX Biometrics website:

    www.idexbiometrics.com/investors

    Recent highlights 

    • Certification of IDEX PAY platform allowing manufacturers to certify and launch Biometric Payment Card programs with both Visa and Mastercard globally.
    • Reaching scale manufacturing quality among key partners, enabling them and us to go beyond pilot volumes.
    • IDEX Biometrics partner KONA I becomes first manufacturer certified by Mastercard for both PVC and metal biometric cards.
    • Access: Received an order from DigAware to deliver a biometric sensor solution to enhance their smart badges. DigAware’s new biometric ID badge incorporates RFID radios for emergency situations in environments such as schools, hospitals, and enterprises.
    • Payments: First commercial launch in Japan together with Life Card, subsidiary to AIFUL Japan’s third largest consumer finance company. Life Card’s commercial roll-out is targeted for the first half of 2025.
    • Streamlined global operations and progressed on cost efficiencies, aligning resources with key market priorities and further optimized our workforce.
    • Completed rights issue in November, allowing retail investors to participate at the same terms as shareholders participating in the September capital raise.

    Financial results Q4 2024

    • No product revenues in the fourth quarter.
    • Operating expenses excluding cost of products sold and bad debt provisions amounted to $2.4 million in the fourth quarter, below target at $2.5 million.
    • An accrual for loss on receivables from Zwipe AS amounting to $0.6 million has been included in the fourth quarter of 2024.
    • Net loss in the fourth quarter of 2024 was $2.1 million. The result includes net financial gain amounting to $2.4 million caused by value change of warrants and the derivative related to the convertible debt. Adjusted for these items, the result would have been a net loss of $4.6 million.
    • A non-cash impairment of goodwill amounting to $968 thousand was recorded in the fourth quarter.
    • Cash balance per 31 December 2024 at $2.0 million

    For further information contact: 
    Marianne Bøe, Head of Investor Relations, +47 91800186
    Kristian Flaten, CFO + 47 95092322
    E-mail: ir@idexbiometrics.com

     

    About IDEX Biometrics 

    IDEX Biometrics ASA (OSE: IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, our biometric solutions target card-based applications for payments and digital authentication. As an industry-enabler we partner with leading card manufacturers and technology companies to bring our solutions to market.

    For more information, visit www.idexbiometrics.com (http://www.idexbiometrics.com)

     

    Trademark Statement

    IDEX, TrustedBio, IDEX Biometrics and the IDEX logo are trademarks owned by IDEX Biometrics ASA. All other brands or product names are the property of their respective holders.

     

    About this notice

    This notice was issued by Marianne Bøe, Head of Investor Relations, on 27 February 2025 at 08:00 CET on behalf of IDEX Biometrics ASA. The information shall be disclosed according to section 5‑6 of the Norwegian Securities Trading Act (STA) and published in accordance with section 5‑12 of the STA.

    Attachments

    The MIL Network –

  • MIL-OSI: Subsea 7 S.A. Announces Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Luxembourg – 27 February 2025 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY, ISIN: LU0075646355, the Company) announced today results of Subsea7 Group (the Group, Subsea7) for the fourth quarter and full year which ended 31 December 2024. Unless otherwise stated the comparative period is the full year which ended 31 December 2023.   

    Highlights 

    • Full year Adjusted EBITDA of $1,090 million, up 53% on the prior year, equating to a margin of 16%
    • Fourth quarter Adjusted EBITDA of $315 million, up 29% on the prior year period, equating to a margin of 17%
    • Robust free cash flow of $408 million in the fourth quarter, leading to a reduction in net debt (including lease liabilities) of $256 million compared to the third quarter
    • Fourth quarter order intake of $2.3 billion, a book-to-bill ratio of 1.2
    • A high-quality backlog of $11.2 billion implies over 80% visibility on 2025 revenue guidance and supports the outlook for Adjusted EBITDA margin expansion to 18 to 20%
    • Dividend of approximately $350 million proposed, subject to shareholder approval, for payment in two equal instalments in 2025
      Fourth Quarter Year Ended
    For the period (in $ millions, except Adjusted EBITDA margin and per share data) Q4 2024
    Unaudited    		 Q4 2023
    Unaudited    		 2024
    Audited    		 2023
    Audited
    Revenue 1,869 1,631 6,837 5,974
    Adjusted EBITDA(a) 315 245 1,090 714
    Adjusted EBITDA margin(a) 17% 15% 16% 12%
    Net operating income 126 55 446 105
    Net income/(loss) 26 (11) 217 10
             
    Earnings per share – in $ per share        
    Basic 0.07 (0.06) 0.68 0.05
    Diluted(b) 0.07 (0.06) 0.67 0.05
             
    At (in $ millions)      

    2024
    31 Dec

    		  

     2023
    31 Dec
    Backlog(a)     11,175 10,587
    Book-to-bill ratio(a)     1.2x 1.2x
    Cash and cash equivalents     575 751
    Borrowings     (722) (845)
    Net debt excluding lease liabilities(a)     (147) (94)
    Net debt including lease liabilities(a)     (602) (552)

    (a) For explanations and reconciliations of Adjusted EBITDA, Adjusted EBITDA margin, Backlog, Book-to-bill ratio and Net debt refer to the ‘Alternative Performance Measures’ section of the Condensed Consolidated Financial Statements.

    (b) For the explanation and a reconciliation of diluted earnings per share refer to Note 7 ‘Earnings per share’ to the Condensed Consolidated Financial Statements.

    John Evans, Chief Executive Officer, said:

    Subsea7 delivered another strong performance in the fourth quarter of 2024, building on the momentum already achieved over the past two years. With a quarterly Adjusted EBITDA of $315 million and a full year result of approximately $1.1 billion, we exceeded the top end of the guidance range we set out a year ago. 

    During the quarter we recorded order intake of $2.3 billion, resulting in a year end backlog of $11.2 billion. With $5.8 billion for execution in 2025 we are confident in the Group’s ability to generate strong Adjusted EBITDA and cash flow in the year ahead.

    Interactions with clients remain constructive and high tendering activity continues to support our positive outlook. Against this backdrop the Board of Directors has proposed that in 2025, we return approximately $350 million in the form of a cash dividend. Since 2012, Subsea7 has returned approximately $2.5 billion to shareholders and this year’s commitment underscores our commitment to capital discipline and focus on delivering for all our stakeholders.

    Fourth quarter project review
    During the fourth quarter, Subsea7 continued to execute a portfolio of major projects in Brazil, where Seven Vega was active on the Mero 3 project, while Seven Cruzeiro installed umbilicals and Seven Merlin provided support. The pipelay support vessels (PLSVs) also achieved high utilisation. In the US, Seven Navica installed risers at Sunspear, and Seven Seas worked at Shenandoah and Cypre. Seven Borealis, Seven Pacific and Seven Arctic were active in Saudi Arabia, Egypt and Angola. Finally, in Norway, we made good progress in the fabrication of pipelines and bundles for the Yggdrasil project at our Vigra and Wick spoolbases.

    The Renewables business performed strongly and delivered an Adjusted EBITDA margin of 21%. Seaway Alfa Lift and Seaway Strashnov were active on the Dogger Bank B project, installing monopiles and transition pieces. Having achieved good and predictable cycle times for monopile installation, our scope is nearing completion and we will mobilise to the Dogger Bank C project in April. During the quarter our cable lay activities centred on Taiwan where we were active on the Yunlin, Zhong Neng and Hai Long projects. In the US, Seaway Aimery installed cables at the Revolution project. Utilisation of the heavy transportation vessels was high.

    Fourth quarter financial review
    Revenue was $1.9 billion an increase of 15% compared to the prior year period. Adjusted EBITDA of $315 million equated to a margin of 17%, up from 15% in Q4 2023. This reflected another strong quarter of double-digit margins in Renewables and a robust performance in Subsea and Conventional.

    Depreciation, amortisation and impairment charges were $189 million, resulting in net operating income of $126 million compared to $55 million in the prior year period. Net finance costs of $19 million and a net foreign exchange loss of $67 million, resulted in net income for the quarter of $26 million compared with a net loss of $11 million in the prior year period.

    Net cash generated from operating activities in the fourth quarter was $487 million, including a $251 million improvement in net working capital, equating to a cash conversion of 1.6 times. Net cash used in investing activities was $69 million mainly related to purchases of property, plant and equipment and intangible assets. Net cash used in financing activities was $271 million including lease payments of $59 million. Overall, cash and cash equivalents increased by $135 million to $575 million at 31 December 2024 and net debt was $602 million, including lease liabilities of $455 million.

    Fourth quarter order intake was $2.3 billion comprising new awards of $1.8 billion and escalations of $0.5 billion resulting in a book-to-bill ratio of 1.2 times. Backlog at the end of December was $11.2 billion, of which $5.8 billion is expected to be executed in 2025, $3.4 billion in 2026 and $2.0 billion in 2027 and beyond.

    Commitment to shareholder returns
    At the Annual General Meeting on 8 May 2025, the Board of Directors will propose that shareholders approve a cash dividend of NOK 13.00 per share, equating to approximately $350 million, payable in two equal instalments in May and November 2025. This represents a year-on-year increase of 40% in returns to shareholders and is equivalent to an approximate yield of 7% related to the cash dividend.

    Outlook
    We anticipate that revenue in 2025 will be between $6.8 billion and $7.2 billion, while the Adjusted EBITDA margin is expected to be within a range from 18% to 20%. We continue to expect margins to exceed 20% in 2026, based upon our firm backlog of contracts and the prospects in our tendering pipeline.

    Driven by structural factors including economic development and energy security, the outlook for long-term energy demand growth remains positive. Subsea7’s exposure to both the hydrocarbon and renewable sectors leaves the Group well placed to benefit from this structural energy trend. Our focus on late-cycle, long-duration developments adds resilience to our strategy, while our track record for project execution and strong balance sheet support a market-leading position that benefits the Group, our customers and our shareholders.

    Proposed Combination of Subsea7 and Saipem
    On 23 February 2025, Subsea 7 S.A. announced an agreement in principle on the key terms of the proposed merger with Saipem S.p.A. In accordance with the memorandum of understanding signed between Saipem S.p.A. and Subsea 7 S.A., Subsea 7 S.A. shareholders will receive 6.688 Saipem S.p.A. shares for each Subsea 7 S.A. share held, and an extraordinary dividend for an amount equal to €450 million will be distributed immediately prior to completion. Subsea 7 S.A. and Saipem S.p.A. shareholders will own 50% each of the issued share capital of the combined company. The completion of the proposed combination is anticipated to occur in the second half of 2026, following completion of confirmatory due diligence, the approval of the final terms of the proposed combination by the Board of Directors of Subsea 7 S.A. and Saipem S.p.A., the execution of a satisfactory merger agreement, and relevant corporate and regulatory approvals.

    Kristian Siem, Chairman of the Board of Directors and the largest shareholder of Subsea7, as well as the management of Subsea7 share a conviction that there is compelling logic in creating a global leader in energy services, particularly considering the growing size of clients’ projects. Saipem and Subsea7 are highly complementary in terms of market offerings and geographies. The combination would enhance value for shareholders, clients and other stakeholders, both in the current market and in the long term.

    Conference Call Information
    Date: 27 February 2025
    Time: 12:00 UK Time, 13:00 CET
    Access the webcast at subsea7.com or https://edge.media-server.com/mmc/p/aexdnm2p/
    Register for the conference call https://register.vevent.com/register/BIec54517b2a53403badecf6512dc8b41a

    Attachments

    The MIL Network –

  • MIL-OSI: Key information relating to the proposed cash dividend to be paid by Subsea 7 S.A.

    Source: GlobeNewswire (MIL-OSI)

    Luxembourg – 27 February 2025 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY, the Company) today announced that its Board of Directors will recommend to the shareholders at the Annual General Meeting of the Company to be held on 8 May 2025 (the AGM) that a dividend of NOK 13.00 per share be paid, in two instalments, equivalent to a total dividend of approximately USD 350 million.

    Key information relating to the first instalment of the cash dividend to be paid by Subsea 7 S.A. 

    • Dividend amount: 6.5 per share
    • Announced currency: NOK
    • Last day including right: 13 May 2025 for common shareholders / 14 May 2025 for ADR holders
    • Ex-date: 14 May 2025 for common shareholders / 15 May 2025 for ADR holders
    • Record date: 15 May 2025
    • Payment date: 22 May 2025
    • Approval date: the proposed cash dividend is subject to approval at the AGM

    Key information relating to the second instalment of the cash dividend to be paid by Subsea 7 S.A. 

    • Dividend amount: 6.5 per share
    • Announced currency: NOK
    • Last day including right: 28 October 2025 for common shareholders/ 29 October 2025 for ADR holders
    • Ex-date: 29 October 2025 for common shareholders/ 30 October 2025 for ADR holders
    • Record date: 30 October 2025
    • Payment date: 6 November 2025
    • Approval date: the proposed cash dividend is subject to approval at the AGM

    *******************************************************************************
    Subsea7 is a global leader in the delivery of offshore projects and services for the evolving energy industry, creating sustainable value by being the industry’s partner and employer of choice in delivering the efficient offshore solutions the world needs.

    Subsea7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI 222100AIF0CBCY80AH62.

    *******************************************************************************

    Contact for enquiries:
    Katherine Tonks
    Investor Relations Director
    Tel +44 20 8210 5568
    ir@subsea7.com
    www.subsea7.com

    This information is published in accordance with the requirements of the Continuing Obligations.

    This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 27 February 2024 at 08:00 CET.

    Attachment

    The MIL Network –

  • MIL-OSI: Deutsche Telekom’s T Wholesale and Nokia energize network API market with commercial deal to drive and simplify developer-created applications #MWC 2025

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    Deutsche Telekom’s T Wholesale and Nokia energize network API market with commercial deal to drive and simplify developer-created applications #MWC 2025

    • Two Deutsche Telekom network API use cases, SIM Swap and Number Verification that are key security and authentication solutions for industries such as financial services and retail, will be made available to developers through Nokia’s Network as Code platform with developer portal.
      • The two APIs will target Germany initially, with other European markets planned for later in the year. Additional Deutsche Telekom APIs, like Location Verification and Quality on Demand, are also expected to be made available on the Network as Code platform in the months ahead.

    27 February 2025
    Espoo, Finland — T Wholesale, which is part of Deutsche Telekom, one of Europe’s largest operators with more than 250 million subscribers, and Nokia have signed a commercial deal that will make two of the operator’s network API use cases, SIM Swap and Number Verification, available to developers through Nokia’s Network as Code platform with developer portal. The deal marks an important step for operators as they accelerate plans to monetize their network assets and core capabilities by exposing their network functions to developers.

    “Network APIs are a growing focus for Deutsche Telekom in Europe. In reaching this milestone, Nokia’s technology and approach give us the confidence that we can fully provide developers with the tools they require to successfully utilize our APIs to better service their own customers with innovative solutions,” said Carsten Bruns, Vice President of Internet & Content Services at T Wholesale.

    SIM Swap and Number Verification are key security and authentication solutions for industries such as financial services and retail, using telecom network capabilities to mitigate fraud and enhance user verification. A SIM Swap API works by detecting if a SIM card associated with a phone number was recently changed, which could trigger additional security verification checks. Number Verification can confirm whether a user has control over a phone number and if a commercial transaction request has come from the same device as the owner.

    “This agreement with Deutsche Telekom’s T Wholesale is a fantastic reflection of our collaboration and joint vision of maximizing the true value of network assets and supporting developers in creating new 5G and 4G applications. This is also an important validation point of Nokia’s solid execution of its network API strategy, technology, and, with our Rapid acquisition, go-to-market capabilities, which are peerless in our industry,” said Raghav Sahgal, President of Cloud and Network Services at Nokia.

    Nokia’s Network as Code platform provides developers with standardized access to network functions, without having to navigate any of the underlying network technologies. Nokia’s network API strategy is centered around connecting multiple API ecosystems through its Network as Code platform by offering operators the broadest range of network exposure options, paired with robust multi-tier API security and simplified access to network functionalities.

    Nokia further strengthened its capabilities recently with its acquisition of Rapid, the world’s largest public API hub that enables operators to seamlessly integrate their networks, actively control API usage and exposure, and enhance API lifecycle management.

    Since launching the Network as Code platform in September 2023, Nokia’s ecosystem of Network as Code platform partners has grown to 51 currently and includes BT, Orange, StarHub, Telefonica, and Telecom Argentina. Nokia’s commitment to API monetization extends beyond network-side aggregation and includes hyperscalers like Google Cloud; Communications Platform as a Service (CPaaS) platform providers such as Infobip; vertical independent software vendors like Elmo; and the world’s largest public API hub through Nokia’s acquisition of Rapid.

    About Nokia 
    At Nokia, we create technology that helps the world act together. 

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation. 

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future. 

    Media inquiries 
    Nokia Press Office 
    Email: Press.Services@nokia.com  

    Follow us on social media 
    LinkedIn X Instagram Facebook YouTube       

    The MIL Network –

  • MIL-OSI Economics: Development Asia: Enhancing Vaccine Regulation for Pandemic Preparedness

    Source: Asia Development Bank

    Strengthening regulatory frameworks is critical in ensuring that vaccines are quickly approved and distributed. Using a systematic approach, gaps in key areas of the regulatory system can be identified, prioritized, and effectively addressed through regulatory capacity building and education of regulatory professionals.

    The World Health Organization Global Benchmarking Tool was developed to evaluate regulatory systems objectively and systematically, identify strengths and areas for improvement, guide interventions, and monitor progress in strengthening the regulatory system. Consistent and regular training of national regulators can also complement regulatory systems strengthening efforts by focusing on the identified gaps.

    The diverse and fragmented regulatory environment in Asia and the Pacific calls for regulatory convergence[1] and cooperation to facilitate timely and equitable access in the region. Stable, well-functioning national regulatory authorities in the region listed as WHO Maturity Level 3 and 4 and WHO Listed Authorities, such as those in the People’s Republic of China, India, Indonesia, Republic of Korea, Singapore, Thailand, and Viet Nam, could foster regional regulatory cooperation and serve as reference agencies for lower-resourced regulatory agencies.

    Such cooperation could be facilitated by formalized processes and relationships such as memoranda of understanding. For example, Singapore’s Health Sciences Authority has adopted a confidence-based regulatory approach that leverages the decisions of established and trusted regulatory agencies through formal recognition mechanisms and has expedited reviews without compromising the robustness of regulatory decisions. This has reduced approval timelines to 90 working days from 270 working days for the Health Sciences Authority’s full evaluation route under its verification evaluation system.

    Confidence-based approaches can be adopted in various stages of the vaccine life cycle. The ASEAN Mutual Recognition Arrangement on Good Manufacturing Practice Inspection enables member states to leverage on the regulatory inspections performed by other member states. It is legally binding for member states to recognize one another’s good manufacturing practice certificates, benchmarked against the international Pharmaceutical Inspection Cooperation Scheme.

    Regulatory cooperation can range from legally-binding mechanisms in the form of mutual recognition agreements and reliance mechanisms to other forms of cooperation such as joint collaborative assessments, report sharing and work sharing. Work sharing can promote mutual learning and the sharing of best practices among participating national regulatory authorities and can encourage regulatory convergence. For industry, the work-sharing model can be commercially attractive, providing simultaneous access to multiple countries and shorten timelines with the consolidation of questions.

