Category: Europe

MIL-OSI Russia: IMF Executive Board Concludes the 2025 Article IV Consultation with the Republic of Serbia and Completes the First Review Under the Policy Coordination Instrument

Source: IMF – News in Russian

June 30, 2025

Serbia’s prudent macroeconomic policies have supported economic resilience in an uncertain global environment. After a brief slowdown in early 2025, growth is expected to reaccelerate in 2026 and 2027.
The authorities are maintaining fiscal discipline and implementing macro-critical structural reforms under the Policy Coordination Instrument, having completed the first review. While Serbia faces domestic and external uncertainties, it has built strong buffers to withstand potential shocks.
Reinvigorating reforms to improve the business environment and governance would help sustain Serbia’s strong growth over the medium term.

Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the 2025 Article IV Consultation with the Republic of Serbia and completed the first review of Serbia’s performance under the Policy Coordination Instrument (PCI).[1] The authorities have consented to the publication of the Staff Report prepared for the consultation and the review.[2]

Serbia’s macroeconomic performance remains resilient amid a challenging global environment. IMF staff projects real GDP growth at 3 percent in 2025, rising to 4 percent in 2026 and 4.5 percent in 2027. Headline inflation has returned to National Bank of Serbia’s target band (3 percent +/-1.5 percentage points), driven by declining energy prices and moderating core inflation. The monetary policy stance is appropriately restrictive.

Despite increased public investment, the fiscal deficit remains under control due to strong revenue performance and prudent management of current spending. While the current account deficit has widened, reflecting higher imports supporting the public investment drive and weak external demand, international reserves remain ample.

Fiscal structural reforms are progressing, including in further strengthening public financial management and public investment management. Energy sector reforms are also advancing but more remains to be done to ensure financial sustainability and operational efficiency in state-owned energy enterprises. Reinvigorating reforms to strengthen the business environment and improve governance is important for supporting Serbia’s growth rates over the medium term.

Downside risks to the outlook are elevated. A global slowdown and further geoeconomic fragmentation could weigh on exports and foreign direct investment. Domestically, heightened political tensions could erode consumer and investor confidence. But Serbia is well-positioned to manage potential shocks— international reserves and government deposits are high, public debt is declining, and banks are well-capitalized and liquid.

At the conclusion of the Board discussion on the Republic of Serbia, Ms. Gita Gopinath, First Deputy Managing Director, made the following statement:

“Serbia’s prudent macroeconomic policies and strong engagement with the IMF have delivered impressive results. Growth has been resilient, and fiscal and external buffers have strengthened. Reflecting these accomplishments, Serbia received its first-ever investment grade sovereign rating in 2024. Under the Policy Coordination Instrument (PCI), the Serbian authorities have continued their commitment to sound economic policies and structural reforms.

“In light of easing inflation and heightened domestic and external challenges, the planned fiscal expansion focused on growth-enhancing investment, can help cushion the near-term slowdown while boosting medium-term growth. Fiscal policy anchored to the deficit target, which safeguards hard-earned fiscal credibility and contains pressures on current spending, is critical. As the current investment cycle winds down, gradual fiscal consolidation is needed to rebuild buffers against external shocks. Advancing fiscal structural reforms remains essential, particularly to strengthen public financial management, enhance governance and transparency in public investment management, and address emerging fiscal risks.

“A restrictive monetary policy stance remains appropriate until disinflation is firmly sustained. While banks have been resilient and systemic risks remain contained, financial intermediation would benefit from additional improvements in regulatory and supervisory frameworks, including by closer alignment with EU standards. Continued progress on strengthening AML/CFT is also important.

“Further energy reforms remain crucial for securing sustainable and stable energy supplies. Increases in grid fees and electricity tariffs would improve cost recovery and the financial strength of energy state-owned enterprises and allow for investment in a more diversified and less carbon-intensive energy mix.

“Serbia faces medium-term challenges including from population aging. Enhancing productivity will be critical to sustaining income convergence with advanced economies. This will require structural and governance reforms to attract higher value-added FDI and domestic private investment to support growth. Improving the business environment will require measures to enhance commercial judicial frameworks, foster innovation, and strengthen governance.”

Executive Board Assessment[3]

Executive Directors agreed with the thrust of the staff appraisal. They commended Serbia’s prudent macroeconomic policies and strong commitment to reforms and welcomed the satisfactory performance under the Policy Coordination Instrument. Noting the heightened domestic and external risks to the outlook, Directors emphasized the importance of sustaining fiscal discipline, rebuilding buffers to shocks, and increasing productivity to support more sustainable growth.

Directors underscored that a fiscal deficit of 3.0 percent of GDP or lower would allow for priority investment spending, while preserving hard won credibility. They recognized the authorities’ commitment to adhere to the wage and pension special fiscal rules, which should help to keep public debt firmly on a downward path and support investor confidence. Directors welcomed the focus on ensuring transparent, accountable, and efficient government operations. Measures to improve public financial and investment management and fiscal risk management will help to maintain fiscal discipline, while ensuring the delivery of quality public investment. Directors also underscored the need to strengthen tax administration capacity. They welcomed the authorities’ commitment to addressing domestic arrears and preventing the accumulation of new arrears.

Directors agreed on the need to maintain a monetary policy tightening bias to achieve sustained disinflation. While noting that the banking sector has been resilient and systemic risks remain contained, Directors stressed the need for continued efforts to enhance regulatory and supervisory frameworks, including through closer alignment with EU standards. Continued efforts to strengthen AML/CFT frameworks are also important.

Directors highlighted that energy sector reforms remain essential to secure sustainable and stable energy supplies and support decarbonization. Accordingly, they welcomed the authorities’ commitment to strengthen the financial viability of energy state owned enterprises and support investment in a more diversified energy mix. In this regard, ensuring cost recovery through increased household electricity tariffs is important.

Directors agreed that ambitious structural and governance reforms are critical to achieving strong and sustainable medium term growth. Noting the impact of the aging population, Directors stressed the need to enhance employment opportunities for women and youth and to ensure better matching of skills with evolving labor market demands. They also supported intensified efforts to improve the business environment, including by enhancing commercial judicial frameworks, fostering innovation, and improving governance. Continued efforts to reduce corruption are important.

It is expected that the next Article IV consultation with the Republic of Serbia will be held on the 24-month cycle.

Serbia: Selected Economic and Social Indicators, 2024–27

	2024	2025		2026		2027
	Est.	PCI Request	Proj.	PCI Request	Proj.	PCI Request	Proj.
Output
Real GDP growth (%)	3.8	4.2	3.0	4.2	4.0	4.5	4.5

Employment
Unemployment rate (labor force survey) (%)	8.6	8.5	8.5	8.4	8.4	8.3	8.3

Prices
Inflation (%), end of period	4.3	3.4	3.3	3.3	3.2	3.2	3.2

General Government Finances
Revenue (% GDP)	40.9	41.2	40.9	40.9	40.4	40.9	40.1
Expenditure (% GDP)	42.9	44.2	43.9	43.9	43.4	43.9	43.1
Fiscal balance (% GDP)	-2.0	-3.0	-3.0	-3.0	-3.0	-3.0	-3.0
Public debt (% GDP)	47.5	47.7	46.8	46.9	46.5	46.4	46.4

Money and Credit
Broad money, eop (% change)	13.6	8.0	7.8	7.8	8.0	8.3	8.8
Credit to the private sector, eop (% change) 1/	8.5	7.9	9.3	5.7	9.6	9.2	10.5

Balance of Payments
Current account (% GDP)	-4.7	-5.1	-5.4	-5.2	-5.6	-5.5	-4.5
FDI (% GDP)	5.6	5.1	4.4	4.8	4.8	4.7	4.4
Reserves (months of prospective imports)	7.3	6.6	7.0	6.3	6.5	5.9	6.5
External debt (% GDP)	61.9	60.3	61.3	58.7	59.3	55.9	54.8

Exchange Rate
REER (% change)	2.3	…	…	…	…	…	…

Sources: Serbian authorities and IMF staff estimates. 1/ Calculated at a constant exchange rate to exclude the valuation effects.

[1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

[2] Under the IMF’s Articles of Agreement, publication of documents that pertain to member countries is voluntary and requires the member consent. The staff report will be shortly published on the www.imf.org/Serbia page.

[3] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Camila Perez

Phone: +1 202 623-7100Email: MEDIA@IMF.org

https://www.imf.org/en/News/Articles/2025/06/30/pr-25228-serbia-imf-concludes-2025-art-iv-consult-completes-1st-rev-policy-coor-instrument

MIL OSI

MIL OSI Russia News –

July 1, 2025

MIL-OSI: Ellomay Capital Reports Results for the Three Months Ended March 31, 2025

Source: GlobeNewswire (MIL-OSI)

TEL-AVIV, Israel, June 30, 2025 (GLOBE NEWSWIRE) — Ellomay Capital Ltd. (NYSE American; TASE: ELLO) (“Ellomay” or the “Company”), a renewable energy and power generator and developer of renewable energy and power projects in Europe, USA and Israel, today reported its unaudited interim consolidated financial results for the three month period ended March 31, 2025.

Financial Highlights

Total assets as of March 31, 2025 amounted to approximately €721.2 million, compared to total assets as of December 31, 2024 of approximately €677.3 million.
Revenues for the three months ended March 31, 2025 were approximately €8.9 million, compared to revenues of approximately €8.2 million for the three months ended March 31, 2024.
Profit for the three months ended March 31, 2025 was approximately €6.8 million, compared to loss of approximately €4.9 million for the three months ended March 31, 2024.
EBITDA for the three months ended March 31, 2025 was approximately €2.9 million, compared to EBITDA of approximately €1.6 million for the three months ended March 31, 2024. See below under “Use of Non-IFRS Financial Measures” for additional disclosure concerning EBITDA.

Financial Overview for the Three Months Ended March 31, 2025

Revenues were approximately €8.9 million for the three months ended March 31, 2025, compared to approximately €8.2 million for the three months ended March 31, 2024. The increase in revenues mainly results from revenues generated from our 19.8 MW and 18.1 MW Italian solar facilities that were connected to the grid in February-May 2024 and in January 2025, respectively.
Operating expenses were approximately €4.6 million for the three months ended March 31, 2025, compared to approximately €4.6 million for the three months ended March 31, 2024. Depreciation and amortization expenses were approximately €4.2 million for the three months ended March 31, 2025, compared to approximately €4.1 million for the three months ended March 31, 2024.
Project development costs were approximately €1 million for the three months ended March 31, 2025, compared to approximately €1.4 million for the three months ended March 31, 2024. The decrease in project development costs is mainly due to projects that reached “ready to build” status, which results in the commencement of the capitalization of expenses related to such projects into fixed assets.
General and administrative expenses were approximately €1.7 million for the three months ended March 31, 2025, compared to approximately €1.6 million for the three months ended March 31, 2024.
The Company’s share of profits of equity accounted investee, after elimination of intercompany transactions, was approximately €1.2 million for the three months ended March 31, 2025, compared to approximately €1.3 million for the three months ended March 31, 2024.
Other income was approximately €0.2 million for the three months ended March 31, 2025, compared to €0 for the three months ended March 31, 2024. The income during the three months ended March 31, 2025 was recognized based on insurance compensation in connection with the fire near the Talasol and Ellomay Solar facilities in Spain in July 2024 due to loss of income in 2025.
Financing income, net, were approximately €7.2 million for the three months ended March 31, 2025, compared to financing expenses of approximately €3.3 million for the three months ended March 31, 2024. The change in financing expenses, net, was mainly attributable to higher income resulting from exchange rate differences that amounted to approximately €10.7 million for the three months ended March 31, 2025, compared to loss from exchange rate differences of approximately €0.6 million for the three months ended March 31, 2024, an aggregate change of approximately €11.3 million. The exchange rate differences were mainly recorded in connection with the New Israeli Shekel (“NIS”) cash and cash equivalents and the Company’s NIS denominated debentures and were caused by the 5.9% devaluation of the NIS against the euro during the three months ended March 31, 2025, compared to a revaluation of 0.8% during the three months ended March 31, 2024. The increase in financing income for the three months ended March 31, 2025 was partially offset by an increase in financing expenses of approximately €0.9 million in connection with derivatives and warrants for the three months ended March 31, 2025, compared to the three months ended March 31, 2024.
Tax benefit was approximately €0.9 million for the three months ended March 31, 2025, compared to tax benefit of approximately €0.8 million for the three months ended March 31, 2024.
Loss from discontinued operation (net of tax) was €0 for the three months ended March 31, 2025, compared to a loss from discontinued operation (net of tax) of approximately €0.3 million for the three months ended March 31, 2024.
Profit for the three months ended March 31, 2025 was approximately €6.8 million, compared to loss of approximately €4.9 million for the three months ended March 31, 2024.
Total other comprehensive loss was approximately €4.9 million for the three months ended March 31, 2025, compared to total other comprehensive income of approximately €12 million in the three months ended March 31, 2024. The change in total other comprehensive income (loss) is primarily as the result of foreign currency translation adjustments due to the change in the NIS/euro exchange rate and by changes in fair value of cash flow hedges, including a material decrease in the fair value of the liability resulting from the financial power swap that covers approximately 80% of the output of the Talasol solar plant (the “Talasol PPA”). The Talasol PPA experienced a high volatility due to the substantial change in electricity prices in Europe. In accordance with hedge accounting standards, the changes in the Talasol PPA’s fair value are recorded in the Company’s shareholders’ equity through a hedging reserve and not through the accumulated deficit/retained earnings. The changes do not impact the Company’s consolidated net profit/loss or the Company’s consolidated cash flows.
Total comprehensive income was approximately €1.9 million for the three months ended March 31, 2025, compared to total comprehensive income of approximately €7.1 million for the three months ended March 31, 2024.
EBITDA was approximately €2.9 million for the three months ended March 31, 2025, compared to approximately €1.6 million for the three months ended March 31, 2024.
Net cash from operating activities was approximately €0.3 million for the three months ended March 31, 2025, compared to approximately €1.2 million for the three months ended March 31, 2024.
On February 16, 2025, the Company issued in an Israeli public offering an aggregate principal amount of NIS 214,479,000 of newly issued Series G Debentures, due December 31, 2032. The net proceeds of the offering, net of related expenses such as consultancy fee and commissions, were approximately NIS 211.7 million (approximately €56.7 million as of the issuance date).

CEO Review for the First Quarter of 2025

In the first quarter, the Company’s revenues amounted to €8.9 million, an increase of approximately 9% in revenues compared to the corresponding quarter last year. These revenues do not include the Company’s share of Dorad’s revenues. The Company presented an increase of approximately 81% in EBITDA compared to the corresponding quarter last year (€2.9 million compared to €1.6 million in the corresponding quarter last year). The Company’s first quarter is a winter quarter and is characterized by low production and revenues compared to the other quarters of the year.

In the first half of 2025, the Company recorded significant progress in the start of construction and connection to the grid of new projects, which are expected to contribute to revenue growth in the near future.

In Italy – Financing agreements were signed for solar projects with a total capacity of 198 MW (of which 38 MW are already connected to the electricity grid), and a transaction was signed and consummated with Clal Insurance to enter as a partner (49%) in the aforementioned 198 MW. Construction work on 160 MW has begun and construction is progressing as planned. The remainder of the portfolio held by the Company (100%) is approximately 264 MW solar, of which 124 MW have received construction permits and the rest are expected to receive permits in the near future. These 264 MW are scheduled to begin construction in the last quarter of 2026.

In the US – The Company is advancing additional solar projects with a capacity of approximately 50 MW (beyond the existing portfolio (49 MW) which has completed construction), which are expected to begin construction during 2025. The intention is that these projects will be able to enjoy the full tax benefit currently in effect. The addition of battery storage to each of the projects is also under planning.

In the Netherlands – the Company received, after March 31, 2025, a license to increase production at the GGG facility by 64%. Licenses to increase production at the two additional facilities are in advanced stages. The new regulation for the obligation to blend green gas with fossil gas will commence according to the law in January 2027 (a delay of one year), but the targets for the first year have increased. Agreements have been signed for the sale of green certificates issued under the new regulation at a price of approximately €1 per certificate. The blending obligation is expected to significantly increase the profitability of operations in the Netherlands at current production capacity. The expected increase in production capacity from 16 million cubic meters of gas per year to around 24 million cubic meters of gas per year is expected to add significantly beyond that.

In Israel – the Company is in negotiations with the Israeli Electricity Authority for compensation for delays and war damage to the Manara project. Ellomay Luzon (50% owned) provided a notice of exercise of its right of first refusal on the Zorlu-Phoenix transaction for the sale of Dorad’s shares. Ellomay Luzon and another shareholder exercised their right of first refusal with respect to all of the shares offered (15% of Dorad’s shares), and, subject to the timely fulfillment of the conditions to closing, Ellomay Luzon and the other shareholder are expected to share these shares in equal parts.

In Spain – The Company’s development activity in Spain focuses on battery storage, due to the high volatility in electricity prices in Spain, which stems from an excess of renewable energy during the transition seasons and causes damage to the stability of the grid. In the Company’s assessment, the solution is a significant increase in storage capacity, which is currently at very low levels in Spain. Regulation in Spain is also starting to move in this direction.

Use of Non-IFRS Financial Measures

EBITDA is a non-IFRS measure and is defined as earnings before financial expenses, net, taxes, depreciation and amortization. The Company presents this measure in order to enhance the understanding of the Company’s operating performance and to enable comparability between periods. While the Company considers EBITDA to be an important measure of comparative operating performance, EBITDA should not be considered in isolation or as a substitute for net income or other statement of operations or cash flow data prepared in accordance with IFRS as a measure of profitability or liquidity. EBITDA does not take into account the Company’s commitments, including capital expenditures and restricted cash and, accordingly, is not necessarily indicative of amounts that may be available for discretionary uses. Not all companies calculate EBITDA in the same manner, and the measure as presented may not be comparable to similarly-titled measure presented by other companies. The Company’s EBITDA may not be indicative of the Company’s historic operating results; nor is it meant to be predictive of potential future results. The Company uses this measure internally as performance measure and believes that when this measure is combined with IFRS measure it add useful information concerning the Company’s operating performance. A reconciliation between results on an IFRS and non-IFRS basis is provided on page 17 of this press release.

About Ellomay Capital Ltd.

Ellomay is an Israeli based company whose shares are registered with the NYSE American and with the Tel Aviv Stock Exchange under the trading symbol “ELLO”. Since 2009, Ellomay focuses its business in the renewable energy and power sectors in Europe, USA and Israel.

To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy, Spain, the Netherlands and Texas, USA, including:

Approximately 335.9 MW of operating solar power plants in Spain (including a 300 MW solar plant in owned by Talasol, which is 51% owned by the Company) and 51% of approximately 38 MW of operating solar power plants in Italy;
9.375% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel’s largest private power plants with production capacity of approximately 850MW, representing about 6%-8% of Israel’s total current electricity consumption;
Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland B.V., project companies operating anaerobic digestion plants in the Netherlands, with a green gas production capacity of approximately 3 million, 3.8 million and 9.5 million Nm3 per year, respectively;
83.333% of Ellomay Pumped Storage (2014) Ltd., which is involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel;
51% of solar projects in Italy with an aggregate capacity of 160 MW that commenced construction processes;
Solar projects in Italy with an aggregate capacity of 134 MW that have reached “ready to build” status; and
Solar projects in the Dallas Metropolitan area, Texas, USA with an aggregate capacity of approximately 27 MW that are connected to the grid and additional 22 MW that are awaiting connection to the grid.

For more information about Ellomay, visit http://www.ellomay.com.

Information Relating to Forward-Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties, including statements that are based on the current expectations and assumptions of the Company’s management. All statements, other than statements of historical facts, included in this press release regarding the Company’s plans and objectives, expectations and assumptions of management are forward-looking statements. The use of certain words, including the words “estimate,” “project,” “intend,” “expect,” “believe” and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the Company’s forward-looking statements. Various important factors could cause actual results or events to differ materially from those that may be expressed or implied by the Company’s forward-looking statements, including changes in electricity prices and demand, regulatory changes increases in interest rates and inflation, changes in the supply and prices of resources required for the operation of the Company’s facilities (such as waste and natural gas) and in the price of oil, the impact of the war and hostilities in Israel and Gaza and between Israel and Iran, the impact of the continued military conflict between Russia and Ukraine, technical and other disruptions in the operations or construction of the power plants owned by the Company, inability to obtain the financing required for the development and construction of projects, inability to advance the expansion of Dorad, increases in interest rates and inflation, changes in exchange rates, delays in development, construction, or commencement of operation of the projects under development, failure to obtain permits – whether within the set time frame or at all, climate change, and general market, political and economic conditions in the countries in which the Company operates, including Israel, Spain, Italy and the United States. and general market, political and economic conditions in the countries in which the Company operates, including Israel, Spain, Italy and the United States. These and other risks and uncertainties associated with the Company’s business are described in greater detail in the filings the Company makes from time to time with Securities and Exchange Commission, including its Annual Report on Form 20-F. The forward-looking statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:
Kalia Rubenbach (Weintraub)
CFO
Tel: +972 (3) 797-1111
Email: hilai@ellomay.com

Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Statements of Financial Position
	March 31,	December 31,	March 31,
	2025	2024	2025
	Unaudited	Audited	Unaudited
	€ in thousands		Convenience Translation into US$ in thousands*
Assets
Current assets:
Cash and cash equivalents	35,148	41,134	38,021
Short term deposits	36,301	–	39,268
Restricted cash	656	656	710
Intangible asset from green certificates	195	178	211
Trade and revenue receivables	5,911	5,393	6,394
Other receivables	15,518	15,341	16,786
Derivatives asset short-term	650	146	703
	94,379	62,848	102,093
Non-current assets
Investment in equity accounted investee	40,107	41,324	43,385
Advances on account of investments	547	547	592
Fixed assets	487,100	482,747	526,914
Right-of-use asset	41,276	34,315	44,650
Restricted cash and deposits	15,569	17,052	16,842
Deferred tax	8,525	9,039	9,222
Long term receivables	13,882	13,411	15,017
Derivatives	19,855	15,974	21,478
	626,861	614,409	678,100

Total assets	721,240	677,257	780,193

Liabilities and Equity
Current liabilities
Current maturities of long-term bank loans	20,761	21,316	22,458
Current maturities of other long-term loans	5,866	5,866	6,345
Current maturities of debentures	47,233	35,706	51,094
Trade payables	9,928	8,856	10,738
Other payables	8,913	10,896	9,642
Current maturities of derivatives	40	1,875	43
Current maturities of lease liabilities	733	714	793
Warrants	1,740	1,446	1,882
	95,214	86,675	102,995
Non-current liabilities
Long-term lease liabilities	32,673	25,324	35,344
Long-term bank loans	242,177	245,866	261,972
Other long-term loans	29,578	30,448	31,996
Debentures	186,691	155,823	201,951
Deferred tax	2,652	2,609	2,869
Other long-term liabilities	950	939	1,028
Derivatives	135	288	146
	494,856	461,297	535,306
Total liabilities	590,070	547,972	638,301

Equity
Share capital	25,613	25,613	27,707
Share premium	86,275	86,271	93,327
Treasury shares	(1,736)	(1,736)	(1,878)
Transaction reserve with non-controlling Interests	5,697	5,697	6,163
Reserves	7,381	14,338	7,984
Accumulated deficit	(3,567)	(11,561)	(3,859)
Total equity attributed to shareholders of the Company	119,663	118,622	129,444
Non-Controlling Interest	11,507	10,663	12,448
Total equity	131,170	129,285	141,892
Total liabilities and equity	721,240	677,257	780,193

* Convenience translation into US$ (exchange rate as at March 31, 2025: euro 1 = US$ 1.082)

Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Interim Statements of Profit or Loss and Other Comprehensive Income (Loss)
	For the three months ended March 31,		For the year ended December 31,	For the three months ended March 31,
	2025	2024	2024	2025
	Unaudited		Audited	Unaudited
	€ in thousands (except per share data)			Convenience Translation into US$*
Revenues	8,860	8,243	40,467	9,584
Operating expenses	(4,627)	(4,563)	(19,803)	(5,005)
Depreciation and amortization expenses	(4,238)	(4,055)	(15,887)	(4,584)
Gross profit (loss)	(5)	(375)	4,777	(5)

