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Category: Europe

  • MIL-OSI USA: Rosen Bipartisan Bill to Strengthen U.S. Telecommunications Against Foreign Adversaries Advances Out of Committee

    US Senate News:

    Source: United States Senator Jacky Rosen (D-NV)

    WASHINGTON, DC – Today, in the U.S. Senate Commerce Committee, Senator Jacky Rosen (D-NV) helped advance legislation she introduced with Senator Deb Fischer (R-NE) to strengthen American telecommunications against foreign adversaries. The bipartisan Foreign Adversary Communications Transparency (FACT) Act would require the Federal Communications Commission (FCC) to publicly identify entities that hold FCC licenses, authorizations, or other grants of authority that are owned, wholly or partially, by foreign, adversarial governments. It now awaits consideration on the Senate floor.
    “We must protect our nation in every way we can from global adversaries who are trying to hack our systems and access our information,” said Senator Rosen. “I’m glad to see that our bipartisan bill to help protect our telecommunications systems from adversarial nations, including China, Russia, and Iran, passed out of committee today. I’ll keep pushing to secure our networks and strengthen our national security.”
    “We cannot let authoritarian and adversarial regimes like China and Russia continue to have silent footholds in our tech and telecommunications markets,” said Senator Fischer. “My bill will direct the FCC to evaluate the communications risks foreign ownership ties pose to America’s national security and ensure that we can respond to these threats. I’m grateful a bipartisan group of my colleagues voted yes on this legislation, and I look forward to its passage on the Senate Floor.”
    Senator Rosen has been pushing to reduce the influence of our adversaries and strengthen our national security. Earlier this month, her bipartisan bill to direct the U.S. Department of State and other federal agencies to assess and counter Hezbollah’s influence in Latin America advanced in committee. Rosen also helped introduce the bipartisan No Immigration Benefits for Hamas Terrorists Act to prevent any person who participated in Hamas’s October 7 terrorist attacks from entering the United States. Additionally, Senator Rosen introduced bipartisan legislation to prohibit the use of DeepSeek — a new artificial intelligence (AI) platform with direct ties to the Chinese Communist Party — on all government devices and networks.

    MIL OSI USA News –

  • MIL-OSI USA: Head Start Alum Senator Reverend Warnock, Colleagues Blast Attacks to Head Start, Demand RFK Jr. Immediately Release Funding, Reverse Firings

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    Head Start Alum Senator Reverend Warnock, Colleagues Blast Attacks to Head Start, Demand RFK Jr. Immediately Release Funding, Reverse Firings

    Senators Reverend Warnock and Patty Murray led a total of 41 lawmakers in demanding answers on Trump administration’s actions undermining Head Start, as President Trump reportedly plans to eliminate the program

    Senator Reverend Warnock is one of two Head Start alum currently serving in the Senate

    Senator Reverend Warnock is a founding member of the Head Start Caucus

    Senator Reverend Warnock previously introduced the bipartisan HEADWAY Act (Head Start Education and Development Workforce Advancement and Yield Act), which would boost the childcare workforce and increase access to Early Head Start programs

    Senator Reverend Warnock, lawmakers: “Since day one, this Administration has taken unacceptable actions to withhold and delay funding, fire Head Start staff, and gut high-quality services for children”

    Washington, D.C. – U.S. Senators Reverend Raphael Warnock (D-GA) and Patty Murray (D-WA) led 41 of their Senate colleagues in an effort calling out the Trump administration’s direct attacks on Head Start. The letter, addressed to Health and Human Services (HHS) Secretary Robert F. Kennedy Jr., highlighted his legal obligation to administer the program, and demanded HHS immediately release Head Start funding and reverse the mass firing of Head Start staff and gutting of the offices that help ensure high-quality services are available for thousands of children and families across the country.

    “We write to express our strong opposition to the actions you have taken to directly attack and undermine the federal Head Start program. Since day one, this Administration has taken unacceptable actions to withhold and delay funding, fire Head Start staff, and gut high-quality services for children. Already this year, this Administration has withheld almost $1 billion in federal grant funding from Head Start programs, a 37 percent decrease compared to the amount of funding awarded during the same period last year,” wrote the lawmakers. “It is abundantly clear that these actions are part of a broader effort to ultimately eliminate the program altogether, as the Administration reportedly plans to do in its fiscal year 2026 budget proposal.”

    “You even acknowledged the value of Head Start following a recent visit to a Virginia Head Start center,” the lawmakers continued, contrasting that statement of support with the Trump administration’s actions. “However, as a result of your actions to withhold and delay funding and undermine the administration of this vital program, Head Start centers are in serious jeopardy and have already had their day to day operations impacted. Programs are increasingly worried that they will not be able to make payroll, pay rent, and remain open to serve the hundreds of thousands of children and families who depend on their services in communities across the nation.”

    Importantly, they note that without funding, which has so far not gone out the door, many more programs could be forced to close.

    “[W]e urge you to immediately reinstate fired staff across all Offices of Head Start, and cease all actions to delay the awarding and disbursement of funding to Head Start programs across this country,” the Senators warned, concluding the letter.

    As a Head Start alum, Senator Warnock has been a strong advocate for the program. Senator Warnock introduced his bipartisan HEADWAY Act (Head Start Education and Development Workforce Advancement and Yield Act). The legislation, which was co-led by Senator Mike Braun (R-IN), would address early child care workforce shortages by allowing Early Head Start classroom teachers to teach and earn their Child Development Associate (CDA) credential simultaneously. Additionally, in August of 2023, Senator Warnock returned to his hometown of Savannah, Georgia, to tour Early Head Start classrooms at the Economic Opportunity Authority (EOA) for Savannah-Chatham County and hear from local early learning leaders about the workforce shortages impacting this critical early education program serving low-income families and their children.

    In addition to Senator Murray, the letter was authored by Bernie Sanders (I-VT), and Tammy Baldwin (D-WI), and in addition to Senator Warnock the letter was signed by Senators Jack Reed (D-RI), Mazie K. Hirono (D-HI), Andy Kim (D-NJ), Ben Ray Lujan (D-NM), Charles E. Schumer (D-NY), Lisa Blunt Rochester (D-DE), Peter Welch (D-VT), Gary Peters (D-MI), Michael F. Bennet (D-CO), Richard Blumenthal (D-CT), Jeanne Shaheen (D-NH), Ruben Gallego (D-AZ), Elizabeth Warren (D-MA), Jacky Rosen (D-NV), Tina Smith (D-MN), John Fetterman (D-PA), Tammy Duckworth (D-IL), Christopher A. Coons (D-DE), Christopher S. Murphy (D-CT), Jeffrey A. Merkley (D-OR), Mark Kelly (D-AZ), Kirsten Gillibrand (D-NY), Sheldon Whitehouse (D-RI), Dick Durbin (D-IL), Catherine Cortez Masto (D-NV), Tim Kaine (D-MN), Alex Padilla (D-CA), Chris Van Hollen (D-MD), Elissa Slotkin (D-MI), Ron Wyden (D-OR), Cory Booker (D-NJ), Amy Klobuchar (D-MN), Edward Markey (D-MA), Angus King (I-ME), Brian Schatz (D-HI), Martin Heinrich (D-NM), Angela Alsobrooks (D-MD), and Mark R. Warner (D-VA).

    The letter can be viewed HERE and is below.

    Dear Secretary Kennedy:

    We write to express our strong opposition to the actions you have taken to directly attack and undermine the federal Head Start program. Since day one, this Administration has taken unacceptable actions to withhold and delay funding, fire Head Start staff, and gut high-quality services for children. Already this year, this Administration has withheld almost $1 billion in federal grant funding from Head Start programs, a 37 percent decrease compared to the amount of funding awarded during the same period last year. It is abundantly clear that these actions are part of a broader effort to ultimately eliminate the program altogether, as the Administration reportedly plans to do in its fiscal year 2026 budget proposal.

    Head Start provides early childhood education and comprehensive health and social services to nearly 800,000 young children every year in communities across this country, and employs about 250,000 dedicated staff. Head Start is a critical source of child care for working families, particularly in rural and Tribal communities, where Head Start programs are often the only option for high-quality child care services. HeadStart programs ensure children receive appropriate health and dental care, nutrition support, and referrals to other critical services for parents, such as job training, adult education, nutrition services, and housing support.

    You even acknowledged the value of Head Start following a recent visit to a Virginia Head Start center, where you said, “I had a very inspiring tour. I saw a devoted staff and a lot of happy children. They are getting the kind of education and socialization they need, and they are also getting a couple of meals a day.”

    However, as a result of your actions to withhold and delay funding and undermine the administration of this vital program, Head Start centers are in serious jeopardy and have already had their day to day operations impacted. Programs are increasingly worried that they will not be able to make payroll, pay rent, and remain open to serve the hundreds of thousands of children and families who depend on their services in communities across the nation.

    Since the very start of this Administration, Head Start programs have been under attack. On January 27th, 2025, the Office of Management and Budget issued a memo (M-25-13) that suddenly froze the disbursement of grant funding for federal programs and services government-wide, including Head Start. Despite the Administration’s clarification that Head Start programs would not be the target of the funding freeze, many Head Startprograms across the country were unable to draw down their grant funds through the Payment Management System (PMS) for weeks. At one point, the National Head StartAssociation reported 37 programs serving nearly 15,000 children across the country could not access their federal funding. Head Start programs operate with thin margins and on short-term budgets from HHS, and without any communication from the Administration about the status of funding, programs were forced to temporarily close or to lay off staff. In Wisconsin, the National Centers for Learning Excellence, which serves more than 200 children and their families, shut down for a week and laid off staff due to the funding freeze.

    On April 1st, you abruptly closed five of the ten regional offices that help local grantees administer Head Start programs in 22 states. This left hundreds of programs without dedicated points of contact to address mission critical issues like approving grant renewals and modifications, investigating child health and safety incidents, and providing training and technical assistance to ensure high-quality services for children. While some grantees were assigned a new program specialist, we understand many have not been receiving responses to their inquiries. This is on top of the estimated 97 Office of Head Start central office staff that were terminated due to their probationary status and the recent reduction in force. You promised “radical transparency” as Secretary, yet it is unclear how these actions will improve Head Start programs, and you and your staff refuse to respond to basic inquiries and requests for information.