    While cooperation on vaccine regulation is still nascent, there are other examples of regulatory cooperative mechanisms. Work sharing is practiced by Access Consortium, comprising the national regulatory authorities of Australia, Canada, Singapore, Switzerland and the United Kingdom. A similar coalition is the Opening Procedures at EMA to Non-EU authorities (OPEN) initiative, led by the EMA, which partners Australia, Brazil, Canada, Japan, Switzerland and WHO in joint assessments. In Asia and the Pacific, the Indo-Pacific Regulatory Strengthening Program, comprising Cambodia, Indonesia, Laos, Myanmar, Papua New Guinea, Thailand, and Viet Nam, and supported by Australia, successfully expedited approval of the antimalarial tafenoquine in Thailand in 2019 in its joint review.

    While the work-sharing model has its advantages, the following points also need to be considered:

    • Participating national regulatory authorities may have different priority drug lists and approval timelines.
    • Participating national regulatory authorities may have different technical requirements.
    • Lack of clarity in regulatory decisions could impact company filing strategies.

    Convergence of regulatory requirements can further contribute to successful work-sharing collaborations. One way to incentivize the alignment of key regulatory requirements is the creation of a consensus on indicators that measure overall efficiency of the work-sharing pathway, which participating countries can jointly work towards. Regional regulatory convergence efforts include the APEC Action Plan on Vaccination Across the Life-Course, which sets key policy targets to achieve by 2030. Priorities for alignment include post-approval change management, labeling, and packaging.

    MIL OSI Economics –

  • MIL-OSI: Azerion publishes Interim Unaudited Financial Results Q4 2024 and Preliminary Unaudited Financial Results Full Year 2024

    Source: GlobeNewswire (MIL-OSI)

    Strong Platform performance driving profitability

    Highlights of FY and Q4 2024

    Our FY 2024 performance reflects the year long focus on efficiency and profitability driven by continued investment in the advertising platform: 

    • FY 2024 Revenues up 13% from € 486.7 million1 to € 551.2 million
    • FY 2024 Adjusted EBITDA up 21% YoY from € 62.2 million1 to € 75.1 million

    Specifically in Q4 2024, we focused on driving synergies and eliminating redundant costs in the advertising platform: 

    • Q4 2024 Adjusted EBITDA up 14% YoY from € 26.4 million to € 30.1 million 
    • Core segment Platform outperformed the group with Adjusted EBITDA up 15% from € 22.8 million in Q4 2023 to € 26.2 million in Q4 2024
    • Maintained Q4 2024 Revenues at € 168 million (-2%) while integrating and reorganising 2022 and 2023 acquisitions in order to phase out low margin revenues and focus on increased profitability

    At the same time we used the last quarter to strengthen our position through new partnerships, acquisitions and further financing:

    • Signed 90 new publishers and connected 3 additional SSPs and DSPs to expand our digital audiences across Europe and the Americas and further integrated our publisher monetisation tool OneFMS across regions.
    • Finalised the acquisition of Goldbach Austria GmbH, one of the foremost digital and linear advertising brokers in the DACH region providing Azerion with additional digital out of home footprint and an annual revenue run rate of over € 20 million.  
    • Entered new partnerships with Produpress in Belgium and Moneytizer in France to enrich the unique content and audiences that we make available for brands and agencies.
    • Successfully completed the placement of additional bonds for an amount of € 50 million under Azerion’s existing Senior Secured Callable Floating Rate Bond framework of € 300 million.

    In addition, we further invested in our platform’s multi-cloud infrastructure and AI capabilities:

    • Added Huawei as cloud partner alongside AWS and Google in our Azerion multi-cloud setup reducing our reliance on single cloud vendors and decreasing our total cost of ownership.
    • Migration of Eniro to the Azerion multi-cloud bringing them higher quality, lower latency service and annual cost savings of over € 1.5 million once fully implemented.
    • Deployed our latest version of AI enhanced creative performance benchmark and outcome intelligence tools helping our advertisers and our operators to better understand which ads work best for various audiences in different circumstances and allowing for machine optimisation of campaigns.

    1 (excluding the divested social card games portfolio)

    Selected KPIs

    Financial Results – Azerion Group N.V.

    in millions of €

      Q4 2024 Q4 2023 Growth FY 2024 FY 2023 Growth
                 
    Platform Segment            
    Advertising Platform 126.3 126.0 0% 412.3 348.6 18%
    AAA Game Distribution (e-commerce) 26.9 31.7 (15)% 85.0 88.8 (4)%
    Revenue 153.2 157.7 (3)% 497.3 437.4 14%
    Operating profit / (loss) 7.2 5.6 29% (1.7) (2.0) (15)%
    Adj. EBITDA 26.2 22.8 15% 62.4 53.2 17%
                 
    Premium Games Segment1)            
    Revenue  14.8 14.1 5% 53.9 77.6 (31)%
    Operating profit / (loss) (0.1) 0.5 (120)% (0.7) 74.8 (101)%
    Adj EBITDA 3.9 3.6 8% 12.7 18.7 (32)%
                 
    Group (excluding social card games)            
    Revenue 168.0 171.8 (2)% 551.2 486.7 13%
    Operating profit / (loss)  7.1 6.1 16% (2.4) (8.2) (71)%
    Adj. EBITDA  30.1 26.4 14% 75.1 62.2 21%
                 
    Group (including social card games)            
    Revenue 168.0 171.8 (2)% 551.2 515.0 7%
    Operating profit / (loss)  7.1 6.1 16% (2.4) 72.8 (103)%
    Adj. EBITDA 30.1 26.4 14% 75.1 71.9 5%

    1)2023 figures for Premium Games contain results of the social cards game portfolio that was divested in Q3 2023. For detailed split of Premium Games results please refer to respective section below.

      Q4 2024 Q4 2023   FY 2024 FY 2023  
    Adj. EBITDA Margin %            
    Platform 17% 15%   13% 12%  
    Premium Games 26% 26%   24% 24%  
    Group (excluding social card games) 18% 15%   14% 13%  
    Group 18% 15%   14% 14%  

    Message from the CEO 

    Q4 was a strong quarter for us, marked by a clear focus on profitability. By maintaining operational discipline and executing on our strategic priorities, we successfully met our full-year 2024 guidance. This achievement reflects our commitment to sustainable growth and value creation for our shareholders.Throughout the year, we have dedicated significant time and resources to building an ecosystem that truly supports European publishers. Our platform empowers them to create engaging content, monetize effectively, and manage their resources with greater predictability. By fostering a high-performance environment, we are enabling European publishers to thrive in an increasingly competitive digital landscape by giving them a truly European choice.

    Looking ahead, we continue to see AI as a major opportunity to drive further innovation and efficiency. Managing over 250,000 auctions per second gives us a unique vantage point to leverage data at scale. We have developed generative AI advertising solutions that enhance campaign performance, while our latest AI-powered creative performance benchmarks and outcome intelligence tools are delivering valuable insights to our partners. These advancements position us at the forefront of AI-driven advertising, helping our customers achieve better results with greater precision thanks to a long history of machine learning at the core of our platform.

    At the same time, we also see an increasing number of opportunities to accelerate our growth through strategic partnerships and acquisitions. We have built a strong pipeline of actionable opportunities and are well-positioned to execute on them. Stay tuned to hear more about our expansion through partnerships throughout this year, alongside the continued deployment of our AI platform.

    – Umut Akpinar

    Financial overview

    Revenue

    Q4 2024

    Revenue for the quarter amounted to € 168.0 million, down (2.2)% from € 171.8 million in Q4 2023, mainly driven by lower consumer spending in AAA game distribution. 

    FY 2024

    Revenue for FY 2024 amounted to € 551.2 million, up 13.3% from € 486.7 million in FY 2023 excluding the social card games portfolio divested in Q3 2023, mainly driven by higher advertising spend across the Platform Segment, particularly in Direct Sales and the integration of past acquisitions. 

    Revenue was up 7.0% from € 515.0 million in FY 2023 including the revenue from the social card games portfolio of € 28.3 million in FY 2023.

    Earnings 

    Q4 2024

    Adjusted EBITDA for the quarter was € 30.1 million compared to € 26.4 million in Q4 2023, an increase of 14.0% driven by improved performance in both Platform and Premium Games segments. Platform increase was largely due to the mix of Advertising Platform Revenue, increased share of Direct Sales and an increasingly efficient delivery operation. The Premium Games result was driven by the ongoing strong performance of Habbo Hotel Origins and product development across social casino and other metaverse titles, as well as further consolidation and integration efforts resulting in improved operational performance.

    The operating profit for the quarter amounted to € 7.1 million, compared to a profit of € 6.1 million in Q4 2023, mainly due to the successful integration of acquisitions and the subsequent synergies and cost reductions that were realised in the Platform segment.

    FY 2024

    Adjusted EBITDA in FY 2024 was € 75.1 million compared to € 62.2 million in FY 2023 excluding the divested social card games portfolio, an increase of 20.7% driven by higher advertising spend across the Platform Segment and improved performance of Premium Games, specifically metaverse titles due to the release and ongoing strong performance of Habbo Hotel Origins and product development across the social casino titles, plus efficiencies from the integration of previous acquisitions.. 

    Adjusted EBITDA in FY 2024 was up 4.5% from € 71.9 million in FY 2023 including the contribution from the social card games portfolio of € 9.7 million in FY 2023.

    The operating loss in FY 2024 amounted to € (2.4) million, compared to € (8.2) million in FY 2023 (excluding gain on the sale and the result of the social card games portfolio of € 81.0 million), driven by increased Platform revenue and contribution from Direct sales, improved performance of Premium Games, specifically metaverse titles due to the release and ongoing success of Habbo Hotel Origins and product development across the social casino titles plus efficiencies from optimisation and consolidation efforts, and notwithstanding the one-off increase in operating expenses related to the settlement of a commercial dispute and renegotiation of contingent consideration terms for one of the acquisitions.

    Cash flow

    Q4 2024

    Cash flow from operating activities in Q4 2024 was an inflow of € 10.0 million, mainly due to strong operating profit after cancellation of non-cash items of € 22.5 million, offset by movements in net working capital reflecting an increase in trade and other payables of € 4.9 million and an increase in trade and other receivables of € (7.6) million, net € (8.3) million paid in interest and € (1.2) million paid in income tax. 

    Cash flow from investing activities was an outflow of € (18.2) million, due to payments for tangible and intangible assets of € (6.5) million and net cash outflow on acquisition of subsidiaries of € (11.7) million. 

    Cash flow from financing activities was an inflow of € 31.5 million, mainly due to net proceeds in the amount of € 34.5 million (net of transaction costs) from additional bonds placed under the existing Senior Secured Callable Floating Rate Bond framework offset by repayments of external borrowings and the principal portion of lease liabilities amounting in total to € (3.0) million.

    FY 2024

    Cash flow from operating activities in FY 2024 was an inflow of € 7.0 million, mainly due to strong operating profit after cancellation of non-cash items of € 52.6 million, offset by movements in net working capital reflecting a decrease in trade and other payables of € (32.5) million and a decrease in trade and other receivables of € 19.9 million, utilisation of provisions of € (3.1) million, net € (25.7) million paid on interest and € (4.2) million paid in income tax. 

    Cash flow from investing activities was an outflow of € (36.8) million, mainly due to payments for tangible and intangible assets of € (20.8) million and net cash outflow on acquisition of subsidiaries of € (27.7) million, partly offset by the receipt of net deferred consideration for the sale of social card games portfolio in amount of € 11.2 million. 

    Cash flow from financing activities was an inflow of € 80.9 million, mainly due to net proceeds in the amount of € 92.1 million (net of transaction costs), consisting of € 82.7 million from additional bonds placed under the existing Senior Secured Callable Floating Rate Bond framework and a Revolving Credit Facility of € 9.4 million, offset by repayments of external borrowings and the principal portion of lease liabilities amounting in total to € (11.0) million.

    Capex

    Azerion capitalises development costs related to the internal development of assets, a core activity to support innovation in its platform. These costs primarily relate to developers’ time devoted to the development of the platform, games and other new features. In Q4 2024 Azerion capitalised € 4.8 million, equivalent to 19.2% (Q4 2023: € 3.4 million, equivalent to 12.4%) of gross personnel costs excluding restructuring provision expense. In FY 2024 Azerion capitalised € 16.2 million, equivalent to 16.0% (FY 2023: € 17.5 million, equivalent of 16.2%) of gross personnel costs excluding restructuring provision expense.

    Financial position and borrowing 

    Net interest-bearing debt*) amounted to € 203.8 million as at 31 December 2024, mainly comprising the outstanding bond loan with a nominal value of € 265 million (part of a total € 300 million framework) and lease liabilities with a balance of € 19.4 million less the cash and cash equivalents position of € 90.6 million.

    *)As defined in the Terms & Conditions of the Senior Secured Callable Floating Rate Bonds ISIN: NO0013017657. Please also refer to the Definitions section and the notes of this Interim Report for more information.

    Platform Segment

    Our Platform segment includes our digital advertising activities, AAA Game Distribution (formerly referred to as e-commerce), Casual Game Distribution (being the operation and distribution of casual games) and Azerion Sports. The Platform segment generates Revenue mainly by displaying digital advertisements in both game and general content, as well as selling and distributing AAA games. Advertisers are serviced through two models: i) Direct sales, which involve a direct engagement between Azerion’s commercial teams and advertisers or their agencies in the placement of digital advertisements, and ii) Automated auction sales in which advertising inventory is purchased through the open market. Platform is also integrated with parts of our Premium Games segment, leveraging inter-segment synergies.

    Selected business highlights in Q4 2024 include:

    • Azerion rated as the leading advertising network in France by Médiamétrie in collaboration with NetRatings.
    • 90 new publishers signed and launched including tuttocampo.it and allermedia.se providing greater reach for digital advertising.
    • Eniro has deployed our Full Monetisation Solution which we are continuing to roll out across all our regions, including Italy in Q4 2024.
    • Azerion Intelligence launched enabling new demographic segments in the Azerion DMP.
    • Azerion DMP is now integrated with Magnite and OpenX SSPs and our audiences for CTV are available via Pubmatic SSP.
    • Launched Smart AI Curation in the Azerion Marketplace further improving the ability to create custom audiences.
    • Azerion Casual Games Distribution expanded its reach in Q4 by onboarding 40 new publishers, including third-party channels such as Samsung Instant Plays. By the end of the quarter, its casual games portfolio exceeded 21,000 titles, demonstrating steady year-over-year growth

    Platform – Selected Financial KPIs

    Financial results – Platform

    In millions of €

      Q4 2024 Q4 2023 FY 2024 FY 2023
    Advertising Platform 126.3 126.0 412.3 348.6
    AAA Game Distribution (formerly e-commerce) 26.9 31.7 85.0 88.8
    Total Revenue 153.2 157.7 497.3 437.4
    Operating profit / (loss) 7.2 5.6 (1.7) (2.0)
    Adj. EBITDA 26.2 22.8 62.4 53.2
             
    Revenue growth % – Advertising Platform 0.2%   18.3%  
    Revenue growth % – AAA Game Distribution  (15.1%)   (4.3%)  
    Total Revenue growth % (2.9%)   13.7%  
    Adjusted EBITDA growth / (decrease) % 14.9%   17.3%  
    Adjusted EBITDA margin % 17.1% 14.5% 12.5% 12.2%

    Total Platform Revenue of € 153.2 million in Q4 2024, compared to € 157.7 million in Q4 2023, a decrease of (2.9)% mainly due to lower revenues in our AAA Game distribution. Total Platform Revenue of € 497.3 million in FY 2024, an increase of 13.7% compared to € 437.4 million in FY 2023, mainly due to growth in advertising revenue from Direct sales.

    Advertising Platform Revenue of € 126.3 million in Q4 2024, almost flat compared to the € 126.0 million in Q4 2023, mostly the result of an offset between growth in the direct business and the integration of revenues from acquired businesses. In Q4 2024, Azerion’s Direct sales contributed approximately 70% of Platform advertising revenue, with the balance provided by Automated auction sales. FY 2024 Advertising Platform Revenue came to € 412.3 million, up 18.3% compared to € 348.6 m in 2023.

    In Q4 2024, AAA Game Distribution generated Revenue of € 26.9 million as compared to € 31.7 million in Q4 2023, a decrease of approximately (15.1)% due to fewer high-profile AAA game releases in Q4 2024 (for example Concord™ by PlayStation didn’t get the consumer traction Sony expected and was subsequently pulled from 3rd party distribution) and optimising towards profitability rather than revenue which meant that the business sold smaller but higher margin titles.  In Q4 2024, AAA Game Distribution Revenue represented 17.6% of total Platform Revenue, as compared to 20.1% in Q4 2023. 

    Total Platform Operating Profit of € 7.2 million in Q4 2024, compared to € 5.6 million in Q4 2023, a significant increase of 28.6% largely due to the successful integration of acquisitions and the subsequent synergies and cost reductions that were realised. Total Platform Operating Loss of € (1.7) million in FY 2024, compared to € (2.0) million in FY 2023, an improvement largely due the aforementioned results of our efforts to integrate acquisitions, create synergies and reduce costs throughout the year. 

    Total Platform Adjusted EBITDA of € 26.2 million in Q4 2024, compared to € 22.8 million in Q4 2023, an increase of 14.9% largely due to the mix of Advertising Platform Revenue, increased share of Direct Sales and an increasingly efficient delivery operation. Total Platform Adjusted EBITDA of € 62.4 million in FY 2024, compared to € 53.2 million in FY 2023, an increase of 17.3% mainly as a result of growth in advertising revenue from Direct sales and the integration of previous acquisitions.

    Advertising – Selected Operational KPIs

    Advertising – Operational KPIs

      Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
    Avg. Digital Ads Sold per Month (bn) 13.9 11.9 12.1 12.6 14.1
    Avg. Gross Revenue per Million Processed Ad Requests across the Azerion Platform (EUR)1) 34.5 25.4 29.0 23.4 24.3

    1)Average gross revenue per million processed ad requests across Azerion Platform is calculated by dividing gross advertising revenue (processed by Azerion’s advertising auction and monetisation platforms) by a million advertisement requests processed by Azerion’s advertising auction and monetisation platforms.

    Note: Both Advertising Operational KPIs now include data relating to the Hawk acquisition as of Q4 2023.

    The Average Digital Ads sold per Month increased to 14.1 billion in Q4 2024 from 13.9 billion in Q4 2023, an increase of 1.4%, reflecting the Platform’s demand side growth due to the integration of past acquisitions and the consolidation of Azerion’s monetisation technology into a single scalable media buying platform. 

    The Average Gross Revenue per Million Processed Ad Requests across the Azerion Platform in Q4 2024 was € 24.3, compared to € 34.5 in Q4 2023, a decline year on year as we onboarded several high volume but relatively low revenue publishing partners in Q4 2024.   

    Premium Games Segment

    Since the end of Q3 2023, the Premium Games segment has consisted of social casino games and metaverse games. Azerion completed the sale of its social card games portfolio to Playtika Holding Corp. on 28 August 2023 and its contribution to the Premium Games segment ceased at that date. The segment generates revenue mainly by offering users the ability to make in-game purchases for extra features and virtual goods to enhance their gameplay experience. This segment aims to stimulate social interaction among players and build communities, offering an extended value proposition to advertisers and generating cross-selling opportunities with the Platform segment. 