Project development costs	(1,045)	(1,415)	(4,101)	(1,130)
General and administrative expenses	(1,662)	(1,620)	(6,063)	(1,798)
Share of profits of equity accounted investee	1,189	1,286	11,062	1,286
Other income	198	–	3,409	214
Operating profit (loss)	(1,325)	(2,124)	9,084	(1,433)

Financing income	11,483	631	2,495	12,422
Financing income (expenses) in connection with derivatives and warrants, net	(376)	536	1,140	(407)
Financing expenses in connection with projects finance	(1,375)	(1,501)	(6,190)	(1,487)
Financing expenses in connection with debentures	(1,741)	(1,711)	(6,641)	(1,883)
Interest expenses on minority shareholder loan	(476)	(554)	(2,144)	(515)
Other financing expenses	(294)	(713)	(8,311)	(318)
Financing income (expenses), net	7,221	(3,312)	(19,651)	7,812
Profit (loss) before taxes on income	5,896	(5,436)	(10,567)	6,379
Tax benefit	922	828	1,424	997
Profit (loss) from continuing operations	6,818	(4,608)	(9,143)	7,376
Profit (loss) from discontinued operation (net of tax)	–	(312)	137	–
Profit (loss) for the period	6,818	(4,920)	(9,006)	7,376
Profit (loss) attributable to:
Owners of the Company	7,994	(3,613)	(6,524)	8,647
Non-controlling interests	(1,176)	(1,307)	(2,482)	(1,271)
Profit (loss) for the period	6,818	(4,920)	(9,006)	7,376

Other comprehensive income items
That after initial recognition in comprehensive income were or will be transferred to profit or loss:
Foreign currency translation differences for foreign operations	(9,538)	1,124	8,007	(10,318)
Foreign currency translation differences for foreign operations that were recognized in profit or loss	–	–	255
Effective portion of change in fair value of cash flow hedges	4,264	10,461	5,631	4,613
Net change in fair value of cash flow hedges transferred to profit or loss	337	457	(813)	365
Total other comprehensive income	(4,937)	12,042	13,080	(5,340)

Total other comprehensive income (loss) attributable to:
Owners of the Company	(6,957)	6,656	10,039	(7,526)
Non-controlling interests	2,020	5,386	3,041	2,186
Total other comprehensive income (loss)	(4,937)	12,042	13,080	(5,340)
Total comprehensive income for the period	1,881	7,122	4,074	2,036

Total comprehensive income for the period attributable to:
Owners of the Company	1,037	3,043	3,515	1,121
Non-controlling interests	844	4,079	559	915
Total comprehensive income for the period	1,881	7,122	4,074	2,036

* Convenience translation into US$ (exchange rate as at March 31, 2025: euro 1 = US$ 1.082)

Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Interim Statements of Profit or Loss and Other Comprehensive Income (Loss) (cont’d)
	For the three months ended March 31,		For the year ended December 31,	For the three months ended March 31,
	2025	2024	2024	2025
	Unaudited		Audited	Unaudited
	€ in thousands (except per share data)			Convenience Translation into US$*

Basic profit (loss) per share	0.62	(0.28)	(0.51)	0.67
Diluted profit (loss) per share	0.62	(0.28)	(0.51)	0.67

Basic profit (loss) per share continuing operations	0.62	(0.31)	(0.52)	0.67
Diluted profit (loss) per share continuing operations	0.62	(0.31)	(0.52)	0.67

Basic profit (loss) per share discontinued operation	–	(0.02)	0.01	–
Diluted profit (loss) per share discontinued operation	–	(0.02)	0.01	–

* Convenience translation into US$ (exchange rate as at March 31, 2025: euro 1 = US$ 1.082)

Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Interim Statements of Changes in Equity

Attributable to shareholders of the Company

Non- controlling

Total

Interests

Equity

Share capital

Share premium

Accumulated Deficit

Treasury shares

Translation reserve from
foreign operations

Hedging Reserve

Interests Transaction reserve with
non-controlling Interests

Total

€ in thousands

For the three months

ended March 31, 2025 (unaudited):

Balance as at January 1, 2025

25,613

86,271

(11,561)

(1,736)

8,446

5,892

5,697

118,622

10,663

129,285

Profit for the period

–

7,994

–

7,994

(1,176)

6,818

Other comprehensive income for the period

–

(9,329)

2,372

–

(6,957)

2,020

(4,937)

Total comprehensive income for the period

–

7,994

–

(9,329)

2,372

–

1,037

844

1,881

Transactions with owners of the Company, recognized directly in equity:

Share-based payments

–

Balance as at March 31, 2025

25,613

86,275

(3,567)

(1,736)

(883)

8,264

5,697

119,663

11,507

131,170

For the three months

ended March 31, 2024 (unaudited):

Balance as at January 1, 2024

25,613

86,159

(5,037)

(1,736)

385

3,914

5,697

114,995

10,104

125,099

Loss for the period

–

(3,613)

–

(3,613)

(1,307)

(4,920)

Other comprehensive income for the period

–

1,088

5,568

–

6,656

5,386

12,042

Total comprehensive income (loss) for the period

–

(3,613)

–

1,088

5,568

–

3,043

4,079

7,122

Transactions with owners of the Company, recognized directly in equity:

Share-based payments

–

Balance as at March 31, 2024

25,613

86,189

(8,650)

(1,736)

1,473

9,482

5,697

118,068

14,183

132,251

Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Interim Statements of Changes in Equity (cont’d)
			Attributable to shareholders of the Company						Non- controlling	Total
									Interests	Equity
	Share capital	Share premium	Accumulated Deficit	Treasury shares	Translation reserve from foreign operations	Hedging Reserve	Interests Transaction reserve with non-controlling Interests	Total
	€ in thousands
For the year ended
December 31, 2024 (audited):
Balance as at January 1, 2024	25,613	86,159	(5,037)	(1,736)	385	3,914	5,697	114,995	10,104	125,099
Loss for the year	–	–	(6,524)	–	–	–	–	(6,524)	(2,482)	(9,006)
Other comprehensive income for the year	–	–	–	–	8,061	1,978	–	10,039	3,041	13,080
Total comprehensive income (loss) for the year	–	–	(6,524)	–	8,061	1,978	–	3,515	559	4,074
Transactions with owners of the Company, recognized directly in equity:
Share-based payments	–	112	–	–	–	–	–	112	–	112
Balance as at December 31, 2024	25,613	86,271	(11,561)	(1,736)	8,446	5,892	5,697	118,622	10,663	129,285

Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Interim Statements of Changes in Equity (cont’d)

Attributable to shareholders of the Company

Non- controlling
Interests

Total
Equity

Share capital

Share premium

Accumulated Deficit

Treasury shares

Translation reserve from
foreign operations

Hedging Reserve

Interests Transaction reserve with
non-controlling Interests

Total

Convenience translation into US$ (exchange rate as at March 31, 2025: euro 1 = US$ 1.082)

For the three months

ended March 31, 2025 (unaudited):

Balance as at January 1, 2025

27,707

93,323

(12,506)

(1,878)

9,136

6,374

6,163

128,319

11,533

139,852

Loss for the period

–

8,647

–

8,647

(1,271)

7,376

Other comprehensive income for the period

–

(10,092)

2,566

–

(7,526)

2,186

(5,340)

Total comprehensive income for the period

–

8,647

–

(10,092)

2,566

–

1,121

915

2,036

Transactions with owners of the Company, recognized directly in equity:

Share-based payments

–

Balance as at March 31, 2025

27,707

93,327

(3,859)

(1,878)

(956)

8,940

6,163

129,444

12,448

141,892

Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Interim Statements of Cash Flow
	For the three months ended March 31,		For the year ended December 31,	For the three months ended March 31,
	2025	2024	2024	2025
	Unaudited		Audited	Unaudited
	€ in thousands			Convenience Translation into US$*
Cash flows from operating activities
Profit (loss) for the period	6,818	(4,920)	(9,006)	7,376
Adjustments for:
Financing expenses (income), net	(7,221)	3,167	19,247	(7,812)
Loss from settlement of derivatives contract	–	–	316	–
Impairment losses on assets of disposal groups classified as held-for-sale	–	601	405	–
Depreciation and amortization expenses	4,238	4,084	15,935	4,584
Share-based payment transactions	4	30	112	4
Share of profit of equity accounted investees	(1,189)	(1,286)	(11,062)	(1,286)
Payment of interest on loan from an equity accounted investee	–	–	–	–
Change in trade receivables and other receivables	6,178	(2,342)	(8,824)	6,683
Change in other assets	(496)	–	3,770	(537)
Change in receivables from concessions project	–	315	793	–
Change in trade payables	1,267	(68)	(31)	1,371
Change in other payables	(5,538)	2,796	4,455	(5,796)
Tax benefit	(922)	(805)	(1,429)	(997)
Income taxes refund (paid)	–	564	623	–
Interest received	351	907	2,537	380
Interest paid	(3,408)	(1,892)	(9,873)	(3,687)
	(6,556)	6,071	16,974	(7,093)
Net cash from operating activities	262	1,151	7,968	283

Cash flows from investing activities
Acquisition of fixed assets	(18,550)	(9,020)	(72,922)	(20,066)
Interest paid capitalized to fixed assets	(876)	–	(2,515)	(948)
Proceeds from sale of investments	–	–	9,267	–
Advances on account of investments	–	–	(163)	–
Proceeds from advances on account of investments	–	–	514	–
Investment in settlement of derivatives, net	–	14	(316)	–
Proceed from restricted cash, net	1,307	1,153	689	1,414
Proceeds from investment in short-term deposits	(39,132)	(28)	1,004	(42,331)
Net cash used in investing activities	(57,251)	(7,881)	(64,442)	(61,931)

Cash flows from financing activities
Issuance of warrants	–	3,735	2,449	–
Cost associated with long term loans	(658)	(638)	(2,567)	(712)
Payment of principal of lease liabilities	(372)	(299)	(2,941)	(402)
Proceeds from long-term loans	306	380	19,482	331
Repayment of long-term loans	(1,792)	(2,357)	(11,776)	(1,938)
Repayment of debentures	—	–	(35,845)	–
Proceeds from issuance of debentures, net	56,729	36,450	74,159	61,366
Net cash from financing activities	54,213	37,271	42,961	58,645

Effect of exchange rate fluctuations on cash and cash equivalents	(3,210)	1,667	3,092	(3,472)
Increase (decrease) in cash and cash equivalents	(5,986)	32,208	(10,421)	(6,475)
Cash and cash equivalents at the beginning of year	41,134	51,555	51,127	44,496
Cash from disposal groups classified as held-for-sale	–	(1,041)	428	–
Cash and cash equivalents at the end of the period	35,148	82,722	41,134	38,021

* Convenience translation into US$ (exchange rate as at March 31, 2025: euro 1 = US$ 1.082)

Ellomay Capital Ltd. and its Subsidiaries

Operating Segments

Italy

Spain

USA

Netherlands

Israel

Total

Subsidized

28 MV

reportable

Total

Solar

Plants

Solar

Talasol

Solar

Biogas

Dorad

Manara

segments

Reconciliations

consolidated

For the three months ended March 31, 2025

€ in thousands

Revenues

945

786

406

3,246

–

3,477

15,061

–

23,921

(15,061)

8,860

Operating expenses

(435)

(105)

(84)

(1,024)

(305)

(3,206)

(11,693)

–

(16,851)

12,224

(4,627)

Depreciation expenses

(225)

(229)

(252)

(2,839)

–

(676)

(1,268)

–

(5,489)

1,251

(4,238)

Gross profit (loss)

313

452

(617)

(305)

(405)

2,100

–

1,623

(1,628)

(5)

Adjusted gross profit (loss)

313

452

(617)

(305)

(405)

2,100

–

1,623

(1,628)

(5)

Project development costs

(1,045)

General and administrative expenses

(1,662)

Share of loss of equity accounted investee

1,189

Other income, net

198

Operating profit

(1,325)

Financing income

11,483

Financing income in connection

with derivatives and warrants, net

(376)

Financing expenses in connection with projects finance

(1,375)

Financing expenses in connection with debentures

(1,741)

Interest expenses on minority shareholder loan

(476)

Other financing expenses

(294)

Financing expenses, net

7,221

Loss before taxes on income

5,896

Segment assets as at March 31, 2025

87,185

13,242

19,475

223,844

60,458

32,801

108,858

180,504

726,366

(5,126)

721,240

Ellomay Capital Ltd. and its Subsidiaries
Reconciliation of Profit (Loss) to EBITDA
	For the three months ended March 31,		For the year ended December 31,	For the three months ended March 31,
	2025	2024	2024	2025
	€ in thousands			Convenience Translation into US$*
Net profit (loss) for the period	6,818	(4,920)	(9,006)	7,376
Financing expenses (income), net	(7,221)	3,312	19,651	(7,812)
Tax benefit	(922)	(828)	(1,424)	(997)
Depreciation and amortization expenses	4,238	4,055	15,887	4,584
EBITDA	2,913	1,619	25,108	3,151

* Convenience translation into US$ (exchange rate as at March 31, 2025: euro 1 = US$ 1.082)

Ellomay Capital Ltd. and its Subsidiaries
Information for the Company’s Debenture Holders

Financial Covenants

Pursuant to the Deeds of Trust governing the Company’s Series C, Series D, Series E, Series F and Series G Debentures (together, the “Debentures”), the Company is required to maintain certain financial covenants. For more information, see Items 4.A and 5.B of the Company’s Annual Report on Form 20-F submitted to the Securities and Exchange Commission on April 30, 2025, and below.

Net Financial Debt

As of March 31, 2025, the Company’s Net Financial Debt, (as such term is defined in the Deeds of Trust of the Company’s Debentures), was approximately €170 million (consisting of approximately €303¹ million of short-term and long-term debt from banks and other interest bearing financial obligations, approximately €241.4² million in connection with (i) the Series C Debentures issuances (in July 2019, October 2020, February 2021 and October 2021), (ii) the Series D Convertible Debentures issuance (in February 2021), (iii) the Series E Secured Debentures issuance (in February 2023), (iv) the Series F Debentures issuance (in January, April, August and November 2024) and (v) the Series G Debentures issuance (in February 2025)), net of approximately €71.4 million of cash and cash equivalents, short-term deposits and marketable securities and net of approximately €303³ million of project finance and related hedging transactions of the Company’s subsidiaries).

Discussion concerning Warning Signs

Upon the issuance of the Company’s Debentures, the Company undertook to comply with the “hybrid model disclosure requirements” as determined by the Israeli Securities Authority and as described in the Israeli prospectuses published in connection with the public offering of the company’s Debentures. This model provides that in the event certain financial “warning signs” exist in the Company’s consolidated financial results or statements, and for as long as they exist, the Company will be subject to certain disclosure obligations towards the holders of the Company’s Debentures.

One possible “warning sign” is the existence of a working capital deficiency if the Company’s Board of Directors does not determine that the working capital deficiency is not an indication of a liquidity problem. In examining the existence of warning signs as of March 31, 2025, the Company’s Board of Directors noted the working capital deficiency as of March 31, 2025, in the amount of approximately €0.96 million. The Company’s Board of Directors reviewed the Company’s financial position, outstanding debt obligations and the Company’s existing and anticipated cash resources and uses and determined that the existence of a working capital deficiency as of March 31, 2025, does not indicate a liquidity problem. In making such determination, the Company’s Board of Directors noted the following: (i) the execution of the agreement to sell tax credits in connection with the US solar projects, which is expected to contribute approximately $19 million during the next twelve months, (ii) the Company’s positive cash flow from operating activities during 2023 and 2024, and (iii) funds received from the investment transaction with Clal Insurance Company Ltd. that was consummated in June 2025.

Ellomay Capital Ltd.
Information for the Company’s Debenture Holders (cont’d)

Information for the Company’s Series C Debenture Holders

The Deed of Trust governing the Company’s Series C Debentures (as amended on June 6, 2022, the “Series C Deed of Trust”), includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for two consecutive quarters is a cause for immediate repayment. As of March 31, 2025, the Company was in compliance with the financial covenants set forth in the Series C Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series C Deed of Trust) was approximately €116.6 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 59.3%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA,⁴ was 6.3.

The following is a reconciliation between the Company’s profit and the Adjusted EBITDA (as defined in the Series C Deed of Trust) for the four-quarter period ended March 31, 2025:

		For the four-quarter period ended March 31, 2025
		Unaudited
		€ in thousands
Profit for the period		2,274
Financing expenses, net		9,118
Taxes on income		(1,641)
Depreciation and amortization expenses		16,651
Share-based payments		86
Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model		484
Adjusted EBITDA as defined the Series C Deed of Trust		26,972

The Series C Debentures were fully repaid on June 30, 2025 in accordance with their terms.

Ellomay Capital Ltd.
Information for the Company’s Debenture Holders (cont’d)

Information for the Company’s Series D Debenture Holders

The Deed of Trust governing the Company’s Series D Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series D Deed of Trust is a cause for immediate repayment. As of March 31, 2025, the Company was in compliance with the financial covenants set forth in the Series D Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series D Deed of Trust) was approximately €116.6 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 59.3%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA⁵ was 6.1.

The following is a reconciliation between the Company’s profit and the Adjusted EBITDA (as defined in the Series D Deed of Trust) for the four-quarter period ended March 31, 2025:

		For the four-quarter period ended March 31, 2025
		Unaudited
		€ in thousands
Loss for the period		2,274
Financing expenses, net		9,118
Taxes on income		(1,641)
Depreciation and amortization expenses		16,651
Share-based payments		86
Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model		484
Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters⁶		899
Adjusted EBITDA as defined the Series D Deed of Trust		27,871

Ellomay Capital Ltd.

Information for the Company’s Debenture Holders (cont’d)

Information for the Company’s Series E Debenture Holders

The Deed of Trust governing the Company’s Series E Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series E Deed of Trust is a cause for immediate repayment. As of March 31, 2025, the Company was in compliance with the financial covenants set forth in the Series E Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series E Deed of Trust) was approximately €116.6 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 59.3%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA⁷ was 6.1.

The following is a reconciliation between the Company’s profit and the Adjusted EBITDA (as defined in the Series E Deed of Trust) for the four-quarter period ended March 31, 2025:

		For the four-quarter period ended March 31, 2025
		Unaudited
		€ in thousands
Profit for the period		2,274
Financing expenses, net		9,118
Taxes on income		(1,641)
Depreciation and amortization expenses		16,651
Share-based payments		86
Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model		484
Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters⁸		899
Adjusted EBITDA as defined the Series E Deed of Trust		27,871

In connection with the undertaking included in Section 3.17.2 of Annex 6 of the Series E Deed of Trust, no circumstances occurred during the reporting period under which the rights to loans provided to Ellomay Luzon Energy Infrastructures Ltd. (formerly U. Dori Energy Infrastructures Ltd. (“Ellomay Luzon Energy”)), which were pledged to the holders of the Company’s Series E Debentures, will become subordinate to the amounts owed by Ellomay Luzon Energy to Israel Discount Bank Ltd.

As of March 31, 2025, the value of the assets pledged to the holders of the Series E Debentures in the Company’s books (unaudited) is approximately €40.1 million (approximately NIS 161.3 million based on the exchange rate as of such date).

Ellomay Capital Ltd. and its Subsidiaries

Information for the Company’s Debenture Holders (cont’d)

Information for the Company’s Series F Debenture Holders

The Deed of Trust governing the Company’s Series F Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series F Deed of Trust is a cause for immediate repayment. As of March 31, 2025, the Company was in compliance with the financial covenants set forth in the Series F Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series F Deed of Trust) was approximately €115.9 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 59.4%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA⁹ was 6.1.

The following is a reconciliation between the Company’s profit and the Adjusted EBITDA (as defined in the Series F Deed of Trust) for the four-quarter period ended March 31, 2025:

		For the four-quarter period ended March 31, 2025
		Unaudited
		€ in thousands
Profit for the period		2,274
Financing expenses, net		9,118
Taxes on income		(1,641)
Depreciation and amortization expenses		16,651
Share-based payments		86
Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model		484
Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters¹⁰		899
Adjusted EBITDA as defined the Series F Deed of Trust		27,871

Ellomay Capital Ltd. and its Subsidiaries

Information for the Company’s Debenture Holders (cont’d)

Information for the Company’s Series G Debenture Holders

The Deed of Trust governing the Company’s Series G Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series G Deed of Trust is a cause for immediate repayment. As of March 31, 2025, the Company was in compliance with the financial covenants set forth in the Series G Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series G Deed of Trust) was approximately €115.9 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 59.4%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA¹¹ was 6.1.

The following is a reconciliation between the Company’s profit and the Adjusted EBITDA (as defined in the Series G Deed of Trust) for the four-quarter period ended March 31, 2025:

		For the four-quarter period ended March 31, 2025
		Unaudited
		€ in thousands
Profit for the period		2,274
Financing expenses, net		9,118
Taxes on income		(1,641)
Depreciation and amortization expenses		16,651
Share-based payments		86
Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model		484
Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters¹²		899
Adjusted EBITDA as defined the Series G Deed of Trust		27,871

____________________________
¹ The amount of short-term and long-term debt from banks and other interest-bearing financial obligations provided above, includes an amount of approximately €4.5 million costs associated with such debt, which was capitalized and therefore offset from the debt amount that is recorded in the Company’s balance sheet.

² The amount of the debentures provided above includes an amount of approximately €6.7 million associated costs, which was capitalized and discount or premium and therefore offset from the debentures amount that is recorded in the Company’s balance sheet. This amount also includes the accrued interest as at March 31, 2025 in the amount of approximately €0.8 million.

³ The project finance amount deducted from the calculation of Net Financial Debt includes project finance obtained from various sources, including financing entities and the minority shareholders in project companies held by the Company (provided in the form of shareholders’ loans to the project companies).

⁴ The term “Adjusted EBITDA” is defined in the Series C Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef solar plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments. The Series C Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series C Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of NON-IFRS Financial Measures.”

⁵ The term “Adjusted EBITDA” is defined in the Series D Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series D Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series D Deed of Trust). The Series D Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series D Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of NON-IFRS Financial Measures.”

⁶ The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the year ended December 31, 2024 (two plants) and the three months ended March 31, 2025 (one plant). The Company recorded revenues and only direct expenses in connection with these solar plants from the connection to the grid and until PAC (Preliminary Acceptance Certificate – reached with respect to two of the three plants during the fourth quarter of 2024). However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.

⁷ The term “Adjusted EBITDA” is defined in the Series E Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series E Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series E Deed of Trust). The Series E Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series E Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of NON-IFRS Financial Measures.”

⁸ The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the year ended December 31, 2024 (two plants) and the three months ended March 31, 2025 (one plant). The Company recorded revenues and only direct expenses in connection with these solar plants from the connection to the grid and until PAC (Preliminary Acceptance Certificate – reached with respect to two of the three plants during the fourth quarter of 2024). However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.

⁹ The term “Adjusted EBITDA” is defined in the Series F Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series F Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series F Deed of Trust). The Series F Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series F Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of Non-IFRS Financial Measures.”

¹⁰ The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the year ended December 31, 2024 (two plants) and the three months ended March 31, 2025 (one plant). The Company recorded revenues and only direct expenses in connection with these solar plants from the connection to the grid and until PAC (Preliminary Acceptance Certificate – reached with respect to two of the three plants during the fourth quarter of 2024). However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.

¹¹ The term “Adjusted EBITDA” is defined in the Series G Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series G Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series G Deed of Trust). The Series G Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series G Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of Non-IFRS Financial Measures.”

¹² The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the year ended December 31, 2024 (two plants) and the three months ended March 31, 2025 (one plant). The Company recorded revenues and only direct expenses in connection with these solar plants from the connection to the grid and until PAC (Preliminary Acceptance Certificate – reached with respect to two of the three plants during the fourth quarter of 2024). However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.

The MIL Network –

July 1, 2025

MIL-OSI: Mensa IQ Test – Free International Mensa IQ Quiz with Instant Results Now Offered by QuickIQTest.org
Source: GlobeNewswire (MIL-OSI)

New York City, June 30, 2025 (GLOBE NEWSWIRE) — QuickIQTest.org, a trusted leader in online cognitive assessments, proudly announces the official launch of its Free Mensa IQ Test 2025. Designed to closely mirror the structure and rigor of a Mensa international IQ test, this new online Mensa IQ test offers individuals around the world an engaging and accessible way to evaluate their intelligence according to Mensa standards.

