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Category: Europe

  • MIL-OSI Europe: OSCE Supports Medical Training for Border Service Personnel in Kyrgyzstan

    Source: Organization for Security and Co-operation in Europe – OSCE

    Headline: OSCE Supports Medical Training for Border Service Personnel in Kyrgyzstan

    Participants of the specialized Train-the-Trainer (ToT) programme aimed at strengthening the medical response capabilities of the Border Service. Osh, Kyrgyzstan. (OSCE) Photo details

    Bishkek, 31 January 2025 – The OSCE Programme Office in Bishkek has implemented a specialized Train-the-Trainer (ToT) programme aimed at strengthening the medical response capabilities of the Border Service of the State Committee for National Security of the Kyrgyz Republic.
    From 27 to 31 January 2025, nine selected lecturers, instructors, and medical professionals participated in the training at the Border Service Training Centre in Osh. The training developed by Lazarus Ltd, a UK-based company, was designed in line with International Mine Action Standards (IMAS) “Basic Care Provider” requirements and tailored to local conditions.
    The ToT programme focused on theoretical and practical training. Participants gained expertise in training methodologies, fostering an engaging learning environment, and instructional skills. The hands-on sessions included the use of training dummies, wound simulators, and scenario-based exercises to enhance their ability to train Border Service personnel effectively.
    This programme follows an initial needs assessment conducted by Lazarus Training in September 2024 and the basic and intermediate-level medical training delivered in November–December 2024, in which 30 personnel completed the basic training and 15 completed the intermediate training. The final stage will involve the procurement of training equipment to further enhance the Border Service’s medical training capacity. The newly trained trainers will now continue conducting medical trainings within the Border Service, further reinforcing the sustainability of the programme.
    Through this initiative, the OSCE continues to support regional security and capacity-building efforts, ensuring that Border Service personnel are equipped with the skills necessary to respond effectively to medical emergencies.
    The initiative is implemented within the framework of the extrabudgetary project “Reducing risk of illicit small arms and light weapons, ammunition and explosives proliferation across border of Kyrgyz Republic,” funded by the US, Germany, Norway, UK, and supported by Austria and Poland.

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: New members appointed to Disabled Persons Transport Advisory Committee

    Source: United Kingdom – Executive Government & Departments

    DPTAC has an important role to play in our ambition to have an inclusive transport network allowing disabled people to travel easily and with dignity.

    • Transport Minister appoints new members to committee
    • membership will help remove barriers to transport accessibility, supporting the government’s inclusivity goals
    • the new appointees bring experience in disability academia, policy and transport accessibility

    Local Transport Minister Simon Lightwood has today (19 February 2025) announced the appointment of 13 new members to the Disabled Persons Transport Advisory Committee (DPTAC).

    The independent committee provides advice to the Department for Transport (DfT) on the transport needs of disabled people – particularly on ministerial policy priorities and areas they think need urgent attention.

    Their works helps DfT stand by its ambition to ensure transport is accessible for all, including keeping it at the heart of bus and rail reform, as well as the establishment of the Passenger Standards Authority.

    Local Transport Minister, Simon Lightwood, said: 

    We are clear in our ambition to have an inclusive transport network so disabled people can travel easily confidently and with dignity. DPTAC has a key role in ensuring we develop policy that delivers this.

    This unique committee has membership with broad understanding of the barriers faced by disabled people and it ensures those issues are understood right from the start of policy development.

    The new members of DPTAC are:

    • Damian Joseph Bridgeman – prominent leader in public policy, disability advocacy, and corporate governance
    • Mark Cutter – Chair of Northern’s Accessibility User Group (NAUG) and the Rail Accessibility and Inclusion Forum for the North (RAIFN)
    • Carly Danesh Jones – autism advocate who has previously held advisory roles with Heathrow Airport and East Midlands Rail
    • Mary Doyle – coach who advises multinational companies on inclusivity and accessibility policy 
    • Paul Finnegan – Chief Executive of suicide prevention charity Lighthouse
    • Dr Miro Griffiths – disability scholar at the University of Leeds
    • Prof Mari Martiskainen – Professor of Energy and Society at Science Policy Research Unit within the University of Sussex
    • Rachael Mole – consultant and advisor within accessibility and people management
    • Ruth Murran – english and drama teacher with life-long experience of global travel
    • Maral Nozratzadeh – postgraduate researcher at the University of Leeds School of Law
    • David Sindall – previously Head of Disability and Inclusion for the Association of Train Operating Companies for 12 years
    • Zamila Skingsley– former Cabinet Office Director
    • Edward Trewhella – Chief Executive at Driving Mobility

    DPTAC has helped to inform DfT’s work to improve transport accessibility, including the Access For All programme which has made over 260 train stations accessible, as well as the Aviation Accessibility Task and Finish Group that was launched by DfT in November 2024.

    It has also helped inform bus and coach policy, including the Public Service Vehicles (Accessible Information) Regulations 2023 that require operators of local bus and coach services to provide information on the route, direction of travel and each upcoming stop.

    DPTAC chair, Matthew Campbell-Hill, said:

    I am delighted to welcome our new DPTAC members, who bring a wealth of diverse experiences and expertise.

    Their insights will be invaluable as we work together to remove barriers and improve accessibility across our transport network. By harnessing this collective knowledge, we can drive meaningful change and ensure that transport truly works for everyone.

    Existing member Sue Sharp, the former Chief Executive Officer of the Royal Society for Blind Children, has also been appointed the group’s Deputy Chair.

    Those appointed to DPTAC serve terms of 2 to 3 years.

    Under the Transport Act 1985, DPTAC’s membership should have between 10 and 20 members, excluding its chair. These appointments bring DPTACs membership to a total of 17.

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    Updates to this page

    Published 19 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: CMA publishes interim report in logistics merger

    Source: United Kingdom – Executive Government & Departments

    CMA independent inquiry group’s initial assessment is that GXO’s purchase of Wincanton is likely to reduce competition in the supply of dedicated warehousing services to UK grocers.

    iStock

    The Competition and Markets Authority (CMA) independent inquiry group’s initial assessment is that GXO’s purchase of Wincanton is likely to reduce competition in the supply of dedicated warehousing services to grocery customers in the UK.  

    Logistics, including warehousing, is essential to the operation of supermarkets and many other businesses in the UK. Efficient logistics systems help to lower costs for both businesses and consumers and ensure that products are available in stores when needed.  

    GXO and Wincanton are currently two of the three suppliers of dedicated warehousing services used by grocers in the UK. The inquiry group considers that some alternatives would remain for supermarket customers following the transaction, in particular they could switch to the third supplier, DHL, and some could switch some of their activities to their own in-house warehouses. The inquiry group’s initial assessment, however, is that these remaining alternatives would not be sufficient to prevent fees rising and that the deal could raise costs for grocers that rely on dedicated warehousing services as part of their logistics.  

    Richard Feasey, Chair of the independent inquiry group, said:  

    Contract logistics services play a critical role in ensuring that supermarket shelves are fully stocked for customers in the UK every day of the year. Our initial view is that this merger could raise the costs of these services and reduce choice for supermarkets who rely on these services for moving goods across the country.  

    We want to ensure competition in this market is working as well as it can to manage costs for supermarkets and grocers, and ensure products continue to reach supermarket shelves efficiently.

    The CMA invites any interested parties to respond to these provisional findings by no later than 5pm on Wednesday 12 March 2025. 

    For more information, visit the GXO / Wincanton case page.

    Notes to Editors:

    1. GXO announced its deal to acquire Wincanton in February 2024. The deal was then completed in April 2024, although an interim enforcement order (IEO) is in place to prevent the 2 organisations integrating while the CMA conducts its merger review. 

    2. Contract logistics services (CLS) encompass a range of B2B and B2C supply chain-related services, which enable businesses to supply goods to customers and consumers. These services include transport and distribution, warehousing and additional value-added services. 

    3. The interim report contains the inquiry group’s provisional findings on whether the merger gives rise, or may be expected to give rise, to a substantial lessening of competition in any market in the UK. 

    4. The inquiry group also assessed other areas of CLS including the supply of transport services and shared warehousing. At this stage, the inquiry group has not found significant competition concerns in relation to those markets.  

    5. CLS to retail customers includes the provision of services to customers whose products are consumer-facing such as groceries or fashion and apparel. This includes products that are ordered online, products that sell quickly and have a short shelf life due to high consumer demand or perishability (known as Fast Moving Consumer Goods), and products that require temperature-controlled logistic services (including certain food and drink products). CLS to non-retail customers involves the provision of services to customers whose products and services are not consumer-facing, such as automotive, construction, energy and manufacturing businesses. 

    6. The inquiry group analysed evidence which showed that customers often prioritise reputation, reliability and track record when choosing CLS providers. Despite there being other alternatives in the CLS market, GXO and Wincanton (alongside DHL) are regarded as leading suppliers of mainstream CLS services, particularly for warehousing for grocery retail customers. The evidence shows that customers’ preference for suppliers with a track record creates a barrier to entry and expansion for smaller providers. 

    7. All media enquiries should be directed to the CMA press office by email on press@cma.gov.uk or by phone on 020 3738 6460.

    Updates to this page

    Published 19 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: expert reaction to study looking at life expectancy changes in 20 European countries from 1990-2021

    Source: United Kingdom – Executive Government & Departments

    A study published in The Lancet Public Health looks at life expectancy changes across 20 European countries from 1990-2020. 

    Prof Jennifer Dowd, Professor of Demography and Population Health, University of Oxford, said:

    Does the press release accurately reflect the science?

    “While accurate overall, the press release at times oversimplifies and overstates the conclusions of the paper, including the press release title: “We are no longer living longer.”  The paper looks at mortality trends from 1990-2021 and finds slowing improvements in life expectancy in the decade prior to COVID–but improvements still mean we are living longer.  Life expectancy declined due to COVID-19 in 2020 and 2021, but this is likely a temporary shock and doesn’t mean we will die sooner than our parents and grandparents, as implied. The press release also states that food, physical activity, and obesity are largely to blame for these trends, but this overstates what we can confidently say about these causes.”

     

    Is this good quality research?  Are the conclusions backed up by solid data?

    “This is good quality research, especially in the standard estimation of life expectancy trends and the causes of death contributing to these trends. The part of the analysis that tries to attribute slower mortality improvements to specific risk factors such as cholesterol, hypertension, and “dietary risks” is on shakier ground. The estimates used for this part of the analysis were based on different data and analysis that are not discussed in detail here. The estimation of how risk factors such as diet causally impact mortality is methodologically very challenging, and there is a lot of uncertainty about any single estimate. In addition, the population-representative data on the prevalence and trends of these risk factors across all the countries is not readily available. Putting these two sources of uncertainty together means it is very difficult to attribute country-level life expectancy trends to specific risk factors with high confidence. The “under the hood” part of how these estimates are produced is largely glossed over in the paper, but they are presented as established facts.”

    How does this work fit with the existing evidence?

    “The analysis of trends in life expectancy is consistent with previous work that has shown similar trends and slowdowns in improvements in the decade prior to COVID. For example, see a recent review “Progress Stalled? The Uncertain Future of Mortality in High-Income Countries””

    Have the authors accounted for confounders?  Are there important limitations to be aware of?

    “The portion of the paper attributing life expectancy changes to specific risk factors like diet and physical activity is based on other analyses that are highly vulnerable to bias due to confounding. The conclusions for this portion of the analysis should be tempered.”

     

    What are the implications in the real world?  Is there any overspeculation? 

    “We are seeing slowdowns in life expectancy improvements after decades of often rapid gains. But even slow improvements mean we are living longer on average. Slowing improvements may be a warning sign of things to come, so we need to continue tracking these trends. This paper makes strong statements about the specific risk factors responsible for slowing life expectancy improvements, including obesity, high cholesterol, and “occupational risks.” While these risk factors are no doubt important for health, we can’t say with certainty how each one contributes to these trends.”

     

    How confident can we be as to the causes of the decline in life expectancy in England?

    “The reported decline in life expectancy in England was only during COVID. Prior to that there were slower improvements in life expectancy compared to the previous period and compared to other countries. There is not broad agreement on the cause of these slowdowns, as it is difficult to directly test mechanisms such as austerity cuts. We have good evidence that the slower improvements were largely attributable to slowing improvements in cardiovascular disease, as well as some increases in external cause mortality such as drug deaths at younger ages and midlife. For more thorough examinations, please see paper here and here.”

     

    Could these trends be potentially linked to current state of NHS/ waiting lists? Also could the use of weight-loss drugs potentially help reverse this trend if they tackle rising obesity rates?

    “Challenges with the NHS are one potential contributor to mortality trends in England, but the size of their contribution is not well established. These trends likely reflect much longer-term trends in risk factors such as obesity that accumulate over time. Since the obesity epidemic is now many decades old, more people are entering midlife and older age having been obese for a long time, which could be contributing to these trends. There is cautious optimism that the new GLP-1 class of diabetes and weight-loss drugs could be a game-changer for treating obesity have some long-term benefits for life expectancy, though more evidence is needed to confirm this.”

    Dr Yize Wan, NIHR Clinical Lecturer in Intensive Care Medicine & Anaesthesia, William Harvey Research Institute (WHRI), Queen Mary University London (QMUL), said:

    “The reasons for these findings are complex and likely to be a combination of both individual risk factors from health behaviours and the need to improve access and delivery of healthcare systems. This study has highlighted the importance of addressing modifiable risk factors and preventing and not just treating long-term disease. It would be important to see if these trends are seen across the whole population or whether people from more socioeconomically deprived or different ethnic backgrounds are disproportionally affected. Particularly as we know that socioeconomically and ethnically disadvantaged population groups are more likely to be exposed to common risk factors such as poor diet and low physical activity as well as have more limited access to healthcare.”

     

    Prof Tom Sanders, Professor emeritus of Nutrition and Dietetics, King’s College London (KCL), said:

    “This is a useful analysis of changes in life expectancy across Europe since 2011 compared with the period 1990-2011.  Prior to this life expectancy had increased by about 11 years compared with 1960s for a variety of reasons particularly better control of high blood pressure, blood pressure and immunisation against flu as well as lifestyle changes (smoking cessation and better diet) including increased prosperity. This study shows overall across the 20 countries there was an improvement in life expectancy increased from 1990 up to 2011 by on average 0.23 years but this rate of improvement slowed to 0.15 years between 2011 and 2019. The UK, France and Germany showed bigger declines in life-expectancy compared to the Nordic countries.

    “It is important to recognise that the demographics of the European population have changed markedly in some countries such as the UK, France and Germany because of increased migration compared to Nordic countries. In the UK, the population growth had been due to migration often from countries where life expectancy is much lower.

    “The authors attribute the small decline in life-expectancy to increasing prevalence of obesity particularly in younger and middle-aged adults. While, obesity is likely to contribute to decreased life expectancy in future generations, the prevalence was not particularly high in the older generation, who accounted for most of the deaths in the period 2011-2019.”

    ‘Changing life expectancy in European countries 1990–2021: a subanalysis of causes and risk factors from the Global Burden of Disease Study 2021’ by Nicholas Steel et al. was published in The Lancet Public Health at 23:30 UK time Tuesday 18th February 2025. 

    DOI: 10.1016/S2468-2667(25)00009-X

    Declared interests

    Dr Yize Wan: I have no declarations of interest.

    Prof Jennifer Dowd: No conflicts.

    For all other experts, no reply to our request for DOIs was received.

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Bashneft replenished hydrocarbon reserves by 114% in 2024

    Translartion. Region: Russians Fedetion –

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

    In 2024, ANK Bashneft (part of Rosneft) increased its hydrocarbon reserves by 19.8 million tons of oil equivalent due to successful geological exploration and revaluation of the resources of the fields being exploited, replenishing oil and gas production by 114%.

    Based on the results of drilling prospecting, exploration and production wells, Bashneft geologists discovered the Gubeyevskoye field in the Republic of Bashkortostan in 2024, as well as 21 new oil deposits at fields in various regions of their operations.

    Improving the efficiency of reserve replenishment is one of the key elements of Rosneft’s development strategy. Every year, Bashneft ensures more than 100% of liquid hydrocarbon production replenishment due to reserve growth. In total, over the past five years, Bashneft has increased its industrial-grade oil and gas reserves by about 153 million tons of oil equivalent. Thus, the company effectively fulfills its tasks to replenish the resource base, and also extends the life of mature fields in Bashkortostan.

    Reference:

    PJSC ANK Bashneft is one of the oldest enterprises in the country’s oil and gas industry, carrying out a full production cycle – oil and gas production, their processing and production of oil products and petrochemicals. Bashneft’s key assets, including an oil refining and petrochemical complex, are located in the Republic of Bashkortostan.

    Bashneft also conducts oil exploration and production in the Khanty-Mansiysk Autonomous Okrug – Yugra, Nenets Autonomous Okrug, Perm Krai, Orenburg Oblast and the Republic of Tatarstan.