    Selected Q4 2024 business highlights

    • Habbo Origins revenue has continued to progress several months after its release demonstrating solid long term potential and we have released new features such as Boom, a new game within Habbo Origins, which is intended to increase user engagement.
    • ⁠New releases and packages for players of our Social Casino games such as dynamic bet sizes, bet roulette and Holiday themed collections.

    Premium Games – Selected Financial KPIs

    Financial results – Premium Games

    In millions of € 

      Q4 2024 Q4 2023 FY 2024 FY 2023
    Revenue (excluding social card games) 14.8 14.1 53.9 49.3
    Social card games portfolio – – – 28.3
    Total Revenue 14.8 14.1 53.9 77.6
    Operating profit / (loss) (excluding social card games) (0.1) 0.5 (0.7) (6.2)
    Social card games portfolio – – – 81.0
    Total Operating profit / (loss) (0.1) 0.5 (0.7) 74.8
    Adjusted EBITDA (excluding social card games) 3.9 3.6 12.7 9.0
    Social card games portfolio – – – 9.7
    Total Adjusted EBITDA 3.9 3.6 12.7 18.7
             
    Revenue growth % (excluding social card games) 5.0% – 9.3% –
    Adjusted EBITDA growth % (excluding social card games) 8.3% – 41.1% –
    Adjusted EBITDA margin % (excluding social card games) 26.4% 25.5% 23.6% 18.3%

    Revenue of € 14.8 million in Q4 2024, as compared to € 14.1 million in Q4 2023, an increase of 5.0%, mainly driven by the increased number of paying users in metaverse titles due to the ongoing strong performance of Habbo Hotel Origins combined with new Social Casinos sale features, improved discount strategies and increased partner user acquisition spend. Revenue was € 53.9 million in FY 2024, as compared to € 49.3 million in FY 2023 (excluding social card games), an increase of 9.3%, driven by social casino and metaverse performance and the factors previously described for Q4 2024, partly offset by the sale of Woozworld at the start of January 2024 (totaling € 1.7 million Revenue in FY 2023).

    Adjusted EBITDA of € 3.9 million in Q4 2024, compared to € 3.6 million in Q4 2023, an increase of 8.3%, mainly driven by improved performance from metaverse titles due to the ongoing strong performance of Habbo Hotel Origins, consolidation and integration efforts resulting in improved operational performance and product development across the social casino and other metaverse titles. Adjusted EBITDA of € 12.7 million in FY 2024, as compared to € 9.0 million (excluding social card games), an increase of 41.1% compared to FY 2023 reflecting the increased performance of our metaverse titles due to the launch of Habbo Hotel origins, consolidation and integration efforts resulting in improved operational performance and product development across the social casino and other metaverse titles offset by the shift in new user generation to mobile in Azerion’s social casino environment which has higher growth potential over time, but also higher transaction costs as compared to web.

    Operating Loss of € (0.1) million in Q4 2024, compared to Operating Profit of € 0.5 million in Q4 2023, mainly driven by end of year adjustments in depreciation and amortisation.

    Operating Loss of € (0.7) million in FY 2024, compared to € (6.2) million in FY 2023 (excluding social card games), an improvement once again reflecting the developments described for Adjusted EBITDA above.

    Premium Games – Selected Operational KPIs

    Premium Games – Operational KPIs

      Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
    Avg. Time in Game per Day (min) 95.0 87.0 81.0 84.7 89.3
    Avg. DAUs (thousands) 255.4 251.2 252.9 239.4 227.4
    Avg. ARPDAU (EUR) 0.47 0.42 0.53 0.57 0.59
    • The Average Time in Game per Day (min) decreased by (6)% in Q4 2024 to 89.3 minutes per day as compared to 95.0 minutes per day in Q4 2023 due to slightly shorter average game time in the newly released Habbo Origins title compared with the rest of the metaverse games.
    • The Average Daily Active Users (DAUs) decreased by (11)% in Q4 2024 to 227.4 compared to Q4 2023 of 255.4, mainly due to lower user acquisition spend and increased focus on greater engagement with higher paying users.  
    • The Average Revenue per Daily Active User (ARPDAU) increased by 26% in Q4 2024 to € 0.59 compared to Q4 2023 of € 0.47, driven by improved in-game sales mechanics in social casino, features and events. 

    Outlook

    With our Full Year 2024 Net Revenue at € 551 million, the closing of several partnerships in the last months of the year, our subsequent bond issue in December, and the opportunities we see for the coming year, our Full Year 2025 Net Revenue is expected to be in the range of approximately € 600 million to € 650 million, with annual growth thereafter in the medium term expected to be approximately 10%. 

    Adjusted EBITDA for full year 2025 is expected to be at least approximately € 85 million, with annual Adjusted EBITDA margin thereafter in the medium term expected to be in the range of approximately 14% to 16% through further integrations, synergies and scale effects.

    Other information

    Interest-bearing debt

    Interest-bearing debt

    in millions of €

      31 December 2024 31 December 2023
    Total non-current indebtedness 268.7 172.0
    Total current indebtedness 25.9 12.6
    Total financial indebtedness 294.6 184.6
    Deduct Zero interest-bearing loans (0.2) (0.1)
    Interest-bearing debt 294.4 184.5
    Less: Cash and cash equivalents (90.6) (40.3)
    Net Interest-bearing debt (Bond terms) 203.8 144.2

    References to bond terms in the table above refer to the terms as defined in the Senior Secured Callable Floating Rate Bonds ISIN: NO0013017657

    Reconciliation of Profit / (loss) for the period to Adjusted EBITDA  

    Reconciliation of Profit / (loss) for the period to Adjusted EBITDA – Q4

    in millions of €

      Q4
      2024 2023
      Azerion Group Premium Games Platform Other Azerion Group Premium Games Platform Other
    Profit / (loss) for the period 3.3       (7.2)      
    Income Tax expense (6.7)       (2.4)      
    Profit / (loss) before tax (3.4)       (9.6)      
    Net finance costs 11.0       15.7      
    Share in profit/(loss) of associate (0.5)       –      
    Operating profit / (loss) 7.1 (0.1) 7.2 – 6.1 0.5 5.6 –
    Depreciation & Amortisation 15.5 3.6 11.9 – 13.9 3.3 10.6 –
    Share in profit/(loss) of associate 0.5 – 0.5 – – – – –
    Other 4.1 1.2 2.9 – 1.7 (0.2) 1.9 –
    Acquisition expenses1) 2.8 (0.9) 3.7 – 3.9 (0.1) 4.0 –
    Restructuring 0.1 0.1 – – 0.8 0.1 0.7 –
    Adjusted EBITDA 30.1 3.9 26.2 – 26.4 3.6 22.8 –

    1)In the past, all changes to the fair value of liabilities for contingent considerations were adjusted out of EBITDA on the basis that these impacts were acquisition related. Management has decided to cease these adjustments where the consideration is contingent upon the achievement of financial targets, because these changes in fair value are offsetting opposite movements already included in the operational performance of the acquired entity. This change has been applied prospectively. 

    Reconciliation of Profit / (loss) for the period to Adjusted EBITDA – FY

    in millions of €

      FY
      2024 2023
      Azerion Group Premium Games Platform Other Azerion Group Premium Games Platform Other
    Profit / (loss) for the period (35.4)       25.1      
    Income Tax expense (6.0)       19.0      
    Profit / (loss) before tax (41.4)       44.1      
    Net finance costs 39.5       28.7      
    Share in profit/(loss) of associate (0.5)       –      
    Operating profit / (loss) (2.4) (0.7) (1.7) – 72.8 74.8 (2.0) –
    Depreciation & Amortisation 47.8 11.5 36.3 – 46.4 12.9 33.5 –
    Share in profit/(loss) of associate 0.5 – 0.5 – – – – –
    Social card games portfolio – – – – (72.6) (72.6) – –
    Other 5.7 1.5 4.2 – 3.2 0.7 2.5 –
    Acquisition expenses1) 22.2 – 22.2 – 14.4 1.1 13.3 –
    Restructuring 1.3 0.4 0.9 – 7.7 1.8 5.9 –
    Adjusted EBITDA 75.1 12.7 62.4 – 71.9 18.7 53.2 –

    1)In the past, all changes to the fair value of liabilities for contingent considerations were adjusted out of EBITDA on the basis that these impacts were acquisition related. Management has decided to cease these adjustments where the consideration is contingent upon the achievement of financial targets, because these changes in fair value are offsetting opposite movements already included in the operational performance of the acquired entity. This change has been applied prospectively. 

    Additional notes:

    Acquisition expenses for FY 2024 include € 7.7 million relating to:

    • € 4.8 million in Q2 2024 on one-off settlement of a commercial dispute and contingent consideration fair value loss (non-operational performance target) relating to a previous acquisition 
    • € 2.9 million in Q3 2024 on renegotiation of contingent consideration terms for one of the acquisitions.

    Operating expenses

    Breakdown of Operating expenses

    in millions of €

      Q4 FY
    2024 2023 2024 2023
    Personnel costs (20.2) (24.9) (86.2) (98.5)
    Includes:        
    Restructuring related expenses (0.1) (0.8) (1.3) (7.7)
    Acquisition related one-off items – – (1.7) –
             
    Other expenses (12.5) (8.7) (40.7) (37.3)
    Includes:        
    One-off settlement expenses – – (3.0) –
             
    Operating expenses (32.7) (33.6) (126.9) (135.8)

    Condensed consolidated statement of profit or loss and other comprehensive income

    Condensed consolidated statement of profit or loss and other comprehensive income

    In millions of €

      Q4 FY
      2024 2023 2024 2023
    Revenue 168.0 171.8 551.2 515.0
    Costs of services and materials (112.4) (117.9) (377.4) (332.3)
    Personnel costs (20.2) (24.9) (86.2) (98.5)
    Depreciation (3.0) (2.2) (9.0) (8.1)
    Amortisation (12.5) (11.7) (38.8) (38.3)
    Other gains and losses1) (0.3) (0.3) (1.5) 72.3
    Other expenses (12.5) (8.7) (40.7) (37.3)
    Operating profit / (loss) 7.1 6.1 (2.4) 72.8
             
    Finance income 3.1 1.0 7.0 8.5
    Finance costs (14.1) (16.7) (46.5) (37.2)
    Net Finance costs (11.0) (15.7) (39.5) (28.7)
             
    Share in profit/(loss) of associate 0.5 – 0.5 –
             
    Profit / (loss) before tax (3.4) (9.6) (41.4) 44.1
    Income tax expense 6.7 2.4 6.0 (19.0)
    Profit / (loss) for the period 3.3 (7.2) (35.4) 25.1
             
    Attributable to:        
    Owners of the company 3.3 (7.9) (36.7) 23.7
    Non-controlling interest – 0.7 1.3 1.4
             
    Exchange difference on translation of foreign operations (0.3) (0.3) 1.0 (0.6)
    Financial assets fair value through OCI 0.0 – (0.8) –
    Total other comprehensive income (0.3) (0.3) 0.2 (0.6)
    Total comprehensive income/(loss) 3.0 (7.5) (35.2) 24.5
             
    Attributable to:        
    Owners of the company 3.0 (8.2) (36.5) 23.1
    Non-controlling interest – 0.7 1.3 1.4

    1)Earn-out results have been reclassified from Other expenses to Other gains and losses

    Condensed consolidated statement of financial position

    Condensed consolidated statement of financial position

    in millions of €

      31 December 2024 31 December 2023
    Assets    
    Non-current assets 409.2 413.6
    Property, plant and equipment 24.3 17.0
    Goodwill 192.6 187.1
    Intangible assets 167.0 176.3
    Non-current financial assets 4.9 30.8
    Deferred tax asset 7.6 2.3
    Investment in joint venture and associate 12.8 0.1
         
    Current assets 299.6 238.4
    Trade and other receivables 208.4 196.7
    Current tax assets 0.6 1.4
    Cash and cash equivalents 90.6 40.3
    Total assets 708.8 652.0
         
    Equity    
    Share capital 1.2 1.2
    Share premium 143.6 140.2
    Legal reserve 33.2 27.7
    Share based payment reserve 12.6 12.7
    Currency translation reserve (1.0) (1.9)
    Fair value through OCI (0.8) –
    Retained earnings (117.1) (75.6)
    Shareholders’ equity 71.7 104.3
    Non-controlling interest 6.2 5.3
    Total equity 77.9 109.6
         
    Liabilities    
    Non-current liabilities 310.9 220.1
    Borrowings 256.0 161.9
    Lease liabilities 12.7 10.1
    Provisions 1.6 1.6
    Deferred tax liability 25.3 30.0
    Other non-current liability 15.3 16.5
         
    Current liabilities 320.0 322.3
    Borrowings 19.2 8.4
    Provisions 2.2 3.6
    Trade payables 136.9 142.0
    Accrued liabilities 97.5 112.7
    Current tax liabilities 14.0 13.4
    Lease liabilities 6.7 4.2
    Other current liabilities 43.5 38.0
    Total liabilities 630.9 542.4
    Total equity and liabilities 708.8 652.0

    Condensed consolidated statement of cash flow

    Condensed consolidated statement of cash flow

    In millions of €

      Q4 Q4 FY FY
      2024 2023 2024 2023
    Cash flows from operating activities        
    Operating profit / (loss) 7.1 6.1 (2.4) 72.8
    Adjustments for operating profit / (loss):        
    Depreciation and amortisation & Impairments 15.5 13.9 47.8 46.4
    Movements in provisions per profit and loss (0.1) 0.9 1.1 8.8
    Gain on sale of social card game portfolio – – – (72.6)
    Loss on sale of subsidiaries – 0.1 – 0.1
    Share-based payments expense – 0.1 0.4 0.8
    Adjustment for acquisitions and disposals presented under investing activities – – 5.7 (2.9)
             
    Changes in working capital items:         
    (Increase)/Decrease in trade and other receivables (7.6) (6.4) 19.9 12.2
    Increase (decrease) in trade payables and other payables 4.9 25.0 (32.5) 14.8
             
    Utilisation of provisions (0.3) (3.1) (3.1) (9.9)
    Interest received 0.2 0.3 1.1 0.3
    Interest paid (8.5) (3.2) (26.8) (17.2)
    Income tax paid (1.2) (2.7) (4.2) (3.7)
    Net cash provided by (used for) operating activities 10.0 31.0 7.0 49.9
             
    Cash flows from investing activities        
    Payments for property, plant and equipment (0.3) (0.1) (0.8) (1.5)
    Payments for intangibles (6.2) (3.7) (20.0) (23.3)
    Net cash outflow on acquisition of subsidiaries (11.7) (10.8) (27.7) (43.9)
    Net cash inflow/(outflow) from sale of business – – 11.2 66.0
    Distributions from equity method investees – – 0.5 –
    Net cash outflow on acquisition of securities and equity investments – – – (2.6)
    Net cash provided by (used for) investing activities (18.2) (14.6) (36.8) (5.3)
             
    Cash flows from financing activities        
    Proceeds from external borrowings 34.5 162.6 92.1 163.1
    Repayment of external borrowings (0.1) (200.7) (3.3) (204.3)
    Payment of principal portion of lease liabilities (2.9) (1.8) (7.7) (6.8)
    Early cancelation of lease liability – – – (1.5)
    Dividends paid to shareholders of non-controlling interests – – (0.2) (0.4)
    Costs related to the issuance of new bond – (3.5) – (3.5)
    Fees and costs related to the redemption of the old bond – (1.5) – (1.5)
    Other inflows (outflows) from financing activities – (0.5) – (0.5)
    Net cash provided by (used for) financing activities 31.5 (45.4) 80.9 (55.4)
             
    Net increase/(decrease) in cash and cash equivalents 23.3 (29.0) 51.1 (10.8)
    Effect of changes in exchange rates on cash and cash equivalents (1.0) 0.1 (0.8) 0.2
    Cash and cash equivalents at the beginning of the period 68.3 69.2 40.3 50.9
    Cash and cash equivalents at the end of the period 90.6 40.3 90.6 40.3

    Definitions

    Adjusted EBITDA represents Operating Profit / (Loss) excluding depreciation, amortisation, impairment of non-current assets, restructuring and acquisition related expenses and other items at management discretion, principally those assessed as extraordinary items or non-recurring items which are not in line with the ordinary course of business.

    Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of Revenue.

    Average gross revenue per million processed ad requests across Azerion Platform is calculated by dividing gross advertising revenue (processed by Azerion’s advertising auction and monetisation platforms) by a million advertisement requests processed by Azerion’s advertising  auction and monetisation platforms.

    Average time in game per day measures how many minutes per day, on average, the players of Premium Games spend in the games. This demonstrates their engagement with the games, which generates more opportunities to grow the ARPDAU.

    Average DAUs represents average daily active users, which is the number of distinct users per day averaged across the relevant period.

    ARPDAU represents Average Revenue per Daily Active User, which is revenue per period divided by days in the period divided by average daily active users in that period and represents average per user in-game purchases for the period.

    Financial Indebtedness represents as defined in the terms and conditions of the Senior Secured Callable Floating Rate Bonds ISIN: NO0013017657 any indebtedness in respect of:

    • monies borrowed or raised, including Market Loans;
    • the amount of any liability in respect of any Finance Leases;
    • receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis);
    • any amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing;
    • any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price (and, when calculating the value of any derivative transaction, only the mark to market value shall be taken into account, provided that if any actual amount is due as a result of a termination or a close-out, such amount shall be used instead);
    • any counter indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution; and
    • (without double counting) any guarantee or other assurance against financial loss in respect of a type referred to in the above paragraphs (1)-(6).

    Net Interest-bearing debt as defined in the terms and conditions of the Senior Secured Callable Floating Rate Bonds ISIN: NO0013017657 means the aggregate interest-bearing Financial Indebtedness less cash and cash equivalents (including any cash from a Subsequent Bond Issue standing to the credit on the Proceeds Account or another escrow arrangement for the benefit of the Bondholders) of the Group in accordance with the Accounting Principles (for the avoidance of doubt, excluding any Bonds owned by the Issuer, guarantees, bank guarantees, Subordinated Loans, any claims subordinated pursuant to a subordination agreement on terms and conditions satisfactory to the Agent and interest-bearing Financial Indebtedness borrowed from any Group Company) as such terms are defined in the terms and conditions of the Senior Secured Callable Floating Rate Bonds ISIN: NO0013017657.

    Operating expenses are defined as the aggregate of personnel costs and other expenses as reported in the statement of profit or loss and other comprehensive income. More details on the reporting of cost by nature can be found in the published annual financial statements of 2023.

    Operating Profit / (Loss) represents revenue less costs of services and materials, operating expenses, depreciation and amortisation and other gains and losses.

    Disclaimer and Cautionary Statements

    This communication contains information that qualifies as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

    This communication may include forward-looking statements. All statements other than statements of historical facts are, or may be deemed to be, forward-looking statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Azerion to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. Words and expressions such as aims, ambition, anticipates, believes, could, estimates, expects, goals, intends, may, milestones, objectives, outlook, plans, projects, risks, schedules, seeks, should, target, will or other similar words or expressions are typically used to identify forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks, uncertainties and other factors that are difficult to predict and that could cause the actual results, performance or events to differ materially from future results expressed or implied by such forward-looking statements contained in this communication. Readers should not place undue reliance on forward-looking statements.