    On March 14th, 2025, the Office of Head Start (OHS) notified all Head Start programs that “the use of federal funding for any training and technical assistance or other program expenditures that promote or take part in diversity, equity, and inclusion (DEI) initiatives” will not be approved and that any questions should be directed to regional offices. Programs have not received any guidance for what would be considered “DEI” but this policy is potentially in direct conflict with statutory and regulatory program requirements, such as providing culturally and linguistically appropriate instructional services for English learners. Many programs cannot direct questions to regional staff, as half of regional offices were abruptly closed, and as unprecedented actions are being taken to delay and withhold funding, Head Start programs have been intentionally left with little to no guidance.

    Head Start programs are now arbitrarily required to provide justifications for each draw down of funds that is necessary to operate their programs, despite already receiving a federal grant award for these purposes. As of April 14th, Head Start programs have reportedly received correspondence from an email address “defendthespend@hhs.gov” requiring programs to submit a “specific description of why the funds are necessary and why they are aligned to the award” before programs can have funding disbursed. It has been reported that political appointees must sign off on every draw down of funds. This creates an illusion of improving oversight but only serves to add unnecessary red tape by requiring the manual sign off on hundreds of thousands of individual actions annually across the Department based on two to three sentence justifications. Already some grantees have reported delays in receiving funds, and have reported that furloughs or closures are imminent if funds are not released. For an administration that purports to value local autonomy and efficiency in federally funded programs, your actions have achieved the exact opposite.

    Finally, Head Start grantees are still waiting on payments and grant renewals from the Office of Head Start, including programs whose grants end on April 30th, 2025. These notices should have gone out by now, yet we are concerned to hear programs report they have received little to no correspondence regarding their grant renewals. Additionally, because we started fiscal year 2025 under a short-term continuing resolution, as is usual, some grantees have only received partial funding for the first few months of the year. But with a full year funding bill in place, these grantees should have received full funding by now, yet some are reporting that they have not received the full amount of their grants and will run out of funds this month or next. On Wednesday, April 16th, the delays in Head Start funding led to the closure of Head Start centers serving more than 400 children in Sunnyside, Washington.

    The Administration has a legal and moral obligation to disburse Head Start funds to programs and to uphold the program’s promise to provide high-quality early education services to low income children and families across this country. The fiscal year 2025 appropriations act provided $12.3 billion for Head Start, the same as the fiscal year 2024 level. The Head Start Act includes an explicit formula for how appropriated funds should be allocated. There is no justifiable reason for the delay in funding we have seen over the last two months, and you have refused to offer any kind of explanation. However, this week’s leaked fiscal year 2026 budget documents indicated the Office of Management and Budget was directing the Department, consistent with the Administration’s proposal to eliminate Head Start in fiscal year 2026, to “ensure to the extent allowable FY2025 funds are available to close out the program.” If this explains any of the delay in awarding fiscal year 2025 funding, we want to be clear, no funds were provided in fiscal year 2025 to “close out the program,” and it would be wholly unacceptable and likely illegal if the Department tries to carry out this directive.

    Finally, the leaked budget documents provided a justification, albeit brief, for eliminating Head Start in fiscal year 2026 that makes this Administration’s priorities clear and puts the Department’s actions over the last several months in context. The Administration argues that eliminating Head Start, “is consistent with the Administration’s goals of returning education to the States and increasing parental choice.” It is shocking to see an argument that eliminating a program that provides comprehensive early childhood care and education to 800,000 children and their families would increase parental choice. It is particularly concerning to see that argument in the context of the significant delay in awarding fiscal year 2025 appropriated funds and what that indicates about the intent behind the Department’s actions. We believe it is obvious that eliminating Head Start would be detrimental to hundreds of thousands of children and families. Similarly, we believe it is obvious that delaying funding like we have seen over the last two months, forcing Head Start programs to close, and leaving families to scramble to find quality, affordable alternatives puts the education and well-being of some of the most vulnerable young children in America at risk. In our view, that is unacceptable.

    Therefore, we urge you to immediately reinstate fired staff across all Offices of HeadStart, and cease all actions to delay the awarding and disbursement of funding to HeadStart programs across this country.

    Please provide us with a written response to the questions below no later than 10 days from receipt:

    1. Will you reinstate the staff who administer Head Start programs and reopen the closed regional offices responsible for overseeing Head Start programs in 22 states?
      1. When is HHS going to share information on the reorganization plan for the consolidation of the regional offices?
      2. Please provide the contact information for each program specialist designated to the 22 states who lost their regional office.
      3. Who is responsible for ensuring there are no delays or lapses in funding, nor any disruptions to Head Start program operations now that these states do not have a regional office?
    1. How many employees at the Offices of Head Start have been terminated, including the five regional offices and the central office?
      1. Which officials at HHS were involved in the staffing reduction decisions for OHS and what planning, if any, was undertaken prior to these reductions? Please describe the events that unfolded and name each office that was involved in the decision. Further, please name the official(s) who approved the staffing reductions.
    1. Can you confirm that the Administration will distribute all Head Start funds appropriated by Congress to Head Start programs in FY 25, as required by the HeadStart Act?
    1. Please provide a list of all grantees with 5-year Head Start grant renewals that start between now and the end of the fiscal year: May 1st, June 1st, July 1st, August 1st, and September 1st.
      1. Will any funding be delayed for grantees that are due to receive their annual funding on May 1st or beyond?
    1. Why are funding awards delayed for grantees that received partial awards during the first continuing resolution for FY25?
      1. When can HHS guarantee that all funds will be awarded for partially funded Head Start programs?
    1. What is the “Tier 2” department for review that is delaying drawn down for HeadStart programs in the Payment Management System?
      1. When should programs expect to receive their funds?
      2. Please provide all communication that went to Head Start grantees on the new review process.
    1. What guidance and clarifications have been provided to Head Start grantees on DEI expenditures?
      1. How is HHS evaluating Head Start programs’ expenditures and grant awards for DEI?
      2. What justifications are being used to prohibit DEI?

    MIL OSI USA News –

  • MIL-OSI USA: Senator Reverend Warnock, Colleagues Demand Social Security Head Keep Field Offices Open

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    Senator Reverend Warnock, Colleagues Demand Social Security Head Keep Field Offices Open

    Senator Reverend Warnock has been outspoken about the potential closures of Social Security Administration (SSA) offices in Georgia

    Senator Warnock is also part of the Social Security War Room

    Senator Warnock has repeatedly pushed back against attempts to close SSA offices in Georgia

    Senator Reverend Warnock, lawmakers: “Field offices provide vital services to Social Security recipients, and beneficiaries need the opportunity to seek assistance from SSA in person…Closing any of these field offices will make it harder for individuals to access their benefits.”

    Washington, D.C. – U.S. Senators Reverend Raphael Warnock (D-GA), Elizabeth Warren (D-MA), Ron Wyden (D-OR), Minority Leader Chuck Schumer (D-NY), and Kirsten Gillibrand (D-NY) led a coalition of over 100 Congressional Democrats in writing to the Acting Commissioner of the Social Security Administration (SSA) Leland Dudek to demand that he keep Social Security field offices open.

    Americans will also deliver the letter in-person to Social Security field offices across the country, in a show of support for Social Security workers and the services they provide.

    Multiple reports have revealed that Elon Musk’s Department of Government Efficiency (DOGE) directed SSA to close field offices across the country, only to reverse course after public backlash and deny the plans altogether. Given the lack of transparency surrounding the status of field offices nationwide, the lawmakers pressed Dudek to ensure that DOGE does not close the offices that so many Social Security beneficiaries rely on for services and assistance. Specifically in Georgia, DOGE announced the closure of five SSA offices in rural communities throughout the state. After the Senator called out the closures and helped create public backlash, the administration made several attempts to walk back the claim of the office closure, even deleting the posting of the specific office closures from the DOGE website.

    Approximately 170,000 Americans visit a Social Security field office for assistance with Social Security benefits each day. Elon Musk’s Department of Government Efficiency (DOGE) has threatened to close dozens of these offices as part of its attack on the SSA.

    “[B]eneficiaries need the opportunity to seek assistance from SSA in person…Closing any of these field offices will make it harder for individuals to access their benefits,” wrote the lawmakers.

    The lawmakers include a list of every SSA field office across the country and press Dudek to commit to keeping every single one of them open.

    Senator Warnock has continued to be outspoken about the potential closure of SSA offices in Georgia. Earlier this month, Senator Warnock collected and submitted over 250 questions from Georgians to SSA nominee Frank Bisignano about how he would protect Social Security if confirmed. Senator Warnock also questioned Bisignano on his commitment to keep all field offices in the state open for Georgia seniors and increase staffing at Georgia field offices. Several weeks before the hearing, SSA announced it was making access to benefits more difficult for seniors, no longer allowing individuals to apply for benefits or request a direct deposit change over the phone. These and other proposed changes at the SSA could lead to an increase of 7 million visits to field offices per year across the country, and an estimated 200,000 additional visits in Georgia alone. Senator Warnock remains committed to ensuring Georgians can easily and efficiently access their benefits that they have paid into over their lifetime.

    In addition to Senators Warnock, Warren, Schumer, Wyden, and Gillibrand, the letter was also signed by Senators Angela Alsobrooks (D-MD), Tammy Baldwin (D-WI), Richard Blumenthal (D-CN), Cory Booker (D-NJ), Maria Cantwell (D-WA), Chris Coons (D-DE), Tammy Duckworth (D-IL), Richard Durbin (D-IL), John Fetterman (D-PA), Ruben Gallego (D-AZ), Maggie Hassan (D-NH), Martin Heinrich (D-NV), Mazie Hirono (D-HI), Chris Van Hollen (D-MD), Tim Kaine (D-VA), Mark Kelly (D-AZ), Andy Kim (D-NJ), Angus King (I-ME), Amy Klobuchar (D-MN), Ben Ray Luján (D-NM), Edward J. Markey (D-MA), Jeff Merkley (D-OR), Chris Murphy (D-CN), Patty Murray (D-WA), Alex Padilla (D-CA), Jack Reed (D-RI), Lisa Blunt Rochester (D-DE), Bernie Sanders (I-VT), Brian Schatz (D-HI), Adam Schiff (D-CA), Jeanne Shaheen (D-NH), Elissa Slotkin (D-MI), Tina Smith (D-MN), Mark Warner (D-VA), Peter Welch (D-VT), and Sheldon Whitehouse (D-RI).