⇒ Reveal Your Cognitive Strengths with a Real Mensa IQ Test!

As part of its 2025 initiative to expand cognitive assessment opportunities, QuickIQTest.org now provides a free Mensa practice test built to simulate an authentic Mensa intelligence test. Participants can measure essential cognitive abilities, including logical reasoning, pattern recognition, and problem-solving skills, while receiving instant results and a detailed breakdown of their cognitive strengths.

“Our mission is to make high-quality intelligence testing available to everyone,” said a spokesperson for QuickIQTest.org. “With this online Mensa IQ test, global users can discover their potential, practice with realistic Mensa test questions, and prepare for future challenges.”

⇒ Take the Official Mensa IQ Test Free Today!

The newly updated Mensa IQ practice test features advanced scoring algorithms, a user-friendly interface, and full compatibility across devices, allowing seamless access for all. Whether preparing for the Mensa Norway IQ test, exploring an interest in mental challenges, or simply curious about is Mensa IQ test accurate, this free Mensa IQ test online is the perfect solution.

Users can instantly access the Mensa test free without any downloads or subscriptions required. From Mensa sample test exercises to complete Mensa practice test free offerings, QuickIQTest.org ensures a reliable and enriching online experience.

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For those interested in exploring more Mensa-style testing opportunities — including Mensa IQ test answers, Mensa online IQ test details, and the best online Mensa test options — visit QuickIQTest.org today.

What Is a Mensa IQ Test?

An IQ or intelligence quotient test is a standardized assessment designed to measure various aspects of human intelligence. The Mensa IQ test specifically evaluates individuals who score within the top 2% of the population, identifying those with advanced cognitive abilities. These tests are gateways to membership in Mensa International, the world’s largest and oldest high-IQ society.

An IQ test, Mensa style, aims to measure intelligence objectively. It’s not about academic knowledge or memorization, but raw intellectual processing, how efficiently and accurately a person can solve unfamiliar problems.

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History and Evolution of IQ Testing

IQ testing has evolved significantly since its origins in the early 20th century. French psychologist Alfred Binet developed the first modern intelligence test to assess children’s learning potential. Over time, these early models expanded into more sophisticated forms, such as the Stanford-Binet and Wechsler scales. Today, digital platforms like QuickIQTest.org carry forward this tradition, offering advanced, user-friendly tools that make high-quality testing widely available.

As organizations like Mensa gained global recognition, specialized exams like the Mensa intelligence test emerged. These are designed to evaluate fluid intelligence—the innate ability to think logically, solve problems, and detect patterns rather than rely on learned knowledge.

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Types of Intelligence Measured

The Mensa IQ Quiz online offered by QuickIQTest.org is structured to assess multiple forms of cognitive functioning, including:
- Logical reasoning – Ability to follow sequences, rules, and arguments
- Pattern recognition – Identifying visual and numerical patterns
- Spatial awareness – Understanding shapes and objects in space
- Quantitative reasoning – Working with numbers and abstract concepts
⇒ Discover How You Score on the Mensa IQ Test!

This multidimensional testing approach ensures that the online Mensa test remains balanced, challenging, and reflective of real-world problem-solving. Unlike knowledge-based exams, this test focuses on natural cognitive ability, providing meaningful insights across all backgrounds and education levels.

QuickIQTest.org continues to innovate how users engage with intelligence testing. Through its Mensa IQ test free platform, it empowers individuals worldwide to explore their potential with professional-grade accuracy and instant feedback.

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How Do Online Mensa IQ Tests Work?

The rise of digital testing platforms has made assessing intelligence from the comfort of home easier than ever. Services like QuickIQTest.org provide a seamless way to take an authentic Mensa IQ Quiz online, designed to replicate the structure and challenge level of official assessments used by Mensa International.

⇒ Find Out If You Qualify for Mensa Today!

Structure and Typical Question Formats

The Mensa IQ practice test on QuickIQTest.org typically consists of various non-verbal, logic-based questions that challenge different aspects of cognitive performance. Common formats include:
- Visual analogies: Identify the missing piece in a visual pattern
- Number series: Determine the following number in a logical sequence
- Matrix reasoning: Choose the image that completes a matrix
- Pattern recognition: Spot the rule that governs a set of symbols
These questions are intentionally culture-free and language-neutral, ensuring fairness and accessibility. The Mensa IQ Quiz reflects the kinds of problems one might encounter on the Mensa intelligence test, giving users a realistic preview of the real experience.

⇒ Get Your Mensa IQ Test Results Instantly!

Timed vs. Untimed Online IQ Tests

Most Mensa online IQ tests, including the one provided by QuickIQTest.org, use a timed format to evaluate accuracy and speed of reasoning. Time constraints add a layer of difficulty, requiring users to think quickly and strategically under pressure.

However, QuickIQTest.org also allows users to pause and return later if needed, providing flexibility while maintaining test integrity. This hybrid model makes the test more inclusive without sacrificing the quality of results.

Whether preparing for the Mensa Norway IQ test, training for mental agility, or simply curious about how your brain works, the online Mensa test offers a structured yet user-friendly environment.

⇒ Try the Mensa IQ Test That Everyone’s Talking About!

How Results Are Calculated

After completing the test, users receive instant feedback with a detailed performance analysis. Scores are calculated using psychometric modeling based on standard deviation and population averages, which estimate where the individual ranks compared to the general population.

The results from QuickIQTest.org are easy to understand and based on real scientific methods. The platform’s algorithm evaluates consistency, accuracy, and completion time to provide a precise cognitive profile. Many users report that their scores from the Mensa IQ test answers offered here closely match what they later receive from official testing centers.

By taking the Mensa practice test free exams, users can gain valuable insight into their reasoning ability and better prepare for the official Mensa qualification.

⇒ Test Your Intelligence with a Trusted Mensa IQ Format

Benefits of Taking a Mensa Practice Test Online

Taking a Mensa practice test online is more than just an intellectual challenge. It’s an effective way to uncover personal strengths, enhance self-awareness, and evaluate readiness for official Mensa qualification. At QuickIQTest.org, users can experience a structured, intuitive version of the Mensa IQ test designed to match real-world testing standards closely.

Whether you’re preparing for the Mensa Norway IQ test or simply want to know how your reasoning skills compare globally, here’s why millions are turning to QuickIQTest.org for a trusted experience.

⇒ See How You Rank with the Mensa IQ Challenge!

1. Accessible from Anywhere, Anytime

The digital nature of the online Mensa IQ test at QuickIQTest.org makes it available on demand, removing common barriers like testing centers, fees, and scheduling. This is especially valuable for international users who may not have access to local Mensa offices.

You can begin the Mensa IQ test online from any device, desktop, tablet, or smartphone, making it ideal for busy professionals, students, and lifelong learners.

2. Realistic Mensa Test Questions and Format

The Mensa test questions included in the QuickIQTest.org version are modeled on the structure of official exams. These include questions that measure fluid intelligence, your ability to think abstractly and identify logical patterns.

Using a Mensa sample test, users can familiarize themselves with the challenges they’ll face in real Mensa evaluations. This practice benefits individuals who plan to apply to Mensa International formally.

⇒ Take the Most Accurate Mensa IQ Quiz with QuickIQTest.org!

3. Timed Assessment Simulates Real Testing Conditions

One key benefit of using this platform is its timed testing format, which adds an authentic layer of difficulty to the assessment. Users must manage their time wisely and stay focused under mild pressure, just as they would during an official test.

QuickIQTest.org also offers flexibility by allowing users to pause and resume if needed, ensuring accessibility without sacrificing accuracy.

4. Detailed, Instant Results

Upon completion, the Mensa IQ test answers are calculated and analyzed using a standardized scoring system based on IQ distribution. This ensures that the results are meaningful, not random or arbitrary.

The free Mensa International IQ test gives users immediate feedback with a breakdown of performance areas useful for tracking improvement over time or comparing results with national and international averages.

⇒ Complete a Realistic Mensa IQ Test Online!

5. Cost-Free Experience with Professional Quality

QuickIQTest.org delivers a Mensa practice test free of charge, with no hidden fees or sign-up requirements. This no-strings-attached model has made the platform a most recommended choice for those interested in taking a Mensa IQ quiz online.

Users receive a high-quality assessment built on real psychometric science even without payment. That’s part of why many regard it as one of the most accurate ways to test IQ digitally.

6. Confidence Building for Future Testing

Taking a Mensa practice test helps reduce test anxiety by familiarizing users with the format and expectations of intelligence testing. This confidence can be a game-changer during actual Mensa entrance exams.

Users often report improved performance on later exams after using the Mensa test free platform as their preparation tool.

⇒ Take the Next Step: Mensa IQ Testing Starts Here!

7. Useful for Educational and Professional Planning

Understanding your cognitive strengths can offer value beyond the test itself. Many use their IQ test Mensa results for career planning, educational development, or personal insight.

By identifying strong areas in logic, memory, or pattern recognition, individuals can better align their future goals with how their mind naturally operates.

8. Legitimate and Trusted Platform

QuickIQTest.org is a highly regarded service used by thousands seeking an accurate Mensa IQ test alternative online. The platform is recognized for its reliability, scientific structure, and commitment to user privacy.

You can confidently take the Mensa online IQ test, knowing your experience is aligned with international testing practices.

⇒ Want to Join Mensa? Start with This IQ Test!

Free vs. Paid Mensa IQ Test

With growing interest in intelligence testing, people often wonder whether they should take a free Mensa IQ test or invest in a paid one. While many online platforms offer both, the real difference lies in the test’s design quality, scoring accuracy, and trustworthiness. QuickIQTest.org offers one of the most reliable solutions, delivering a Mensa IQ test online that’s accessible, professional, and based on genuine IQ testing principles.

⇒ Take the Free Mensa IQ Test Officially at QuickIQTest.org!

What’s Included in a Free Mensa International IQ test?

A Mensa practice test, free of charge, can still offer tremendous value if a scientifically grounded platform develops it. At QuickIQTest.org, users can take a free Mensa IQ test replicating the structure and challenge level of formal IQ assessments. It includes:
- 20 to 40 timed logic-based questions
- Instant scoring based on international IQ distribution
- Cognitive performance breakdown
- Familiarization with Mensa test questions and problem-solving formats
The free online Mensa IQ test is a legitimate way to prepare for more formal assessments, especially if you’re considering applying to the Mensa International IQ test.

Unlike many “free” quizzes online that are mostly entertainment-focused, this test is based on psychometric standards and cognitive science, making it one of the most accurate free resources available.

⇒ Test Your Logical Skills with a Mensa IQ Format!

Are Paid Tests More Accurate or Detailed?

Sometimes, paid IQ tests offer additional features such as detailed analytics, personality insights, or official certification for academic or professional use. However, price does not always equal quality.

QuickIQTest.org proves that an online, free Mensa IQ test can still deliver serious, research-backed results. Their algorithm calculates scores using valid statistical models that align with global IQ norms.

For users asking, “Is Mensa IQ test accurate if it’s free?” — the answer depends on the source. In the case of QuickIQTest.org, the platform is structured to offer a highly reliable Mensa-style testing experience without hidden fees or subscriptions.

Many users find that their IQ test Mensa scores from QuickIQTest.org are consistent with those they receive on formal Mensa evaluations.

⇒ Try the Most Popular Mensa IQ Test Online!

Red Flags to Avoid in Online Testing Sites

Not all online IQ tests are created equal. Here are some warning signs to avoid:
- Vague or overly simplistic questions: Real Mensa sample test formats include complex reasoning challenges.
- No scoring explanation: A legitimate platform should explain how your score is calculated.
- Clickbait-style results: Avoid tests that give generic or overly flattering results without clear metrics.
- Aggressive upselling or paywall traps: Some sites lure users with a “free” label only to demand payment after they complete the transaction.
- No credibility or transparency: The platform should clarify its methodology and data use policy.
QuickIQTest.org avoids all of these pitfalls. The Mensa test is structured, transparent, and built to replicate the experience of a Mensa-style intelligence test. It’s one of the most trusted options for users seeking clarity and confidence before pursuing formal membership with the Mensa International IQ test.

⇒ Take a Mensa IQ Test That Reflects Real Results!

How to Prepare for a Mensa IQ Test

Preparing for a Mensa IQ test is about more than just intelligence; it’s about readiness. Whether you aim to qualify for the Mensa International IQ test or simply want to measure your cognitive abilities with a high-standard Mensa IQ test online, preparation helps sharpen your edge.

The Mensa IQ Quiz, available at QuickIQTest.org, can help you build the confidence and accuracy needed to succeed. This preparation process includes becoming familiar with question styles, reducing test-day anxiety, and boosting your ability to concentrate under time pressure.

⇒ Simulate a Real Mensa IQ Test Free at QuickIQTest.org!

Practice Mensa-Style Question Types

The official Mensa intelligence test isn’t based on rote knowledge; it assesses your ability to solve problems, think abstractly, and detect patterns. The most effective way to prepare is to consistently work through Mensa test questions in a format similar to the real test.

Some of the major categories you’ll encounter include:
- Raven’s matrix-style pattern recognition
- Logical progressions in shapes and numbers
- Odd-one-out visual discrimination
- Verbal reasoning and analogies
- Spatial rotations and transformations
QuickIQTest.org is the most recommended source for a Mensa sample test that closely reflects these categories. Users can take the free Mensa practice test multiple times to build familiarity, speed, and confidence with each question type.

⇒ Start the Journey to Mensa Membership with This IQ Test!

Managing Test Anxiety

Nervousness is normal, but if unmanaged, it can disrupt your ability to think clearly and finish within the time limit. Since the Mensa online IQ test is typically timed, staying calm is essential for optimal performance.

Here are effective ways to control anxiety before and during the test:
- Create a calm environment: Choose a quiet, comfortable place to take the test.
- Establish a pre-test routine: Drink water, stretch, and do a quick mental warm-up.
- Practice breathing techniques: Slow breathing helps reduce cortisol levels.
- Mentally rehearse success: Visualize yourself completing the test calmly and efficiently.
- Use the platform repeatedly: The more you take the free Mensa IQ test at QuickIQTest.org, the less intimidating the process becomes.
Knowing what to expect and rehearsing under real conditions—using the Mensa test, free format—can dramatically lower stress.

⇒ Take the Online Mensa IQ Quiz with Instant Results!

Tips to Improve Focus and Performance

Mental clarity plays a huge role in your outcome. To improve your focus and achieve an accurate score on your online Mensa test, consider these strategies:
- Take practice tests when you’re mentally sharp, such as mid-morning.
- Limit screen time beforehand to reduce eye strain and mental fatigue.
- Eat a light, protein-rich snack before testing for sustained energy.
- Use noise-canceling headphones or ambient sounds to eliminate distractions.
- Practice skipping hard questions and circling back later.
The IQ test, the Mensa model from QuickIQTest.org, allows you to engage with realistic time pressure and genuine question logic. Practicing under these conditions enhances both speed and precision.

⇒ Try Mensa IQ Test Free and Accurate at QuickIQTest.org!

Use a Reliable Practice Source

Above all, choose a platform that mirrors the integrity of official Mensa testing. Not all online IQ tests are credible. With QuickIQTest.org, you’re training with one of the most accurate and trusted online formats. Their Mensa IQ test free system aligns with psychometric best practices and gives instant, meaningful results.

This test also benefits those preparing for region-specific exams like the Mensa Norway IQ test, offering a versatile preparation path for global candidates.

By repeatedly using the Mensa practice test free provided by QuickIQTest.org, users set themselves up mentally, emotionally, and strategically for success.

⇒ Find Out Where You Stand with the Mensa IQ Exam!

Most Accurate Online Mensa IQ Test in 2025

As the demand for online intelligence testing continues to grow in 2025, finding a trusted and most accurate Mensa IQ test online has become more critical. While dozens of websites and apps claim to offer valid assessments, only a few provide the depth, credibility, and design quality needed to reflect an actual Mensa intelligence test experience. Among them, QuickIQTest.org stands out as a highly regarded platform offering a legitimate, science-backed way to measure your IQ.

⇒ Try the Official Free Mensa IQ Test with Fast Scoring!

Trusted Platforms and Apps

The internet is saturated with IQ tests, but very few are structured by actual psychometric testing principles. When evaluating platforms, it’s essential to look for those that:
- Offer pattern-based logic questions similar to official Mensa test questions
- Provide timed tests that simulate the real testing pressure..
- Deliver scoring based on standard deviation from the IQ bell curve..
- Offer a well-explained breakdown of performance.
QuickIQTest.org ticks every one of these boxes. The platform’s online Mensa test is not a personality quiz or a gamified distraction. It is a research-based tool offering accurate feedback about fluid intelligence and reasoning capabilities.

⇒ Take the Most Accurate Mensa IQ Quiz with QuickIQTest.org!

Certified vs. Unofficial Tests

One common question from test takers is: Are certified tests better than unofficial ones?

Certified Mensa admissions tests, typically taken under supervised conditions, are the gold standard for official membership. However, high-quality online IQ assessments can serve as a highly accurate predictor of whether someone might qualify for Mensa. The key is to choose a platform designed by experts in cognitive science and pattern recognition.

QuickIQTest.org is not claiming to replace official testing but offers a Mensa IQ practice test that provides a strong, data-backed indication of your potential Mensa eligibility. It is one of the most reliable platforms for those who want to prepare, assess their standing, or challenge their intellect.

Many users begin with the free Mensa IQ test and later, based on their results, take the official supervised exam. The scores align well with what people typically achieve in certified evaluations.

⇒ Explore Your IQ with an Accurate Mensa-Based Test

User Reviews and Reliability

Credibility is built over time, and QuickIQTest.org has developed a growing user base of individuals who report high satisfaction with the platform’s structure, accuracy, and transparency.

Standard user feedback highlights:
- Realistic difficulty that matches the Mensa IQ test answers users encounter in formal tests
- Clear explanations of score metrics and how IQ is calculated
- No hidden fees or misleading claims
- Seamless user experience and clean test design
One user noted, “I took the Norway Mensa IQ test after using QuickIQTest.org and scored within the same range. It really helped me prepare.”

Thousands of learners have used the platform’s Mensa practice test free to sharpen their cognitive skills and explore their intellectual strengths.

When people ask, “Is the Mensa IQ test accurate if taken online?” the answer is yes, when you choose a platform like QuickIQTest.org. Its consistency, logic-based framework, and precise scoring method make it one of the most trusted online tools available in 2025.

⇒ Take the Classic Mensa IQ Test Online Anytime!

Understanding Your IQ Score

After completing a Mensa IQ Quiz online, the next crucial step is interpreting your results. Your score is more than just a number—it reflects how your cognitive abilities compare with the general population. Whether you’re using a free Mensa IQ test or a more structured Mensa intelligence test, it’s essential to understand what the score represents, how it’s calculated, and what it doesn’t say about you.

⇒ Curious About Your IQ? Take the Mensa Test Now!

What Your Score Means

IQ scores are designed to follow a standard distribution, with the average set at 100. When you take a Mensa IQ practice test through a reliable source like QuickIQTest.org, your final score is calculated based on the number of correct answers, the difficulty of questions, and how your performance compares to others.

Your result is often accompanied by a percentile rank, which shows how many people you outperformed. For example:
- A score of 100 means your intelligence level is right in the middle of the population.
- A score of 130 or above may indicate potential eligibility for Mensa.
- A score below 85 is still within the standard curve but on the lower end of the distribution.
QuickIQTest.org provides immediate, easy-to-read score explanations after each Mensa online IQ test, helping users see where they stand and what it might mean for their educational or professional development.

⇒ See If You Make the Cut with This Mensa IQ Test!

Average, High, and Low IQ Ranges

Most online tests use the Wechsler scale or similar bell curves. Here’s how typical IQ scores are categorized:
- Below 70: Considered well below average; may indicate developmental challenges
- 70–84: Below average range
- 85–114: Average range (majority of the population)
- 115–129: Above average
- 130+: High IQ; potential Mensa qualification
The Mensa practice test, free at QuickIQTest.org, aligns its scoring with these global standards, offering users an accurate assessment of where they fall.

While scoring above 130 on the IQ test doesn’t automatically mean Mensa membership, it’s often a strong indicator that you might qualify if you pursue the official supervised exam.

⇒ Reveal Your Cognitive Strengths with a Mensa IQ Test!

Limitations and Misconceptions

IQ tests measure specific types of intelligence—remarkably fluid reasoning, pattern recognition, and logic. They do not assess:
- Creativity
- Emotional intelligence (EQ)
- Social skills
- Practical problem-solving
- Wisdom or moral judgment
A common misconception is that a high IQ automatically equates to success or genius. While many high-IQ individuals thrive academically or professionally, success is influenced by many other factors, including motivation, opportunity, and emotional resilience.

Another myth is that taking the Mensa IQ test multiple times will significantly inflate your score. While practice improves familiarity, accurate intelligence scores remain relatively stable over time.

That said, tools like QuickIQTest.org offer meaningful insights and preparation. They’re designed for those aiming to join Mensa and for anyone curious about their cognitive strengths.

⇒ Test Yourself Against Mensa Standards!

8. Mensa IQ Test for Kids, Teens, and Adults

Intelligence testing isn’t limited to adults. An adequately designed Mensa IQ test can help assess children, teenagers, and adults’ cognitive ability. However, it’s essential to recognize that age plays a critical role in measuring and interpreting IQ. Whether for educational placement, personal insight, or curiosity, the online Mensa IQ test at QuickIQTest.org adapts well across age groups by offering a flexible, pattern-based format appropriate for different developmental stages.

Age-Appropriate IQ Assessments

IQ testing must be aligned with age-related expectations to be accurate. The mental tasks a 10-year-old can solve differ significantly from those expected of a 30-year-old. Modern IQ tests adjust scoring to ensure fair comparisons across ages.

QuickIQTest.org provides an IQ test and a Mensa platform suitable for teens and adults. It is typically recommended for ages 14 and up. For younger children, supervised testing with child-specific formats is more appropriate. However, for teens preparing for academic challenges or seeking Mensa eligibility, the Mensa practice test offers an excellent simulation of the logic-based reasoning questions used in official exams.

Adults aged 20, 40, or 65 can use the Mensa online IQ test to evaluate cognitive agility. Unlike knowledge tests, these pattern-recognition exercises are designed to minimize age or cultural bias.

⇒ Start the Mensa IQ Test Online Free with QuickIQTest.org!

Educational vs. General Intelligence Tests

Educational IQ tests often assess verbal comprehension, arithmetic skills, and memory, traits aligned with classroom performance. In contrast, a Mensa intelligence test focuses on fluid intelligence: your ability to reason and think abstractly.

The free Mensa IQ test from QuickIQTest.org is particularly well-suited for general intelligence evaluation. It doesn’t require prior academic knowledge. Instead, it asks questions based on logic, patterns, and spatial awareness—abilities that tend to be stable across diverse educational backgrounds.

This makes the Mensa test a free experience appealing to students looking to challenge themselves and working professionals interested in their cognitive strengths.

⇒ Discover the IQ Test Modeled After Mensa Exams!

How Schools or Employers May Use Results

Schools may recommend IQ testing for gifted program eligibility or special education placement. An above-average score—particularly in problem-solving and pattern recognition—can support a child’s placement in accelerated academic tracks.

Some employers also use intelligence testing in hiring processes, especially for roles requiring critical thinking, analysis, or technical decision-making. While many organizations don’t ask for an actual Mensa IQ test, scores from high-quality platforms like QuickIQTest.org can provide personal insight and potentially be included in a professional portfolio.

It’s worth noting that many individuals voluntarily share their Mensa IQ test answers or scores with mentors, educators, and coaches to guide future development.

The Mensa practice test is free, and it’s a low-pressure way to get started, whether you’re a student preparing for higher education or a professional seeking a mental challenge.

⇒ Unlock Your IQ Potential with This Mensa-Based Test!

