Europe – Page 1300 – NewzIntel.com

MIL-OSI New Zealand: Universities – Power struggles: The psychology behind workplace energy use – UoA

Source: University of Auckland (UoA)

Do you ever take the stairs instead of the lift or print double-sided – not for fitness, or to stretch the last few sheets of paper, but to save energy?
  
An international study co-authored by researchers from the University of Auckland looks at how businesses can support these kinds of everyday choices, often overlooked in corporate sustainability plans.

Published in Renewable and Sustainable Energy Reviews, the study analyses 70 research papers on employee energy-saving behaviours and shows that a combination of personal attitudes, social norms, habits, organisational culture and peer feedback shapes employees’ willingness to save energy.
   
It suggests that businesses looking to cut energy use should focus on engagement rather than enforcement.

Employees who feel encouraged, rather than monitored or penalised, are more likely to develop lasting energy-saving habits.
   
“A work environment that recognises the value of energy-saving behaviour and employees with intentions to save energy are very effective,” says Business School Professor Sholeh Maani.

The economics professor says businesses that integrate energy-saving behaviours into workplace policies and culture see greater engagement from staff.

For example, giving employees control over lighting and temperature settings and regular feedback on energy use, combined with positive reinforcement, can motivate staff to save energy. 

Digital tools like Internet of Things (IoT) sensors and gamified apps can help staff track their energy use, says Maani, encouraging autonomy and responsibility.

And while many businesses rely on employee education campaigns to encourage energy conservation, the research suggests that providing information alone is not enough, and in some cases, it may even backfire if it’s seen as personal monitoring.

One study the researchers point out took place at a university in Canada and surveyed 595 employees in 24 buildings. The results found that feedback and peer education reduced energy use by seven percent and four percent respectively, while energy consumption increased by four percent in the buildings that educated employees on how and why to save energy.

Another study in the Netherlands examined a 13-week energy-saving initiative at an environmental consulting firm with 83 employees across five departments. Employees received weekly rewards for saving energy, with some receiving monetary incentives and others getting positive public recognition. The results were clear: public feedback was more effective than financial incentives.
   
These results and others highlight that awareness alone won’t necessarily drive change – practical interventions that reinforce personal and group habits, such as social incentives and feedback can be effective, say Maani and co-author Dr Le Wen.

If businesses want to reduce energy waste, they need to focus on building a workplace culture that supports and normalises energy-saving behaviours, says Maani.
 
“Employees are more likely to conserve energy when they see their colleagues doing the same, receive regular feedback on workplace energy use, and feel supported to make changes and take control.

“And when managers and colleagues actively participate in energy-saving initiatives, other employees are far more likely to follow suit.”

With rising electricity costs and increasing pressure to cut carbon emissions, New Zealand businesses have a lot to gain from empowering employees to be part of the solution, says Maani.
  
“In a country where sustainability is a priority, reducing workplace energy waste is a low-cost, high-impact way for businesses to reach their environmental goals.”  

MIL OSI New Zealand News –

February 20, 2025

MIL-OSI United Kingdom: The continued advance into DRC of M23 and the Rwandan Defence Forces is a breach of the UN charter: UK statement at the UN Security Council

Source: United Kingdom – Executive Government & Departments

Statement by Ambassador James Kariuki, UK Deputy Permanent Representative to the UN, at the UN Security Council meeting on Democratic Republic of the Congo.

I will make three points.

First, we express our deep concern at the continued advance into DRC of the M23 and Rwandan Defence Forces.

This is an unacceptable violation of DRC’s sovereignty and territorial integrity and a breach of the UN Charter.

The occupation of Bukavu is a serious escalation which heightens the risk of a wider regional conflict.

The United Kingdom is clear that there needs to be an immediate cessation of hostilities and a return to dialogue via African-led peace processes.

There can be no military solution. As my Foreign Secretary has said, Rwanda must withdraw its troops.

The UK is actively considering next steps, alongside international partners, including the possibility of a review of all UK support to Rwanda.

Second, urgent action is needed to halt the rapidly deteriorating humanitarian situation.

The M23 and Rwandan Defence Forces’ takeover of Goma has displaced close to one million people in North and South Kivu.

Hundreds of thousands are now in desperate need of lifesaving support.

Civilians, particularly women and girls, are at increased risk of violence, including sexual violence.

We have seen harrowing reports, including of 165 women raped and many burned alive at Goma Muzenze Prison earlier this month.

The parties to the conflict must adhere to their obligations under international humanitarian law.

And humanitarian access, especially via Goma airport, should urgently be restored.

Third, MONUSCO’s freedom of movement is essential to support the protection of civilians and facilitate aid delivery.

Restrictions by the M23 and Rwandan Defence Forces are unacceptable.

The parties must respect MONUSCO’s mandate, as authorised by this Council.

The UK strongly condemns all attacks on UN peacekeepers and recalls that attacks on MONUSCO could be grounds for UN sanctions.

President, to conclude, the UK welcomes regional efforts to secure a lasting solution to this conflict.

We welcome the contribution of the recent joint EAC and SADC summit and the AU PSC summit.

We urge DRC and Rwanda to engage in good faith in existing peace processes.

We need to see the rapid implementation of the actions agreed at the summits, supported by urgent action by this Council.

Published 19 February 2025

MIL OSI United Kingdom –

February 20, 2025

MIL-OSI Russia: Government meeting (2025, No. 5)

Translartion. Region: Russians Fedetion –

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

1. On the allocation of budgetary appropriations to the Ministry of Labor of Russia in 2025 from the reserve fund of the Government of the Russian Federation for the provision of another inter-budget transfer to the budget of the Kursk region

The draft order is aimed at providing social support to citizens living in the Kursk region and who have lost essential property.

2. On the draft amendments of the Government of the Russian Federation to the draft federal law No. 770471-8 “On Amending Article 5 of the Federal Law “On Biological Safety in the Russian Federation””

The draft amendments propose to introduce changes that, among other things, provide for the granting of authority to the Russian Ministry of Health to establish the procedure for applying clinical recommendations.

3. On amending the Resolution of the Government of the Russian Federation of June 19, 2012 No. 608 (in terms of amending the Regulation on the Ministry of Health of the Russian Federation)

The draft resolution provides for the Russian Ministry of Health to be empowered to approve a list of identity documents that can be used to establish the age of a person purchasing potentially dangerous gas-containing household goods.

4. On the draft federal law “On Amendments to Article 8 of the Federal Law “On the Development of Small and Medium-Sized Entrepreneurship in the Russian Federation”

The bill is aimed at specifying the list of support programs, information about the recipients of which must be entered by the bodies and organizations that provided such support into the unified register of small and medium-sized businesses that are recipients of support.

5. On amendments to the Resolution of the Government of the Russian Federation of July 28, 2018 No. 884 (in terms of amendments to the Regulation on the Ministry of Education of the Russian Federation)

The draft resolution is aimed at granting the Russian Ministry of Education the authority to approve a federal program of educational work for children’s recreation and health organizations.

6. On Amendments to the Resolution of the Government of the Russian Federation of July 30, 2004 No. 401 (in terms of amending the Regulation on the Federal Service for Environmental, Technological and Nuclear Supervision)

The draft resolution is aimed at clarifying the powers of Rostekhnadzor concerning the establishment of standards for permissible emissions of radioactive substances, as well as the approval of methods for developing these standards.

Moscow, February 19, 2025

The content of the press releases of the Department of Press Service and References is a presentation of materials submitted by federal executive bodies for discussion at a meeting of the Government of the Russian Federation.

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 –

February 20, 2025

MIL-OSI: PDF Solutions to Acquire secureWISE to Expand the Reach of its Semiconductor Manufacturing Data Platform

Source: GlobeNewswire (MIL-OSI)

SANTA CLARA, Calif., Feb. 19, 2025 (GLOBE NEWSWIRE) — PDF Solutions, Inc. (Nasdaq: PDFS) today announced it has entered into a definitive agreement to acquire secureWISE, LLC, the most widely used secure, remote connectivity solution in the semiconductor manufacturing equipment industry, from Telit IOT Solutions Inc.

The secureWISE global network enables equipment manufacturers to bring up new equipment faster, provide operational support, and maximize the value derived from the equipment customers’ investments. It is currently used by over 100 equipment vendors to connect and control their tools located in over 190 semiconductor fabs and to manage the exchange of multiple petabytes of data annually.

PDF Solutions empowers semiconductor companies to maximize their manufacturing effectiveness. The PDF Solutions platform breaks down data silos to enable engineers to uncover critical relationships across manufacturing and design, resulting in better process control, product screening, and equipment operations.

As the semiconductor industry becomes more globally distributed, and as advanced devices rely on the integration of multiple chiplets into a single package, more collaboration and integration are required across the semiconductor industry. This collaboration needs to be executed securely with each participant controlling access to its intellectual property.

Today, secureWISE customers have built applications on top of the secureWISE network to deliver equipment analytics. PDF Solutions expects the acquisition to accelerate equipment makers’ ability to derive value from equipment data by enabling them to leverage PDF Solutions’ Exensio analytics software.

Beyond enabling equipment vendors to build equipment analytics at foundries, the acquisition of secureWISE is expected to dramatically expand the capability of PDF Solutions’ secure DEX OSAT network by allowing equipment makers, fab operators, and fabless companies to collaborate to optimize chip manufacturing and test.

“This acquisition extends PDF Solutions analytics for equipment makers and fabless to the factory manufacturing level, which allows them to generate value from AI,” said Dr. John Kibarian, President, CEO and co-founder of PDF Solutions. He continued, “We provide the leading analytics platform for semiconductor manufacturing, and with secureWISE, the PDF Solutions platform will also be able to help members of the semiconductor ecosystem collaborate through a secure, direct connection and control the manufacturing process down to the production equipment.”

Mike Dempsey, Vice President of secureWISE LLC, said, “We believe PDF Solutions is the ideal partner to accelerate secureWISE’s evolution, ensuring we remain at the forefront of industry trends and ahead of our customers’ needs. This acquisition will strengthen our ability to anticipate, pioneer, and integrate a far richer suite of security, collaboration, and analytics capabilities into our platform. As data exchange and collaboration become increasingly relevant to the semiconductor industry, this acquisition will better position secureWISE to deliver maximum long-term benefit to its customers who have invested in our platform.”

Under the terms of the definitive agreement, PDF Solutions will pay a cash amount of $130.0 million, subject to customary purchase price adjustments. The purchase price will be funded by a combination of cash on hand and $70M of new bank debt. The acquisition is subject to certain closing conditions and is expected to close in the first calendar quarter of 2025.

TD Securities (USA) LLC acted as financial advisor and Latham & Watkins LLP acted as legal advisor to PDF Solutions.

Updated Financial Outlook

John Kibarian, CEO and President of PDF Solutions, said, “Assuming the transaction closes in the first quarter of 2025, and with purchase accounting adjustments, we would expect to achieve a full year 2025 revenue growth rate between 21% to 23% on year-over-year basis. Given that, we also expect to achieve 2025 gross margin in line with our corporate gross margin, our target model 20% operating margin, and for EPS to be slightly accretive.”

Conference Call

PDF Solutions will discuss this announcement on a live conference call beginning at 3:00 p.m. Pacific Time / 6:00 p.m. Eastern Time today. To participate in the live call, analysts and investors should pre-register at: https://register.vevent.com/register/BI9abfc7eadb2245c5ba00c59922fe6c87.

Registrants will receive dial-in information and a unique passcode to access the call. We encourage participants to dial into the call ten minutes ahead of the scheduled time. The teleconference will also be webcast simultaneously on the Company’s website at https://ir.pdf.com/webcasts. A replay of the conference call webcast will be available after the call on the Company’s investor relations website. A copy of this press release will also be available on PDF Solutions’ website at News & PR Archives – PDF Solutions following the date of this release.

Forward-Looking Statements

The statements in this press release regarding the expected future financial results, benefits and synergies of the secureWISE acquisition on PDF Solution’s product offerings, and the expected closing of the secureWISE acquisition are forward looking and are subject to future events and circumstances. Actual results could differ materially from those expressed in these forward-looking statements. Risks and uncertainties that could cause results to differ materially include risks associated with: uncertainties with respect to the timing of the closing of the proposed transaction, including when and whether all conditions to closing will be satisfied; the failure of expected benefits from the proposed transaction to be realized or to be realized within the expected time period; uncertainties with respect to the future performance of secureWISE following an acquisition by PDF Solutions; PDF Solution’s ability to integrate secureWISE and its product and service offerings, the cost and schedule of new product development; continued adoption of the PDF Solution’s and secureWISE’s solutions by new and existing customers; the fact that operating costs and business disruption may be greater than expected following the public announcement or consummation of the proposed transaction; potential adverse reactions or changes to business or employee relationships, including those resulting from the public announcement or consummation of the proposed transaction; the incurrence of significant transaction costs related to the proposed transaction; unknown or understated liabilities of secureWISE; and other risks set forth in PDF Solutions’ periodic public filings with the Securities and Exchange Commission, including, without limitation, its Annual Reports on Form 10-K, most recently filed for the year ended December 31, 2023, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K and amendments to such reports. The forward-looking statements made herein are made as of the date hereof, and PDF Solutions does not assume any obligation to update such statements nor the reasons why actual results could differ materially from those projected in such statements.

About PDF Solutions

PDF Solutions (Nasdaq: PDFS) provides comprehensive data solutions designed to empower organizations across the semiconductor and electronics industry ecosystem to improve the yield and quality of their products and operational efficiency for increased profitability. The Company’s products and services are used by Fortune 500 companies across the semiconductor and electronics ecosystem to achieve smart manufacturing goals by connecting and controlling equipment, collecting data generated during manufacturing and test operations, and performing advanced analytics and machine learning to enable profitable, high-volume manufacturing.

Founded in 1991, PDF Solutions is headquartered in Santa Clara, California, with operations across North America, Europe, and Asia. The Company (directly or through one or more subsidiaries) is an active member of SEMI, INEMI, TPCA, IPC, the OPC Foundation, and DMDII. For the latest news and information about PDF Solutions or to find office locations, visit https://www.pdf.com.

Headquartered in Santa Clara, California, PDF Solutions also operates worldwide in Canada, China, France, Germany, Italy, Japan, Korea, Sweden, and Taiwan. For the Company’s latest news and information, visit https://www.pdf.com.

About secureWISE

The secureWISE platform enables secure and controlled remote connectivity, collaboration and service enablement in the semiconductor industry. The secureWISE suite of products and services is designed to give OEM suppliers role-based, real-time and on-demand access to their equipment that is installed at the production facilities of their customers, to deliver valuable operational insights, mission-critical performance, substantial time and cost savings, and new service revenue opportunities. As the only remote access tool built around the ISMI guidelines, secureWISE is installed in over 90% of the world’s 300mm semiconductor fabs and also numerous solar and chemical plants across the globe. https://www.telit.com/iot-platforms-overview/telit-securewise/

PDF Solutions and the PDF Solutions logo are trademarks or registered trademarks of PDF Solutions, Inc. and/or its subsidiaries in the United States and other countries. Other trademarks used herein are the property of their owners.

Company Contacts:
Adnan Raza		Sonia Segovia
Chief Financial Officer		Investor Relations
Tel: (408) 516-0237		Tel: (408) 938-6491
Email: adnan.raza@pdf.com		Email: sonia.segovia@pdf.com

The MIL Network –

February 20, 2025

MIL-OSI: Tenaris Announces 2024 Fourth Quarter and Annual Results

Source: GlobeNewswire (MIL-OSI)

The financial and operational information contained in this press release is based on audited consolidated financial statements presented in U.S. dollars and prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board and adopted by the European Union, or IFRS. Additionally, this press release includes non-IFRS alternative performance measures i.e., EBITDA, Free Cash Flow, Net cash / debt and Operating working capital days. See exhibit I for more details on these alternative performance measures.

LUXEMBOURG, Feb. 19, 2025 (GLOBE NEWSWIRE) — Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) (“Tenaris”) today announced its results for the fourth quarter and year ended December 31, 2024 in comparison with its results for the fourth quarter and year ended December 31, 2023.

Summary of 2024 Fourth Quarter Results

(Comparison with third quarter of 2024 and fourth quarter of 2023)

	4Q 2024	3Q 2024		4Q 2023
Net sales ($ million)	2,845	2,915	(2%)	3,415	(17%)
Operating income ($ million)	558	537	4%	819	(32%)
Net income ($ million)	519	459	13%	1,146	(55%)
Shareholders’ net income ($ million)	516	448	15%	1,129	(54%)
Earnings per ADS ($)	0.94	0.81	16%	1.92	(51%)
Earnings per share ($)	0.47	0.40	16%	0.96	(51%)
EBITDA* ($ million)	726	688	6%	975	(26%)
EBITDA margin (% of net sales)	25.5%	23.6%		28.6%

*EBITDA in fourth quarter of 2024 includes a $67 million gain from the partial reversal of a provision for the ongoing litigation related to the acquisition of a participation in Usiminas. If this charge was not included EBITDA would have amounted to $659 million, or 23.2% of sales

Net sales in the fourth quarter were more resilient than expected as we were able to reduce inventories and advance some shipments in the Middle East and Turkey, despite lower demand in Mexico, Argentina and Saudi Arabia. Our EBITDA declined 4% on a comparable basis with the margin supported by a favorable product mix which offset the effect of residual price declines in North America. Net income increased due to the partial reversal of the provision made in the second quarter for the ongoing litigation related to the acquisition of a participation in Usiminas jointly with our associate company, Ternium.

During the quarter, our free cash flow amounted to $310 million and, after spending $299 million on dividends and $454 million on share buybacks, our net cash position declined to $3.6 billion at December 31, 2024.

Summary of 2024 Annual Results

	12M 2024	12M 2023	Increase/(Decrease)
Net sales ($ million)	12,524	14,869	(16%)
Operating income ($ million)	2,419	4,316	(44%)
Net income ($ million)	2,077	3,958	(48%)
Shareholders’ net income ($ million)	2,036	3,918	(48%)
Earnings per ADS ($)	3.61	6.65	(46%)
Earnings per share ($)	1.81	3.32	(45%)
EBITDA* ($ million)	3,052	4,865	(37%)
EBITDA margin (% of net sales)	24.4%	32.7%

*EBITDA in 12M 2024 includes a $107 million loss from the provision for the ongoing litigation related to the acquisition of a participation in Usiminas. If this charge was not included EBITDA would have amounted to $3,159 million, or 25.2% of sales.

Our sales in 2024 amounted to $12.5 billion with a decrease of 16% compared to 2023, primarily reflecting a decline in market prices for our tubular products used in onshore drilling applications in the Americas, lower drilling activity in Mexico and Colombia, lower shipments for pipeline projects in Argentina and lower sales of mechanical pipes in Europe. On the other hand, sales in the Middle East reached a record level as Saudi Aramco replenished OCTG stocks and increased gas drilling activity. EBITDA and margins also declined to $3.1 billion, being further affected by a $107 million loss from a provision for the ongoing litigation related to the acquisition of a participation in Usiminas. Net income amounted to $2.1 billion, or 17% of net sales, and was affected by a reduction of $43 million from our participation in Ternium related to the same case.

Cash flow provided by operating activities amounted to $2.9 billion during 2024. This was used to fund capital expenditures of $694 million, with the remainder distributed to shareholders through dividend payments of $758 million and share buybacks for $1,440 million in the year. We maintained a net cash position of $3.6 billion at the end of December 2024.

Change of Chief Financial Officer

Effective as of May 2, 2025, Mr. Carlos Gomez Alzaga will assume the position of Chief Financial Officer, replacing Ms. Alicia Mondolo, who will retire from this role.

Mr. Gomez Alzaga, who has more than 20 years of experience in Administration and Finance at Tenaris, previously served as Regional CFO for Mexico and Central America, and Economic and Financial Planning Director, among other positions, and currently holds the position of Regional CFO for Argentina and South America.

Ms. Mondolo will continue to serve as senior advisor to our Chairman and CEO.

Paolo Rocca and the Board of Tenaris would like to express their gratitude and appreciation for Alicia´s contribution as CFO of Tenaris and her 41 years of service within the Techint Group.

Market Background and Outlook

Oil prices remain relatively stable (as they have done over the past two years) with OPEC+ maintaining their voluntary production cuts in the face of limited global demand growth. European and US natural gas prices have, however, risen as relatively cold winter weather and the cutoff of Russian supply have led to a rapid drawdown in inventories.

These prices and the continuing balance between oil and gas demand and supply should continue to support overall investment in oil and gas drilling activity, as well as OCTG demand, at current levels, albeit with some regional nuances.

In North America, consolidation among major operators and drilling efficiencies led to a drop in US drilling activity last year, which has now stabilized, while OCTG consumption per rig has been increasing. In Latin America, drilling activity is increasing in Argentina, as investment in pipeline and LNG infrastructure investment for the Vaca Muerta shale moves forward, while, in Mexico, it has been affected by financial constraints on Pemex. In the Middle East, some reduction in oil drilling has taken place in Saudi Arabia while gas drilling has risen, and, in Abu Dhabi, oil drilling is increasing.

OCTG reference prices in North America, which fell steadily for two years until the second half of 2024, have so far recovered by 9% from their August low and could rise further following the US government’s announced reset of Section 232 tariffs on all imports of steel products without exception.

In this environment, we expect our sales and EBITDA (excluding extraordinary effects) in the first quarter to be in line with the previous one before rising moderately in the second quarter. Beyond that, likely changes in US tariffs and their possible ramifications on trade flows will introduce a new dynamic with a high level of uncertainty for costs and prices to our results.