    The letter can be viewed HERE and below:

    Dear Acting Commissioner Dudek:

    We write with concern in response to public reporting indicating you plan to close many field offices this year amidst the Department of Government Efficiency (DOGE)’s attack on the Social Security Administration (SSA).

    Field offices provide vital services to Social Security recipients, and beneficiaries need the opportunity to seek assistance from SSA in person. Each day, approximately 170,000 people visit an SSA field office for assistance. Closing any of these field offices will make it harder for individuals to access their benefits.

    Below is a list of all SSA field offices across the country. Given SSA’s recent attempts to close field offices—only to reverse course after public outcry and claim it never had plans to close offices—will you commit to keeping each one of these offices open? If not, please identify which offices you will close and why.

    Georgia SSA field offices by address:

    • 401 W Peachtree St, NW Atlanta, GA
    • 325 W Montgomery Xrd, Savannah, GA
    • 1522 W 3rd Ave, Alban,y GA
    • 3530 Riverside Drive, Macon, GA
    • 1650 Prince Avenue, Athens, GA
    • 7263 North Lake Dr, Columbus, GA
    • 115 Robert C Daniel Jr Pkwy, Augusta, GA
    • 303 Isabella St, Waycross, GA
    • 1300 Lafayette Pkwy, Lagrange, GA
    • 480 Riverside Pkwy NE, Rome, GA
    • 109 Cypress Corners, Milledgeville, GA
    • 1916 Smith Avenue, Thomasville, GA
    • 2565 Thompson Brdg Rd, Gainesville, GA
    • 3149 Perimeter Park Ln, Valdosta, GA
    • 134 Juniper Ct, Brunswick, GA
    • 919 Hillcrest Pkwy, Dublin, GA
    • 1548 Flynt St, Griffin, GA
    • 6665 Park Place, Morrow, GA
    • 301 Point North Pl, Dalton, GA
    • 200 Chastain Center Blvd, Kennesaw, GA
    • 4365 Shackleford Rd, Norcross, GA
    • 3554 Covington Hwy, Decatur, GA
    • 3800 Camp Creek Pkwy, Atlanta, GA
    • 1050 Brannen St, Statesboro, GA
    • 155 Big A Rd, Toccoa, GA
    • 908 S Carroll Rd, Villa Rica, GA
    • 389 East Broad St, Winder, GA
    • 510 E 15th Ave, Cordele, GA
    • 220 Carl Vinson Pkwy, Warner Robins, GA
    • 732 2nd St, W Tifton, GA
    • 9180 Covington By Pass Rd, Covington, GA
    • 104 W Third St, Vidalia, GA
    • 246 Bullsboro Dr, Newnan, GA

    MIL OSI USA News –

  • MIL-OSI: Westport Announces Lock-Up Agreements in Support of the Light-Duty Divestment Transaction

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, April 30, 2025 (GLOBE NEWSWIRE) — Westport Fuel Systems Inc. (“Westport” or the “Company”) (TSX:WPRT / Nasdaq:WPRT), has entered into lock-up agreements with certain of its shareholders, executives and board members representing an aggregate of approximately 2.0 million shares, or 11.4% of the currently issued and outstanding shares, to vote in favour of the special resolution approving the sale of Westport Fuel Systems Italia S.r.l. (the “Lock-Up Agreements”).

    “These Lock-Up Agreements are a significant vote of confidence in Westport’s strategic direction and growth potential.  I am thankful to our key shareholders and our Board, for their continued support as we execute our plans to reduce the complexity of Westport’s business and move forward focusing on providing affordable solutions for hard to decarbonize segments of the heavy-duty truck and industrial application, supported by a strengthened balance sheet,” said Dan Sceli, Chief Executive Officer, Westport Fuel Systems.”

    Recap of the Transaction

    On March 31, 2025 Westport announced it had entered into a binding agreement (the “Agreement”) to sell its interest in Westport Fuel Systems Italia S.r.l., which includes the Light-Duty segment, including the light-duty OEM, delayed OEM, and independent aftermarket businesses, to a wholly-owned investment vehicle of Heliaca Investments Coöperatief U.A. (“Heliaca Investments”), a Netherlands based investment firm supported by Ramphastos Investments Management B.V. a prominent Dutch venture capital and private equity firm (the “Transaction”).

    The Transaction provides for a base purchase price of $73.1 million (€67.7 million), subject to certain adjustments, and potential earnouts of up to an estimated $6.5 million (€6.0 million) if certain conditions are achieved, in accordance with the terms of the Agreement.

    Under the terms of the Agreement, Heliaca Investments through its subsidiary will acquire Westport’s Light-Duty segment, including its related assets and customer contracts. The Transaction is subject to shareholder approval and other customary closing conditions and is expected to close in late Q2 of 2025.

    The proceeds from the proposed Transaction are expected to enable Westport to significantly improve its financial stability, while also supporting key growth initiatives focused on providing solutions for hard-to-decarbonize mobility and industrial applications. Following closing, Westport intends to align its cost structure to be more reflective of a smaller, more efficient organization, while also seeking further opportunities for efficiency gains.

    About Westport Fuel Systems

    At Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow. We are a leading supplier of advanced fuel delivery components and systems for clean, low-carbon fuels such as natural gas, renewable natural gas, propane, and hydrogen to the global transportation industry. Our technology delivers the performance and fuel efficiency required by transportation applications and the environmental benefits that address climate change and urban air quality challenges. Headquartered in Vancouver, Canada, with operations in Europe, Asia, North America, and South America, we serve our customers in approximately 70 countries with leading global transportation brands. At Westport Fuel Systems, we think ahead. For more information, visit www.wfsinc.com.

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains forward-looking statements, including statements regarding the closing of, and timing for closing of, the Transaction, shareholder approval of the Transaction, the anticipated benefits of the Transaction, including potential earn-out payments, the ability to strengthen our balance sheet and align our cost structure, the ability to capitalize on growth initiatives, the ability to transition to a smaller, more efficient organization and our expectations regarding the future success of our business. Other forward-looking statements included in the release include those relating to Westport’s future strategic plans, business opportunities and use of the Transaction proceeds. These statements are neither promises nor guarantees but involve known and unknown risks and uncertainties and are based on both the views of management and assumptions that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activities, performance, or achievements expressed in or implied by these forward-looking statements. These risks, uncertainties, and assumptions include those related to completion and satisfaction of all conditions to closing of the Transaction set out in the Agreement, governmental policies, regulation and approval, the achievement of the performance criteria required for the earn out described above, purchase price adjustments contained in the Agreement, the demand our products, as well as other risk factors and assumptions that may affect our actual results, performance, or achievements, as discussed in our most recent Annual Information Form and other filings with securities regulators. Readers should not place undue reliance on any such forward-looking statements, which speak only as of the date they were made. We disclaim any obligation to publicly update or revise such statements to reflect any change in our expectations or in events, conditions, or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in these forward-looking statements except as required by National Instrument 51-102. The contents of any website referenced in this press release are not incorporated by reference herein.

    Investor Inquiries:
    Investor Relations
    T: +1 604-718-2046
    E: invest@wfsinc.com

    The MIL Network –

  • MIL-OSI USA: In Senate Floor Speech, Senator Murray Calls Out Trump’s Staggeringly Lawless and Inhumane Immigration Policy

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    60 Minutes: U.S. sent 238 migrants to Salvadoran mega-prison; documents indicate most have no apparent criminal records

    ***WATCH: Senator Murray’s remarks on the Senate Floor***

    Washington, D.C. – Today U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, took to the Senate floor to deliver a speech on President Trump’s lawless immigration policy. Senator Murray highlighted the absence of any semblance of due process for—in many cases—legal residents with no criminal record being detained and deported—and even sent to a prison in El Salvador with no outside contact and no end date. She also discussed how Trump’s crackdown has caused confusion for international students, fear among farmworkers, and led to U.S. citizens being detained, having their homes raided, and even to some U.S. citizens who are children being deported with their parents.

    Emphasizing the complete lack of transparency from the Trump administration on why the people sent to El Salvador are being detained and what is being done to bring them home, Senator Murray demanded more information from the Trump administration about its recent actions—from the full details of the secret agreement with El Salvador, to the names of all the individuals sent to El Salvador, their current status, what sort of evidence and process has been afforded them, and what sort of contact they can make with lawyers and family. She also pressed for a good faith effort to follow Supreme Court orders, to return everyone wrongly sent to El Salvador, and to establish lines of communication for individuals to speak with their lawyers and families.

    “I heard from one of my Republican colleagues say last week ‘I don’t see any pattern here.’ Well, I ask him now—I ask everyone now—to pay attention to the full picture. Because of course you won’t see the pattern if you just look at one case and you ignore the many, many others,” said Senator Murray. “There is the case of Andry Hernandez Romero, he’s a barber who came here legally, he has no criminal record. There is the case of Arturo Suárez Trejo, he’s a musician, he came here legally, he has no criminal record. There is the case of Merwil Gutiérrez, who—you guessed it—came here legally, no criminal record. In fact, he was apparently grabbed by mistake. One officer reportedly said ‘No, he’s not the one,’ and another said, ‘Take him anyway.’ Trump sent them all to a maximum-security prison in El Salvador—with no trial. Disappeared. They have no contact with their lawyer. No contact with family. We do not know if they are alive, and they don’t know if anyone is even advocating for them. How hopeless that must feel. How dark. So, is that enough of a pattern for my Republican colleagues? Do you still need more?”

    Senator Murray has championed comprehensive and humane immigration reform throughout her Senate career, repeatedly pushing for legislative solutions that would offer a fair pathway to citizenship for the more than 11 million undocumented immigrants living in America, including Dreamers, farmworkers, and those with Temporary Protected Status. During Trump’s first administration, Senator Murray helped lead the charge in pushing back against Trump’s appalling treatment of migrant children and families at the southern border— cosponsoring the Fair Day in Court for Kids Act, which would require unaccompanied children and vulnerable individuals to be provided with legal assistance during immigration court proceedings, the Stop Cruelty to Migrant Children Act to end family separations at the border, and legislation to prevent the separation of families at sensitive locations such as schools, religious institutions, and hospitals, among many other efforts.