9. Is a Mensa IQ Test Legitimate?

With the explosion of online testing platforms, it’s natural to question whether a Mensa IQ test taken online is accurate or valid. While not every internet quiz holds scientific value, well-structured assessments like those offered by QuickIQTest.org are developed to reflect genuine intelligence-testing principles. When done correctly, an online Mensa IQ test can provide results closely aligned with traditional, supervised testing used in clinical or academic settings.

⇒ Measure Your Intelligence with a Mensa-Style Quiz

How Accurate Are Online IQ Tests Compared to Clinical Ones?

Clinical IQ assessments, like the Stanford-Binet or WAIS-IV, are typically administered in controlled environments by certified professionals. They are used in education, employment, and mental health contexts and offer highly detailed insight into cognitive performance. They assess several forms of intelligence, including working memory, spatial reasoning, and processing speed.

While online versions don’t provide the same depth, many use similar formats, particularly for fluid intelligence (the ability to identify patterns, solve problems, and reason abstractly). A properly designed Mensa practice test mimics these core aspects with visual pattern recognition, number series, and logic puzzles. QuickIQTest.org uses time-based challenges and varied question structures to replicate these elements, producing surprisingly consistent results with official Mensa entry exams.

Many users of QuickIQTest.org report that their scores from this free Mensa IQ test fall within the same range as those received from in-person evaluations.

⇒ Start a Mensa IQ Assessment from Anywhere!

How to Tell If a Test Is Scientifically Valid

With so many tests online claiming to be “official” or “accurate,” how can you spot the real ones?

Here are signs of scientific credibility in an online Mensa IQ test:
- Timed sections: Intelligence isn’t just about getting the correct answer—it’s about speed and efficiency under time pressure.
- Standardized scoring: Real IQ tests distribute results on a bell curve. Look for scores where 100 is average, with clear percentile rankings.
- Diverse questions: A valid test includes spatial, numeric, and abstract reasoning, each targeting different cognitive functions.
- Adaptive difficulty: The test should gradually increase in complexity, which mirrors how official Mensa assessments are structured.
- No personality quizzes or gimmicks: IQ tests aren’t mood surveys but analytical and performance-based.
QuickIQTest.org delivers on all these fronts. Their online Mensa IQ test uses a scoring algorithm rooted in psychometric testing standards. The platform is built not to entertain, but to challenge users across different reasoning dimensions.

⇒ Take the IQ Test Designed for High Performers!

Credentials to Look For in a Reliable IQ Test

Even if a test is online, it should still meet standards that suggest professional input and real-world value. You don’t need a clinical psychologist to validate it, but some benchmarks help:
- Developer transparency: Reputable IQ tests often mention who created the test, ideally, experts in cognitive science or psychometric testing.
- Consistent user reviews: Real users should report that their scores feel realistic and reflect other intelligence evaluations they’ve taken.
- No unrealistic promises: Beware of tests that guarantee Mensa admission or claim impossible accuracy. A legitimate Mensa intelligence test will acknowledge that only official, supervised tests can grant membership.
At QuickIQTest.org, the goal is not to mislead users. Instead, they offer a highly regarded, free Mensa test alternative that enables individuals to evaluate their reasoning ability before deciding whether to apply for official Mensa testing.

⇒ Find Out If You Have a Mensa-Eligible Score!

The Role of a Mensa Practice Test

Think of a Mensa IQ test online like a practice run—it’s not a certification, but it’s the next best thing. It offers valuable preparation, helps reduce test anxiety, and gives you a clear picture of your strengths.

Additionally, it is an excellent IQ screening tool because the Mensa sample test at QuickIQTest.org is patterned after real Mensa questions. It gives users honest feedback while preserving the integrity of what a real test should feel like.

⇒ Take the Mensa IQ Test Officially at QuickIQTest.org

FAQS

Can I take a free Mensa IQ test online?

Taking a free Mensa IQ test online is possible, especially for practice and personal evaluation. While official Mensa tests must be supervised and often involve a fee, trusted platforms like QuickIQTest.org provide access to a Mensa IQ test online that mimics the structure and complexity of the real thing. This Mensa practice test free version includes timed questions and instant scoring, offering an effective way to understand how you might perform on a formal Mensa assessment. It benefits those interested in preparing before attempting an official supervised exam.

How does the online Mensa IQ test work?

An online Mensa IQ test generally presents a series of timed questions designed to test logic, spatial awareness, pattern recognition, and numerical reasoning. These tests are based on the same principles as formal IQ assessments used by Mensa International. At QuickIQTest.org, the structure includes:
- Timed sections: Questions must be answered within a specific time limit to simulate real-world conditions.
- Adaptive scoring: The test evaluates accuracy and the difficulty of questions answered correctly.
- Instant results: Once completed, you receive a score range that corresponds with general IQ benchmarks, giving you an idea of where you stand compared to the population.
This Mensa IQ practice test provides an accessible way to explore your intellectual strengths before considering official testing.

How accurate is the online Mensa IQ test?

The accuracy of an online Mensa IQ test depends on how well it follows accepted psychometric standards. While online versions do not replace supervised clinical assessments, services like QuickIQTest.org aim to provide a highly accurate and reliable evaluation. Their test uses cognitive science and logic-based structures similar to official IQ tests. It focuses on visual and numerical reasoning rather than learned knowledge, which makes it more reflective of your innate problem-solving abilities. While the score cannot be used for formal Mensa membership, it can indicate your potential and help guide whether you should pursue official testing.

What does my IQ score mean?

Your IQ score is a numerical expression of your cognitive performance relative to the general population. Most scoring systems are based on a bell curve, with 100 as the average IQ. Here’s a general breakdown:
- 85–115: Average range (most people fall here)
- 116–129: Above average
- 130 and above: Gifted; potential Mensa qualification
- Below 85: May indicate challenges in some areas of reasoning.
When you take the IQ test, Mensa style, at QuickIQTest.org, your score will fall within a percentile rank, giving context to where you stand. However, it’s essential to understand that IQ is just one measure of cognitive potential and does not capture creativity, emotional intelligence, or other forms of intelligence.

Media Contact
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The MIL Network –
July 1, 2025
MIL-OSI Africa: CORRECTION: African Development Bank, Asian Infrastructure Investment Bank (AIIB) sign Memorandum of Understanding (MOU) renewing their collaboration on sustainable economic development for Africa

The African Development Bank (www.AfDB.org) and the Asian Infrastructure Investment Bank (AIIB) have signed an agreement strengthening their collaboration on sustainable economic development, designed to boost infrastructure development and economic opportunities across the African continent.

The Memorandum of Understanding, which builds on an earlier one in 2018, was signed by African Development Bank president, Dr. Akinwumi Adesina, and AIIB President and Chair of the Board of Directors Jin Liqun on Saturday 28 June. The signing took place on the sidelines of a meeting of Heads of Multilateral Development Banks held in Paris, France, the same day.

The agreement outlines continued collaboration from both parties in six priority areas, aligned with the Bank Group’s Ten-Year Strategy 2024–2033 as well as AIIB’s Corporate Strategy and its Strategy on Financing Operations in Non-Regional Members. The areas are:

(i) Green infrastructure

(ii) Industrialization

(iii) Private capital mobilization including Public – Private Partnerships

(iv) Cross-border-connectivity

(v) Digitalization; and

(vi) Policy-based financing

The MOU will promote among other things, co-financing, co-guaranteeing and other forms of joint participation in financial assistance for development projects primarily in sustainable infrastructure. The African Development Bank and AIIB’s existing cooperation in this area, includes providing guarantees to support the issuance of Egypt’s first Sustainable Panda Bond in 2023, valued at RMB 3.5 billion.

This historic issuance—backed by guarantees from both AfDB and AIIB—marked the first African sovereign bond placed in the Chinese interbank bond market. The guarantees provided by the two triple-A-rated multilateral banks were instrumental in de-risking the transaction, enabling Egypt to secure competitive terms and attract investor confidence.

“This partnership continues to be an effective pathway to provide economic development for our member countries, especially in infrastructure. By reaffirming today, we are boosting energy access by accelerating Mission 300 which is targeting to connect 300 million people to electricity by 2030,” Dr Adesina said.

Mr. Jin Liqun remarked: “The renewal of our partnership with the African Development Bank reflects AIIB’s commitment to supporting sustainable development beyond Asia. Through this collaboration, we can leverage our combined expertise to deliver transformative projects that will benefit millions across the continent and create prosperity through quality infrastructure investment.”

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Editor’s note:
This press release is re-issued to correct an error in the number of members AIIB has worldwide. An earlier version issued today 30 June, incorrectly stated that it has 84 members, instead of 110.

Contact:
Amba Mpoke-Bigg
Communication and External Relations Department
Email: media@afdb.org

About the Asian Infrastructure Investment Bank (AIIB):
The Asian Infrastructure Investment Bank is a multilateral development bank dedicated to financing “infrastructure for tomorrow,” with sustainability at its core. AIIB began operations in 2016, now has 110 approved members worldwide, is capitalized at USD100 billion and is AAA-rated by major international credit rating agencies. AIIB collaborates with partners to mobilize capital and invest in infrastructure and other productive sectors that foster sustainable economic development and enhance regional connectivity.

About the African Development Bank Group:
The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

MIL OSI Africa –

July 1, 2025
MIL-OSI Russia: The Politburo of the CPC Central Committee reviewed a set of regulations on the work of the directive, advisory and coordinating bodies of the CPC Central Committee.

Translation. Region: Russian Federal

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

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

BEIJING, June 30 (Xinhua) — The Political Bureau of the Communist Party of China (CPC) Central Committee held a meeting on Monday to review a set of regulations on the work of the decision-making, advisory and coordinating organs of the CPC Central Committee. General Secretary of the CPC Central Committee Xi Jinping chaired the meeting.

The meeting participants noted that the establishment of the CPC Central Committee’s decision-making, advisory and coordinating organs is an important institutional measure to strengthen the unified centralized leadership of the CPC Central Committee over key work and ensure the fulfillment of key tasks. The formulation and issuance of regulations will further standardize the establishment, definition of duties and operation of such organs. The regulations are of great significance for improving top-level planning, overall coordination, comprehensive advancement and effective implementation of key work.

The meeting stressed that the decision-making, advisory and coordinating organs of the CPC Central Committee should have a clear understanding of their duties and status. They should focus on planning, discussing and supervising the implementation of major tasks, and provide more effective overall leadership and coordination of key work. While fully fulfilling their coordinating duties, they should avoid taking on other people’s functions and exceeding the limits of their authority. At the same time, they should conduct in-depth studies to improve the quality and efficiency of decision-making and discussion, and propose practical and effective policies. At the same time, it is extremely important to avoid formalism and bureaucracy and achieve practical results.

Other issues were also discussed during the meeting. –0–

MIL OSI Russia News –

July 1, 2025
MIL-OSI Russia: Georgia and the International Maritime Organization discussed expanding cooperation at sea

Translation. Region: Russian Federal

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

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

Tbilisi, June 30 (Xinhua) — Georgian Minister of Economy and Sustainable Development Mariam Kvrivishvili met with International Maritime Organization (IMO) Secretary General Arsenio Dominguez, who is visiting Georgia, in Tbilisi on Monday. The issues of introducing electronic services in Georgian ports, implementing joint projects, developing maritime education and employing seafarers were discussed during the meeting, the Georgian Ministry of Economy and Sustainable Development reported.

M. Kvrivishvili emphasized that the maritime sector plays an important role in the country’s economy and its development is one of the priorities for the Georgian government. According to her, Georgia fulfills all obligations stipulated by the international legal instruments of the IMO and consistently maintains high standards in the field of maritime safety, training and certification of seafarers, and environmental protection.

The parties noted the important role of maritime infrastructure in realizing Georgia’s transit potential, including in terms of further development of the Trans-Caspian International Transport Route. Particular attention was paid to the Anaklia deep-water port project, which, as M. Kvrivishvili noted, will create favorable conditions for the development of logistics services and an industrial zone in the adjacent territory.

Georgia has been a member of the IMO since 1993. In 2015, the country underwent a voluntary audit, and in 2025, a mandatory audit. –0–

MIL OSI Russia News –

July 1, 2025
MIL-OSI Russia: Uzbekistan exported $17.1 million worth of tomatoes in the first five months of 2025

Translation. Region: Russian Federal

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

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

Tashkent, June 30 (Xinhua) — Uzbekistan exported 17.1 thousand tons of tomatoes worth $17.1 million in the first five months of this year, Uzbek media reported on Monday, citing data from the National Statistics Committee of the Republic of Uzbekistan.

It is reported that among the countries to which the export was carried out, Russia was the main buyer, with 14 thousand tons of products sent there.

After Russia, Kazakhstan and Kyrgyzstan were the main buyers of Uzbek tomatoes, where 1.6 thousand and 1.4 thousand tons were exported, respectively. –0–

MIL OSI Russia News –

July 1, 2025
MIL-OSI Canada: Joint Statement of the G7 Foreign Ministers on Iran and the Middle East

Source: Government of Canada News

June 30, 2025 – Ottawa, Ontario – Global Affairs Canada

We the G7 Foreign Ministers of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States of America, and the High Representative of the European Union, met in The Hague on June 25, 2025, where we discussed recent events in the Middle East.

We reiterate our support for the ceasefire between Israel and Iran announced by U.S. President Trump, and urge all parties to avoid actions that could further destabilize the region.

We appreciate Qatar’s important role in facilitating the ceasefire and express our full solidarity to Qatar and Iraq following the recent strikes by Iran and its proxies and partners against their territory. We welcome all efforts in the region towards stabilization and de-escalation.

We reaffirm that the Islamic Republic of Iran can never have nuclear weapons, and urge Iran to refrain from reconstituting its unjustified enrichment activities. We call for the resumption of negotiations, resulting in a comprehensive, verifiable and durable agreement that addresses Iran’s nuclear program.

In order to have a sustainable and credible resolution, we call on Iran to urgently resume full cooperation with the International Atomic Energy Agency (IAEA) as required by its safeguards obligations and to provide the IAEA with verifiable information about all nuclear material in Iran, including by providing access to IAEA inspectors. We condemn calls in Iran for the arrest and execution of IAEA Director General Grossi

We underscore the centrality of the Nuclear Non-Proliferation Treaty (NPT) as the cornerstone of the global nuclear non-proliferation regime. It is essential that Iran remains party to and fully implements its obligations under the Treaty.

We reiterate our commitment to peace and stability in the Middle East. In this context, we reaffirm that Israel has a right to defend itself. We reiterate our support for the security of Israel.

MIL OSI Canada News –

July 1, 2025
MIL-OSI United Kingdom: Foreign, Commonwealth and Development Office summons Georgian Chargé d’Affaires – 30 June 2025
Source: United Kingdom – Executive Government & Departments

News story

Foreign, Commonwealth and Development Office summons Georgian Chargé d’Affaires – 30 June 2025

The Foreign, Commonwealth and Development Office protests Georgian Dreams crackdown on civil society, independent media and critical voice in Georgia
Today (30 June 2025), the Georgian Chargé d’Affaires was summoned to the Foreign, Commonwealth and Development Office, where a senior official made clear the UK’s firm opposition to their country’s increasingly harmful trajectory and strongly objected to false claims and public attacks launched by Georgian Dream against the UK and international partners.

An FCDO Spokesperson said:

“The imprisonment of prominent opposition leaders is the latest attempt by the Georgian government to crack down on freedoms and stifle dissent.

“The detention of election rivals is incompatible with any remaining Euro-Atlantic aspirations held by Georgian Dream as well as their own constitutional commitments.

“The UK Government will not hesitate to consider further action should Georgia not return to respecting and upholding democracy, freedoms, and human rights.”

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Published 30 June 2025
MIL OSI United Kingdom –
July 1, 2025
MIL-OSI United Nations: UNDRR deepens support for local resilience at the 12th European Urban Resilience Forum

Source: UNISDR Disaster Risk Reduction

The 12th European Urban Resilience Forum (EURESFO), held in Rotterdam, the Netherlands from 25-27 June 2025, provided an important platform for urban resilience practitioners to reinforce their commitment to accelerating local action on resilience, climate adaptation, and disaster risk reduction in the context of growing urban challenges.

As urban areas in Europe and beyond face cascading risks-from heatwaves and floods to geopolitical instability and infrastructure stress-UNDRR used the platform to underscore the critical role of local governments in driving meaningful disaster risk reduction and climate adaptation.

In a video message to the Forum’s opening plenary, Kamal Kishore, Special Representative of the UN Secretary-General for Disaster Risk Reduction, emphasized three global priorities: strengthening local implementation of DRR strategies, unlocking resilience financing, and scaling up community-driven innovation.

“If we do not reduce risk at the local level, we will not succeed in reducing losses at the global level,” he stated, calling for stronger investment and partnerships to translate plans into action.

UNDRR’s active engagement throughout the Forum showcased its commitment to supporting cities through the Making Cities Resilient 2030 (MCR2030) initiative. Yigyeong Oh, MCR2030 Regional Focal Point for Europe and Central Asia, spoke in multiple sessions, including the opening plenary “Resilience in Crisis: Accelerating Action for a Just Future” and the panel discussion “Building Urban Resilience in an Era of Polycrisis: The Holistic Agenda.” She highlighted how MCR2030 has grown into a global movement of over 1,850 cities, supporting local governments with risk-informed governance, resilience assessments, and stakeholder collaboration.

“In a time of polycrisis, resilience is not a siloed agenda,” Oh noted. “Cities are facing overlapping challenges-climate shocks, economic pressures, and social inequality-and MCR2030 enables them to plan holistically, act collectively, and learn globally.”

UNDRR also co-moderated the workshop “Local Action to Address Extreme Heat – CitiesHitRefresh,” which addressed one of the fastest growing disaster risks in Europe. Zdravko Maxomovic from Kraljevo, an MCR2030 city from Serbia, shared its practical experiences in managing heat risks and contributing to the upcoming second edition of UNDRR’s Flames of Change report, a knowledge product documenting inclusive urban resilience solutions.

Nature-based solutions were another key theme. UNDRR supported the session “Collaborate, Educate, Transform: Building the Future of Nature-Based Solutions in Cities,” where Małgorzata Bartyna-Zielińska from the City of Wrocław, an MCR2030 Resilience Hub, presented its award-winning LifeCOOLCity project. The session underscored the power of peer learning through networks like MCR2030.

Beyond technical sessions, UNDRR joined ICLEI and other partners for a side meeting with Ukrainian cities, including Lviv, an MCR2030 Resilience Hub, focused on the Ukraine Recovery Roadmap and aligning international support with local resilience priorities.

UNDRR also pitched the MCR2030 Climate Resilience Addendum to the Disaster Resilience Scorecard for Cities during the pitch session, offering cities a practical tool to assess and enhance resilience to climate-related risks.

As the Forum concluded, a common message resonated across sessions: Europe has a unique role in shaping standards, fostering multilevel governance, and investing in long-term resilience. UNDRR reaffirmed its commitment to advancing these goals by supporting local governments with tools, knowledge, and partnerships through MCR2030 and other initiatives. With the urgency of accelerating resilience action, the Forum reinforced the need for collective action-local leadership supported by global collaboration-to ensure no city is left behind.

MIL OSI United Nations News –

July 1, 2025
MIL-OSI: Bank OZK Announces Date for Second Quarter 2025 Earnings Release and Conference Call

Source: GlobeNewswire (MIL-OSI)

LITTLE ROCK, Ark., June 30, 2025 (GLOBE NEWSWIRE) — Bank OZK (the “Bank”) (Nasdaq: OZK) expects to report its second quarter 2025 earnings after the market closes on Thursday, July 17, 2025. Management’s comments on the second quarter of 2025 will be released simultaneously with the earnings press release and financial supplement which will be available on the Bank’s investor relations website.

Management will conduct a conference call to take questions at 7:30 a.m. CT (8:30 a.m. ET) on Friday, July 18, 2025. Interested parties may access the conference call live via webcast on the Bank’s investor relations website, or may participate via telephone by registering using this online form. Upon registration, all telephone participants will receive the dial-in number along with a unique PIN number that can be used to access the call. A replay of the conference call webcast will be archived on the Bank’s website for at least 30 days.

GENERAL INFORMATION
Bank OZK (Nasdaq: OZK) is a regional bank providing innovative financial solutions delivered by expert bankers with a relentless pursuit of excellence. Established in 1903, Bank OZK conducts banking operations in over 250 offices in nine states including Arkansas, Georgia, Florida, North Carolina, Texas, Tennessee, New York, California and Mississippi and had $39.2 billion in total assets as of March 31, 2025. For more information, visit ozk.com.

Investor Relations Contact: Jay Staley (501) 906-7842

Media Contact: Michelle Rossow (501) 906-3922

The MIL Network –

July 1, 2025
MIL-OSI Economics: Members spotlight transparency and development in discussions on standards and regulations

Source: WTO

Headline: Members spotlight transparency and development in discussions on standards and regulations

Daniela García of Ecuador handed over the Committee Chairperson role to Beatriz Stevens of the United Kingdom.
Transparency and notification practices
The week opened with a special meeting on transparency, featuring speakers from various regions, complemented by interactive discussions in breakout groups among all members. Representatives from TBT Enquiry Points shared their experiences on domestic institutional arrangements related to transparency, on opportunities to comment on members’ notifications and on ensuring timely preparation and submission of TBT notifications. Speakers emphasized the importance of timely consultation of all stakeholders in the regulatory process to improve the quality of regulations.
Representatives from the private sector shared how they use the ePing platform to track, in real time, the 4,000+ notifications on product requirements circulated annually. They shared examples of how members viewed technical comments positively in the development of regulations, helping to further align them with international standards and avoid unnecessary trade disruptions.
Throughout the session, members highlighted the benefits of using ePing to track information and meet transparency obligations. They welcomed the launch of a new feature in ePing where users can quickly receive translations of notified texts from non-WTO official languages into English, French and Spanish. They also made suggestions to further facilitate stakeholders’ access to ePing and keep track of developments in product regulations.
Members noted the significant progress made by the TBT Committee in strengthening transparency practices since the last special meeting in 2023. This includes the adoption of updates and improvements to the notification templates and guidelines as well as the finalization of a good practice guide for commenting . These improvements build on the work of the Transparency Working Group, reflecting continued efforts to streamline procedures and enhance access to information. The recording of the special meeting can be watched here.
Thematic session: special and differential treatment
A dedicated thematic session held on 24 June examined how developing and least-developed country members can better use flexibilities under the TBT Agreement. In particular, the session explored members’ experiences in using special and differential treatment disciplines under the Agreement, members’ engagement in the Committee’s work and the need for targeted capacity-building activities, including for developing quality infrastructure.
The session drew on the themes of the Thirteenth WTO Ministerial Conference Declaration on Special and Differential Treatment, with the participation of Ambassador Kadra Hassan of Djibouti, Chair of the Committee on Trade and Development in Special Session. The panel discussion featured speakers from Brazil, Cambodia, Ecuador, Kenya, Senegal, Uganda, Viet Nam and Zambia. The recording of the session can be watched here.
Specific trade concerns
A total of 78 trade concerns regarding members’ proposed and final TBT regulations were raised at the Committee’s regular meeting. Among these, 20 were raised for the first time. The full list is available here.
The new trade concerns addressed a wide variety of regulatory issues related to home appliances, cotton bales, industrial chemicals, energy and warehouse storage systems, electrical equipment safety, biodegradable plastic products, and vehicles, among others.
Japan reported that progress was made on the trade concerns it had raised on certain provisions of China’s standard for information security technology for office devices, noting that such provisions have now been deleted, and thanking China for its cooperation.
Side events and training: practical tools and partnerships
Two ePing training sessions, led by the WTO Secretariat, were held on 25 and 26 June.
In addition, three side events were organized. The United States hosted a workshop on international standards for food and agriculture traceability on 24 June, led by the standards organization ASTM. On 25 June, the International Trade Centre showcased how quality and sustainability standards support development, with a case study from Burundi and a demonstration of the Standards Map tool. On 26 June, the United Kingdom and the International Chamber of Commerce UK led a session on market access challenges and how tools such as ePing can support private sector engagement in members’ work on TBT and on sanitary and phytosanitary measures.
What is next?
The next TBT Committee meetings will be held from 10 to 14 November. Thematic sessions will focus on international standards for critical and emerging technologies, including AI, semiconductors and positioning systems, as well as good regulatory practices and metrology. A cross-cutting discussion on non-tariff measures under the WTO Information Technology Agreement will also be scheduled.