    Department of Information and Advertising of PJSC NK Rosneft February 19, 2025

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

    MIL OSI Russia News –

  • MIL-OSI Video: Global solidarity needed more than ever – UN Chief | Security Council Briefing | United Nations

    Source: United Nations (Video News)

    Remarks to the Security Council by António Guterres, Secretary-General of the United Nations, on practicing multilateralism, reforming and improving global governance.

    Excellencies,

    I thank Minister Wang Yi and China for convening this important discussion.

    This year marks the 80th anniversary of the United Nations.

    Born out of the ashes of the Second World War, our organization was the result of a global commitment to “save succeeding generations from the scourge of war.”

    It also signaled a commitment to an entirely new level of international cooperation grounded in international law and our founding Charter.

    To help countries move past the horrors of conflict to forge sustainable peace.

    To tackle poverty, hunger and disease.

    To assist countries in climbing the development ladder.

    To provide humanitarian support in times of conflict and disaster.

    To embed justice and fairness through international law and respect for human rights.

    And to work through this Council to push for peace through dialogue, debate, diplomacy and consensus-building.

    Eight decades later, one can draw a direct line between the creation of the United Nations and the prevention of a third world war.

    Eight decades later, the United Nations remains the essential, one-of-a-kind meeting ground to advance peace, sustainable development and human rights.

    But eight decades is a long time.

    And because we believe in the singular value and purpose of the United Nations, we must always strive to improve the institution and the way we work.

    We have the hardware for international cooperation — but the software needs an update.

    An update in representation to reflect the realities of today.

    An update in support for developing countries to redress historical injustices.

    An update to ensure countries adhere to the purposes, principles and norms that ground multilateralism in justice and fairness.

    And an update to our peace operations.

    Excellencies,

    Global solidarity and solutions are needed more than ever.

    The climate crisis is raging, inequalities are growing, and poverty is on the rise.

    As this Council knows well, peace is getting pushed further out of reach — from the Occupied Palestinian Territory to Ukraine to Sudan to the Democratic Republic of the Congo and beyond.

    Terrorism and violent extremism remain persistent scourges.

    We see a dark spirit of impunity spreading.

    The prospect of nuclear war remains — outrageously — a clear and present danger.

    And the limitless promise of emerging technologies like Artificial Intelligence is matched by limitless peril to undermine and even replace human thought, human identity and human control.
    These global challenges cry out for multilateral solutions.

    The Pact for the Future you adopted in September is aimed at strengthening global governance for the 21st century and rebuilding trust — trust in multilateralism, trust in the United Nations, and trust in this Council.

    At its heart, the Pact for the Future is a pact for peace — peace in all its dimensions.

    It puts forward concrete solutions to strengthen the machinery of peace, drawing from proposals to the New Agenda for Peace that prioritize prevention, mediation and peacebuilding.

    The Pact seeks to advance coordination with regional organizations, and ensure the full participation of women, youth and marginalized groups in peace processes.

    And it calls for strengthening the Peacebuilding Commission to mobilize political and financial support for nationally owned peacebuilding and prevention strategies.

    The Pact also includes the first multilateral agreement on nuclear disarmament in more than a decade…

    New strategies to end the use of chemical and biological weapons…

    And revitalized efforts to prevent an arms race in outer space and advance discussions on lethal autonomous weapons.

    It also calls on Member States to live up to their commitments enshrined in the UN Charter, and the principles of respect for sovereignty, territorial integrity and the political independence of states.

    It reaffirms unwavering commitment to abide by international law and prioritize the peaceful settlement of disputes through dialogue.

    It recognizes the role of the United Nations in preventive diplomacy.

    It reinforces the need to uphold all human rights — civil, political, economic, social and cultural.

    It calls for the meaningful inclusion of women and youth in all peace processes.
    And it specifically calls on this Council to ensure that peace operations are guided by clear and sequenced mandates that are realistic and achievable — with viable exit strategies and transition plans.

    But the Pact does even more for peace.

    Full remarks: https://www.un.org/sg/en/content/sg/statement/2025-02-18/secretary-generals-remarks-the-security-council-the-maintenance-of-international-peace-and-security-practicing-multilateralism-reforming-and-improving-global-governance

    https://www.youtube.com/watch?v=HHTYrcsFJCE

    MIL OSI Video –

  • MIL-OSI United Kingdom: Coventry Job Shop get ready to host ‘I Can’ International Women’s Day Event

    Source: City of Coventry

    Coventry Job Shop are excited to host an event exclusively for female customers on Wednesday 5 March, dedicated to empowering women to secure high-quality jobs and meaningful careers.

    The ‘I Can’ International Women’s Day Jobs and Careers Event is designed to inspire and shatter stereotypes, opening doors for women in industries they may not have previously considered.

    Each session will welcome up to 100 women, offering them the chance to hear from trailblazing female leaders in fields such as construction, manufacturing, armed services and logistics.

    Guest speakers from Coventry City Council will also be at the event to deliver powerful talks. This includes Cabinet Member for Education and Skills, Councillor Dr Kindy Sandhu.

    After these motivational talks, those at the event will be able to see what jobs are on offer. Attendees will be able to apply for live positions and connect with skills providers to gain the necessary qualifications for these exciting roles.

    Councillor Dr Kindy Sandhu, Cabinet Member for Education and Skills said: “This will be a really powerful careers event to mark International Women’s Day and support our female residents looking to either start their career or break into a new industry.

    “We have some fantastic employers who will be attending, equipped with plenty of advice. I would encourage any women looking for their next career journey to join me at the Job Shop for this exciting event.”

    This exclusive event (with the Job Shop closed to other customers) offers a unique opportunity to inspire and empower women on their career journeys.

    Some of the confirmed employers and training providers for the event include Hill Group, Balfour Beatty Vinci, The British Army, Octavious and Tarmac. Coventry Adult Education, NIS Group, Hercules Academy, Challenge TRG and RMF will also be on hand to offer valuable advice on relevant training courses.

    To find out more about the event, or to request an event invite, drop into the Job Shop to speak to one of the Employment Coaches, or contact the Job Shop on: 024 7678 5740 or jobshop@coventry.gov.uk.

    To keep up to date with the latest news, sign up for our Your Coventry email newsletter or follow the Council on Facebook, X (formerly Twitter), YouTube, Instagram, LinkedIn and TikTok.

    Wednesday, 19th February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Getting help with Council Tax and changing the way you pay

    Source: City of Coventry

    Approximately 67 per cent of households in the city pay by Direct Debit, which is the easiest way to pay your Council Tax, especially if you’re worried about forgetting to pay.

    Instead of making the payment directly, Direct Debit means the Council take the amount out of a person’s bank account, when it is due.

    It also means the customer is protected by the Direct Debit Guarantee. If they wish to change the way that they pay and switch to Direct Debit the online instruction is simple to complete.

    For anyone who currently pays their Council Tax in 10 instalments and want to switch to 12, this can be requested by completing this quick form.

    A change of circumstance

    The Council also want people to get in touch if their circumstances have changed by applying to us for a Council Tax Discount.

    Anyone eligible will get a discount on their bill. For example, if just one person is living in the household – where before there was two or more – the bill will be reduced by 25 per cent.

    Also, people who are claiming Universal Credit or other benefits may not automatically receive council tax support, but they can make a claim to ensure they don’t pay more than they need to. Make a claim for council tax support or for more information.

    Cllr Richard Brown, Cabinet Member for Finance, said:

    “It’s important that people contact us if they want to change the way they pay, can’t afford to pay or have a change of circumstances when it comes to paying Council Tax.

    “Most people find it easiest to pay by Direct Debit but if you don’t it is quite easy to switch. Also, I’d encourage anyone who may have a query to get in touch and if anyone is eligible for support with a reduction on their bill they can get help.”

    Anyone who may no longer want to receive a paper copy bill can visit Council Tax – Sign up to paperless billing – Data protection – Coventry City Council

    Wednesday, 19th February 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Global-e Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    PETAH-TIKVA, Israel, Feb. 19, 2025 (GLOBE NEWSWIRE) — Global-e Online Ltd. (Nasdaq: GLBE) the platform powering global direct-to-consumer e-commerce, today reported financial results for the fourth quarter of 2024 and full year 2024.

    “2024 was yet another record-breaking year for Global-e, and it came to a great close with a fourth quarter which was our strongest quarter ever, as we continued to execute on our strategy and further solidify Global-e’s leadership position in the global e-commerce space,” said Amir Schlachet, Founder and CEO of Global-e. “In addition, we achieved two important financial milestones during the quarter. For the first time in our journey, we crossed the 20% Adjusted EBITDA Margin mark, which was the long-term target we set for ourselves at the IPO, and we reached GAAP profitability for the first time as a public company; a testament to our relentless focus on delivering fast yet durable growth.”

    “As we head into 2025, we remain as committed as ever to continue on our growth path, deliver more cutting-edge and market-leading solutions to our merchants and seize more and more of the great opportunities that lie ahead of us in the world of global e-commerce. In 2025, we also expect to achieve three additional key financial milestones: surpass the 20% Adjusted EBITDA Margin mark on a full year basis, achieve annual GAAP profitability, and most importantly, for the first time, cross an annual run-rate of $1 billion in Revenues.”

    Q4 2024 Financial Results

    • GMV1 in the fourth quarter of 2024 was $1,713 million, an increase of 44% year over year
    • Revenue in the fourth quarter of 2024 was $262.9 million, an increase of 42% year over year, of which service fees revenue was $117.3 million and fulfillment services revenue was $145.6 million
    • Non-GAAP gross profit2 in the fourth quarter of 2024 was $120.9 million, an increase of 53% year over year. GAAP gross profit in the fourth quarter of 2024 was $118.7 million
    • Non-GAAP gross margin2 in the fourth quarter of 2024 was 46%, an increase of 330 basis points from 42.7% in the fourth quarter of 2023. GAAP gross margin in the fourth quarter of 2024 was 45.1%
    • Adjusted EBITDA3 in the fourth quarter of 2024 was $57.1 million compared to $35.2 million in the fourth quarter of 2023, an increase of 62% year over year
    • Net profit in the fourth quarter of 2024 was $1.5 million
    • Net cash provided by operating activities in the fourth quarter of 2024 was $129.3 million, while capital expenditures totaled $0.5 million, leading to free cash flow of $128.8 million

    FY 2024 Financial Results

    • GMV1 for the full year was $4,858 million, an increase of 37% year over year
    • Revenue for the full year was $752.8 million, an increase of 32% year over year, of which service fees revenue was $350.3 million and fulfillment services revenue was $402.5 million
    • Non-GAAP gross profit2 for the full year was $349.4 million, an increase of 43% year over year. GAAP gross profit for the full year was $339.4 million
    • Non-GAAP gross margin2 for the full year was 46.4%, an increase of 350 basis points from 42.9% in 2023. GAAP gross margin for the full year was 45.1%
    • Adjusted EBITDA3 for the full year was $140.8 million compared to $92.7 million in 2023, an increase of 51.8% year over year
    • Net loss for the full year was $75.5 million
    • Net cash provided by operating activities in the full year was $169.4 million, while capital expenditures totaled $2.3 million, leading to free cash flow of $167.1 million

    Recent Business Highlights

    • Throughout 2024, our existing merchant base continued to stay and grow with us, as reflected in our annual enterprise NDR rate of 119% and GDR rate of 93.5%. GDR and NDR were negatively impacted by the out of the ordinary bankruptcy of Ted Baker and by several Borderfree merchants that chose not to re-platform to the Global-e platform. NDR and GDR excluding the out of the ordinary churn for 2024 is close to 123% and 97%, respectively
    • Recently launched with Logitech, one of the world’s largest and most innovative providers of computer peripherals and input devices, gaming accessories, audio and video gear and smart home device
    • On-boarded many additional new merchants located around the globe and trading in various verticals, including:
      • North America – shapewear brand Spanx, Thursday Boots, and the web store of famous fashion designer Tom Ford
      • UK and Europe – Spanish brand Tous, Italian fashion brand Slowear, UK footwear brand Phoebe Philo, German brand IvyOak, Swiss running gear brand Compressport, famous Austrian lingerie brand Triumph, French brands ZAPA and MOLLI, and the Finish brand HURTTA
      • APAC – Japanese brands Komehyo, one of Japan’s largest retailers of second-hand goods, Kyoto-based wristwatch brand Kuoe, novelty brands Mofusand and Taito, and the tailored shirt brand Kamakura Shirts, as well as the renowned Korean cosmetics brand Depology, and Australian fashion brands Zoe Kratzmann and SECONDLEFT
    • Expanded to new lanes with existing merchants – added Romania and Croatia to the markets we operate for Adidas, went live with a new outlet site for John Smedley, and added Strellson, the third brand to go live with us out of the Swiss Holy Fashion Group
    • Shopify Managed Markets – continued joint work with Shopify to add new features and functionalities to the Managed Markets offering, aimed at making it applicable to a wider range of merchants on the Shopify platform

    Q1 2025 and Full Year Outlook

    Global-e is introducing first quarter and full year guidance as follows:

        Q12025   FY 2025
        (in millions)
    GMV(1) $1,210 – $1,250   $6,190 – $6,490
    Revenue $184.5 – $191.5   $917 – $967
    Adjusted EBITDA(3) $29.5 – $33.5   $179 – $199

    1 Gross Merchandise Value (GMV) is a key operating metric. See “Non-GAAP Financial Measures and Key Operating Metrics” for additional information regarding this metric.
    2 Non-GAAP Gross profit and Non-GAAP gross margin are non-GAAP financial measures. See “Non-GAAP Financial Measures and Key Operating Metrics” for additional information regarding this metric.
    3 Adjusted EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures” for additional information regarding this metric, including the reconciliations to Operating Profit (Loss), its most directly comparable GAAP financial measure. The Company is unable to provide a reconciliation of Adjusted EBITDA to Operating Profit (Loss), its most directly comparable GAAP financial measure, on a forward-looking basis without unreasonable effort because items that impact this GAAP financial measure are not within the Company’s control and/or cannot be reasonably predicted. These items may include, but are not limited to, share-based compensation expenses. Such information may have a significant, and potentially unpredictable impact on the Company’s future financial results.

    Conference Call Information

    Global-e will host a conference call at 8:00 a.m. ET on Wednesday, February 19, 2025.
    The call will be available, live, to interested parties by dialing:

    United States/Canada Toll Free:  1-800-717-1738
    International Toll: 1-646-307-1865

    A live webcast will also be available in the Investor Relations section of Global-e’s website at: https://investors.global-e.com/news-events/events-presentations

    Approximately two hours after completion of the live call, an archived version of the webcast will be available on the Investor Relations section of the Company’s web site and will remain available for approximately 30 calendar days.

    Non-GAAP Financial Measures and Key Operating Metrics

    To supplement Global-e’s financial information presented in accordance with generally accepted accounting principles in the United States of America, or GAAP, Global-e considers certain financial measures and key performance metrics that are not prepared in accordance with GAAP including:

    • Non-GAAP gross profit, which Global-e defines as gross profit adjusted for amortization of acquired intangibles. Non-GAAP gross margin is calculated as Non-GAAP gross profit divided by revenues
    • Adjusted EBITDA, which Global-e defines as operating profit (loss) adjusted for stock-based compensation expenses, depreciation and amortization, commercial agreements amortization, amortization of acquired intangibles and merger related contingent consideration.
    • Free cash flow, which Global-e defines as net cash provided by operating activities less purchase of property and equipment.

    Global-e also uses Gross Merchandise Value (GMV) as a key operating metric. Gross Merchandise Value or GMV is defined as the combined amount we collect from the shopper and the merchant for all components of a given transaction, including products, duties and taxes and shipping.

    The aforementioned key performance indicators and non-GAAP financial measures are used, in conjunction with GAAP measures, by management and our board of directors to assess our performance, including the preparation of Global-e’s annual operating budget and quarterly forecasts, for financial and operational decision-making, to evaluate the effectiveness of Global-e’s business strategies, and as a means to evaluate period-to-period comparisons. These measures are frequently used by analysts, investors and other interested parties to evaluate companies in our industry. We believe that these non-GAAP financial measures are appropriate measures of operating performance because they remove the impact of certain items that we believe do not directly reflect our core operations, and permit investors to view performance using the same tools that we use to budget, forecast, make operating and strategic decisions, and evaluate historical performance.

    Global-e’s definition of Non-GAAP measures may differ from the definition used by other companies and therefore comparability may be limited. In addition, other companies may not publish these metrics or similar metrics. Furthermore, these metrics have certain limitations in that they do not include the impact of certain expenses that are reflected in our consolidated statement of operations that are necessary to run our business. Thus, Non-GAAP measures should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.

    For more information on the non-GAAP financial measures, please see the reconciliation tables provided below. The accompanying reconciliation tables have more details on the GAAP financial measures that are most directly comparable to non-GAAP financial measures and the related reconciliations between these financial measures.