Annual Dividend Proposal

Upon approval of the Company´s annual accounts in April 2025, the board of directors intends to propose, for approval of the annual general shareholders’ meeting to be held on May 6, 2025, the payment of a dividend per share of $0.83 (in an aggregate amount of approximately $0.9 billion), which would include the interim dividend per share of $0.27 (approximately $0.3 billion) paid in November 2024. If the annual dividend is approved by the shareholders, a dividend of $0.56 per share ($1.12 per ADS), or approximately $0.6 billion, will be paid according to the following timetable:

Payment date: May 21, 2025
Record date: May 20, 2025
Ex-dividend for securities listed in Europe and Mexico: May 19, 2025
Ex-dividend for securities listed in the United States: May 20, 2025

Analysis of 2024 Fourth Quarter Results

Tubes

The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below:

Tubes Sales volume (thousand metric tons)	4Q 2024	3Q 2024		4Q 2023
Seamless	748	746	0%	760	(2%)
Welded	164	191	(14%)	246	(33%)
Total	913	937	(3%)	1,006	(9%)

The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:

Tubes	4Q 2024	3Q 2024		4Q 2023
(Net sales – $ million)
North America	1,131	1,273	(11%)	1,501	(25%)
South America	595	484	23%	590	1%
Europe	341	280	22%	302	13%
Asia Pacific, Middle East and Africa	629	754	(17%)	805	(22%)
Total net sales ($ million)	2,695	2,790	(3%)	3,198	(16%)
Services performed on third party tubes ($ million)	93	97	(4%)	34	176%
Operating income ($ million)	533	527	1%	780	(32%)
Operating margin (% of sales)	19.8%	18.9%		24.4%

Net sales of tubular products and services decreased 3% sequentially and 16% year on year. Sequentially volumes sold decreased 3% while average selling prices decreased less than 1% as a favorable product mix offset price declines in North America. Sequentially, in North America sales declined due to lower prices throughout the region and lower activity in Mexico. In South America sales increased as higher sales in Brazil with shipments to the Raia pipeline and a recovery of OCTG offset lower sales for pipelines and the industrial market in Argentina. In Europe sales increased due to shipments to the Sakarya offshore line pipe project and higher sales of OCTG in Turkey. In Asia Pacific, Middle East and Africa sales declined due to lower sales in Saudi Arabia upon completion of inventory replenishment program and lower activity, partially offset by an increase in sales to the UAE.

Operating results from tubular products and services amounted to a gain of $533 million in the fourth quarter of 2024 compared to a gain of $527 million in the previous quarter and a gain of $780 million in the fourth quarter of 2023. This quarter’s operating income includes a $67 million gain from the partial reversal of a provision for the ongoing litigation related to the acquisition of a participation in Usiminas. Excluding this gain Tubes operating income would have amounted to $467 million (17.3% of sales) in the fourth quarter, a 12% sequential reduction following the decline in sales and margins. Margins declined due to the decline in prices and a more costly product mix.

Others

The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below:

Others	4Q 2024	3Q 2024		4Q 2023
Net sales ($ million)	150	125	20%	217	(31%)
Operating income ($ million)	25	10	156%	39	(36%)
Operating margin (% of sales)	16.8%	7.9%		18.1%

Net sales of other products and services increased 20% sequentially and decreased 31% year on year. Sequentially, sales increased mainly due to higher sales of oil services in Argentina and coiled tubing.

Selling, general and administrative expenses, or SG&A, amounted to $446 million, or 15.7% of net sales, in the fourth quarter of 2024, compared to $454 million, 15.6% in the previous quarter and $471 million, 13.8% in the fourth quarter of 2023. Sequentially, the decline in SG&A is mainly due to lower shipment costs due to a reduction in volumes shipped.

Other operating results amounted to a net gain of $81 million in the fourth quarter of 2024, compared to a gain of $11 million in the previous quarter and a $5 million loss in the fourth quarter of 2023. The fourth quarter of 2024 includes a $67 million gain from the partial reversal of a provision for the ongoing litigation related to the acquisition of a participation in Usiminas.

Financial results amounted to a gain of $48 million in the fourth quarter of 2024, compared to a gain of $48 million in the previous quarter and a gain of $93 million in the fourth quarter of 2023. Financial result of the quarter is mainly attributable to a $42 million net finance income from the net return of our portfolio investments.

Equity in earnings of non-consolidated companies generated a gain of $35 million in the fourth quarter of 2024, compared to a gain of $8 million in the previous quarter and a gain of $57 million in the fourth quarter of 2023. These results are mainly derived from our participation in Ternium (NYSE:TX). During the fourth quarter of 2024 the result from Ternium´s investment includes a $43 million gain from the partial reversal of a provision for the ongoing litigation related to the acquisition of a participation in Usiminas.

Income tax charge amounted to $123 million in the fourth quarter of 2024, compared to $134 million in the previous quarter and $177 million in the fourth quarter of 2023.

Cash Flow and Liquidity of 2024 Fourth Quarter

Net cash generated by operating activities during the fourth quarter of 2024 was $492 million, compared to $552 million in the previous quarter and $0.8 billion in the fourth quarter of 2023. During the fourth quarter of 2024 cash generated by operating activities includes a net working capital increase of $37 million.

With capital expenditures of $182 million, our free cash flow amounted to $310 million during the quarter. Following a dividend payment of $299 million and share buybacks of $454 million in the quarter, our net cash position amounted to $3.6 billion at December 31, 2024.

Analysis of 2024 Annual Results

The following table shows our net sales by business segment for the periods indicated below:

Net sales ($ million)	12M 2024		12M 2023		Increase/(Decrease)
Tubes	11,907	95%	14,185	95%	(16%)
Others	617	5%	684	5%	(10%)
Total	12,524		14,869		(16%)

Tubes

The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below:

Tubes Sales volume (thousand metric tons)	12M 2024	12M 2023	Increase/(Decrease)
Seamless	3,077	3,189	(4%)
Welded	852	953	(11%)
Total	3,928	4,141	(5%)

The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:

Tubes	12M 2024	12M 2023	Increase/(Decrease)
(Net sales – $ million)
North America	5,432	7,572	(28%)
South America	2,294	3,067	(25%)
Europe	1,143	1,055	8%
Asia Pacific, Middle East and Africa	3,038	2,491	22%
Total net sales ($ million)	11,907	14,185	(16%)
Services performed on third party tubes ($ million)	484	165	193%
Operating income ($ million)	2,305	4,183	(45%)
Operating margin (% of sales)	19.4%	29.5%

Net sales of tubular products and services decreased 16% to $11,907 million in 2024, compared to $14,185 million in 2023 due to a 5% decrease in volumes and a 12% decrease in average selling prices, primarily reflecting a decline in market prices for our tubular products used in onshore drilling applications in the Americas, lower drilling activity in Mexico and Colombia, lower shipments for pipeline projects in Argentina and lower sales of mechanical pipes in Europe. On the other hand, sales in the Middle East reached a record level as Saudi Aramco replenished OCTG stocks and increased gas drilling activity.

Operating results from tubular products and services amounted to a gain of $2,305 million in 2024 compared to a gain of $4,183 million in 2023. The decline in operating results is mainly due to the decline in average selling prices and the corresponding impact on sales and margins. Additionally, in 2024 our Tubes operating income includes a charge of $107 million from the provision for the ongoing litigation related to the acquisition of a participation in Usiminas, included in other operating expenses.

Others

The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below:

Others	12M 2024	12M 2023	Increase/(Decrease)
Net sales ($ million)	617	684	(10%)
Operating income ($ million)	113	133	(15%)
Operating margin (% of sales)	18.4%	19.5%

Net sales of other products and services decreased 10% to $617 million in 2024, compared to $684 million in 2023.

Operating results from other products and services amounted to a gain of $113 million in 2024, compared to a gain of $133 million in 2023.

Selling, general and administrative expenses, or SG&A, amounted to $1,905 million in 2024, representing 15.2% of sales, and $1,919 million in 2023, representing 12.9% of sales. SG&A expenses increased as a percentage of sales due to the 16% decline in revenues, mainly due to lower Tubes average selling prices and an increase of fixed costs.

Other operating results amounted to a loss of $65 million in 2024, compared to a gain of $36 million in 2023. In 2024 we recorded a $107 million loss from provision for the ongoing litigation related to the acquisition of a participation in Usiminas. In 2023 other operating income includes a non-recurring gain of $33 million corresponding to the transfer of the awards related to the Company’s Venezuelan nationalized assets.

Financial results amounted to a gain of $129 million in 2024, compared to a gain of $221 million in 2023. While net finance income increased due to a higher net financial position, net foreign exchange results decreased significantly in respect to the previous year.

Equity in earnings of non-consolidated companies generated a gain of $9 million in 2024, compared to a gain of $95 million in 2023. These results were mainly derived from our equity investment in Ternium (NYSE:TX) and in 2024 were negatively affected by a $43 million loss from the provision for the ongoing litigation related to the acquisition of a participation in Usiminas on our Ternium investment.

Income tax amounted to a charge of $480 million in 2024, compared to $675 million in 2023. The lower income tax charge mainly reflects the reduction in results at several subsidiaries.

Cash Flow and Liquidity of 2024

Net cash provided by operating activities in 2024 amounted to $2.9 billion (including a reduction in working capital of $287 million), compared to cash provided by operations of $4.4 billion (including a reduction in working capital of $182 million) in 2023.

Capital expenditures amounted to $694 million in 2024, compared to $619 million in 2023. Free cash flow amounted to $2.2 billion in 2024, compared to $3.8 billion in 2023.

Following dividend payments of $758 million and share buybacks of $1.4 billion during 2024, our net cash position amounted to $3.6 billion at December 31, 2024.

Conference call

Tenaris will hold a conference call to discuss the above reported results, on February 20, 2025, at 08:00 a.m. (Eastern Time). Following a brief summary, the conference call will be opened to questions.

To listen to the conference please join through one of the following options:
ir.tenaris.com/events-and-presentations or
https://edge.media-server.com/mmc/p/p836i5mj

If you wish to participate in the Q&A session please register at the following link:

https://register.vevent.com/register/BIb7ae4609ff564d95a338d90813a3c8cc

Please connect 10 minutes before the scheduled start time.

A replay of the conference call will also be available on our webpage at: ir.tenaris.com/events-and-presentations

Some of the statements contained in this press release are “forward-looking statements”. Forward-looking statements are based on management’s current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies.

Consolidated Income Statement

(all amounts in thousands of U.S. dollars)	Three-month period ended December 31,		Twelve-month period ended December 31,
	2024	2023	2024	2023

Net sales	2,845,226	3,414,930	12,523,934	14,868,860
Cost of sales	(1,922,263)	(2,120,591)	(8,135,489)	(8,668,915)
Gross profit	922,963	1,294,339	4,388,445	6,199,945
Selling, general and administrative expenses	(445,988)	(470,542)	(1,904,828)	(1,919,307)
Other operating income	18,483	1,468	60,650	53,043
Other operating expenses	62,919	(6,302)	(125,418)	(17,273)
Operating income	558,377	818,963	2,418,849	4,316,408
Finance income	51,331	63,621	242,319	213,474
Finance cost	(8,928)	(19,759)	(61,212)	(106,862)
Other financial results	5,777	49,249	(52,051)	114,365
Income before equity in earnings of non-consolidated companies and income tax	606,557	912,074	2,547,905	4,537,385
Equity in earnings of non-consolidated companies	35,283	56,859	8,548	95,404
Income before income tax	641,840	968,933	2,556,453	4,632,789
Income tax	(122,709)	176,848	(479,680)	(674,956)
Income for the period	519,131	1,145,781	2,076,773	3,957,833

Attributable to:
Shareholders’ equity	516,213	1,129,098	2,036,445	3,918,065
Non-controlling interests	2,918	16,683	40,328	39,768
	519,131	1,145,781	2,076,773	3,957,833

Consolidated Statement of Financial Position

(all amounts in thousands of U.S. dollars)	At December 31, 2024		At December 31, 2023

ASSETS
Non-current assets
Property, plant and equipment, net	6,121,471		6,078,179
Intangible assets, net	1,357,749		1,377,110
Right-of-use assets, net	148,868		132,138
Investments in non-consolidated companies	1,543,657		1,608,804
Other investments	1,005,300		405,631
Deferred tax assets	831,298		789,615
Receivables, net	205,602	11,213,945	185,959	10,577,436
Current assets
Inventories, net	3,709,942		3,921,097
Receivables and prepayments, net	179,614		181,368
Current tax assets	332,621		256,401
Contract assets	50,757		47,451
Trade receivables, net	1,907,507		2,480,889
Derivative financial instruments	7,484		9,801
Other investments	2,372,999		1,969,631
Cash and cash equivalents	675,256	9,236,180	1,637,821	10,504,459
Total assets		20,450,125		21,081,895
EQUITY
Shareholders’ equity		16,593,257		16,842,972
Non-controlling interests		220,578		187,465
Total equity		16,813,835		17,030,437
LIABILITIES
Non-current liabilities
Borrowings	11,399		48,304
Lease liabilities	100,436		96,598
Derivative financial instruments	–		255
Deferred tax liabilities	503,941		631,605
Other liabilities	301,751		271,268
Provisions	82,106	999,633	101,453	1,149,483
Current liabilities
Borrowings	425,999		535,133
Lease liabilities	44,490		37,835
Derivative financial instruments	8,300		10,895
Current tax liabilities	366,292		488,277
Other liabilities	585,775		422,645
Provisions	119,344		35,959
Customer advances	206,196		263,664
Trade payables	880,261	2,636,657	1,107,567	2,901,975
Total liabilities		3,636,290		4,051,458
Total equity and liabilities		20,450,125		21,081,895

Consolidated Statement of Cash Flows

	Three-month period ended December 31,		Twelve-month period ended December 31,
(all amounts in thousands of U.S. dollars)	2024	2023	2024	2023

Cash flows from operating activities
Income for the period	519,131	1,145,781	2,076,773	3,957,833
Adjustments for:
Depreciation and amortization	167,781	156,347	632,854	548,510
Bargain purchase gain	–	–	(2,211)	(3,162)
Income tax accruals less payments	(160)	(277,559)	(222,510)	(143,391)
Equity in earnings of non-consolidated companies	(35,283)	(56,859)	(8,548)	(95,404)
Interest accruals less payments, net	7,246	(8,554)	(1,067)	(53,480)
Provision for the ongoing litigation related to the acquisition of participation in Usiminas	(87,975)	–	89,371	–
Changes in provisions	(19,808)	(651)	(25,155)	21,284
Reclassification of currency translation adjustment reserve	–	(878)	–	(878)
Changes in working capital	(36,604)	(65,697)	286,917	182,428
Others, including net foreign exchange differences	(22,100)	(56,195)	39,794	(18,667)
Net cash provided by operating activities	492,228	835,735	2,866,218	4,395,073

Cash flows from investing activities
Capital expenditures	(181,870)	(166,820)	(693,956)	(619,445)
Changes in advance to suppliers of property, plant and equipment	5,092	834	(10,391)	1,736
Acquisition of subsidiaries, net of cash acquired	–	(161,238)	31,446	(265,657)
Other investments at fair value	–	(1,126)	–	(1,126)
Additions to associated companies	–	–	–	(22,661)
Loan to joint ventures	(1,414)	(1,092)	(5,551)	(3,754)
Proceeds from disposal of property, plant and equipment and intangible assets	9,646	3,858	28,963	12,881
Dividends received from non-consolidated companies	20,674	25,268	73,810	68,781
Changes in investments in securities	458,407	740,153	(821,478)	(1,857,272)
Net cash provided by (used in) investing activities	310,535	439,837	(1,397,157)	(2,686,517)

Cash flows from financing activities
Dividends paid	(299,230)	(235,128)	(757,786)	(636,511)
Dividends paid to non-controlling interest in subsidiaries	–	–	(5,862)	(18,967)
Changes in non-controlling interests	28	–	1,143	3,772
Acquisition of treasury shares	(454,462)	(213,739)	(1,439,589)	(213,739)
Payments of lease liabilities	(17,248)	(15,524)	(68,574)	(51,492)
Proceeds from borrowings	344,222	365,455	1,870,666	1,723,677
Repayments of borrowings	(382,656)	(406,774)	(1,999,427)	(1,931,747)
Net cash used in financing activities	(809,346)	(505,711)	(2,399,429)	(1,125,007)

(Decrease) increase in cash and cash equivalents	(6,583)	769,861	(930,368)	583,549

Movement in cash and cash equivalents
At the beginning of the year	681,306	864,012	1,616,597	1,091,433
Effect of exchange rate changes	(13,925)	(17,276)	(25,431)	(58,385)
(Decrease) increase in cash and cash equivalents	(6,583)	769,861	(930,368)	583,549
At December 31,	660,798	1,616,597	660,798	1,616,597

Exhibit I – Alternative performance measures

Alternative performance measures should be considered in addition to, not as substitute for or superior to, other measures of financial performance prepared in accordance with IFRS.

EBITDA, Earnings before interest, tax, depreciation and amortization.

EBITDA provides an analysis of the operating results excluding depreciation and amortization and impairments, as they are recurring non-cash variables which can vary substantially from company to company depending on accounting policies and the accounting value of the assets. EBITDA is an approximation to pre-tax operating cash flow and reflects cash generation before working capital variation. EBITDA is widely used by investors when evaluating businesses (multiples valuation), as well as by rating agencies and creditors to evaluate the level of debt, comparing EBITDA with net debt.

EBITDA is calculated in the following manner:

EBITDA = Net income for the period + Income tax charges +/- Equity in Earnings (losses) of non-consolidated companies +/- Financial results + Depreciation and amortization +/- Impairment charges/(reversals).

EBITDA is a non-IFRS alternative performance measure.

(all amounts in thousands of U.S. dollars)	Three-month period ended December 31,		Twelve-month period ended December 31,
	2024	2023	2024	2023
Income for the period	519,131	1,145,781	2,076,773	3,957,833
Income tax charge / (credit)	122,709	(176,848)	479,680	674,956
Equity in earnings of non-consolidated companies	(35,283)	(56,859)	(8,548)	(95,404)
Financial results	(48,180)	(93,111)	(129,056)	(220,977)
Depreciation and amortization	167,781	156,347	632,854	548,510
EBITDA	726,158	975,310	3,051,703	4,864,918

Free Cash Flow

Free cash flow is a measure of financial performance, calculated as operating cash flow less capital expenditures. FCF represents the cash that a company is able to generate after spending the money required to maintain or expand its asset base.

Free cash flow is calculated in the following manner:

Free cash flow = Net cash (used in) provided by operating activities – Capital expenditures.

Free cash flow is a non-IFRS alternative performance measure.

(all amounts in thousands of U.S. dollars)	Three-month period ended December 31,		Twelve-month period ended December 31,
	2024	2023	2024	2023
Net cash provided by operating activities	492,228	835,735	2,866,218	4,395,073
Capital expenditures	(181,870)	(166,820)	(693,956)	(619,445)
Free cash flow	310,358	668,915	2,172,262	3,775,628

Net Cash / (Debt)

This is the net balance of cash and cash equivalents, other current investments and fixed income investments held to maturity less total borrowings. It provides a summary of the financial solvency and liquidity of the company. Net cash / (debt) is widely used by investors and rating agencies and creditors to assess the company’s leverage, financial strength, flexibility and risks.

Net cash/ debt is calculated in the following manner:

Net cash = Cash and cash equivalents + Other investments (Current and Non-Current)+/- Derivatives hedging borrowings and investments – Borrowings (Current and Non-Current).

Net cash/debt is a non-IFRS alternative performance measure.

(all amounts in thousands of U.S. dollars)	At December 31,
	2024	2023
Cash and cash equivalents	675,256	1,637,821
Other current investments	2,372,999	1,969,631
Non-current investments	998,251	398,220
Current borrowings	(425,999)	(535,133)
Non-current borrowings	(11,399)	(48,304)
Net cash / (debt)	3,609,108	3,422,235

Operating working capital days

Operating working capital is the difference between the main operating components of current assets and current liabilities. Operating working capital is a measure of a company’s operational efficiency, and short-term financial health.

Operating working capital days is calculated in the following manner:

Operating working capital days = [(Inventories + Trade receivables – Trade payables – Customer advances) / Annualized quarterly sales ] x 365.

Operating working capital days is a non-IFRS alternative performance measure.

(all amounts in thousands of U.S. dollars)	Three-month period ended December 31,
	2024	2023
Inventories	3,709,942	3,921,097
Trade receivables	1,907,507	2,480,889
Customer advances	(206,196)	(263,664)
Trade payables	(880,261)	(1,107,567)
Operating working capital	4,530,992	5,030,755
Annualized quarterly sales	11,380,904	13,659,720
Operating working capital	145	134

Giovanni Sardagna
Tenaris
1-888-300-5432
www.tenaris.com

The MIL Network –

February 20, 2025

MIL-OSI: Ansys Announces Q4 and FY 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

/ Q4 2024 Results

Revenue of $882.2 million
GAAP diluted earnings per share of $3.21 and non-GAAP diluted earnings per share of $4.44
GAAP operating profit margin of 40.3% and non-GAAP operating profit margin of 53.3%
Operating cash flows of $258.0 million and unlevered operating cash flows of $266.8 million
Annual contract value (ACV) of $1,094.6 million

/FY 2024 Results

Revenue of $2,544.8 million
GAAP diluted earnings per share of $6.55 and non-GAAP diluted earnings per share of $10.91
GAAP operating profit margin of 28.2% and non-GAAP operating profit margin of 45.7%
Operating cash flows of $795.7 million and unlevered operating cash flows of $834.6 million
ACV of $2,563.0 million
Deferred revenue and backlog of $1,718.3 million on December 31, 2024

PITTSBURGH, Feb. 19, 2025 (GLOBE NEWSWIRE) — ANSYS, Inc. (NASDAQ: ANSS), today reported fourth quarter 2024 revenue of $882.2 million, an increase of 10% in reported currency, or 11% in constant currency, when compared to the fourth quarter of 2023. For FY 2024, revenue growth was 12% in reported currency, or 13% in constant currency, when compared to FY 2023. For the fourth quarter of 2024, the Company reported diluted earnings per share of $3.21 and $4.44 on a GAAP and non-GAAP basis, respectively, compared to $3.14 and $3.94 on a GAAP and non-GAAP basis, respectively, for the fourth quarter of 2023. For FY 2024, the Company reported diluted earnings per share of $6.55 and $10.91 on a GAAP and non-GAAP basis, respectively, compared to $5.73 and $8.80 on a GAAP and non-GAAP basis, respectively, for FY 2023. Additionally, the Company reported fourth quarter and FY 2024 ACV growth of 15% and 11% in reported currency, respectively, or 16% and 13% in constant currency, respectively, when compared to the fourth quarter and FY 2023. Fourth quarter 2024 ACV of $1.1 billion contributed 43% of the full year 2024 ACV while Q1, Q2 and Q3 each contributed 16%, 20% and 21%, respectively. The Company expects double-digit FY 2025 ACV growth.