    Any forward-looking statements reflect Azerion’s current views and assumptions based on information currently available to Azerion’s management. Forward-looking statements speak only as of the date they are made and Azerion does not assume any obligation to update or revise such statements as a result of new information, future events or other information, except as required by law.

    The interim financial results of Azerion Group N.V. as included in this communication are required to be disclosed pursuant to the terms and conditions of the Senior Secured Callable Floating Rate Bonds ISIN: NO0013017657.

    This report has not been reviewed or audited by Azerion’s external auditor.

    Certain financial data included in this communication consist of alternative performance measures (“non-IFRS financial measures”), including Adjusted EBITDA. The non-IFRS financial measures, along with comparable IFRS measures, are used by Azerion’s management to evaluate the business performance and are useful to investors. They may not be comparable to similarly titled measures as presented by other companies, nor should they be considered as an alternative to the historical financial results or other indicators of Azerion Group N.V.’s cash flow based on IFRS. Even though the non-IFRS financial measures are used by management to assess Azerion Group N.V.’s financial position, financial results and liquidity and these types of measures are commonly used by investors, they have important limitations as analytical tools, and the recipients should not consider them in isolation or as a substitute for analysis of Azerion Group N.V.’s financial position or results of operations as reported under IFRS.

    For all definitions and reconciliations of non-IFRS financial measures please also refer to www.azerion.com/investors.

    This report may contain forward-looking non-IFRS financial measures. The Company is unable to provide a reconciliation of these forward-looking non-IFRS financial measures to the most comparable IFRS financial measures because certain information needed to reconcile those non-IFRS financial measures to the most comparable IFRS financial measures is dependent on future events some of which are outside the control of Azerion. Moreover, estimating such IFRS financial measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-IFRS financial measures in respect of future periods which cannot be reconciled to the most comparable IFRS financial measure are calculated in a manner which is consistent with the accounting policies applied in Azerion Group N.V.’s consolidated financial statements.

    This communication does not constitute an offer to sell, or a solicitation of an offer to buy, any securities or any other financial instruments.

    Contact

    Investor Relations: ir@azerion.comMedia relations: press@azerion.com 

    Attachment

    The MIL Network –

  • MIL-OSI Russia: Government restricts gasoline exports until August 31

    Translartion. Region: Russians Fedetion –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Resolution of February 26, 2025 No. 229

    Document

    Resolution of February 26, 2025 No. 229

    The government is introducing a ban on the export of motor gasoline from March 1 to August 31 inclusive. The decree on this has been signed.

    The restriction will not apply to supplies carried out directly by producers of petroleum products.

    The decision was made to maintain a stable situation on the domestic fuel market, support the oil refining economy, and counteract the grey export of motor gasoline.

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

    MIL OSI Russia News –

  • MIL-OSI Security: Met publishes new Stop and Search Charter

    Source: United Kingdom London Metropolitan Police

    The Met has published a new Stop and Search Charter, shaping the future of how one of policing’s most effective but contentious tactics is used in London.

    The charter, which was co-produced with communities, is the product of a year and a half of engagement with more than 8,500 Londoners of all ages, ethnicities and backgrounds. It is the first time a set of formal commitments on how stop and search is carried out has been agreed to and published in this way.

    Over the past four years, 17,500 weapons were seized as a result of stop and search, including at least 3,500 in 2024. Polling shows that up to 68 per cent of Londoners, including young Londoners, support its use.

    But that support varies depending on who is asked. Many Black Londoners, for example, have told us that stop and search creates tensions between their communities and the police. However, people living in those same communities, which are often among those that suffer most from serious violence and drug-related crime, also tell us that they want us to do more to keep them safe.

    Commissioner Sir Mark Rowley said: “Stop and search is a critical policing tool. Done well, it stops those intent on causing death, injury and fear in our communities. It takes dangerous weapons and drugs off our streets and in doing so, it saves lives.

    “Done badly, it has the potential to burn through trust with those we are here to protect, undermining our founding principle of ‘policing by consent’ and damaging our efforts to keep the public safe.

    “The charter is not about doing less stop and search. It is about doing it better by improving the quality of encounters, informed by the views of the public it is intended to protect.

    “Many of our officers already use their powers in this area very well. They show empathy, they de-escalate and they understand the impact that being stopped and searched can have. They do all that while still recovering dangerous weapons and seizing drugs.

    “The charter commits us to supporting all our officers, through improved training, more supervision and better access to technology, so they can meet that high standard their colleagues are setting.

    “It also gives the community a greater role in the oversight of how, when and where stop and search is used which we hope will help to build trust in a policing tactic that, so often, has been at the root of mistrust.”

    The creation of a Stop and Search Charter was recommended by Baroness Casey in her 2023 review into the culture and standards of the Metropolitan Police.

    The extensive engagement that led to its publication included events held in all 32 London boroughs, three events at New Scotland Yard and open public online sessions.

    The themes that emerged from those engagement events were tested against a wider audience of 8,500 Londoners in a series of surveys.

    The final writing of the charter was led by 80 young people aged between 16 and 23 who were invited to New Scotland Yard to interpret feedback and bring the document together. The charter uses as much of their language and phrasing as possible, in particular where the ‘community expectation’ under each commitment is set out.

    Sir Mark added:“If we are to take the fight to those intent on causing serious violence, fear and intimidation across London then stop and search must form part of that effort. If we allow its contentious nature and the concerns associated with it to force us into doing less of it, then only the criminals win.

    “This charter is particularly powerful because it has been written with communities. We’re immensely grateful to all who stepped forward to work with us. We are committed to this change and to further rebuilding trust by continuing the conversations that have made it possible so far.”

    The charter includes the following commitments:

    A focus on the quality of stop and search encounters

    The MPS will commit to making sure that officers do Stop and Search with professionalism, showing basic forms of respect. Communication and tone are important and the MPS will make sure that officers understand what it feels like to be searched, build relationships with the community and make sure that other officers step in if not done correctly.

    Improved training for officers

    The MPS will commit to improving training so that officers better understand their local community, especially those with protected characteristics. It will train officers to improve communication so it is more professional and empathetic and make sure that officers are confident in de-escalation, humility and delivering GOWISELY*.

    *GOWISELY is a mnemonic used by officers which represents the minimum information to be given during a stop and search. It stands for Grounds for the search, Object/s being searched for, Warrant card to be shown (if the officer isn’t in uniform or if it is requested), Identity of the officer (eg name and shoulder number), Station the officer is based at, Entitlement to a record of the search, Legal power used for the search, making clear that You (the person who has been stopped) are detained for the purpose of a search.

    Improved supervision for officers

    The MPS will commit to a more robust supervision process and a generally more holistic and inclusive approach to Stop and Search. It will conduct regular and random reviews of Stop and Searches and ensure the consequences for poor Stop and Search are effective and allow for progression and change.

    Improved handling of complaints

    The MPS will commit to making sure the complaints process is clearly communicated and accessible to everyone. It will prevent internal bias by ensuring the community are involved with decision making in the complaints process and provide accessible statistics that clearly show how different people are affected.

    Better use of technology 

    The MPS will commit to improving its use of technology to make data and processes more accessible, make feedback easier and explore the possible use of artificial intelligence to identify trends.

    Enhanced independent governance and scrutiny 

    The MPS will commit to independent and consistent community involvement in governance and scrutiny.

    Community involvement in where, when and why stop and search is being used 

    The MPS will commit to working with local communities to regularly discuss when and where Stop and Search is being used. They must listen to the concerns of the community and explain why it is being used to reduce fear and show that it is being used fairly and without prejudice.

    Achieving a better public understanding of stop and search 

    The MPS will commit to educating all Londoners of all ages by way of different communication streams on their rights, the correct process, the reason behind each Stop and Search and raise awareness in general on the power.

    A copy of the charter document is attached to this press release.

    MIL Security OSI –

  • MIL-OSI:   Ageas reports full-year results 2024

    Source: GlobeNewswire (MIL-OSI)

    Ageas reports full-year results 2024

    • Successful completion of Impact24, delivering on all financial targets
    • Strong commercial performance accelerated across businesses and segments, resulting in a 10% growth
    • Continued strengthening of the business profitability leading to a Net Operating Result of EUR 1.24 billion, at the top half of the 2024 full-year guidance
    • Holding cash position above EUR 1.0 billion
    • Proposed total dividend of EUR 3.50 per share. Final dividend of EUR 2.00 per share
    Key Figures 2024
    Result
    • Net Operating Result of EUR 1,240 million, representing a Return on Equity of 16.3%
    • Net Result of EUR 1,118 million
    • Operational Capital Generation of EUR 2.2 billion
    • Operational Free Capital Generation of EUR 1.5 billion
    Inflows
    (at constant exchange rate and constant scope)
    • Inflows amounted to EUR 18.5 billion, representing a strong growth of +10%
    • Life inflows rose to EUR 11.7 billion (+9%) thanks to a return to growth in Belgium and Europe and a maintained solid performance in Asia
    • Non-Life inflows increased to EUR 6.8 billion (+14%) with significant business growth in all segments and product lines
    Operating Performance
    • Combined ratio of 93.3%
      • Guaranteed Margin of 149 bps and Unit Linked Margin of 41 bps
    Balance Sheet
    • Comprehensive Equity of EUR 16.1 billion or EUR 88.14 per share
    • Pillar II Solvency II ratio improved, reaching 218%, well above the Group’s neutral risk appetite
    • General account Total Liquid Assets as at 31 December 2024 stood at EUR 1,066 million
    • Life Liabilities excl. UG/L stood at EUR 91.4 billion
    Non-financial and Sustainability Targets
     
    • During the Impact24 cycle, Ageas’s scores from the six ESG rating agencies assessing the Group significantly improved, reaching Top Quartile with one.
    • 29% of Gross Written Premiums comes from sustainable products, while EUR 14,6 billion was invested in sustainable assets.
    • Six entities have achieved a Top Quartile cNPS score and five a Top Quartile eNPS score.
    • Significant progress has been made in diversifying distribution, encompassing both agency and digital platforms.

    Hans De Cuyper, CEO Ageas: “I am very pleased to announce an excellent performance in 2024. We grew inflows considerably, increased the profitability of our business and secured a Net Operating Result of 1.24 billion euro at the upper half of our guidance, while maintaining a strong cash and solvency position. This strong performance enables us to announce a total gross cash dividend of 3.50 euro for 2024, consistent with our Impact24 commitment. I am also proud that we successfully completed our Impact24 strategic cycle, achieving sustainable growth, strengthening profitability, and diversifying cash flows, while meeting all financial targets and most non-financial ones. While we have made significant progress in various aspects of our business, I am especially pleased that our ESG efforts have been recognised by rating agencies, which has led to the inclusion of the Ageas share in the BEL®ESG index. Barring unforeseen circumstances, we anticipate a cash upstream from the business between 850 to 900 million euro in 2025, giving us a good starting position to meet our Elevate27 dividend commitment.”

    Attachment

    The MIL Network –

  • MIL-OSI: BW Offshore: Fourth quarter and full year results 2024

    Source: GlobeNewswire (MIL-OSI)

    Fourth quarter and full year results 2024

    HIGHLIGHTS

    • Q4 EBITDA USD 72 million and 2024 EBITDA USD 318 million in line with guidance
    • Strong commercial performance with Q4 operating cashflow of USD 79 million and 2024 operating cashflow of USD 363 million
    • Robust balance sheet with an equity ratio 30.8% and USD 540 million in available liquidity
    • Q4 cash dividend raised to USD 0.14 per share
    • Increased cash flow in sight with Barossa FPSO on track for April sail-away
    • Full-year 2025 EBITDA guidance in the range of USD 220-250 million

    BW Offshore continues to progress the Barossa project according to schedule and well within the updated budget. As of end January 2025, construction and integration was 99% complete and commissioning at 85% completion. The vessel is currently being prepared for sail-away in late April. The FPSO is on track for first gas in mid-2025.

    For 2025, BW Offshore expects to report EBITDA in the range of USD 220 to 250 million. The EBITDA outlook reflects the firm backlog for BW Adolo and BW Catcher and the expected start of IFRS revenue recognition from BW Opal at full practical completion during the fourth quarter. Dayrate received for the BW Opal during the start-up and early production phase from mid-2025 will be amortised over the 15-year contract period. Contract negotiations for BW Pioneer are progressing well, however no guidance on EBITDA has been included beyond firm contract.

    The Board of Directors has declared a quarterly cash dividend of USD 0.14 per share. The shares will trade ex-dividend from 3 March 2025. Shareholders recorded in VPS following the close of trading on Oslo Børs on 4 March 2025, will be entitled to the distribution payable on or around 11 March 2025. The total dividend for 2024 amounts to USD 59.2 million, equal to 50% of net Income for the year.

    “We continue to maintain a strong balance sheet supported by consistent high commercial uptime and robust cash generation from the fleet with 2024 EBITDA above initial guidance. Our commitment to returning value to shareholders stands firm as reflected in the increased fourth-quarter dividend, and a total distribution for 2024 reflecting 50% of net profit for a second consecutive year,” said Marco Beenen, CEO of BW Offshore. “As BW Opal progresses to schedule and soon departs the yard in Singapore for the Barossa field, we are moving ahead with potential new FPSO projects that meet our selection criteria in a market with high tendering and FEED activity.”

    FINANCIALS
    EBITDA for the fourth quarter of 2024 was USD 71.9 million (USD 83.2 million in Q3). The EBITDA reflects solid operational performance across the FPSO fleet. Third quarter EBITDA was higher due to the final contribution from engineering and design work on the Sakarya project.

    EBIT for the fourth quarter was USD 30.8 million (USD 37.6 million).

    Net financial items were positive at USD 19.4 million (negative USD 16.4 million), of which net interest expense amounted to USD 3.0 million (USD 4.3 million). Fourth quarter was impacted by the recognition of a valuation gain on the finance liability related to the Barossa project, due to changes in timing of future expected cash flows and a positive mark-to-market adjustment on interest rate hedges resulting from an increase in swap rates.

    The share of loss from equity-accounted investments was USD 9.5 million, including a valuation adjustment on the Barossa finance receivable related to changes in timing of future expected cash flows (loss of USD 5.7 million).

    Net profit for the fourth quarter increased significantly to USD 40.8 million (USD 13.0 million).

    Total equity as of 31 December 2024 was USD 1 246.6 million (USD 1 208.6 million). The equity ratio was 30.8% at the end of the quarter (29.6%).

    As a result of strong cash generation from the fleet and the sale of BW Energy shares in 2024, the Company was net cash positive by USD 74.4 million as of 31 December 2024 (USD 38.4 million net cash positive at the end of September).

    Available liquidity was USD 540 million, excluding consolidated cash from BW Ideol and including USD 233.8 million available under the corporate loan facility.

    FPSO OPERATIONS
    The FPSO fleet continued to deliver stable uptime in the quarter with a weighted average fleet uptime of 99.2% (98.9% in the third quarter).

    BW Adolo delivered strong commercial performance as fourth quarter production increased to 37,150 barrels per day (bbls/day), resulting in strong cash flow stemming from the tariff under the contract that generate USD 1.5/bbl for the first 20,000 bbls/day of production and USD 3/bbl for production beyond 20,000 bbls/day.

    Performance from BW Catcher and BW Pioneer was stable and consistent with high commercial uptime.

    FPSO PROJECTS
    In January, BW Offshore was selected to perform the pre-FEED study for the Bay du Nord FPSO project by Equinor. The project reflects BW Offshore’s expertise in floating production solutions for harsh environment conditions, and commitment to delivering sustainable and innovative solutions. The pre-FEED study will play an important role in supporting Equinor’s strategic goals for the Bay du Nord development.

    LOW CARBON ENERGY SOLUTIONS
    BW Offshore is committed to contribute to the energy transition by developing low-carbon offshore energy production solutions, by leveraging FPSO expertise to deliver low-carbon energy and expand into new sectors, focusing on low-emission oil and gas, CO2 transport, gas-to-power and floating ammonia to meet evolving energy demands. The Company maintains a disciplined approach with selective and diligent allocation of capital and a commitment to creating shareholder value.

    BW Offshore also owns 64% of BW Ideol. BW Ideol is a leader in offshore floating wind technology and co-development, with over 14 years of experience in the development of floating wind projects.

    In December, BW Ideol’s project partners, EDF Renewables and Maple Power, were awarded the Mediterranean Tender (AO6) floating offshore wind project in France. The 250-megawatt (MW) development will leverage BW Ideol’s proprietary Damping Pool® technology, a proven solution that optimises the stability and performance of floating wind turbines in challenging marine environments. A total of 12 floating foundations and turbines are planned to be installed at the site.

    OUTLOOK
    Growing energy demand continues to drive interest in developing new infrastructure-type FPSO projects with long production profiles, low break-even costs and focus on lower emissions. Increased project complexity, combined with higher construction costs, necessitates financial structures with significant day rate prepayments during the construction period for new lease and operate projects.

    Alternatively, oil and gas majors may finance and own FPSOs, relying on FPSO specialists for the design, construction and installation scope, combined with operation and maintenance services. BW Offshore is well positioned to offer both solutions.

    In recent years, the number of sanctioned FPSO projects have lagged market expectations. Consequently, there is a growing number of projects at various stages of maturity, reflecting a pent-up demand for FPSOs. Increased FEED and tendering activity is a function of this, and BW Offshore expects that a number of the FPSO projects the Company is engaging with will reach a final investment decision over the next 12 to 36 months. The market dynamics, combined with the high competence levels required for project execution, should enable better risk-reward and improved margins for FPSO companies going forward.

    BW Offshore continues to selectively evaluate new projects that meet required return targets, offer contracts with no residual value risk after firm period, and provide a financeable structure with strong national or investment-grade counterparties.

    BW Offshore expects that the fleet will continue to generate significant cash flows in the time ahead, supported by the USD 5.3 billion firm contract backlog at the end of December 2024.

    Please see attached the Q4 Presentation. The earnings tables are available at:

    https://www.bwoffshore.com/ir/

    BW Offshore will host a webcast of the financial results 09:00 (CET) today. The presentation will be given by CEO Marco Beenen and CFO Ståle Andreassen.

    Webcast information:
    You can follow the presentation via webcast with supporting slides and a Q&A module, available on:

    BW Offshore Limited – Q4 Presentation Webcast

    Please note, that if you follow the webcast via the above URL, you will experience a 30 second delay compared to the main conference call. The web page works best in an updated browser – Chrome is recommended.

    For further information, please contact:
    Ståle Andreassen, CFO, +47 91 71 86 55
    IR@bwoffshore.com or www.bwoffshore.com

    About BW Offshore:
    BW Offshore engineers innovative floating production solutions. The Company has a fleet of 3 FPSOs with potential and ambition to grow. By leveraging four decades of offshore operations and project execution, the Company creates tailored offshore energy solutions for evolving markets world-wide. BW Offshore has around 1,100 employees and is publicly listed on the Oslo Stock Exchange.

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

    Attachments

    The MIL Network –

  • MIL-OSI Security: Met publishes new charter shaping the future of stop and search

    Source: United Kingdom London Metropolitan Police

    The Met has published a new Stop and Search Charter, shaping the future of how one of policing’s most effective but contentious tactics is used in London.