    Cautionary Note Regarding Forward Looking Statements

    This press release contains estimates and forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our future strategy and projected revenue, GMV, Adjusted EBITDA and other future financial and operational results, growth strategy and plans and objectives of management for future operations, including, among others, expansion in new and existing markets, the launch of large enterprise merchants, and our ongoing partnership with Shopify, are forward-looking statements. As the words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible” or the negative of these terms or other similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Global-e believes there is a reasonable basis for its expectations and beliefs, but they are inherently uncertain. Many factors could cause actual future events to differ materially from the forward-looking statements in this announcement, including but not limited to, our rapid growth and growth rates in recent periods may not be indicative of future growth; the ability to retain merchants or the GMV generated by such merchants; the ability to retain existing, and attract new merchants; our business acquisitions and ability to effectively integrate acquired businesses; our ability to anticipate merchant needs or develop or acquire new functionality or enhance our existing platforms to meet those needs; our ability to implement and use artificial intelligence and machine learning technologies successfully; our ability to compete in our industry; our reliance on third-parties, including our ability to realize the benefits of any strategic alliances, joint ventures, or partnership arrangements and to integrate our platforms with third-party platforms; our ability to develop or maintain the functionality of our platforms, including real or perceived errors, failures, vulnerabilities, or bugs in our platforms; our history of net losses; our ability to manage our growth and manage expansion into additional markets; increased attention to ESG matters and our ability to manage such matters; our ability to accommodate increased volumes during peak seasons and events; our ability to effectively expand our marketing and sales capabilities; our expectations regarding our revenue, expenses and operations; our ability to operate internationally; our reliance on third-party services, including third-party providers of cross-docking services and third-party data centers, in our platforms and services and harm to our reputation by our merchants’ or third-party service providers’ unethical business practices; our ability to adapt to changes in mobile devices, systems, applications, or web browsers that may degrade the functionality of our platforms; our operation as a merchant of record for sales conducted using our platform; regulatory requirements and additional fees related to payment transactions through our e-commerce platforms could be costly and difficult to comply with; compliance and third-party risks related to anti-money laundering, anti-corruption, anti-bribery, regulations, economic sanctions and export control laws and import regulations and restrictions; our business’s reliance on the personal importation model; our ability to securely store personal information of merchants and shoppers; increases in shipping rates; fluctuations in the exchange rate of foreign currencies has impacted and could continue to impact our results of operations; our ability to offer high quality support; our ability to expand the number of merchants using our platforms and increase our GMV and to enhance our reputation and awareness of our platforms; our dependency on the continued use of the internet for commerce; our ability to adapt to emerging or evolving regulatory developments, changing laws, regulations, standards and technological changes related to privacy, data protection, data security and machine learning technology and generative artificial intelligence evolves; the effect of the situation in Ukraine on our business, financial condition and results of operations; our role in the fulfilment chain of the merchants, which may cause third parties to confuse us with the merchants; our ability to establish and protect intellectual property rights; and our use of open-source software which may pose particular risks to our proprietary software technologies; our dependency on our executive officers and other key employees and our ability to hire and retain skilled key personnel, including our ability to enforce non-compete agreements we enter into with our employees; litigation for a variety of claims which we may be subject to; the adoption by merchants of a direct to consumer model; our anticipated cash needs and our estimates regarding our capital requirements and our needs for additional financing; our ability to maintain our corporate culture; our ability to maintain an effective system of disclosure controls and internal control over financial reporting; our ability to accurately estimate judgments relating to our critical accounting policies; changes in tax laws or regulations to which we are subject, including the enactment of legislation implementing changes in taxation of international business activities and the adoption of other corporate tax reform policies; requirements to collect sales or other taxes relating to the use of our platforms and services in jurisdictions where we have not historically done so; global events such as war, health pandemics, climate change, macroeconomic events and the recent economic slowdown; risks relating to our ordinary shares, including our share price, the concentration of our share ownership with insiders, our status as a foreign private issuer, provisions of Israeli law and our amended and restated articles of association and actions of activist shareholders; risks related to our incorporation and location in Israel, including risks related to the ongoing war and related hostilities; and the other risks and uncertainties described in Global-e’s Annual Report on Form 20-F for the year ended December 31, 2023, filed with the SEC on March 28, 2024 and other documents filed with or furnished by Global-e from time to time with the Securities and Exchange Commission (the “SEC”). The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.

    About Global-E Online Ltd.

    Global-e (Nasdaq: GLBE) is the world’s leading platform enabling and accelerating global, Direct-To-Consumer e-commerce. The chosen partner of over 1,000 brands and retailers across the United States, EMEA and APAC, Global-e makes selling internationally as simple as selling domestically. The company enables merchants to increase the conversion of international traffic into sales by offering online shoppers in over 200 destinations worldwide a seamless, localized shopping experience. Global-e’s end-to-end e-commerce solutions combine best-in-class localization capabilities, big-data best-practice business intelligence models, streamlined international logistics and vast global e-commerce experience, enabling international shoppers to buy seamlessly online and retailers to sell to, and from, anywhere in the world. For more information, please visit: www.global-e.com.

    Investor Contact:
    Erica Mannion or Mike Funari
    Sapphire Investor Relations, LLC
    IR@global-e.com 
    +1 617-542-6180

    Press Contact:
    Sarah Schloss
    Headline Media
    Globale@headline.media 
    +1 786-233-7684 

    Global-E Online Ltd.
    CONSOLIDATED BALANCE SHEETS
    (In thousands)    		  
        Period Ended  
        December 31,     December 31,  
        2023     2024  
              (Unaudited)  
    Assets                
    Current assets:                
    Cash and cash equivalents   $ 200,081     $ 250,773  
    Short-term deposits     96,939       187,322  
    Accounts receivable, net     27,841       41,171  
    Prepaid expenses and other current assets     63,967       84,613  
    Marketable securities     20,403       36,345  
    Funds receivable, including cash in banks     111,232       122,984  
    Total current assets     520,463       723,208  
    Property and equipment, net     10,236       10,440  
    Operating lease right-of-use assets     23,052       24,429  
    Long term deposits     3,552       3,786  
    Deferred contract acquisition costs, noncurrent     2,668       3,787  
    Other assets, noncurrent     4,078       4,527  
    Commercial agreement asset   192,721       66,527  
    Goodwill     367,566       367,566  
    Intangible assets     78,024       59,212  
    Total long-term assets     681,897       540,274  
    Total assets   $ 1,202,360     $ 1,263,482  
    Liabilities and Shareholders’ Equity                
    Current liabilities:                
    Accounts payable   $ 50,943     $ 79,559  
    Accrued expenses and other current liabilities     107,306       141,551  
    Funds payable to Customers     111,232       122,984  
    Short term operating lease liabilities     4,031       4,347  
    Total current liabilities     273,512       348,441  
    Long-term liabilities:                
    Deferred tax liabilities     6,507       –  
    Long term operating lease liabilities     19,291       20,510  
    Other long-term liabilities     1,071       1,098  
    Total liabilities   $ 300,381     $ 370,049  
                     
    Shareholders’ deficit:                
    Share capital and additional paid-in capital     1,360,250       1,425,317  
    Accumulated comprehensive income     (1,420 )     515  
    Accumulated deficit     (456,851 )     (532,399 )
    Total shareholders’ (deficit) equity     901,979       893,433  
    Total liabilities and shareholders’ equity   $ 1,202,360     $ 1,263,482  
    Global-E Online Ltd.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except share and per share data)    		  
        Three Months Ended   Year Ended  
        December 31,   December 31,  
        2023     2024     2023       2024  
        (Unaudited)           (Unaudited)  
    Revenue   $ 185,401     $ 262,912     $ 569,946       $ 752,764  
    Cost of revenue     109,080       144,253       336,343         413,331  
    Gross profit     76,321       118,659       233,603         339,433  
                                     
    Operating expenses:                                
    Research and development     25,169       28,284       97,568         105,487  
    Sales and marketing     58,756       70,936       217,035         250,661  
    General and administrative     15,451       14,257       56,059         51,213  
    Total operating expenses, net     99,376       113,477       370,662         407,361  
    Operating profit (loss)     (23,055 )     5,182       (137,059 )       (67,928 )
    Financial expenses (income), net     (5,010 )     6,073       (5,262 )       11,465  
    Loss before income taxes     (18,045 )     (891 )     (131,797 )       (79,393 )
    Income tax (benefit) expenses     4,055       (2,400 )     2,008         (3,845 )
    Net profit (loss) attributable to ordinary shareholders   $ (22,100 )   $ 1,509     $ (133,805 )     $ (75,548 )
    Net profit (loss) per share attributable to ordinary shareholders, basic   $ (0.13 )   $ 0.01     $ (0.81 )     $ (0.45 )
    Net profit (loss) per share attributable to ordinary shareholders, diluted   $ (0.13 )   $ 0.01     $ (0.81 )     $ (0.45 )
    Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, basic     165,626,904       168,419,800       164,353,909         167,323,350  
    Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, diluted     165,626,904       175,674,929       164,353,909         167,323,350  
    Global-E Online Ltd.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
        Three Months Ended     Year Ended
        December 31,     December 31,
        2023     2024     2023     2024  
        (Unaudited)             (Unaudited)  
    Operating activities                                
    Net profit (loss)   $ (22,100 )   $ 1,509     $ (133,805 )   $ (75,548 )
    Adjustments to reconcile net profit (loss) to net cash provided by operating activities:                                
    Depreciation and amortization     489       547       1,788       2,131  
    Share-based compensation expenses     12,180       9,538       44,960       39,158  
    Commercial agreement asset     37,433       37,433       150,451       148,594  
    Amortization of intangible assets     5,091       4,402       20,434       18,812  
    Unrealized loss (gain) on foreign currency     (3,011 )     3,554       (1,901 )     4,468  
    Changes in accrued interest and exchange rate on short-term deposits     72       (1,373 )     (416 )     (1,329 )
    Changes in accrued interest and exchange rate on long-term deposits     (144 )     364       (255 )     200  
    Accounts receivable     (14,390 )     15,925       (11,417 )     (13,330 )
    Prepaid expenses and other assets     61       (24,164 )     (11,736 )     (18,019 )
    Funds receivable     (9,038 )     8,726       (11,074 )     (3,205 )
    Long-term receivables     (1,497 )     51       (339 )   551  
    Funds payable to customers     40,817       2,564       33,107       11,752  
    Operating lease ROU assets     786       991       3,230       3,691  
    Deferred contract acquisition costs     (772 )     (322 )     (1,207 )     (1,382 )
    Accounts payable     18,438       37,176       (1,277 )     28,617  
    Accrued expenses and other liabilities     25,345       35,945       30,625       34,272  
    Deferred taxes     3,635       (2,592 )     120       (6,507 )
    Operating lease liabilities     99       (987 )     (3,067 )     (3,533 )
    Net cash provided by operating activities     93,494       129,287       108,222       169,393  
    Investing activities                                
    Investment in marketable securities     (851 )     (18,331 )     (3,728 )     (21,128 )
    Proceeds from marketable securities   –     2,028         671       4,988  
    Investment in short-term deposits     (43,250 )     (77,848 )     (175,237 )     (269,601 )
    Proceeds from short-term deposits     34,318       22,298       125,068       180,548  
    Purchases of long-term investments     (4 )     (307 )     (82 )     (1,459 )
    Proceeds from long-term deposits     10       24       10       24  
    Purchases of property and equipment     (926 )     (482 )     (1,741)       (2,335 )
    Net cash used in investing activities     (10,703 )     (72,618 )     (55,039 )     (108,963 )
    Financing activities                                
    Proceeds from exercise of Warrants to ordinary shares     –     3       22     5  
    Proceeds from exercise of share options     244       1,632       1,969       3,271  
    Net cash provided by financing activities     244       1,635       1,991       3,276  
    Exchange rate differences on balances of cash, cash equivalents and restricted cash     3,011       (3,554 )     1,901       (4,468 )
    Net Increase in cash, cash equivalents, and restricted cash     86,046       54,750       57,075       59,238  
    Cash and cash equivalents and restricted cash—beginning of period     182,551       273,086       211,522       268,597  
    Cash and cash equivalents and restricted cash—end of period   $ 268,597     $ 327,835     $ 268,597     $ 327,835  
    Global-E Online Ltd.
    SELECTED OTHER DATA
    (In thousands)
    		  
        Three Months Ended     Year Ended  
        December 31,     December 31,  
        2023     2024     2023     2024  
        (Unaudited)     (Unaudited)  
    Key performance metrics            
    Gross Merchandise Value     1,189,467               1,712,903               3,557,444               4,857,970          
    Adjusted EBITDA (a)     35,178               57,102               92,735               140,767          
                                                                     
    Revenue by Category                                                                
    Service fees     89,936       49 %     117,268       45 %     262,255       46 %     350,311       47 %
    Fulfillment services     95,465       51 %     145,644       55 %     307,692       54 %     402,453       53 %
    Total revenue   $ 185,401       100 %   $ 262,912       100 %   $ 569,946       100 %   $ 752,764       100 %
                                                                     
    Revenue by merchant outbound region                                                                
    United States     94,887       51 %     146,250       56 %     285,619       50 %     399,596       53 %
    United Kingdom     54,962       30 %     55,807       21 %     173,584       30 %     182,904       24 %
    European Union     29,421       16 %     44,469       17 %     92,566       16 %     125,547       17 %
    Israel     479       0 %     1,671       1 %     1,806       0 %     2,746       0 %
    Other   5,652     3 %     14,715       5 %   16,371     3 %     41,971       6 %
    Total revenue   $ 185,401       100 %   $ 262,912       100 %   $ 569,946       100 %   $ 752,764       100 %

    (a) See reconciliation to adjusted EBITDA table

    Global-E Online Ltd.
    RECONCILIATION TO Non-GAAP GROSS PROFIT
    (In thousands)    		  
        Three Months Ended     Year Ended  
        December 31,     December 31,  
        2023     2024     2023     2024  
      (Unaudited)
    Gross Profit     76,321       118,659       233,603       339,433  
                                     
    Amortization of acquired intangibles included in cost of revenue     2,796       2,198       11,183       9,994  
    Non-GAAP gross profit     79,117       120,857       244,786       349,427  
    Global-E Online Ltd.
    RECONCILIATION TO ADJUSTED EBITDA
    (In thousands)    		  
        Three Months Ended     Year Ended  
        December 31,     December 31,  
        2023     2024     2023     2024    
        (Unaudited)  
    Operating profit (loss)     (23,055 )     5,182       (137,059 )     (67,928 )  
    (1) Stock-based compensation:                                
    Cost of revenue     186       275       639       929    
    Research and development     6,962       4,153       26,266       17,291    
    Selling and marketing     1,238       1,528       4,259       5,836    
    General and administrative     3,794       3,582       13,796       15,102    
    Total stock-based compensation     12,180       9,538       44,960       39,158    
                                     
    (2) Depreciation and amortization     489       547       1,788       2,131    
                                     
    (3) Commercial agreement asset amortization   37,433       37,433     150,451       148,594    
                                 
    (4) Amortization of acquired intangibles   5,091       4,402     20,434       18,812    
                                 
    (5) Merger related contingent consideration   3,040       –     12,161       –    
                                 
    Adjusted EBITDA     35,178       57,102       92,735       140,767    
    Global-E Online Ltd.
    RECONCILIATION TO FREE CASH FLOW
    (In thousands)
        Three Months Ended   Year Ended
        December 31,   December 31,
        2023     2024     2023     2024  
      (Unaudited)
    Net cash provided by operating activities     93,434       129,287       108,222       169,393  
    Less:                          
    Purchase of property and equipment     (926 )     (482 )     (1,741 )     (2,335 )
    Free cash flow     92,508       128,805       106,481       167,058  

    The MIL Network –

  • MIL-OSI Russia: “The Most Comfortable Introduction to the Specialty”: Marketing Course from HSE

    Translartion. Region: Russians Fedetion –

    Source: State University Higher School of Economics – State University Higher School of Economics –

    On March 10, HSE will launch an online course in strategic marketing and advertising, thanks to which students will be able to become “their own” in the professional community. Over six months of live and comfortable training, students will master the basic competencies and advanced skills necessary for an Internet marketer, and learn what is needed to prepare, launch and run marketing campaigns. What makes the program unique and why it is worth joining was explained by a professor at HSE in Nizhny Novgorod, head of the professional retraining program “Basic Marketing Course» Mikhail Shushkin.

    — Who is the HSE Basic Marketing Course intended for?

    — Firstly, for those who want to master a new profession of a marketer. Graduates of the program will be able to work both in agencies and in companies of various industries: banks, manufacturing, construction industry, retail, marketplaces, media projects, medicine, IT, tourism, restaurants and hotels. Marketers are needed everywhere.

    Secondly, for those who already work in the advertising industry and want to increase their value in the labor market or improve their knowledge of new marketing trends.

    HSE diplomas are highly valued by employers. This is because we provide only relevant tools. We are practitioners, we are inside the marketing industry, where everything changes every month. Therefore, we have the latest expertise and work with the newest tools.