As previously announced, on January 15, 2024, Ansys entered into a definitive agreement with Synopsys, Inc. (“Synopsys”) under which Synopsys will acquire Ansys. As previously announced by Synopsys, Ansys and Synopsys have received conditional clearance from the European Commission. The U.K. Competition and Markets Authority provisionally accepted our remedies towards a transaction approval in Phase 1. The State Administration for Market Regulation of the People’s Republic of China has officially accepted our filing, and its review of the proposed transaction is in process. We continue to work with the regulators in other relevant jurisdictions to conclude their reviews. The transaction is anticipated to close in the first half of 2025, subject to the receipt of required regulatory approvals and other customary closing conditions. As previously announced, in light of the pending transaction with Synopsys, Ansys has suspended quarterly earnings conference calls and no longer provides quarterly or annual guidance.

The non-GAAP financial results highlighted represent non-GAAP financial measures. Reconciliations of these measures to the comparable GAAP measures can be found later in this release.

/ Summary of Financial Results

Ansys’ fourth quarter and fiscal year (FY) 2024 and 2023 financial results are presented below. The 2024 and 2023 non-GAAP results exclude the income statement effects of stock-based compensation, excess payroll taxes related to stock-based compensation, amortization of acquired intangible assets, expenses related to business combinations and adjustments for the income tax effect of the excluded items.

Our results are as follows:

	GAAP
*(in thousands, except per share data and percentages)*	Q4 QTD 2024			Q4 QTD 2023			% Change		FY 2024			FY 2023			% Change
Revenue	$	882,174		$	805,108		9.6	%	$	2,544,809		$	2,269,949		12.1	%
Net income	$	282,688		$	274,762		2.9	%	$	575,692		$	500,412		15.0	%
Diluted earnings per share	$	3.21		$	3.14		2.2	%	$	6.55		$	5.73		14.3	%
Gross margin		91.8	%		91.3	%				89.0	%		88.0	%
Operating profit margin		40.3	%		41.4	%				28.2	%		27.6	%
Effective tax rate		21.3	%		15.4	%				19.8	%		15.5	%

	Non-GAAP
*(in thousands, except per share data and percentages)*	Q4 QTD 2024			Q4 QTD 2023			% Change		FY 2024			FY 2023			% Change
Net income	$	391,044		$	345,317		13.2	%	$	959,252		$	769,308		24.7	%
Diluted earnings per share	$	4.44		$	3.94		12.7	%	$	10.91		$	8.80		24.0	%
Gross margin		94.6	%		94.3	%				93.1	%		92.2	%
Operating profit margin		53.3	%		53.0	%				45.7	%		42.6	%
Effective tax rate		17.5	%		17.5	%				17.5	%		17.5	%

	Other Metrics
*(in thousands, except percentages)*	Q4 QTD 2024		Q4 QTD 2023		% Change		FY 2024		FY 2023		% Change
ACV	$	1,094,552	$	955,161	14.6	%	$	2,563,029	$	2,300,466	11.4	%
Operating cash flows	$	257,973	$	232,722	10.9	%	$	795,740	$	717,122	11.0	%
Unlevered operating cash flows	$	266,777	$	242,848	9.9	%	$	834,582	$	755,129	10.5	%

/ Key Long-Term Metrics

The Company’s long-term outlook covering the years 2022 through 2025 provided at the 2022 Investor Update has been suspended given the pending transaction with Synopsys. Below is a summary of key metrics covering the years 2022 through 2024.

Consistent double-digit ACV growth with a 2022 through 2024 CAGR of 12.3% at actual exchange rates and 13.0% at 2022 exchange rates.
Unlevered operating cash flows grew faster than ACV with a 2022 through 2024 CAGR of 13.5%.
With FY 2024 unlevered operating cash flows of $834.6 million, cumulative 3-year unlevered operating cash flows (FY 2022 to 2024) are $2.2 billion.
Note: 2024 unlevered operating cash flows includes $28.2 million of cash outflows primarily associated with the pending transaction with Synopsys.

Supplemental Financial Information

/ Annual Contract Value

*(in thousands, except percentages)*	Q4 QTD 2024		Q4 QTD 2024 in Constant Currency		Q4 QTD 2023		% Change		% Change in Constant Currency
ACV	$	1,094,552	$	1,110,711	$	955,161	14.6	%	16.3	%

*(in thousands, except percentages)*	FY 2024		FY 2024 in Constant Currency		FY 2023		% Change		% Change in Constant Currency
ACV	$	2,563,029	$	2,593,819	$	2,300,466	11.4	%	12.8	%

*Subscription lease ACV includes the bundled arrangement of time-based licenses with related maintenance.
**Perpetual and service ACV includes perpetual licenses, with related maintenance, and services.

Recurring ACV includes both subscription lease ACV and all maintenance ACV (including maintenance from perpetual licenses). It excludes perpetual license ACV and service ACV.

/ Revenue

*(in thousands, except percentages)*	Q4 QTD 2024		Q4 QTD 2024 in Constant Currency		Q4 QTD 2023		% Change		% Change in Constant Currency
Revenue	$	882,174	$	893,996	$	805,108	9.6	%	11.0	%

*(in thousands, except percentages)*	FY 2024		FY 2024 in Constant Currency		FY 2023		% Change		% Change in Constant Currency
Revenue	$	2,544,809	$	2,570,207	$	2,269,949	12.1	%	13.2	%

REVENUE BY LICENSE TYPE

*(in thousands, except percentages)*	Q4 QTD 2024		% of Total		Q4 QTD 2023		% of Total		% Change		% Change in Constant Currency
Subscription Lease	$	441,120	50.0	%	$	399,556	49.6	%	10.4	%	12.1	%
Perpetual		102,295	11.6	%		102,721	12.8	%	(0.4)%		1.7	%
Maintenance¹		319,381	36.2	%		283,130	35.2	%	12.8	%	13.8	%
Service		19,378	2.2	%		19,701	2.4	%	(1.6)%		(1.2)%
Total	$	882,174			$	805,108			9.6	%	11.0	%


*(in thousands, except percentages)*	FY 2024		% of Total		FY 2023		% of Total		% Change		% Change in Constant Currency
Subscription Lease	$	948,831	37.3	%	$	786,050	34.6	%	20.7	%	22.1	%
Perpetual		315,085	12.4	%		302,698	13.3	%	4.1	%	5.1	%
Maintenance¹		1,209,217	47.5	%		1,103,523	48.6	%	9.6	%	10.6	%
Service		71,676	2.8	%		77,678	3.4	%	(7.7)%		(7.4)%
Total	$	2,544,809			$	2,269,949			12.1	%	13.2	%

¹Maintenance revenue is inclusive of both maintenance associated with perpetual licenses and the maintenance component of subscription leases.

REVENUE BY GEOGRAPHY

*(in thousands, except percentages)*	Q4 QTD 2024		% of Total		Q4 QTD 2023		% of Total		% Change		% Change in Constant Currency
Americas	$	457,752	51.9	%	$	410,681	51.0	%	11.5	%	11.5	%

Germany		98,527	11.2	%		81,828	10.2	%	20.4	%	24.2	%
Other EMEA		170,541	19.3	%		155,023	19.3	%	10.0	%	12.2	%
EMEA		269,068	30.5	%		236,851	29.4	%	13.6	%	16.3	%

Japan		52,294	5.9	%		61,243	7.6	%	(14.6)%		(11.1)%
Other Asia-Pacific		103,060	11.7	%		96,333	12.0	%	7.0	%	10.1	%
Asia-Pacific		155,354	17.6	%		157,576	19.6	%	(1.4)%		1.8	%

Total	$	882,174			$	805,108			9.6	%	11.0	%


*(in thousands, except percentages)*	FY 2024		% of Total		FY 2023		% of Total		% Change		% Change in Constant Currency
Americas	$	1,297,367	51.0	%	$	1,106,242	48.7	%	17.3	%	17.3	%

Germany		209,714	8.2	%		199,068	8.8	%	5.3	%	6.6	%
Other EMEA		445,791	17.5	%		406,719	17.9	%	9.6	%	9.8	%
EMEA		655,505	25.8	%		605,787	26.7	%	8.2	%	8.8	%

Japan		184,547	7.3	%		203,013	8.9	%	(9.1)%		(2.1)%
Other Asia-Pacific		407,390	16.0	%		354,907	15.6	%	14.8	%	16.9	%
Asia-Pacific		591,937	23.3	%		557,920	24.6	%	6.1	%	10.0	%

Total	$	2,544,809			$	2,269,949			12.1	%	13.2	%

REVENUE BY CHANNEL

	Q4 QTD 2024		Q4 QTD 2023		FY 2024		FY 2023
Direct revenue, as a percentage of total revenue	79.7	%	74.5	%	75.2	%	73.9	%
Indirect revenue, as a percentage of total revenue	20.3	%	25.5	%	24.8	%	26.1	%

/ Deferred Revenue and Backlog

*(in thousands)*	December 31, 2024		September 30, 2024		December 31, 2023		September 30, 2023
Current Deferred Revenue	$	504,527	$	427,188	$	457,514	$	349,668
Current Backlog		524,617		475,604		439,879		424,547
Total Current Deferred Revenue and Backlog		1,029,144		902,792		897,393		774,215

Long-Term Deferred Revenue		31,778		24,150		22,240		20,765
Long-Term Backlog		657,345		536,855		552,951		410,697
Total Long-Term Deferred Revenue and Backlog		689,123		561,005		575,191		431,462

Total Deferred Revenue and Backlog	$	1,718,267	$	1,463,797	$	1,472,584	$	1,205,677

/ Currency

The fourth quarter and FY 2024 revenue, operating income, ACV and deferred revenue and backlog, as compared to the fourth quarter and FY 2023, were impacted by fluctuations in the exchange rates of foreign currencies against the U.S. Dollar. The currency fluctuation impacts on revenue, GAAP and non-GAAP operating income, ACV, and deferred revenue and backlog based on 2023 exchange rates are reflected in the tables below. Amounts in brackets indicate an adverse impact from currency fluctuations.

*(in thousands)*	Q4 QTD 2024			FY 2024
Revenue	$	(11,822	)	$	(25,398	)
GAAP operating income	$	(9,057	)	$	(19,588	)
Non-GAAP operating income	$	(9,076	)	$	(19,335	)
ACV	$	(16,159	)	$	(30,790	)
Deferred revenue and backlog	$	(38,306	)	$	(40,993	)

The most meaningful currency impacts are typically attributable to U.S. Dollar exchange rate changes against the Euro and Japanese Yen. Historical exchange rates are reflected in the charts below.

	Period-End Exchange Rates
As of	EUR/USD	USD/JPY
December 31, 2024	1.04	157
December 31, 2023	1.10	141
December 31, 2022	1.07	131

	Average Exchange Rates
Three Months Ended	EUR/USD	USD/JPY
December 31, 2024	1.07	153
December 31, 2023	1.08	148

	Average Exchange Rates
Twelve Months Ended	EUR/USD	USD/JPY
December 31, 2024	1.08	151
December 31, 2023	1.08	140

/ GAAP Financial Statements

ANSYS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
*(in thousands)*	December 31, 2024		December 31, 2023
ASSETS:
Cash & short-term investments	$	1,497,517	$	860,390
Accounts receivable, net		1,022,850		864,526
Goodwill		3,778,128		3,805,874
Other intangibles, net		716,244		835,417
Other assets		1,036,692		956,668
Total assets	$	8,051,431	$	7,322,875
LIABILITIES & STOCKHOLDERS’ EQUITY:
Current deferred revenue	$	504,527	$	457,514
Long-term debt		754,208		753,891
Other liabilities		706,256		721,106
Stockholders’ equity		6,086,440		5,390,364
Total liabilities & stockholders’ equity	$	8,051,431	$	7,322,875

ANSYS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Unaudited)
	Three Months Ended						Twelve Months Ended
*(in thousands, except per share data)*	December 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Revenue:
Software licenses	$	543,415		$	502,277		$	1,263,916		$	1,088,748
Maintenance and service		338,759			302,831			1,280,893			1,181,201
Total revenue		882,174			805,108			2,544,809			2,269,949
Cost of sales:
Software licenses		12,947			10,909			45,367			40,004
Amortization		21,801			20,586			88,560			80,990
Maintenance and service		37,940			38,554			145,892			150,304
Total cost of sales		72,688			70,049			279,819			271,298
Gross profit		809,486			735,059			2,264,990			1,998,651
Operating expenses:
Selling, general and administrative		314,009			269,857			995,340			855,135
Research and development		134,259			126,288			528,014			494,869
Amortization		5,623			5,914			23,748			22,512
Total operating expenses		453,891			402,059			1,547,102			1,372,516
Operating income		355,595			333,000			717,888			626,135
Interest income		14,636			7,199			51,131			19,588
Interest expense		(10,924	)		(12,551	)		(47,849	)		(47,145	)
Other expense, net		(14	)		(2,876	)		(3,132	)		(6,440	)
Income before income tax provision		359,293			324,772			718,038			592,138
Income tax provision		76,605			50,010			142,346			91,726
Net income	$	282,688		$	274,762		$	575,692		$	500,412
Earnings per share – basic:
Earnings per share	$	3.23		$	3.16		$	6.59		$	5.76
Weighted average shares		87,455			86,888			87,313			86,833
Earnings per share – diluted:
Earnings per share	$	3.21		$	3.14		$	6.55		$	5.73
Weighted average shares		88,137			87,541			87,895			87,386

/ Glossary of Terms

Annual Contract Value (ACV): ACV is a key performance metric and is useful to investors in assessing the strength and trajectory of our business. ACV is a supplemental metric to help evaluate the annual performance of the business. Over the life of the contract, ACV equals the total value realized from a customer. ACV is not impacted by the timing of license revenue recognition. ACV is used by management in financial and operational decision-making and in setting sales targets used for compensation. ACV is not a replacement for, and should be viewed independently of, GAAP revenue and deferred revenue as ACV is a performance metric and is not intended to be combined with any of these items. There is no GAAP measure comparable to ACV. ACV is composed of the following:

the annualized value of maintenance and subscription lease contracts with start dates or anniversary dates during the period, plus
the value of perpetual license contracts with start dates during the period, plus
the annualized value of fixed-term services contracts with start dates or anniversary dates during the period, plus
the value of work performed during the period on fixed-deliverable services contracts.

When we refer to the anniversary dates in the definition of ACV above, we are referencing the date of the beginning of the next twelve-month period in a contractually committed multi-year contract. If a contract is three years in duration, with a start date of July 1, 2024, the anniversary dates would be July 1, 2025 and July 1, 2026. We label these anniversary dates as they are contractually committed. While this contract would be up for renewal on July 1, 2027, our ACV performance metric does not assume any contract renewals.

Example 1: For purposes of calculating ACV, a $100,000 subscription lease contract or a $100,000 maintenance contract with a term of July 1, 2024 – June 30, 2025, would each contribute $100,000 to ACV for fiscal year 2024 with no contribution to ACV for fiscal year 2025.

Example 2: For purposes of calculating ACV, a $300,000 subscription lease contract or a $300,000 maintenance contract with a term of July 1, 2024 – June 30, 2027, would each contribute $100,000 to ACV in each of fiscal years 2024, 2025 and 2026. There would be no contribution to ACV for fiscal year 2027 as each period captures the full annual value upon the anniversary date.

Example 3: A perpetual license valued at $200,000 with a contract start date of March 1, 2024 would contribute $200,000 to ACV in fiscal year 2024.

Backlog: Deferred revenue associated with installment billings for periods beyond the current quarterly billing cycle and committed contracts with start dates beyond the end of the current period.

Deferred Revenue: Billings made or payments received in advance of revenue recognition.

Subscription Lease or Time-Based License: A license of a stated product of our software that is granted to a customer for use over a specified time period, which can be months or years in length. In addition to the use of the software, the customer is provided with access to maintenance (unspecified version upgrades and technical support) without additional charge. The revenue related to these contracts is recognized ratably over the contract period for the maintenance portion and up front for the license portion.

Perpetual / Paid-Up License: A license of a stated product and version of our software that is granted to a customer for use in perpetuity. The revenue related to this type of license is recognized up front.

Maintenance: A contract, typically one year in duration, that is purchased by the owner of a perpetual license and that provides access to unspecified version upgrades and technical support during the duration of the contract. The revenue from these contracts is recognized ratably over the contract period.

/ Reconciliations of GAAP to Non-GAAP Measures (Unaudited)

Three Months Ended

December 31, 2024

(in thousands, except percentages and per share data)

Gross Profit

% of Revenue

Operating Income

% of Revenue

Net Income

EPS – Diluted¹

Total GAAP

$

809,486

91.8

%

$

355,595

40.3

%

$

282,688

$

3.21

Stock-based compensation expense

3,635

0.4

%

73,016

8.2

%

73,016

0.83

Excess payroll taxes related to stock-based awards

39

—

%

1,272

0.2

%

1,272

0.01

Amortization of intangible assets from acquisitions

21,801

2.4

%

27,424

3.1

%

27,424

0.31

Expenses related to business combinations

—

%

12,988

1.5

%

12,988

0.15

Adjustment for income tax effect

—

%

—

%

(6,344

)

(0.07

)

Total non-GAAP

$

834,961

94.6

%

$

470,295

53.3

%

$

391,044

$

4.44

¹ Diluted weighted average shares were 88,137.

	Three Months Ended
	December 31, 2023
*(in thousands, except percentages and per share data)*	Gross Profit		% of Revenue		Operating Income		% of Revenue		Net Income			EPS – Diluted¹
Total GAAP	$	735,059	91.3	%	$	333,000	41.4	%	$	274,762		$	3.14
Stock-based compensation expense		3,413	0.4	%		63,358	7.9	%		63,358			0.73
Excess payroll taxes related to stock-based awards		4	—	%		271	—	%		271			—
Amortization of intangible assets from acquisitions		20,586	2.6	%		26,500	3.3	%		26,500			0.30
Expenses related to business combinations		—	—	%		3,664	0.4	%		3,664			0.04
Adjustment for income tax effect		—	—	%		—	—	%		(23,238	)		(0.27	)
Total non-GAAP	$	759,062	94.3	%	$	426,793	53.0	%	$	345,317		$	3.94

¹ Diluted weighted average shares were 87,541.

Twelve Months Ended

December 31, 2024

(in thousands, except percentages and per share data)

Gross Profit

% of Revenue

Operating Income

% of Revenue

Net Income

EPS – Diluted¹

Total GAAP

$

2,264,990

89.0

%

$

717,888

28.2

%

$

575,692

$

6.55

Stock-based compensation expense

14,313

0.6

%

270,900

10.7

%

270,900

3.08

Excess payroll taxes related to stock-based awards

506

—

%

8,643

0.3

%

8,643

0.10

Amortization of intangible assets from acquisitions

88,560

3.5

%

112,308

4.4

%

112,308

1.28

Expenses related to business combinations

—

%

52,841

2.1

%

52,841

0.60

Adjustment for income tax effect

—

%

—

%

(61,132

)

(0.70

)

Total non-GAAP

$

2,368,369

93.1

%

$

1,162,580

45.7

%

$

959,252

$

10.91

¹ Diluted weighted average shares were 87,895.

	Twelve Months Ended
	December 31, 2023
*(in thousands, except percentages and per share data)*	Gross Profit		% of Revenue		Operating Income		% of Revenue		Net Income			EPS – Diluted¹
Total GAAP	$	1,998,651	88.0	%	$	626,135	27.6	%	$	500,412		$	5.73
Stock-based compensation expense		13,337	0.6	%		221,891	9.9	%		221,891			2.54
Excess payroll taxes related to stock-based awards		307	0.1	%		5,541	0.2	%		5,541			0.06
Amortization of intangible assets from acquisitions		80,990	3.5	%		103,502	4.5	%		103,502			1.18
Expenses related to business combinations		—	—	%		9,422	0.4	%		9,422			0.11
Adjustment for income tax effect		—	—	%		—	—	%		(71,460	)		(0.82	)
Total non-GAAP	$	2,093,285	92.2	%	$	966,491	42.6	%	$	769,308		$	8.80

¹ Diluted weighted average shares were 87,386.

	Three Months Ended						Twelve Months Ended
*(in thousands)*	December 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023			December 31, 2022
Net cash provided by operating activities	$	257,973		$	232,722		$	795,740		$	717,122		$	631,003
Cash paid for interest		10,671			12,274			47,081			46,069			20,844
Tax benefit		(1,867	)		(2,148	)		(8,239	)		(8,062	)		(3,752	)
Unlevered operating cash flows	$	266,777		$	242,848		$	834,582		$	755,129		$	648,095

/ Use of Non-GAAP Measures

We provide non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating income, non-GAAP operating profit margin, non-GAAP net income, non-GAAP diluted earnings per share and unlevered operating cash flows as supplemental measures to GAAP regarding our operational performance. These financial measures exclude the impact of certain items and, therefore, have not been calculated in accordance with GAAP. A detailed explanation of each of the adjustments to these financial measures is described below. This press release also contains a reconciliation of each of these non-GAAP financial measures to its most comparable GAAP financial measure, as applicable.

We use non-GAAP financial measures (a) to evaluate our historical and prospective financial performance as well as our performance relative to our competitors, (b) to set internal sales targets and spending budgets, (c) to allocate resources, (d) to measure operational profitability and the accuracy of forecasting, (e) to assess financial discipline over operational expenditures and (f) as an important factor in determining variable compensation for management and employees. In addition, many financial analysts that follow us focus on and publish both historical results and future projections based on non-GAAP financial measures. We believe that it is in the best interest of our investors to provide this information to analysts so that they accurately report the non-GAAP financial information. Moreover, investors have historically requested, and we have historically reported, these non-GAAP financial measures as a means of providing consistent and comparable information with past reports of financial results.

While we believe that these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these non-GAAP financial measures. These non-GAAP financial measures are not prepared in accordance with GAAP, are not reported by all our competitors and may not be directly comparable to similarly titled measures of our competitors due to potential differences in the exact method of calculation. We compensate for these limitations by using these non-GAAP financial measures as supplements to GAAP financial measures and by reviewing the reconciliations of the non-GAAP financial measures to their most comparable GAAP financial measures.