    The charter, which was co-produced with communities, is the product of a year and a half of engagement with more than 8,500 Londoners of all ages, ethnicities and backgrounds. It is the first time a set of formal commitments on how stop and search is carried out has been agreed to and published in this way.

    Over the past four years, 17,500 weapons were seized as a result of stop and search, including at least 3,500 in 2024. Polling shows that up to 68 per cent of Londoners, including young Londoners, support its use.

    But that support varies depending on who is asked. Many Black Londoners, for example, have told us that stop and search creates tensions between their communities and the police. However, people living in those same communities, which are often among those that suffer most from serious violence and drug-related crime, also tell us that they want us to do more to keep them safe.

    Commissioner Sir Mark Rowley said: “Stop and search is a critical policing tool. Done well, it stops those intent on causing death, injury and fear in our communities. It takes dangerous weapons and drugs off our streets and in doing so, it saves lives.

    “Done badly, it has the potential to burn through trust with those we are here to protect, undermining our founding principle of ‘policing by consent’ and damaging our efforts to keep the public safe.

    “The charter is not about doing less stop and search. It is about doing it better by improving the quality of encounters, informed by the views of the public it is intended to protect.

    “Many of our officers already use their powers in this area very well. They show empathy, they de-escalate and they understand the impact that being stopped and searched can have. They do all that while still recovering dangerous weapons and seizing drugs.

    “The charter commits us to supporting all our officers, through improved training, more supervision and better access to technology, so they can meet that high standard their colleagues are setting.

    “It also gives the community a greater role in the oversight of how, when and where stop and search is used which we hope will help to build trust in a policing tactic that, so often, has been at the root of mistrust.”

    The creation of a Stop and Search Charter was recommended by Baroness Casey in her 2023 review into the culture and standards of the Metropolitan Police.

    The extensive engagement that led to its publication included events held in all 32 London boroughs, three events at New Scotland Yard and open public online sessions.

    The themes that emerged from those engagement events were tested against a wider audience of 8,500 Londoners in a series of surveys.

    The final writing of the charter was led by 80 young people aged between 16 and 23 who were invited to New Scotland Yard to interpret feedback and bring the document together. The charter uses as much of their language and phrasing as possible, in particular where the ‘community expectation’ under each commitment is set out.

    Sir Mark added:“If we are to take the fight to those intent on causing serious violence, fear and intimidation across London then stop and search must form part of that effort. If we allow its contentious nature and the concerns associated with it to force us into doing less of it, then only the criminals win.

    “This charter is particularly powerful because it has been written with communities. We’re immensely grateful to all who stepped forward to work with us. We are committed to this change and to further rebuilding trust by continuing the conversations that have made it possible so far.”

    The charter includes the following commitments:

    A focus on the quality of stop and search encounters

    The MPS will commit to making sure that officers do Stop and Search with professionalism, showing basic forms of respect. Communication and tone are important and the MPS will make sure that officers understand what it feels like to be searched, build relationships with the community and make sure that other officers step in if not done correctly.

    Improved training for officers

    The MPS will commit to improving training so that officers better understand their local community, especially those with protected characteristics. It will train officers to improve communication so it is more professional and empathetic and make sure that officers are confident in de-escalation, humility and delivering GOWISELY*.

    *GOWISELY is a mnemonic used by officers which represents the minimum information to be given during a stop and search. It stands for Grounds for the search, Object/s being searched for, Warrant card to be shown (if the officer isn’t in uniform or if it is requested), Identity of the officer (eg name and shoulder number), Station the officer is based at, Entitlement to a record of the search, Legal power used for the search, making clear that You (the person who has been stopped) are detained for the purpose of a search.

    Improved supervision for officers

    The MPS will commit to a more robust supervision process and a generally more holistic and inclusive approach to Stop and Search. It will conduct regular and random reviews of Stop and Searches and ensure the consequences for poor Stop and Search are effective and allow for progression and change.

    Improved handling of complaints

    The MPS will commit to making sure the complaints process is clearly communicated and accessible to everyone. It will prevent internal bias by ensuring the community are involved with decision making in the complaints process and provide accessible statistics that clearly show how different people are affected.

    Better use of technology 

    The MPS will commit to improving its use of technology to make data and processes more accessible, make feedback easier and explore the possible use of artificial intelligence to identify trends.

    Enhanced independent governance and scrutiny 

    The MPS will commit to independent and consistent community involvement in governance and scrutiny.

    Community involvement in where, when and why stop and search is being used 

    The MPS will commit to working with local communities to regularly discuss when and where Stop and Search is being used. They must listen to the concerns of the community and explain why it is being used to reduce fear and show that it is being used fairly and without prejudice.

    Achieving a better public understanding of stop and search 

    The MPS will commit to educating all Londoners of all ages by way of different communication streams on their rights, the correct process, the reason behind each Stop and Search and raise awareness in general on the power.

    A copy of the charter document is attached to this press release.

    MIL Security OSI –

  • MIL-OSI: Bigbank AS Results for January 2025

    Source: GlobeNewswire (MIL-OSI)

    Bigbank started 2025 with continued growth and strong profitability.

    The loan portfolio growth was driven by focus products: the home loan portfolio increased by 18 million euros and the business loan portfolio by 11 million euros in a month. The consumer loan portfolio remained close to the level at the end of 2024, growing by 1 million euros over the month. In total, the loan portfolio grew by nearly 30 million euros in the first month of the year.

    The deposit portfolio grew even more in January. In a declining interest rate environment, Bigbank offered attractive deposit rates on both term and savings deposits across all its home markets. As a result, the portfolios of both deposit products increased by more than 75 million euros, bringing the bank’s total deposit portfolio growth to 151 million euros. This is a strong result that confirms Bigbank’s ability to significantly expand its depositor customer base and grow its deposit portfolio even in a short period.

    Interest income increased compared to January of the previous year – the positive impact of the larger loan portfolio outweighed the negative impact of the declining interest rate environment on interest income. At the same time, interest expenses also increased significantly due to the growth of the deposit portfolio. As a combined effect of these factors, net interest income in January amounted to 8.5 million euros, which was 0.6 million euros lower than in January of the previous year.

    A positive development was that, despite the significantly increased loan portfolio, the net cost of expected credit losses and provisions decreased by 0.4 million euros compared to January of the previous year, totaling 1.8 million euros. The credit quality of the loan portfolio remained at a similar level to the end of 2024.

    Net profit for January was 3.0 million euros – considering the continuing decline in the interest rate environment and the resulting pressure on net interest income, this is a solid result. Several positive developments stood out: compared to January 2024, operating expenses remained at the same level, and net fee and commission income increased by 0.1 million euros. A negative development was the increase in income tax expenses by 0.3 million euros, primarily due to the higher income tax rates that came into effect in Estonia and Lithuania at the beginning of 2025.

    Bigbank’s financial results for January 2025:

    • Deposits from customers and loans received increased by 550 million euros year-on-year, reaching 2.55 billion euros (+27%).
    • Loans to customers grew by 535 million euros year-on-year, reaching 2.22 billion euros (+32%).
    • Net interest income in January was 8.5 million euros, decreasing by 0.6 million euros compared to January of the previous year (-7%).
    • Net allowance for expected credit losses and provision expenses amounted to 1.8 million euros in January, which is 0.4 million euros less than a year ago (-18%).
    • Net profit for January was 3.0 million euros, decreasing by 0.2 million euros compared to the same period in 2024 (-7%).
    • Return on equity in January was 13.4%.
    Income statement, in thousands of euros Jan 2025 YTD25 YTD24 Difference YoY
    Total net operating income, incl. 9,334 9,334 9,675 -341 -4%
    Net interest income 8,479 8,479 9,087 -608 -7%
    Net fee and commission income 833 833 722 112 +15%
    Total expenses, incl. -3,924 -3,924 -3,918 -7 +0%
    Salaries and associated charges -2,406 -2,406 -2,214 -191 +9%
    Administrative expenses -826 -826 -1,025 199 -19%
    Profit before loss allowances 5,409 5,409 5,757 -348 -6%
    Net allowance for expected credit losses and provision expenses -1,773 -1,773 -2,150 378 -18%
    Income tax expense -615 -615 -358 -257 +72%
    Profit for the period from continuing operations 3,022 3,022 3,248 -226 -7%
    Profit or loss before tax from discounted operations 0 0 0 0  
    Profit for the period 3,022 3,022 3,248 -226 -7%
               
               
    Business volumes, in thousands of euros Jan 2025 YTD25 YTD24 Difference YoY
    Customer deposits and loans received 2,552,433 2,552,433 2,002,513 549,920 +27%
    Loans to customers 2,222,375 2,222,375 1,687,528 534,847 +32%
               
    Key figures Jan 2025 YTD25 YTD24 Difference YoY
    ROE 13.4% 13.4% 15.5% -2.1pp  
    Cost / income ratio (C/I) 42.0% 42.0% 40.5% +1.6pp  
    Net promoter score (NPS) 58 58 57 +1  

    Compared to the financial results published for January 2024, the net interest income and the net allowance for expected credit losses for the prior period have been adjusted, both reduced by 0.3 million euros. The adjustment is related to an identified error, where interest income from impaired financial assets had been accrued on the gross exposure of the financial assets, rather than on net basis. This correction does not impact the net profit for January 2024.

    Bigbank AS (www.bigbank.eu), with over 30 years of operating history, is a commercial bank owned by Estonian capital. As of 31 January 2025, the bank’s total assets amounted to 2.9 billion euros, with equity of 273 million euros. Operating in nine countries, the bank serves more than 168,000 active customers and employs over 500 people. The credit rating agency Moody’s has assigned Bigbank a long-term bank deposit rating of Ba1, along with a baseline credit assessment (BCA) and an adjusted BCA of Ba2.

    Argo Kiltsmann
    Member of the Management Board
    Tel: +372 53 930 833
    Email: Argo.Kiltsmann@bigbank.ee 
    www.bigbank.ee

    The MIL Network –

  • MIL-OSI: Unifiedpost delivers on strategic refocus and improves balance sheet strength

    Source: GlobeNewswire (MIL-OSI)

    Press  release – Regulated information –  Inside inforrmation

    La Hulpe, Belgium – February 27, 2025, 7:00 a.m. CET – [REGULATED INFORMATION] Unifiedpost Group SA (Euronext: UPG) (Unifiedpost), a leading provider of integrated business communications solutions, presents its results for FY 2024. Unifedpost has executed its strategic priorities, including portfolio rationalisation, while improving its balance sheet strength and operational efficiencies.

    Strategic & Operational Highlights

    • Completed divestments of FitekIN/ONEA and Wholesale Identity Access Business
    • De-risked balance sheet through partial repayment of Francisco Partners’ senior facility loan by €95m
    • Significantly reduced net debt position by ~€ 73m at year-end
    • Enhanced governance structure with a strengthened Board and new CEO
    • Strategic partnerships delivering value creation across key markets

    FY 2024 Financial Highlights – Continuing operations1

    • Reported first contributions from income from client money2 amounting to €0,7m
    • Steady growth in Subscription and Transaction3 revenue of 8,2% y/y and 9,3% y/y, respectively
    • Digital service gross margin (incl. net income from client money) increased by 1,7%pts y/y to 59,7%
    • EBITDA (incl. net income from client money) improved to € -9,2m from € -11,0m in FY 2024

    FY 2025 Guidance (based on current reporting structure)

    • ~25% increase in Subscription revenue, with a gradual improvement expected throughout the year
    • FCF4 positive by year-end

    Commenting on the FY 2024 results, Nicolas de Beco, CEO, remarked: “2024 was marked by strategic refocusing and important structural changes. We have streamlined our business with the completed divestments of FitekIN/ONEA and the Wholesale Identify Access Business, the reduction of complexity and the de-risking of our balance sheet. While our financial performance reflects these necessary adjustments, this marks a key turning point – we have established a solid framework which allows us to move forward with greater clarity and direction. There is strong engagement from our customers, teams, and stakeholders.

    Looking to 2025, we have a clear roadmap and a strong commitment to execution. Our focus will be on selected geographies where e-invoicing regulations are expected to come into force within the next 12-18 months, strengthening strategic partnerships, and embedding payment solutions as a key upselling driver. At the same time, we remain committed to disciplined cost and cash management. As a SaaS business, accelerating growth remains a priority. We have set clear subscription revenue targets for the next 12 months, and with continued discipline, collaboration, and focus, we are well-placed to make progress on our objectives.”

    Key financial figures – Continuing operations1 (unless otherwise stated)

    (EUR thousands) FY 2024 FY 2023 Change (%)
    Group revenue and income from client money 84.273 94.169 -10,5%
    Digital service revenue 47.132 50.336 -6,4%
               Subscription 14.435 13.343 +8,2%
               Transaction 20.192 18.472 +9,3%
    • of which includes income from client money2
    		 723 – N/A
                Other 12.505 18.521 -32,5%
    Traditional communication service revenue 37.141 43.833 -15,3%
    Gross profit digital services (incl. net income from client money) 28.119 29.207 -3,7%
    Gross margin digital services 59,7% 58,0% +1,7%pts
    EBITDA (incl. net income from client money) (9.204) (11.032) 16,6%
    Profit/(loss) for the period (continuing and discontinuing operations)5 71.195 (83.146) N/A
    Cash and cash equivalents at the end of the period6 14.525 22.534 -35,5%

    Portfolio rationalisation and value crystallisation

    Throughout 2024, Unifiedpost executed several strategic divestments of non-core assets that substantially strengthened its financial position while maintaining valuable commercial partnerships.

    In July, Unifiedpost completed the divestment of FitekIN/ONEA for €7,2m and announced the sale of 21 Grams to PostNord Strålfors, which remains subject to regulatory approval from the Swedish Competition Authority.

    In December, Unifiedpost completed the sale of its Wholesale Identity Access Business to Your.World B.V. for an aggregate equity purchase price projected between € 108,4m and € 116,1m, subject to the realisation of the earn-out condition. Unifiedpost has utilised part of the proceeds from the sale of the Wholesale Identity Access business to reduce its debt obligations to Francisco Partners Credit. Upon completion of the transaction, Unifiedpost repaid a principal amount of €75 million, along with accrued and due interest, bringing the total repayment to €94,8 million. The remaining balance is expected to be paid back within 2025.

    Looking ahead, Unifiedpost will continue to evaluate opportunities for divesting non-digital services as part of its strategic focus on core digital offerings and platform development.

    Digital services business

    Both subscription and transaction revenue reported steady growth of 8,2% and 9,3% y/y, respectively. Meanwhile, other revenue decreased from € 18,5m to € 12,5m, reflecting a higher base effect from one-off deals in Q4 2023, and the ending of low margin professional service contracts.

    The gross margin percentage increased by 1,7% pts y/y to 59,7%, driven by two key factors: (i) improvement in cost efficiencies, and (ii) income from client money.

    The income from client money, results from leveraging our network and upselling embedded payment services. Income from client money amounted to € 0,7m in 2024, with momentum building in the fourth quarter.

    Moving forward, Unifiedpost will focus on accelerating subscription revenue growth as a key performance indicator. This growth will primarily be driven by opportunities in core European geographies where regulatory requirements for e-invoicing and digital business communications are expected to come into force within the next 12-18 months. Unifiedpost is positioned to capitalise on these regulatory catalysts, particularly in Benelux, France and Germany, where mandatory e-invoicing requirements will create market opportunities.

    Furthermore, the European Commission’s VAT in the Digital Age (ViDA) initiative represents a shift in digital reporting and e-invoicing requirements across the EU, creating additional momentum for digital adoption. This regulatory framework will require businesses to implement digital solutions for real-time transaction reporting and e-invoicing, aligning with Unifiedpost’s platform capabilities and market positioning.

    Traditional communication services business

    Traditional communication services revenue decreased as expected (€ 37,1m in FY 2024 compared to € 43,8m in FY 2023), driven by a continued shift towards digital solutions and a decrease in managed service volumes. This led to a corresponding reduction in gross profit of € 2,9m. Additionally, the gross margin percentage decreased by 3,0%pts to 23,9%.

    Execution of cost-saving plan 2023-2024

    Unifiedpost launched a cost-saving plan in 2023, resulting in an overall cost decrease of € 5,9m y/y and a decrease in cash outflows of € 6,9m y/y.

    • R&D expenses decreased from € 18,4m y/y to € 17,0m. The cash component within these costs decreased by € 3,2m, while non-cash expenses (amortisation) rose by € 1,8m.
    • G&A expenses decreased from € 34,0m y/y to € 30,9m. Expenses for 2024 included € 0,7m in non-recurring costs directly associated with legal and consultancy costs.
    • S&M expenses decreased from € 21,1m y/y to € 19,6m.

    Significantly reduced net debt position by ~€73m at year end

    As at December 31, 2024, the net debt position amounts to € 29,5m, a decrease of € 72,9m compared to December 31, 2023.
    At the end of 2024, Unifiedpost reported a financial position with cash and cash equivalents totalling € 14,5m, including € 1,2m of restricted cash.

    Management remains committed to achieving a positive free cash flow7 position by the end of 2025. 

    Statement from the external auditor

    We are currently finalising the financial statements for the year ended 31 December 2024. Our independent auditor has confirmed that its audit procedures in relation to the financial information for the year ended 31 December 2024 as included in this press release are substantially completed and have not revealed any material corrections required to be made to the financial information included in this press release. Should any material changes arise during the audit’s finalisation, an additional press release will be issued.

    Investors & Media webcast

    Management will host a live video webcast for analysts, investors and media today at 11:00 a.m. CET.