    Senator Murray’s remarks, as delivered, are below, and video is HERE:

    “Thank you, M. President.

    “Over the past month we have seen a wave of righteous outrage across the country in response to President Trump’s completely lawless move to disappear hundreds of people to a notorious mega-prison in El Salvador, without even the barest semblance of due process.

    “And as I join my colleagues in calling for the Trump Administration to abide by the Supreme Court ruling, and facilitate the release of Kilmar Abrego Garcia—a man they said, in court, was sent to El Salvador by mistake—I have to emphasize, his case is one of many where Trump has completely shredded our norms and laws. In addition to Garcia, Trump sent off some two hundred people—including innocent people who were in our country legally—to a foreign prison without any due process whatsoever.

    “And they did it all on the basis of some arrangement negotiated in secret and paid for with millions of taxpayer dollars. What we do know, is that many of these people were sent there without any criminal conviction—the Administration actually admitted that! In their own court filing the Trump Administration acknowledged that many of these people have no criminal records in the U.S. And yet, all of these people have now been imprisoned in a foreign country with no end date in sight—unconstitutional doesn’t even begin to cover that.

    “There are so many questions, basic questions, about this that we all should be demanding answers to. At the barest, smallest, slimmest minimum, and I mean as a starting point, the Administration must release more details about this secret agreement where it is paying El Salvador with our taxpayer dollars to imprison people without a trial. Details like: who all is being imprisoned, how long is El Salvador holding these people with  Trump’s orders, how many people is El Salvador going to imprison under this agreement, what outside contact is possible for those people, and how do we learn their status and condition—are they alive, are they healthy? What are those details?

    “Most of these details we do have are from reporting—and news reports say the deal was only for El Salvador to take convicted criminals—so why did Trump send people with no criminal record? And importantly: where in the world is this money coming from? Does anyone here remember voting to pass a single dollar in appropriations to fund a torture prison in El Salvador? Because I sure don’t! And last I checked Congress has the power of the purse.

    “You know what else we don’t know? We still don’t know the names of everyone they did this to. Think about that. We don’t even have their names! That information should be released immediately. Today. Because there are families who still have no confirmation where their loved ones are, and the only list we have right now was not even released by the Administration! It was reported by the press.

    “Some families only learned their son was gone, their husband was gone, their father was gone, through photos of them being marched into a torture prison. This is the first, last, and only update we have on just about all of those people. We don’t know if they are alive. We don’t know if they are being treated decently. We don’t even know if they have been moved. Even their lawyers can’t reach them.

    “Here’s what we do know: there are many names on the El Salvador list of people who were here legally, who had no criminal record. That seems to be getting lost in the debate for some of my Republican colleagues. This is not about any one case, or any one person, it is about a lawless system for the President to deny due process. And when you cut out due process, you put innocent people in harm’s way.

    “I heard from one of my Republican colleagues say last week ‘I don’t see any pattern here.’ Well, I ask him now—I ask everyone now—to pay attention to the full picture. Because of course you won’t see the pattern if you just look at one case and you ignore the many, many others.

    “There is the case of Andry Hernandez Romero, he’s a barber who came here legally, he has no criminal record.

    “There is the case of Arturo Suárez Trejo, he’s a musician, he came here legally, he has no criminal record.

    “There is the case of Merwil Gutiérrez, who—you guessed it—came here legally, no criminal record. In fact, he was apparently grabbed by mistake. One officer reportedly said ‘No, he’s not the one,’ and another said, ‘Take him anyway.’

    “Trump sent them all to a maximum-security prison in El Salvador—with no trial. Disappeared. They have no contact with their lawyer. No contact with family. We do not know if they are alive, and they don’t know if anyone is even advocating for them. How hopeless that must feel. How dark. 

    “So, is that enough of a pattern for my Republican colleagues? Do you still need more?

    “Because there’s also Jerce Reyes Barrios, he’s a soccer player, he came here legally. Again—no criminal record.

    “There’s Gustavo Aguilera, a food delivery driver. Legally here. No criminal record.

    “Or Anyelo Sarabia. Here legally. No criminal record.

    “I mean, how many more before my colleagues can actually admit this is a pattern? How many people have to be disappeared with no due process before it becomes a problem? Because for me—one is too many. And the pattern isn’t even over yet. Trump was reportedly ready to disappear even more people to El Salvador—before the Supreme Court put its foot down. In this latest round, the Trump Administration was preparing to disappear a man who came here legally, had no record, except traffic violations!

    “Another was a young man accused of being a gang member because of a photo with a toy water gun. That is the level of so-called ‘evidence’ that gets you locked away in a foreign torture prison under President Trump. And I will keep saying it Mr. President, most of the people they disappeared have no criminal records, and many were even here legally. They came here for a better life, and Trump disappeared them based on nothing more than tattoos that say ‘mom’ and ‘dad,’ or that they celebrate soccer teams, or a daughter’s birth, or autism awareness.

    “And Mr. President, I realize, I keep hammering home that—many of these people are not criminals—and many of these people came here legally. But I do want to remind my colleagues, this question is not whether someone who was vanished to El Salvador without a trace is good or bad, the question is whether everyone in this country—including American citizens—have the rights they were promised in our Constitution.

    “At the end of the day, this is not about who these people are, it is about who we are—whether we are a country of due process, or not. A country of laws, or not.

    “Trump has said where he stands. He literally said ‘We don’t have time’ to give them due process. If the Trump Administration think’s someone is a criminal, if they are really bad and dangerous, prove it in court. Prove it! Just simply prove it! It shouldn’t be hard. That is how this works. Everyone in this country understands that.

    “You can’t just say ‘criminals don’t get due process’—when due process is how you determine who is a criminal in the first place! I mean, in the case of one person they sent to El Salvador, not only did the government’s file against him show no criminal record, it also got his name wrong several times, and used two different identification numbers! Those are pretty major errors to make when you are locking someone away. The kind of errors that due process helps to avoid.

    “That’s not some theory—we are seeing that happen in another case right now. There is a couple that Trump is saying are part of a gang, but instead of just disappearing them with no trial to speak of, the Administration was forced to prove it, to prove it in court. And you know what happened? The government failed. The judge found the government’s claims, ‘completely and wholly unsubstantiated’ and ordered the couple to be released.

    “That just goes to show, if we ignore our laws, if we tear down the guardrails that saved that couple, it’s not criminals who pay the price, it is innocent people. Because due process protects them too! Due process allows us to confirm whether people are lawfully present. Due process lets us confirm whether Trump is about to send them to a foreign prison. Due process lets us confirm whether people are guilty—instead of going off how they look, or what tattoo they have.

    “And at the end of the day, due process means they get an actual determination of guilt or innocence, instead of getting disappeared with a question mark. But no one here was told they are facing ‘X’ years in a foreign prison.

    “There is no end date in El Salvador! Because there was no sentence! Because there was no trial! There was just Trump, ignoring our laws, ignoring our courts, and sending people to gulags to rot, to die, to never be heard from again. How can anyone ignore that outrageous breach of our laws—of our values!

    “And M. President—as a co-equal branch of this government, I want to impress upon my colleagues: It is not just due process that is getting trampled here, it is basic checks and balances. Trump is imprisoning these people under the Alien Enemies Act. He is using a war power. We are not at war! Everyone here should know that. After all, Congress, we, have to vote to declare war. I remember every war vote we have taken in my time here in Congress—and I can tell you—there has never been a vote on this so-called war Trump declared all on his own.

    “As if that weren’t enough, earlier this month the National Intelligence Council, the National Intelligence Council, determined that Venezuela is not directing an ‘invasion’ by gangs. That directly undercuts what Trump claimed when he announced his illegal end run around Congress. Here’s a simple question for everyone, there is no invasion, there is no war, so why is Trump invoking a wartime authority?

    “But add on top of that—that Trump has reached some secret, multi-million-dollar deal to pay El Salvador to imprison these people without a trial. I’m Vice Chair of the Appropriations Committee—I can tell you, we did not include a single cent—not one penny!—for running torture prisons in El Salvador in our last funding bill.

    “Congress has the power of the purse, but Trump is picking our pockets to fund his own personal gulag. And by the way, while we talk about checks and balances, let’s not forget how the Trump Administration is arresting judges, his allies and advisors are attacking judges publicly and calling to impeach those who disagree with him, and of course, Trump is blatantly ignoring the courts. And worse than that, the White House is in open defiance of the Supreme Court.

    “The Supreme Court wrote the Administration must facilitate Mr. Garcia’s release. The White House wrote that he is never coming back.

    “The Supreme Court wrote people being targeted under the Alien Enemies Act must have a reasonable opportunity to file for habeas corpus. The Trump Administration said, ‘no—we will give them 12 hours.’

    “Foreign policy is not an end run around the courts or the constitution. The President cannot just be given unilateral authority to cut completely unethical deals with foreign nations. What happens when a President negotiates in secret to have his political rivals detained abroad? Is that allowed? Can he argue the courts can’t require him to call such a deal off? Or maybe he just denies it and says any agreements are state secrets? Does that work?

    “If President Trump said he would pay El Salvador $6 million to assassinate his rivals—I think we would all agree that is blatantly unconstitutional. And if the court said he had to facilitate a reversal of that deal, and he said ‘well.. it’s a sovereign nation… I can’t stop them from assassinating anyone,’—I think we all would have a huge problem with that. So, do we want to say that is wrong now—or are we going to have to wait until he tries it?

    “What are we waiting for? We cannot just all stand by silent as the President pries open a pandora’s box that is all together unprecedented—and that poses a direct threat to our Republic. And let’s cut through this BS where Trump and El Salvador are both trying to pretend there is no way to facilitate the return of people sent there wrongly.

    “Cause here’s the thing: El Salvador has already sent back people that Trump tried to disappear. El Salvador immediately sent back a Nicaraguan individual. And they sent back women—yeah, Trump tried to disappear women to their all-male torture prison in El Salvador. If anyone wants to try and pretend this was some careful vetting process, pleaseexplain that to me. So it’s not like El Salvador can’t send people back—they have already done that.

    “The Administration should be making clear—one: that these people were wrongly sent, and two: that, as with others wrongly sent, they need to be returned. Though, I want to keep in mind of course, that ‘wrongly sent’ is still an enormous understatement. The reality is these people were completely denied due process. The reality is President Trump is not just disappearing these people to El Salvador, he is disappearing our most basic constitutional rights, and he is doing it in plain sight.