    Thirdly, the course will be useful for small and medium business owners. Almost every business faces the problem of attracting new customers and retaining existing ones. Therefore, entrepreneurs inevitably interact with marketing. It is quite difficult to understand it on your own, and transferring all marketing tasks to one agency is not always effective. The marketing industry is quite complex, and the cost of advertising is constantly growing. In order to develop an effective marketing strategy and competently select contractors for various types of work, knowledge in the field of marketing is necessary.

    — What are the features of the program?

    — The program is implemented online in the form of live classes with teachers. This means a lot of interaction, feedback, case discussions, debates and practical blocks. 60% of the classes are practice.

    The distance format has a number of advantages. For example, your group can include students from different cities and countries. I will give an example from one of the classes. Classes start at 18:00 Moscow time. The teacher and students connect in advance, 10 minutes before the start. There is time to chat a little about life and marketing news. Ivan logs into the system and suggests watching the sunrise. Ivan is now in Los Angeles, he is a jazz musician. At this moment, Ekaterina shows the sunset in Kaliningrad. The “city game” begins: Beijing, Tashkent, Novosibirsk, Irkutsk, Yekaterinburg, Kazan, Nizhny Novgorod, Moscow, St. Petersburg, Belgrade, Madrid…

    — What industries do the program’s listeners come from?

    — Among them are employees of Gazprom, Baltika, LUKOIL, Magnit, X5, Dodo Pizza, Channel One, as well as theaters, universities (for example, Moscow State University), restaurants and cafes, IT businesses, startups and musical groups. Their basic education does not matter. Among our students are drilling rig operators in the Far North, sailors from the Far East, restaurant waiters in New Moscow, theater actors on Arbat and contextual advertising specialists in Moscow City. They are all united by an interest in marketing.

    Some people need marketing to build a career in their company, others – to develop their own business projects, and still others – to enter a new, highly paid and interesting profession.

    — Can a person without knowledge enter and successfully master the program?

    — Definitely yes! Often complex terms mean simple things. Working in classifieds, digital PR, retail media, analytical tools, castdev, building a customer journey map, digital advertising algorithms, SMM, brand pyramid, media plan, sales funnels, conversion, marketing metrics — all this is not as difficult as it seems. It sounds serious, but believe me, these are logical and easy-to-understand tools. Their competent use helps to develop your own business or improve the efficiency of the current one.

    The “language of marketers” is a separate topic altogether – it has become the subject of many memes and jokes. It seems that marketers deliberately use professional slang to create a closed club, like in youth culture. But in fact, these are convenient and standardized terms that help specialists from different cities and countries easily understand each other.

    — Who teaches the classes?

    — The next stream will be taught by marketers from companies such as MTS Ads, e-Promo, Dodo Pizza, Sber, and the NORMA agency. Among them are experts implementing marketing projects for LUKOIL, Mega shopping centers, Rostelecom, Alfa-Bank, and other companies.

    All teachers are active practitioners in their fields: marketing research, digital advertising, customer service, PR, branding, creation and implementation of advertising concepts and communication strategies.

    — What is the atmosphere like in the classes?

    — The atmosphere in the classes is comfortable, friendly, I would even say family-like. The teachers are deeply versed in their disciplines, as they are practitioners.

    Students do not feel pressure from teachers and classmates. The principle of the program is the most comfortable introduction to the specialty. Classmates and teachers are always ready to help and support each other.

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

    MIL OSI Russia News –

  • MIL-OSI: NNIT A/S: Notice convening the annual general meeting for NNIT A/S

    Source: GlobeNewswire (MIL-OSI)

    The Board of Directors gives notice of the annual general meeting for NNIT A/S, company registration (CVR) no. 21 09 31 06 (the “Company”), to be held Thursday, March 13, 2025, 2:00 pm (CET) at Novo Holdings A/S, Tuborg Havnevej 19, DK-2900 Hellerup.

    The general meeting will for shareholders be webcasted live on the Company’s investor portal. It is not possible to vote or ask questions via webcast.

    The notice for the annual general meeting, including Appendix A: Candidates for (re-)election to the Board of Directors, is attached.

    For more information, please contact:

    Investor Relations
    Carsten Ringius
    EVP & CFO
    Tel: +45 3077 8888
    carr@nnit.com 

    Media Relations
    Sofie Mand Steffens
    Senior Communications Consultant
    Tel: +45 3077 8337
    smst@nnit.com 

    ABOUT NNIT

    NNIT is a leading provider of IT solutions to life sciences internationally, and to the public and private sectors in Denmark.

    We focus on high complexity industries and thrive in environments where regulatory demands and complexity are high.

    We advise on and build sustainable digital solutions that work for the patients, citizens, employees, end users or customers.

    We strive to build unmatched excellence in the industries we serve, and we use our domain expertise to represent a business first approach – strongly supported by a selection of partner technologies, but always driven by business needs rather than technology.

    NNIT consists of group company NNIT A/S, subsidiaries in Region Europe, Asia and US and subsidiary SCALES in Region Denmark. Together, these companies employ more than 1,700 people in Europe, Asia and USA.

    Attachments

    The MIL Network –

  • MIL-OSI United Kingdom: Sellafield security improvements praised by regulator

    Source: United Kingdom – Executive Government & Departments

    Improvements in physical security arrangements at Sellafield have been recognised by the UK’s nuclear regulator.

    The Office for Nuclear Regulation (ONR) has returned the Sellafield site to a routine regulatory regime for physical security after a period of enhanced oversight.

    Inspectors cited a sustained period of improved performance, highlighting the close working relationship between ONR inspectors and Sellafield Ltd in achieving this outcome.

    Physical security at Sellafield is delivered using a wide range of assets and capabilities and through an approach that includes defence in depth and armed response.  A number of physical security assets and capabilities have been improved as part of the return to routine regulatory attention.

    Regulatory attention levels are set by ONR and are assigned based on the regulator’s assessment of overall performance, considering a broad range of safety and security considerations and operational issues that a site is addressing.

    Gary Wilkinson, head of security and resilience at Sellafield Ltd, said:

    Following an action plan over many months, we have successfully met all the requirements set by ONR. 

    This is a significant achievement and has been a big team effort from across the company – thank you to everyone involved in this important achievement.

    Paul Dicks, ONR’s director of regulation for Sellafield, decommissioning fuel and waste, said:

    We have worked closely with Sellafield Ltd through our enabling approach to ensure that the required improvements are delivered.

    I’m satisfied that Sellafield Ltd has demonstrated significant and sustained security improvements which has allowed us to return them to routine regulatory attention.

    Sellafield Ltd currently remains in significantly enhanced attention for cyber security and collaborative work is ongoing to achieve the required improvements in this area.

    Home | Office for Nuclear Regulation

    Updates to this page

    Published 19 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Four-year ban for director of Sussex nuisance cold-calls firm 

    Source: United Kingdom – Executive Government & Departments

    The company made almost a million unsolicited cold-calls, resulting in people complaining to the Information Commissioner’s Office

    • Callum Jones was the director of a company which harassed people with nuisance cold-calls in 2019 and 2020 
    • Colourcoat Ltd, based on the south coast, made almost a million calls trying to sell home improvements within an eight-month period 
    • Jones has now been disqualified as a company director following investigations by the Insolvency Service 

    The boss of a home improvement company which made more than 900,000 cold-calls has been banned as a director for four years. 

    Callum Jones was the sole director of Sussex-based Colourcoat Ltd, which specialised in roof cleaning, wall coating and insulation services. 

    Colourcoat made 969,273 unsolicited marketing calls which connected between August 2019 and April 2020, with almost half to people who had opted out of receiving such calls. 

    The company also used false names and made repeated calls which were described by some customers as being aggressive and abusive. 

    Colourcoat was fined £130,000 by the Information Commissioner’s Office (ICO) in 2021 but went into liquidation without paying the fine in full. 

    Jones, 39, of Oban Road, St Leonards-on-Sea, has now been disqualified as a company director following investigations by the Insolvency Service. 

    Victoria Edgar, Chief Investigator at the Insolvency Service, said: 

    Callum Jones allowed his company to plague households over an eight-month period, making hundreds of thousands of nuisance cold-calls. 

    Businesses employing such unscrupulous tactics can expect enforcement action to be taken against them and Jones’s director ban now means he cannot run or manage any company for the next four years.

    A total of 452,811 of the nuisance calls were made to people who had opted out of receiving such calls by registering with the Telephone Preference Service. 

    Colourcoat also used various fake company names including “Homes Advice Bureau”, “EcoSolve UK” and “Citizens Advice”. 

    Twenty-four complaints about the company were made to the Telephone Preference Service with a further 10 directly to the ICO. 

    Andy Curry, Director of Enforcement and Investigations at the ICO, said:  

    We welcome the decision to disqualify Callum Jones as the director of Colourcoat Ltd.  

    Nobody should be made to feel uncomfortable after simply answering the phone, and our investigation found that this company had no regard for the law, or the people they were illegally calling.  

    Our Financial Recovery Unit works closely with the Insolvency Service to bring companies and directors to account. By disrupting the non-compliant activities of directors such as Callum Jones, we can help ensure they can’t easily resurface under a different name and continue to cause further harm to people.

    The ICO issued an enforcement notice to Colourcoat in June 2021 for breaching regulations 21 and 24 of the Privacy and Electronic Communications Regulations 2003 relating to the use of calls for direct marketing purposes. 

    Colourcoat went into liquidation in June 2023, having only paid just more than £74,000 of its £130,000 fine. 

    The Secretary of State for Business and Trade accepted a disqualification undertaking from Jones, and his ban started on Monday 3 February. 

    The undertaking prevents him from being involved in the promotion, formation or management of a company, without the permission of the court.  

    Further information

    Updates to this page

    Published 19 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Europe: Federal Council adopts dispatch on extending international automatic exchange of information in tax matters

    Source: Switzerland – Department of Finance

    During its meeting on 19 February 2025, the Federal Council submitted to Parliament the dispatch on extending the international automatic exchange of information in tax matters (AEOI). Set to apply from 1 January 2026, the extension concerns the new AEOI concerning cryptoassets and the amendment of the standard for the automatic exchange of financial account information.

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: Forensic Science Regulator 2024 conference: speech

    Source: United Kingdom – Executive Government & Departments

    The Forensic Science Regulator’s 2024 conference speech, including slides.

    Documents

    Forensic Science Regulator conference speech 2024

    PDF, 475 KB, 20 pages

    This file may not be suitable for users of assistive technology.

    Request an accessible format.
    If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email alternativeformats@homeoffice.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

    Details

    Speech by the Forensic Science Regulator to the delegates at the 2024 Forensic Science Regulator conference.

    We are aware this publication may have accessibility issues. We are reviewing it so that we can fix these.

    Read more about our accessible documents policy.

    Updates to this page

    Published 19 February 2025

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    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Forensic Science Regulator 2024 conference: summary and questions

    Source: United Kingdom – Executive Government & Departments

    Answers to questions raised by delegates at the 2024 Forensic Science Regulator conference.

    Documents

    Forensic Science Regulator conference summary and questions

    PDF, 391 KB, 24 pages

    This file may not be suitable for users of assistive technology.

    Request an accessible format.
    If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email alternativeformats@homeoffice.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

    Details

    Full responses to the 32 questions raised by delegates.

    We are aware this publication may have accessibility issues. We are reviewing it so that we can fix these.

    Read more about our accessible documents policy.

    Updates to this page

    Published 19 February 2025

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    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Regulator investigates charity over financial controls

    Source: United Kingdom – Executive Government & Departments

    The Charity Commission has opened a statutory inquiry to examine ongoing regulatory concerns regarding the trustees’ management and administration of Zlotchiv (charity register number 1181876).

    The charity, which is a charitable incorporated organisation, awards grants for the advancement of Jewish faith and education as well as for the relief of those in need.  

    Zlotchiv’s trustees have failed to meaningfully engage and cooperate with the Commission about regulatory concerns, which has resulted in the regulator escalating a compliance case to a statutory inquiry.  

    The Commission’s concerns are about irregularities in the charity’s financial management, including a series of bounced cheques from the charity’s bank account alongside payments, which appear to be related party payments, that were not disclosed by the charity in its annual returns.  

    Trustees are expected to act in the best interests of the charity and properly manage any conflicts of interest between the charity and other parties. They must also provide accurate information annually to the Commission, which in this case includes a trustees’ annual report, accounts and external scrutiny report.  

    The inquiry will examine if the trustees are complying with their legal duties in respect of the administration, governance and management of the charity, with particular regard to:  

    • the charity’s financial management, including the charity’s viability, the extent of any related party transactions and unauthorised trustee personal benefit  

    • the trustees’ compliance with the charity’s governing document 

    • the extent to which any failings or weaknesses identified in the administration of the charity are a result of misconduct and/or mismanagement by the trustees

    The scope of the inquiry may be extended if additional regulatory issues emerge during the Commission’s investigation. 

    ENDS 

    Notes to editors 

    1. The Charity Commission is the independent, non-ministerial government department that registers and regulates charities in England and Wales. Its ambition is to be an expert regulator that is fair, balanced, and independent so that charity can thrive. This ambition will help to create and sustain an environment where charities further build public trust and ultimately fulfil their essential role in enhancing lives and strengthening society. Find out more: About us – The Charity Commission – GOV.UK

    2. On 6 January 2025, the Charity Commission opened a statutory inquiry into the charity under section 46 of the Charities Act 2011 as a result of its regulatory concerns that there is or has been misconduct and/or mismanagement in the administration of the charity. 

    3. A statutory inquiry is a legal power enabling the Commission to formally investigate matters of regulatory concern within a charity and to use protective powers for the benefit of the charity and its beneficiaries, assets, or reputation. 

    4. An inquiry will investigate and establish the facts of the case so that the Commission can determine the extent of any misconduct and/or mismanagement; the extent of the risk to the charity, its work, property, beneficiaries, employees or volunteers; and decide what action is needed to resolve the concerns.

    Press office

    Email pressenquiries@charitycommission.gov.uk

    Out of hours press office contact number: 07785 748787

    Updates to this page

    Published 19 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Change of His Majesty’s Ambassador to Somalia: Charles King

    Source: United Kingdom – Executive Government & Departments

    Mr Charles King has been appointed His Majesty’s Ambassador to the Federal Republic of Somalia.

    Charles King

    Mr Charles King has been appointed His Majesty’s Ambassador to the Federal Republic of Somalia in succession to Mr Michael Nithavrianakis MVO. Mr King will take up his appointment during May 2025.

    Curriculum Vitae      

    Full name: Charles Nicholas King

    Year Role
    2023 to 2024 FCDO, Joint Head of Israel/OPTs Gaza Taskforce
    2020 to 2023 FCDO, Head of Levant and North Africa Department and UK Special Representative for Syria
    2017 to 2020 Paris, Counsellor, Foreign Policy and Strategic Affairs
    2015 to 2016  FCO, Chief of Staff to Jonathan Powell, PM’s Special Representative for Libya
    2012 to 2015  Istanbul, Head of Syria Office
    2010 to 2012 FCO, Head of Afghanistan Reconciliation and Regional Team
    2009 to 2010 Baghdad, Deputy Head of Political Section
    2008 to 2009 Damascus, Second Secretary Political/Economic
    2007 to 2008 Cairo, Arabic language training
    2006 to 2007 FCO, Head of Africa/Middle East Consular Casework Team
    2004 to 2006 FCO, Deputy Head of EU Accessions Bill Team and Desk Officer for Romania and Bulgaria
    2004  Joined FCO

    Media enquiries

    Email newsdesk@fcdo.gov.uk

    Telephone 020 7008 3100

    Contact the FCDO Communication Team via email (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

    Updates to this page

    Published 19 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Additional funding for Council’s digital inclusion programme.

    Source: City of Coventry

    Coventry City Council’s efforts to promote digital inclusion across the city have received a major funding boost.

    The Council’s digital inclusion programme, #CovConnects, has received £340,000 to support its ongoing work within in the city.

    The funding, which comes from the Government’s UK Shared Prosperity Fund and the West Midlands Combined Authority, will help the team secure 1250 Mi-Fi units which will be distributed through the programme’s #CovConnects Device Bank.

    Mi-fi units are small, portable devices which allow people to use 4g/5g units to connect to the internet. Each of the units comes with 2 years’ worth of unlimited data enabling residents to connect to the digital world. The mi-fi devices and sim cards have been provided thanks to the Council’s ongoing partnership with Vodafone.

    The Device Bank launched in July 2023 and has distributed over 3850 devices to organisations across the city. These devices are used by these groups to help support residents in their everyday lives allowing the most vulnerable in the city to complete everyday task such as online banking, filling our job applications and accessing vital NHS services.

    Cllr Richard Brown, Cabinet Member for Strategic Finance and Resources, said: “As an organisation, we’re committed to ensuring that as many residents as possible can access the digital world. This funding will help us do just that.