    To register and attend the webcast, please click here:

    https://unifiedpost-group-full-year-2024-financial-results.open-exchange.net/registration

    A full replay will be available after the webcast at: https://investors.unifiedpostgroup.com/

    Financial Calendar:

    • 17 April 2025: Publication of the Annual Report for 2024
    • 20 May 2025: General Shareholder Meeting
    • 23 May 2025: Publication of the Q1 2025 business update
    • 26 August 2025: Publication of the H1 2025 results (webcast)

    Contact

    Alex Nicoll
    Investor Relations
    Unifiedpost Group
    alex.nicoll@unifiedpost.com

    Consolidated statement of profit or loss and other comprehensive income (unaudited)

    Thousands of Euro, except per share data   For the period ended 31 December
        2024 2023 (*)
           
    Digital services revenues   46.409 50.336
    Digital services cost of services   (18.874) (21,129)
    Digital services gross profit   27,535 29.207
           
    Traditional communication services revenues   37.141 43.833
    Traditional communication services cost of services   (28.282) (32,075)
    Traditional communication services gross profit   8.859 11.758
           
    Research and development expenses   (17.022) (18.414)
    General and administrative expenses   (30.924) (33.961)
    Selling and marketing expenses   (19.592) (21.074)
    Other income / (expenses) – net   (1.160) (72)
    Net impairment losses   – (39.000)
    Loss from operations   (32.305) (71.556)
           
    Net financial income from client money   584 –
    Financial income   268 62
    Financial expenses   (22.998) (15.441)
    Share of profit / (loss) of associates and joint ventures   146 (573)
    Gain upon losing control over a subsidiary   3,972 –
    Loss before tax   (50.333) (87.508)
           
    Corporate income tax   (846) (745)
    Deferred tax   152 243
    LOSS FOR THE PERIOD FROM CONTINUING OPERATIONS   (51.027) (88.011)
           
    Net profit from discontinued operations   122.222 4.865
    PROFIT / (LOSS) FOR THE PERIOD   71.195 (83.146)
    Other comprehensive income / (loss):   (656) (15)
    Items that will not be reclassified to profit or loss, net of tax:      
    Remeasurements of defined benefit pension obligations   (37) 123
    Items that will or may be reclassified to profit or loss, net of tax:      
    Exchange gains arising on translation of foreign operations   104 36
    Exchange losses arising on translation of foreign operations related to discontinued operations   (723) (174)
    TOTAL COMPREHENSIVE PROFIT / (LOSS) FOR THE PERIOD   70.539 (83.161)
    Total loss for the period is attributable to:      
    Owners of the parent   71,031 (83,899)
    Continuing operations   (51,191) (88,764)
    Discontinued operations   122,222 4,865
    Non-controlling interests   164 753
    Total comprehensive loss for the period is attributable to:      
    Owners of the parent   70,375 (83,914)
    Continuing operations   (51,124) (88,604)
    Discontinued operations   121,499 4,690
    Non-controlling interests   164 753
    Profit/(loss) per share attributable to the equity holders of the parent:      
    Basic   1,94 (2,32)
    Diluted   1,94 (2,32)
    Loss from continuing operations per share attributable to the equity holders of the parent:      
    Basic   (1,41) (2,46)
    Diluted   (1,41) (2,46)

    (*) The comparative figures for period ended 31 December 2023 have been restated to reflect the restatement of the profit and loss related to the discontinued operations in accordance with IFRS 5

    Consolidated statement of financial position (unaudited)

    Thousands of Euro   As at 31 December As at 31 December
        2024 2023
           
    ASSETS      
    Goodwill   92.048 113.069
    Other intangible assets   66.725 82.856
    Property and equipment   1.486 7.420
    Right-of-use-assets   9.391 9.734
    Investments in associates   2.400 1.493
    Deferred tax assets   39 776
    Other non-current assets   3.036 2.561
    Non-current assets   175.125 217.909
    Inventories   544 612
    Trade and other receivables   16.494 25.318
    Contingent consideration receivable   7.774 –
    Current tax assets   291 770
    Prepaid expenses   1.483 1.901
    Restricted cash related to client money8   75.798 3.789
    Cash and cash equivalents   14.525 22.534
    Current assets from continuing operations   116.909 54.924
    Assets classified as held for sale   31.250 5.145
    Current assets   148.159 60.069
    TOTAL ASSETS   323.284 277.978
           
    SHAREHOLDERS’ EQUITY AND LIABILITIES      
    Share capital   329.238 326.806
    Costs related to equity issuance   (16.029) (16.029)
    Share premium reserve   492 492
    Accumulated deficit   (164.603) (232.257)
    Reserve for share-based payments   175 1.831
    Other reserve   2.697 (1.581)
    Cumulative translation adjustment reserve   (4.470) (3.851)
    Equity attributable to equity holders of the parent   147.500 75.411
    Non-controlling interests   758 499
    Total shareholders’ equity   148.258 75.910
    Non-current loans and borrowings   29.010 110.517
    Liabilities associated with puttable non-controlling interests     200
    Non-current lease liabilities   6.376 6.193
    Non-current contract liabilities   387 4.430
    Deferred tax liabilities   1.463 4.636
    Non-current liabilities   37.236 125.976
    Current loans and borrowings   5.698 5.059
    Current liabilities associated with puttable non-controlling interests   3.980 7.560
    Current lease liabilities   3.232 3.547
    Trade and other payables   31.127 40.194
    Liabilities related to client money8   75.774 3.736
    Contract liabilities   5.330 13.487
    Current income tax liabilities   410 1.845
    Current liabilities from continuing operations   125.551 75.428
    Liabilities directly associated with assets classified as held for sale   12.239 664
    Current liabilities   137.790 76.092
    TOTAL EQUITY AND LIABILITIES   323.284 277.978

    Consolidated statement of changes in equity (unaudited)

    Thousands of Euro

     

    		  

     

     

     

    		 Share capital Costs related to equity issuance Share premium reserve Accumulated deficit Share based payments Other reserves Cumulative translation adjustment reserve Non-controlling interests Total equity
    Balance at 1 Jan 2024 326.806 (16.029) 492 (232.257) 1.831 (1.581) (3.851) 499 75.910
                         
    Result for the period   – – – 71.031 – – – 164 71.195
                         
    Other comprehensive income / (loss)   – – – (37) – – (619) – (656)
    Total comprehensive loss for the period   – – – 70.994 – – (619) 164 70.539
                         
    Conversion subscription rights   2.432 – – – (1.656) 1.656 – – 2.432
                         
    Current period profit AND OCI of NCI with put option   – – – – – 171 – (171) –
                         
    Changes in carrying value of liabilities associated with puttable NCI   – – – – – 280 – – 280
                         
    Acquisition of 20% of the shares in Unifiedpost d.o.o.   – – – (2.437) – 2.437 – – –
                         
    Release of NCI due to acquisition of 20% of the shares in Unifiedpost d.o.o.   – – – – – (266) – 266 –
                         
    Dividend payments   – – – (965) – – – – (965)
                         
    Other   – – – 62 – – – – 62
                         
    Balance at 31 Dec 2024 329.238 (16.029) 492 (164.603) 175 2.697 (4.470) 758 148.258
    Thousands of Euro

     

     

     

    		 Share capital Costs related to equity issuance Share premium reserve Accumulated deficit Share based payments Other reserves Cumulative translation adjustment reserve Non-controlling interests Total equity
    Balance at 1 Jan 2023 326.806 (16.029) 492 (148.497) 1.813 (2.864) (3.713) 281 158.290
                         
    Result for the period   – – – (83.899) – – – 753 (83.146)
                         
    Other comprehensive income / (loss)   – – – 123 – – (138) – (15)
    Total comprehensive loss for the period   – – – (83.776) – – (138) 753 (83.161)
                         
    Share-based payments   – – – – 18 – – – 18
                         
    Current period profit AND OCI of NCI with put option   – – – – – 535 – (535) –
                         
    Changes in carrying value of liabilities associated with puttable NCI   – – – – – 750 – – 750
                         
    Other   – – – 16 – (3) – – 13
                         
    Balance at 31 Dec 2023 326.806 (16.029) 492 (232.257) 1.831 (1.581) (3.851) 499 75.910

    Consolidated statement of cash flows (unaudited)

    Thousands of Euro For the period ended 31 December
        2024 2023
    CASH FLOWS FROM OPERATING ACTIVITIES      
    Loss for the period   71.195 (83.146)
    Adjustments for:      
    • Amortisation and impairment of intangible fixed assets
    		   20.546 21.332
    • Impairment losses of goodwill
    		   – 38.574
    • Depreciation of property. plant & equipment
    		   1.041 1.489
    • Depreciation of right-of-use-assets
    		   4.129 4.429
    • Impairment of trade receivables
    		   (389) 335
    • Gain on disposal of fixed assets
    		   (15) (33)
    • Financial income
    		   (334) (174)
    • Financial expenses
    		   23.579 15.910
    • (Gain) realised upon losing control over subsidiaries
    		   (124.168) –
    • Loss of remeasurement at fair value less costs to sell for disposal groups
    		   6.342 –
    • Share of profit / (loss) of associate
    		   (146) 573
    • Income tax expense / (income)
    		   3.894 2.319
    • Deferred income tax expense
    		   (841) (1.387)
    • Share-based payment expense / own shares
    		   – 18
    Subtotal   4.833 238
           
    Changes in Working Capital      
    • (Increase) / decrease in trade receivables and contract assets
    		   (5.318)                         6.145
    • (Increase) / decrease in other current and non-current receivables
    		   (448) (61)
    • (Increase) / decrease in inventories
    		   (93) 209
    • Increase / (decrease) in trade and other liabilities
    		   9.420 7.729
    Cash generated from / (used in) operations   8.394 14.260
    Income taxes paid   (1.763) (3.222)
    Net cash provided by / (used in) operating activities   6.631 11.038
           
    CASH FLOWS FROM INVESTING ACTIVITIES      
    Payments made for the purchase of associate   (282) –
    Payments received for divestment of business   114.388 –
    Payments made for the purchase of intangibles and development expenses   (16.015) (16.372)
    Proceeds from the disposal of intangibles and development expenses   415 15
    Payments made for the purchase of property, plant & equipment   (247) (739)
    Proceeds from the disposal of property, plant & equipment   442 17
    Interest received   – 175
    Net cash provided by / (used in) investing activities   98.701 (16.904)
           
    CASH FLOWS FROM FINANCING ACTIVITIES      
    Conversion of subscription rights   2.432 –
    Proceeds from loans and borrowings   2.720 3.913
    Repayments of loans and borrowings – Francisco Partners   (75.000) –
    Repayments of loans and borrowings – other   (6.813) (6.367)
    Repayment of lease liabilities   (4.485) (4.524)
    Interest received   334 –
    Interest paid on loans and borrowings – Francisco Partners   (21.590) (3.286)
    Interest paid on loans and borrowings – other   (1.898) (1.295)
    Net cash provided by / (used in) financing activities   (104.300) (11.559)
    FX impact cash   (487) –
    Net increase / (decrease) in cash & cash equivalents   545 (17.425)
    Cash classified within current assets held for sale   (5.423) (74)
    Cash movement due to change in the consolidation range   (3.131) –
    Net increase/(decrease) in cash & cash equivalents, including cash classified within current assets held for sale   (8.009) (17.499)
    Cash and cash equivalents at the beginning of the period   22.534 40.033
    Cash and cash equivalents at the end of the period   14.525 22.534
           
           
           
               

    About Unifiedpost Group

    Unifiedpost is a leading SaaS company for SME business services built on “Documents”, “Identity” and “Payments”. Unifiedpost operates and develops a 100% SaaS-based platform for administrative and financial services that allows real-time and seamless connections between Unifiedpost’s customers, their suppliers, their customers, and other parties along the financial value chain. With its one-stop-shop solutions, Unifiedpost’s mission is to make administrative and financial processes simple and smart for its customers. For more information about Unifiedpost Group and its offerings, please visit our website: Unifiedpost Group | Global leaders in digital solutions

    Cautionary note regarding forward-looking statements: The statements contained herein may include prospects, statements of future expectations, opinions, and other forward-looking statements in relation to the expected future performance of Unifiedpost Group and the markets in which it is active. Such forward-looking statements are based on management’s current views and assumptions regarding future events. By nature, they involve known and unknown risks, uncertainties, and other factors that appear justified at the time at which they are made but may not turn out to be accurate. Actual results, performance or events may, therefore, differ materially from those expressed or implied in such forward-looking statements. Except as required by applicable law, Unifiedpost Group does not undertake any obligation to update, clarify or correct any forward-looking statements contained in this press release in light of new information, future events or otherwise and disclaims any liability in respect hereto. The reader is cautioned not to place undue reliance on forward-looking statements.

    1 Excludes discontinued operations: Wholesale Identity Access Business and 21 Grams

    2 Money a company receives from or holds for, or on behalf of, a client (application IAS 7)

    3 Income from client money is a result of e-payment services and is included in digital services transaction revenue

    4 Free cash flow is defined as net income (i) plus non-cash items in the income statement, (ii) minus cash out for IFRS 16 adjustments, (iii) minus capital expenditure, (iv) minus reimbursement on loans and leasing for the reporting period

    5 Including capital gains from divested transactions

    6 Excluding restricted cash related to client money

    7 Free cash flow is defined as net income (i) plus non-cash items in the income statement, (ii) minus cash out for IFRS 16 adjustments, (iii) minus capital expenditure, (iv) minus reimbursement on loans and leasing for the reporting period

    8 The comparative figures 2023 have been restated to demonstrate the accounting policy related to client money.

    Attachment

    The MIL Network –

  • MIL-OSI: Planisware delivered strong revenue growth, profitability and cash generation in 2024

    Source: GlobeNewswire (MIL-OSI)

    Planisware delivered strong revenue growth, profitability and cash generation in 2024

    • Revenue up +17.4% in constant currencies to € 183.4 million
    • Adjusted EBITDA* up +23.7% to € 64.6 million, representing 35.2% of revenue (+180bps year-on-year)
    • Adjusted FCF* up +24.5% to € 54.6 million, representing a 84.5% cash conversion rate*
    • Proposed dividend representing 50% of profit for the period, above Group policy
    • 2025 objectives:
      • Mid-to-high teens revenue growth in constant currencies
      • c. 35% adjusted EBITDA margin*
      • Cash Conversion Rate* of c. 80%

    Paris, France, February 27, 2025 – Planisware, a leading B2B provider of SaaS in the rapidly growing Project Economy market, announces today its FY 2024 results. Revenue amounted to € 183.4 million, up by +17.3% in current currencies, mainly led by the continued success of the Group’s market-leading SaaS platform. In constant currencies, revenue growth reached +17.4% (€+27.2 million), in line with the 17% to 18% 2024 objective. Recurring revenue amounted to € 162.7 million (89% of total revenue) and was up by +21.0% in constant currencies.

    Adjusted EBITDA1 reached € 64.6 million (+23.7% vs. FY 2023), representing 35.2% of revenue, above the c. 34% 2024 objective. The year-on-year improvement by c. +180 basis points resulted from revenue growth, positive mix effect, and further efficiency gains on employee-related costs, in particular on R&D spendings benefitting from increased usage of AI tools.

    Current operating profit reached € 51.8 million, up by +20.8% compared to FY 2023 and Profit for the period amounted to € 42.7 million.

    Cash generation was particularly strong with adjusted FCF* reaching € 54.6 million, up by +24.5% year-on-year. It represented a cash conversion rate* of 84.5%, above the c. 80% 2024 objective. Net cash position* was € 176.1 million as of December 31, 2024, compared to € 142.6 million as of December 31, 2023 and € 156.4 million as of June 30, 2024.

    Loïc Sautour, CEO of Planisware, commented: “In 2024, Planisware continued to deliver sustainable and profitable growth. Despite significant uncertainties in the macroeconomic and geopolitical context, our clients continued to trust Planisware for their digital transformation and operational excellence efforts. These close relationships enabled us to deliver a robust revenue growth.

    We also delivered profitability and cash generation above this year’s objectives thanks to the continuous positive mix effect of our activities and further efficiencies on employee-related costs, in particular on R&D spendings benefitting from increased usage of AI tools.

    In parallel, Planisware’s CSR efforts were recognized by the EcoVadis gold medal award, the all-round Great Place to Work certification, and by a satisfying B score for our first rating by CDP. These distinctions illustrate Planisware’s rapid progress and ongoing commitment to building a more responsible society.

    For 2025, taking into account our strong commercial pipeline on one hand and uncertainties in the timing of contract starts and the evolution of sales cycle length on the other hand, we set the mid-to-high teens range for revenue growth objective. We also intend to maintain a strong profitability and to keep delivering a best-in-class cash conversion rate.”

    FY 2024 revenue by revenue stream

    To address the needs of strategic defense-sector clients who require mission-critical solutions to operate on their own infrastructures rather than through Cloud-based SaaS, Planisware has introduced a new delivery mode that includes annual licenses. These multi-year agreements allow the solution to be licensed on a yearly basis. Planisware anticipates that this innovative delivery mode will be particularly relevant for companies with specific security and sovereignty requirements. Planisware reports this line of revenue for the first time in 2024, within its recurring revenue (under Planisware’s SaaS model), since first such contracts was signed in Q4 2024.

    In € million FY 2024 FY 2023 Variation
    YoY    		 Variation
    in cc*
    Recurring revenue 162.7 134.7 +20.8% +21.0%
    SaaS & Hosting 82.0 64.6 +27.1% +27.1%
    Annual licences 1.1 – N/A N/A
    Evolutive support 48.7 42.0 +16.0% +16.3%
    Subscription support 11.9 9.4 +26.5% +26.4%
    Maintenance 19.1 18.8 +1.8% +1.8%
    Non-recurring revenue 20.7 21.1 -1.7% -1.7%
    Perpetual licenses 7.5 5.7 +30.8% +30.8%
    Implementation & others non-recurring 13.3 15.4 -13.8% -13.8%
    Revenue with customers 183.4 155.7 +17.8% +17.9%
    Other revenue – 0.7    
    Total revenue 183.4 156.4 +17.3% +17.4%

    * Revenue evolution in constant currencies, i.e. at FY 2023 average exchange rates

    Reaching € 183.4 million in 2024, revenue was up by +17.3% in current currencies and +17.4% in constant currencies. The exchange rates effect was almost mostly related to the appreciation of the euro versus the Japanese yen compared to FY 2023. In order to reflect the underlying performance of the Company independently from exchange rate fluctuations, the following analysis refers to revenue evolution in constant currencies, applying FY 2023 average exchange rates to FY 2024 revenue figures, unless expressly stated otherwise.

    Recurring revenue

    Representing 89% of 2024 total revenue versus 86% in 2023, recurring revenue reached € 162.7 million, up by +21.0%.

    Revenue growth was led by +24.1% growth of Planisware’s SaaS model (i.e. SaaS & Hosting, Evolutive & Subscription support, and Annual licenses), of which SaaS & Hosting revenue was up by +27.1% thanks to contracts secured with new customers as well as continued expansion within the installed base. Revenue of support activities (Evolutive & Subscription support), intrinsically related to Planisware’s SaaS offering, grew by +18.1%. Finally, Annual licenses contributed for €+1.1 million in Q4 2024.

    Maintenance revenue was up by +1.8% in the context of the Group’s shift from its prior Perpetual license model to a SaaS model.

    Non-recurring revenue

    Non-recurring revenue was slightly down by -1.7% over the year, with a contrasted trend of Perpetual licenses up by +30.8% and Implementation down by -13.8%.

    Perpetual licenses benefited from a strong demand for extensions and upgrades from existing customers with specific on-premises needs, mostly in the defense industry. On the other hand, Planisware’s focus on shorter implementations and faster delivery to customers, combined with project start delays, led to revenue decline in Implementation.

    FY 2024 revenue by region

    In € million FY 2024 FY 2023 Variation
    YoY    		 Variation
    in cc*
    Europe 87.2 76.1 +14.7% +14.5%
    North America 80.3 68.5 +17.3% +17.3%
    APAC & ROW 15.9 11.2 +41.8% +44.0%
    Revenue with customers 183.4 155.7 +17.8% +17.9%
    Other revenue – 0.7    
    Total revenue 183.4 156.4 +17.3% +17.4%

    * Revenue evolution in constant currencies, i.e. at FY 2023 average exchange rates

    In 2024, all key geographies contributed to Planisware revenue growth, although with contrasted contributions for each semester of the year:

    • Representing 44% of total revenue in 2024, North America strongly contributed to year-end growth (+19.0% in H2 2024) after having faced elongated customer’ decision-making processes translating into slower growth in non-recurring activities and Implementation services in particular over the first periods of the year (+15.6% in H1 2024). All in all, thanks to a significant level of cross-selling and up-selling with existing customers and new customer wins, North America grew by +17.3% over the year.
    • By contrast, after a decent growth in H1 2024 (+18.1%) driven in particular by strong dynamics in Germany, revenue growth in Europe significantly slowed down in H2 2024 (+11.4%) due to macroeconomic uncertainties and political concerns in France as well as difficulties seen in some of the Group’s key verticals such as automotive. As a result, revenue in Europe grew by +14.5% in 2024.
    • Planisware’s growth in APAC & rest of the world of +44.0% resulted from a strong commercial momentum in Japan, Singapore, and the Middle East, as well as from the consolidation of IFT KK and, to a lesser extent, of Planisware MIS.