    “Not just in El Salvador either! Right here, in America, his immigration crackdown is upturning lives, and overturning some of our most basic values, like freedom of speech. We have people who are here legally—who are being detained and threatened with deportation. Not for any crime, not for any violence, but for speech, for protest, for things as simple and fundamental as writing an op-ed the Administration disagreed with.

    “In America, the land of the free and the land of free speech, is dissent the bar for deportation now? Is that what this country has come to? What next? How far does Trump’s new standard apply? Can you get deported for saying we shouldn’t invade Canada? Can you get detained for an op-ed saying Greenland is not going to be a state? Are you going to have legal status revoked for admitting Biden won the 2020 election?

    “Because that may seem outrageous—but it also seems perfectly in line with Trump’s new policy which amounts to—disagree with the President and your rights are gone. That is fundamentally un-American.

    “And beyond people who are being targeted for protest, there are thousands of students in this country, that Trump is trying to push out over minor issues; fishing citations, jay walking, speeding tickets, even charges that were dismissed. So far, some 1,800 foreign students are having their visa revoked with little to no explanation, to say nothing of due process.

    “That includes students in Washington state, my homes state, at the UW, at Gonzaga, at Shoreline Community College—where I once worked—my alma mater WSU, and more! It’s not clear whether these students have done anything wrong, and it’s not clear in some cases—what exactly they are supposed to do next. Because when the Administration can’t revoke visas—it has been trying to remove students’ records—something courts have already ruled against.

    “One of the judges really put it best. And I want to read this and quote it to you. This is a judge. ‘I’ve got two experienced immigration lawyers on behalf of a client who is months away from graduation, who has done nothing wrong, who has been terminated from a system that you all keep telling me has no effect on his immigration status, although that clearly is BS. And now, his two very experienced lawyers can’t even tell him whether or not he’s here legally, because the court can’t tell him whether or not he’s here legally, because the government’s counsel can’t tell him if he’s here legally.’

    “M. President, the point seems to be, if we can’t deport you, we can scare and confuse you. And to add even more confusion, DOJ announced they were reversing course on some of this, only to then say they are still working on a plan to push out all these students. And by the way, we are only still scratching the surface of just how inhumane Trump’s immigration crackdown has become.

    “Trump is slashing funds to ensure 26,000 migrant kids have legal assistance—meaning more four-year-olds are being marched in front of immigration judges, expected to make their own legal case with a plushy toy. Trump is also trying to mass cancel protected status for people who came here who were fleeing harsh conditions and dictators. Trump is sending Christian refugees and women back to live under the Taliban—where they will face near certain persecution. Trump is sending ICE officials to elementary schools, where they have tried to gain access by lying about having permission from parents to speak with their kids.

    “ICE officials are arresting people with maximum violence and lawlessness—showing up without a judicial warrant, since the Trump Administration says it is fine to storm into someone’s house without one, showing up in masks, grabbing people off the streets without any badge or identification to distinguish them from a kidnapper, whisking people away in unmarked cars, and even smashing in windshields.

    “M. President, back in my home state of Washington—I have heard from folks who saw that firsthand. Last month, ICE aggressively detained Lelo, a farmworker in my state—and it appears he may have even been targeted because of his advocacy for better working conditions for his fellow farmworkers. They are still denying him bond—despite no criminal charges. I spoke with his wife last week—who watched in horror as they arrested her husband shortly after he dropped her off at work. She told me through tears about how officers broke his window and pushed him against the car. And how, Lelo wants to be free so he can take care of his brothers and sisters and work so they can study. He wants to continue doing his work in the community and with the union. And they are working right now to try and get bond—something I strongly support. This is not someone M. President, with a dangerous record—it is someone with a record of hard work, and of trying to make his community better.

    “Skagit County is known for its agricultural industry—and that industry doesn’t survive without the immigrant farmworkers who help power that local economy. Period.

    “More than that, we are talking about many families who have been here for decades. They are part of our community—they’re not just the people who feed this country. These people work hard, they follow the law. They should not be terrorized as if they were violent criminals. Last week, I met with farmworkers there who told me there have been days they have been afraid to go to work, because an unmarked vehicle was seen in their neighborhood. They are absolutely terrified of being grabbed off the street by ICE and locked up with no semblance of due process, regardless of their legal status.

    “And this situation is not unique to Skagit County or even to my state. It’s happening across the country. Let’s not forget, Trump is trying to deport a cancer researcher to Russia where she fears retaliation for protesting the war in Ukraine. Sending her away would both put her in danger and completely upend groundbreaking cancer research—her colleagues say her role is irreplaceable.

    “But it’s not just cancer research, Trump also deported a little girl, a U.S. citizen, who was on her way to get cancer treatment! She was with her mother, an undocumented immigrant—who was forced to choose between being separated from her 10-year-old daughter or being sent away together. What an unthinkable choice to force on a mother. What an unthinkable thing to do to a child, a citizen, a citizen who is fighting cancer.

    “And Trump has done that twice. That’s right twice, he has deported a mother—along with a kid who is fighting cancer—a kid who is an American citizen. And he is doing that without giving these parents any meaningful time to talk to a lawyer, or a spouse, to figure out what is best for their child. We know that because Trump deported another U.S. citizen last week—that’s right another one. Trump deported a two-year-old, an American citizen. They refused to tell this kids’ father where his wife and kid were being held. They refused to let him talk to his wife for more than a minute. They even forced him to hang up the phone when he tried to give his wife their lawyer’s number. And then, as the judge put it, they seem to have ‘deported a U.S. citizen with no meaningful process.’

    “And now we are hearing about a family in Oklahoma—U.S. citizens who recently moved in who had their home raided by ICE. A mom and her daughters—forced out of their house, in the rain, in underwear. ICE agents seized phones, laptops, even their full life savings—and didn’t leave so much as a number they could call to get their stuff back. That happened to U.S. citizens, who did nothing but move into a new house.

    “These horror stories underscore something important—Trump’s cruel war on immigrants is hurting American citizens too. U.S. citizens are having their spouses ripped away, even servicemembers are seeing their families targeted. They are having their parents ripped away. They are having their lives turned upside down.

    “And—let’s not forget—U.S. citizens are even being detained by this administration. We have several instances now—where American citizens have been caught up in Trump’s immigration crackdown. American citizens have been detained and wrongly locked up—even after someone showed them their birth certificates. Even for days! And let’s keep in mind—if you are a citizen who is mistakenly detained, and you are being denied due process, and you can’t reach someone to show your birth certificate, how are you supposed to get released? What if you are put on the next plane to El Salvador before you get the chance to set the record straight? And let’s not pretend that’s far-fetched.

    “Not when citizens havealready been mistakenly detained. Not when the government hasalready admitted it sent some people to El Salvador by mistake. Now when Trump has already disappeared some people who were here legally, and many people who had no criminal record—with no due process. And not when Trump hasalreadysaid he wants to send U.S. citizens to El Salvador prisons. He was caught on mic telling the President of El Salvador he needs to build more jails, telling him the ‘homegrowns’ are next. What happens when you get sent there, and you can’t contact a lawyer? These are serious questions—what happens? Because if there is nothing we can do for the people there now, what precedent does that set for the people that are sent there next?

    “M. President—I’ve been speaking for a while now and I’ve posed a lot of questions, and I hope my colleagues think about this carefully. So, I am going to wrap it up, but I will end now with just one more.

    “Where will Republicans draw the line? Because we are well past the bounds of law—and we are well past the bounds of basic humanity. So, I hope more of my colleagues will join me in saying enough is enough. And in demanding transparency, accountability, and justice from the Trump Administration. That starts with some very basic things.

    “First—accurate, up-to-date information on the names of people who are being detained in, and deported from, ICE facilities across the country—including by the way, the Northwest ICE Detention Center in Tacoma, so that their loved ones and community members can at least know where they are!

    “And we need a clear list of every person who was disappeared to El Salvador, along with what evidence—if any—the government has. As well as the full terms of whatever agreement the Trump administration has negotiated with El Salvador’s dictator.

    “But it doesn’t stop there. We need to see clear, good faith efforts to abide by court orders, and to bring back everyone wrongfully, unjustly sent to a foreign prison. We need to have lines of communication so these people can talk to their lawyers, or talk to their loved ones, and let us know if they are okay.

    “And we need due process—with evidence, with judges, and a meaningful opportunity for people to present a defense. Let’s be clear we are not saying everyone is innocent. We are saying no more than what the constitution says, no more than what the courts have said time and again: Everyone, in the United States of America, gets due process.

    “Thank you.”

    MIL OSI USA News –

  • MIL-OSI: Freehold Royalties Announces Refinement of Business Structure with Termination of the Management Agreement

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, April 30, 2025 (GLOBE NEWSWIRE) — Freehold Royalties Ltd. (Freehold or the Company) (TSX:FRU) and Rife Resources Management Ltd. (Rife) have mutually agreed to terminate the management agreement and associated services that Rife has historically provided Freehold.

    Effective May 1, 2025, Freehold will have a fully dedicated executive team and employee base and will no longer use the shared or advisory services of Rife to conduct its business. Freehold will not pay any termination fees or future management fees to Rife and the Company does not anticipate any meaningful differences in its go-forward cost structure.

    The Freehold executive team will be the seasoned and familiar team that has built the Company into the high margin North American royalty business that we are today. David Spyker will continue as President and CEO, David Hendry as CFO and VP Finance until his successor is named, Rob King as COO along with VP’s Susan Nagy and Colin Strem leading our asset optimization and acquisition initiatives and Lisa Farstad leading corporate services. They will be supported by 46 full time employees with technical, financial and asset management expertise. The leadership and employee continuity will ensure a seamless and stable transition to the revised governance and operating model, while focusing 100% of their talents into continuing to build the North American royalty platform.

    “With the strategic positioning and business growth of Freehold over the past five years, our Board of Directors felt it was the right time to evolve from the management arrangement that has been in place since 1996”, said Marvin Romanow, Chairman of Freehold. “Having a dedicated team solely focused on Freehold’s assets and strategies will streamline our operations and simplify our governance as we drive sustained value creation for our shareholders and continue to position Freehold as a leading North American royalty company.”