The adjustments to these non-GAAP financial measures, and the basis for such adjustments, are outlined below:

Amortization of intangible assets from acquisitions. We incur amortization of intangible assets, included in our GAAP presentation of amortization expense, related to various acquisitions we have made. We exclude these expenses for the purpose of calculating non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating income, non-GAAP operating profit margin, non-GAAP net income and non-GAAP diluted earnings per share when we evaluate our continuing operational performance because these costs are fixed at the time of an acquisition, are then amortized over a period of several years after the acquisition and generally cannot be changed or influenced by us after the acquisition. Accordingly, we do not consider these expenses for purposes of evaluating our performance during the applicable time period after the acquisition, and we exclude such expenses when making decisions to allocate resources. We believe that these non-GAAP financial measures are useful to investors because they allow investors to (a) evaluate the effectiveness of the methodology and information used by us in our financial and operational decision-making, and (b) compare our past reports of financial results as we have historically reported these non-GAAP financial measures.

Stock-based compensation expense. We incur expense related to stock-based compensation included in our GAAP presentation of cost of maintenance and service; research and development expense; and selling, general and administrative expense. We also incur excess payroll tax expense related to stock-based compensation, which is an additional non-GAAP adjustment. Although stock-based compensation is an expense and viewed as a form of compensation, we exclude these expenses for the purpose of calculating non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating income, non-GAAP operating profit margin, non-GAAP net income and non-GAAP diluted earnings per share when we evaluate our continuing operational performance. Specifically, we exclude stock-based compensation during our annual budgeting process and our quarterly and annual assessments of our performance. The annual budgeting process is the primary mechanism whereby we allocate resources to various initiatives and operational requirements. Additionally, the annual review by our Board of Directors during which it compares our historical business model and profitability to the planned business model and profitability for the forthcoming year excludes the impact of stock-based compensation. In evaluating the performance of our senior management and department managers, charges related to stock-based compensation are excluded from expenditure and profitability results. In fact, we record stock-based compensation expense into a stand-alone cost center for which no single operational manager is responsible or accountable. In this way, we can review, on a period-to-period basis, each manager’s performance and assess financial discipline over operational expenditures without the effect of stock-based compensation. We believe that these non-GAAP financial measures are useful to investors because they allow investors to (a) evaluate our operating results and the effectiveness of the methodology used by us to review our operating results, and (b) review historical comparability in our financial reporting as well as comparability with competitors’ operating results.

Expenses related to business combinations. We incur expenses for professional services rendered in connection with acquisitions and divestitures, which are included in our GAAP presentation of selling, general and administrative expense. We also incur other expenses directly related to business combinations, including compensation expenses and concurrent restructuring activities, such as employee severances and other exit costs. These costs are included in our GAAP presentation of selling, general and administrative and research and development expenses. We exclude these acquisition-related expenses for the purpose of calculating non-GAAP operating income, non-GAAP operating profit margin, non-GAAP net income and non-GAAP diluted earnings per share when we evaluate our continuing operational performance, as we generally would not have otherwise incurred these expenses in the periods presented as a part of our operations. We believe that these non-GAAP financial measures are useful to investors because they allow investors to (a) evaluate our operating results and the effectiveness of the methodology used by us to review our operating results, and (b) review historical comparability in our financial reporting as well as comparability with competitors’ operating results.

Non-GAAP tax provision. We utilize a normalized non-GAAP annual effective tax rate (AETR) to calculate non-GAAP measures. This methodology provides better consistency across interim reporting periods by eliminating the effects of non-recurring items and aligning the non-GAAP tax rate with our expected geographic earnings mix. To project this rate, we analyzed our historic and projected non-GAAP earnings mix by geography along with other factors such as our current tax structure, recurring tax credits and incentives, and expected tax positions. On an annual basis we re-evaluate and update this rate for significant items that may materially affect our projections.

Unlevered operating cash flows. We make cash payments for the interest incurred in connection with our debt financing which are included in our GAAP presentation of operating cash flows. We exclude this cash paid for interest, net of the associated tax benefit, for the purpose of calculating unlevered operating cash flows. Unlevered operating cash flow is a supplemental non-GAAP measure that we use to evaluate our core operating business. We believe this measure is useful to investors and management because it provides a measure of our cash generated through operating activities independent of the capital structure of the business.

Non-GAAP financial measures are not in accordance with, or an alternative for, GAAP. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.

We have provided a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures as listed below:

GAAP Reporting Measure	Non-GAAP Reporting Measure
Gross Profit	Non-GAAP Gross Profit
Gross Profit Margin	Non-GAAP Gross Profit Margin
Operating Income	Non-GAAP Operating Income
Operating Profit Margin	Non-GAAP Operating Profit Margin
Net Income	Non-GAAP Net Income
Diluted Earnings Per Share	Non-GAAP Diluted Earnings Per Share
Operating Cash Flows	Unlevered Operating Cash Flows

Constant currency. In addition to the non-GAAP financial measures detailed above, we use constant currency results for financial and operational decision-making and as a means to evaluate period-to-period comparisons by excluding the effects of foreign currency fluctuations on the reported results. To present this information, the 2024 period results for entities whose functional currency is a currency other than the U.S. Dollar were converted to U.S. Dollars at rates that were in effect for the 2023 comparable period, rather than the actual exchange rates in effect for 2024. Constant currency growth rates are calculated by adjusting the 2024 period reported amounts by the 2024 currency fluctuation impacts and comparing the adjusted amounts to the 2023 comparable period reported amounts. We believe that these non-GAAP financial measures are useful to investors because they allow investors to (a) evaluate the effectiveness of the methodology and information used by us in our financial and operational decision-making, and (b) compare our reported results to our past reports of financial results without the effects of foreign currency fluctuations.

/ About Ansys

Our Mission: Powering Innovation that Drives Human Advancement™

When visionary companies need to know how their world-changing ideas will perform, they close the gap between design and reality with Ansys simulation. For more than 50 years, Ansys software has enabled innovators across industries to push boundaries by using the predictive power of simulation. From sustainable transportation to advanced semiconductors, from satellite systems to life-saving medical devices, the next great leaps in human advancement will be powered by Ansys.

/ Forward-Looking Information

This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). Forward-looking statements are statements that provide current expectations or forecasts of future events based on certain assumptions. Forward-looking statements are subject to risks, uncertainties, and factors relating to our business which could cause our actual results to differ materially from the expectations expressed in or implied by such forward-looking statements.

Forward-looking statements use words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “likely,” “may,” “outlook,” “plan,” “predict,” “project,” “should,” “target,” or other words of similar meaning. Forward-looking statements include those about market opportunity, including our total addressable market, the proposed transaction with Synopsys, including the expected date of closing and the potential benefits thereof, and other aspects of future operations. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

The risks associated with the following, among others, could cause actual results to differ materially from those described in any forward-looking statements:

our ability to complete the proposed transaction with Synopsys on anticipated terms and timing, including completing the associated divestiture of our PowerArtist RTL business and obtaining regulatory approvals, and other conditions related to the completion of the transaction with Synopsys;
the realization of the anticipated benefits of the proposed transaction with Synopsys, including potential disruptions to our and Synopsys’ businesses and commercial relationships with others resulting from the announcement, pendency, or completion of the proposed transaction and uncertainty as to the long-term value of Synopsys’ common stock;
restrictions on our operations during the pendency of the proposed transaction with Synopsys that could impact our ability to pursue certain business opportunities or strategic transactions, including tuck-in M&A;
adverse conditions in the macroeconomic environment, including inflation, recessionary conditions and volatility in equity and foreign exchange markets;
political, economic and regulatory uncertainties in the countries and regions in which we operate;
impacts from tariffs, trade sanctions, export controls or other trade barriers, including export control restrictions and licensing requirements for exports to China;
impacts resulting from the conflict between Israel and Hamas and other countries and groups in the Middle East, including impacts from changes to diplomatic relations and trade policy between the United States and other countries resulting from the conflict;
impacts from changes to diplomatic relations and trade policy between the United States and Russia or between the United States and other countries that may support Russia or take similar actions due to the conflict between Russia and Ukraine;
constrained credit and liquidity due to disruptions in the global economy and financial markets, which may limit or delay availability of credit under our existing or new credit facilities, or which may limit our ability to obtain credit or financing on acceptable terms or at all;
our ability to timely recruit and retain key personnel in a highly competitive labor market, including potential financial impacts of wage inflation and potential impacts due to the proposed transaction with Synopsys;
our ability to protect our proprietary technology; cybersecurity threats or other security breaches, including in relation to breaches occurring through our products and an increased level of our activity that is occurring from remote global off-site locations; and disclosure or misuse of employee or customer data whether as a result of a cybersecurity incident or otherwise;
volatility in our revenue due to the timing, duration and value of multi-year subscription lease contracts; and our reliance on high renewal rates for annual subscription lease and maintenance contracts;
declines in our customers’ businesses resulting in adverse changes in procurement patterns; disruptions in accounts receivable and cash flow due to customers’ liquidity challenges and commercial deterioration; uncertainties regarding demand for our products and services in the future and our customers’ acceptance of new products; delays or declines in anticipated sales due to reduced or altered sales and marketing interactions with customers; and potential variations in our sales forecast compared to actual sales;
our ability and our channel partners’ ability to comply with laws and regulations in relevant jurisdictions; and the outcome of contingencies, including legal proceedings, government or regulatory investigations and tax audit cases;
uncertainty regarding income tax estimates in the jurisdictions in which we operate; and the effect of changes in tax laws and regulations in the jurisdictions in which we operate;
the quality of our products, including the strength of features, functionality and integrated multiphysics capabilities; our ability to develop and market new products to address the industry’s rapidly changing technology, including the use of artificial intelligence and machine learning in our products as well as the products of our competitors; failures or errors in our products and services; and increased pricing pressure as a result of the competitive environment in which we operate;
investments in complementary companies, products, services and technologies; our ability to complete and successfully integrate our acquisitions and realize the financial and business benefits of such transactions; and the impact indebtedness incurred in connection with any acquisition could have on our operations;
investments in global sales and marketing organizations and global business infrastructure, and dependence on our channel partners for the distribution of our products;
current and potential future impacts of any global health crisis, natural disaster or catastrophe; the actions taken to address these events by our customers, our suppliers, and regulatory authorities; the resulting effects on our business, the global economy and our consolidated financial statements; and other public health and safety risks and related government actions or mandates;
operational disruptions generally or specifically in connection with transitions to and from remote work environments; and the failure of our technological infrastructure or those of the service providers upon whom we rely including for infrastructure and cloud services;
our intention to repatriate previously taxed earnings and to reinvest all other earnings of our non-U.S. subsidiaries;
plans for future capital spending; the extent of corporate benefits from such spending including with respect to customer relationship management; and higher than anticipated costs for research and development or a slowdown in our research and development activities;
our ability to execute on our strategies related to environmental, social, and governance matters, and meet evolving and varied expectations, including as a result of evolving regulatory and other standards, processes, and assumptions, the pace of scientific and technological developments, increased costs and the availability of requisite financing, and changes in carbon markets; and
other risks and uncertainties described in our reports filed from time to time with the Securities and Exchange Commission (the SEC).

Ansys and any and all ANSYS, Inc. brand, product, service and feature names, logos and slogans are registered trademarks or trademarks of ANSYS, Inc. or its subsidiaries in the United States or other countries. All other brand, product, service and feature names or trademarks are the property of their respective owners.

Visit https://investors.ansys.com for more information.

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The MIL Network –

February 20, 2025

MIL-OSI: Vital Energy Reports Fourth-Quarter and Full-Year 2024 Financial and Operating Results

Source: GlobeNewswire (MIL-OSI)

Reports record total and oil production for 4Q-24 and FY-24

Updates development inventory to >11 years of oil-weighted locations

TULSA, OK, Feb. 19, 2025 (GLOBE NEWSWIRE) — Vital Energy, Inc. (NYSE: VTLE) (“Vital Energy” or the “Company”) today reported fourth-quarter and full-year 2024 financial and operating results and provided its 2025 outlook. Supplemental slides have been posted to the Company’s website and can be found at www.vitalenergy.com. A conference call to discuss results is planned for 7:30 a.m. CT, Thursday, February 20, 2025. A webcast will be available on the Company’s website.

Fourth-Quarter 2024 Highlights

Successfully integrated Point Energy assets; acquired production exceeding expectations and operating cost reductions in-line with expectations
Reported a net loss of $359.4 million, Adjusted Net Income¹ of $86.5 million and cash flows from operating activities of $257.2 million
Generated Consolidated EBITDAX¹ of $383.5 million and Adjusted Free Cash Flow¹ of $110.8 million
Produced Company-record 147.8 thousand barrels of oil equivalent per day (“MBOE/d”) and oil production of 69.8 thousand barrels of oil per day (“MBO/d”)
Reported lease operating expense (“LOE”) of $8.89 per BOE, below guidance of $9.35 per BOE
Reported capital investments of $226.1 million, excluding non-budgeted acquisitions and leasehold expenditures

Full-Year 2024 Highlights

Increased oil-weighted inventory to ~925 locations, ~400 of which breakeven below $50 per barrel WTI
Issued an aggregate $1 billion of senior unsecured notes due 2032 at 7.875% and utilized the proceeds to repurchase higher coupon notes, resulting in annualized interest expense savings of $11 million
Reported a net loss of $173.5 million, Adjusted Net Income¹ of $270.0 million and cash flows from operating activities of $1.0 billion
Generated Consolidated EBITDAX¹ of $1.3 billion and Adjusted Free Cash Flow¹ of $232.8 million
Reported year-end 2024 proved reserves of 455.3 million BOE, an increase of 12% versus prior year

_{¹Non-GAAP financial measure; please see supplemental reconciliations of GAAP to non-GAAP financial measures at the end of this release.}

“We strengthened our business in 2024 through enhanced scale, optimized assets and a lengthened runway of high-quality inventory,” said Jason Pigott, President and Chief Executive Officer. “We successfully integrated our largest ever asset purchase in the Delaware Basin and early results positively impacted our operating and financial performance. Vital Energy continues to show that our talented people can capture important synergies from acquisitions while expanding inventory.”

“In 2025, our primary goals are reducing costs, maximizing Adjusted Free Cash Flow generation, absolute debt reduction, and extending and enhancing our existing inventory,” continued Pigott. “Our inventory provides us with ample high-return development opportunities and a strong outlook for Adjusted Free Cash Flow generation. Recent operational achievements, like horseshoe wells, are creating new efficiencies and allowing us to develop highly productive, stranded leasehold. We will continue to focus on optimizing our asset base to achieve our cash flow and debt repayment targets.”

Fourth-Quarter 2024 Financial and Operations Summary
Financial Results. The Company reported a net loss of $359.4 million, or $(9.59) per diluted share, which included a non-cash pre-tax impairment loss on oil and gas properties of $481.3 million, and Adjusted Net Income of $86.5 million, or $2.30 per adjusted diluted share. Cash flows from operating activities were $257.2 million and Consolidated EBITDAX was $383.5 million.

Production. Vital Energy’s total and oil production exceeded the high end of guidance, averaging 147,819 BOE/d and 69,827 BO/d, respectively. Volumes were driven by better-than-expected production from the Point Energy assets.

Capital Investments. Total capital investments, excluding non-budgeted acquisitions and leasehold expenditures, were $226 million, including approximately $17 million of additional drilling and completions investments related to increased working interest and carried interest and $5 million from acceleration of activity into the fourth quarter.

Investments included $190 million for drilling and completions, $22 million in infrastructure investments, $8 million in other capitalized costs and $6 million in land, exploration and data-related costs.

Operating Expenses. LOE during the period was $8.89 per BOE, below guidance of $9.35 per BOE, as the Company integrated its Point Energy assets. Lower expenses were primarily related to reduced workover activity on the Point Energy assets during integration.

General and Administrative Expenses. General and administrative expenses totaled $1.95 per BOE for fourth-quarter 2024, in line with guidance. General and administrative expenses, excluding long-term incentive plan (“LTIP”) and transaction expenses were $1.71 per BOE. Cash LTIP expenses were $0.02 per BOE and reflected the decrease in Vital Energy’s common stock price during the third quarter. Non-cash LTIP expenses were $0.22 per BOE.

Liquidity. At December 31, 2024, the Company had $880 million drawn on its $1.5 billion senior secured credit facility and cash and cash equivalents of $40 million.

2025 Outlook

Vital Energy’s 2025 development plan is designed to maximize cash flow to facilitate debt repayment, supported by its robust hedge position. In comparison to the Company’s earlier projections, the finalized 2025 outlook has lower capital investment levels and slightly lower oil production. In 2025, the Company expects to generate approximately $330 million of Adjusted Free Cash Flow at $70 per barrel WTI.

Capital Investments. Vital Energy plans to invest $825 – $925 million in 2025, excluding non-budgeted acquisitions and leasehold expenditures. Efficiencies and lower costs are driving capital investments approximately 3% lower than earlier projections while expecting to complete approximately the same net lateral feet as in 2024.

Production. The Company expects total production of 134.0 – 140.0 MBOE/d and oil production of 62.5 – 66.5 MBO/d. Production is approximately 3% lower than earlier projections. The shortfall is related to operational delays and the underperformance of a seven-well development package in Upton County.

Operating Expenses. The Company has made significant progress reducing operating expenses through integration of its Point Energy assets. Some workover expense was deferred from fourth-quarter 2024 into the first quarter of 2025. Average LOE for the two quarters is expected to be around $9.20 per BOE, putting the Company on pace to achieve LOE below $9.00 per BOE by the end of 2025.

Oil-Weighted Inventory

The Company has continued to extend and enhance its inventory of high-return development locations. At year-end 2024, Vital Energy had approximately 925 locations with an average breakeven WTI oil price of around $50 WTI. Approximately 400 of these locations breakeven below $50 per barrel WTI. Additionally, there are an additional approximately 250 locations that can be added to inventory pending successful delineation.

2024 Proved Reserves

Vital Energy’s total proved reserves at year-end 2024 were 455.3 MMBOE (40% oil, 70% developed). The standardized measure of discounted net cash flows was $4.22 billion and the PV-10 value was $4.51 billion utilizing SEC benchmark pricing of $75.48 per barrel WTI for oil ($76.76 per barrel average realized price) and $2.13 per MMBtu Henry Hub for natural gas ($0.85 per Mcf average realized price).

First-Quarter 2025 Guidance

The table below reflects the Company’s guidance for production and capital investments.

		1Q-25E
Total production (MBOE/d)		135.0 – 141.0
Oil production (MBO/d)		62.0 – 66.0
Capital investments, excluding non-budgeted acquisitions ($ MM)		$230 – $260

The table below reflects the Company’s guidance for select revenue and expense items.

		1Q-25E
Average sales price realizations (excluding derivatives):
Oil (% of WTI)		101%
NGL (% of WTI)		26%
Natural gas (% of Henry Hub)		50%

Net settlements received (paid) for matured commodity derivatives ($ MM):
Oil		$14
NGL		($2)
Natural gas		$0

Selected average costs & expenses:
Lease operating expenses ($ MM)		$115 – $120
Production and ad valorem taxes (% of oil, NGL and natural gas sales revenues)		6.30%
Oil transportation and marketing expenses ($ MM)		$11.5 – $12.5
Gas gathering, processing and transportation expenses ($ MM)		$7.0 – $8.0
General and administrative expenses (excluding LTIP and transaction expenses, $ MM)		$21.5 – $23.0
General and administrative expenses (LTIP cash, $ MM)		$0.5 – $0.6
General and administrative expenses (LTIP non-cash, $ MM)		$3.0 – $3.5
Depletion, depreciation and amortization ($ MM)		$180 – $190

Conference Call Details

Vital Energy plans to host a conference call at 7:30 a.m. CT on Thursday, February 20, 2025, to discuss its fourth-quarter and full-year 2024 financial and operating results and its 2025 outlook. Supplemental slides will be posted to the Company’s website. Interested parties are invited to listen to the call via the Company’s website at www.vitalenergy.com, under the tab for “Investor Relations | News & Presentations | Upcoming Events.”

About Vital Energy

Vital Energy, Inc. is an independent energy company with headquarters in Tulsa, Oklahoma. Vital Energy’s business strategy is focused on the acquisition, exploration and development of oil and natural gas properties in the Permian Basin of West Texas.

Additional information about Vital Energy may be found on its website at www.vitalenergy.com.

Forward-Looking Statements
This press release and any oral statements made regarding the contents of this release, including in the conference call referenced herein, contain forward-looking statements as defined under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, that address activities that Vital Energy assumes, plans, expects, believes, intends, projects, indicates, enables, transforms, estimates or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. The forward-looking statements are based on management’s current belief, based on currently available information, as to the outcome and timing of future events. Such statements are not guarantees of future performance and involve risks, assumptions and uncertainties. General risks relating to Vital Energy include, but are not limited to, continuing and worsening inflationary pressures and associated changes in monetary policy that may cause costs to rise; changes in domestic and global production, supply and demand for commodities, including as a result of actions by the Organization of Petroleum Exporting Countries and other producing countries (“OPEC+”) and the Russian-Ukrainian or Israeli-Hamas military conflicts, the decline in prices of oil, natural gas liquids and natural gas and the related impact to financial statements as a result of asset impairments and revisions to reserve estimates, reduced demand due to shifting market perception towards the oil and gas industry; competition in the oil and gas industry; the ability of the Company to execute its strategies, including its ability to successfully identify and consummate strategic acquisitions at purchase prices that are accretive to its financial results and to successfully integrate acquired businesses, assets and properties and its ability to successfully execute on its strategy to enhance well productivity, including by drilling long-lateral horseshoe wells, pipeline transportation and storage constraints in the Permian Basin, the effects and duration of the outbreak of disease, and any related government policies and actions, long-term performance of wells, drilling and operating risks, the possibility of production curtailment, the impact of new laws and regulations, including those regarding the use of hydraulic fracturing, and under the Inflation Reduction Act (the “IRA”), including those related to climate change, the impact of legislation or regulatory initiatives intended to address induced seismicity on our ability to conduct our operations; uncertainties in estimating reserves and production results; hedging activities, tariffs on steel, the impacts of severe weather, including the freezing of wells and pipelines in the Permian Basin due to cold weather, technological innovations and scientific developments, physical and transition risks associated with climate change, to ESG and sustainability-related matters, risks related to our public statements with respect to such matters that may be subject to heightened scrutiny from public and governmental authorities related to the risk of potential “greenwashing,” i.e., misleading information or false claims overstating potential sustainability-related benefits, risks regarding potentially conflicting anti-ESG initiatives from certain U.S. state or other governments, possible impacts of litigation and regulations, the impact of the Company’s transactions, if any, with its securities from time to time, the impact of new environmental, health and safety requirements applicable to the Company’s business activities, the possibility of the elimination of federal income tax deductions for oil and gas exploration and development and imposition of any additional taxes under the IRA or otherwise, and other factors, including those and other risks described in its Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”), subsequent Quarterly Reports on Form 10-Q and those set forth from time to time in other filings with the Securities and Exchange Commission (“SEC”). These documents are available through Vital Energy’s website at www.vitalenergy.com under the tab “Investor Relations” or through the SEC’s Electronic Data Gathering and Analysis Retrieval System at www.sec.gov. Any of these factors could cause Vital Energy’s actual results and plans to differ materially from those in the forward-looking statements. Therefore, Vital Energy can give no assurance that its future results will be as estimated. Any forward-looking statement speaks only as of the date on which such statement is made. Vital Energy does not intend to, and disclaims any obligation to, correct, update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

This press release and any accompanying disclosures include financial measures that are not in accordance with generally accepted accounting principles (“GAAP”), such as Adjusted Free Cash Flow, Adjusted Net Income, Net Debt and Consolidated EBITDAX. While management believes that such measures are useful for investors, they should not be used as a replacement for financial measures that are in accordance with GAAP. For a reconciliation of such non-GAAP financial measures to the nearest comparable measure in accordance with GAAP, please see the supplemental financial information at the end of this press release.