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MIL OSI Economics –

July 1, 2025
MIL-OSI Economics: Members explore technology transfer case studies, patent information, trade-related IP data

Source: WTO

Headline: Members explore technology transfer case studies, patent information, trade-related IP data

Discussions at the meeting saw a high level of engagement by delegations. Members highlighted how voluntary technology transfer to developing economies can boost innovation, productivity and development, drawing on sectoral case studies. They also focused on better harnessing information from expired patents and underlined the importance of systematic, transparent reporting on global IP trade flows.
A paper entitled “Intellectual Property and Innovation: Technology Transfer case studies” was submitted by Australia, Canada, the European Union, Israel, Japan, the Republic of Korea, New Zealand, Singapore, Switzerland, Chinese Taipei, the United Kingdom and the United States.
The paper highlights how technology enhances productivity, competitiveness, growth and development, motivating countries to foster an environment that attracts voluntary technology transfer and innovation. The paper invites members to submit case studies on voluntary transfers of patent-protected or trade secret technologies and highlights the importance of domestic policies and capacity-building. The aim of the paper is to inform TRIPS Council discussions on incentivizing mutually beneficial technology transfer to address global challenges.
The paper indicates that practical examples are useful in illustrating how technology transfer occurs across sectors such as agriculture, sustainability and manufacturing. IP offices and WIPO GREEN, an online platform for technology exchange, provide case studies and opportunities to promote green technology exchange. TRIPS Article 66.2 on technology transfer details incentives for transfer to least-developed countries (LDCs). In public health, the Medicines Patent Pool (MPP) enables voluntary sublicensing of patented treatments, increasing access to lifesaving medicines and supporting local production.
Colombia submitted a communication titled “After-life of patents” proposing joint efforts ahead of the 14th WTO Ministerial Conference (MC14), to be held in Cameroon in March 2026, to explore better use of patent information, potentially expanding the discussion to copyrighted works. The proposal envisions a cooperative WTO approach, without affecting debates on the need for balance in IP protection. Colombia said it is considering an MC14 decision where members would agree to make patent disclosures publicly accessible, promote good practices for their use, permit artificial intelligence (AI) training on such data, and establish a global, publicly accessible repository for such information.
Colombia submitted a second paper for discussion: “Trade-Related Figures of Intellectual Property at the WTO: The Case of IP Royalties at the Global Level”. The paper argues that since the TRIPS Agreement’s adoption in 1995, WTO members have applied common IP standards yet little focus has been placed on trade-related IP metrics. Unlike goods and services, IP trade flows – such as royalty payments – receive limited, inconsistent attention in WTO data. Occasional studies exist but lack regularity. However, reliable data is available through IMF and World Bank sources, which track cross-border royalty payments in national balance of payments statistics, offering an important resource for understanding global IP trade dynamics.
The paper suggests the WTO should implement systematic, detailed reporting on IP-related financial flows, integrating this data into TRIPS Council updates, Trade Policy Reviews and WTO databases. Disaggregated by IP category, such data would support informed policy decisions and foster balanced, evidence-based debate on the global IP regime.
Notifications
Members were updated on notifications under various provisions of the TRIPS Agreement that the Council has received since its last meeting in March.
The Chair of the Council, Emmanuelle Ivanov-Durand of France, said that the pace of notifications to the Council has increased in recent years, but they are still not keeping up with the actual development of laws and regulations relating to TRIPS. She emphasized that TRIPS Article 63.2 is not a “one-off” requirement but a core element of TRIPS transparency and a central part of the Council’s work. It obliges members to notify new or amended laws on TRIPS, including those recently adopted to address the COVID-19 pandemic.
This requirement includes the notification of legislative changes to implement the special compulsory licensing system to export medicines covered by TRIPS Article 31bis. The notification of relevant laws and regulations can assist members in preparing for the potential use of the system. It would also help the WTO Secretariat in its efforts to provide informed technical support to members.
The Chair recalled that the e-TRIPS Submission System is available for members to easily notify their laws and to make other required submissions to the TRIPS Council. The platform also permits digital access, consultation and analysis of information through the e-TRIPS Gateway, an easy-to-use interface to search and display information related to the TRIPS Council.
Members agreed to test the e-Agenda tool at the next TRIPS Council meeting on a trial, non-committal basis. Developed by the Secretariat and already in use across over 20 WTO bodies, the e-Agenda enhances transparency, organization and access to meeting documents and statements. The Chair stressed that implementation costs would be minimal, with a tailored prototype and training available. The trial aims to assess the practical value of the tool without altering established procedures.
Non-violation and situation complaints
Members repeated their well-known positions on the issue of non-violation and situation complaints (NVSCs) under the TRIPS Agreement. With less than a year to go to the 14th WTO Ministerial Conference (MC14), the Chair reminded members that it is a ministerial mandate for the Council to examine the scope and modalities for NVSCs, and that members should make serious efforts to do so.
The Chair noted that members have not displayed much appetite for advancing substantive discussions in this area. If this situation persists in the coming months, it is difficult to foresee any outcome in this area at MC14 other than an extension of the moratorium or its expiry, she noted. She suggested that if discussion on this matter is going to be limited to choosing between these two options, members could decide in Geneva ahead of MC14.
At the 13th Ministerial Conference (MC13) in Abu Dhabi in 2024, ministers adopted a Decision on TRIPS Non-Violation and Situation Complaints, instructing the TRIPS Council to continue reviewing the issue and submit recommendations to MC14. Until then, members agreed not to initiate such complaints under the TRIPS Agreement.
The Decision on TRIPS Non-Violation and Situation Complaints concerns whether and how WTO members can bring disputes to the WTO alleging that an action or situation has nullified expected benefits under the TRIPS Agreement, even without a specific violation.
Other issues
WTO members continued talks on how to proceed on the long overdue review of the implementation of the TRIPS Agreement. Under Article 71.1, the TRIPS Council is required to conduct a review of the implementation of the Agreement after two years and at periodic intervals thereafter. However, the initial review in 1999 was never completed and no review has subsequently been initiated.
The Chair recalled that members were able to propose last year a process for the first review, which ultimately could not be adopted. After holding informal consultations in May with the most active member on this issue to find a way forward, the Chair has concluded that the concerns that prevented the adoption of the proposal remain.
Ms Ivanov-Durand noted that the mandate set out in TRIPS Article 71.1 is highly significant and encouraged delegations to keep working towards the initiation of the implementation review. A number of delegations expressed their willingness to continue discussions on this issue. The Chair expressed her availability to conduct further informal consultations once there is greater likelihood of members agreeing on how to make substantial progress.
The Council did not agree on renewing the invitation to the European Free Trade Association (EFTA) to participate in the TRIPS Council as ad hoc observer. This invitation had been renewed on a meeting-to-meeting basis since 2012. A number of members said that the current list of observers is not balanced and asked the Council to reassess the situation with regards other international intergovernmental organizations whose requests have been pending for years. It was suggested that the Chair could address this issue in the technical meetings she is planning with members.
The updated list of pending requests for observer status in the TRIPS Council by intergovernmental organizations is contained in document IP/C/W/52/Rev.14.
The Chair said that there have been no new acceptances of the protocol amending the TRIPS Agreement since the last Council meeting. This means that, to date, the amended TRIPS Agreement applies to 141 members. Twenty-five members have yet to accept the Protocol. The current period for accepting the protocol runs until 31 December 2025.
Next meeting
The next regular meeting of the TRIPS Council is scheduled for 10-11 November 2025.

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MIL OSI Economics –

July 1, 2025
MIL-OSI Economics: Thales Alenia Space to develop SOLiS very-high-throughput laser communications demonstrator

Source: Thales Group

Headline: Thales Alenia Space to develop SOLiS very-high-throughput laser communications demonstrator

Cannes, June 30th, 2025 – Thales Alenia Space, the joint venture between Thales (67%) and Leonardo (33%), has been selected by the French space agency CNES, as part of the space component of the France 2030 program launched by the French government, to devel…

MIL OSI Economics –

July 1, 2025
MIL-OSI Economics: Christine Lagarde: Strategy assessment: lessons learned

Source: European Central Bank

Introductory speech by Christine Lagarde, President of the ECB, at the opening reception of the ECB Forum on Central Banking 2025 “Adapting to change: macroeconomic shifts and policy responses”

Sintra, 30 June 2025

As Nietzsche once observed, “it is our future that lays down the law of our today.”

When we last reviewed our strategy four years ago, our thinking was shaped – quite naturally – by the recent past: a decade of too-low inflation, compounded by the pandemic.

But as Nietzsche warned, there is a danger in letting the past dominate our thinking. Sometimes, it is the future – still dimly understood – that is already shaping our present.

And soon after that review, the world changed in ways we had not foreseen.

The reopening of our economies after the pandemic brought about major sectoral shifts. Russia’s invasion of Ukraine triggered a fundamental shift in energy markets.

The geopolitical landscape was upended, reshaping global trade. And structural changes in labour markets became increasingly apparent – driven by demographics, technological transformation, and evolving worker preferences.

Given all these developments, the fundamentals of our strategy have held up well – as they should, because a sound strategy must be robust to a changing environment.

Our symmetric 2% inflation target has proven effective in anchoring expectations – even through some of the most severe and persistent shocks in recent economic history.

And our medium-term orientation has provided essential flexibility to absorb an extremely large shock – helping to reduce the overall cost of disinflation to the economy, while still enabling a timely return of inflation to target.

We therefore saw no need to revisit these core pillars – which is why we refer to the exercise we have just concluded as a strategy assessment rather than a review.

The central theme of our work has been to update the framework so that monetary policy can continue to deliver price stability in the face of the new types of shocks we are confronting.

This evening, without downplaying the other lessons learned, I would like to highlight three key conclusions that have emerged from this work.

They concern the nature of the new environment, how we assess the risks that arise from it, and how we have adjusted our reaction function to safeguard price stability in this new world.

The changing environment

One word has dominated the public debate in recent weeks: uncertainty.

And this is one of the first key conclusions from our strategy assessment: the world ahead is more uncertain – and that uncertainty is likely to make inflation more volatile.

First, we see clear signs that supply shocks are becoming more frequent.

Model-based analysis by ECB staff shows that, during the recent inflation surge, such shocks played a much greater role in driving inflation than they had over the previous two decades. And even today, supply-side forces continue to generate inflation risks in both directions.

Second, we see mounting evidence that more regular supply disruptions are leading firms to adjust prices more frequently – thereby contributing to greater inflation volatility.

This is not simply an extrapolation from the most recent shock. Rather, it reflects a structural shift in how firms operate under conditions of permanently higher uncertainty.

Research shows that, in such an environment, firms tend to react more quickly to shocks – especially supply ones – in order to protect against potential future losses.^[1] At the same time, they are more likely to adopt more flexible pricing strategies, which means prices may respond not just to major shocks, but also to smaller frictions and local disruptions.^[2]

Third, if inflation becomes more volatile, we could see non-linearities on both sides.

In our last strategy review, we rightly focused on the non-linear dynamics that emerge in a prolonged environment of too-low inflation – where interest rates are eventually pushed to their effective lower bound. That constraint can, in turn, feed into inflation expectations and risk creating a self-fulfilling low-inflation trap. And we remain alert to the possibility of renewed downside inflation shocks.

But recent experience has also revealed non-linearities on the upside.

Since firms are generally quicker to raise prices than to lower them, more frequent price adjustments mean inflation can rise quickly in response to large upside shocks. If wages then adjust only gradually to these price increases – as we saw in recent years – inflation may remain above target for longer as wage growth slowly catches up. This, in turn, can raise the risk of inflation expectations de-anchoring on the upside.^[3]

Assessing the distribution of risks

The next question that follows is: if the economic environment becomes more volatile, how can we make our economic assessment more robust?

Large shocks can trigger feedback loops and non-linear effects that inherently give rise to a broader range of possible outcomes. In a world of higher uncertainty, it is all the more important to augment the baseline with alternative risk scenarios.

This is why the second key conclusion of our assessment is the need for monetary policy to take into account risks and uncertainty, using a systematic but context-specific approach.

The ECB has used both scenario and sensitivity analysis for many years – deploying internal scenarios since the global financial crisis and publishing them for the first time during the pandemic.

But our experience in recent years has underscored the particular strength of scenario analysis in times of elevated uncertainty.

A clear example is Russia’s invasion of Ukraine and the resulting energy price shock. In that case, scenarios provided insights that neither our baseline projections nor standard sensitivity analyses around the baseline could fully capture.

For instance, in March 2022 – just a few weeks after the invasion – our baseline projected inflation at around 5% for that year, based on market-implied energy futures. The sensitivity analysis suggested a slightly higher figure of about 5.5%. In contrast, the Ukraine war scenario already pointed to inflation exceeding 7% – close to the final annual figure of over 8%.

At the same time, there were moments when – in hindsight – publishing scenarios could have supported both our policymaking and our communication.

One example was the high uncertainty in 2021 about the speed of vaccine rollout and the nature of post-pandemic reopening, including the sectoral shifts in supply and demand across goods and services sectors, both in the euro area and globally.^[4]

Scenario analysis could have helped in illustrating that the range of possible inflation outcomes was unusually wide – and reduced the risk of projecting false certainty to the public.

This is why our updated strategy commits to ensuring that our policy decisions account not only for the most likely path of inflation and the economy, but also for the surrounding risks and uncertainty – including through the appropriate use of scenario and sensitivity analyses.

The reaction function

So what should our reaction function be, if we know that the road ahead is likely to be more uncertain?

In our last strategy review, we explicitly acknowledged the risks posed by the effective lower bound. Our strategy statement called for “especially forceful or persistent” action when policy rates are close to the lower bound.

This “asymmetric” focus was grounded in the asymmetry of policy space and the downward inflation bias it can produce. The lower bound continues to constrain monetary policy in the face of large disinflationary shocks.

But the recent inflation surge has revealed upside non-linearities – and with them, the need for a two-sided reaction function, both in terms of forcefulness or persistence. This is the third key conclusion of our strategy assessment.

This is not about reacting to small or temporary deviations, but about a symmetric commitment to respond to inflation dynamics that could de-anchor inflation expectations in either direction.

When disinflationary shocks risk pushing policy rates towards the lower bound, acting forcefully early on helps minimise the time spent near that constraint. Likewise, when inflation overshoots raise the risk of a feedback loop between frequent price adjustments and staggered wage responses, forceful tightening at the outset is key to anchoring expectations.

We began our recent policy cycle with historically large rate hikes delivered at an unprecedented pace. Our analysis shows that, had we not acted, the probability of inflation expectations de-anchoring would have exceeded 30% in 2022 and 2023.^[5]

At the same time, this policy cycle also offered new perspectives on optimal policy paths.

One insight from our last strategy review was that, when rates are near the lower bound, persistence can substitute for forcefulness – helping to deliver the necessary policy stance with fewer side effects. Until recently, however, this concept had not been widely applied to tightening cycles.

Typically, forceful tightening follows an inverted V-shape – with rapid rate increases followed by relatively swift cuts. But as rates move deeper into restrictive territory, the costs and side effects of further tightening also grow.

At that point, it can become optimal to shift the focus from forcefulness to persistence – even if, in principle, there is no upper bound constraining policy space.

Model simulations support this insight: forcefulness and persistence can act as substitutes, both capable of delivering the necessary disinflation. But persistence, in particular, can help limit the economic and financial stability costs compared with continued rate increases.

This was borne out in our own experience. When we entered what I described as the “holding phase”, we placed greater weight on the persistence dimension.^[6] This allowed the disinflation process to advance at a steady pace, while the so-called “sacrifice ratio” remained historically low compared with previous disinflation episodes.^[7]

Reflecting this experience, the Governing Council considers that its reaction function is best described as requiring “appropriately forceful or persistent monetary policy action in response to large, sustained deviations of inflation from the target in either direction.”

To this end, all our instruments remain available in our toolkit. But the word “appropriately” is important, as it underscores that the choice of instruments, and the intensity with which we use them, must reflect proportionality.

Conclusion

Let me conclude.

Our strategy assessment has been an exercise in evolution, not revolution – and in fact, many of its conclusions are already reflected in our current policy conduct.

We responded to the recent inflation shock with initially forceful and then persistent action, aiming to steer inflation back to target as swiftly as necessary, but as painlessly as possible.

And scenario analysis is helping us to better understand the range of risks ahead – and how best to respond to them.

For example, our scenarios on potential US import tariffs have helped us navigate an uncertain global trade landscape, while also enabling us to communicate more clearly the two-sided risks shaping our current monetary policy stance.

At our last monetary policy press conference in June, I described our monetary policy stance as being “in a good place”.

Following the conclusion of this strategy assessment, I would add that our monetary policy strategy is also in a good place – strengthened by experience, and better equipped for the challenges of the future.

To close the circle with Nietzsche: “he who has a why to live can bear almost any how.”

Even as the world changes around us, we know our purpose. And we will do whatever is necessary to deliver on it – ensuring price stability for the people of Europe.

MIL OSI Economics –

July 1, 2025
MIL-OSI United Nations: UN Secretary-General’s remarks at the launch of the Sevilla Platform for Action [bilingual as delivered; scroll down for all-English]

Source: United Nations secretary general

Señor Presidente del Gobierno, querido Pedro Sánchez, Excelencias, señoras y señores:

Gracias por unirse a este lanzamiento de la Plataforma de Acción de Sevilla.

Estimado Presidente: felicito a usted y a su Gobierno por su visión y liderazgo como anfitriones de la Cuarta Conferencia Internacional sobre la Financiación para el Desarrollo.

We are all here to respond to a global development crisis that threatens people and planet alike.

Our roadmap to a better future — the Sustainable Development Goals — is in danger.

Two-thirds of the targets are not progressing fast enough — or at all.

Solutions depend on financing.

Developing countries need over $4 trillion a year to deliver on the 2030 Agenda.

But they are being battered by limited fiscal space, slowing growth, crushing debt burdens and growing systemic risks.

The Sevilla Commitment document represents a bold plan to get the engine of development revving again:

Through new domestic and global commitments that can channel public and private finance to the areas of greatest need…

By overhauling the world’s approach to debt to make borrowing work in service of sustainable development…

And by reforming the global financial architecture to reflect today’s realities and the urgent needs of developing countries.

But we need all hands on deck.

And that’s why the Sevilla Platform for Action is so critical — and so significant.

In the midst of a world of division, conflict and economic uncertainty, this Platform contains more than 130 specific initiatives that demonstrate what we can achieve by working together.

Governments, private sector partners, international institutions, and civil society groups all together teaming up to launch high-impact initiatives to bring the Sevilla Commitment to life.

This includes a global hub for debt swaps at the World Bank as part of a broader facility aimed at relieving liquidity constraints and lowering the cost of borrowing.

A debt pause alliance to help countries in times of crisis.

A global coalition to scale-up pre-arranged finance that can be readily deployed when disasters strike.

A blended finance platform to bring public and private finance together in a new and expanded way.

A new tool for Multilateral Development Banks to manage currency risks.

And a commission to explore the future of development cooperation.

In December, I appointed a group of experts on debt who today are announcing 11 immediately actionable proposals to help resolve the debt crisis.

This includes the commitment to establish a borrowers forum for countries to learn from one another and coordinate their approaches in debt management and restructuring.

I look forward to working closely with Member States — including the G20 — to bring this forum to life, to empower borrower countries, and create a fairer system.

Excellencies, ladies and gentlemen,

The Sevilla Platform for Action offers an ambitious, action-oriented response to the global financing challenge.
It provides a springboard toward a more just, inclusive, and sustainable world for all countries.

And above all, it proves that progress and change are possible if we work together.

I hope the Platform inspires countries to work as one to tackle other challenges facing our world today.

Y una vez más, agradezco al Presidente del Gobierno y a todos ustedes por su liderazgo.

Muchas gracias.

*****
[all-English]

Mr. President of the Government of Spain, dear Pedro Sánchez,

Excellencies, ladies and gentlemen,

Thank you for joining this launch of the Sevilla Platform for Action.

Respected President of the Government of Spain — I commend you and your government for your vision and leadership as hosts of the Fourth International Conference on Financing for Development.

We are all here to respond to a global development crisis that threatens people and planet alike.

Our roadmap to a better future — the Sustainable Development Goals — is in danger.

Two-thirds of the targets are not progressing fast enough — or at all.

Solutions depend on financing.

Developing countries need over $4 trillion a year to deliver on the 2030 Agenda.

But they are being battered by limited fiscal space, slowing growth, crushing debt burdens and growing systemic risks.

The Sevilla Commitment document represents a bold plan to get the engine of development revving again:

Through new domestic and global commitments that can channel public and private finance to the areas of greatest need…

By overhauling the world’s approach to debt to make borrowing work in service of sustainable development…

And by reforming the global financial architecture to reflect today’s realities and the urgent needs of developing countries.

But we need all hands on deck.

And that’s why the Sevilla Platform for Action is so critical — and so significant.

In the midst of a world of division, conflict and economic uncertainty, this Platform contains more than 130 specific initiatives that demonstrate what we can achieve by working together.

Governments, private sector partners, international institutions, and civil society groups all together are teaming up to launch high-impact initiatives to bring the Sevilla Commitment to life.

This includes a global hub for debt swaps at the World Bank as part of a broader facility aimed at relieving liquidity constraints and lowering the cost of borrowing.

A debt pause alliance to help countries in times of crisis.

A global coalition to scale-up pre-arranged finance that can be readily deployed when disasters strike.

A blended finance platform to bring public and private finance together in a new and expanded way.

A new tool for Multilateral Development Banks to manage currency risks.

And a commission to explore the future of development cooperation.

In December, I appointed a group of experts on debt who today are announcing 11 immediately actionable proposals to help resolve the debt crisis.

This includes the commitment to establish a borrowers forum for countries to learn from one another and coordinate their approaches in debt management and restructuring.

I look forward to working closely with Member States — including the G20 — to bring this forum to life, to empower borrower countries, and create a fairer system.

Excellencies, ladies and gentlemen,

The Sevilla Platform for Action offers an ambitious, action-oriented response to the global financing challenge.

It provides a springboard toward a more just, inclusive, and sustainable world for all countries.

And above all, it proves that progress and change are possible if we work together.

I hope the Platform inspires countries to work as one to tackle other challenges facing our world today.

Once again, I thank Prime Minister Sánchez and all of you for your leadership.

Thank you.

MIL OSI United Nations News –

July 1, 2025

MIL-OSI USA: US Department of Labor awards nearly $84M in grants to expand Registered Apprenticeships

Source: US Department of Labor

WASHINGTON – The U.S. Department of Labor today announced the award of nearly $84 million in grants to 50 states and territories to increase the capacity of Registered Apprenticeship programs, representing an important step toward meeting the Administration’s goal of expanding the program to 1 million active apprentices.

Since the beginning of the Trump Administration, over 134,000 new apprentices have registered across the nation. Today’s awards represent the base formula funding and competitive funding to states to increase their ability to serve, improve, and expand Registered Apprenticeship programs. This represents the third round of State Apprenticeship Expansion Formula funding the department has awarded.

This investment will further accelerate Registered Apprenticeship programs, incentivize the creation and ongoing success of programs, reduce barriers to entry for new employers and industries, foster innovation, and enhance overall transparency among Registered Apprenticeship stakeholders.

“Registered Apprenticeships are a vital tool for skills development, national economic competitiveness, business growth, and individual opportunity. They will become even more important as President Trump continues to create jobs in critical sectors like manufacturing and construction,” said U.S. Secretary of Labor Lori Chavez-DeRemer. “I am committed to providing states and territories with the resources needed to meet their unique economic demands. Together, we will achieve President Trump’s goal of 1 million new active apprentices.”

State Apprenticeship Expansion Formula funding will support the implementation of several Presidential Executive Orders related to enhancing and expanding the National Apprenticeship system including, “Preparing Americans for High-Paying Skilled Trade Jobs of the Future,” “Advancing Artificial Intelligence Education for American Youth,” “Restoring America’s Maritime Dominance,” and “Reinvigorating the Nuclear Industrial Base.”