    FY 2024 revenue by pillar

    In € million FY 2024 FY 2023 Variation
    YoY    		 Variation
    in cc*
    Product Development & Innovation 97.8 87.5 +11.8% +11.9%
    Project Controls & Engineering 37.2 27.4 +35.7% +35.6%
    IT Governance & Digital Transformation** 32.2 26.8 +20.2% +20.1%
    Project Business Automation 15.9 13.6 +16.5% +17.0%
    Others 0.4 0.4 -5.7% -5.7%
    Revenue with customers 183.4 155.7 +17.8% +17.9%
    Other revenue – 0.7    
    Total revenue 183.4 156.4 +17.3% +17.4%

    * Revenue evolution in constant currencies, i.e. at FY 2023 average exchange rates

    In 2024, all key pillars contributed to Planisware’s revenue growth with the most recent ones ramping-up as growth relays:

    • Product Development & Innovation (“PD&I”) drives R&D and product development teams with a focus on companies in the life sciences, manufacturing and engineering, automotive design and fast-moving consumer goods sectors. In 2024, it remained Planisware’s principal pillar, with 53% of total revenue and +11.9% growth, resulting from both new customer wins and the expansion of offerings to existing customers.
    • Project Controls & Engineering (“PC&E”) supports production teams in industries with sophisticated products, plants and infrastructure, such as aerospace and defense, energy and utilities, manufacturing and engineering and life sciences. While still a recent pillar for Planisware, it represented 20% of 2024 total revenue. Supported by the successful roll-out of offerings in North America, PC&E grew by +35.6%.
    • IT Governance & Digital Transformation (“IT&DT)** helps IT teams across all sectors develop comprehensive solutions to automate IT portfolio management, accelerate digital transformation and simplify IT architecture. IT&DT represented 18% of 2024 total revenue and grew by +20.1%, fueled by continuous cross-sell to Planisware clients needing to accelerate their digital transformation.
    • Project Business Automation (“PBA”) supports companies in all industries that seek to increase their revenue-based projects and enhance their operating results through automated processes. Due to a more recent entry of Planisware in the market relating to this pillar, PBA represented only 9% of 2024 total revenue and was up by +17.0% thanks to new customer wins and cross-selling.

    Commercial dynamic

    In 2024, despite elongated sales cycles, Planisware welcomed a significant number of new clients from a wide range of industries, further diversifying its customer base and solidifying its position as a trusted partner for organizations of all sizes. Revenue growth is driven both by contracts with new customers and the expansion of Planisware’s solutions and services within its existing customer base.

    In 2024, Planisware’s customer loyalty remained high, as translated in the 121% Net Retention Rate* (NRR), reflecting Planisware ability to grow within its installed base. At 2.2% of revenue, 2024 churn rate* remained low thanks to Planisware’ ability to leverage strong product capabilities and high industry recognition, resulting in high customer loyalty.

    FY 2024 key financial figures

    In € million FY 2024 FY 2023 Variation
    YoY
    Total revenue 183.4 156.4 +17.3%
    Cost of sales -50.1 -45.1 +11.1%
    Gross profit 133.3 111.3 +19.8%
    Gross margin 72.7% 71.2% +150 bps
    Operating expenses -81.5 -68.4 +19.1%
    Current operating profit 51.8 42.9 +20.8%
    Other operating income & expenses -5.7 3.0  
    Share of profit of equity-accounted investees**              – 0.3 -100.0%
    Operating profit 46.1 46.2 -0.1%
    Profit for the period 42.7 41.8 +2.1%
           
    Adjusted EBITDA* 64.6 52.2 +23.7%
    Adjusted EBITDA margin* 35.2% 33.4% +180 bps
           
    Adjusted FCF* 54.6 43.8 +24.5%
    Cash Conversion Rate* 84.5% 84.0% +60 bps
    Net cash position* 176.1 142.6 +23.5%

    * Net of tax
    ** Non-IFRS measure. Non-IFRS measures included in this document are defined in the disclaimer at the end of this document

    Gross profit

    Cost of sales increased by €+5.0 million (or +11.1%) year-on-year to € 50.1 million. As a percentage of revenue, cost of sales decreased by -150 basis points thanks to a continued strict monitoring of costs, in particular with respect to recruitment, and the internalization of outsourced services.

    This enabled Planisware to deliver a € 133.3 million gross profit (+19.8% year-on-year), representing a 72.7% gross margin, a significant improvement of c. +150 basis points compared to 71.2% in 2023.

    Operating profit

    R&D expenses, consisting primarily of staff expenses directly associated with R&D teams, as well as amortization of capitalized development costs and the benefits from the French research tax credit, reached € 22.2 million and represented 12% of revenue compared to 13% in 2023. While Planisware intends to maintain a high level of R&D spending, the R&D efficiency improves thanks to the deployment of AI tools, boosting the Group’s ability to leverage its R&D efforts to provide innovative products and software solutions, expand its offering portfolio and promote its offerings in the project management market. In 2024, capitalized development costs amounted to € 2.5 million, +21.9% compared to € 2.0 million in 2023.

    Reaching € 33.3 million in 2024 (18% of revenue), Sales & marketing expenses increased by +23.1% compared to 2023, led in particular by the increase in employee-related costs in the salesforce and marketing team. Sales & marketing expenses are expected to increase in absolute amounts in the future as Planisware plans on strengthening its leading market position.

    Representing 14% of revenue in 2024, as in 2023, General & administrative expenses reached € 26.0 million. Planisware continued to strengthen its global support functions to contribute to the growth of the business and the international expansion of the Group. Planisware expects that, as the Company continues to scale up in the future, General & administrative expenses will slightly decrease as a percentage of revenue.

    As a result, current operating profit reached € 51.8 million in 2024, up by +20.8% compared to 2023.

    Other operating income & expenses amounted to a net expense of € 5.7 million related to IPO costs.

    As a results of the above, operating profit reached € 46.1 million in 2024, stable compared to € 46.2 million in 2023, which benefited from € 7.5 million non-taxable gains on remeasurement at fair value of investments in associates.

    Adjusted EBITDA

    Adjusted EBITDA** reached € 64.6 million, a strong increase compared to 2023 (€+12.4 million, or +23.7%). It represented 35.2% of 2024 revenue, c. +180 basis points compared to 33.4% in 2023. The increase of adjusted EBITDA reflects the revenue growth, a positive mix effect, and further efficiency gains on employee-related costs, in particular on R&D spending benefitting from increased usage of AI tools.

    Profit for the period and dividend

    Reaching € 5.4 million in 2024, financial income significantly increased compared to € 2.5 million in 2023. This was primarily driven by income from time deposits and realized and unrealized gains on marketable securities, as well as foreign exchange gains and losses arising from the revaluation at closing rates of cash and cash equivalents held in foreign currencies.

    Income tax expense amounted to € 8.8 million in 2024, up by +27.8% compared to € 6.9 million in 2023, in line with taxable profit increase.

    As a result of these evolutions, profit for the period reached € 42.7 million in 2024, up by +2.1% compared to 2023.

    Finally, subject to the approval of the Annual General Meeting of the Company’s shareholders and effective approbation of 2024 consolidated financial statements by the Board of directors, and in line with its historical dividend distribution, the Group will pay a dividend representing 50% of its profit for the period. This would represent € 21.4 million or € 0.31 per share.

    Cash generation and net cash position

    Reflecting the growth of subscription contracts billed in advance of the services rendered, change in working capital was €+2.5 million, compared to €+3.6 million in 2023 which benefited from a catch-up effect form negative change in 2022. Capital expenditures totaled € 5.5 million, representing 3.0% of revenue, compared to € 4.9 million in 2023 (3.1% of revenue), in line with the usual c. 3% level targeted. Tax paid in 2024 was € 8.4 million compared to € 7.5 million in 2023.

    As a result, Cash Conversion Rate* reached 84.5%, above the 80% level that the Group considers being the normative Cash Conversion Rate for the coming years, and adjusted Free Cash Flow* totaled € 54.6 million, +24.5% compared to € 43.8 million in 2023.

    As of December 31, 2024, except for lease liabilities related to offices and datacenter facilities which amounted to € 17.0 million (€ 14.9 million as of December 31, 2023) and small amounts of bank overdrafts, Planisware did not have any financial debt. As a result, the Group’s net cash position* as of December 31, 2024 amounted to € 176.1 million, compared to € 142.6 million as of December 31, 2023.

    2025 objectives

    Taking into account its strong commercial pipeline on one hand and uncertainties in the timing of contract starts and the evolution of sales cycle length on the other hand, Planisware’s 2025 objectives are:

    • Mid-to-high teens revenue growth in constant currencies
    • c. 35% adjusted EBITDA margin*
    • Cash Conversion Rate* of c. 80%

    Appendices

    Q4 2024 revenue by revenue stream

    In € million Q4 2024 Q4 2023 Variation
    YoY    		 Variation
    in cc*
    Recurring revenue 44.7 38.3 +16.7% +16.2%
    SaaS & Hosting 22.4 17.9 +25.3% +24.8%
    Annual licences 1.1 – N/A N/A
    Evolutive support 12.8 12.2 +5.0% +4.6%
    Subscription support 3.4 3.1 +9.8% +9.0%
    Maintenance 5.0 5.1 -2.5% -2.8%
    Non-recurring revenue 5.2 5.8 -11.2% -11.5%
    Perpetual licenses 1.3 2.1 -36.4% -36.7%
    Implementation & others non-recurring 3.8 3.7 +3.1% +2.8%
    Total revenue 49.9 44.1 +13.0% +12.5%

    * Revenue evolution in constant currencies, i.e. at Q4 2023 average exchange rates

    Non-IFRS measures reconciliations

    In € million FY 2024 FY 2023
    Current operating profit after share of profit of equity-accounted investee 51.8 43.2
    Depreciation and amortization of intangible, tangible and right-of-use assets 7.7 7.2
    Share-based payments 5.1 1.9
    Adjusted EBITDA** 64.6 52.2
    In € million FY 2024 FY 2023
    Net cash from operating activities 59.0 47.3
    Capital expenditures -5.5 -4.9
    Other finance income/costs -4.7 -2.8
    IPO costs paid 5.7 4.2
    Adjusted Free Cash Flow** 54.6 43.8

    ** Non-IFRS measure. Non-IFRS measures included in this document are defined in the disclaimer at the end of this document

    FY 2024 revenue Investors & Analysts conference call

    Planisware’s management team will host an international conference call on February 27, 2025 at 8:00am CET to details FY 2024 performance and key achievements, by means of a presentation followed by a Q&A session. The webcast and its subsequent replay will be available on planisware.com.

    Upcoming event

    • April 29, 2025:                 Q1 2025 revenue publication
    • June 19, 2025:                 Annual General Meeting of shareholders
    • July 31, 2025:                 H1 2025 results publication
    • October 21, 2025:         Q3 2025 revenue publication

    Contact

    About Planisware

    Planisware is a leading business-to-business (“B2B”) provider of Software-as-a-Service (“SaaS”) in the rapidly growing Project Economy. Planisware’s mission is to provide solutions that help organizations transform how they strategize, plan and deliver their projects, project portfolios, programs and products.

    With circa 750 employees across 16 offices, Planisware operates at significant scale serving around 600 organizational clients in a wide range of verticals and functions across more than 30 countries worldwide. Planisware’s clients include large international companies, medium-sized businesses and public sector entities.

    Planisware is listed on the regulated market of Euronext Paris (Compartment A, ISIN code FR001400PFU4, ticker symbol “PLNW”).

    For more information, visit: https://planisware.com/ and connect with Planisware on LinkedIn.

    Disclaimer

    The primary financial statements for the year ended December 31, 2024 were approved by the Board of Directors on February 26, 2025. The audit procedures and verifications related to the information contained in the sustainability report are in progress. The full consolidated financial statements will be published on completion of these procedures.

    Forward-looking statements

    This document contains statements regarding the prospects and growth strategies of Planisware. These statements are sometimes identified by the use of the future or conditional tense, or by the use of forward-looking terms such as “considers”, “envisages”, “believes”, “aims”, “expects”, “intends”, “should”, “anticipates”, “estimates”, “thinks”, “wishes” and “might”, or, if applicable, the negative form of such terms and similar expressions or similar terminology. Such information is not historical in nature and should not be interpreted as a guarantee of future performance. Such information is based on data, assumptions, and estimates that Planisware considers reasonable. Such information is subject to change or modification based on uncertainties in the economic, financial, competitive or regulatory environments.

    This information includes statements relating to Planisware’s intentions, estimates and targets with respect to its markets, strategies, growth, results of operations, financial situation and liquidity. Planisware’s forward-looking statements speak only as of the date of this document. Absent any applicable legal or regulatory requirements, Planisware expressly disclaims any obligation to release any updates to any forward-looking statements contained in this document to reflect any change in its expectations or any change in events, conditions or circumstances, on which any forward-looking statement contained in this document is based. Planisware operates in a competitive and rapidly evolving environment; it is therefore unable to anticipate all risks, uncertainties or other factors that may affect its business, their potential impact on its business or the extent to which the occurrence of a risk or combination of risks could have significantly different results from those set out in any forward-looking statements, it being noted that such forward-looking statements do not constitute a guarantee of actual results.

    Rounded figures

    Certain numerical figures and data presented in this document (including financial data presented in millions or thousands and certain percentages) have been subject to rounding adjustments and, as a result, the corresponding totals in this document may vary slightly from the actual arithmetic totals of such information.

    Variation in constant currencies

    Variation in constant currencies represent figures based on constant exchange rates using as a base those used in the prior year. As a result, such figures may vary slightly from actual results based on current exchange rates.

    Non-IFRS measures

    This document includes certain unaudited measures and ratios of the Group’s financial or non-financial performance (the “non-IFRS measures”), such as “recurring revenue”, “non-recurring revenue”, “gross margin”, “Adjusted EBITDA”, “Adjusted EBITDA margin”, “Adjusted Free Cash Flow”, “cash conversion rate”, “Net cash position”, “churn rate” and “Net Retention Rate” (or “NRR”). Non-IFRS financial information may exclude certain items contained in the nearest IFRS financial measure or include certain non-IFRS components. Readers should not consider items which are not recognized measurements under IFRS as alternatives to the applicable measurements under IFRS. These measures have limitations as analytical tools and readers should not treat them as substitutes for IFRS measures. In particular, readers should not consider such measurements of the Group’s financial performance or liquidity as an alternative to profit for the period, operating income or other performance measures derived in accordance with IFRS or as an alternative to cash flow from (used in) operating activities as a measurement of the Group’s liquidity. Other companies with activities similar to or different from those of the Group could calculate non-IFRS measures differently from the calculations adopted by the Group.

    Non-IFRS measures included in this document are defined as follows:

    • Adjusted EBITDA is calculated as Current operating profit including share of profit of equity-accounted investees, plus amortization and depreciation as well as impairment of intangible assets and property, plant and equipment, plus either non-recurring items or non-operating items.
    • Adjusted EBITDA margin is the ratio of Adjusted EBITDA to total revenue.
    • Adjusted FCF (Free Cash Flow) is calculated as cash flows from operating activities, plus IPO costs paid, if any, less other financial income and expenses classified as operating activities in the cash-flow statement, and less net cash relating to capital expenditures.
    • Cash Conversion Rate is defined as Adjusted FCF divided by Adjusted EBITDA. Planisware considers Cash Conversion Rate to be a meaningful financial measure to assess and compare the Group’s capital intensity and efficiency.
    • Net cash position is defined as Cash minus indebtedness excluding lease liabilities.
    • Net Retention Rate (NRR) is the percentage of recurring revenue generated in a given year compared to the prior year by customers’ existing in the prior year, excluding terminated contracts, in constant currency.
    • Churn rate is defined as percentage of recurring revenue generated in year N-1, by customers terminating in year N, compared to recurring revenues generated by clients existing at the start of year N, in constant currency.

    1 Non-IFRS measure. Non-IFRS measures included in this document are defined in the disclaimer at the end of this document.

    Attachment

    The MIL Network –

  • MIL-OSI Russia: Moon Occultation of Star Cluster, Double Visibility of Venus and Partial Solar Eclipse

    Translartion. Region: Russians Fedetion –

    Source: Novosibirsk State University – Novosibirsk State University –

    In March, high solar activity continues: if there are spots on the surface of the Sun, flares are possible, which can lead to the appearance of polar lights (sometimes visible in mid-latitudes). In addition, the period from February to April is close to the equinox (March 20), which means that the probability of the appearance of polar lights increases.

    The most interesting events of March: on the night of March 5-6, the Moon will cover the open star cluster M45 Pleiades, known as the “Seven Sisters”; double visibility of Venus (the ability to see the planet both in the evening and in the morning) will be observed from March 17 to 25; on March 29, there will be a partial solar eclipse that will be visible to residents of the North-West and Central parts of Russia.

    More details about the events that can be observed from the territory of the Russian Federation:

    On March 2, the Moon will appear larger because it will be at its closest point in its orbit to Earth (perigee) and will pass 6° south of Venus, which will also be quite visible, allowing those with perfect vision to try to see the planet’s phase.

    March 8 is the best day of the month to observe Mercury, which will reach its maximum elongation (angular distance from the Sun). Like Venus, Mercury can be observed in phase, but you will need a telescope for this. Also, from March 8, Mercury begins its retrograde motion for Earth observers (from east to west, i.e. in the direction opposite to the Sun’s (annual) motion).

    In March, as in February, it will be easier for us to find the planets of the Solar System, which on certain days of the month will be near the Moon. For example, the Moon will pass north of Uranus on March 5, on March 6 – north of the bright star Aldebaran – alpha of the winter constellation Taurus, which, if you try, can be seen in full, comparing the less bright stars of this constellation with star maps. They all form a recognizable outline, which our ancestors defined as the outline of a bull.

    On March 6 and 7, the Moon passes 5° north of another planet in the Solar System, Jupiter. On March 9, the Moon passes 2° north of Mars, which is easily recognizable by its orange hue, 2° south of Pollux, the brightest star in the constellation Gemini, and Castor, the alpha of this constellation, can be seen nearby on the same line.

    On March 12, Mercury passes 6° south of Venus, and the Moon passes 2° north of the bright star Regulus in the constellation Leo.

    On March 14, there will be a total lunar eclipse, which, unfortunately, will only be visible in the northeast of the country (Kamchatka and Chukotka). There, the total phase of the eclipse will be visible (the Moon will be illuminated by sunlight that has passed through the Earth’s atmosphere, which will give the Moon a red tint).

    In mid-March, the period of visibility of Mercury will end, hiding in the rays of the setting Sun. Astrologers call this phenomenon “retrograde Mercury” and build various frightening scenarios for such a movement of the closest planet to the Sun in the Solar System, but in reality such a movement does not threaten anyone or anything.