Unless otherwise specified, references to “average sales price” refer to average sales price excluding the effects of the Company’s derivative transactions.

All amounts, dollars and percentages presented in this press release are rounded and therefore approximate.

Vital Energy, Inc.
Selected operating data

	Three months ended December 31,					Year ended December 31,
		2024		2023			2024		2023
	(unaudited)					(unaudited)
Sales volumes:
Oil (MBbl)		6,424		4,881			22,585		16,894
NGL (MBbl)		3,703		2,808			13,270		9,128
Natural gas (MMcf)		20,836		16,644			78,794		55,404
Oil equivalent (MBOE)⁽¹⁾		13,599		10,465			48,987		35,256
Average daily oil equivalent sales volumes (BOE/d)⁽¹⁾		147,819		113,747			133,845		96,591
Average daily oil sales volumes (Bbl/d)⁽¹⁾		69,827		53,070			61,708		46,284
Average sales prices⁽¹⁾:
Oil ($/Bbl)⁽²⁾	$	70.80	$	79.37		$	76.55	$	78.64
NGL ($/Bbl)⁽²⁾	$	16.75	$	14.14		$	14.38	$	15.00
Natural gas ($/Mcf)⁽²⁾	$	0.59	$	0.90		$	0.20	$	1.14
Average sales price ($/BOE)⁽²⁾	$	38.92	$	42.26		$	39.51	$	43.36
Oil, with commodity derivatives ($/Bbl)⁽³⁾	$	76.08	$	77.73		$	76.56	$	76.99
NGL, with commodity derivatives ($/Bbl)⁽³⁾	$	16.75	$	14.14		$	14.29	$	15.00
Natural gas, with commodity derivatives ($/Mcf)⁽³⁾	$	1.25	$	1.18		$	0.95	$	1.34
Average sales price, with commodity derivatives ($/BOE)⁽³⁾	$	42.42	$	41.94		$	40.70	$	42.87
Selected average costs and expenses per BOE sold⁽¹⁾:
Lease operating expenses	$	8.89	$	8.33		$	9.15	$	7.41
Production and ad valorem taxes		2.43		2.27			2.41		2.64
Oil transportation and marketing expenses		0.76		0.85			0.92		1.17
Gas gathering, processing and transportation expenses		0.42		0.16			0.36		0.06
General and administrative (excluding LTIP and transaction expenses)		1.71		2.12			1.75		2.26
Total selected operating expenses	$	14.21	$	13.73		$	14.59	$	13.54
General and administrative (LTIP):
LTIP cash	$	0.02	$	(0.09	)	$	0.05	$	0.11
LTIP non-cash	$	0.22	$	0.22		$	0.27	$	0.28
General and administrative (transaction expenses)	$	—	$	0.79		$	0.01	$	0.32
Depletion, depreciation and amortization	$	15.77	$	14.58		$	15.15	$	13.14

_______________________________________________________________________________

(1)	The numbers presented are calculated based on actual amounts and may not recalculate using the rounded numbers presented in the table above.
(2)	Price reflects the average of actual sales prices received when control passes to the purchaser/customer adjusted for quality, certain transportation fees, geographical differentials, marketing bonuses or deductions and other factors affecting the price received at the delivery point.
(3)	Price reflects the after-effects of the Company’s commodity derivative transactions on its average sales prices. The Company’s calculation of such after-effects includes settlements of matured commodity derivatives during the respective periods.

Vital Energy, Inc.
Consolidated balance sheets

(in thousands, except share data)	December 31, 2024			December 31, 2023
	(unaudited)
*Assets*
Current assets:
Cash and cash equivalents	$	40,179		$	14,061
Accounts receivable, net		299,698			238,773
Derivatives		101,474			99,336
Other current assets		25,205			18,749
Total current assets		466,556			370,919
Property and equipment:
Oil and natural gas properties, full cost method:
Evaluated properties		13,587,040			11,799,155
Unevaluated properties not being depleted		242,792			195,457
Less: accumulated depletion and impairment		(8,966,200	)		(7,764,697	)
Oil and natural gas properties, net		4,863,632			4,229,915
Midstream and other fixed assets, net		134,265			130,293
Property and equipment, net		4,997,897			4,360,208
Derivatives		34,564			51,071
Operating lease right-of-use assets		104,329			144,900
Deferred income taxes		239,685			188,836
Other noncurrent assets, net		35,915			33,647
Total assets	$	5,878,946		$	5,149,581
*Liabilities and stockholders’ equity*
Current liabilities:
Accounts payable and accrued liabilities	$	185,115		$	159,892
Accrued capital expenditures		95,593			91,937
Undistributed revenue and royalties		187,563			194,307
Operating lease liabilities		73,143			70,651
Other current liabilities		59,725			78,802
Total current liabilities		601,139			595,589
Long-term debt, net		2,454,242			1,609,424
Derivatives		5,814			—
Asset retirement obligations		82,941			81,680
Operating lease liabilities		26,733			71,343
Other noncurrent liabilities		7,506			6,288
Total liabilities		3,178,375			2,364,324
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized, and zero and 595,104 issued and outstanding as of December 31, 2024 and 2023, respectively		—			6
Common stock, $0.01 par value, 80,000,000 shares authorized, and 38,144,248 and 35,413,551 issued and outstanding as of December 31, 2024 and December 31, 2023, respectively		381			354
Additional paid-in capital		3,823,241			3,733,775
Accumulated deficit		(1,123,051	)		(948,878	)
Total stockholders’ equity		2,700,571			2,785,257
Total liabilities and stockholders’ equity	$	5,878,946		$	5,149,581

Vital Energy, Inc.
Consolidated statements of operations

	Three months ended December 31,						Year ended December 31,
(in thousands, except per share data)		2024			2023			2024			2023
	(unaudited)						(unaudited)
Revenues:
Oil sales	$	454,852		$	387,536		$	1,728,971		$	1,328,518
NGL sales		62,023			39,705			190,775			136,901
Natural gas sales		12,394			14,954			15,544			63,214
Sales of purchased oil		3,759			121			12,745			14,313
Other operating revenues		1,342			2,205			4,279			4,658
Total revenues		534,370			444,521			1,952,314			1,547,604
Costs and expenses:
Lease operating expenses		120,922			87,190			448,078			261,129
Production and ad valorem taxes		33,010			23,726			117,947			93,224
Oil transportation and marketing expenses		10,366			8,893			44,843			41,284
Gas gathering, processing and transportation expenses		5,759			1,642			17,825			2,013
Costs of purchased oil		3,912			209			13,243			15,065
General and administrative		26,644			31,766			101,578			104,819
Organizational restructuring expenses		795			1,654			795			1,654
Depletion, depreciation and amortization		214,498			152,626			741,966			463,244
Impairment expense		481,305			—			481,305			—
Other operating expenses, net		3,434			1,685			8,799			6,223
Total costs and expenses		900,645			309,391			1,976,379			988,655
Gain on disposal of assets, net		508			132			1,513			672
Operating income (loss)		(365,767	)		135,262			(22,552	)		559,621
Non-operating income (expense):
Gain (loss) on derivatives, net		(43,924	)		229,105			38,140			96,230
Interest expense		(53,564	)		(50,431	)		(177,794	)		(149,819	)
Loss on extinguishment of debt, net		—			(4,039	)		(66,115	)		(4,039	)
Other income, net		1,139			6,051			7,060			9,748
Total non-operating income (expense), net		(96,349	)		180,686			(198,709	)		(47,880	)
Income (loss) before income taxes		(462,116	)		315,948			(221,261	)		511,741
Income tax benefit (expense)		102,724			(34,514	)		47,740			183,337
Net income (loss)		(359,392	)		281,434			(173,521	)		695,078
Preferred stock dividends		—			(449	)		(652	)		(449	)
Net income (loss) available to common stockholders	$	(359,392	)	$	280,985		$	(174,173	)	$	694,629
Net income (loss) per common share:
Basic	$	(9.59	)	$	10.04		$	(4.74	)	$	34.30
Diluted	$	(9.59	)	$	9.44		$	(4.74	)	$	33.44
Weighted-average common shares outstanding:
Basic		37,477			27,991			36,725			20,254
Diluted		37,477			29,813			36,725			20,783

Vital Energy, Inc.
Consolidated statements of cash flows

	Three months ended December 31,						Year ended December 31,
(in thousands)		2024			2023			2024			2023
	(unaudited)						(unaudited)
Cash flows from operating activities:
Net income (loss)	$	(359,392	)	$	281,434		$	(173,521	)	$	695,078
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Share-settled equity-based compensation, net		3,398			2,592			14,646			10,994
Depletion, depreciation and amortization		214,498			152,626			741,966			463,244
Impairment expense		481,305			—			481,305			—
Mark-to-market on derivatives:
(Gain) loss on derivatives, net		43,924			(229,105	)		(38,140	)		(96,230	)
Settlements received (paid) for matured derivatives, net		47,571			(3,328	)		58,322			(17,648	)
Loss on extinguishment of debt, net		—			4,039			66,115			4,039
Deferred income tax (benefit) expense		(102,474	)		31,089			(50,196	)		(189,060	)
Other, net		8,055			5,672			27,663			13,983
Changes in operating assets and liabilities:
Accounts receivable, net		(74,978	)		(38,935	)		(61,163	)		(77,742	)
Other current assets		1,211			6,835			(6,456	)		(2,754	)
Other noncurrent assets, net		(315	)		(782	)		(1,151	)		484
Accounts payable and accrued liabilities		34,084			48,520			12,803			52,763
Undistributed revenue and royalties		(10,169	)		(32,106	)		(29,762	)		(31,907	)
Other current liabilities		(23,572	)		7,190			(25,004	)		(5,656	)
Other noncurrent liabilities		(5,972	)		(2,007	)		(17,097	)		(6,632	)
Net cash provided by operating activities		257,174			233,734			1,000,330			812,956
Cash flows from investing activities:
Acquisitions of oil and natural gas properties, net		(19,686	)		(309,379	)		(850,911	)		(849,508	)
Capital expenditures:
Oil and natural gas properties		(231,158	)		(162,351	)		(864,437	)		(617,397	)
Midstream and other fixed assets		(6,711	)		(3,329	)		(23,341	)		(14,021	)
Proceeds from dispositions of capital assets, net of selling costs		133			60			2,874			2,403
Other investing activities		—			311			(1,776	)		2,393
Net cash used in investing activities		(257,422	)		(474,688	)		(1,737,591	)		(1,476,130	)
Cash flows from financing activities:
Borrowings on Senior Secured Credit Facility		310,000			135,000			1,750,000			765,000
Payments on Senior Secured Credit Facility		(290,000	)		—			(1,005,000	)		(700,000	)
Issuance of senior unsecured notes		—			—			1,001,500			897,710
Extinguishment of debt		—			(457,792	)		(952,214	)		(457,792	)
Proceeds from issuance of common stock, net of offering costs		—			220			—			161,223
Stock exchanged for tax withholding		(36	)		(21	)		(3,569	)		(3,077	)
Payments for debt issuance costs		(340	)		(10,680	)		(22,078	)		(27,011	)
Other, net		(1,389	)		(1,407	)		(5,260	)		(3,253	)
Net cash provided by (used in) financing activities		18,235			(334,680	)		763,379			632,800
Net increase (decrease) in cash and cash equivalents		17,987			(575,634	)		26,118			(30,374	)
Cash and cash equivalents, beginning of period		22,192			589,695			14,061			44,435
Cash and cash equivalents, end of period	$	40,179		$	14,061		$	40,179		$	14,061

Vital Energy, Inc.
Supplemental reconciliations of GAAP to non-GAAP financial measures

Non-GAAP financial measures

The non-GAAP financial measures of Adjusted Free Cash Flow, Adjusted Net Income, Consolidated EBITDAX, Net Debt and Net Debt to Consolidated EBITDAX, as defined by the Company, may not be comparable to similarly titled measures used by other companies. Furthermore, these non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP measures of liquidity or financial performance, but rather should be considered in conjunction with GAAP measures, such as net income or loss, operating income or loss or cash flows from operating activities.

Adjusted Free Cash Flow

Adjusted Free Cash Flow is a non-GAAP financial measure that the Company defines as net cash provided by operating activities (GAAP) before net changes in operating assets and liabilities and transaction expenses related to non-budgeted acquisitions, less capital investments, excluding non-budgeted acquisition costs. Management believes Adjusted Free Cash Flow is useful to management and investors in evaluating operating trends in its business that are affected by production, commodity prices, operating costs and other related factors. There are significant limitations to the use of Adjusted Free Cash Flow as a measure of performance, including the lack of comparability due to the different methods of calculating Adjusted Free Cash Flow reported by different companies.

The following table presents a reconciliation of net cash provided by operating activities (GAAP) to Adjusted Free Cash Flow (non-GAAP) for the periods presented:

	Three months ended December 31,						Year ended December 31,
(in thousands)		2024			2023			2024			2023
	(unaudited)						(unaudited)
Net cash provided by operating activities	$	257,174		$	233,734		$	1,000,330		$	812,956
Less:
Net changes in operating assets and liabilities		(79,711	)		(11,285	)		(127,830	)		(71,444	)
General and administrative (transaction expenses)		19			(8,221	)		(548	)		(11,341	)
Cash flows from operating activities before net changes in operating assets and liabilities and transaction expenses related to non-budgeted acquisitions		336,866			253,240			1,128,708			895,741
Less capital investments, excluding non-budgeted acquisition costs:
Oil and natural gas properties⁽¹⁾⁽²⁾		221,033			179,696			873,637			663,025
Midstream and other fixed assets⁽¹⁾		5,043			4,511			22,276			15,601
Total capital investments, excluding non-budgeted acquisition costs		226,076			184,207			895,913			678,626
Adjusted Free Cash Flow (non-GAAP)	$	110,790		$	69,033		$	232,795		$	217,115

_______________________________________________________________________________

(1)	Includes capitalized share-settled equity-based compensation and asset retirement costs.
(2)	For the three months and year ended December 31, 2024, capital investments for oil and natural gas properties, excluding non-budgeted acquisition costs, includes $16.8 million of additional drilling and completions investments related to increased working interest and carried interest.

Adjusted Net Income

Adjusted Net Income is a non-GAAP financial measure that the Company defines as net income or loss (GAAP) plus adjustments for mark-to-market on derivatives, premiums paid or received for commodity derivatives that matured during the period, organizational restructuring expenses, impairment expense, gains or losses on disposal of assets, income taxes, other non-recurring income and expenses and adjusted income tax expense. Management believes Adjusted Net Income helps investors in the oil and natural gas industry to measure and compare the Company’s performance to other oil and natural gas companies by excluding from the calculation items that can vary significantly from company to company depending upon accounting methods, the book value of assets and other non-operational factors.

The following table presents a reconciliation of net income (loss) (GAAP) to Adjusted Net Income (non-GAAP) for the periods presented:

	Three months ended December 31,						Year ended December 31,
(in thousands, except per share data)		2024			2023			2024			2023
	(unaudited)						(unaudited)
Net income (loss)	$	(359,392	)	$	281,434		$	(173,521	)	$	695,078
Plus:
Mark-to-market on derivatives:
(Gain) loss on derivatives, net		43,924			(229,105	)		(38,140	)		(96,230	)
Settlements received (paid) for matured derivatives, net		47,571			(3,328	)		58,322			(17,068	)
Settlements received for contingent consideration		—			311			—			1,813
Organizational restructuring expenses		795			1,654			795			1,654
Impairment expense		481,305			—			481,305			—
Gain on disposal of assets, net		(508	)		(132	)		(1,513	)		(672	)
Loss on extinguishment of debt, net		—			4,039			66,115			4,039
Income tax (benefit) expense		(102,724	)		34,514			(47,740	)		(183,337	)
General and administrative (transaction expenses)		(19	)		8,221			548			11,341
Adjusted income before adjusted income tax expense		110,952			97,608			346,171			416,618
Adjusted income tax expense⁽¹⁾		(24,410	)		(21,474	)		(76,158	)		(91,656	)
Adjusted Net Income (non-GAAP)	$	86,542		$	76,134		$	270,013		$	324,962
Net income (loss) per common share:
Basic	$	(9.59	)	$	10.04		$	(4.74	)	$	34.30
Diluted	$	(9.59	)	$	9.44		$	(4.74	)	$	33.44
Adjusted Net Income per common share:
Basic	$	2.31		$	2.72		$	7.35		$	16.04
Diluted	$	2.31		$	2.55		$	7.35		$	15.64
Adjusted diluted	$	2.30		$	2.55		$	7.21		$	15.64
Weighted-average common shares outstanding:
Basic		37,477			27,991			36,725			20,254
Diluted		37,477			29,813			36,725			20,783
Adjusted diluted		37,670			29,813			37,445			20,783

_______________________________________________________________________________

(1)	Adjusted income tax expense is calculated by applying a statutory tax rate of 22% for each of the periods ended December 31, 2024 and 2023.

Consolidated EBITDAX

Consolidated EBITDAX is a non-GAAP financial measure defined in the Company’s Senior Secured Credit Facility as net income or loss (GAAP) plus adjustments for share-settled equity-based compensation, depletion, depreciation and amortization, impairment expense, organizational restructuring expenses, gains or losses on disposal of assets, mark-to-market on derivatives, accretion expense, interest expense, income taxes and other non-recurring income and expenses. Consolidated EBITDAX provides no information regarding a company’s capital structure, borrowings, interest costs, capital expenditures, working capital movement or tax position. Consolidated EBITDAX does not represent funds available for future discretionary use because it excludes funds required for debt service, capital expenditures, working capital, income taxes, franchise taxes and other commitments and obligations. However, management believes Consolidated EBITDAX is useful to an investor because this measure:

is used by investors in the oil and natural gas industry to measure a company’s operating performance without regard to items that can vary substantially from company to company depending upon accounting methods, the book value of assets, capital structure and the method by which assets were acquired, among other factors;
helps investors to more meaningfully evaluate and compare the results of the Company’s operations from period to period by removing the effect of the Company’s capital structure from the Company’s operating structure; and
is used by management for various purposes, including (i) as a measure of operating performance, (ii) as a measure of compliance under the Senior Secured Credit Facility, (iii) in presentations to the board of directors and (iv) as a basis for strategic planning and forecasting.

There are significant limitations to the use of Consolidated EBITDAX as a measure of performance, including the inability to analyze the effect of certain recurring and non-recurring items that materially affect the Company’s net income or loss and the lack of comparability of results of operations to different companies due to the different methods of calculating Consolidated EBITDAX, or similarly titled measures, reported by different companies. The Company is subject to financial covenants under the Senior Secured Credit Facility, one of which establishes a maximum permitted ratio of Net Debt, as defined in the Senior Secured Credit Facility, to Consolidated EBITDAX. See Note 7 in the 2024 Annual Report, to be filed with the SEC, for additional discussion of the financial covenants under the Senior Secured Credit Facility. Additional information on Consolidated EBITDAX can be found in the Company’s Eleventh Amendment to the Senior Secured Credit Facility, as filed with the SEC on September 13, 2023.

The following table presents a reconciliation of net income (loss) (GAAP) to Consolidated EBITDAX (non-GAAP) for the periods presented:

	Three months ended December 31,						Year ended December 31,
(in thousands)		2024			2023			2024			2023
	(unaudited)						(unaudited)
Net income (loss)	$	(359,392	)	$	281,434		$	(173,521	)	$	695,078
Plus:
Share-settled equity-based compensation, net		3,398			2,592			14,646			10,994
Depletion, depreciation and amortization		214,498			152,626			741,966			463,244
Impairment expense		481,305			—			481,305			—
Organizational restructuring expenses		795			1,654			795			1,654
Gain on disposal of assets, net		(508	)		(132	)		(1,513	)		(672	)
Mark-to-market on derivatives:
(Gain) loss on derivatives, net		43,924			(229,105	)		(38,140	)		(96,230	)
Settlements received (paid) for matured derivatives, net		47,571			(3,328	)		58,322			(17,068	)
Settlements received for contingent consideration		—			311			—			1,813
Accretion expense		1,107			988			4,209			3,703
Interest expense		53,564			50,431			177,794			149,819
Loss extinguishment of debt, net		—			4,039			66,115			4,039
Income tax (benefit) expense		(102,724	)		34,514			(47,740	)		(183,337	)
General and administrative (transaction expenses)		(19	)		8,221			548			11,341
Consolidated EBITDAX (non-GAAP)	$	383,519		$	304,245		$	1,284,786		$	1,044,378

The following table presents a reconciliation of net cash provided by operating activities (GAAP) to Consolidated EBITDAX (non-GAAP) for the periods presented:

	Three months ended December 31,						Year ended December 31,
(in thousands)		2024			2023			2024			2023
	(unaudited)						(unaudited)
Net cash provided by operating activities	$	257,174		$	233,734		$	1,000,330		$	812,956
Plus:
Interest expense		53,564			50,431			177,794			149,819
Organizational restructuring expenses		795			1,654			795			1,654
Current income tax (benefit) expense		(250	)		3,425			2,456			5,723
Net changes in operating assets and liabilities		79,711			11,285			127,830			71,444
General and administrative (transaction expenses)		(19	)		8,221			548			11,341
Settlements received for contingent consideration		—			311			—			1,813
Other, net		(7,456	)		(4,816	)		(24,967	)		(10,372	)
Consolidated EBITDAX (non-GAAP)	$	383,519		$	304,245		$	1,284,786		$	1,044,378

Net Debt

Net Debt is a non-GAAP financial measure defined in the Company’s Senior Secured Credit Facility as the face value of long-term debt plus any outstanding letters of credit, less cash and cash equivalents, where cash and cash equivalents are capped at $100 million when there are borrowings on the Senior Secured Credit Facility. Management believes Net Debt is useful to management and investors in determining the Company’s leverage position since the Company has the ability, and may decide, to use a portion of its cash and cash equivalents to reduce debt.