    “It will allow us to expand our efforts and get more of these devices into the hands of those who need it most. Having your own device, which you can use every day, is something that has the potential to completely transform your life. “

    Richard Parker, the Mayor of the West Midlands, said: “So much in life is reliant on us being online, whether that’s finding a job, booking a GP appointment, or managing finances. Too many people are still locked out of opportunities because they don’t have reliable internet or the right digital skills and this can be isolating. It’s why I want more people to have the digital access they need to get on in life. This scheme is a step towards breaking down those barriers, helping more people access the services, support, and training they need to build a better future.”

    The #CovConnects Device Bank is part funded by the UK Government through the UK Shared Prosperity Fund.

    To find out more about the device bank and applying for devices for your organisation, visit: #CovConnects Device Bank – Coventry City Council 

    The UK Shared Prosperity Fund aims to improve pride in place and increase life chances across the UK investing in communities and place, supporting local business, and people and skills. Please visit the UK Shared Prosperity Fund webpage for more information 

    Get in touch with us to find out more about the digital inclusion programme in Coventry, devices, data and skills provisions we can help with: covconnectsdigital@coventry.gov.uk 

    MIL OSI United Kingdom –

  • MIL-OSI: Enlight Renewable Energy Reports Fourth Quarter and Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    All of the amounts disclosed in this press release are in U.S. dollars unless otherwise noted

    TEL AVIV, Israel, Feb. 19, 2025 (GLOBE NEWSWIRE) — Enlight Renewable Energy Ltd. (NASDAQ: ENLT, TASE: ENLT) today reported financial results for the fourth quarter and full year ending December 31, 2024. The Company’s earnings conference call and webcast will be held today at 8:00 AM ET. Registration links to both the call and the webcast can be found at the end of this earnings release.

    Financial Highlights

    Full year 2024

    • Revenues and income of $399m, up 53% year over year
    • Adjusted EBITDA1 of $289m, up 49% year over year
    • Net income of $67m, down 32% year over year
    • Cash flow from operations of $193, up 29% year over year

    3 months ending December 31, 2024

    • Revenues and income of $104m, up 35% year over year
    • Adjusted EBITDA1 of $65m, up 31% year over year
    • Net income of $8m, down 48% year over year
    • Cash flow from operations of $36m, up 49% year over year

    ________________________
    1 The Company is unable to provide a reconciliation of Adjusted EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted. Please refer to the reconciliation table in Appendix 2

      For the twelve months ended   For the three months ended
     ($ millions) 31/12/2024 31/12/2023 % change 31/12/2024 31/12/2023 % change
    Revenue and Income 399 261 53% 104 77 35%
    Net Income 67 98 (32%) 8 16 (48%)
    Adjusted EBITDA 289 194 49% 65 50 31%
    Cash Flow from Operating Activities 193 150 29% 36 24 49%
    • In 2023 the net income contained substantial one-time items
    • A detailed analysis of financial results appears below

    2024 Guidance vs Actual Results

    • Reported revenues and income for 2024 was 15% higher than the Company’s original guidance at the midpoint.
    • Reported Adjusted EBITDA for 2024 was 18% higher than the Company’s original guidance at the midpoint.

    Revenues and Income and Adjusted EBITDA includes $21m of U.S. tax benefits

    “We are proud to conclude 2024 with outstanding financial results that surpassed both our targets and analysts’ forecasts,” said Gilad Yavetz, CEO of Enlight Renewable Energy.

    “Enlight continues to grow thanks to its diversified and innovative operations, spanning three continents and employing the three main technologies of the industry: solar, wind, and energy storage.

    “The year 2025 represents another leap forward for us, as a massive capacity of 4.7 FGW – with a total investment of $5.5bn – will be under various stages of construction. Together with the Company’s operating portfolio, this will secure approximately 90% of the Company’s ambitious growth plan: to reach operating capacity of 8.6 FGW by the end of 2027. This plan will bring Enlight to an annual revenue rate of over $1bn by 2028, tripling the business in just three years.

    “We expect that the average return on equity for the vast asset portfolio that will become operational by 2027 will exceed 15%. Our three-year growth plan is already reflected in our 2025 guidance: we project revenues and income in the range of $490-510 million and Adjusted EBITDA in the range of $360-380 million, a 25% increase.”

    Portfolio Review

    • Enlight’s total portfolio is comprised of 20 GW of generation capacity and 35.8 GWh storage (30.2 FGW2)
    • Of this, the Mature portfolio component (including operating projects, projects under construction or pre-construction) contains 6.1 GW generation capacity and 8.6 GWh of storage (8.6 FGW)
    • Within the Mature portfolio component, the operating component has 2.5 GW of generation capacity and 1.9 GWh of storage (3.0 FGW)

    The full composition of the portfolio appears in the following table:

    Component Status FGW2 Annual recurring revenues ($m)3
    Operating Commercial operation 3.0 ~5004
    Under Construction Under construction 1.8 ~175
    Pre-Construction 0-12 months to start of construction 3.8 ~385
    Total Mature Portfolio Mature 8.6 1,060~
    Advanced Development 13-24 months to start of construction 7 –
    Development 2+ years to start of construction 14.7 –
    Total Portfolio   30.2 –

    ________________________
    2 FGW (Factored GW) is a consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. The company’s current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5
    3     Does not include income from tax benefits for under construction and pre-construction projects.
    4 Based on the midpoint of 2025 guidance.

    • Operating component of the portfolio: 3 FGW
      • Start of commercial operations of 1.1 FGW in 2024, including projects Atrisco in the U.S., Pupin and Tapolca in Europe, the Israel Solar and Storage Cluster in MENA. These additions contribute approximately $100m to the annual revenue run rate.
    • Under Construction component of the portfolio: 1.8 FGW
      • Consists of three projects in the U.S. with a total capacity of 1.4 FGW; the Gecama Solar project in Spain with a capacity of 0.3 FGW; and a solar and storage cluster in Israel. 35% of the cluster is expected to reach operations in 2025, with the rest commissioning in 2026.
      • Projects under construction are expected to contribute $175m to the annual revenue run rate during their first full year of operation.
    • Pre-construction component of the portfolio: 3.8 FGW
      • Two mega projects in the U.S., Snowflake and CO Bar, with a combined capacity of 2.6 FGW will begin construction in 2025 and are expected to contribute $246m to revenues on an annualized basis.
      • Nardo, a stand alone storage project in Italy with a capacity of 0.25 FGW, is expected to begin construction in 2H25 and contribute $31m to revenues on an annualized basis.
    • Advanced Development component of the portfolio component: 7 FGW
      • 5.3 FGW in the U.S., with 100% of the capacity having passed completion of the System Impact Study, the most important study of the grid connection process, significantly de-risking the portfolio.
      • The U.S. portfolio includes several mega-projects and follow-ons to Mature projects, such as Cedar Island (1.4 FGW), Snowflake B (1.2 FGW), and Atrisco 2 (0.7 FGW).
      • These projects reflect the Company’s “Connect and Expand” strategy, leveraging existing grid infrastructure with the development of new ones, thereby reducing construction costs and project risks while improving project returns.
      • 0.7 FGW in Europe, focused on Italy, Spain, and Croatia.
      • 1 FGW in MENA, focused on solar and storage projects and stand alone storage facilities, including approximately 0.5 FGW that won availability tariffs as part of the Israel Electricity Authority’s first high voltage storage availability tariff tender.
    • Development component of the portfolio: 14.7 FGW
      • 10 FGW in the U.S. with broad geographic presence, including the PJM, WECC, SPP and MISO regions.
      • 2.7 FGW in Europe, focused on Italy, Spain, Croatia and entry into stand-alone storage operations in Poland.
      • 2 FGW in MENA, focused on solar combined storage projects and stand alone storage facilities.

    Projected COD Timeline for the Mature Portfolio5

    ________________________
    5 Additional projects currently classified in the Advanced Development portfolio are expected to reach commercial operation by 2027, however they are not included in this forecast

    Mature Portfolio Components Expected to Generate Annualized Revenues of Over $1bn6

    All the projects in the plan are expected to be completed by the end of 2027

    ________________________
    6 The projection is based on 2025 guidance, and only includes additional revenue growth from the sale of electricity from projects under construction and in pre-construction status.

    Financing Activities

    • Financial closings totaling $1.1bn in Europe and the US occurred during 2024, supporting the construction of projects with 470 MW and 2,100 MWh capacity.
    • Expansion of Series D bonds totaling $178m to finance the Company’s growth.
    • Sale of 44% of the Sunlight cluster for $50m cash at a valuation of $114m, generating a profit of up to $94m to be recognized in the first quarter of 2025. The cluster represents approximately 1% of the Company’s total portfolio.
    • As of the date of this report, the Company maintains $350m of revolving credit facilities, of which $70m have been drawn.

    2025 Guidance

    Construction and commissioning

    • Expected commissioning of 440 MW and 1.1 GWh of capacity, which is expected to add approximately $130m to annualized revenues and $105m annualized EBITDA, starting in 2026.
    • Starting construction on 1.8 GW and 3.9 GWh of capacity, which is expected to add over $300m in annualized revenues and over $250m in annualized EBITDA gradually through 2026-2027.

    Financial guidance

    • Total revenues and income7 are expected to range between $490m and $510m, a 25% increase (from the midpoint) from 2024 results. Of the projected revenues and income, 38% are expected to be denominated in ILS, 35% in EUR, and 27% in USD.
    • Adjusted EBITDA8 is expected to range between $360m and $380m, a 28% increase (from the midpoint) from 2024 results.
    • Approximately 90% of the electricity volumes expected to be generated in 2025 will be sold at fixed prices through PPAs or hedges.

    ________________________
    7 Total revenues and income include revenues from the sale of electricity along with income from tax benefits from US projects amounting to $60m-80m.
    8 EBITDA is a non-IFRS financial measure. The Company is unable to provide a reconciliation of EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted. Please refer to the reconciliation table in Appendix 2.

    Financial Results Analysis

    Revenue & Income by Segment
    ($ thousands) For the twelve months ended   For the three months ended  
    Segment 31/12/2024 31/12/2023 Change % 31/12/2024 31/12/2023 Change %
    MENA 155,693 67,687 130% 34,086 20,738 64%
    Europe 197,143 177,471 11% 49,979 50,770 (2%)
    U.S. 36,608 7,712 375% 17,894 3,571 401%
    Other 9,351 8,270 13% 2,143 2,009 7%
    Total Revenue & Income 398,795 261,140 53% 104,102 77,088 35%
                 

    Revenues & Income

    In the fourth quarter of 2024, the Company’s total revenues and income increased to $104m, up from $77m last year, a growth rate of 35% year over year. This was composed of revenues from the sale of electricity, which rose 26% to $93m compared to $74m in the same period of 2023, as well as recognition of $11m in income from tax benefits, up 230% compared to $3m in 4Q23.

    The Company benefited from the revenue contribution of newly operational projects. Since the fourth quarter of 2023, 650 MW and 1,600 MWh of projects were connected to the grid and began selling electricity, including seven of the Israel Solar and Storage Cluster units in Israel, Atrisco in the U.S, Pupin in Serbia, and Tapolca in Hungary. The most important increases in revenue from the sale of electricity originated at the Israel Solar and Storage Cluster, which added $9m, followed by Atrisco, which added $6m in. In total, new projects contributed $18m to revenues from the sale of electricity

    Revenues and income were distributed between MENA, Europe, and the US, with 34% denominated in Israeli Shekel, 47% in Euros, and 18% denominated in US Dollars.

    Net Income

    In the fourth quarter, the Company’s net income amounted to $8m compared to $16m last year, a decrease of 48% year over year. In 4Q23 the Company recorded a $12m net profit stemming from the recalculation of earnout payments linked to the acquisition of Clenera. Adjusting for this figure, the net income in 4Q23 was $4m, implying year-on-year growth of 90%.

    Adjusted EBITDA9

    In the fourth quarter of 2024, the Company’s Adjusted EBITDA grew by 31% to $65m compared to $50m for the same period in 2023. The increase in Adjusted EBITDA was driven by the same factors that drove the increase in revenues and income, namely new projects and the recognition of higher amounts of tax benefits. This was offset by an additional $6m in higher operating expenses linked to new projects, while company overheads rose by $5m year-on-year.

    ________________________
    9 Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income

    Conference Call Information

    Enlight plans to hold its Fourth Quarter 2024 Conference Call and Webcast on Wednesday, February 19, 2025 at 8:00 a.m. ET to review its financial results and business outlook. Management will deliver prepared remarks followed by a question-and-answer session. Participants can join by dial-in or webcast:

    The press release with the financial results as well as the investor presentation materials will be accessible from the Company’s website prior to the conference call. Approximately one hour after completion of the live call, an archived version of the webcast will be available on the Company’s investor relations website at https://enlightenergy.co.il/info/investors/.

    Supplemental Financial and Other Information

    We intend to announce material information to the public through the Enlight investor relations website at https://enlightenergy.co.il/info/investors, SEC filings, press releases, public conference calls, and public webcasts. We use these channels to communicate with our investors, customers, and the public about our company, our offerings, and other issues. As such, we encourage investors, the media, and others to follow the channels listed above, and to review the information disclosed through such channels. Any updates to the list of disclosure channels through which we will announce information will be posted on the investor relations page of our website.

    Non-IFRS Financial Measures

    This release presents Adjusted EBITDA, a financial metric, which is provided as a complement to the results provided in accordance with the International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). A reconciliation of the non-IFRS financial information to the most directly comparable IFRS financial measure is provided in the accompanying tables found at the end of this release.

    We define Adjusted EBITDA as net income (loss) plus depreciation and amortization, share based compensation, finance expenses, taxes on income and share in losses of equity accounted investees and minus finance income and non-recurring portions of other income, net. For the purposes of calculating Adjusted EBITDA, compensation for inadequate performance of goods and services procured by the Company are included in other income, net. Compensation for inadequate performance of goods and services reflects the profits the Company would have generated under regular operating conditions and is therefore included in Adjusted EBITDA. With respect to gains (losses) from asset disposals, as part of Enlight’s strategy to accelerate growth and reduce the need for equity financing, the Company sells parts of or the entirety of selected renewable project assets from time to time, and therefore includes realized gains or losses from these asset disposals in Adjusted EBITDA. In the case of partial assets disposals, Adjusted EBITDA includes only the actual consideration less the book value of the assets sold. Our management believes Adjusted EBITDA is indicative of operational performance and ongoing profitability and uses Adjusted EBITDA to evaluate the operating performance and for planning and forecasting purposes.

    Non-IFRS financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for financial information presented under IFRS. There are a number of limitations related to the use of non-IFRS financial measures versus comparable financial measures determined under IFRS. For example, other companies in our industry may calculate the non-IFRS financial measures that we use differently or may use other measures to evaluate their performance. All of these limitations could reduce the usefulness of our non-IFRS financial measures as analytical tools. Investors are encouraged to review the related IFRS financial measure, Net Income, and the reconciliations of Adjusted EBITDA provided below to Net Income and to not rely on any single financial measure to evaluate our business.

    Special Note Regarding Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the Company’s business strategy and plans, capabilities of the Company’s project portfolio and achievement of operational objectives, market opportunity, utility demand and potential growth, discussions with commercial counterparties and financing sources, pricing trends for materials, progress of Company projects, including anticipated timing of related approvals and project completion and anticipated production delays, the Company’s future financial results, expected impact from various regulatory developments and anticipated trade sanctions, expectations regarding wind production, electricity prices and windfall taxes, and Revenues and Income and Adjusted EBITDA guidance, the expected timing of completion of our ongoing projects, and the Company’s anticipated cash requirements and financing plans , are forward-looking statements. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” “forecasts,” “aims” or the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions.

    These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our ability to site suitable land for, and otherwise source, renewable energy projects and to successfully develop and convert them into Operational Projects; availability of, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overruns and delays related to disputes with contractors; disruptions in trade caused by political, social or economic instability in regions where our components and materials are made; our suppliers’ ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential slowed demand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers’ ability to terminate contracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; exposure to market prices in some of our offtake contracts; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event that our projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production; electricity price volatility, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependence on certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economic barriers to renewable energy projects; the reduction, elimination or expiration of government incentives or benefits for, or regulations mandating the use of, renewable energy; our ability to effectively manage the global expansion of the scale of our business operations; our ability to perform to expectations in our new line of business involving the construction of PV systems for municipalities in Israel; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, tariffs, sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safety and other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights and operational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; our ability to comply with increasingly complex tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which we intend to operate in the future; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel, including the ongoing war in Israel, where our headquarters and some of our wind energy and solar energy projects are located; the costs and requirements of being a public company, including the diversion of management’s attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay or prevent a change of control; and other risk factors set forth in the section titled “Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”), as may be updated in our other documents filed with or furnished to the SEC.