    On March 17, a “double” visibility of Venus is expected, when we will be able to see this planet both in the morning, before sunrise over the eastern horizon, and in the evening, immediately after sunset low over the western horizon.

    On March 20, the vernal equinox will occur – the time when the length of day and night becomes equal. A holiday that has been celebrated in many countries of the world since ancient times.

    March 29 — a partial solar eclipse that can be observed in the central and northwestern regions of Russia (Murmansk, Arkhangelsk, St. Petersburg and Pskov). In these cities, the Moon will cover the Sun by 13-40%, depending on the location. Thus, for Murmansk, the maximum phase of the eclipse is about 0.4 (40% of the solar disk), the peak time is 14:45 local time. For St. Petersburg: the phase is about 0.13 (13%), the peak time is 13:47 local time. For Moscow: the phase is only 0.02 (2%), which makes the eclipse almost invisible without special equipment. This very rare, fascinating phenomenon is definitely worth seeing, but due to the small phase of the eclipse, it is necessary to use special solar filters.

    The material was prepared by: Alfiya Nesterenko, head of the Vega observatory of NSU, Egor Konyaev, engineer of the Vega observatory of NSU.

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

    MIL OSI Russia News –

  • MIL-OSI USA: Padilla, Lofgren Ask DOJ to Investigate United Kingdom Notice to Apple Threatening U.S. Cybersecurity Interests

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    Padilla, Lofgren Ask DOJ to Investigate United Kingdom Notice to Apple Threatening U.S. Cybersecurity Interests

    WASHINGTON, D.C. — Today, U.S. Senator Alex Padilla (D-Calif.) and Representative Zoe Lofgren (D-Calif.-18) requested that the Department of Justice (DOJ) review the United Kingdom’s recently reported notice that would provide the British government access to Apple iCloud users’ protected data and could severely limit Apple’s ability to offer encrypted iCloud backups around the world. The lawmakers asked DOJ to investigate whether the United Kingdom may have breached the terms of the U.S.-U.K. Agreement on Access to Electronic Data for the Purpose of Countering Serious Crime and that DOJ reevaluate the United Kingdom’s eligibility for an agreement under the Clarifying Lawful Overseas Use of Data (CLOUD) Act. The CLOUD Act allows select foreign governments to seek data directly from U.S. technology companies for the investigation and prosecution of crimes without individualized review by the U.S. government.
    The U.K.’s notice reportedly requires Apple to weaken the encryption of its entire global iCloud backup service and give the U.K. government the “blanket capability” to access customers’ data in plaintext. Reports further suggest the U.K. believes its notice applies not just domestically to U.K. companies, but across borders with global effect. The U.K. law could conflict with the laws and public policy of other jurisdictions, intrude on the rights of people across the globe, and significantly hamper the United States’ ability to make sure American companies follow responsible cybersecurity practices. Last week, Apple announced the company can no longer offer encrypted cloud backup in the U.K. to new users, and that current U.K. users would eventually need to disable this security feature.
    “If these press reports are true, they necessitate the Department of Justice’s review of its approval of the U.K. as a qualifying nation under the CLOUD Act, and whether the notice may violate or otherwise be inconsistent with U.S. law and public policy, as well as with the Agreement,” wrote the lawmakers.
    “Encryption is also acknowledged by all to be a critical means to secure information systems essential to the national security and economy of our country,” added the lawmakers. “… It is difficult to see the U.K.’s notice to Apple, if the reports are accurate, as anything less than an action that undermines U.S. law, public policy, and information security by requiring U.S. companies to take such reckless action as undermining encryption for all users globally.”
    “Therefore, given the U.K.’s reported conduct, and Congress’s important oversight role in these matters, we respectfully request that the DOJ conduct a review of the U.K.’s compliance with the statutory requirements of the CLOUD Act and the terms of the Agreement, taking into account the factual predicates behind the CLOUD Act, the sovereign interests of the U.S. in regulating the conduct of U.S. companies, and cybersecurity public policy imperatives,” continued the lawmakers. “This review is essential to ensure that agreements under the CLOUD Act uphold the privacy, security, and human rights standards that Congress set in enacting the CLOUD Act and will inform Congress as to whether statutory reforms are necessary to protect these strong U.S. interests.”
    In the 2018 CLOUD Act, Congress enacted one of the first significant changes in decades to U.S. law governing cross-border access by law enforcement to electronic communications held by private companies. CLOUD Act agreements remove legal restrictions on certain foreign nations’ ability to seek data directly from U.S. providers in cases involving “serious crimes,” provided that the data requests do not target U.S. persons, and so long as the Executive Branch has determined that the foreign nation’s laws adequately protect privacy and civil liberties, among other requirements. The CLOUD Act also gives Congress the power to prevent a proposed executive agreement from entering into force through expedited congressional review provisions after the agreement certifications are provided by the DOJ.
    The United Kingdom received the first CLOUD Act agreement in 2019, which went into force in 2022. These agreements are authorized for five years, and the U.K. agreement was renewed in November 2024.
    Notably, U.S. cybersecurity officials have urged Americans to use encrypted services to protect their communications, including in the wake of recent significant cybersecurity compromises, such as China’s Salt Typhoon operation attacking AT&T and Verizon’s systems.
    The lawmakers also asked Attorney General Pam Bondi to respond to additional questions regarding the U.K.’s concerning notice by March 5, 2025.
    Full text of the letter is available here and below:
    Dear Attorney General Bondi:
    We write to seek the Department of Justice’s views on whether the United Kingdom (U.K.) may have breached or otherwise acted inconsistently with the terms or spirit of the U.S.-U.K.’s Agreement on Access to Electronic Data for the Purpose of Countering Serious Crime (“Agreement”) authorized by the Clarifying Lawful Overseas Use of Data Act (“CLOUD Act”).
    According to press reports, the U.K.’s Home Secretary served Apple, a major U.S. technology firm, with a secret technical capabilities notice (“Notice”) last month. This notice reportedly requires the U.S. company to weaken the encryption of its entire global iCloud backup service and give the U.K. government the “blanket capability” to access customers’ data in plaintext. Reports further suggest the U.K. believes its notice applies not just domestically to U.K. companies, but across borders with global effect. As reported, the U.K. law is no mere domestic law and could conflict with the laws and public policy of other jurisdictions, intrude on the rights of far more people than just U.K. citizens, and significantly affect U.S. interests in ensuring U.S. companies follow responsible cybersecurity practices. Last week, Apple announced the company can no longer offer encrypted cloud backup in the U.K. to new users, and that current U.K. users would eventually need to disable this security feature, giving rise to the inference that the U.K. did indeed issue a notice to Apple, as reported. Apple is reportedly prohibited from acknowledging that it received such a notice, which limits Congressional oversight into the matter, including the extent to which the U.K. is asserting its authority over U.S. persons and entities outside of the U.K.
    If these press reports are true, they necessitate the Department of Justice’s review of its approval of the U.K. as a qualifying nation under the CLOUD Act, and whether the notice may violate or otherwise be inconsistent with U.S. law and public policy, as well as with the Agreement.
    The case made for the CLOUD Act rested on the argument, asserted by U.K. officials in hearings before Congress and elsewhere, that without it, the U.K. would not be able to reach providers under U.S. jurisdiction to assist in investigating serious crime without those providers violating U.S. law. As you know, relying on these representations, Congress authorized the DOJ via the CLOUD Act to form an executive agreement with qualifying jurisdictions, which would partially lift the U.S. legal prohibitions on providers voluntarily honoring foreign legal process. The Attorney General, with the concurrence of the Secretary of State, must determine and submit a written certification to Congress that the criteria set out in the CLOUD Act have been met. The certification must also include an explanation of each of the statutory considerations.
    Section 2523(b)(3) of Title 18 emphasizes that agreements must not create an obligation that providers be capable of decrypting data. While the statute does not say that a qualifying jurisdiction is barred from adopting laws that undermine encryption, the U.K.’s notice to Apple has the effect of extending to U.K. disclosure demands made under the Agreement the obligation to decrypt. This obligation would not exist but for the fact that the Agreement effectively removes the bar to disclosure on which Apple would otherwise rely in refusing to make the disclosure. It splits the finest of hairs to say that because the Agreement itself does not contain an obligation to decrypt that a CLOUD Act country can impose such an obligation on a U.S. provider, issue disclosure orders under the Agreement that rely on such obligation, and impose penalties for non-disclosure when compliance with such orders is refused.
    Notably, there is no obligation under U.S. law to require a provider subject to U.S. jurisdiction to take the actions reportedly required by the U.K. notice. Encryption is also acknowledged by all to be a critical means to secure information systems essential to the national security and economy of our country. In the wake of recent significant cybersecurity compromises, such as the Salt Typhoon hack, U.S. officials have encouraged the adoption of encrypted communications. It is difficult to see the U.K.’s notice to Apple, if the reports are accurate, as anything less than an action that undermines U.S. law, public policy, and information security by requiring U.S. companies to take such reckless action as undermining encryption for all users globally.
    In addition, to qualify for an agreement with the U.S. and gain the benefits of streamlined enforcement, section 2523(b)(1)(B)(v) of Title 18 requires the foreign government’s domestic surveillance law to have sufficient accountability and transparency. The complete secrecy surrounding this matter suggests serious cause for concern that this requirement is being violated by the U.K. Gagging the recipient of such a notice to disclose its effect to its users – or even to the U.S. government – seems inconsistent with the commitment to transparency on which the certification of the Agreement in part rests.
    These agreements are a product of legislation passed by the Congress. The statute contemplates Congress continuing to play a significant role in the agreements signed between the United States and foreign governments. As you know, the CLOUD Act gives Congress the power to prevent a proposed executive agreement from entering into force through expedited congressional review provisions after the certifications are provided by the Department.
    Therefore, given the U.K.’s reported conduct, and Congress’s important oversight role in these matters, we respectfully request that the DOJ conduct a review of the U.K.’s compliance with the statutory requirements of the CLOUD Act and the terms of the Agreement, taking into account the factual predicates behind the CLOUD Act, the sovereign interests of the U.S. in regulating the conduct of U.S. companies, and cybersecurity public policy imperatives. This review is essential to ensure that agreements under the CLOUD Act uphold the privacy, security, and human rights standards that Congress set in enacting the CLOUD Act and will inform Congress as to whether statutory reforms are necessary to protect these strong U.S. interests.
    In addition to your broader review, we ask that you respond in writing to the following questions:
    1. Was the Department of Justice or anyone in the Trump Administration notified of, or consulted about, the U.K. Home Secretary’s Notice? And if so, by what means and when?
    2. Is the Department of Justice aware of the issuance of such a Notice to any other U.S. tech company respecting an encrypted service offered by such company, or of any plans by the U.K. government to issue such a Notice to any other U.S. tech company with respect to an encrypted service?
    3. What is the Department’s view on whether the U.K.’s Notice is evidence that the domestic authorities under the U.K.’s Investigatory Powers Act may be inconsistent with the statutory criteria required of the CLOUD Act?
    4. What is the Department’s view as to whether because of the U.K.’s Notice or the nontransparent nature of its issuance, the DOJ should reassess the U.K. as a qualifying foreign government for purposes of the CLOUD Act?
    5. What is the Department’s view on the imposition of extraterritorial regulations by a foreign government on U.S. providers that are contrary to U.S. law or public policy?
    6. In its report to Congress accompanying the renewal of the U.S.-U.K. CLOUD Act Agreement in November 2024, the DOJ stated that it had “taken the opportunity of this determination to remind the U.K. of the statute’s requirements that the terms of the Agreement shall not create any obligation that providers be capable of decrypting data or limitation that prevents providers from decrypting data.” Please share with whom the DOJ met, what specifically was communicated, and whether the DOJ considered whether the U.K.’s use of its Investigatory Powers Act might undermine U.S. interests.
    7. Has the DOJ taken any steps to protect U.S. interests as contemplated by the CLOUD Act and the Agreement before or since the reports became public?
    8. If Apple were to comply with the Notice as initially reported: (a) could the U.K. obtain U.S. person data, which would have been encrypted absent compliance with the Notice, through means other than the CLOUD Act, and (b) could other jurisdictions obtain data, which would have been encrypted, absent compliance with the Notice?
    We appreciate your timely attention to this serious matter and welcome hearing your response by March 5, 2025.
    Sincerely,

    MIL OSI USA News –

  • MIL-OSI China: Zelensky: Ukraine, US preparing for talks on Friday

    Source: China State Council Information Office 3

    This photo taken on Aug. 15, 2024 shows a Ukrainian tank destroyed during Russian attacks in Toretsk. [Photo/Xinhua]

    Ukrainian President Volodymyr Zelensky said Wednesday that U.S. and Ukrainian teams are preparing for negotiations on Friday.

    In his evening address, Zelensky said he will meet U.S. President Donald Trump.

    The minerals partnership agreement, support for Ukraine and security guarantees will be on the agenda of the potential meeting, Zelensky said.

    “It is important to me and to all of us around the world that the U.S.’s aid is not stopped. Strength is essential on the path to peace,” he said.

    MIL OSI China News –

  • MIL-OSI China: UK PM makes defense pledge before US trip

    Source: China State Council Information Office

    British Prime Minister Keir Starmer delivers a speech during 2024 Labour Party Conference in Liverpool, Britain, Sept. 24, 2024. [Photo/Xinhua]

    United Kingdom Prime Minister Keir Starmer was set to meet United States President Donald Trump in Washington on Thursday after having pledged to increase British defense spending in the face of what he called a “generational” security challenge.

    The decision to raise military expenditure to 2.5 percent of GDP by 2027, and 3 percent by 2033, was announced on Tuesday, with Starmer saying he had “hard choices” to make in ensuring that the “defense and security of the British people must always come first”.

    But his decision to partly fund it by a cut in overseas aid has been criticized by charities and some members of his own governing Labour Party.

    “Through those choices, as hard as they are, we must also seek unity — a whole society effort that will reach into the lives, the industries, and the homes of the British people,” Starmer explained.

    The timing of the announcement was notable, coming as it did just before his visit to the White House and at a time when security links between Europe and the U.S. are under great strain.

    U.S. Defense Secretary Pete Hegseth welcomed Starmer’s decision, calling it a “strong step from an enduring partner”.

    Trump has long been critical of European members of the NATO military alliance for not contributing enough to the communal defense budget. The current requirement, met by most members, is for 2 percent of GDP to be spent on defense, but Trump has said it should be as high as 5 percent, even though the U.S. itself is currently only the third-highest proportionally contributing member nation, with 3.37 percent of its GDP.

    According to data from the Organisation for Economic Cooperation and Development, in 2023 the UK was the world’s fifth-largest international aid donor.

    Writing in The Guardian newspaper, Foreign Minister David Lammy insisted the “most vital programs in the world’s worst conflict zones of Ukraine, Gaza, and Sudan” would not be affected, “but there can be no hiding from the fact that many programs doing vital work will have to be put on hold”.

    Former Labour Party foreign secretary David Miliband, who is now head of the International Rescue Committee charity, called the aid cut “a blow to Britain’s proud reputation as a global humanitarian and development leader”, while Nick Dearden, director of campaign group Global Justice Now, said it was “a day of shame for Britain” with the move being taken “to appease Trump”.

    The United Nations children’s agency UNICEF and the charity Oxfam were also heavily critical of the decision, while Labour Party member of parliament Sarah Champion, who is chair of the parliamentary International Development Select Committee, spoke out against her own party leader, saying: “Aid vs defense isn’t a realistic narrative for keeping the world safe.”

    MIL OSI China News –

  • MIL-OSI China: Ukraine adopts measures for signing minerals partnership agreement with US

    Source: China State Council Information Office

    Ukrainian Prime Minister Denys Shmyhal announced Wednesday that his government adopted a set of measures needed for signing the minerals partnership agreement with the United States, the Interfax-Ukraine news agency reported.

    “Today the government is making decisions necessary for signing an agreement between Ukraine and the United States,” Shmyhal said.

    Under the agreement, Ukraine and the United States are set to establish a joint investment fund which will be co-owned and co-managed by both governments, Shmyhal said.

    He emphasized that Ukrainian mineral resources will remain the property of Ukraine and will not be transferred to the U.S. ownership.

    According to the deal, Ukraine will contribute 50 percent of its future revenues from its natural resources to the fund, while the United States will provide funds to support Ukraine’s recovery.

    MIL OSI China News –

  • MIL-OSI China: Russian, US officials to meet for work of embassies

    Source: China State Council Information Office

    Russian and U.S. officials will meet in Türkiye’s Istanbul on Thursday to discuss issues concerning the operation of their two countries’ embassies, Russian Foreign Minister Sergei Lavrov announced in Doha on Wednesday at a press conference.

    Lavrov said the meeting would focus on creating better conditions for diplomatic missions in both countries and addressing rows over staffing levels and properties of the missions.

    The agenda for the upcoming meeting, as explained by Lavrov, indicates that the two sides will first seek to remove technical barriers to diplomatic relations before moving toward other ambitious goals.

    The top Russian diplomat also emphasized Moscow’s efforts to end the conflict with Ukraine, noting that dialogue between concerned parties would contribute to achieving a ceasefire.

    Lavrov arrived Tuesday night in Doha for a visit, as part of his Middle East working trip. Following his meeting with Qatari Emir Sheikh Tamim bin Hamad Al Thani, Lavrov stated that their discussions focused on the latest developments in the Middle East, particularly in the Palestinian territories and Syria.

    “We have emphasized to the United Nations the need to lift sanctions on Syria, as they are harming the Syrian people. We know that the current Syrian administration is ready to cooperate and stabilize the situation in the country in a balanced manner,” Lavrov said.

    He also warned that the displacement of Palestinians would turn the regional situation into a ticking time bomb.

    In addition, the talks between Lavrov and the emir touched on bilateral relations and cooperation in energy and investment, according to a statement by the Emiri Diwan, the administrative office of the Qatari emir.

    MIL OSI China News –

  • MIL-OSI China: Bulgaria issues postage stamp for Chinese New Year

    Source: China State Council Information Office 3

    The Bulgarian Post released a new stamp to mark Chinese New Year, the Year of the Wood Snake, at a ceremony in the Central Post Office Building on Tuesday.

    With a circulation of 3,600 and a nominal value of 1 BGN (0.54 U.S. dollars), the stamp depicts a combination of an image of a snake and a red Chinese knot on a golden background.

    “Two months ago, we gathered here to witness the validation of the commemorative postage stamp on the occasion of the 75th anniversary of the establishment of diplomatic relations between China and Bulgaria,” Chinese Ambassador to Bulgaria Dai Qingli said while addressing the event.

    With multiple crises currently creating global instability and uncertainty, “the Year of the Wood Snake reminds us that the historical trend of a common shared destiny shows us that no country can isolate itself from others,” Dai said.

    Tzvetilia Stoilkova, Chief Executive Officer of the Bulgarian Post, told the ceremony that in order to maintain interest in philately, attractive themes were sought, one of these being the celebration of the Chinese New Year.

    “In this way, the distant friendly country becomes closer to us, and through postage stamps we learn new things about it,” she said.

    Meanwhile, president of the Union of Bulgarian Philatelists and former member of the country’s parliament Spas Panchev, said that the philatelic theme for Chinese New Year was relatively new in Bulgarian postage stamp issuing and philately. 

    MIL OSI China News –