Net Debt to Consolidated EBITDAX

Net Debt to Consolidated EBITDAX is a non-GAAP financial measure defined in the Company’s Senior Secured Credit Facility as Net Debt divided by Consolidated EBITDAX for the previous four quarters, which requires various treatment of asset transaction impacts. Net Debt to Consolidated EBITDAX is used by the Company’s management for various purposes, including as a measure of operating performance, in presentations to its board of directors and as a basis for strategic planning and forecasting.

PV-10

PV-10 is a non-GAAP financial measure that is derived from the standardized measure of discounted future net cash flows, which is the most directly comparable GAAP financial measure. PV-10 is a computation of the standardized measure of discounted future net cash flows on a pre-tax basis. PV-10 is equal to the standardized measure of discounted future net cash flows at the applicable date, before deducting future income taxes, discounted at 10 percent. Management believes that the presentation of PV-10 is relevant and useful to investors because it presents the discounted future net cash flows attributable to the Company’s estimated proved reserves prior to taking into account future corporate income taxes, and it is a useful measure for evaluating the relative monetary significance of the Company’s proved oil, NGL and natural gas assets. Further, investors may utilize the measure as a basis for comparison of the relative size and value of proved reserves to other companies. The Company uses this measure when assessing the potential return on investment related to proved oil, NGL and natural gas assets. However, PV-10 is not a substitute for the standardized measure of discounted future net cash flows. The PV-10 measure and the standardized measure of discounted future net cash flows do not purport to present the fair value of the Company’s oil, NGL and natural gas reserves of the property.

(in millions)	December 31, 2024
	(unaudited)
Standardized measure of discounted future net cash flows	$	4,215
Less: present value of future income taxes discounted at 10%		(295	)
PV-10 (non-GAAP)	$	4,510

Investor Contact:
Ron Hagood
918.858.5504
ir@vitalenergy.com

The MIL Network –

February 20, 2025

MIL-OSI Global: The success of the Delta Flight 4819 rescue effort highlights the need for co-ordinated responses

Source: The Conversation – Canada – By Jack L. Rozdilsky, Associate Professor of Disaster and Emergency Management, York University, Canada

The day after the Delta Flight 4819 crash on Feb. 17 at Toronto Pearson International Airport, the damaged aircraft remained on the runway as the crash investigation ramped up.

Whether it was due to luck, skill, heroism or aircraft design, the evacuation of passengers took place quickly and everyone aboard the ill-fated flight were able to exit the plane and make it on to the tarmac.

Post-accident investigations will provide more details about what contributed to the accident, and the strengths and weaknesses of the emergency response. But one point is already obvious: the positive outcome speaks to the importance of the institutions and expertise that keep our aviation system safe overall.

The response

The response to Delta Flight 4819 air crash was an example of just how important inter-agency collaboration is in emergency response.

Within minutes of the crash, not only were the airport’s firefighters on the scene to douse any flames and assist with the rescue of passengers, but other agencies were already providing aid. Mississauga Fire and Emergency Services sent six vehicles to the airport as part of the mutual aid effort.

The news conference following the accident involving Delta Flight 4819 at Toronto Pearson Airport.

Ornge, Ontario’s air ambulance system, also sent multiple units to the scene to help transport injured passengers to hospitals, aiding Peel Region paramedics who were also triaging passengers.

Multiple agencies collaborated to save lives. This collaboration in emergency response isn’t developed on the fly, but instead follows a highly choreographed and practised set of plans.

Both the airport and partner agencies maintain air crash emergency response plans that lay out the details of how help will be requested, where aid will arrive and how to scale up the response as needed.

Preparation facilitates response

A primary reason the air crash response worked so well was preparation. An important component of preparation at airports is regularly testing response plans and operations with specialized full-scale mock disaster exercises.

In these exercises, airport response personnel work through scenarios that simulate emergencies. Real emergency equipment is tested, volunteer victims participate in search-and-rescue scenarios and theatrical make-up is even used to simulate injuries.

These exercises serve multiple purposes, including increasing familiarity with the plan for responders and creating real challenges that will help to find any potential weaknesses in the plan before a real event.

Practice saves lives

Another less desirable way responses can be improved is for an actual disaster to happen. Actual air crash disasters force plans to be activated, require response actions to be taken, and — ideally — foster adaptive learning through hard-won experience.

According to data from the Aviation Safety Network, there have been 23 aircraft accidents at or near Pearson Airport since 1939. As a testament to safety at Pearson, no casualties occurred in 18 of those 23 accidents.

One past significant Pearson crash with no casualties is especially relevant to revisit now. In August 2005, Air France Flight 358 rolled off the runway during landing and caught fire.

All 309 people on board evacuated and survived. An organizational analysis of the 2005 accident highlighted that the crash investigation report “praised the seamless tracking of events and communication between the parties involved” in response.

Twenty years later, and Pearson CEO Deborah Flint said the crew, airport emergency workers and first responders mounted a “textbook response” to the Delta incident.

An investigation begins

While the immediate response may have been over fairly quickly after passengers were successfully evacuated, the mutual aid and collaboration between agencies will continue in the months ahead.

The Transportation Safety Board (TSB) has already launched an investigation into the incident. The cockpit voice and flight data recorders have been retrieved from the wreckage, a key aspect in what will be a slow and methodical investigation.

The integrity of the investigation depends on strong institutions and trust in experts. In the context of air crashes, lessons learned from these investigations are critical to improving airline procedures for maintaining safety, creating better regulation to avoid accidents in the first place and ensuring emergency systems are well prepared.

Safety in aviation

According to the most recent TSB data, the 2023 overall air transportation accident rate of 2.8 per 100,000 aircraft movements is among the lowest recorded by the federal agency since it began measuring in 2004.

Within the first 24 hours after the Delta crash, a pivot from the emergency response phase to the investigation phase took place.

It’s far too early to speculate on what the ultimate cause of the accident may have been. While learning about what contributed to the crash of Delta Flight 4819 is important, we can also seek comfort in the fact that air travel in Canada continues to be a safe activity for passengers.

Jack L. Rozdilsky receives support for research communication and public scholarship from York University. He also has received research support from the Canadian Institutes of Health Research.

– ref. The success of the Delta Flight 4819 rescue effort highlights the need for co-ordinated responses – https://theconversation.com/the-success-of-the-delta-flight-4819-rescue-effort-highlights-the-need-for-co-ordinated-responses-250211

MIL OSI – Global Reports –

February 20, 2025

MIL-OSI USA: Attorney General Alan Wilson calls for action against counterfeit weight loss drug makersRead More

Source: US State of South Carolina

(COLUMBIA, S.C.) – South Carolina Attorney General Alan Wilson today led a 37-state and territory bipartisan coalition requesting that the Food and Drug Administration take swift action against bad actors who are endangering consumers with counterfeit forms of the weight loss and diabetes drugs Mounjaro, Zepbound, Ozempic, and Wegovy (GLP-1 drugs).

“The popularity of these drugs is growing at a rate that exceeds production by licensed manufacturers and has opened the door for copycat products from countries like China and India to flow through the U.S. supply chain that are seriously harming consumers,” said Attorney General Wilson.

The letter states that “online retailers are illegally selling the active ingredients of GLP-1 drugs directly to consumers, without a prescription. These retailers claim that the active ingredients they sell are ’for research purposes only’ or ’not for human consumption’.^[1] In reality, these companies advertise directly to consumers on social media, claiming that their products are an easier and more affordable way to obtain GLP-1 drugs.^[2] Much like with counterfeit versions, these active ingredients come from unregulated, undisclosed sources and pose risks of contamination and inclusion of foreign substances.^[3]”

Attorney General Wilson also recently sent out a consumer alert warning consumers to be cautious when purchasing compounded Tirzepatide and Semaglutide, specifically in unapproved forms such as pills (only available via Rybelsus), sublingual drops, lozenges, or films taken under the tongue, topical skin patches, and nasal sprays.

Attorney General Wilson said, “Protecting consumers is of utmost priority to me and the lengths that these counterfeiters are going to take advantage of consumers and endanger their health must be stopped.”

The letter declares that the Food and Drug Administration has the expertise and resources to stop the bad conduct and deceptive practices by counterfeit drug manufacturers and that they should increase enforcement actions against compounding pharmacies illegally participating in this market. It also encourages the FDA to partner with state pharmacy boards to ensure compounded GLP-1 drugs are produced safely and in sanitary environments.

South Carolina co-led this bipartisan letter with Colorado, Illinois, and Tennessee and was joined by Alaska, Arkansas, Connecticut, Delaware, District of Columbia, Georgia, Hawaii, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Nevada, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, Utah, Vermont, Virgin Islands, Virginia, West Virginia, and Wisconsin.

You can read the full letter here.

You can read the consumer alert here.

[1] See Jordyn Belcourt et al., Bypassing Prescribers and Pharmacists: Online Purchasing of Semaglutide and Tirzepatide “For Research Purposes,” Annals of Pharmacotherapy, p.1 (2024).

[2] See https://www.wsj.com/health/healthcare/ozempic-mounjaro-no-prescription-websites-726b3928

[3] https://www.nbcnews.com/health/health-news/ozempic-underworld-black-market-obesity-drugs-rcna174680

MIL OSI USA News –

February 20, 2025

MIL-OSI Security: U.S. Marshals Arrest Violent Felon

Source: US Marshals Service

Gallatin, TN – A U.S. Marshals task force in Tennessee, working a collateral lead from the USMS in Georgia, arrested a man wanted in Cobb County, Georgia for a slew of felony charges.

Darzell Thaddeus Wester, 27, was charged with armed robbery, aggravated assault (deadly weapon), aggravated battery, exploitation/ intimidation of elder person, and possession of a firearm during commission of a crime, and a warrant for his arrest was issued in the Superior Court of Cobb County on Jun. 14, 2024.

On Nov. 15, 2024, the Cobb County Sheriff’s Office requested the assistance of the U. S. Marshals Service Southeast Regional Fugitive Task Force with locating and apprehending Wester.

Upon developing information that Wester was residing in the Gallatin area, the Southeast Regional Fugitive Task Force requested the assistance of the U.S. Marshals Service Middle Tennessee Fugitive Task Force.

The Middle Tennessee Task Force located Wester at a residence on Turner Way in Gallatin. Wester was arrested without incident and taken to the Sumner County Sheriff’s Office jail where he was booked as a fugitive from justice and will await extradition to Georgia.

Additionally, Wester has three outstanding warrants from Coffee, Robertson, and Dickson Counties in Tennessee. These warrants are for driving under the influence of alcohol, larceny, and fraud, respectively.

The U.S. Marshals Service is committed to protecting communities by apprehending dangerous fugitives.

The U.S. Marshals Middle Tennessee Task Force is a multi-agency task force that serves the Middle District of Tennessee. Its membership is comprised of Deputy U.S. Marshals, Putnam, Rutherford, and Sumner County Sheriff’s Deputies, Metro Nashville Police Officers, Tennessee Bureau of Investigation and Tennessee Department of Correction Special Agents, and the Tennessee Highway Patrol.

MIL Security OSI –

February 20, 2025

MIL-OSI: Nokia Corporation: Repurchase of own shares on 19.02.2025

Source: GlobeNewswire (MIL-OSI)

Nokia Corporation
Stock Exchange Release
19 February 2025 at 22:30 EET

Nokia Corporation: Repurchase of own shares on 19.02.2025

Espoo, Finland – On 19 February 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

Trading venue (MIC Code)	Number of shares	Weighted average price / share, EUR*
XHEL	1,396,657	4.74
CEUX	–	–
BATE	–	–
AQEU	–	–
TQEX	–	–
Total	1,396,657	4.74

* Rounded to two decimals

On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million.

Total cost of transactions executed on 19 February 2025 was EUR 6,621,272. After the disclosed transactions, Nokia Corporation holds 253,189,663 treasury shares.

Details of transactions are included as an appendix to this announcement.

On behalf of Nokia Corporation

BofA Securities Europe SA

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.

Inquiries:

Nokia Communications
Phone: +358 10 448 4900
Email: press.services@nokia.com
Maria Vaismaa, Global Head of External Communications

Nokia Investor Relations
Phone: +358 931 580 507
Email: investor.relations@nokia.com

Attachment

Daily Report 2025-02-19

The MIL Network –

February 20, 2025

MIL-OSI United Kingdom: PM call with President Zelenskyy of Ukraine: 19 February 2025

Source: United Kingdom – Executive Government & Departments

The Prime Minister spoke to President Zelenskyy this evening.

The Prime Minister spoke to President Zelenskyy this evening and stressed the need for everyone to work together.

The Prime Minister expressed his support for President Zelenskyy as Ukraine’s democratically elected leader and said that it was perfectly reasonable to suspend elections during war time as the UK did during World War II.

The Prime Minister reiterated his support for the US-led efforts to get a lasting peace in Ukraine that deterred Russia from any future aggression.

Published 19 February 2025

MIL OSI United Kingdom –

February 20, 2025

MIL-Evening Report: The desert among the snow: how Anmatyerr ceremony men came to create ground paintings in Switzerland

Source: The Conversation (Au and NZ) – By Jason M. Gibson, DECRA Senior Research Fellow, Cultural Heritage and Museum Studies, Deakin University

Cliffy Tommy working on the _rrpwamper_ (common brushtail possum) ground painting sculpture. Georges Petitjean, CC BY

A ground painting is known in Anmatyerr as Ahelh Anety-irrem, meaning “broken” or perhaps even “transformed ground”. The name refers to the process of clearing an even surface on the red earth, building a sculpture and then deconstructing it.

Anmatyerr people live in the desert community of Laramba, 200 kilometres northwest of Alice Springs. Now, the work of Anmatyerr artists has been shown in Switzerland for the first time.

In December, four men from Laramba travelled to the Canton of Valais, just east of Geneva.

Anmatyerr men Morris Wako, Martin Hagan, Cliffy Tommy and Michael Tommy with the ground paintings.
Jason M. Gibson, CC BY

Elder Michael Tommy, Morris Wako, Cliffy Tommy and Martin Mpetyan/Kemarr Hagan (one of the authors of this piece) were invited to create three ground paintings for the international exhibition Rien de Trop Beau pour les Dieux (Nothing Too Beautiful for The Gods).

Working alongside artists from Cameroon, Tibet, Cuba and Aotearoa New Zealand, the Anmatyerr group represented a uniquely Australian culture.

Creating the paintings

Along with body and artefact designs, ground paintings were an important cultural source for the emergence of contemporary desert art in the early 1970s.

During that decade, Anmatyerr, Warlpiri, Luritja and Pintupi men began experimenting with representing ceremonial designs and stories using acrylic paint.

Drawing largely on designs and stories embedded in central Australian religious activities the men developed the style of “dot” painting now known across the world.

Two of the ground paintings shown in Switzerland were principally made from a native daisy (Chrysocephalum apiculatum), or anteth mpay-mpay in the Anmatyerr language.

The plant was harvested from Anmatyerr lands, chopped finely and coloured with red or white ochres before being shipped to Switzerland.

A bunch of cockatoo feathers along with an alkwert (beanwood shield) and an atnartenty (ceremonial pole) made by Anmatyerr artist Wayne Scrutton also made the journey.

Michael Tommy, a ceremonial expert amongst the Anmatyerr people, oversaw the making of the ceremonial designs.

Each of the men possessed personal connections to different designs. Martin created the rrpwamper (common brushtail possum) ground sculpture belonging to his mother’s father.

Martin Hagan and his possum ground painting.
Jason Gibson., CC BY

Morris painted the atwerneng (flying ant) and rrwerleng (honey grevillea) Dreamings of his father.

Michael and Cliffy constructed their father and grandfather’s yerramp (honey-ant) ground painting.

The works were created in the gallery over three days with artists from other parts of the globe regularly coming by to chat and share ideas.

As the men worked, they sang the songs for each of the designs. These voices reverberated across the room and brought life to works that were steeped in old traditions but also very much part of the present.

On opening night, the men painted their bodies with the correct designs and explained how their art stemmed from Anengekerr (Dreaming), Country and family inheritance. The exchange was translated into French for the local audience.

Recording culture

In 2023 the Laramba men began recording their ceremonial traditions, recognising these practices were vulnerable in a rapidly changing world.

One of the writers of this piece, Jason Gibson, has worked closely with the community over the last 15 years on the repatriation of relevant recordings of ceremonies from the Strehlow and other collections. The Strehlow collection is made up of recordings of Aboriginal ceremony, ritual and song from central Australia collected by the anthropologist TGH Strehlow between 1932 and 1972. It is now held at the Strehlow Research Centre in Alice Springs.

Museum collections like this were made by anthropologists over the last 130 years and hold important information about ceremonial practices, family histories and stories for Country. Having access to this material has enabled the community to think deeply about how art and museum collections might be used to their advantage.

The men have now decided to build a collection of their own, serving their cultural future.

Morris Wako, Jason Gibson and Cliffy Tommy with Morris Wako’s painting.
Arthur Gibson (Kemarr), CC BY

A part of this strategy has been to reach out to galleries and museums in search of collaborations.

Through giving and showing, they are striving to establish better relationships and wider recognition.

Aboriginal art in Europe

Established in 2018, by collector Bérengère Primat, Fondation Opale is the sole contemporary art centre dedicated to the promotion of Australian Aboriginal art in Europe.

The building’s architecture and décor showcase Australian Aboriginal themes. An Aboriginal flag flies from the rooftop and sculptures of boomerangs and shields adorn the grounds. This desert culture stands against a contrasting backdrop of alpine snow and ice.

Fondation Opale in Lens, Switzerland.
Isabelle dlC/Wikimedia Commons, CC BY

Though unusual, the setting created a familiar and comforting place from which to work.

The men were hand-picked because of their expertise in ceremony. Michael Tommy had made acrylic paintings alongside Clifford Possum and Tim Leura, founders of desert acrylic painting, but none of the men had invited or sought fame as painters. Their focus has been on the retention of song and ceremony.

The knowledge encrypted in the works created by these men in Switzerland is known to only a small group of people in Laramba and nearby communities. The ground paintings are usually only made as a part of local ceremonial events.

Only on a few other occasions have men from Anmatyerr and Warlpiri men created ground paintings for international audiences, notably at the Asia Society in New York in 1988, and the Magiciens de la Terre (Magicians of the Earth) exhibition in Paris in 1989.

Magicians of the Earth, curated by Jean-Hubert Martin, was controversial for presenting non-Western artistic practice on an equal footing with the artistic traditions of Western Europe and North America. The show significantly influenced the way contemporary art is understood and presented on a global scale, and remains a touchstone for discussions about cultural representation and inclusion in the art world.

Nothing Too Beautiful for the Gods was also curated by Martin, and shines a light on the relationship between culturally diverse forms of spirituality and artistic practices. It was the perfect context for the men to demonstrate how their art and religious practices are intertwined. It also showed how traditions rooted in place, can also be part of a contemporary, global conversation.

The three works will now stay on permanent exhibition at Fondation Opale. Culture practiced and shared is culture sustained.

Jason M. Gibson receives funding from the Australian Research Council.

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

– ref. The desert among the snow: how Anmatyerr ceremony men came to create ground paintings in Switzerland – https://theconversation.com/the-desert-among-the-snow-how-anmatyerr-ceremony-men-came-to-create-ground-paintings-in-switzerland-246985

MIL OSI Analysis – EveningReport.nz –

February 20, 2025

MIL-OSI USA: ICE Boston removes fugitive wanted for shooting in Jamaica

Source: US Immigration and Customs Enforcement

NEW HAVEN, Conn. — U.S. Immigration and Customs Enforcement arrested a Jamaican fugitive wanted in his home country for shooting with intent and removed Leroy Neville White, 30, from the United States to Jamaica Jan. 30 and turned him over to Jamaican authorities.

White was convicted in Connecticut for threatening first degree with hazard to terrorize.

“Leroy Neville White attempted to flee justice in his home country and take refuge in the United States. He then continued to break the law in Connecticut,” said ICE Enforcement and Removal Operations Boston acting Field Office Director Patricia H. Hyde. “White is a violent criminal and presented a significant threat to the residents of our neighborhoods. ICE will not tolerate such a threat. We will continue to arrest and remove egregious alien offenders from New England.”

Jamaican authorities issued a warrant for White’s arrest on Dec. 31, 2018, for the offense of shooting with intent.

The U.S. Border Patrol arrested White July 11, 2022, after he illegally entered the U.S. near San Ysidro, California, and served him the next day with a notice to appear before a Department of Justice immigration judge and released him on an order of recognizance.

An immigration judge with the DOJ’s Executive Office for Immigration Review in Atlanta, Georgia ordered White removed from the United States to Jamaica on April 12, 2023.

The New Haven Police Department arrested White on Dec. 26, 2023, for threatening first degree with hazard to terrorize, and ICE lodged an immigration detainer against White Dec. 27, 2023, with New Haven Correctional Center.

The State of Connecticut Superior Court in New Haven convicted White April 17, 2024, of threatening first degree with hazard to terrorize, a class-D felony offense, and sentenced him to five years’ incarceration – suspended after 1 year, and 3 years’ probation.

The State of Connecticut Department of Corrections honored the ICE detainer Dec. 26, 2024. Officers from ICE arrested White in a custodial setting at Hartford Correctional Center upon completion of his state sentence.

Members of the public can report crimes and suspicious activity by dialing 866-DHS-2-ICE (866-347-2423) or completing the online tip form.