    “CN Investment Division (CNID), through Rife, has been a skilled provider of the leadership and resources required to manage the Freehold business since its’ IPO in 1996 and has always been the Company’s largest shareholder. As Freehold has grown considerably in recent years, including its’ successful entry into the premier resource basins in the United States, now is the ideal time to revise its’ governance and facilitate a new business structure. CNID fully supports this transition and is excited about the next chapter in Freehold’s story. CNID remains committed to the energy and royalties’ sector and continues to be a strong supporter of Freehold through its long-standing ownership and representation on the Board of Directors” said Mathieu Roy, Managing Director Real Assets at CNID, investment advisor of the CN Pension Trust Funds, and a Freehold board member. CNID will continue to have a nomination right for one director under a new governance agreement which is expected to be in place by year-end 2025.

    The termination date for the management agreement will be December 31, 2025. With the dedicated leadership and employee team in place from May 1, 2025, the Company will work on an orderly and efficient transition of systems, software, workflows, files and office space. Freehold’s sharpened focus, dedicated leadership and energized team mark a new era of possibilities as we continue our journey of business excellence.

    For further information contact

    Freehold Royalties Ltd.

    Forward-Looking Statements

    This news release offers our assessment of Freehold’s future plans and operations as at April 30, 2025 and contains forward-looking information including, without limitation, with regards to: the expectation that the Company will not pay any termination fees or future management fees; the expectation that the Company will not have any meaningful differences in its go forward cost structure; the anticipated leadership team of Freehold; the effective date of termination of the management agreement; certain terms associated with termination of the management agreement; the expected benefits of the termination of the management agreement; the expectation that there will be seamless and stable integration of the new governance structure; the intent to continue to build the North American royalty platform; the expectation that a new governance agreement will be agreed to prior to year-end December 31, 2025 that will continue to give CNID a nomination right for one director.

    This forward-looking information is provided to allow readers to better understand our business and prospects and may not be suitable for other purposes. By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond our control, including the demand for oil and natural gas, general economic conditions, the impacts of tariffs and other retaliatory trade actions taken by the United States, Canada and other countries; industry conditions, the impact of the Russia-Ukraine war and the Israel-Hamas-Hezbollah conflict on the global economy and commodity prices, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, royalties, environmental risks, taxation, regulation, changes in tax or other legislation, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility, our ability to access sufficient capital from internal and external sources. Certain terms relating to the termination of the management agreement and the transition to independent management of Freehold are yet to be negotiated and determined by Freehold and Rife and, as such, there is a risk that the transition may not occur in the manner or on the terms as contemplated herein. Risks are described in more detail in Freehold’s annual information form for the year ended December 31, 2024 which is available under Freehold’s profile on SEDAR+ at www.sedarplus.ca.

    The forward-looking information contained in this press release is based on certain assumptions including that Freehold and Rife will successfully negotiate and determine all transitional matters required for Freehold to successfully operate under independent management and certain other assumptions identified herein. You are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward looking information. We can give no assurance that any of the events anticipated will transpire or occur, or if any of them do, what benefits we will derive from them. The forward-looking information contained herein is expressly qualified by this cautionary statement. Our policy for updating forward-looking statements is to update our key operating assumptions quarterly and, except as required by law, we do not undertake to update any other forward-looking statements.

    The MIL Network –

  • MIL-OSI USA: Cotton, Colleagues Reintroduce the Living Donor Protection Act

    US Senate News:

    Source: United States Senator for Arkansas Tom Cotton
     
    FOR IMMEDIATE RELEASEContact: Caroline Tabler or Patrick McCann (202) 224-2353April 30, 2025
    Cotton, Gillibrand, and Colleagues Reintroduce the Living Donor Protection Act 
    Washington, D.C. — Senator Tom Cotton (R-Arkansas) and Senator Kristen Gillibrand (D-New York) today reintroduced the Living Donor Protection Act, legislation that will protect the rights of living organ donors. The Living Donor Protection Act would ensure living donors do not face discrimination from insurance companies, codify Department of Labor (DOL) guidance that covers living donors under the Family Medical Leave Act (FMLA) in the private and civil service, remove barriers to organ donation, and provide certainty to donors and recipients. 
    Co-sponsoring the legislation are Senators Marsha Blackburn (R-Tennessee), Richard Blumenthal (D-Connecticut), Shelley Moore Capito (R-West Virginia), Chris Coons (D-Delaware), Dick Durbin (D-Illinois), Kristen Gillibrand (D-New York), Cindy Hyde-Smith (R-Mississippi), Tim Kaine (D-Virginia), Mark Kelly (D-Arizona), Angus King (I-Maine), Amy Klobuchar (D-Minnesota), Ben Ray Luján (D-New Mexico), Jeff Merkley (D-Oregon), Pete Ricketts (R-Nebraska), Jacky Rosen (D-Nevada), Jeanne Shaheen (D-New Hampshire), Tina Smith (D-Minnesota), Thom Tillis (R-North Carolina), Raphael Warnock (D-Georgia), Sheldon Whitehouse (D-Rhode Island), and Ron Wyden (D-Oregon). Representatives Jerrold Nadler (New York-12) and Don Bacon (Nebraska-02) are introducing companion legislation in the House. 
    “Organ donors make an extraordinary sacrifice so someone else can have a new chance at life,” said Senator Cotton. “The Living Donor Protection Act would encourage more donors to step forward by protecting them from adverse consequences like denial of coverage and job loss.” 
    “It’s a tragedy that so many people die while waiting for life-saving organ donations. We must do more to remove the barriers that keep Americans from donating,” said Senator Gillibrand. “The Living Donor Protection Act would help ensure that the individuals who are willing to save someone’s life through an organ donation can do so without worrying that they’ll face insurance discrimination or that they could lose their job as they recover. I am proud to be introducing this bipartisan legislation and will keep fighting to finally get it passed.”
    “Our state is fortunate to have Nebraska Medicine, which has a robust living donor kidney exchange program, performing more kidney chains which involves anonymous donors donating to someone without a compatible living donor, than almost any hospital nationwide. However, some living donors are discriminated against when it comes to rates and provision of life insurance and disability insurance,” said Representative Bacon. “They also don’t always receive adequate time to recover from the surgeries related to their selfless gift. This legislation will help open the doors to more living donors so we can save more lives.”
    “When an organ donor decides to donate one of their organs to someone else, they aren’t just saving someone’s life—they’re making one of the most selfless, difficult decisions anyone could ever make. The last thing they need in the midst of that challenging process is to be confronted by needless roadblocks or insurance discrimination,” said Representative Nadler. “These roadblocks can make it economically impossible for potential donors to make that choice and, simply put, they are costing lives. April is National Donate Life Month, and I’m proud to introduce the Living Donor Protection Act to bring awareness to this issue and knock down these needless barriers to lifesaving organ donation.”
    Full text of the bill may be found here.
     The Living Donor Protection Act would:  
    Prohibit life, disability, and long-term care insurance companies from denying or limiting coverage and from charging higher premiums for living organ donors. 
    Amend the Family and Medical Leave Act of 1993 to specifically include living organ donation as a serious health condition for private and civil service employees.
    Direct the U.S. Department of Health and Human Services (HHS) to update their material on live organ donation to reflect these new protections and encourage more individuals to consider donating an organ.

    MIL OSI USA News –

  • MIL-OSI: Scuderia Ferrari and HP Fuse Technology and Design with Special Livery for Miami Grand Prix

    Source: GlobeNewswire (MIL-OSI)

    News Highlights:

    • Scuderia Ferrari and HP collaborate to co-engineer livery wrapping technologies pushing the boundaries of design possibilities in the near future
    • Debut of special edition livery for Miami GP to mark the first year of title partnership
    • With the latest-generation HP technology, Ferrari is building the working environment of the future in Maranello and at the track

    MIAMI, Fla., April 30, 2025 (GLOBE NEWSWIRE) — Scuderia Ferrari and HP Inc. (NYSE: HPQ) today revealed a special co-designed livery, ahead of the Miami Grand Prix, marking the first year of their title partnership. Unveiled this afternoon in downtown Miami by the Scuderia Ferrari HP drivers and Team Principal, Fred Vasseur, the cutting-edge livery is a result of deep collaboration between the two companies, pushing the boundaries of visual design and performance.

    The livery combines the Ferrari red with HP’s signature white and electric blue, applied using new, co-engineered technologies that will pave the way for even more striking designs in the future.

    Co-Engineering for Performance

    As part of a series of ongoing joint projects between HP and Scuderia Ferrari engineers, the Miami livery development stands out as a clear example of innovation in action. Engineering teams from both Ferrari in Maranello and HP in Barcelona worked hand in hand and experimented with technologies and materials to achieve the final result.

    Innovative techniques were used to produce the film that covers part of the SF-25. These represent a significant step forward over the technology used last year, creating a car wrap that is up to 14% lighter and up to 17% thinner, with increased thermal resistance1. The film is PVC-free, fully recyclable, and applied using HP’s latest generation of latex technology.

    Formula 1 is constantly evolving, and both companies will continue to refine wrap technologies together — making them even more efficient, enabling bolder aesthetics and design innovation while reducing the time required to apply the film.

    Miami GP Special Livery

    The special livery design for this weekend reflects the evolution of this partnership and the shared effort behind it. For the first time in the Scuderia’s history, the livery on Charles Leclerc’s and Lewis Hamilton’s SF-25s features asymmetric graphic elements. Touches of HP’s signature electric blue appear on the front and rear wings, although Ferrari red is still the dominant color. The wheels are painted white, creating a clean, modern look that embodies the team’s innovative vision.

    This livery is not just a styling exercise, it is a tangible celebration of shared ambition – two companies, two visions, united by technology and creativity, working together to push the boundaries of what is possible.

    Building the Working Environment of the Future

    The collaboration is also transforming how Ferrari works at the track and in Maranello, with the installation of hundreds of HP laptops, monitors, powerful workstations, and printers in the factory and in the team’s mobile offices at the Formula 1 World Championship events. Thanks to this latest generation of high-performance and user-friendly technology, business efficiency, productivity, and collaboration have also been enhanced.

    This ongoing partnership between HP and Ferrari exemplifies how technology can enhance work experiences, promoting greater fulfillment and productivity, while HP’s continued technology integration at Ferrari creates a positive working environment for employees to thrive.