The funding advances the expansion of Registered Apprenticeships in both traditional and emerging industries, including technology, Artificial Intelligence, advanced manufacturing, supply chain, transportation, building trades, and construction.

The department awarded the following funding through the State Apprenticeship Expansion Formula grants:

Recipient	City	State	Amount
Alaska Department of Labor and Workforce Development	Juneau	AK	$423,872
Arizona Department of Economic Security	Phoenix	AZ	$920,467
Arkansas Department of Commerce	Little Rock	AR	$780,950
Colorado Department of Labor and Employment	Denver	CO	$856,474
Commonwealth of the Northern Mariana Islands Department of Labor Workforce Investment Agency Division	Saipan	MP	$75,000
Delaware Department of Labor	Wilmington	DE	$418,450
Georgia Technical College System	Atlanta	GA	$1,100,109
Guam Department of Administration	Tamuning	GU	$330,482
Hawaii Department of Labor and Industrial Relations	Honolulu	HI	$556,981
Idaho Department of Labor	Boise	ID	$485,605
Illinois Department of Commerce and Economic Opportunity	Springfield	IL	$1,665,343
Indiana Department of Workforce Development	Indianapolis	IN	$1,281,731
Iowa Workforce Development	Des Moines	IA	$766,805
Kansas Department of Commerce	Topeka	KS	$543,717
Kentucky Department of Workforce Development	Frankfort	KY	$741,890
Louisiana Workforce Commission	Baton Rouge	LA	$653,593
Maine Department of Labor	Augusta	ME	$420,202
Maryland Department of Labor	Baltimore	MD	$1,069,642
Massachusetts Executive Office of Labor and Workforce Development	Boston	MA	$1,008,964
Michigan Department of Labor and Economic Opportunity	Lansing	MI	$1,475,943
Minnesota Department of Labor and Industry	Saint Paul	MN	$979,062
Mississippi Department of Employment Security	Jackson	MS	$532,030
Missouri Department of Higher Education and Workforce Development	Jefferson City	MO	$1,337,414
Montana Department of Labor and Industry	Helena	MT	$447,029
Nebraska Department of Labor	Lincoln	NE	$492,392
Nevada Office of the Labor Commissioner	Las Vegas	NV	$695,737
New Hampshire Community College System	Concord	NH	$482,658
New Jersey Department of Labor and Workforce Development	Trenton	NJ	$1,118,059
New Mexico Workforce Solutions Department	Albuquerque	NM	$506,824
New York Department of Labor	Albany	NY	$1,920,269
North Carolina Community College System Office	Raleigh	NC	$1,158,891
North Dakota Department of Public Instruction	Bismarck	ND	$399,249
Ohio Department of Job and Family Services	Columbus	OH	$1,640,376
Oklahoma Department of Career and Technology Education	Stillwater	OK	$590,719
Oregon Higher Education Coordinating Commission	Salem	OR	$864,103
Pennsylvania Department of Labor and Industry	Harrisburg	PA	$1,417,575
Puerto Rico Department of Economic Development and Commerce	San Juan	PR	$441,721
Rhode Island Department of Labor and Training	Cranston	RI	$444,939
South Carolina Board for Technical and Comprehensive Education	Columbia	SC	$771,633
South Dakota Department of Labor and Regulation	Pierre	SD	$397,630
Tennessee Department of Labor and Workforce Development	Nashville	TN	$939,312
Texas Workforce Commission	Austin	TX	$2,817,802
Utah Department of Workforce Services	Salt Lake City	UT	$629,467
Vermont Department of Labor Workforce Development	Montpelier	VT	$395,708
Virgin Islands Department of Education	St. Thomas	VI	$75,000
Virginia Department of Workforce Development and Advancement	Richmond	VA	$1,129,005
Washington State Department of Labor and Industries	Tumwater	WA	$1,355,532
West Virginia Department of Economic Development	Charleston	WV	$515,521
Wisconsin Department of Workforce Development	Madison	WI	$1,015,406
Wyoming Department of Workforce Services	Cheyenne	WY	$352,363

The department also awarded the following competitive State Apprenticeship Expansion Formula grants:

Recipient	City	State	Amount
Georgia Technical College System	Atlanta	GA	$5,000,000
Illinois Department of Commerce and Economic Opportunity	Springfield	IL	$5,000,000
Indiana Department of Workforce Development	Indianapolis	IN	$4,970,242
Maine Department of Labor	Augusta	ME	$5,000,000
Massachusetts Executive Office of Labor and Workforce Development	Boston	MA	$5,000,000
Montana Department of Labor and Industry	Helena	MT	$4,000,000
Oregon Higher Education Coordinating Commission	Salem	OR	$4,990,464
Rhode Island Department of Labor and Training	Cranston	RI	$4,242,278
Tennessee Department of Labor and Workforce Development	Nashville	TN	$5,000,000

MIL OSI USA News –

July 1, 2025

MIL-OSI USA: NASA to Provide Coverage of Progress 92 Launch, Space Station Docking

Source: NASA

NASA will provide live coverage of the launch and docking of a Roscosmos cargo spacecraft delivering approximately three tons of food, fuel, and supplies to the Expedition 73 crew aboard the International Space Station.
The unpiloted Roscosmos Progress 92 spacecraft is scheduled to launch at 3:32 p.m. EDT, Thursday, July 3 (12:32 a.m. Baikonur time, Friday, July 4), on a Soyuz rocket from the Baikonur Cosmodrome in Kazakhstan.
Live launch coverage will begin at 3:10 p.m. on NASA+. Learn how to watch NASA content through a variety of platforms, including social media.
After a two-day, in-orbit journey to the station, the spacecraft will dock autonomously to the space-facing port of the orbiting laboratory’s Poisk module at 5:27 p.m. on Saturday, July 5. NASA’s rendezvous and docking coverage will begin at 4:45 p.m. on NASA+.
The Progress 92 spacecraft will remain docked to the space station for approximately six months before departing for re-entry into Earth’s atmosphere to dispose of trash loaded by the crew.
Ahead of the spacecraft’s arrival, the Progress 90 spacecraft will undock from the Poisk module on Tuesday, July 1. NASA will not stream undocking.
The International Space Station is a convergence of science, technology, and human innovation that enables research not possible on Earth. For nearly 25 years, NASA has supported a continuous U.S. human presence aboard the orbiting laboratory, through which astronauts have learned to live and work in space for extended periods of time. The space station is a springboard for developing a low Earth economy and NASA’s next great leaps in exploration, including missions to the Moon under Artemis and, ultimately, human exploration of Mars.
Learn more about the International Space Station, its research, and crew, at:
https://www.nasa.gov/station
-end-
Jimi RussellHeadquarters, Washington202-358-1100james.j.russell@nasa.gov
Sandra Jones / Joseph ZakrzewskiJohnson Space Center, Houston281-483-5111sandra.p.jones@nasa.gov / joseph.a.zakrzewski@nasa.gov

MIL OSI USA News –

July 1, 2025

MIL-OSI Russia: IMF Executive Board Completes the Eighth Review of the Extended Arrangement under the Extended Fund Facility for Ukraine

Source: IMF – News in Russian

June 30, 2025

The IMF Board today completed the Eighth Review of the Extended Arrangement under the Extended Fund Facility (EFF) for Ukraine, enabling a disbursement of about US$0.5 billion (SDR 0.37 billion) to Ukraine, which will be channeled for budget support.
Ukraine’s economy remains resilient, and the authorities met all end-March and continuous quantitative performance criteria, the prior action, and two structural benchmarks for the review.
Despite the challenges, progressing with domestic revenue mobilization, strengthening the investment climate, improving governance, and completing the debt restructuring strategy are necessary to restore fiscal and debt sustainability and support growth. The full and timely disbursement of external support during the program period remains indispensable for macroeconomic stability

Washington, DC: The Executive Board of the International Monetary Fund (IMF) today completed the Eighth Review of the EFF, enabling the authorities to draw US$0.5 billion (SDR 0.37 billion, which will be channeled for budget support. This will bring the total disbursements under the IMF-supported program to US$10.6 billion.

Ukraine’s 48-month EFF, with access of SDR 11.6 billion (equivalent to about US$15.5 billion, or 577 percent of quota), was approved on March 31, 2023, and forms part of an international support package totaling US$152.9 billion in the program’s baseline scenario. Ukraine’s IMF-supported program helps anchor policies that sustain fiscal, external, and macro-financial stability at a time of exceptionally high uncertainty. The EFF aims to support Ukraine’s economic recovery, enhance governance, and strengthen institutions with the aim of promoting long-term growth and investment.

For the Eighth Review, Ukraine met all end-March and continuous quantitative performance criteria as well as the prior action to submit to the Cabinet of Ministers of Ukraine a detailed reform plan for the State Customs Service (SCS). Two structural benchmarks on tax reporting for digital platform operators and publication of the external audit of NABU were also completed. Four new benchmarks were also established, including: measures to update the single project pipeline; preparation of a prioritized roadmap for financial market infrastructure; implementation of international valuation standards; and development of legislative proposals to align securitization and bonds with international standards. The timelines of some other structural benchmarks, including the appointment of the head of the SCS, have been reset by the IMF Executive Board to allow the authorities more time to complete these important reforms. The authorities also requested a rephasing of access to IMF financing over the remainder of 2025 to better align them with Ukraine’s updated balance of payments needs, while the overall size of the program remains unchanged.

The 2025 growth forecast has been maintained at 2–3 percent as a smaller electricity deficit is offset by lower gas production and weaker agricultural exports. Pressures from Russia’s war will require a supplementary budget for 2025, and the medium-term fiscal path has been revised to better reflect the authorities’ policy intentions on revenue mobilization and expenditure prioritization. The National Bank of Ukraine (NBU) has maintained a tight monetary policy to respond to the still high inflation, while inflation expectations remain anchored. FX reserves remain adequate, sustained by continued sizeable external support. Overall, the outlook remains subject to exceptionally high uncertainty.

Following the Executive Board discussion on Ukraine, Ms. Gita Gopinath, First Deputy Managing Director of the IMF, issued the following statement[1]:

“Russia’s war continues to take a devastating social and economic toll on Ukraine. Nevertheless, macroeconomic stability has been preserved through skillful policymaking as well as substantial external support. The economy has remained resilient, but the war is weighing on the outlook, with growth tempered by labor market strains and damage to energy infrastructure. Risks to the outlook remain exceptionally high and contingency planning is key to enable appropriate policy action should risks materialize.

“The Fund-supported program remains fully financed, with a cumulative external financing envelope of US$153 billion in the baseline scenario and US$165 billion in the downside scenario, over the 4-year program period. This includes the full utilization of the approximately US$50 billion from the G7’s Extraordinary Revenue Acceleration Loans for Ukraine (ERA) initiative. Full, timely, and predictable disbursement of external support—on terms consistent with debt sustainability—remains essential to achieving program objectives.

“The continuing war has necessitated a Supplementary Budget for 2025. Restoring fiscal sustainability and meeting elevated priority expenditures over the medium term will require continued decisive efforts to implement the National Revenue Strategy. This includes modernization of the tax and customs services (including the timely appointment of the customs head), reduction in tax evasion, and harmonization of legislation with EU standards. These reforms, combined with improvements in public investment management frameworks, medium-term budget preparation, and fiscal risk management, are critical to underpinning growth and investment.

“The authorities continue working to complete their debt restructuring strategy in line with the program’s debt sustainability objectives, which is essential to create room for priority expenditures, reduce fiscal risks, and restore debt sustainability.

“Given still elevated inflation, the tight monetary policy stance is appropriate, and the NBU should stand ready to tighten further should inflation expectations deteriorate. Greater exchange rate flexibility will help strengthen economic resilience while safeguarding reserves.

“The financial sector remains stable, though vigilance is needed given heightened risks. Operational and governance weaknesses in the security markets regulator need to be tackled urgently. Closing gaps in Ukraine’s capital markets infrastructure will be key to attracting foreign private capital for post-war reconstruction.

“Sustained progress in anticorruption and governance reforms remains crucial. The completed audit of the National Anti-Corruption Bureau is an important step; additional efforts are required, including amending the criminal procedures code, appointing the new head of the Economic Security Bureau, and strengthening AML/CFT frameworks.”

Table 1. Ukraine: Selected Economic and Social Indicators, 2021–27
	2021	2022	2023	2024	2025	2026	2027

	Act.	Act.	Act.	Proj.	Proj.	Proj.	Proj.

Real economy (percent change, unless otherwise indicated)
Nominal GDP (billions of Ukrainian hryvnias) 1/	5,451	5,239	6,628	7,659	8,866	10,192	11,322
Real GDP 1/	3.4	-28.8	5.5	2.9	2-3	4.5	4.8
Contributions:
Domestic demand	12.8	-19.0	11.9	3.8	5.2	3.4	2.7
Private consumption	4.5	-19.0	3.0	4.6	2.8	3.4	2.7
Public consumption	0.1	5.6	3.0	-1.5	0.3	-2.5	-2.0
Investment	8.1	-5.5	5.8	0.6	2.1	2.5	2.0
Net exports	-9.3	-9.8	-6.3	-0.8	-3.2	1.1	2.1
GDP deflator	24.8	34.9	19.9	12.3	13.5	10.0	6.0
Unemployment rate (ILO definition; period average, percent)	9.8	24.5	19.1	13.1	11.6	10.2	9.4
Consumer prices (period average)	9.4	20.2	12.9	6.5	12.6	7.6	5.3
Consumer prices (end of period)	10.0	26.6	5.1	12.0	9.0	7.0	5.0
Nominal wages (average)	20.8	1.0	20.1	23.1	17.4	13.7	10.8
Real wages (average)	10.5	-16.0	6.4	15.6	4.2	5.7	5.3
Savings (percent of GDP)	12.5	17.0	12.8	11.4	4.4	10.0	18.3
Private	12.7	30.2	27.4	23.3	21.4	15.9	18.0
Public	-0.2	-13.1	-14.6	-11.8	-17.1	-5.9	0.3
Investment (percent of GDP)	14.5	12.1	18.1	18.6	20.9	22.6	23.7
Private	10.7	9.6	13.4	13.3	16.6	18.3	18.9
Public	3.8	2.5	4.7	5.4	4.3	4.3	4.9

General Government (percent of GDP)
Fiscal balance 2/	-4.0	-15.6	-19.3	-17.2	-21.3	-10.1	-4.6
Fiscal balance, excl. grants 2/	-4.0	-24.8	-25.8	-23.1	-22.1	-10.4	-5.6
External financing (net)	2.5	10.7	16.2	15.0	24.5	8.9	1.7
Domestic financing (net), of which:	1.5	5.0	3.1	0.3	-3.1	1.3	2.8
NBU	-0.3	7.3	-0.2	-0.2	-0.1	-0.1	-0.1
Commercial banks	1.4	-1.5	2.5	2.9	2.7	0.8	3.4
Public and publicly-guaranteed debt	48.9	77.7	81.2	89.7	108.6	110.4	106.4

Money and credit (end of period, percent change)
Base money	11.2	19.6	23.3	7.7	21.7	13.1	10.4
Broad money	12.0	20.8	23.0	13.4	14.4	13.2	10.4
Credit to nongovernment	8.4	-3.1	-0.5	13.5	10.6	17.7	18.6

Balance of payments (percent of GDP)
Current account balance	-1.9	4.9	-5.3	-7.2	-16.5	-12.6	-5.4
Foreign direct investment	3.8	0.1	2.5	1.8	2.2	4.0	5.0
Gross reserves (end of period, billions of U.S. dollars)	30.9	28.5	40.5	43.8	53.4	52.8	55.6
Months of next year’s imports of goods and services	4.5	3.8	5.3	5.1	6.3	6.3	6.5
Percent of short-term debt (remaining maturity)	74.4	83.3	100.3	130.9	178.9	171.5	172.1
Percent of the IMF composite metric (float)	105.5	110.3	130.2	125.4	125.5	114.0	115.7
Goods exports (annual volume change in percent)	39.0	-37.5	-8.5	16.8	3.0	14.9	14.3
Goods imports (annual volume change in percent)	15.1	-29.7	18.5	6.0	19.3	4.7	5.5
Goods terms of trade (percent change)	-8.4	-11.6	3.6	0.5	1.3	1.0	0.4

Exchange rate
Hryvnia per U.S. dollar (end of period)	27.3	36.6	38.0	42.0	…	…	…
Hryvnia per U.S. dollar (period average)	27.3	32.3	36.6	40.2	…	…	…
Real effective rate (CPI-based, percent change)	2.6	3.2	-6.7	-6.5	…	…	…

Memorandum items:
Per capita GDP / Population (2017): US$2,640 / 44.8 million
Literacy / Poverty rate (2022 est 3/): 100 percent / 25 percent perpercentpercent

Sources: Ukrainian authorities; World Bank, World Development Indicators; and IMF staff estimates.
1/ GDP is compiled as per SNA 2008 and excludes territories that are or were in direct combat zones and temporarily occupied by Russia (consistent with the TMU).
2/ The general government includes the central and local governments and the social funds.
3/ Based on World Bank estimates.

[1] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summing up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Camila Perez

Phone: +1 202 623-7100Email: MEDIA@IMF.org

https://www.imf.org/en/News/Articles/2025/06/30/pr-25227-ukraine-imf-completes-8th-rev-of-ext-arrang-under-eff

MIL OSI

MIL OSI Russia News –

July 1, 2025

MIL-OSI Video: FfD4, Gender Equality, Gaza & other topics – Daily Press Briefing (30 June 2025)

Source: United Nations (video statements)

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

Highlights:
Secretary-General/Conference on Financing for Development
Deputy Secretary-General/FfD4
Gender Equality
Gaza
Occupied Palestinian Territory
Security Council
An Interim Force in Lebanon (UNIFIL)
Syria
Ukraine
Sudan
DRC/Rwanda
Afghanistan Refugees
International Days
Financial Contribution
UNGA80
Programming Note

SECRETARY-GENERAL/CONFERENCE ON FINANCING FOR DEVELOPMENT
The Secretary-General is in Sevilla, Spain, where he is attending the 4th International Conference on Financing for Development. This morning, at the opening of the Conference, he said that financing is the engine of development, and right now, this engine is sputtering.
“As we meet,” the Secretary-General pointed out, “the 2030 Agenda for Sustainable Development, our global promise to transform our world for a better, fairer future, is in danger. He stressed that the conference is not about charity, it’s about restoring justice and lives of dignity.”
The Secretary-General also added that the conference is not about money, it’s about investing in the future we want to build, together.
In the afternoon, at the launch of the Sevilla Platform for Action, the Secretary-General highlighted that the Platform offers an ambitious, action-oriented response to the global financing challenge.
Soon after, at the opening of the International Business Forum, the Secretary-General underscored that by uniting public and private sector leaders, regulators and development banks, we can ensure that the conference is not an end, but rather a beginning.
The Secretary-General also addressed that media in a joint press encounter with the President of the Government of Spain, Pedro Sánchez. He stressed that with the adoption of the Sevilla Commitment document, countries are proving their dedication to getting the engine of development revving again.
Today, the Secretary-General also held a bilateral meeting with the President of the Government of Spain, and yesterday, he met His Majesty Don Felipe VI, King of Spain, He is also having a number of bilateral meetings with other delegation leaders who will be at the conference. We will share readouts of some of those meetings shortly.

DEPUTY SECRETARY-GENERAL/FFD4
Ms. Amina Mohammed, the Deputy Secretary-General, joined the Secretary-General for the opening ceremony of the conference and his meeting with the President of the Government of Spain.
Later, she delivered remarks at side events focused on closing the SDG financing gap, including on the role of public-private cooperation, the centrality of gender equality in sustainable finance, and the leadership of African women in advancing the 2030 Agenda and Agenda 2063.
She also held bilateral meetings with senior government officials and Heads of Government attending the conference.

GENDER EQUALITY
At the Fourth International Financing for Development conference in Spain, the adoption of the Compromiso de Sevilla reaffirmed the global commitment to inclusive sustainable development. However, UN Women is warning that chronic underfunding and unfair financial systems are hindering gender equality progress.
Developing countries are falling short by an estimated $420 billion a year in the funding needed to achieve gender equality under the Sustainable Development Goals.
UN Women is urging world leaders to match political commitments with the sustained, transparent, and accountable financing needed to deliver on promises to half the world’s population.

Full Highlights:
https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=30%20June%202025

https://www.youtube.com/watch?v=svTsTXC1aiw

MIL OSI Video –

July 1, 2025
MIL-OSI Video: FfD4, Gender Equality, Gaza & other topics – Daily Press Briefing (30 June 2025)

Source: United Nations (video statements)

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

Highlights:
Secretary-General/Conference on Financing for Development
Deputy Secretary-General/FfD4
Gender Equality
Gaza
Occupied Palestinian Territory
Security Council
An Interim Force in Lebanon (UNIFIL)
Syria
Ukraine
Sudan
DRC/Rwanda
Afghanistan Refugees
International Days
Financial Contribution
UNGA80
Programming Note

SECRETARY-GENERAL/CONFERENCE ON FINANCING FOR DEVELOPMENT
The Secretary-General is in Sevilla, Spain, where he is attending the 4th International Conference on Financing for Development. This morning, at the opening of the Conference, he said that financing is the engine of development, and right now, this engine is sputtering.
“As we meet,” the Secretary-General pointed out, “the 2030 Agenda for Sustainable Development, our global promise to transform our world for a better, fairer future, is in danger. He stressed that the conference is not about charity, it’s about restoring justice and lives of dignity.”
The Secretary-General also added that the conference is not about money, it’s about investing in the future we want to build, together.
In the afternoon, at the launch of the Sevilla Platform for Action, the Secretary-General highlighted that the Platform offers an ambitious, action-oriented response to the global financing challenge.
Soon after, at the opening of the International Business Forum, the Secretary-General underscored that by uniting public and private sector leaders, regulators and development banks, we can ensure that the conference is not an end, but rather a beginning.
The Secretary-General also addressed that media in a joint press encounter with the President of the Government of Spain, Pedro Sánchez. He stressed that with the adoption of the Sevilla Commitment document, countries are proving their dedication to getting the engine of development revving again.
Today, the Secretary-General also held a bilateral meeting with the President of the Government of Spain, and yesterday, he met His Majesty Don Felipe VI, King of Spain, He is also having a number of bilateral meetings with other delegation leaders who will be at the conference. We will share readouts of some of those meetings shortly.

DEPUTY SECRETARY-GENERAL/FFD4
Ms. Amina Mohammed, the Deputy Secretary-General, joined the Secretary-General for the opening ceremony of the conference and his meeting with the President of the Government of Spain.
Later, she delivered remarks at side events focused on closing the SDG financing gap, including on the role of public-private cooperation, the centrality of gender equality in sustainable finance, and the leadership of African women in advancing the 2030 Agenda and Agenda 2063.
She also held bilateral meetings with senior government officials and Heads of Government attending the conference.

GENDER EQUALITY
At the Fourth International Financing for Development conference in Spain, the adoption of the Compromiso de Sevilla reaffirmed the global commitment to inclusive sustainable development. However, UN Women is warning that chronic underfunding and unfair financial systems are hindering gender equality progress.
Developing countries are falling short by an estimated $420 billion a year in the funding needed to achieve gender equality under the Sustainable Development Goals.
UN Women is urging world leaders to match political commitments with the sustained, transparent, and accountable financing needed to deliver on promises to half the world’s population.

Full Highlights:
https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=30%20June%202025

https://www.youtube.com/watch?v=svTsTXC1aiw

MIL OSI Video –

July 1, 2025
MIL-OSI Russia: Six New Tourist Highways Open in Xinjiang

Translation. Region: Russian Federal

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

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

URUMQI, June 30 (Xinhua) — Six new highways have opened to traffic in northwest China’s Xinjiang Uygur Autonomous Region, with a total investment of 10.7 billion yuan (about 1.5 billion U.S. dollars) and a total length of 965 km.

The routes connect diverse natural landscapes, from snow-capped mountains and steppes to forests, lakes, deserts and oases, and aim to develop Xinjiang’s “fast entry, slow travel” tourism network and expand opportunities for independent car tourism, according to the regional transportation department.