Learn more about ICE’s mission to increase public safety in our New England communities on X: @EROBoston.

MIL OSI USA News –

February 20, 2025

MIL-OSI Economics: Somalia successfully kick-starts its WTO accession process

Source: WTO

Headline: Somalia successfully kick-starts its WTO accession process

Somalia’s Deputy Prime Minister Salah Ahmed Jama led the high-level delegation in Geneva. Several government officials from a wide range of ministries and agencies joined virtually from Mogadishu. Mr Jama said that Somalia’s first Working Party meeting marks “a historic moment in the country’s journey toward economic recovery, integration into the global trading system, and the realization of the nation’s aspirations for sustainable development and prosperity.
“Somalia today is a nation on the rise, one that departed with the challenges of the past and has keenly focused on a prosperous future. Our government, under the leadership of His Excellency President Hassan Sheikh Mahamoud, has indeed embarked on very transformational changes,” he said.
“For Somalia, WTO membership is not merely an end goal but a vital mechanism to achieve sustainable economic growth, attract investment, and create meaningful opportunities for our people. We are dedicated to aligning our trade policies with global standards, enhancing institutional capacity, and ensuring that our economic transformation is inclusive and equitable, benefiting all segments of society,” he added.
Sadiq Abdikarim Haji Ibrahim, WTO Chief Trade Negotiator, recognized WTO accession as a rigorous process requiring transparency, policy coherence, and sustained engagement. He said that Somalia approaches this process with openness and a constructive spirit. “We are ready to work closely with WTO members to address concerns, provide necessary clarifications, and reaffirm our commitment to a rules-based trading system,” he stated.
WTO Deputy Director-General Xiangchen Zhang highlighted Somalia’s strong political will and commitment to moving the accession process forward. “Today is a historical moment for Somalia, but it is just the beginning of a journey where I am sure Somalia will make its own history, as Comoros and Timor-Leste did recently. They are both least developed countries and fragile and conflict-affected states, who can serve as a good model and inspiration for Somalia.” His statement is available here.
The Chair of the Working Party on the Accession of Somalia, Ambassador Nina Tornberg of Sweden, stated that Somalia has advanced technical work and stepped up its political engagement in the past few years, recalling her meeting with President Hassan Sheikh Mohamud in June 2024.
She added that the Working Party noted Somalia’s strong commitment to economic integration, both at the multilateral and regional level. “As Somalia joined the East African Community (EAC) in 2024, it is crucial to ensure coordination at all levels between EAC membership and WTO accession, to enable Somalia to focus on priority reforms and reinforce its economic resilience,” she said.
Members welcomed Somalia’s renewed commitment to joining the WTO, emphasizing the importance of the accession for the country’s integration into global trade and for its stability. Delegations acknowledged Somalia’s constraints as an LDC and committed to supporting Somalia’s accession process. Members said they are looking forward to discussing Somalia’s efforts to align its regulations with WTO rules, while providing support and guidance throughout the accession process.
Moving forward, Ambassador Tornberg invited the WTO Secretariat to prepare a Factual Summary of Points Raised based on the exchanges held, which will guide the continued examination of Somalia’s trade regime. Somalia was requested to submit a comprehensive set of negotiating inputs before the next Working Party meeting. The Chair said that, given Somalia’s interest in advancing its accession process, the aim would be for the next meeting to take place towards the end of the year, subject to the availability of the required inputs.
The Working Party meeting took place immediately before the 4th edition of the Trade for Peace Week, which has featured several sessions focused on Somalia and has discussed the private sector’s role for sustainable peace and stability.
The Working Party meeting was followed on 18 February by a Round Table on Technical Assistance for Somalia’s WTO Accession. The round table was attended by several members and developing partners, including the East African Community Secretariat, the European Investment Fund (EIF), the International Trade Centre (ITC), UN Trade and Development (UNCTAD) and the World Bank, which provide capacity-building support to Somalia. The discussions aimed at presenting Somalia’s accession-related needs in terms of technical assistance and capacity building and coordinating available and future support.
Background
Somalia has the longest coastline on the African continent and a population of approximately 18 million. With an economy highly dependent on livestock production, the government has committed itself over recent years to developing key sectors of the Somali economy, with special emphasis on economic enablers such as energy, transportation and financial markets.
Somalia submitted its application for WTO accession, signed by President Hassan Sheikh Mohamud, in December 2015 during the 10th Ministerial Conference (MC10) in Nairobi, Kenya. The General Council established the Working Party on 7 December 2016. Somalia was a central part of the g7+ WTO Accessions Group launch during the 11th Ministerial Conference in Buenos Aires in 2017, inspiring the vision for the creation of the Trade for Peace Programme.
More information on this accession is available here.

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MIL OSI Economics –

February 20, 2025

MIL-OSI United Nations: New UN Mediator for Libya — Tenth in 14 Years — Must Avoid Past Failures, Delegate Warns Security Council

Source: United Nations General Assembly and Security Council

UN Political Chief Says Libyans’ Dream Unfulfilled after February Revolution 14 Years Ago

Libya’s leaders and security actors are prioritizing political and personal gain over national interests, the United Nations’ top political official told the Security Council today, as the country’s delegate blamed proxy wars for its instability.

Fourteen years on since the 17 February 2011 Revolution in Libya, “the dream of a civil, democratic and prosperous Libya remains unfulfilled” due to “entrenched divisions, economic mismanagement, continued human rights violations and competing domestic and external interests”, said Rosemary DiCarlo, Under-Secretary-General for Political and Peacebuilding Affairs. Highlighting efforts by the United Nations Support Mission in Libya (UNSMIL) to revive the political process, she noted the establishment of an Advisory Committee comprising legal and constitutional experts to provide proposals supporting efforts towards holding national elections.

Pointing to the lack of progress on a unified budget or an agreed spending framework, as well as disagreement over the leadership of the Libyan Audit Bureau, she said it is critical to support the Central Bank’s efforts to stabilize the financial situation. The dispute over the position of President of the High Council of State remains unresolved. “Politicization and political divisions are also hindering progress on national reconciliation,” she said, noting that amendments to a draft law on that topic have raised concerns over the independence of a future National Reconciliation Commission.

Following successful local elections in 56 municipalities in November 2024, the High National Elections Commission is preparing for the next 63 elections. “Funding from the Government is crucial to enable the High National Elections Commission to implement this next phase of municipal council elections,” she stressed. On the security front, the activities of non-State and quasi-State armed actors continue to pose a threat to Libya’s fragile stability, she said, noting that the 2020 Ceasefire Agreement has only been partially implemented.

She also expressed concern about the continuing trend of arbitrary arrests and enforced disappearances across Libya. Drawing attention to “the alarming and tragic discovery of mass graves” earlier this month in north-east and south-east Libya, she said: “This is yet another reminder of the urgent need to protect migrants and combat human trafficking.” Calling for support to the 2025 Libyan chapter of the Sudan Refugee Regional Response Plan, which requires $106 million, she urged Council members to support the newly appointed Special Representative Hanna Tetteh, who will be taking up her functions in Tripoli on 20 February.

In December 2024, a senior UN official announced a new UN-mediated process aimed at breaking the political deadlock — marked by the presence of rival Governments — and facilitating elections. (See Press Release SC/15938.)

Libya Battleground for Proxy Wars

Libya’s delegate, who spoke at the end of today’s meeting, pointed out that Ms. Tetteh will be the tenth Special Representative of the Secretary-General assigned to his country in 14 years, calling this “a record”. The Council must reflect on whether this indicates a “problem” with the imposition of solutions, UN mechanisms or the officials themselves. He added: “We hope that she will harness the lessons from the past and will not repeat the same misgivings by trying the same things and expecting different results.” He also raised several concerns about the Advisory Committee established by UNSMIL, including whether it was expected to put forward a single proposal or numerous proposals, and how exactly political stakeholders would contribute to this process.

“My country has become a ground for the settlement of disputes” in proxy wars, he said, adding that it is influenced by instability in the region, including “political and security-based changes”. However, he pointed out, the recent holding of municipal elections around the country is a good example of Libya’s ability to ensure electoral processes where there is support and political will. Any reconciliation must be based “on transitional justice, on accountability, on truth and on redress and compensation”, he stressed, while reiterating a request for the removal of individuals on the Sanctions List for humanitarian reasons or if their “listing was erroneous, or because their file was used to further political friction”.

Many Council members welcomed the establishment of the Advisory Committee and the appointment of the new Special Representative as positive steps towards relaunching the political process.

The representative of the United States said Ms. Tetteh’s prior experience in Sudan and South Sudan can inform her approach in Libya. A political solution is the path to long-term stability, and time is of the essence, she said, noting “destabilizing activities from external actors” and the need for “east-west security integration”. Recalling the visit of a delegation from her country to Libya, she urged all parties to reach agreement on a unified budget to end persistent conflicts over revenue-sharing.

The Russian Federation’s delegate expressed hope that the new Special Representative will adopt an impartial approach, informed by a sober assessment of the political climate. Ms. Tetteh will have the difficult task of redressing imbalance and revitalizing UN mediation efforts, he said. This month marks the fourteenth anniversary since the “egregious Western intervention and the virtual destruction of Libyan Statehood”, he observed, adding: “The collapse of the country took place and is ongoing to this date.”

Updating Sanctions Regime

The United Kingdom’s delegate welcomed the recent adoption of new designation criteria for the UN sanctions regime to hold those exploiting Libyan crude oil and petroleum accountable and help to safeguard its resources. “Until a unifying political agreement is achieved in Libya, it will be impossible to unlock its great potential,” she added. (See Press Release SC/15967.) Along similar lines, France’s delegate said: “Libyan money needs to benefit the Libyan people”, adding that a unified budget and a unified Government go hand in hand. Such a Government, capable of organizing presidential and legislative elections as soon as possible, is crucial.

“Good-faith engagement and demonstrating compromise” will be essential in overcoming all outstanding, contentious issues, Slovenia’s speaker advised, adding that the political process must include Libyans from all walks of life, with women and young people. Denmark’s delegate added: “No woman should fear reprisals as a consequence of political engagement — neither online, nor offline.” Further, organizations promoting women’s rights should be able to operate freely.

The representative of Panama acknowledged the enormous political challenges in Libya, where “the crisis has fragmented the social fabric and institutions in the country”, as he expressed support for efforts to hold elections representing different factions of Libyan society. Greece’s delegate pointed out that stability in Libya remains key for the region, and even more so for immediate neighbours like his own country which are impacted by the significant increase of irregular migration flows.

Communications between East-West Security Institutions

On security, the representative of Pakistan highlighted the reported agreement between Eastern and Western security institutions to establish a joint centre for communication and information exchange. Noting that these are preliminary steps, he added: “This will need a well-defined comprehensive peacebuilding and reconciliation strategy”. Also welcoming the establishment of the joint centre for border security, the representative of the Republic of Korea noted that efforts to unify military institutions will be essential for strengthening Libya’s security. Calling on “foreign Powers” to refrain from providing arms to Tripoli “for their narrow geopolitical interests”, he said that those weapons destabilize the broader region and bolster terrorism.

Several speakers echoed the need to avoid external interference and respect the leadership of the Libyan people. The representative of Guyana, also speaking for Algeria, Sierra Leone and Somalia, said the Advisory Committee’s proposals are meant to foster further consultations between UNSMIL and the relevant Libyan decision makers and stakeholders. She called for “careful attention to how this work is undertaken, so that it “avoids creating any additional challenges”. She also expressed concern about the lack of progress in convening national elections.

The representative of China, Council President for February, speaking in his national capacity, stressed the need to avoid undue external interference, while Libya is on the path to elections and national reconciliation. UNSMIL must strengthen its communication with Libyan parties and put forward practical proposals, he said, hoping that the Special Representative will advance the political process. The Mission should monitor the ceasefire, he said, noting that improving the security situation and fighting the crime trajectory are imperative.

MIL OSI United Nations News –

February 20, 2025

MIL-OSI Europe: Press release – Parliament and member states agree on new support plan for Moldova

Source: European Parliament 3

EU member states and MEPs have agreed on essential improvements to a new support facility for Moldova, focusing on better financing and democratic oversight.

Negotiators from the European Parliament and the Council of the EU have reached a provisional agreement on Wednesday on the Reform and Growth Facility for Moldova. The Facility aims to support Moldova in facing significant challenges, notably to mitigate the profound impact of Russia’s war of aggression against Ukraine on Moldova’s security, economy, and citizens’ livelihoods and to strengthen its resilience against the ongoing and unprecedented hybrid attacks and foreign malign interference targeting the country and democratic processes and institutions.

Key improvements:

Increased grant-based support: Negotiators agreed to allocate €520 million in grants – a €100 million increase compared to initial proposals – alongside €1.5 billion in low-interest loans. This adjustment ensures Moldova can implement reforms without unsustainable debt accumulation.

Accelerated funding access: The Facility provides 18% pre-financing, up from 7% originally, of total support, enabling rapid deployment of resources to address energy security, anti-corruption infrastructure, and public service modernisation.

Administrative capacity building: A dedicated 20% of grant funds will strengthen Moldova’s institutions through digital governance systems, civil service training, and judicial reforms – prerequisites for effective EU fund management.

Reinforced oversight framework: To ensure full parliamentary scrutiny the agreement establishes a Dialogue between Parliament and the Commission to review implementation progress regularly.

Also agreed was to make available additional voluntary contributions in the form of external assigned revenue from other donors such as international financing organisations for further financial support to Moldova, and that the Facility shall not support activities or measures which undermine the sovereignty and territorial integrity of Moldova.

Quotes

Siegfried Mureșan (EPP, Romania), co-rapporteur for the Committee on Budgets: “With a €200 million increase in pre-financing and €100 million in total allocations, we are mobilizing enhanced immediate support to assist Moldova in advancing reforms, accelerating its European integration, and countering the economic and energy repercussions of Russian aggression. This ambitious agreement underscores Europe’s capacity to respond decisively to escalating geopolitical challenges.”

Sven Mikser (S&D, Estonia), co-rapporteur for the Committee on Foreign Affairs: “This Facility underscores our commitment to Moldova’s EU accession journey and supports the country in undertaking necessary reforms to strengthen democratic institutions, enhance energy security, boost economic growth, and improve the lives of its citizens. Raising the grant component to 20.5% and the pre-financing rate to 18% secures €520 million in non-repayable support for Moldova and ensures rapid access to funding.”

Next steps

The provisional agreement will be submitted to Parliament’s plenary (March) and the Council for final approval.

Background

Between 2025 and 2027, the maximum resources to be made available to Moldova through the Facility will amount to €1.785 billion (in current prices). This includes up to €1.5 billion in concessional loans and €385 million in non-repayable financial support. Additionally, €135 million will be set aside to provision the loans.

The Reform and Growth Facility is part of a broader EU Growth Plan for Moldova aimed at doubling its economy within a decade while fostering socio-economic stability. The facility is modelled after similar initiatives in other EU candidate regions, such as the Western Balkans Facility, representing a significant step forward in Moldova’s path toward EU membership.

MIL OSI Europe News –

February 20, 2025

MIL-OSI Video: Secretary-General Travel, Deputy Secretary-General & other topics – Daily Press Briefing

Source: United Nations (Video News)

Noon Briefing by Stéphane Dujarric, Spokesperson for the Secretary-General.

– Secretary-General Travel
– Deputy Secretary-General
– Occupied Palestinian Territory
– Democratic Republic of the Congo
– Children in Eastern and Southern Africa
– Sudan
– Libya
– Myanmar
– Central America
– Ukraine
– Guest Tomorrow
– Financial Contribution

SECRETARY-GENERAL TRAVEL
The Secretary-General traveled to Bridgetown, Barbados today where, this evening, he will speak at the opening ceremony of the 48th Regular Meeting of the Conference of the Heads of Government of the Caribbean Community, also known as CARICOM. 
In his remarks, he is expected to highlight three key areas where, together, we must drive progress – peace and security, the climate crisis and sustainable development.
Also today, the Secretary-General will hold a bilateral meeting with Prime Minister Mia Mottley of Barbados.
Tomorrow, the Secretary-General will have a closed session with CARICOM Heads of Government, to exchange views on pressing issues in the region, such as Haiti. 
He is expected back in New York later tomorrow.

DEPUTY SECRETARY-GENERAL
The Deputy Secretary-General, Amina Mohammed, arrived in Johannesburg, South Africa today to attend the G20 Foreign Ministers meeting on behalf of the Secretary-General. Ms. Mohammed will underline support for multilateral cooperation and the South African G20 Presidency and reinforce the case for dialogue and joint action to address common challenges, including trade, tax, debt, and financing climate action. On the margins of the meeting, she is expected to meet with senior government officials from G20 members and guest countries.
From Johannesburg, Ms. Mohammed will proceed to Nairobi, Kenya, to hold meetings with a wide range of stakeholders and UN entities in preparation of the second UN Food System Summit Stocktaking and to meet with senior government officials.
On 26 February, Ms. Mohammed will return to South Africa – this time to Cape Town to attend the G20 Finance Ministers and Central Bank Governors Meeting and open the Finance in Common Summit 2025 on behalf of the Secretary-General.
The Deputy Secretary-General will return to New York on 27 February.

OCCUPIED PALESTINIAN TERRITORY
The World Health Organization and UNICEF say that the emergency polio outbreak response in the Gaza Strip is continuing, with a mass vaccination campaign scheduled to begin on Saturday and continue until 26 February. The novel oral polio vaccine type 2 will be administered to more than 591,000 children under 10 years of age to protect them from polio. The campaign aims to reach all children under 10 – including those previously missed – to close immunity gaps and end the outbreak.
Meanwhile, partners supporting water, sanitation and hygiene services are working to increase the production and distribution of water for drinking and domestic purposes to improve living conditions in the Strip and minimize public health risks.
There are now more than 1,780 operational water points across Gaza. Over 85 per cent of them are used to support water trucking activities by UN partners. 
The Office for the Coordination of Humanitarian Affairs reports that UN partners are also training and deploying mobile teams and volunteers at aid distribution points to ensure that vulnerable groups – including people with disabilities – have safe and dignified access to humanitarian assistance. More than 100 such teams are operating at nearly 70 aid distribution points throughout Gaza.
Turning to the West Bank, OCHA says that Israeli forces’ operations in northern areas continue, causing further destruction and displacement among Palestinian residents.
Yesterday, in Tulkarm refugee camp, Israeli forces demolished at least five homes, with several others also slated for demolition.

Full Highlights: https://www.un.org/sg/en/content/ossg/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=19+February+2025

https://www.youtube.com/watch?v=A0iEq-V8ZyE

MIL OSI Video –

February 20, 2025

MIL-OSI Europe: Written question – Trump declarations on Gaza and the Palestinian people – E-000612/2025

Source: European Parliament

Question for written answer E-000612/2025
to the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy
Rule 144
Alessandra Moretti (S&D), Cecilia Strada (S&D), Marco Tarquinio (S&D), Giuseppe Lupo (S&D), Brando Benifei (S&D), Pierfrancesco Maran (S&D), Pina Picierno (S&D), Alessandro Zan (S&D), Sandro Ruotolo (S&D), Stefano Bonaccini (S&D), Giorgio Gori (S&D), Irene Tinagli (S&D), Camilla Laureti (S&D), Elisabetta Gualmini (S&D), Daniel Attard (S&D), Vicent Marzà Ibáñez (Verts/ALE), Estelle Ceulemans (S&D), Sandra Gómez López (S&D), Matjaž Nemec (S&D), Per Clausen (The Left), Villy Søvndal (Verts/ALE), Leire Pajín (S&D), Rima Hassan (The Left), Javi López (S&D), Hana Jalloul Muro (S&D), Joanna Scheuring-Wielgus (S&D), Jaume Asens Llodrà (Verts/ALE), Reinier Van Lanschot (Verts/ALE), Mounir Satouri (Verts/ALE), Saskia Bricmont (Verts/ALE), Pierre Jouvet (S&D), Abir Al-Sahlani (Renew), David Cormand (Verts/ALE), Vlad Vasile-Voiculescu (Renew), Carla Tavares (S&D), Alex Agius Saliba (S&D), Bruno Gonçalves (S&D), Oihane Agirregoitia Martínez (Renew), César Luena (S&D), Ana Miranda Paz (Verts/ALE), Raphaël Glucksmann (S&D), Diana Riba i Giner (Verts/ALE), André Rodrigues (S&D), Nora Mebarek (S&D), Chloé Ridel (S&D), João Oliveira (The Left), Cristina Guarda (Verts/ALE), Dario Tamburrano (The Left), Lucia Yar (Renew), Pär Holmgren (Verts/ALE), Isabella Lövin (Verts/ALE), Alice Kuhnke (Verts/ALE), Sara Matthieu (Verts/ALE), Vladimir Prebilič (Verts/ALE), Barry Andrews (Renew), Catarina Vieira (Verts/ALE)

On 4 February 2025, US President Donald Trump declared that the United States would take over Gaza and own it, to realise the ‘Riviera of the Middle East’. This statement is shocking even by the standards of his presidency: through his words, Trump endorsed the ethnic cleansing of Palestinians.

Trump wants to deport almost two million people who are traumatised by more than one year of war and who are still suffering because they are deprived of food, water and other objects necessary for survival. Moreover, he does not say where they should go.

Considering that any forcible deportation of people from occupied territory breaches international law:

1.Will the VP/HR stand firmly against this plan presented by the President of the United States?
2.Will the VP/HR reaffirm the need to achieve the two-state solution?
3.What does the Commission intend to do to support the Palestinian people?

Submitted: 11.2.2025

MIL OSI Europe News –

February 20, 2025

MIL-OSI Europe: Written question – Addressing obstacles to the effective cross-border provision of insurance – E-000442/2025

Source: European Parliament

Question for written answer E-000442/2025/rev.1
to the Commission
Rule 144
Luděk Niedermayer (PPE)

For most personal insurance and some property insurance policies, the Solvency II Directive defines the country where the financial service is provided as the country where the policyholder is habitually resident, which is not the case with other financial services. However, this arrangement has in practice created obstacles to the effective cross-border provision of insurance, compounded by the CJEU judgment in Case C-243/11.

If the policyholder subsequently changes their habitual residence to another state during the course of the insurance policy, the insurer is compelled to have a tax specialist in the tax law of all EU states in order to be able to function properly in such a dynamic landscape.