    In the Fan Zone and on Track

    In addition to the special livery reveal, a variety of activities will take place in the HP Experience area at the Wynwood Marketplace, showcasing how HP technology is supporting Scuderia Ferrari, and how it can empower workers and companies around the world to achieve greater work fulfillment. Starting tomorrow, fans heading to the racetrack will also notice that the drivers’ race suits and helmets have been designed to match the special livery created for the Miami race.

    “Our collaboration with Ferrari is a testament to how HP is pushing the boundaries of what’s possible,” said Enrique Lores, President and CEO, HP Inc. “Together, we are harnessing technology, performance, and innovation to create and co-engineer exceptional experiences on and off the track. As HP continues to deliver cutting-edge solutions to define the Future of Work, we are setting new standards for collaboration and innovation.”

    Benedetto Vigna, CEO Ferrari commented: “It all started one year ago at the Miami Grand Prix and since then, we’ve seen how deeply aligned our two companies are when it comes to the importance of people to boosting innovation, striving for excellence, and pushing boundaries.

    “This Grand Prix will mark the return to the place where the collaboration between our two companies began, with a celebration of this journey featuring a bold new asymmetric livery. It is an expression of our shared belief in the power of design, technology, and performance to drive meaningful change.

    “Beyond the racetrack, this partnership has also allowed us to elevate how we work every day. Thanks to HP’s cutting-edge devices and technologies, we’ve been able to enhance the efficiency, connectivity, and flexibility of our workspaces, providing every member of our team with the best possible environment in which to perform at their highest level. It’s a symbol of how far we’ve come together, and a glimpse of the road ahead. We’re proud to continue this collaboration with HP as we look to a very promising future.”

    About Scuderia Ferrari HP

    Scuderia Ferrari is the most successful team in Formula 1 history, having competed in every season since the championship’s inception in 1950. With over 1,100 Grand Prix entries, the team has scored nearly 250 victories, 16 Constructors’ Championships, and 15 Drivers’ Championships. Legendary names such as Michael Schumacher, Niki Lauda, and Alberto Ascari have all contributed to Scuderia Ferrari’s rich and storied legacy. Headquartered in Maranello, Italy, Scuderia Ferrari HP is synonymous with engineering excellence, relentless innovation, and an unwavering passion for motorsport. Its red cars have become a global symbol of performance and prestige — a reflection of the team’s enduring influence both on and off the track.

    About HP

    HP Inc. is a global technology leader and creator of solutions that enable people to bring their ideas to life and connect to the things that matter most. Operating in more than 170 countries, HP delivers a wide range of innovative and sustainable devices, services and subscriptions for personal computing, printing, 3D printing, hybrid work, gaming, and more. For more information, please visit http://www.hp.com.

    Media Contacts

    MediaRelations@hp.com 
    hp.com/go/newsroom  

    1 Based on proprietary data and testing from Ferrari and HP and when compared with 2024. Results current as of April 30, 2025.

    The MIL Network –

  • MIL-OSI United Kingdom: Kingsmill report cannot be the end

    Source: Traditional Unionist Voice – Northern Ireland

    Statement by Cusher Councillor and TUV party Chairman Keith Ratcliffe

    “The findings of the Police Ombudsman’s report into the Kingsmill Massacre have laid bare fundamental and deeply troubling failings in the original investigation. The report makes it clear that the resources allocated to the case were wholly insufficient. It identifies a failure to arrest and interview key suspects, and a failure to pursue clear ballistic links that might have brought justice much closer.

    “These are not minor oversights. They raise serious and unavoidable questions about the decisions made at the time—questions that should have been asked decades ago, and which now demand answers.

    “But amidst the investigative failures, we must keep our focus on one unchanging truth: it was not the security services or the state that committed this atrocity. It was a gang of cowardly Provisional IRA terrorists — driven by bloodlust and by a deep, unrestrained hatred for their Protestant neighbours.

    “The report also firmly puts to rest any suggestion of collusion. And tellingly, the one group that has contributed nothing to the investigation — at any stage and on any level — are Republicans. Even now, they continue to maintain the fiction that this was not an IRA massacre, despite the mountain of evidence proving otherwise.

    “Yet it is Sinn Féin, the political wing of the very movement that committed these murders, who presume to lecture the rest of us on truth and justice.

    “It is a mark of how far we have strayed from moral clarity that Northern Ireland has a First Minister who cannot even bring herself to condemn the IRA’s campaign of terror. More than that — she has publicly glorified it, as recently as this past Easter.

    “How can anyone who justifies such acts — who believes they were “necessary” — be considered fit for public office, let alone the highest office in our land?

    “This report must not mark the end of the matter. It should ignite a renewed focus on accountability. If failings occurred at the time — and clearly they did — then what can now be done to bring justice and closure for the families?

    “Are any of those who should have been questioned still alive? What about the leadership of the IRA who presided over and sanctioned this slaughter? Will they finally be held to account?

    “These questions are obvious —yet they are rarely asked. Too often, we have been conditioned by the so-called “process” to accept that justice for victims of republican violence is simply off the table.

    “That must change.

    “It is the moral duty of any society to pursue justice — not selectively, not politically, but consistently. And that duty remains unfinished.

    “My thoughts remain with all those affected by the horror that unfolded at Kingsmill in 1976. Your pain has never been forgotten. Your questions remain valid. And your demand for truth and justice must never be silenced.”

    MIL OSI United Kingdom –

  • MIL-Evening Report: Feuding mob families, mind control and a murder at the White House: what to watch in May

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

    Disney+/Prime/Netflix/Paramount+/The Conversation

    It’s May! Where did the year go? It must be all the amazing TV we’re watching that’s making the time whiz by. This month’s lineup of expert picks is packed with standout shows across all genres.

    Whether you’re in the mood for laugh-out-loud comedies, powerful historical fiction, or sci-fi that will leave your brain rattling for days, there’s something binge-worthy waiting for you.

    MobLand

    Paramount+

    Lately, I’ve found myself counting down the days each week for a new episode of MobLand to drop on Paramount+ on Sunday afternoon. The crime series is executive produced (and the first two episodes directed) by Guy Ritchie, and stars Tom Hardy, Pierce Brosnan and Helen Mirren – along with a heavyweight supporting cast – in a story about two rival mob families in London.

    When tensions escalate after a night out, Hardy’s “fixer” character, Harry, works to keep the peace between the Harrigans and the Stevensons – be it with a quiet word or brutal force.

    MobLand is as twisty, gruesome and fun as we’ve come to expect from Ritchie’s popular gangster titles. But while others have been regularly criticised for their lack or limited portrayal of female characters, MobLand benefits from the scheming and swearing of the inimitable Helen Mirren as matriarch Maeve Harrigan, and the quiet fury of Joanne Froggatt as Harry’s wife, Jan, as she tries to force the enforcer into marriage counselling.

    The series has been a huge success for Paramount+ in Australia – becoming the largest launch in the platform’s history. And while some may find the weekly episode drop frustrating, for me it adds to the suspense.

    – Alexa Scarlata

    The Residence

    Netflix

    Faced with Donald Trump, show makers turn to alternative visions of leadership. The latest: a gay president, who is only a bit of a player, in a ridiculously entertaining picture of a crime within the White House.

    At a US state dinner for visiting Australian Prime Minister Stephen Roos (Julian McMahon), the dead body of the chief usher is discovered, and the world’s greatest detective, Cordelia Cupp (Uzo Aduba), is called in. Not only is Cupp an avid bird-watcher, she is also an Agatha Christie devotee who likes to assemble all her suspects for a prolonged denouement.

    The Residence is full of oblique references to current US politics. One former senator, Al Franken, plays a fictional senator named Aaron Filkins. And Tripp Morgan (Jason Lee), US President Perry Morgan’s odious brother, has several real-life precursors.

    The series is also a guide to the White House itself, complete with the sort of lavish detail we’d expect from Shondaland productions. And it’s nice to see Netflix acknowledging Australians. Even if they couldn’t persuade Hugh Jackman to actually show up, there’s plenty of other home-grown talent – including cameos by Kylie Minogue.

    – Dennis Altman

    Last One Laughing UK

    Prime Video

    Last One Laughing is a battle royale for stand-ups. Ten comedians, one room, surrounded by cameras. Laugh once and they’re warned. Laugh again, and they’re out. Last comic left wins.

    An international TV phenomenon in 29 countries, the latest season is from the United Kingdom, hosted by Jimmy Carr and featuring comedians like Bob Mortimer, Sara Pascoe and Joe Lycett.

    Comedy takes time, but laughter can take less than a moment. Richard Ayoade nearly catches out two players when, asked what his childhood hobbies were, he replies: “I don’t know. I cried a lot?”

    Last One Laughing doubles our laughs. We watch the actual joke, we get it, we laugh. And then we see comedians desperately trying not to laugh – but we know that they get the joke too! And so we get an unexpected second look at the joke.

    Last One Laughing helps us understand why we laugh at our own jokes, why we can’t always explain what’s funny, and why gags don’t need words. We’re watching professional comedians get the joke (as we do!) without laughing (as we expect?) but we know that it’s all OK. And, however briefly, we glimpse the world anew.

    – Fergus Edwards



    Read more:
    We’re hardwired to laugh – this is why watching comedians try to be the ‘Last One Laughing’ is so funny

    Dying for Sex

    Disney+

    Based on a popular podcast by Molly Kochan and Nicki Boyer, Dying for Sex is a funny, raunchy, heartfelt exploration of pleasure and death.

    When Molly (Michelle Williams) finds out her cancer is back and this time it is terminal, she seeks out sexual desire and satisfaction in unusual places, making profound discoveries along the way.

    The show is rated R for good reason: the depiction of sexual acts is graphic, but not exploitative or voyeuristic. Rather it embraces the messiness of having a body that is dying but seeking joy.

    While Molly’s sexual adventures feature heavily (and explicitly), the heart of the show is Molly’s friendship with Nicki (Jenny Slate), which feels achingly real. Molly and Nicki are long-term friends, as such they adore and encourage each other’s idiosyncrasies and perceived flaws.

    Williams is luminous and well-matched with Slate, who brings a levity and longing to caring for her best friend and supporting her new goals. Despite its relatively short runtime of just eight 30 minute episodes, we are treated to nuanced renderings of Molly’s complex relationships with her mother (Sissy Spacek), husband (Jay Duplass) and neighbour (Rob Delaney).