    These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

    About Enlight

    Founded in 2008, Enlight develops, finances, constructs, owns, and operates utility-scale renewable energy projects. Enlight operates across the three largest renewable segments today: solar, wind and energy storage. A global platform, Enlight operates in the United States, Israel and 9 European countries. Enlight has been traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT) and completed its U.S. IPO (Nasdaq: ENLT) in 2023.

    Company Contacts

    Yonah Weisz
    Director IR
    investors@enlightenergy.co.il

    Erica Mannion or Mike Funari
    Sapphire Investor Relations, LLC
    +1 617 542 6180
    investors@enlightenergy.co.il

    Appendix 1 – Financial information

    Consolidated Statements of Income
    		        
        For the year ended at
    December 31
        2024   2023(*)
        USD in   USD in
        thousands   thousands
    Revenues   377,935   255,702
    Tax benefits   20,860   5,438
    Total revenues and income   398,795   261,140
             
    Cost of sales (**)   (80,696)   (52,794)
    Depreciation and amortization   (108,889)   (65,796)
    General and administrative expenses   (38,847)   (31,356)
    Development expenses   (11,601)   (6,347)
    Total operating expenses   (240,033)   (156,293)
    Gains from projects disposals   601   9,846
    Other income, net   16,172   43,450
    Operating profit   175,535   158,143
             
    Finance income   20,439   36,799
    Finance expenses   (107,844)   (68,143)
    Total finance expenses, net   (87,405)   (31,344)
             
    Profit before tax and equity loss   88,130   126,799
    Share of loss of equity accounted investees   (3,350)   (330)
    Profit before income taxes   84,780   126,469
    Taxes on income   (18,275)   (28,428)
    Profit for the year   66,505   98,041
             
    Profit for the year attributed to:        
    Owners of the Company   44,209   70,924
    Non-controlling interests   22,296   27,117
        66,505   98,041
    Earnings per ordinary share (in USD) with a par value of        
    NIS 0.1, attributable to owners of the parent Company:        
    Basic earnings per share   0.37   0.61
    Diluted earnings per share   0.36   0.57
    Weighted average of share capital used in the        
    calculation of earnings:        
    Basic per share   118,293,556   115,721,346
    Diluted per share   123,312,565   123,861,293
     

    (*) The Consolidated Statements of Income have been adjusted to present comparable information for the previous year. For additional details please see Appendix 8.

    (**) Excluding depreciation and amortization

    Consolidated Statements of Financial Position as of        
        December 31   December 31
        2024   2023
        USD in   USD in
        Thousands   Thousands
    Assets        
             
    Current assets        
    Cash and cash equivalents   387,427   403,805
    Deposits in banks   –   5,308
    Restricted cash   100,090   142,695
    Trade receivables   50,692   43,100
    Other receivables   99,651   60,691
    Current maturities of contract assets   –   8,070
    Other financial assets   975   976
    Assets of disposal groups classified as held for sale   81,661   –
    Total current assets   720,496   664,645
             
    Non-current assets        
    Restricted cash   48,251   38,891
    Other long-term receivables   61,045   32,540
    Deferred costs in respect of projects   357,358   271,424
    Deferred borrowing costs   276   493
    Loans to investee entities   18,112   35,878
    Contract assets   –   91,346
    Fixed assets, net   3,699,192   2,947,369
    Intangible assets, net   291,442   287,961
    Deferred taxes assets   10,744   9,134
    Right-of-use asset, net   210,941   121,348
    Financial assets at fair value through profit or loss   69,216   53,466
    Other financial assets   59,812   79,426
    Total non-current assets   4,826,389   3,969,276
             
    Total assets   5,546,885   4,633,921
    Consolidated Statements of Financial Position as of (Cont.)         
        December 31   December 31
        2024   2023
        USD in   USD in
        Thousands   Thousands
    Liabilities and equity    
             
    Current liabilities      
    Credit and current maturities of loans from        
    banks and other financial institutions   212,246   324,666
    Trade payables 161,991   105,574
    Other payables 107,825   103,622
    Current maturities of debentures   44,962   26,233
    Current maturities of lease liability   10,240   8,113
    Financial liabilities through profit or loss   –   13,860
    Other financial liabilities   8,141   1,224
    Liabilities of disposal groups classified as held for sale   46,635   –
    Total current liabilities   592,040   583,292
             
    Non-current liabilities    
    Debentures 433,994   293,751
    Other financial liabilities   107,865   62,020
    Convertible debentures   133,056   130,566
    Loans from banks and other financial institutions   1,996,137   1,702,925
    Loans from non-controlling interests   75,598   92,750
    Financial liabilities through profit or loss   25,844   34,524
    Deferred taxes liabilities   41,792   44,941
    Employee benefits 1,215   4,784
    Lease liability 211,941   119,484
    Deferred income related to tax equity   403,384   60,880
    Asset retirement obligation   83,085   68,047
    Total non-current liabilities   3,513,911   2,614,672
             
    Total liabilities 4,105,951   3,197,964
             
    Equity        
    Ordinary share capital   3,308   3,293
    Share premium 1,028,532   1,028,532
    Capital reserves 25,273   57,730
    Proceeds on account of convertible options   15,494   15,494
    Accumulated profit 107,919   63,710
    Equity attributable to shareholders of the Company   1,180,526   1,168,759
    Non-controlling interests   260,408   267,198
    Total equity 1,440,934   1,435,957
    Total liabilities and equity   5,546,885   4,633,921
    Consolidated Statements of Cash Flows    
         
      For the year ended at
    December 31
      2024 2023
      USD in USD in
      Thousands Thousands
         
    Cash flows for operating activities    
    Profit for the period 66,505 98,041
         
    Income and expenses not associated with cash flows:    
    Depreciation and amortization 108,889 65,796
    Finance expenses, net 83,560 28,805
    Share-based compensation 8,360 4,970
    Taxes on income 18,275 28,428
    Tax benefits (20,860) (5,438)
    Other income, net (4,963) (46,991)
    Company’s share in losses of investee partnerships 3,350 330
      196,611 75,900
         
    Changes in assets and liabilities items:    
    Change in other receivables 12,261 (3,241)
    Change in trade receivables (9,892) (2,841)
    Change in other payables 294 6,382
    Change in trade payables 746 15,474
      3,409 15,774
         
    Interest receipts 12,684 12,490
    Interest paid (74,891) (54,469)
    Income Tax paid (11,246) (12,236)
    Repayment of contract assets – 14,120
         
    Net cash from operating activities 193,072 149,620
         
    Cash flows for investing activities    
    Sale (Acquisition) of consolidated entities, net 1,871 (6,975)
    Changes in restricted cash and bank deposits, net 29,959 (53,131)
    Purchase, development, and construction in respect of projects (899,257) (730,976)
    Loans provided and Investment in investees (26,444) (28,174)
    Payments on account of acquisition of consolidated entity (32,777) (5,728)
    Proceeds from sale (purchase) of financial assets measured at fair value     
    through profit or loss, net (14,719) 26,919
    Net cash used in investing activities (941,367) (798,065)
    Consolidated Statements of Cash Flows (Cont.)   
      For the year ended at
    December 31
      2024  2023 
      USD in USD in
      Thousands Thousands
         
    Cash flows from financing activities    
    Receipt of loans from banks and other financial institutions 939,627 623,927
    Repayment of loans from banks and other financial institutions (699,586) (203,499)
    Issuance of debentures 177,914 83,038
    Repayment of debentures (26,016) (14,735)
    Dividends and distributions by subsidiaries to non-controlling interests (25,534) (13,328)
    Proceeds from investments by tax-equity investors 410,845 198,758
    Repayment of tax equity investment (839) (82,721)
    Deferred borrowing costs (21,637) (1,984)
    Receipt of loans from non-controlling interests – 274
    Repayment of loans from non-controlling interests (2,960) (1,485)
    Increase in holding rights of consolidated entity (169) –
    Issuance of shares – 266,451
    Exercise of share options 15 9
    Repayment of lease liability (5,852) (4,848)
    Proceeds from investment in entities by non-controlling interest 179 5,448
         
    Net cash from financing activities 745,987 855,305
         
    Increase (Decrease) in cash and cash equivalents (2,308) 206,860
         
    Balance of cash and cash equivalents at beginning of period 403,805 193,869
         
    Changes in cash of disposal groups classified as held for sale (5,753) –
         
    Effect of exchange rate fluctuations on cash and cash equivalents (8,317) 3,076
         
    Cash and cash equivalents at end of period 387,427 403,805

    Information related to Segmental Reporting

      For the year ended December 31, 2024
      MENA(**)   Europe(**)   USA   Total reportable segments   Others   Total
      USD in thousands
    Revenues 155,693   197,143   15,748   368,584   9,351   377,935
    Tax benefits –   –   20,860   20,860   –   20,860
    Total revenues and income 155,693   197,143   36,608   389,444   9,351   377,935
                           
    Segment adjusted EBITDA 123,724   165,385   33,539   322,648   4,141   326,789
       
    Reconciliations of unallocated amounts:  
    Headquarter costs (*) (37,774)
    Intersegment profit 100
    Depreciation and amortization and share-based compensation (117,249)
    Other incomes not attributed to segments 3,669
    Operating profit 175,535
    Finance income 20,439
    Finance expenses (107,844)
    Share in the losses of equity accounted investees (3,350)
    Profit before income taxes 84,780
     

    (*) Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).

    (**) Due to the Company’s organizational restructuring, the Chief Operation Decision Maker (CODM) now reviews the group’s results by segmenting them into four business units: MENA (Middle East and North Africa), Europe, the US, and Management and Construction. Consequently, the Central/Eastern Europe and Western Europe segments have been consolidated into the “Europe” segment, and the Israel segment has been incorporated into the MENA segment. The comparative figures for the year ended December 31, 2023, have been updated accordingly.

    Information related to Segmental Reporting

      For the year ended December 31, 2023
      MENA   Europe   USA   Total reportable segments   Others   Total
      USD in thousands
    Revenues 67,687   177,471   2,274   247,432   8,270   255,702
    Tax benefits –   –   5,438   5,438   –   5,438
    Total revenues and income 67,687   177,471   7,712   252,870   8,270   261,140
                           
    Segment adjusted EBITDA 71,350   150,677   12,133   234,160   3,035   237,195
       
    Reconciliations of unallocated amounts:  
    Headquarter costs (*) (30,434)
    Intersegment profit 1,587
    Repayment of contract asset under concession arrangements (14,120)
    Depreciation and amortization and share-based compensation (70,766)
    Other incomes not attributed to segments 34,681
    Operating profit 158,143
    Finance income 36,799
    Finance expenses (68,143)
    Share in the losses of equity accounted investees (330)
    Profit before income taxes 126,469
     

    (*) Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).

    Appendix 2 – Reconciliations between Net Income to Adjusted EBITDA

    ($ thousands)   For the year ended   For the three months
        December 31   ended December 31
        2024   2023   2024   2023
    Net Income (loss)   66,505   98,041   8,372   16,202
    Depreciation and amortization   108,889   65,796   30,912   21,611
    Share based compensation   8,360   4,970   2,333   970
    Finance income   (20,439)   (36,799)   (2,140)   7,581
    Finance expenses   107,844   68,143   22,008   16,344
    Non-recurring other income (*)   (3,669)   (34,681)   –   (15,718)
    Share of losses of equity accounted investees   3,350   330   1,613   (137)
    Taxes on income   18,275   28,428   2,121   2,934
    Adjusted EBITDA   289,115   194,228   65,219   49,787
                     
    * For the purposes of calculating Adjusted EBITDA, compensation for inadequate performance of goods and services procured by the Company are included in other income, net.
       

    The Company has changed its presentation of its Income Statement, which includes the presentation of specified items that have been previously included within other income (i.e. tax equity). The Company believes that such presentation provides a more relevant information and better reflects the measurement of its financial performance. The Company applied such change retrospectively.

    Appendix 3 – Debentures Covenants

    Debentures Covenants

    As of December 31, 2024, the Company was in compliance with all of its financial covenants under the indenture for the Series C-F Debentures, based on having achieved the following in its consolidated financial results:

    Minimum equity
    The company’s equity shall be maintained at no less than NIS 200 million so long as debentures E remain outstanding, no less than NIS 375 million so long as debentures F remain outstanding, and NIS 1,250 million so long as debentures C and D remain outstanding.

    As of December 31, 2024, the company’s equity amounted to NIS 5,255 million.

    Net financial debt to net CAP
    The ratio of standalone net financial debt to net CAP shall not exceed 70% for two consecutive financial periods so long as debentures E and F remain outstanding, and shall not exceed 65% for two consecutive financial periods so long as debentures C and D remain outstanding.

    As of December 31, 2024, the net financial debt to net CAP ratio, as defined above, stands at 37%.

    Net financial debt to EBITDA
    So long as debentures E and F remain outstanding, standalone financial debt shall not exceed NIS 10 million, and the consolidated financial debt to EBITDA ratio shall not exceed 18 for more than two consecutive financial periods.

    For as long as debentures C and D remain outstanding, the consolidated financial debt to EBITDA ratio shall not exceed 15 for more than two consecutive financial periods.

    As of December 31, 2024, the net financial debt to EBITDA ratio, as defined above, stands at 9.

    Equity to balance sheet
    The standalone equity to total balance sheet ratio shall be maintained at no less than 20% and 25%, respectively, for two consecutive financial periods for as long as debentures E and F, and debentures C and D remain outstanding.

    As of December 31, 2024, the equity to balance sheet ratio, as defined above, stands at 55%.

    Photos accompanying this announcement are available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/16dfdaab-3b06-4494-a529-7e4b98cd6ad8

    https://www.globenewswire.com/NewsRoom/AttachmentNg/a4d568ee-77b0-4eab-b7ef-c865a4a26d0e

    https://www.globenewswire.com/NewsRoom/AttachmentNg/ae07b0d5-09c7-404f-a71d-70494b2b64ca

    The MIL Network –

  • MIL-OSI United Kingdom: expert reaction to study looking at genetic and lifestyle factors, and premature death, ageing and age-related diseases

    Source: United Kingdom – Executive Government & Departments

    A paper published in Nature Medicine looks at the contribution of genetic and lifestyle factors to risk of premature death, ageing, and age-related diseases. 

    Prof Felicity Gavins, Professor of Pharmacology at Brunel University of London, and Royal Society Wolfson Fellow, said:

    “This is an exciting study.  The fact that most of the risk factors identified are modifiable highlights an enormous opportunity for prevention.  By addressing social inequalities, promoting healthy behaviours and reducing harmful exposures, we can really make a meaningful difference in reducing age-related diseases and premature mortality.

    “However, some caution is needed.  This is an observational study, so further research is needed to confirm causal relationships, especially before any long-term policy changes are made.  Furthermore, targeted interventions will be essential to translating these findings into real-world impact.”

    Dr Stephen Burgess, Group Leader at the MRC Biostatistics Unit, University of Cambridge, said:

    “This is a large and detailed investigation into the predictors of major causes of mortality in a UK-based population.  It provides further demonstration supporting previous research that, in the majority of cases, our genes do not determine our future.  There are exceptions, including rare conditions that are caused by a single genetic variation.  But for the majority of conditions that Western people die from, disease risk is more strongly attributable to modifiable risk factors and our wider environment, as shaped by our upbringing and choices.  Genetics can load the dice, but it is up to us how we play our hand.

    “A limitation of the work is that it does not highlight particular risk factors, nor can it make specific causal claims about what would happen if we changed our risk factors and environment.”

    Prof Frances Flinter, Emeritus Professor of Clinical Genetics, Guy’s and St Thomas’ NHS Foundation Trust; and Member of the Nuffield Council on Bioethics, said:

    “This is a very impressive, thorough and detailed analysis of a vast amount of genetic and non-genetic data from the UK Biobank.  The authors compare the relative contributions to ageing and premature mortality of genetic susceptibility markers (polygenic risk scores) and environmental factors, which they refer to as the ‘exposome’ (including alcohol, diet, smoking, housing, type of heating, weight in childhood etc).

    “Overall, polygenic risk scores (PRS) for twenty-two major diseases explained less than 2% of additional variation in mortality, whereas the exposome explained 17%.  In particular, the exposome explained a greater proportion of the variation than polygenic risk scores for the incidence of disease of the lung, heart and liver, whereas polygenic risk scores explained a greater proportion of the variation than the exposome for dementia and breast, prostate and colorectal cancers.

    “The risk of premature mortality was lower in Black, Asian and ethnicities other than white, even after adjustment for socio-demographic deprivation factors, which is currently unexplained.

    “With so much focus on genetic determinism these days, it is good to be reminded of the significance of environmental contributions to health, particularly as the risk factors are known and many can be modified.”