The new highways link key attractions across Xinjiang’s vast territory, where tourist sites are often relatively far apart, the department said.

In recent years, Xinjiang has stepped up efforts to build a multi-dimensional tourism transportation network. The region has opened new civil aviation routes, launched specialized railway lines such as the Taklamakan Desert Loop, and built scenic roads for car tourism. –0–

MIL OSI Russia News –

July 1, 2025
MIL-OSI Russia: Givi Mikanadze appointed as new Minister of Education, Science and Youth of Georgia

Translation. Region: Russian Federal

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

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

TBILISI, June 30 (Xinhua) — Givi Mikanadze has been appointed Minister of Education, Science and Youth of Georgia. The new minister was introduced by Georgian Prime Minister Irakli Kobakhidze at a briefing at the Georgian government administration on Monday.

G. Mikanadze replaced Alexander Tsuladze in the ministerial post, who announced his resignation on Monday.

Before his appointment, G. Mikanadze was the Chairman of the Parliamentary Committee on Education, Science and Youth Affairs.

A. Tsuladze has held the post of Minister of Education, Science and Youth since October 2024. –0–

MIL OSI Russia News –

July 1, 2025
MIL-OSI Russia: China to offer 10% tax break to foreign investors who reinvest dividends in Chinese companies

Translation. Region: Russian Federal

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

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

BEIJING, June 30 (Xinhua) — China’s financial, tax and trade authorities on Monday announced a 10 percent corporate income tax rebate for foreign investors on domestic direct investment financed by dividends from Chinese enterprises’ profits.

The credit, which runs from January 1, 2025, to December 31, 2028, allows unused credit to be carried forward to a later date and allows lower rates to be applied under applicable tax treaties.

Foreign investors may reinvest dividends in increasing the share capital of resident enterprises, establishing new resident enterprises, or acquiring shares of resident enterprises from unaffiliated parties. The industry in which the investee enterprise operates must be included in the Catalogue of Industries Encouraging Foreign Investment.

Foreign investors may apply for a refund of the tax credit for reinvestments made between January 1, 2025 and the date of the announcement of the introduction of this benefit. –0–

MIL OSI Russia News –

July 1, 2025
MIL-OSI Europe: Answer to a written question – Statements of Reasons (SoRs) in the Digital Services Act (DSA) – E-001833/2025(ASW)

Source: European Parliament

According to Article 17(1)(a) of Regulation (EU) 2022/2065, providers of hosting services are required to provide a clear and specific statement of reasons for any restrictions of the visibility of specific items of information provided by the recipient of the service.

Any content labelling that restricts visibility, including disabling access to content, or demoting content in ranking or in recommender systems, as well as any accessibility limitation by one or more recipients of the service falls within this category.

Pursuant to Article 24 (5) of Regulation (EU) 2022/2065, the Commission has put in place the DSA Transparency Database, which is designed to include the decisions and the statements of reasons referred to in Article 17(1) of that regulation.

The database includes the option ‘decision_visibility_content_labelled’ for reporting visibility restrictions decisions.

This option can be reported together with other visibility restrictions, allowing providers of online platforms to detail in the statements of reasons the array of content visibility measures applied.

This database ensures transparency and scrutiny over the content moderation decisions of online platforms.

Last updated: 30 June 2025

MIL OSI Europe News –

July 1, 2025
MIL-OSI Europe: Answer to a written question – Closure of mines and lignite-fired power stations in Western Macedonia: a great cause of suffering for the people – E-001603/2025(ASW)
Source: European Parliament
The EU Green Deal and its underlying legislative framework, in particular the ‘Fit for 55 Package’ were adopted by the co-legislators.

As part of the Green Deal, the Just Transition Mechanism (JTM) mobilises ca. EUR 55 billion to support the most affected regions from the energy transition from 2021 to 2027. Western Macedonia is one of the regions receiving support under the JTM.

Moreover, the Social Climate Fund will provide funding of up to EUR 86,7 billion from 2026 to 2032. The support measures and investments aim to address the social impact of the inclusion of greenhouse gas emissions from buildings and road transport within the scope of the Emission Trading System, for example by increasing energy efficiency and decarbonisation of heating and cooling of buildings, specifically targeting and benefiting vulnerable households, micro-enterprises and transport users.

To tackle high energy prices and support those suffering from them, the Commission adopted the Affordable Energy Action Plan on 26 February 2025[1].

The measures set out in the plan aim at fostering energy efficiency and renewable energy deployment, accelerating permitting, grid deployment, boosting storage and electrification and reducing systems costs, helping to bring down energy costs and support both industry and households.

[1] https://energy.ec.europa.eu/strategy/affordable-energy_en.
Last updated: 30 June 2025
MIL OSI Europe News –
July 1, 2025
MIL-OSI Europe: Answer to a written question – European Movement Serbia – E-001282/2025(ASW)
Source: European Parliament
Evropski pokret u Srbiji [1] (European Movement Serbia) has received limited financial support from the EU over the past decade. This funding is part of the EU’s broader strategy to foster a stronger, democratic, and inclusive Serbia for all its citizens and to support their participation in the country’s EU accession process.

Organisations like Evropski pokret u Srbiji play a crucial role in promoting and supporting a whole-society approach to the EU accession process.

The Commission engages with a diverse range of stakeholders through open calls, thereby mitigating the risk of any single narrative dominating the political discourse in Serbia.

In providing EU financial support for civil society in the Western Balkans, including Serbia, the Commission implements strict monitoring and evaluation mechanisms. These include regular audits, reporting requirements, and assessments of the impact of funded projects.

This multi-faceted oversight aims to uphold the integrity of the funding process and ensure that it contributes positively to the democratic development of the country.

The portrayal of civil society organisations that receive EU funding as tools of external influence undermines EU’s legitimate efforts to support civil society and democratic processes within Serbia and goes against the values that are fundamental for the future of any candidate country that wants to join the EU.

[1] https://www.emins.org/en/.
Last updated: 30 June 2025
MIL OSI Europe News –
July 1, 2025
MIL-OSI Europe: In-Depth Analysis – Future-proofing the vision for agriculture and food – 30-06-2025

Source: European Parliament

The European Commission’s communication on a vision for agriculture and food, published in February 2025, aims to secure the long-term competitiveness and sustainability of the farming and food sector. The document consists of four distinct parts: making agriculture an attractive sector with affordable food for all, a competitive and resilient sector, a future-proof sector that is sustainable and contributes to food security, and a vibrant sector with fair living and working conditions. To future-proof the vision, a foresight ‘wind-tunnelling’ exercise was conducted using the Reference foresight scenarios on the global standing of the EU in 2040, developed by the European Commission’s Joint Research Centre. The scenarios (Storms, Endgame, Struggling synergies, and Opposing views), provide a set of four different plausible contexts to test the vision, with a view to suggesting developments that would make it more robust. While the scenarios do not predict the future, they can point towards challenges and opportunities the future might bring. The participatory workshop we conducted in March 2025 showed that vision statements appear to be more plausible in scenarios where sustainability, environmental protection, and social cohesion are prioritised. In contrast, they may be less robust if the focus is stronger on economic growth, competitiveness, and deregulation, while putting issues such as sustainability or social cohesion aside. The EPRS foresight analysis of 12 vision statements across the four scenarios shows that the Commission’s statements related to sustainable protein sources, reduction of strategic dependencies and digitalisation are the most robust and work across the majority of scenarios. However – and while very important for the future of the sector – food labelling and functional rural areas might need to be made more robust to perform better across a range of different futures. The foresight exercise also highlighted the need for stronger policy coherence and more careful coordination to address the complex challenges facing the agricultural and food sector and achieve the vision, including climate change, social inequalities, and environmental degradation. Carrying out the vision will not be straightforward; the analysis shows that the document does not sufficiently consider the impact of factors outside the European Union’s control. Greater coherence between policies and more anticipatory governance in policymaking is therefore needed to ensure the future of agriculture and food in the EU.

MIL OSI Europe News –

July 1, 2025
MIL-OSI Europe: Latest news – ENVI Committee meetings – Committee on the Environment, Public Health and Food Safety
Source: European Parliament
The next committee meetings will take place on:

Thursday, 3 July 2025, from 9:00 to 12:30 (ENVI) – in Brussels

Monday, 7 July 2025, from 19:00 to 19:45 (CJ45 ENVI-IMCO – Rule 59) and from 19:45 to 21:15 (ENVI) – in Strasbourg
ENVI Work in progress (updated 30 June 2025)
Watch ENVI meetings live
Latest votes in ENVI
ENVI Activity Report 2019-2024

Source : © European Union, 2025 – EP
MIL OSI Europe News –
July 1, 2025
MIL-OSI Europe: REPORT on the security of energy supply in the EU – A10-0121/2025

Source: European Parliament

MOTION FOR A EUROPEAN PARLIAMENT RESOLUTION

on the security of energy supply in the EU

(2025/2055(INI))

The European Parliament,

– having regard to the Treaty on the Functioning of the European Union, and in particular Article 194 thereof,

– having regard to Council Directive 2009/119/EC of 14 September 2009 imposing an obligation on Member States to maintain minimum stocks of crude oil and/or petroleum products [1] (Oil Stocks Directive),

– having regard to the Commission communication of 28 May 2014 entitled ‘European Energy Security Strategy’ (COM(2014)0330),

– having regard to Regulation (EU) 2017/1938 of the European Parliament and of the Council of 25 October 2017 concerning measures to safeguard the security of gas supply and repealing Regulation (EU) No 994/2010 [2],

– having regard to Directive (EU) 2019/944 of the European Parliament and of the Council of 5 June 2019 on common rules for the internal market for electricity and amending Directive 2012/27/EU [3],

– having regard to Regulation (EU) 2019/943 of the European Parliament and of the Council of 5 June 2019 on the internal market for electricity [4],

– having regard to Regulation (EU) 2019/941 of the European Parliament and of the Council of 5 June 2019 on risk-preparedness in the electricity sector and repealing Directive 2005/89/EC [5],

– having regard to the Commission communication of 11 December 2019 entitled ‘The European Green Deal’ (COM(2019)0640),

– having regard to the Commission communication of 8 July 2020 entitled ‘Powering a climate-neutral economy: An EU Strategy for Energy System Integration’ (COM(2020)0299),

– having regard to Regulation (EU) 2021/1153 of the European Parliament and of the Council of 7 July 2021 establishing the Connecting Europe Facility and repealing Regulations (EU) 1316/2013 and (EU) No 283/2014 [6],

– having regard to Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021 establishing the framework for achieving climate neutrality and amending Regulations (EC) No 401/2009 and (EU) 2018/1999 (‘European Climate Law’)[7],

– having regard to Regulation (EU) 2022/869 of the European Parliament and of the Council of 30 May 2022 on guidelines for trans-European energy infrastructure, amending Regulations (EC) No 715/2009, (EU) 2019/942 and (EU) 2019/943 and Directives 2009/73/EC and (EU) 2019/944, and repealing Regulation (EU) No 347/2013 [8],

– having regard to the joint communication from the Commission and the High Representative of the Union for Foreign Affairs and Security Policy of 18 May 2022 entitled ‘EU external energy engagement in a changing world’ (JOIN(2022)0023),

– having regard to the Commission communication of 18 May 2022 entitled ‘REPowerEU Plan’ (COM(2022)0230),

– having regard to the Commission communication of 18 October 2022 entitled ‘Digitalising the energy system – EU action plan’ (COM(2022)0552),

– having regard to the final assessment report on the EU-NATO Task Force on the resilience of critical infrastructure, published in June 2023,

– having regard to Directive (EU) 2023/1791 of the European Parliament and of the Council of 13 September 2023 on energy efficiency and amending Regulation (EU) 2023/955 (recast)[9] (Energy Efficiency Directive),

– having regard to the Euratom Supply Agency Annual Report 2023,

– having regard to Directive (EU) 2023/2413 of the European Parliament and of the Council of 18 October 2023 amending Directive (EU) 2018/2001, Regulation (EU) 2018/1999 and Directive 98/70/EC as regards the promotion of energy from renewable sources, and repealing Council Directive (EU) 2015/652 (the Renewable Energy Directive)[10],

– having regard to Directive (EU) 2024/1788 of the European Parliament and of the Council of 13 June 2024 on common rules for the internal markets for renewable gas, natural gas and hydrogen, amending Directive (EU) 2023/1791 and repealing Directive 2009/73/EC (recast)[11],

– having regard to Regulation (EU) 2024/1789 on the internal markets for renewable gas, natural gas and hydrogen, amending Regulations (EU) No 1227/2011, (EU) 2017/1938, (EU) 2019/942 and (EU) 2022/869 and Decision (EU) 2017/684 and repealing Regulation (EC) No 715/2009 (recast)[12],

– having regard to Regulation (EU) 2024/1787 of the European Parliament and of the Council of 13 June 2024 on the reduction of methane emissions in the energy sector and amending Regulation (EU) 2019/942 [13],

– having regard to Directive (EU) 2024/1711 of the European Parliament and of the Council of 13 June 2024 amending Directives (EU) 2018/2001 and (EU) 2019/944 as regards improving the Union’s electricity market design [14],

– having regard to Regulation (EU) 2024/1747 of the European Parliament and of the Council of 13 June 2024 amending Regulations (EU) 2019/942 and (EU) 2019/943 as regards improving the Union’s electricity market design (Electricity Market Design (EMD) Regulation)[15],

– having regard to its resolution of 14 November 2024 on EU actions against the Russian shadow fleets and ensuring a full enforcement of sanctions against Russia [16],

– having regard to the report by Sauli Niinistö entitled ‘Safer Together – Strengthening Europe’s Civilian and Military Preparedness and Readiness’ (Niinistö report), published on 30 October 2024,

– having regard to European Court of Auditors Special Report 09/2024 entitled ‘Security of the supply of gas in the EU’[17],

– having regard to the Commission communication of 29 January 2025 entitled ‘A Competitiveness Compass for the EU’ (COM(2025)0030),

– having regard to the joint communication from the Commission and the High Representative of the Union for Foreign Affairs and Security Policy of 21 February 2025 entitled ‘EU Action Plan on Cable Security’ (JOIN(2025)0009),

– having regard to the Commission communication of 26 February 2025 entitled ‘Action Plan for Affordable Energy’ (COM(2025)0079),

– having regard to the joint communication from the Commission and the High Representative of the Union for Foreign Affairs and Security Policy of 26 March 2025 on the European Preparedness Union Strategy (JOIN(2025)0130),

– having regard to Rule 55 of its Rules of Procedure,

– having regard to the report of the Committee on Industry, Research and Energy (A10-0121/2025),

A. whereas energy security is a key building block of a resilient, sustainable and competitive economy; whereas reliable and affordable energy supplies are essential for economic growth, industrial productivity and societal well-being;

B. whereas in the context of a general security crisis and the need for preparedness against defence challenges, securing energy supply constitutes a priority;

C. whereas despite the potential for developing domestic clean and renewable energy sources, the EU imports more than 60 % of its energy, including 90 % of its gas and 97 % of its oil [18], leaving it vulnerable to potential energy supply disruptions;

D. whereas the EU has the potential to develop renewable resources, and since the publication of the Commission’s last Energy Security Strategy in 2014, the production of home-grown renewable energy has grown substantially – wind power by 98 %, solar photovoltaic by 314 %, solar thermal by 22 % and ocean energy by 244 %; whereas, over the same period, the EU’s domestic fossil fuel production has declined, with coal production falling by 53 %, oil by 31 % and gas by 73 %;

E. whereas with a renewable energy-dominated grid, Europe will need to secure over 100 GW of new clean firm power capacity by 2035 to ensure reliability, energy security and lower costs [19];

F. whereas the gap between energy production and EU demand negatively affects the EU’s trade balance, with energy imports amounting to EUR 427 billion in 2024 – down from a peak of EUR 602 billion in 2022 – for coal, oil and gas [20];

G. whereas EU nuclear production has declined by 24 % since 2014 [21]; whereas a number of Member States are demonstrating their commitment to expanding nuclear energy as a pillar of their energy strategies and advancing their nuclear power projects;

H. whereas the diversification of energy sources contributes to the EU’s open strategic autonomy, energy security and resilience against external supply disruptions;

I. whereas applying renewable and clean domestic energy production, energy efficiency and energy saving measures across the entire value chain decreases reliance on external energy sources and enhances the security of energy supply; whereas EU energy efficiency policies have yielded structural results, with energy demand peaking in 2006 and declining by 20 % in 2023 [22], highlighting energy efficiency as the most cost-effective way to reduce emissions, enhance competitiveness, make energy consumption more affordable and improve energy security;

J. whereas Member States differ in terms of natural and geographical characteristics, energy supply, security, sources and policies;

K. whereas the Russian Federation has for decades weaponised its supplies of oil, coal, nuclear power and gas to the EU in order to create division among Member States and, since the summer of 2021, to fuel inflation and weaken Europe’s resolve to support Ukraine in its just fight for freedom; whereas Russia’s war against Ukraine started in 2014; whereas Russia has been carrying out an illegal, unprovoked and unjustified full-scale war of aggression against Ukraine since 24 February 2022; whereas Member States agreed in the Versailles Declaration [23] to reassess how to ensure the security of their energy supplies and to phase out their dependency on Russian gas, oil and coal imports ‘as soon as possible’ by, among other means, speeding up the development of renewables and the production of their key components and accelerating the reduction of overall EU reliance on fossil fuels, taking into account national circumstances and Member States’ energy mix choices; whereas the REPowerEU plan put forward a set of actions to stop importing Russian fossil fuels by 2027 at the latest;

L. whereas while most Russian oil and coal imports have been sanctioned, Russian gas and nuclear imports have regrettably remained outside of the EU’s sanctions regime amid concerns over security of supply;

M. whereas the share of Russian pipeline gas, both liquefied natural gas (LNG) and pipeline, in the EU’s total energy imports significantly decreased from 45 % in 2021 to approximately 19 % in 2024; whereas EU imports of Russian fossil fuels in the third year of the invasion have surpassed the EU financial aid sent to Ukraine in the same period (EUR 18.7 billion in 2024)[24]; whereas since the beginning of the war, Russia has earned a total of EUR 206 billion in revenue from fossil fuel exports to the EU; whereas global fossil fuel exports constitute the single largest source of revenue for Russia, amounting to EUR 250 billion per year [25] – equivalent to 160 % of the Russian military budget for this year [26];

N. whereas among the 100 reactors operating in the EU, 18 are located in five EU countries and are of Russian or Soviet-design, each with varying levels of built-in reliance on Rosatom, which poses a particular risk to European energy security; whereas in 2024, Russia met around 23 % of the EU’s total demand for uranium conversion services and 24 % for uranium enrichment services;

O. whereas Russia has been circumventing sanctions through its shadow fleet, which transports oil to willing buyers under false flags or without flags and which poses serious environmental risks; whereas Member States have yet to implement the effective measures adopted by the Council in the 15th sanctions package against sanctions evasion through the shadow fleet;

P. whereas in its November 2024 resolution, Parliament called for the EU and its Member States to ban all imports of Russian energy, including LNG and nuclear, to require that ships exporting LNG from Russia be banned from entering EU ports and to refrain from concluding any new agreements with Rosatom or its subsidiaries;

Q. whereas the absence of an updated robust EU energy security strategy is adversely affecting businesses, industries and households; whereas, among other contributing factors, this has led to a sharp rise in energy poverty with nearly one in ten households (10.6 %) unable to adequately heat their homes in 2023 [27], an increase from 6.9 % in 2021 [28];

R. whereas attacks against critical energy infrastructure can lead to a loss of power affecting several Member States simultaneously and substantial economic damage, undermine public security and have implications for the EU’s defence capabilities; whereas Europe’s energy sector has been inundated with cyberattacks since Russia’s invasion of Ukraine; whereas the Baltic Sea’s critical energy infrastructure is under regular attack from Russia; whereas the growing number of perimeter harassment incidents against offshore energy infrastructure poses a serious concern;

S. whereas NATO’s role in energy security was first defined at the 2008 Bucharest Summit and has since been strengthened; whereas NATO is strengthening the security of critical infrastructure to prevent sabotage, including through the recently launched Baltic Sentry initiative; whereas NATO is supporting national authorities in enhancing their resilience against energy supply disruptions that could affect national and collective defence;

T. whereas the integration of the Baltic states’ electricity systems into the continental European network in February 2025 was a critical step towards enhancing their energy security, as it eliminated reliance on the Russian-controlled grid, thereby reducing geopolitical vulnerabilities and strengthening the resilience of the Baltic region;

A new vision for energy security in a changing global landscape

1. Recalls that the European Environment Agency defines energy security as ‘the availability of energy at all times in various forms, in sufficient quantities, and at reasonable and/or affordable prices’; considers that a comprehensive approach to energy security should take into account the physical infrastructure dimension, the availability, reliability, stability and affordability of supplies and their sustainability, and should place emphasis on the geopolitical and climate dimensions;

2. Stresses that energy security is a cross-sectoral issue that underpins the functioning of all critical sectors, making it indispensable for economic stability, public safety and national resilience; underlines that integrating energy security considerations into relevant policies and their underlying impact assessments is crucial for enhancing the coherence, consistency and overall effectiveness of EU policymaking;

3. Emphasises that the current geopolitical situation and continued perilous energy supply dependencies underscore the need to revise the understanding of energy security and recognises that the resilience of energy systems, understood as the ability to anticipate, withstand, adapt to, and quickly recover from possible disruptions, is now a strategic imperative;

4. Stresses that as the energy system continues to decarbonise, the share of renewables increases and electrification advances, a well-functioning and integrated energy market, energy efficiency, the integration of flexibility sources (electricity and heat storage, hydrogen, comprehensively developed and resilient infrastructure, demand response, etc.), and sufficient dispatchable capacity will be crucial to successfully manage the intermittency of renewable energy sources and unlock the full potential of the energy transition;

5. Highlights that energy security cannot work without adequacy; notes that ‘the scarcity issues tend to shift from the peripheral areas of Europe in 2025 to the central parts of the continent by 2033’[29]; believes that capacity remuneration mechanisms play a structural role in securing dispatchable backup capacity to ensure adequacy during peak times or periods of supply shortages and in helping to incentivise the necessary investments in generating capacity that market signals, relying solely on infrequent scarcity price hours, may fail to justify; underlines the need to ensure that the mechanisms are open to different types of resources (such as demand side, energy savings, aggregation, storage units and cross-border resources) capable of providing the necessary services, such as flexibility, do not create undue market distortions or limit cross-zonal trade, and reflect compatibility with a future decarbonised electricity system, including through coherence with defined emission limits as set out in Article 22 of the EMD Regulation; recalls that remuneration for capacity mechanisms only covers their availability; stresses the urgent need to simplify and streamline their approval processes, as requested by the EMD revision, while giving due consideration to the specific problems of the electricity market in the respective Member States in the Commission’s approval process; notes the Commission report on the assessment of possibilities of streamlining and simplifying the process of applying a capacity mechanism [30] and the ongoing works on the Clean Industrial Deal State Aid Framework with concrete proposals to accelerate the approval process; notes that while the balancing market provides essential short-term services, it is not yet investment-friendly and calls therefore on the Commission to develop incentives to build the flexible assets that balancing markets urgently need;

6. Stresses that decarbonisation should take into account the specificities of Member States and their regions, including Europe’s outermost territories and Just Transition Fund regions and their level of access to different types of clean energy sources, the needs of their industries and the vulnerability of their citizens in order to ensure a just transition that maintains energy security by creating synergies between climate ambitions, geographical and natural conditions, and social and economic realities;

7. Notes the need for a broader approach to non-fossil flexibility and energy storage that incorporates molecules and heat; highlights the potential of district heating systems that can use thermal storage to reduce the temperature of the loop and incorporate waste heat, solar, geothermal and other renewable sources, where appropriate, using natural gas and biomass in a transition period; draws attention to the important role that the optimal use of high-efficiency cogeneration, in line with the Energy Efficiency Directive, can play in contributing to balancing the electricity grid and to the competitiveness of some industrial sectors, especially those that do not have alternative ways of producing affordable heat in their industrial processes; stresses the need to modernise and expand district heating grids to this end;