The cross-border provision of insurance is further hampered by the fact that, in states that do not allow choice of jurisdiction and leave only the basic EU rule on determining jurisdiction in force, insurance companies cannot provide an insurance product intended for one state in another state, even on a cross-border basis, without establishing a branch.

Will the Commission help to address these obstacles to the cross-border provision of insurance:

1.By proposing a uniform system for defining the taxpayer, so that an insurance undertaking which has its registered office or branch in the policyholder’s state of habitual residence would be considered the taxpayer, while in other cases the policyholder would be considered the taxpayer?
2.By proposing an amendment to the current arrangements, so that the choice of applicable jurisdiction would be introduced first in insurance contracts, while the law of the policyholder’s state of habitual residence would only apply in cases where there is no choice of jurisdiction?

Submitted: 3.2.2025

Last updated: 19 February 2025

MIL OSI Europe News –

February 20, 2025

MIL-OSI Europe: Written question – Food safety – lead and cadmium in ceramics, glass and enamelled tableware and kitchenware – E-000380/2025

Source: European Parliament

Question for written answer E-000380/2025/rev.1
to the Commission
Rule 144
Liesbet Sommen (PPE)

Potentially toxic metals, such as lead, barium and cadmium, are used in ceramic and glass materials (also food contact materials, or FCMs), as well as for technical applications and in decorative pigments. Directive 84/500/EEC stipulates limit values for lead and cadmium in ceramic materials, but there is no harmonised legislation for glass materials.

Official checks show that about 20% of the ceramic and glass samples tested release heavy metals into food in harmful quantities. The European Food Safety Authority has published opinions on the adverse health effects of those metals, which occur at levels much lower than the limits currently set.

The Commission (DG Health and Food Safety) is drafting legislation to address this problem. Publication was scheduled for the second quarter of 2023, but has not yet taken place. In this connection:

1.What is the Commission’s position on harmonised legislation for glass materials?
2.When will this initiative and the accompanying impact assessment be published?

Submitted: 28.1.2025

Last updated: 19 February 2025

MIL OSI Europe News –

February 20, 2025

MIL-OSI Europe: Written question – Renewal of the concession for the Autobrennero – E-000615/2025

Source: European Parliament

Question for written answer E-000615/2025
to the Commission
Rule 144
Gaetano Pedulla’ (The Left), Danilo Della Valle (The Left)

The A22 motorway (the ‘Autobrennero’) is of strategic importance for mobility in Europe. It is currently operated by Autostrada del Brennero S.p.A., a primarily state-owned company whose main shareholders are local authorities. After the concession expired in 2014, its automatic renewal was blocked and a tender procedure opened to find a new concessionaire.

The current call for tender includes a pre-emption clause for the Autobrennero. However, the terms and criteria set cast doubt on the likelihood that operational continuity of the infrastructure will be assured. There is a risk of the concession winding up in the hands of private operators, sidelining local authorities from the company’s governance.

In light of this:

1.Can the Commission state the factors it considered and procedure it followed when formulating the opinion it was asked to give on the compatibility of the right of pre-emption granted in the tender with EU principles?
2.To what extent might this opinion impact the tender for the concession, and what are the possible repercussions in the event of a verdict of incompatibility with EU rules?
3.Given the strategic importance of the A22 and the need to ensure that the goals of sustainable mobility, decarbonisation and the protection of public health are pursued, is there any scope for an in-house award of the concession to a fully public company?

Submitted: 11.2.2025

Last updated: 19 February 2025

MIL OSI Europe News –

February 20, 2025

MIL-OSI Europe: Written question – Labelling and safety of genetically modified organisms (GMOs) in the EU – E-000456/2025

Source: European Parliament

Question for written answer E-000456/2025/rev.1
to the Commission
Rule 144
Galato Alexandraki (ECR), Emmanouil Fragkos (ECR)

In the European Union, the use of genetically modified organisms (GMOs) is subject to strict checks in order to protect consumers and the environment. The legislation requires labelling for products with a GMO content above 0.9 %, thus allowing consumers to choose whether they want to consume such products. The import of GMOs mainly concerns animal feed (e.g. maize, soya), while GMO farming within the EU is limited. The European Food Safety Authority (EFSA) assesses the safety of GMOs prior to their authorisation and Member States may impose additional restrictions.

Despite the rules, there are concerns about the risk of contamination and the long-term safety of GMOs, especially for conventional and organic farming. As legislation evolves, it is crucial to ensure that consumers and producers are protected.

In view of the above, can the Commission say:

What initiatives is the EU planning in order to protect farmers and producers and ensure transparency through labelling and traceability?

Submitted: 3.2.2025

Last updated: 19 February 2025

MIL OSI Europe News –

February 20, 2025

MIL-OSI Europe: Written question – EU financing for the International Planned Parenthood Federation – E-000629/2025

Source: European Parliament

Question for written answer E-000629/2025
to the Commission
Rule 144
Paolo Inselvini (ECR), Carlo Fidanza (ECR), Chiara Gemma (ECR), Alberico Gambino (ECR), Elena Donazzan (ECR), Giovanni Crosetto (ECR), Marco Squarta (ECR), Daniele Polato (ECR), Carlo Ciccioli (ECR), Sergio Berlato (ECR), Michele Picaro (ECR), Francesco Torselli (ECR), Stefano Cavedagna (ECR)

According to the EU Funding & Tenders Portal, in recent years, the International Planned Parenthood Federation (IPPF) has received large sums from the Commission: EUR 599 000 in 2022, EUR 875 987 in 2023, EUR 875 776 in 2024 and EUR 919 101.60 in 2025, which comes to a total of EUR 3 269 864.60[1].

Those figures give cause for concern: the IPPF has been involved in a number of scandals in recent years. In 2015, an undercover investigation revealed that some managers discussed the sale of foetal tissue from late abortions, including cases where foetuses would have been born alive[2]. Subsequently, in 2024, further videos came to light showing similar conversations between senior IPPF officials[3]. What is more, in 2025, an IPPF chapter in Florida was accused of breaching tax laws, offering working space to the Harris-Walz presidential campaign[4].

Concerns are therefore being raised about how EU funds allocated to the IPPF are being used. In the light of the above:

1.What steps will the Commission take to ensure that EU funds are not used for controversial or potentially illegal lobbying by the IPPF?
2.Has it carried out thorough checks on the use of the funding allocated to the IPPF and if so, what were the results?
3.Is it willing to suspend or review its allocating of funding to the IPPF?

Submitted: 11.2.2025

[1] https://agendaeurope.wordpress.com/2025/02/06/outrageous-the-eus-most-aggressive-baby-slaughtering-lobby-receives-80-of-its-budget-directly-from-the-european-commission/.
[2] https://www.youtube.com/watch?v=iZr7rzVwEnw.
[3] https://nypost.com/2024/08/08/us-news/undercover-video-allegedly-shows-planned-parenthood-scandal/.
[4] https://nypost.com/2025/01/14/us-news/planned-parenthood-chapter-gave-harris-campaign-workspace-breaking-tax-law-irs-complaint/?utm_source=chatgpt.com.

MIL OSI Europe News –

February 20, 2025

MIL-OSI Europe: Written question – Ongoing discrimination in online sales against remote and outermost regions of the EU – E-000630/2025

Source: European Parliament

Question for written answer E-000630/2025
to the Commission
Rule 144
Sérgio Gonçalves (S&D)

Despite the adoption of Regulation (EU) 2018/302[1] to prevent geo-blocking and ensure equal access to goods and services across the EU, many consumers in the EU’s outermost regions and remote rural areas still face significant challenges. The 2020 review of Regulation (EU) 2018/302 acknowledged these issues. Unfortunately, the situation persists today, as consumers in these regions continue to be refused delivery and be charged excessively high shipping costs. These ongoing discriminatory practices undermine the single market’s objectives by limiting access for geographically disadvantaged areas, and require immediate attention and action to ensure equal treatment for all EU citizens.

1.What steps is the Commission taking to enforce compliance and eliminate this discrimination?
2.How does the Commission plan to address the logistical and cost challenges that contribute to these discriminatory practices?
3.Given the persistence of these issues, is the Commission considering amending the Geo-blocking Regulation to strengthen enforcement and address the specific challenges faced by the EU’s remote and outermost regions?

Submitted: 11.2.2025

[1] Regulation (EU) 2018/302 of the European Parliament and of the Council of 28 February 2018 on addressing unjustified geo-blocking and other forms of discrimination based on customers’ nationality, place of residence or place of establishment within the internal market and amending Regulations (EC) No 2006/2004 and (EU) 2017/2394 and Directive 2009/22/EC (OJ L 60I, 2.3.2018, p. 1, ELI: http://data.europa.eu/eli/reg/2018/302/oj).

Last updated: 19 February 2025

MIL OSI Europe News –

February 20, 2025

MIL-OSI Europe: Written question – Russian shadow fleet causing environmental risks to our waters and coastal communities – Commission should enforce EU sanctions violation law – E-000627/2025

Source: European Parliament

Question for written answer E-000627/2025
to the Commission
Rule 144
Gerben-Jan Gerbrandy (Renew)

A ‘shadow fleet’ of hundreds of old, rickety tankers is shipping Russian oil, thus bypassing sanctions. Many ships in the fleet pose an environmental threat to European waters and coastal communities. Some have been involved in outright sabotage. EU-based individuals and companies have earned up to EUR 6 billion from this form of sanctions evasion. An embarrassing statistic. Sadly, the Council has been unable to act on this problem, blocked by just a small number of its members. Individual Member States in the Baltic region have had enough and are looking for ways to act on their own.

1.Does the Commission agree that it can act independently of the Council of the EU, the European Council and Member States when it comes to upholding the EU’s sanctions violation law that has been in effect since 2024[1]?
2.Will the Commission exclude companies and individuals profiting from sanctions violation through the shadow fleet from public procurement, tenders and contracts that involve EU funds? If not, please explain why.
3.Will the Commission freeze funding for EU projects if they involve companies and/or individuals who participate in the illegal shipping of Russian oil by way of the so-called shadow fleet?

Submitted: 11.2.2025

[1] OJ L, 2024/1226, 29.4.2024, ELI: http://data.europa.eu/eli/dir/2024/1226/oj.

Last updated: 19 February 2025

MIL OSI Europe News –

February 20, 2025

MIL-OSI Europe: Written question – Urgent need for a fair European strategy for sustainable development and resilience of EU island regions – E-000622/2025

Source: European Parliament

Question for written answer E-000622/2025
to the Commission
Rule 144
Elena Kountoura (The Left)

The EU’s islands and coastal regions face serious, long-standing problems[1], such as limited connectivity with the mainland, inadequate basic infrastructure and shortages in health, education and social services[2]. These problems are particularly evident on the hundreds of Greek islands, where the cost of living for residents and workers has more than doubled in recent years. Unbearable transport costs, the rapid increase in short-term housing rentals and the lack of available housing in tourist destinations lead to continuous price increases in basic goods and services, making life relentlessly difficult for residents. In addition, they are disproportionately affected by the climate and energy crises, natural disasters, environmental and demographic data. Island tourist destinations are at immediate risk of their sustainable and resilient development being undermined, as social, economic and territorial inequalities intensify[3], while small islands face an increased risk of desertion[4].

In view of the above:

1.Does the Commission intend to propose a new European strategy and transition plan for the sustainable and resilient development of EU islands and the immediate tackling of inequalities with a corresponding flexible financial framework in the Cohesion Policy?
2.What initiatives will the Commission take to improve connectivity and infrastructure resilience and development, and ensure affordable housing in island regions?
3.Does the Commission intend to propose a new permanent regional, decentralised fund for the prevention and management of natural disasters in vulnerable regions and in particular on EU islands?

Submitted: 11.2.2025

[1] See the study of the Committee on Regional Development, ‘Islands of the European Union: State of play and future challenges’, published in March 2021. The insular nature creates structural problems of dependence on sea and air transport, which constitute a public service on which the daily life of European citizens living on islands depends, with additional costs for the import and export of goods, mainly energy raw materials and consumer products, as well as for the transport of passengers.
[2] There are significant shortages of auxiliary and medical personnel, ambulances and medical equipment.
[3] One of the starkest disadvantages of islands lies in their geomorphological and natural conditions. Therefore, islands have a double or triple natural disadvantage when their insular nature and mountainous morphology are combined with the fact that they are part of an archipelago.
[4] Since 1950, 51 Greek islands have been deserted.

Last updated: 19 February 2025

MIL OSI Europe News –

February 20, 2025

MIL-OSI Europe: Written question – Employment of people on the autism spectrum in the EU – E-000626/2025

Source: European Parliament

Question for written answer E-000626/2025
to the Commission
Rule 144
Kosma Złotowski (ECR)

People on the autism spectrum are successfully employed in many EU countries, and their unique abilities are often utilised in tasks involving the gathering and analysis of information. For this reason, they are also employed in the security sector. Neurodiverse people are able to analyse many seemingly similar images and identify very small differences, which can be a source of important intelligence. In the current geopolitical situation, any action to strengthen Europe’s security should be a priority for the European Union.

In light of the above:

1.Do current EU laws allow for the recruitment and employment of people on the autism spectrum in EU institutions, agencies and bodies, and if not, what legislative changes would need to be made to make this possible?
2.Is it possible, on the basis of current EU legislation, to create a programme for people on the autism spectrum, which would involve employing such people in European institutions to perform tasks related to the protection of cyberspace, the detection of security threats in various contexts and the collection of intelligence – OSINT?
3.Has the Commission, in the course of its activities, undertaken initiatives, commissioned analyses or adopted positions relating to the employment of people on the autism spectrum?

Submitted: 11.2.2025

Last updated: 19 February 2025

MIL OSI Europe News –

February 20, 2025

MIL-OSI Europe: Written question – Lifting or suspension of individual EU sanctions by a Member State in the event of an emergency – E-000425/2025

Source: European Parliament

Question for written answer E-000425/2025/rev.1
to the Commission
Rule 144
Rada Laykova (ESN)

1.What procedure would the Commission follow and what checks would it carry out if a Member State temporarily lifted or suspended its obligation to comply with certain EU sanctions in the event it was faced with a critical economic or infrastructure-related situation (such as an interruption in gas supply or a failure of the electricity or heating networks) or a climate-related emergency (such as abnormally severe frost) and lifting or suspending such sanctions would facilitate recovery?
2.What consequences can a Member State expect for unilaterally failing to comply with individual EU sanctions, for example in one of the cases mentioned in question 1, without consulting the Commission or obtaining its authorisation?

Submitted: 30.1.2025

Last updated: 19 February 2025

MIL OSI Europe News –

February 20, 2025

MIL-OSI Europe: President Calviño’s interview with the Süddeutsche Zeitung

Source: European Investment Bank

Interview by Matthias Kolb and Alexander Mühlauer (Süddeutschen Zeitung)

Nadia Calviño is President of the European Investment Bank (EIB), the largest promotional bank in the world. On behalf of the EU Member States, it is tasked with ensuring stability through investments within and beyond the European Union. So it’s little wonder that the former Deputy Prime Minister of Spain would attend the 61^st Munich Security Conference. Shortly before the event, Calviño visited Ukrainian President Volodymyr Zelenskyy in Kyiv, signing investment agreements totalling around €1 billion. Before beginning her interview with the Süddeutsche Zeitung, the 56-year-old wanted to get one thing straight, right from the start: Europe must realise that we are at a turning point in history.

Something seems to have ruptured between the United States and the European Union. Trump is talking with Putin about the future of Ukraine, without the EU at the table. The US Secretary of Defense says that America will no longer guarantee security in Europe. And US Vice President J.D. Vance says the greatest risk for Europe is not Russia or China, but the alleged internal threat to freedom of expression. How shocked are you by this?

Calviño: I’m not shocked, or even surprised. I was certain we would see a fundamental change in transatlantic relations. We Europeans need to remember where our strengths lie, stand up for our interests and defend the rules-based world order from which we have benefited so richly over the past 80 years. And the Americans even more so.

Isn’t the new US government threatening to destroy this world order?

I am convinced that good transatlantic relations are strategically important for both sides. We must work to create a new foundation for them. In such turbulent times, it is more important than ever for Europe to stand for stability and reliability – not just within our own borders, but also for the rest of the world. That Europe should do even more to uphold a rules-based world order is something I hear often from our partners across the globe.

But again, do the United States pose a risk to the global order?

It is in their interest to preserve the things that have made America great. Institutions like the World Bank, the International Monetary Fund or the World Trade Organization, which we founded together. That’s one reason the US dollar is a global reserve currency. There are many win-win situations to be had from working together, and with Europe. But the most important thing is for us to accept that the world of tomorrow is very different from the world of yesterday.

“We are at a turning point in history.”

The European Investment Bank is the world’s largest promotional bank. As its president, what can you do to help Europe stand the test of time in this new world?

We are at a crucial moment in history. And at a turning point in the geopolitical order. The future will depend on the decisions we make today, and every decision counts.

What does that mean exactly?

Since I joined the EIB as president in 2024, I have held talks with all 27 EU Member States and our European and international partners, but also with civil society and industry. For the first time, we have set out a clear Strategic Roadmap. 2024 was a record year for us, in which the EIB signed €89 billion in financing to strengthen Europe’s competitiveness and security. These funds will go, for example, to energy infrastructure and renewable projects, to new technologies like artificial intelligence or quantum computers, and to supporting the transport and automotive industries. In 2024, we invested a record amount in energy networks. We also doubled our support for security and defence – to €1 billion – and we expect to double it again in 2025.

At the Munich Security Conference, we kept hearing the question of where Member States could get the many billions of euros they would need to invest in their armies, including under pressure from Trump. Are they all coming to you now?

Ursula von der Leyen has already proposed relaxing the rules under the Stability Pact so that EU countries can finance their defence spending. Olaf Scholz has similar ideas. The EIB is not a defence ministry, but there is a lot we can do to help in this area. For example, if Member States want to renovate their roads and bridges to improve military mobility, we can fund that, just like we can fund protection of critical infrastructure like submarine cables, or investments in cybersecurity. We are doing this, and are exchanging with Europe’s finance and defence ministries and with industry.

What is the EIB financing in Germany in this domain?

We are currently looking into 14 specific projects across Europe. In 2021, for example, we granted the Munich-based drone startup Quantum Systems a loan of €10 million. Their products are now used by the Ukrainian military, and have both civilian and military applications, so they can be supported by the EIB. The Lithuanian government has just applied to us with a proposal that we are now evaluating. It seeks financial assistance to build the base for the new German army brigade in Rūdninkai, near the border with Belarus.

Soon 5 000 German soldiers will be permanently stationed in Lithuania, as a deterrent to Russia. Cost projections by the German Defence Ministry for this brigade are over €10 billion. Lithuania would like to invest around €1 billion in the new base. How much money could come from the EIB?

This is a very important and demanding project, and we’ve only just started looking into the details. Another good example is the EIB support for the expansion of the Danish port in Esbjerg. Going forward, it will be better able to accommodate NATO vessels and the transport of materials for offshore wind farms.

You just came from a visit to Ukraine. How is the EIB supporting that country?

The trip to Ukraine was my first one outside the EU as EIB President. We are probably Ukraine’s most important investment partner, and our role is one that our partners value greatly. During my visit, we signed agreements for investment totalling around €1 billion. They will allow major Ukrainian banks to grant more loans to medium-sized companies. And with the country’s government, we have signed packages to finance infrastructure for energy, transport, water and district heating, as well as the construction of bunkers in schools and nurseries. So we are actively investing in all of the important areas for the Ukrainian people to lead normal lives, as far as possible. And, of course, we aim to strengthen the country’s resilience.

Are you also supporting Ukraine’s defence industry?

We support the European security and defence industry, which also helps Ukraine. In 2024 we expanded the dual-use approach, so that we can now support a wide range of projects, such as border security, cybersecurity, satellites and drones, and mine clearance.

The CEO of the Italian arms company Leonardo recently told our reporters that Europe has one main problem: Member States spend more and more money on defence, but don’t work together enough. Is he right?

It is clear that a common European procurement system would make us stronger and more efficient, especially when it comes to our flagship projects. And yes, I think the European Investment Bank can contribute by acting as an independent appraiser for projects. In 2024, to bring in top expertise, we signed agreements with the NATO Innovation Fund and the European Defence Agency so that we can draw on their technical knowledge in this regard.

Is there any dispute at the EIB due to differing positions on Ukraine, with member countries like Hungary or Slovakia that have pro-Moscow governments?

No, not at all.

“I would never presume to tell a Member State what to do.”

So you are president of one of the only EU institutions that aren’t divided?

I told you that I visited the 27 Member States, and listened very carefully to them. On that basis, we drew up our strategy, which was unanimously supported. We are therefore well aligned with the EU priorities and the expectations of the Member States. There is strong support for what we are doing. Including in Ukraine.

When it comes to Europe’s future, one word always comes up: competitiveness. What does Europe need to do to avoid falling even further behind the US and China economically?

The different reports, for example by Enrico Letta and Mario Draghi, are quite unanimous: We need market integration, streamlining and investment. So what we need to do is clear. And I think the new Commission is willing to go in that direction. On streamlining, for example, we have teamed up with the Commission to adapt environmental reporting standards so that we can pursue the Paris Agreement and our green transformation objectives in a way that promotes the competitiveness of European industry, as well as green finance and green investment.

How optimistic are you that Europe will finally begin to react more quickly and actually make decisions? With the capital markets union, we’ve been waiting ten years for things to finally happen. And that’s just one example of many.

As Spain’s Minister of Finance and its Deputy Prime Minister, I saw lots of things. The euro area crisis, the COVID-19 pandemic. And I have seen how Europe can succeed: Together, we developed the vaccines, and we dealt with the crisis. With the NextGenerationEU package, Spain has made some very far-reaching reforms and, thanks to mobilising investment, it is now the best-performing economy in Europe and a driver of growth and prosperity on the continent. We succeed when we unite, act decisively, truly focus and bring all our energy together.

In contrast to Spain and other countries, Germany’s economy has been hit hard. Many experts see the debt brake as an obstacle to further growth. What does Germany have to do for things to start looking up again?

I would never presume to tell a Member State what to do. I simply wish for a strong Germany with a stable, pro-Europe government – because we need a strong Germany at the centre of our union.

MIL OSI Europe News –

February 20, 2025

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