    Prof Ilaria Bellantuono, Professor in Musculoskeletal Ageing; and Co-Director of The Healthy Lifespan Institute, University of Sheffield, said:

    “This important study comprehensively confirms what smaller studies have suggested: multiple socioeconomic and environmental factors significantly influence the risk of developing age-related diseases.  More critically, it highlights that health is shaped by multiple interacting factors.  This has important policy implications, meaning that policies targeting only one or two of these factors will have limited impact on extending healthspan.  The findings support the need for an integrated, multi-faceted approach to prevention and to identify the most influential domains for intervention (smoking, socioeconomic status and deprivation, physical activity, sleep and mental and physical wellness including tiredness, as well as early life exposures including height and body size at 10 years and maternal smoking around birth).

    “The study is rigorously conducted and transparently acknowledges its limitations, which are inevitable in research of this nature.”

    Dr Julian Mutz, King’s Prize Research Fellow at the Social, Genetic & Developmental Psychiatry Centre, King’s College London, said:

    “The study by Argentieri, van Duijn, and colleagues sought to tease apart the relative contributions of environmental exposures (termed the “exposome”) and genetic risk on biological ageing and premature mortality.

    “The authors analysed data from the UK Biobank, a unique resource with a wealth of information on sociodemographic characteristics, health records, genetics and biomarker data from half a million UK residents.

    “They employed a complex analytical design to identify environmental exposures that were independently associated with biological ageing (defined using a proteomic ageing clock that they developed in a previous high-profile study) and mortality, while minimising the risk of reverse causation, confounding and correlation between exposures.  The approach is elegant, though certain assumptions warrant caution.  For example, the finding that many exposures independently associated with mortality (e.g., diet or mental health) were not associated with the proteomic ageing clock (or had an association in the opposite direction) does not necessarily mean that these exposures do not impact ageing biology.

    “Key findings from the study were that a higher income, Asian or Black ethnic background, higher levels of physical activity and living with a partner were associated with lower mortality risk and a protein-predicted age younger than chronological age.  Smoking, living in council housing (reflecting socio-economic status) and the frequency of feeling tired were associated with higher mortality risk and a protein-predicted age older than chronological age.

    “Each of the 25 independent exposures that the authors identified was associated with incident diseases and ageing biomarkers.

    “To investigate the relative contribution of the environmental exposures compared to genetics, the authors calculated polygenic scores for 22 diseases.  Polygenic scores aggregate the small effects of many common genetic variants to estimate an individual’s predisposition to specific traits or diseases.  However, there are several caveats to this approach: first, polygenic scores only capture part of the genetic risk; and second, many environmental exposures also have a genetic component.  The broad headline of the press release that “environmental factors affect health and ageing more than our genes” should be viewed in light of these limitations.

    “One of the most interesting findings from this study is the comparison of the contributions of chronological age and sex (both non-modifiable risk factors), environmental exposures and polygenic scores across several disease endpoints.  For example, for certain diseases (e.g., dementia), genetics appears to be more important.

    “A key implication of the study is that there is a broad range of modifiable risk factors that could be targeted to reduce the risk of premature mortality and age-related disease.  How successful this will be remains to be seen.  We already know much about the health-promoting effects of lifestyle interventions, such as physical activity and smoking cessation, but a significant intention–behaviour gap remains.

    “The authors have, for the most part, carefully highlighted that the observed associations may not be causal.”

    Prof Kevin McConway, Emeritus Professor of Applied Statistics, Open University, said:

    “This new study involves a large dataset, using data from almost half a million participants in the UK Biobank, data on 164 different environmental exposures (using ‘exposure’ in the broad epidemiologists’ sense, from smoking and intake of various foods, to how plump they were at age 10, to their ethnicity) and (for some of them) genetic and blood measures too.  It’s big data, and the researchers use some big-data methods.

    “The aim was to quantify the contributions of environmental exposures and genetics to aging and premature mortality, taking into account many aspects of people’s environment rather than concentrating on a few risk factors determined in advance.

    “The results are interesting, and I think they do support the researchers’ view that we can learn more by looking at many environmental exposures together rather than trying to pick them off one (or a few) at a time.  However, there are some important limitations (as the researchers make clear).

    “It would be easy to dismiss this new research by saying that all they have really found is that, if you want to be healthy in old age, you need to give up smoking, do some exercise and not be poor, and we already knew that.  But that’s not (in my view) the important finding at all.  The important finding is that you get more by looking at more aspects of the environment, if you have enough good data to do that – but that needs careful statistical analysis, including aspects that this study could not do itself.  However I think there are good reasons not to pay too much attention to the exact numerical results in the paper, for reasons I’ll come to.

    “This is an observational study – the UK Biobank researchers did not choose how the participants acted, but only observed and recorded what they said and did.  Like all observational studies, the findings are about correlations and associations, not about cause and effect.  The statistical methods used by the researchers can’t determine whether the associations between exposures and ill health and mortality, that they observed, are there because the exposures cause the ill health and mortality.  They might, or they might not.

    “The way the researchers filtered out exposures that might have showed up as associated with ill health only because they were correlated with other exposures, or because the exposure was actually caused by ill health (reverse causation, as it’s called), does to some extent make it a bit more likely that the associations they mainly report on are ones of cause and effect – but they certainly can’t confirm that they are cause and effect.  The researchers say, in their conclusion, that their results indicate that interventions based on environmental exposures are possibly (my emphasis) the best starting point for improving age-related health, but they add that “future causal modelling [that is, research that specifically looks at cause and effect, which uses different methodology] will be needed to study specific exposures of interest.”

    “In view of these issues about cause, it’s unfortunate that the press release uses a lot of language that implies the associations are indeed reflecting cause and effect.  They talk about the impact of environmental factors on mortality and aging.  If something isn’t causing the ill health, ‘impact’ is the wrong word – if you change a factor that is correlated with ill health but doesn’t cause it, you won’t change the level of ill health.

    “And when the release says that environmental factors explained 17% of the variation in risk of death, compared to less than 2% for genetic predisposition, this is presenting a misleading picture of what is reported in the research paper.  The paper talks about additional mortality variation (in addition to the variation explained by age and biological sex, which are the most important factors, unsurprisingly, along with smoking).  And in this context, statisticians are using ‘variation explained’ to mean something statistically technical that has nothing direct to do with cause and effect, even though it sounds as if it does.

    “There are other important limitations.  The UK Biobank population isn’t typical of the general UK population.  And the exposures were all measured at only one time point, when people first entered the UK Biobank study.  Therefore, even though the UK Biobank is a major study that goes on through time, these findings can’t, for instance, look at the impact on ill health if someone gives up smoking, or becomes wealthier, or changes what they eat.  The researchers emphasise the importance of studying what leads to ill health across the life course, not just at one or a few time points, but like most studies using UK Biobank data, they could not actually do that in this study, beyond looking at some things that participants said about their childhood when they entered the study.

    “There is no implication that the 25 independent environmental factors that were identified in this research are the most important environmental factors, or the only important ones.  The filtering process that removed factors that might have been correlated to strongly with other factors, or might have been liable to reverse causation, may have removed some that were in fact important to health.  (I’m not saying that they should not have been removed, in the light of the overall aims of this study – just that removing them could have led to something being missed.)

    “And obviously the researchers could only take into account environmental exposures that were recorded in the UK Biobank data, and that’s not everything.  The early life exposures, mentioned in the press release and the paper as being important, were actually recorded alongside all the others when people entered the study, so based on what they recalled, and not actually followed up over time.

    “Ideally in a study like that using a big and complicated data set, researchers would model the data statistically using just part of the data set, and then check with the rest of the data set whether the findings hold and are not just a statistical fluke.  These researchers did that, splitting the data on English UK Biobank participants into two and checking the results from one half on the other half, and then checking several aspects of the statistical modelling by validating the results on data from UK Biobank participants in Scotland and Wales.  That’s good, but not ideal, because the Scottish and Welsh participants are likely to be too similar to the English participants to give an independent enough validation.

    “It’s interesting that the research paper says that they sought to validate the findings using a different study based in Rotterdam, which would have been much better than the Scottish and Welsh UK Biobank data.  But they could not do that because the Rotterdam study did not have enough recorded environmental exposures that matched those in the UK Biobank.  They point out that this is likely to be a more widespread problem, because there’s no standard way across different studies of this kind to choose which exposures to record, or how to define them.

    “I have to say that I personally wouldn’t pay too much attention to any of the exact figures on associations that are given in the paper.  That’s partly because of the limitations I’ve mentioned (and the researchers give more limitations in the paper).  But it’s mainly because the data set is big and complicated, and the statistical methods used involved many stages and are complicated.  The researchers had to make a long series of choices on which data to analyse and how to analyse it.  Another team of researchers would not have made the same choices in each case.  That doesn’t mean that this team is wrong and another team would be right – just that there often isn’t a clear best choice to be made.  And other choices would have led to different findings, in terms of the detailed numbers at least.

    “Statisticians sometimes refer to the series of choices of how to analyse a data set, not entirely seriously, as ‘researcher degrees of freedom’.  This study has a lot of researcher degrees of freedom.  The researchers did check out some of their choices by carrying out sensitivity analyses, but that doesn’t get near to dealing with every choice they had to make.  If time and money were no object, it would be very interesting to see what a different research team made of the same data – but in the real world, that’s not going to happen.

    “One final point about the press release.  It says that 23 of the 25 independent environmental factors, identified in the research as contributing to the association between environmental exposure and ill health, ‘are modifiable’.  The research paper says only that they are potentially modifiable.  This sounds like a nit-pick, and maybe it is – but look at the factors (in Figure 2d in the paper, which shows the 25 along with age and biological sex).  Smoking is modifiable, even if it can be hard for individuals to make that modification.  But for some of the others it’s not easy to see what the modification might be.  How do you modify things so that you are living with a partner, if you currently aren’t?  (Living with a partner is associated with better health.)  How do you modify how often you feel fed up, or how often you feel unenthusiastic?  These potential modifications could maybe be done, but saying they are ‘modifiable’ is too much of a simplification.  And it’s certainly important to understand that modifying some of them would be possible only by changes in society – it’s not just a question of individuals choosing what to do.  (It also bears repeating that this study, because of the issues about cause and effect, can’t actually tell us with any certainty whether modifying these facts would actually change health anyway.)”

    Dr Divyangana Rakesh, Lecturer and Researcher in the Department of Neuroimaging, Institute of Psychiatry, Psychology & Neuroscience, King’s College London, said:

    “This study makes clear just how much our environment shapes aging and mortality, and it is not surprising that environmental risk often outweighs genetic risk.  The authors used a rigorous approach to show that while genetics play a role in specific diseases, our environment – from socioeconomic status to lifestyle factors – shapes overall health trajectories in powerful ways.  We see this in developmental research as well, where environmental factors, including socioeconomic status and deprivation, play a crucial role in shaping children’s outcomes.  Findings like these reinforce the urgent need to address environmental determinants of health if we want to support healthy development and aging for everyone.”

    Prof Joyce Harper, Head of the Reproductive Science and Society Group, UCL Institute for Women’s Health, UCL, said:

    “This extensive study systematically examined environmental factors linked to aging using data from the UK Biobank.  The researchers conducted an exposome-wide analysis of all-cause mortality in a cohort of 492,567 individuals and investigated how these exposures influenced a proteomic age clock.  Their findings identified 25 independent environmental factors associated with both mortality risk and proteomic aging.

    “It is so great to see this brilliant study from Oxford Population Health.  In today’s society, so many are trying to get a quick fix to improve health and longevity, but this study and others are showing the importance of our lifestyle and environment on healthy aging.  It is the first study to show how the combined effect of individual exposures affects us through the life course.  I hope people are listening.”

    ‘Integrating the environmental and genetic architectures of aging and mortality’ by M. Austin Argentieri et al. was published in Nature Medicine at 10.00am UK time on Wednesday 19 February 2025.

    DOI: 10.1038/s41591-024-03483-9

    Declared interests

    Prof Felicity Gavins: “No conflicts.”

    Prof Frances Flinter: “No CoI.”

    Prof Ilaria Bellantuono: “I am funded by the Michael J Fox Foundation, Dunhill Medical Trust.  I co-lead UkAgeNet (https://ukagenet.co.uk/ ) and I am co-director of the Healthy Lifespan Institute.”

    Dr Julian Mutz: “I report no conflicts.”

    Prof Kevin McConway: “Previously a Trustee of the SMC and a member of its Advisory Committee.”

    Dr Divyangana Rakesh: “I have no conflicts of interest to declare.”

    Prof Joyce Harper: “No conflicts. I am writing a book on health and happiness over 50 but I do not think that conflicts.”

    For all other experts, no reply to our request for DOIs was received.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Is lifestyle or genetics more important for age-related diseases?

    Source: United Kingdom – Executive Government & Departments

    A new study led by researchers from Oxford Population Health at the University of Oxford has investigated whether lifestyle and other environmental factors (the ‘exposome’) have a smaller or bigger impact on health and premature death than our genes.

    The study uses data from UK Biobank, and the researchers have developed a new ‘ageing clock’ – a method to estimate how quickly people are ageing biologically based on levels of proteins in their blood.  They then use this to see which environmental factors might be linked with biological ageing.

    The study will be published in Nature Medicine and looks at 164 environmental factors and 22 diseases of ageing.

    Journalists dialed into this briefing to hear from some of the authors of the study and to ask your questions.

    Speakers included:

    Prof Cornelia van Duijn, senior author of the paper and St Cross Professor of Epidemiology at Oxford Population Heath, University of Oxford

    Dr Austin Argentieri, lead author of the study at Oxford Population Health, and Research Fellow at Massachusetts General Hospital, and Broad Institute

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  • MIL-OSI United Kingdom: Campaign launched to highlight tenants’ rights

    Source: Scottish Government

    Raising awareness of how to access support.

    A campaign to increase awareness of tenants’ rights was launched today by Housing Minister Paul McLennan. This includes information about where renters can to go to access help and advice.

    Tenants in Scotland have some of the strongest rights in the UK which include:

    • the right to ask for a review of a rent increase and for landlords to give the correct notice period before increasing rent
    • protection from illegal evictions or being asked to leave a property without proper notice
    • the right to a rented home that is maintained to an acceptable standard.

    Speaking on his visit to Citizens Advice Scotland in Edinburgh, Mr McLennan said:

    “People who rent their homes in Scotland already have strong rights when it comes to rent rises, maintenance and repairs and evictions. This campaign is important to make sure we increase awareness of these rights. 

    “We also want to highlight the end of the temporary change to rent adjudication on 31 March. This was put in place to support the transition back to market rent following the temporary cap on rents under the Cost of Living Act.

    “Under existing legislation most private tenants continue to have the right to seek a review of a rent increase and I would encourage any tenant who is concerned about this to apply.

    “We’re also taking forward measures in the Housing Bill to address the need for longer term action on rent control and strengthen tenants’ rights where it’s needed.”

    Citizens Advice Scotland spokesperson Aoife Derry said:

    “A safe, secure home is foundational to people’s lives. We see thousands of people coming to our local bureaux seeking advice because they are struggling to afford their rent, as well as landlords who need support.

    “The Scottish CAB network is here to help with free confidential advice for anyone who needs it. We need to see a rented sector that works for everyone, where everyone knows their rights and responsibilities, and clear information and access to redress when things go wrong.

    “Scotland deserves a rented sector that works for everyone, so that more people can stay in their homes.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Ukraine must have a central role in shaping its future: UK Statement to the OSCE

    Source: United Kingdom – Government Statements

    Politico-Military Counsellor Ankur Narayan says that the UK’s priority is to ensure Ukraine is in the strongest possible position for negotiations.

    Thank you, Mr Chair. The UK’s commitment to supporting Ukraine is unwavering. Our support is not only about providing military assistance, which remains crucial in ensuring Ukraine’s ability to defend itself, but also about standing by Ukraine as it seeks a just and lasting peace. As we take stock, it seems timely to reiterate the importance of the principles of the Helsinki Final Act.

    Principle I includes the phrase: ‘Sovereign equality, respect for the rights inherent in sovereignty, including the right to belong or not to belong to international organisations.’

    On 14 February the Prime Minister yet again reaffirmed the UK’s commitment to Ukraine’s irreversible path to NATO and has since called for ongoing support from Allies, as agreed at the Washington Summit last year. Ukraine’s aspiration to join NATO reflects its desire for security and recognition of shared values on democracy, rule of law, and human rights. The UK believes Ukraine’s NATO membership would strengthen the Alliance and contribute to European stability and security. NATO has shown its commitment to Ukraine’s security through military support, training, and intelligence-sharing, and remains determined to assist Ukraine in defending its sovereignty and territorial integrity.

    Principle III includes the phrase: ‘Inviolability of frontiers. States will refrain from any demand for, or act of, seizure and usurpation of part or all of the territory of any participating State.’

    Principle IV includes the phrase: ‘Territorial integrity of States. States will refrain from making each other’s territory the object of military occupation or other measures of force in contravention of international law. No such occupation or acquisition will be recognized as legal.’