8. Emphasises that technological neutrality plays a key role in enhancing the security of energy supply while avoiding lock-in effects and fostering sustainability, economic efficiency and a just transition; recalls the need to invest in a diverse portfolio of clean technologies that allow regions to adopt technologies best suited to their needs in a cost-effective way, making energy more affordable and accessible;

9. Notes that the Draghi report [31] highlights that a reduction in dependency on fossil fuel imports would enhance EU competitiveness and the affordability and security of supply; notes that natural gas is currently a component of the EU’s energy security, with demand of 320 bcm in 2024, and notes the International Energy Agency (IEA) forecasts indicating a moderate demand of 260 bcm annually by 2035 [32], while a REpowerEU scenario projected a possible demand reduction of 184 bcm by 2030, implying an approximate 50 % slash in natural gas demand in less than five years, compared to demand of 356 bcm in 2022; recalls Draghi’s proposal to establish a comprehensive strategy for natural gas, managing its role during the transition and securing its supply, that should guide infrastructure choices, international partnerships and legislation; notes, with concern, that inconsistent policies on natural gas have weakened the trading position of EU companies, leaving them exposed to global spot market prices and potentially creating a gap between what the EU has contractually secured and what will be imported over time;

10. Stresses that the development of nuclear energy remains a national prerogative in the framework of EU law; notes that for the Member States that choose to have nuclear power in their energy mix, it can have an important role to play in an integrated energy system with increasing penetration of renewables; notes that a number of Member States see a need to support the development and deployment of both existing and a new generation of nuclear technologies, as well as the entire nuclear fuel cycle, that will contribute to building a competitive technological supply chain in the EU so as to ensure open strategic autonomy; stresses the importance of assessing the full cost of the entire nuclear energy life cycle, including construction, operation, security, environmental and health impacts, waste management and decommissioning; notes the existing and ongoing reliance on foreign providers, with approximately 97 % of the EU’s natural uranium supply in 2022 coming from oversea sources [33] and stresses the need to diversify uranium and nuclear fuel supply sources and to follow the Euratom Supply Agency’s recommendation in developing reliable supply chains to meet the growing demand for nuclear and new nuclear technologies; notes, in this regard, the European Investment Bank’s recent decision to renew its support for strengthening European uranium enrichment capacities; underlines that small modular reactors (SMRs) and advanced modular reactors (AMRs) have the potential to enhance energy security by providing low-carbon power; notes, however, that the technology is not yet fully developed; welcomes the announced assessment of the possibility of streamlining licensing practices for new nuclear energy technologies such as SMRs;

11. Recognises that renewable energy constitutes an enabler of energy autonomy and long-term security of supply; stresses that renewables are essential in delivering energy security as they already constitute the main source of home-grown energy for the EU; highlights the importance of maximising the use of existing renewable capacities, particularly by tackling the issue of curtailment, as grid congestion in the EU curtailed over 12 TWh of renewable electricity in 2023, resulting in an additional 4.2 million tons of CO₂ emissions [34]; notes that renewables have already helped to reduce EU dependence on Russian gas as they accounted for 25 % of the energy and 45 % of the electricity consumed in the EU in 2023; reaffirms the importance of sustained EU support for the development and deployment of established renewable technologies, such as solar, wind power, geothermal and heat pumps; reiterates the necessity of policy and investment support for less developed or emerging sectors in order to accelerate the deployment of renewable technologies that are the most relevant given their national and local circumstances, such as innovative geothermal technologies, biomethane, solar thermal, marine energy, tidal energy, osmotic energy and concentrated solar power; expresses concern that, without targeted support policies, some innovative technologies may fail to reach commercialisation in a timely manner, and therefore calls on the Member States to support their research, demonstration, market adoption and scale-up; calls on the Commission to present an investment plan for these renewable technologies;

12. Notes, in particular, the potential of geothermal energy, estimated to reach 510 GW by 2035 at a capacity factor of 80-90 %; highlights the vast untapped resources in certain EU regions and calls on the Commission to deliver on Parliament’s call to support the development of geothermal energy, including through the establishment of risk mitigation instruments;

13. Asks the IEA to conduct an analysis to assess the possibilities for using EU natural gas resources; notes that domestic EU natural gas production dropped by more than a third between 2020 and 2023 and that this decline is expected to continue with no significant near-term increase in the production of green gases, including biogas and biomethane, in the EU; notes that Draghi’s report highlights that while progressively decarbonising and moving to hydrogen and green gases in line with RED III and REPowerEU as a transitional measure, domestic natural gas production – where deemed justified by individual Member States – could also play a role in contributing to security of supply and avoiding exposure to negative geopolitical developments;

14. Highlights that diversification is vital to mitigate the risk of supplier dominance in a changing geopolitical context; believes the EU needs to strengthen international partnerships with reliable suppliers of energy, raw materials and clean-tech components in all regions of the world, and, in particular, with European Economic Area countries;

15. Underlines that enhancing energy security requires a holistic approach, notably through improving energy efficiency in key end-use energy sectors, such as buildings and industry, promoting energy savings, boosting investment in research and development, and ensuring meaningful citizen participation, all of which are essential to achieving a resilient, sustainable and inclusive energy system;

16. Calls on the Commission to be mindful of future military capability and mobility needs in the development of the EU’s energy system; notes, with concern, that the EU is highly import-dependent for crude oil and petroleum products; calls on the Commission to prepare a comprehensive strategy on liquid fuels in order to ensure their readily available access for the military in a crisis situation, and to reduce dependencies on vulnerable import chains and unreliable producers, particularly thorough the development of advanced synthetic fuels (such as sustainable aviation fuels and e-fuels) in Europe;

17. Draws attention to the Niinistö report’s recommendation on the need for further work on priority dual-use transport corridors for civilian and defence-related logistical needs, and on the expansion of fuel supply chains for the armed forces along these corridors, as well as stockpiling and strategic reserves of energy, that could be particularly useful for the regions with insufficiently developed pipeline infrastructure and fuel storage; calls, in this respect, on the Commission to review the Oil Stocks Directive in the light of recent geopolitical shifts and the military readiness needs in order to strengthen energy security and resilience against emerging military risks;

18. Acknowledges the rapidly accelerating energy demand driven by the digital sector, particularly the substantial energy requirements of data centres and artificial intelligence systems; stresses that this trend highlights the urgent need for robust energy efficiency policies and underscores the importance of the EU proactively pursuing sustainable, forward-looking solutions to meet this growing demand while safeguarding the resilience of its energy system;

A resilient energy infrastructure

19. Notes that infrastructure bottlenecks impede the benefits of sector integration and aggravate the threats to energy security; underlines the importance of investing in new energy networks, including cross-border interconnectors and offshore grids, and optimising existing infrastructure to increase capacity using grid-enhancing technologies (GETs) while reducing new infrastructure needs, in order to enable the integration of renewables and other new generation facilities, close price gaps, improve the overall system efficiency and foster solidarity among the Member States in the event of an energy crisis; emphasises the need for technically sound infrastructure planning that takes into account geographical and natural characteristics while ensuring long-term viability and avoiding the creation of stranded assets;

20. Calls on the Commission to urgently assess areas where interconnectors are insufficient so as to achieve the current 15 % interconnection target as set out in Regulation (EU) 2018/1999 [35]; stresses the importance of Projects of Common Interest (PCIs) in facilitating the efficient and secure flow of electricity across Member States and regions, thereby strengthening cross-border integration and energy solidarity within the EU; acknowledges the role of the Connecting Europe Facility for Energy (CEF-E) in completing the above investments and reiterates its call for its funding to be significantly increased when proposing the next multiannual financial framework;

21. Calls on the Member States to accelerate permitting procedures for electricity installations and networks; notes that excessively long permitting procedures could create legal uncertainty, undermining resource adequacy by delaying the implementation of critical projects – whether for repowering or revamping existing generation sites, or for developing transmission, distribution, or storage infrastructure; welcomes the positive progress made regarding provisions adopted in the latest revision of the Renewable Energy Directive and the Emergency Regulation on Permitting [36] to accelerate, streamline and simplify permit-granting procedures;

22. Recalls that climate change continues to worsen, placing increasing stress on the energy system due to extreme weather events, such as heat waves, that lead to thermal power plant shutdowns, droughts that reduce generation output, and severe storms, floods and fires that damage electricity grids and gas pipelines; stresses that the impact of climate change on generation assets, networks and consumption patterns should be better integrated into the modelling and preparedness of energy infrastructure; emphasises the need for resilient energy system planning, incorporating climate-adaptive strategies such as advanced cooling technologies, grid flexibility, decentralised renewable generation and strengthened infrastructure protections; highlights the importance of integrating a climate-proofing plan, grounded in an initial risk-based assessment, into energy projects from the earliest stages of development;

23. Calls on the Commission to build on Directive (EU) 2022/2557 [37] on the resilience of critical entities by facilitating its full and harmonised implementation through the provision of best practices, guidance materials and methodologies, and cross-border training activities and exercises to support Member States, competent authorities and critical energy entities;

24. Emphasises the need to invest in the protection and resilience of energy infrastructure against human-caused threats, such as military, hybrid and cyber attacks; expresses concern about recent sabotage incidents in the Baltic Sea and calls for stronger EU-level action to protect the EU’s critical energy infrastructure, including cross-border connections with non-EU countries, such as subsea pipelines and cables, offshore wind farms and interconnections, designed to support the most impacted Member States, and to complement national measures; welcomes, in this regard, the joint communication on the EU Action Plan on Cable Security;

25. Notes that the decentralisation of the energy system, that both strengthens resilience and facilitates the energy transition, and increased diversity of sources and autonomy, reduce reliance on centralised power plants, minimise outage risks, enhance grid stability, and enable quicker recovery from disruptions; emphasises at the same time that the increased number of remote and dispersed sources of energy, energy storage and new connections require enhanced measures to ensure robust infrastructure protection;

26. Calls on the Commission to draw on the lessons learned from the war in Ukraine, particularly the critical role of electricity interconnection, microgrids, distributed solar power, wind power and battery storage in ensuring greater resilience of the electricity grid against military attacks, including cyberattacks, drones and missiles; commends Ukraine’s sustained efforts to maintain the functionality and safety of its energy system in the face of Russia’s war of aggression, and underscores that supporting Ukraine also entails helping to safeguard the soundness of its national electrical grid;

27. Notes, with concern, that small distributed energy resources (DERs) connected to the internet, such as inverters, are not covered by appropriate conformity assessment procedures under cybersecurity legislation, such as the Cyber Resilience Act [38], and since they can be remotely controlled and their software updated by the manufacturer, which, in many cases, are non-trusted vendors, they could give these non-trusted vendors control over EU electricity grids; urges the Commission to establish mandatory risk assessments for DERs based on the country of origin, ensuring that devices controlled from jurisdictions with potential security concerns are subject to strict oversight and localisation requirements; calls for enhanced resilience in European supply chains by promoting EU-based manufacturing of DERs and fostering alliances with trusted international partners; highlights the need for an adequate number of professionals specialised in cybersecurity and close coordination among Member States to address these vulnerabilities;

28. Calls on energy companies that manage critical infrastructure to work closely with the EU Agency for Cybersecurity and equip themselves with the most advanced cybersecurity tools; considers that cooperation with NATO in the field of cybersecurity should be strengthened in order to counter hybrid threats to Europe’s energy security;

29. Notes that the Member States need to do their utmost to increase their resilience, which encompasses the ability to prevent, protect against, respond to, resist, mitigate, absorb, accommodate and recover from incidents, taking into full account the interdependence of the EU energy market and the potential domino effect that infrastructure failures in one country may have across the Union; underlines, in particular, the need to strengthen the recovery aspect, which could be achieved through an efficient European repair and response mechanism and national and regional operational plans, which could serve as an important element of the EU’s deterrence strategy; notes the importance of EU solidarity in responding to potential infrastructure incidents, ensuring coordinated action and mutual support among Member States;

30. Recalls that energy infrastructure constitutes a particularly sensitive sector in need of protection against foreign interests; urges the Member States and the Commission to address security risks associated with foreign investment in and acquisitions of energy infrastructure; expresses concern about a series of potentially sensitive foreign investments, particularly in grids; welcomes, in this regard, the ongoing revision of the Foreign Investment Screening Regulation [39] as a timely step towards adopting a stringent strategic approach to the development and oversight of European energy infrastructure;

31. Stresses that energy security should include the supply of key clean technologies, components and critical raw materials and notes the need for their diversified sourcing; calls for increased support for the EU’s grid manufacturing industry as a strategic pillar of the energy transition, with particular emphasis on ensuring a fair and competitive regulatory environment for European manufacturers, while exploring the potential for local content requirements to strengthen energy security, supply chain resilience and industrial competitiveness; calls for an update of the Public Procurement Framework to simplify and reduce the administrative burden for grid operators to access the needed grid technologies;

32. Emphasises the importance of integrating circularity principles into the design of critical infrastructure and equipment, and calls for increased support for their implementation, with the goal of reducing the EU’s dependence on imports of foreign raw materials and enhancing resource efficiency;

Phase out of Russian energy supplies

33. Highlights that the challenges posed by a lack of solidarity in the EU and by some Member States prioritising particular interests have made the whole continent aware of the dangers of dependence on an unreliable energy supplier weaponising energy exports; underlines that the lessons learned from Russia’s war of aggression against Ukraine need to be at the core of future EU actions, particularly highlighting the critical importance of a united European response in order to eliminate perilous dependencies in energy supplies;

34. Underlines that the EU has made advances in reducing its energy dependence thanks largely to the REPowerEU plan and the 16 sanctions packages, leading to a decline in imports of Russian gas (pipeline and LNG) from 45 % of total EU gas imports in 2021 to 19 % as of 2024;

35. Expresses deep concern that the EU still maintains its reliance on Russian gas and, moreover, has recently seen an increase, with imports rising by 18 % in 2024 and continuing to grow in 2025 [40]; notes that in 2024 alone, Member States purchased an estimated EUR 7 billion worth of Russian LNG, and since Russia’s invasion of Ukraine, the EU has imported EUR 200 billion worth of Russian oil and gas – totally [41] fuelling Russia’s war machine;

36. Welcomes the publication of a roadmap for phasing out Russian energy imports, which must pave the way for their definitive end as soon as possible;

37. Welcomes the stepwise prohibition of Russian gas imports proposed by the Commission; stresses the need to introduce an EU-wide ban on all Russian natural gas imports by 2027 at the latest, and on new contracts and existing spot contracts by the end of 2025; insists that the Member States, including those currently benefiting from targeted derogations for Russian oil imports, should ultimately phase out these imports by 2027 at the latest; welcomes the upcoming legislative proposals in this regard and calls on the Commission to explore the use of all available transitional instruments that could lead to the end of Russian fossil fuel imports by 2027, such as the introduction of a regular quota system for Russian gas imports into the EU and the introduction of a ceiling price for Russian LNG, following an assessment of market and price impacts; calls on the Commission to provide EU companies with effective and legally sound toolkits to facilitate their efforts to get out of long-term contracts with Russian suppliers without incurring penalties;

38. Calls on the Member States to include gas deliveries to the EU from the Yamal LNG and Arctic LNG 2 terminals in the scope of EU sanctions and the respective sanctioning of the singular fleet of ice-class LNG carriers linked to the Yamal LNG project; notes that sanctioning LNG carriers would be highly effective, as there is a limited number of ice-class LNG carriers in the world; stresses that the above actions would require adequate assessments of the legal and economic impacts on the European companies concerned and to ensure their ability to exit contracts;

39. Commends the inclusion of the nuclear supply chain in the roadmap; notes, with concern, that Russian nuclear fuel remains present in the EU market, including through indirect supply chains, and that in 2023, 23.5 % of the uranium consumed in the EU came from Russia and 30.1 % of the uranium used in the EU’s nuclear fleet was enriched by Russia; notes that while domestic providers are ramping up capacity in their European facilities to meet increased demand, as utilities proactively move away from Russian supply, clear policy decisions are urgently required at EU and national level to address the above vulnerabilities in the nuclear supply chain; calls therefore for support for projects within the Union that contribute to greater autonomy and security of nuclear fuel supply;

40. Expresses concern that official data does not provide a complete picture of Russian energy imports and their final destination, as relabelled Russian oil and gas continue to enter the EU market; notes with regret that this, in some cases, occurs with the acquiescence of the state actors involved;

41. Agrees that an adequate assessment of the amount of Russian energy imports is a prerequisite for phasing out this dependence; regrets the continued whitewashing of Russian energy imports and stresses the need for greater transparency in the EU energy market; calls on the Member States to publish data on the origin of imported, exported and consumed Russian gas, and urges the application of all measures against the whitewashing of Russian energy imports; notes that relevant reporting obligations laid down under Regulation (EU) 2024/1787 on methane emissions reduction in the energy sector can contribute to achieving this goal;

42. Welcomes the upcoming proposals for transparency, monitoring and traceability mechanisms, as the effective implementation of sanctions depends on compatible control mechanisms in all Member States; underscores the urgent need to develop a legal mechanism to ensure the transparency and traceability of natural gas originating in Russia and exported to the EU as liquefied natural gas and by pipeline, and eventually to cover oil imports; stresses that this mechanism should be extended to energy imports from other destinations in the future; considers that the mechanism would require cooperation between various services, including EU competition services, the Agency for the Cooperation of Energy Regulators (ACER) and national customs authorities; asks the Member States to consider strengthening the criminal investigation powers of national customs authorities to ensure the effectiveness of the above mechanism and introducing sufficient deterrent measures and fines, such as adequate financial penalties for sanctions evasion;

43. Stresses the need to adopt a legal framework for diversification, requiring each Member State to prepare, in a coordinated manner and through the appropriate competent authorities, an exit plan for Russian energy sources and to support and oversee the preparation and implementation of specialised exit plans at the level of undertakings active in their respective energy sectors; considers that these plans should include domestic production and demand reduction dimensions;

44. Strongly condemns the calls for a return to Russian energy imports as part of the peace settlement in Ukraine; firmly rejects the idea of the possible certification of the Nord Stream 2 pipeline and insists on the complete decommissioning of Nord Stream pipelines; warns against the EU falling back into dependency on an unreliable supplier and calls on the Commission and the Member States to develop safeguards against this, such as a countersignature by the Commission on any potential contracts with Russia or the mandatory use of the AggregateEU platform for this type of purchase;

45. Recalls that energy is a fundamental necessity; emphasises that the phase out of Russian energy imports must be a collective effort, ensuring that no Member State, company or household is left behind; emphasises that Member States are not equally positioned to phase out Russian energy imports in the same manner, and therefore urges strong solidarity among them, alongside appropriate support measures from the Commission to ensure a fair and coordinated transition;

46. Notes that, in the near-term, there is the need to replace phased out Russian energy imports with reliable non-EU sources and urges the Commission therefore to propose measures that ensure their sufficient substitution from trusted partners; stresses, however, that Russian energy supplies should not be replaced by new dependencies in supplies, and therefore that, in the long term, energy imports should be progressively reduced through effective measures to support decarbonisation, electrification and energy efficiency and savings in the sectors where it is possible and cost-efficient, as well as through the development of domestic energy production in line with the REPowerEU plan;

47. Emphasises that energy dependence on Russia also should not be replaced by new dependencies on individual suppliers of energy technologies, components or critical raw materials;

Revision of security of supply framework

48. Welcomes the upcoming revision of the Security of Supply architecture including the Gas Security of Supply Regulation and the Electricity Risk Preparedness Regulation, and other relevant legislation; considers that the new EU security of supply architecture should reflect such fundamental shifts as increasing cross-sectoral integration of the energy system, the new geopolitical landscape, the profound changes in supply routes, the impact of climate change, as well as changes in the maturity of energy technologies reflected in shifts of levelised costs of energy and the opportunities this presents for the energy transition;

49. Highlights that energy efficiency plays a critical role in enhancing the security of energy supply by reducing overall energy demand, lowering dependency on energy imports and increasing system resilience; considers that the new security of supply framework should be broadened to reflect a new way of looking at the security of energy supply, based not only on energy sources, but also on the energy efficiency first principle, energy savings, cost efficiency, as well as the ability to produce different types of energy domestically; notes that, in the near-term, the Union should concentrate on effective and solid weaning of Russian energy imports without loopholes, including through securing alternatives supplies from reliable partners and better use of existing infrastructure, while in parallel continuing to develop domestic alternatives to imported energy products, where possible; stresses, nevertheless, the imperative to develop a future-proof security of supply architecture that systematically reduces dependence on external actors, notably by advancing energy efficiency, promoting energy savings, enhancing circularity and ensuring the sustained growth of home-grown clean energy production and well-protected decentralised energy infrastructure;

50. Emphasises the need to prioritise the resilience of energy infrastructure, drawing on the lessons learned from Russia’s war of aggression against Ukraine, the targeted attacks on its energy systems and the benefits of decentralised energy systems; considers that new energy assets should be ‘resilient by design’, including to possible military threats and extreme weather events;

51. Stresses the need for greater cooperation among all actors on the resilience of energy infrastructure to both climate impacts and human-caused threats; insists that the protection of this infrastructure requires greater involvement of governments, including through public-private partnerships; welcomes, in this regard, the Niinistö report recommendation to engage with the private sector in institutionalising de-risking efforts, cross-sector stress tests and proactive security measures; asks the Commission to ensure that such cooperation is reflected in plans covering incident management and recovery, and is subject to regular exercises; notes that the Union’s preparedness strategy includes actions to strengthen public-private partnerships and calls on the Commission to further develop relevant specific measures for the energy sector in the review of the security of supply architecture;

52. Notes the need to accommodate in the security of supply architecture the integration of renewable and low-carbon gases, such as biomethane and hydrogen; recalls that the Hydrogen Strategy already recognised the role that renewable and low-carbon hydrogen production can play in providing flexibility and storage in an integrated energy system with a high share of renewables; calls on the Commission to recognise the complementarities between hydrogen and electricity in the future Electrification Action Plan, in line with energy sector integration, and to set clear conditions for the ramp-up of hydrogen to contribute to the energy transition, particularly in hard-to-abate sectors;

53. Stresses the need to include affordability risks in national risk assessments; calls for transparency on the implementation of national risk-preparedness measures to increase trust between the Member States; notes the advantages of greater coherence on protected consumer categories (consistent categories and gradation of disconnection priority for grid users) to allow coordinated consumer load-shedding plans to be defined, including plans to support vulnerable households affected by, or at risk of, energy poverty during an energy crisis;

54. Highlights the need for a unified, resilient and strategically coordinated energy policy; emphasises that as the EU energy markets become more integrated, energy security is increasingly becoming a shared responsibility of the Member States, thus requiring solidarity and coordination in order to prevent unilateral actions that could undermine the security of the entire EU; warns that a unilateral decision by a single actor to enter into a harmful energy agreement with a non-EU country could expose the whole EU to renewed energy crises, price volatility and geopolitical pressure;

55. Notes the need for stronger coordination between the Member States on the decommissioning of ageing generation units with cross-border impact, as well as on withdrawal from the system of generation capacity in order to ensure that alternative installations have been completed and are in operation, as this affects the availability and affordability of energy in neighbouring countries;

56. Underlines that data-driven technologies should positively impact energy security management; recognises the importance of comprehensive energy information and data in identifying and responding to evolving energy security threats and in infrastructure planning, and calls for improved coordination in the collection of such information and data;

57. Calls on the Commission to include in the security of supply proposal technical provisions for the standardisation and interoperability of critical components of the EU’s energy system, particularly electrical transformers, to ensure that a lack of standardisation does not hinder European solidarity;

58. Welcomes the establishment by the European Network of Transmission System Operators for Electricity (ENTSO-E) of a new Task Force on the Security of Critical Infrastructure, aimed at analysing and proposing recommendations on the topic of security of critical infrastructure; stresses the importance of incorporating lessons learned from Ukraine’s experience, including the valuable expertise of the dedicated unit within the Ukrainian Transmission System Operator (TSO) tasked with identifying and mitigating threats to critical infrastructure; calls on the Commission to collaborate closely with ENTSO-E in delivering a comprehensive and systemic assessment of threats to the EU electricity grid, to be completed by 2026;

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59. Instructs its President to forward this resolution to the Council and the Commission.

MIL OSI Europe News –

July 1, 2025




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