    We all want to reach a durable peace as soon as possible, no one more so than Ukraine. Russia could end this war tomorrow, if Russia chose to respect Ukraine’s sovereignty and withdraw its troops.  A just and lasting peace is only possible if we continue to show strength and provide Ukraine with the support it needs to defend itself against continued Russian aggression.  The UK stands firmly with Ukraine in its struggle for freedom, sovereignty, and security.

    Principle V includes the phrase: ‘Peaceful settlement of disputes. States will use means such as negotiation, enquiry, mediation, conciliation, arbitration, judicial settlement, or other peaceful means of their choice, including any settlement procedure agreed to in advance of disputes to which they are parties.’

    We understand that peace cannot be achieved through force alone but through a comprehensive, diplomatic process that respects the rights and aspirations of the Ukrainian people. And we must be clear that peace cannot come at any cost. It is vital that Ukraine’s voice is at the heart of any talks. President Zelensky and the Ukrainian people have shown the most extraordinary resilience. This is why the UK continues to work closely with its allies to ensure Ukraine is in the strongest possible position for legitimate negotiation when the time comes.

    Peace comes through strength. This is the moment for us all to step up – and the PM has made clear that the UK will do so, because it is the right thing to do for the values we hold dear, and because it is fundamental to our own national security. Ukraine needs strong security guarantees, further lethal aid, and a sovereign future. The UK is ready to play a leading role in accelerating work on security guarantees for Ukraine. This includes further support for Ukraine’s military – where the UK has already committed £3 billion a year until at least 2030.

    In closing, it is critical to note that Ukraine is still fighting with immense courage. Our priority is to ensure Ukraine is in the strongest possible position for negotiations, and we believe Ukraine’s future is in NATO, as a member of a secure and stable Europe. The UK remains resolute in its belief that Ukraine must have a central role in shaping its future. This illegal war instigated by Russia can end only when Russia chooses to withdraw its forces and cease its unlawful aggression, allowing Ukraine to chart its own course free from external threats. At this crucial moment, we will not step back but step up our support to Ukraine. Thank you, Mr. Chair.

    Updates to this page

    Published 19 February 2025

    Invasion of Ukraine

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Stoke-on-Trent and Staffordshire unveil new vision for better transport in the region

    Source: City of Stoke-on-Trent

    Published: Wednesday, 19th February 2025

    Stoke-on-Trent is set to give the green light to an ambitious vision of better transport across the city and wider county.

    The document – called the Joint Strategic Transport Statement – has been drawn up by senior leaders from Stoke-on-Trent City Council and Staffordshire County Council.

    It sets out a series of shared priorities that include:

    • Improving public transport – through greater rail capacity, a joined-up approach to growing bus use and regional integrated ticketing
    • Supporting zero-emission infrastructure – through measures including decarbonising bus and taxi fleets and increasing access to residential EV charging
    • Making the road network more efficient and safe – by maintaining and enhancing key road corridors, prioritising road safety through better design and enforcement and better management of traffic flows
    • Promoting active travel – by, for example, developing area cycle networks, improving active travel routes and delivering housing in locations that enable walking, wheeling and cycling
    • Investing in digital connectivity and modernisation – such as smart traffic management systems, better real-time travel information, and sharing data.

    Priority projects include a Bus Rapid Transport network across North Staffordshire, multi-modal upgrades of the A52 and A53 and a package of rail station improvements that includes Stoke-on-Trent and potential new stations at Meir and Etruria.

    Other projects include new mobility hubs for places without fixed bus services, a connected and segregated cycle network making use of the region’s extensive canal paths, an upgrade of junction 15 of the M6 and a bus-only link road at Newport Lane, which will help to open up job and economic opportunities at Etruria Valley.

    The statement also calls for “substantial” capacity and service improvements on the West Coast Main Line following the cancellation of the second phase of HS2. That would include more services stopping at Stoke-on-Trent and Staffordshire stations.

    And it makes the environmental as well as economic case for enhanced public transport – noting that 40 per cent of carbon from trips into, out of, and inside Staffordshire are from trips of under 10 miles.

    Councillor Finlay Gordon-McCusker, Stoke-on-Trent City Council’s cabinet member for transport, infrastructure and regeneration, said: “We’re already getting on with the job of improving transport in Stoke-on-Trent. Our Bus Service Improvement Plan has reduced fares and introduced new routes and technology to prioritise buses at key junctions – and our Transforming Cities Fund project is delivering major upgrades at Stoke-on-Trent Railway Station, which will make a real difference to passengers.

    “But we can’t afford build walls at our borders. The challenges we face – whether it’s fixing our roads, improving rail links, or making public transport a better option for more people – don’t stop at the city limits. If we want real progress, we need to work closely with our neighbours and push together for the investment we need.

    “That’s what this Joint Strategic Transport Statement is about. Devolution is a chance to take control of our own future, but it only works if we work together – and we will work together to get things done.

    “By strengthening our partnerships with Staffordshire County Council, transport operators and government, we can deliver a transport system that actually works for people – one that’s reliable, sustainable, and fit for the future. And when we do that, we don’t just improve transport, we unlock new jobs, attract investment and help Stoke-on-Trent and Staffordshire grow.”

    Staffordshire County Council’s cabinet member for strategic highways Mark Deaville said: “Our joint transport statement sets out a vision for Staffordshire and Stoke-on-Trent where we recognise that networks and operations span administrative borders.

    “Through close collaboration and by pooling our resources and knowledge, we can work effectively with central government and other key organisations, attracting the investment needed to improve transport corridors and both local and regional services.

    “We’re committed to creating an efficient and sustainable transport system for Staffordshire and Stoke-on-Trent. This will increase opportunities for our communities, boost economic growth and support carbon reduction, whilst optimising our central location and existing connectivity.”

    The Joint Strategic Transport Statement will be discussed at a Stoke-on-Trent City Council cabinet meeting on Tuesday 25 February.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: University takes leading role in boosting UK hydrogen distribution network A project that will help establish a sustainable distribution network of hydrogen in Scotland and across the UK has got underway at the University of Aberdeen.

    Source: University of Aberdeen

    New Materials and Methods for Hydrogen Transportation and Storage: Repurposing the Economic Future of the North Sea (MHYSTIC) will see existing energy asset and skills used to develop a suite of innovations that will boost the UK’s hydrogen distribution network.A project that will help establish a sustainable distribution network of hydrogen in Scotland and across the UK has got underway at the University of Aberdeen.
    Led by a team of researchers at the University of Aberdeen with expertise in chemical, mechanical and materials engineering along with economic analysis for field applications in geological settings, the MHYSTIC project is one of 10 selected by the UK-HyRES Flexible Fund to advance hydrogen and alternative liquid fuels technologies.
    The projects represent a broad spectrum of groundbreaking research, each aligned with the mission to accelerate the UK’s hydrogen transition and drive impactful scientific innovation. Collectively, nearly £3 million in funding has been awarded, enabling pioneering studies across multiple institutions and disciplines.
    New Materials and Methods for Hydrogen Transportation and Storage: Repurposing the Economic Future of the North Sea (MHYSTIC) will see existing energy asset and skills used to develop a suite of innovations that will boost the UK’s hydrogen distribution network.
    With support from international collaborators at the Lithuanian Energy Institute, industry partners including Aberdeen Renewable Energy Group, ABL Group, the European Marine Energy Centre, the Net Zero Technology Centre, John Lawrie Group, Statera Energy and  Dräger Ltd will also play a crucial role in developing and disseminating outputs from the project.

    The characterisation methods and models will reveal detailed mechanisms of H2 adsorption and material failure at a granular level, which will result in stepwise advances in knowledge with high academic impact and will help implement hydrogen economies in Scotland and the UK.” Project lead Dr Alfonso Martinez-Felipe

    “MHYSTIC is one of the only 10 projects funded in this first round of applications and will have research, commercial and societal impacts by transferring its innovations to productive actors involved in the project,” explained project lead Dr Alfonso Martinez-Felipe from the University’s School of Engineering.
    “The characterisation methods and models will reveal detailed mechanisms of H2 adsorption and material failure at a granular level, which will result in stepwise advances in knowledge with high academic impact and will help implement hydrogen economies in Scotland and the UK.”
    Dr Martinez-Felipe is joined by colleagues Dr Amin Sharifi, Dr M. Amir Siddiq, Dr Marcin Kapitaniak and Dr Mehmet Kartal, all from the School of Engineering; and Professor John Underhill, Director of the Interdisciplinary Center for Energy Transition at the University of Aberdeen.
    “Being the smallest molecule, hydrogen is prone to leakage. It also embrittles steel,” said Professor Underhill. “Consequently, it’s essential to find new materials for hydrogen’s safe and secure storage and transportation if it is to play a role in the energy transition, something this research will address.”
    UK-HyRES aims to define and tackle the research challenges blocking the wider use of low carbon fuels in the UK – funded by UK Research and Innovation (UKRI) through the Engineering and Physical Sciences Research Council (EPSRC). The project is expected to run for 2.5 years.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Council to Launch a New Support Service to Help Keep Families Together

    Source: City of Liverpool

    Liverpool City Council and its partner agencies are set to introduce a transformative way of working to help families recovering from drug and alcohol addiction and who are receiving specialist care.  

    The Family Drug and Alcohol Court (FDAC) offers an alternative to the family court process by providing parents with specialised support to address the root causes of substance misuse. This approach helps families create a healthier, more stable future.

    Set to launch in April 2025, Liverpool will establish its own FDAC service at the Liverpool Civil and Family Court. 

    The Council’s Children’s and Public Health teams will work with partner agencies, including CAFCASS to develop a dedicated team of professionals, with the expert guidance of HHJ Parker, the Designated Family Judge for Cheshire and Merseyside, who has been a strong advocate for establishing FDAC for Liverpool families.

    This team will specialise in substance use, mental health, domestic abuse, and child protection, ensuring comprehensive assistance to families who are under specialist care.

    Parents will receive help and guidance to abstain from drugs and alcohol and are also provided with advice, treatment, and assistance in understanding and addressing any underlying issues.

    Families are also supported in fostering stronger relationships and developing a lifestyle that prioritises children’s needs. 

    The Council has seen a significant increase in care applications, with a 55% rise in cases from January to July 2024. 

    Nationally parental use of drugs and alcohol is estimated to be involved in two-thirds of care applications, making it a leading cause of child neglect and abuse.  

    The introduction of FDAC will help address these challenges by ensuring families receive the right support at the right time, ultimately aiming to reduce the number of children entering care. 

    Evidence from national research shows the effectiveness of FDACs: 

    • 52% of children with a primary carer in FDAC care proceedings were reunified, compared to 12.5% in non-FDAC cases. 
    • FDAC parents are more likely to sustain abstinence from substance use long-term, reducing the likelihood of repeat care proceedings. 
    • FDAC interventions lead to fewer contested hearings and shorter court proceedings, generating cost savings for local authorities and the judicial.

    Councillor Liz Parsons, Cabinet Member for Children and Young People’s Services, said: “Our children and young people deserve the best start in life, which means growing up in safe, stable, and loving homes. Introducing the Family Drug and Alcohol Court model represents a significant step forward in helping families overcome substance misuse challenges.  

    “By addressing the underlying causes that put families at risk, we’re providing them the opportunity to stay together and thrive. This approach not only eases pressure on the courts and vital services but, most importantly, puts our families’ needs first.” 

    Jenny Turnross Corporate Director of Children’s Services said: “The introduction of the Family Drug and Alcohol Court offers a real opportunity to give parents the support they need to turn their lives around. There is strong evidence that FDAC increases the chances of children being reunified with their parents. Additionally, parents in FDAC are more likely to achieve abstinence from substances by the end of proceedings.

    “By working closely with our partners, families can receive the wrap-around care they need to stay together and build a more stable future. We will continue to monitor outcomes to ensure the best possible support for families in our community.”

    Designated Family Judge for Cheshire and Merseyside, HHJ Steven Parker, said: “The establishment of the Family Drug and Alcohol Court (FDAC) in Liverpool represents a major achievement for the family justice system in this great city, and the realisation of a personal ambition as Designated Family Judge.

    “The intensive programme, run by a multi-disciplinary team, helps families affected by the complex challenges presented by the damaging effects of drug and alcohol abuse, domestic abuse, and mental health problems. We know this problem-solving approach works and gives families the best chance of staying together or being re-united, when it is safe and in the best interests of the children to do so.”

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  • MIL-OSI United Kingdom: Plantings replace storm-affected trees

    Source: Scotland – City of Dundee

    Dundee City Council is undertaking a widespread programme to plant trees in city greenspaces replacing those affected by recent storms.

    This year, 6500 whips are to be planted at mostly storm-damaged areas including Templeton Woods and Camperdown Park, following the impact of Storm Éowyn and other recent weather-related events.

    The native species trees have been acquired through funding from charity Trees for Cities and, so far this year, over 2000 have been planted with the help of over one hundred volunteers.

    Climate, Environment & Biodiversity Convener Cllr Heather Anderson said: “Trees are so special and it’s always distressing when we lose trees to storms. However, this is a great initiative involving the whole community and hopefully these new plantings will thrive, and everyone involved will check on their growth over the coming years.”

    An event also took place recently at the city’s Baxter Park which saw the re-planting of same species trees through funding support from Trees for Cities. This initiative will see twenty trees planted at Baxter Park this year, with plans for a further twenty-three in 2026.

    Cllr Heather Anderson added: “Sadly, Baxter Park lost several of its grand trees in the storms of the last few years. Some of these were part of the original planting when the park was first created and gifted to the people of Dundee by the Baxter family away back in 1863.

    “With support from Trees for Cities, the Council’s Countryside Ranger Service have worked with the Forestry Section to support the community to undertake this planting to regenerate the tree coverage in this much-loved park.

    “Scouts and parents from 7th Scout Group Dundee planted the first tree, with support from Stobswell Forum and the Friends of Baxter Park. It’s been a truly collaborative effort.”

    More tree planting events will be taking place throughout 2025 with some open to volunteers from the public to take part. The details of upcoming plantings can be found on the Dundee Countryside Ranger Service’s Facebook page.

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  • MIL-OSI United Kingdom: Mayor to be grilled on final budget for 2025-26

    Source: Mayor of London

    The Mayor is responsible for overseeing a budget of over £20 billion, and published his final Draft Consolidated Budget for 2025-26 on Monday 17 February.1

    Key changes from the original draft Consolidated Budget published last month include:

    • Gross additional funding of £130m, however £26m of this has been allocated to cover the additional NI costs introduced by the Government on all employees across the Greater London Authority (GLA) Group in the Autumn 2024 Budget, which has not been covered by further funding.
    • The additional funding is mainly from further Government funding for policing of £73m, business rates £39m, and council tax £14m.
    • The policing funding includes a one-off grant of £50m in 2024-25 that will be carried forward to spend in 2025-26.
    • The majority of the additional funding has been allocated to the Mayor’s Office for Policing and Crime (MOPAC) which receives £83m.

    MOPAC has announced a projected net reduction of 1,479 officers by March 2026 and cuts to the Mounted branch, Dogs unit and closure of the Royal Parks Operational Command Unit. However, further calculations will be made to reflect the additional £83m announced in the Mayor’s final Draft Consolidated Budget.2

    Tomorrow, the London Assembly Budget and Performance Committee will meet to question the Mayor on his final draft budget.

    Guests include:

    • Sir Sadiq Khan, Mayor of London
    • David Bellamy, Mayor’s Chief of Staff
    • Fay Hammond, Chief Finance Officer, GLA

    The meeting will take place on Thursday 20 February from 10am, in the Chamber at City Hall, Kamal Chunchie Way, E16 1ZE.

    Media and members of the public are invited to attend.

    The meeting can also be viewed LIVE or later via webcast or YouTube.

    Follow us @LondonAssembly.

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  • MIL-OSI Security: Two men arrested on suspicion of murder following stabbing in Hackney

    Source: United Kingdom London Metropolitan Police

    Officers investigating the murder of a 20-year-old man in Hackney have arrested two men on suspicion of murder.

    Police were called to reports of an altercation in Bodney Road, E5 at 17:59hrs on Tuesday, 18 February. Sadly, despite the best efforts of officers and the London Ambulance Service, the man was pronounced dead at the scene after suffering a stab wound.

    Officers arrested a 25-year-old man and a 23-year-old man later that evening on suspicion of murder. They remain in police custody.

    Detective Superintendent Vicky Tunstall, leading the investigation in Hackney, said:

    “Our thoughts are with the young man’s family at this incredibly difficult time. I am grateful to the people of Hackney for their patience while we conduct our enquiries, we know this is a distressing time for residents and they can expect to see an increased police presence in the area.

    “While we have made initial arrests, there is still work to be done to build a bigger picture, and our investigation is still in the early stages.

    “If anyone has any information – particularly dashcam, doorbell or phone footage in Bodney Road from 17:30hrs – I would urge them to contact us via 101 quoting 5635/17FEB. Alternatively you can contact the independent charity Crimestoppers anonymously on 0800 555 111.”

    A crime scene will remain in place around Bodney Road, E5 until the forensic teams concludes an examination of the area.

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