    Dying for Sex is infuriating and heartbreaking, as well as absurdly funny – kinda like death.

    – Jessica Ford

    Black Mirror, season seven

    Netflix

    The seventh season of Black Mirror is an ominous return to the dark world of modern technology. This season comprises six new episodes, two of which are sequels to episodes from previous seasons.

    Common People is a powerful opening to the season, starring two of the most famous actors to appear throughout. Amanda (Rashida Jones) and Mike (Chris O’Dowd) are an ordinary suburban couple struck by tragedy in the form of a serious medical emergency – a narrative turn that is compounded by an unexpected departure from Jones and O’Dowd’s comedic reputations. The collapse of their life reaches greater and greater depths, before culminating in a horrifying final scene.

    The other five episodes of the season are not as dismal. USS Callister: Into Infinity, in particular, provides some resolution that the earlier episode USS Callister had not. Plaything, the sequel to the interactive film Bandersnatch, echoes USS Callister’s interest in video gaming, but takes its invasion of human life to an even more powerful conclusion. Bête Noire similarly toys with the idea of mind control.

    Hotel Reverie and Eulogy are quieter episodes, and not as overtly critical of technological advance as the others. Both are very moving, and like Common People, are interested in the lengths one might go to for the people they love.

    Black Mirror’s seventh season is both a warning and a guide for how to be human – and how not to.

    – Jessica Gildersleeve

    The Wheel of Time, season three

    Prime Video

    The Wheel of Time is Prime’s most recent entry into the increasingly popular epic fantasy genre. Despite a lacklustre first two seasons, season three finally rewards fans for their patience.

    Adapted from Robert Jordan’s sprawling 14-book series, the new season begins full throttle with a violent battle between the all-female One Power-wielding Aes Sedai. While some episodes lag due to overly complicated exposition and agonising character development (just embrace the wolf already, Perrin), for the most part showrunner Rafe Judkins maintains the propulsive momentum established in the spectacular opening.

    Episode four, The Road to the Spear, is a standout sure to please die-hard Jordan fans and new audiences alike. Cinematic in scope, the episode faithfully recounts Rand (Josha Stradowski) and Moiraine’s (Rosamund Pike) journey to Rhuidean in the Aiel Waste where Rand is confirmed as the Dragon Reborn.

    Pike continues to provide much-needed gravitas as the steely Moiraine and Stradowski is a revelation. It doesn’t hurt that the episode makes good use of its deliciously vampy leather-clad villain Lanfear (Natasha O’Keeffe).

    No doubt references to Jordan’s expansive lore might continue to baffle some viewers. However, the sumptuous costumes, increasingly assured performances and modernised relationships suggest the series has finally found its footing.

    Long may The Wheel of Time continue to turn.

    – Rachel Williamson

    The Narrow Road to the Deep North

    Prime Video

    The Narrow Road to the Deep North stands as some of the most visceral and moving television produced in Australia in recent memory, marking a new accessibility and confidence to director Justin Kurzel.

    Dorrigo Evans (Jacob Elordi/Ciarán Hinds) is a doctor sent to World War II. Captured during the Battle of Java he is taken as a prisoner of war (POW), where he is forced to lead his Australian soldiers on the building of the Burma-Thailand Railway.

    Rather than an executor of violence, he is a pacifist and victim. Ultimately he has to make peace with his own trauma and guilt of survival when many around him perished – some of whom he knowingly sent to their inevitable death to ensure his own survival.

    Faithfully adapted from Richard Flanagan’s novel in a screenplay by Shaun Grant, this production effectively creates interchanging timelines (seamlessly edited by Alexandre de Francesch) including prewar, war and postwar, and then flashes forward to Dorrigo in his mid-70s.

    Structurally immaculate, The Narrow Road to the Deep North is not defined by its brutal torture of the POWs or comradeship of the starving soldiers (though they are powerful to watch). Instead, it points us towards the quieter visions of characters having to sit alone with their distorted memories.

    Contemporary television is rarely this good.

    – Stephen Gaunson



    Read more:
    Contemporary television is rarely as good as The Narrow Road to the Deep North

    Andor, season two

    Disney+

    Andor returns for a second season, as we follow the early days of the Rebel Alliance leading up to events in Rogue One.

    One year after the events of season one, we open with Cassian (Diego Luna) impersonating an Imperial test pilot so he can steal a prototype Imperial ship. After stealing the ship, he must navigate a ragtag brigade whose infighting becomes violent.

    Elsewhere on planet Mina-Rau, Bix (Adria Arjona) and other undocumented farm workers await Cassian’s arrival with the ship. Over on Chandrila, Imperial Senator Mon (Genevieve O’Reilly) navigates the diplomacy of her daughter’s wedding while continuing to discreetly support the rebellion.

    The most chilling scenes in the opening episodes are perhaps those that show Imperial supervisor Dedra Meero (Denise Gough) attend a top-secret meeting where they strategise how best to cleanse the population of Gorman so they can mine a rare mineral.

    As film academic Daniel Golding notes in an article about how Andor takes on the era of Trump 2.0, showrunner Tony Gilroy takes inspiration from several real world revolutionary events. Given Russia’s invasion of Ukraine, Israel’s assault on Gaza and Trump’s increasing authoritarianism, it will be interesting to see how the revolution in this season continues to reflect real-world precarity.

    I recommend refreshing your memory of season one before diving in, as the new season’s complexity relies on considerable assumed knowledge.

    – Stuart Richards

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

    – ref. Feuding mob families, mind control and a murder at the White House: what to watch in May – https://theconversation.com/feuding-mob-families-mind-control-and-a-murder-at-the-white-house-what-to-watch-in-may-255222

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Landmark Bancorp, Inc. Announces Growth in First Quarter 2025 Net Earnings of 43.2%. Declares Cash Dividend of $0.21 per Share

    Source: GlobeNewswire (MIL-OSI)

    Manhattan, KS, April 30, 2025 (GLOBE NEWSWIRE) — Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of $0.81 for the three months ended March 31, 2025, compared to $0.57 per share in the fourth quarter of 2024 and $0.48 per share in the same quarter last year. Net income for the first quarter totaled $4.7 million, compared to $3.3 million in the prior quarter and $2.8 million in the first quarter of 2024. For the three months ended March 31, 2025, the return on average assets was 1.21%, the return on average equity was 13.71% and the efficiency ratio(1) was 64.1%.

    First Quarter 2025 Performance Highlights

    • Loan growth totaled $22.6 million or an annualized increase of 8.7% over the prior quarter.
    • Net interest margin improved 25 basis points to 3.76% compared to 3.51% in prior quarter.
    • Deposits increased $42.3 million, or 3.3%, from the same quarter last year and $7.1 million, or 2.2%, from prior quarter.
    • Other borrowed funds decreased $11.8 million compared to the prior quarter.
    • Non-interest expenses declined $1.1 million compared to the prior quarter.
    • Credit quality remained stable with net charge-offs totaling $23,000 in the first quarter.
    • Ratio of equity to assets increased to 9.04% this quarter.

    In making this announcement, Abby Wendel, President and Chief Executive Officer of Landmark, commented, “I am pleased to report strong growth in net income this quarter driven by growth in net interest income, lower expenses and excellent credit quality. We continued to experience solid loan demand in the first quarter 2025, especially for commercial real estate and residential mortgage loans. In the first quarter 2025, total gross loans increased by $22.6 million or 8.7% (annualized) with growth in most loan categories. Total deposits also increased in the first quarter by $7.1 million, exceeding the typical seasonal decline in money market and interest checking accounts. Over the last two quarters, deposits have increased over $60 million. Other borrowed funds declined by $11.8 million, which reduced interest expense and improved our net interest margin. Growth in our balance sheet, plus the shift in our funding position led to net interest income growth of 22.1% over the previous year and net interest margin expansion of 25 basis points to 3.76%. Non-interest expense also declined this quarter by $1.1 million compared to the prior quarter. Credit quality remained solid overall with minimal net charge-offs, and no provision for credit losses was taken this quarter. These strong results are a tribute to the associates who work hard every day to make Landmark the bank of choice for our customers and stockholders.”

    Landmark’s Board of Directors declared a cash dividend of $0.21 per share, to be paid June 4, 2025, to common stockholders of record as of the close of business on May 21, 2025.

    Management will host a conference call to discuss the Company’s financial results at 9:30 a.m. (Central time) on Thursday, May 1, 2025. Investors may participate via telephone by dialing (833) 470-1428 and using access code 866149. A replay of the call will be available through May 8, 2025, by dialing (866) 813-9403 and using access code 282640.

    Net Interest Income

    Net interest income in the first quarter of 2025 amounted to $13.1 million representing an increase of $720,000, or 5.8%, compared to the previous quarter. The increase in net interest income resulted from a combination of both higher interest income on loans and lower interest expense on deposits and other borrowed funds (FHLB, repurchase agreements and other debt). Net interest margin increased to 3.76% during the first quarter from 3.51% during the prior quarter. Compared to the previous quarter, interest income on loans increased $440,000 to $16.4 million due to higher average balances combined with higher yields on loans. Average loan balances increased $38.4 million, while the average tax-equivalent yield on the loan portfolio increased 6 basis points to 6.34%. Interest on investment securities declined slightly due to lower balances, partially offset by higher earning rates. Compared to the fourth quarter of 2024, interest on deposits decreased $114,000, or 2.1%, due to lower rates as average interest-bearing deposit balances increased by $34.8 million. Interest on other borrowed funds declined by $216,000, due to lower rates and average balances. The average rate on interest-bearing deposits decreased 8 basis points to 2.17% while the average rate on other borrowed funds decreased 15 basis points to 5.09% in the first quarter.

    Non-Interest Income

    Non-interest income totaled $3.4 million for the first quarter of 2025, a decrease of $13,000 from the previous quarter. The decrease in non-interest income during the first quarter of 2025 was primarily due to a $704,000 decline in bank owned life insurance income relating to one-time benefits recorded in the fourth quarter, coupled with a $322,000 decline in fees and service charges relating to lower deposit related fee income, partially due to fewer days in the quarter. Partially offsetting those declines was a $1.0 million loss on the sales of lower yielding investment securities in the fourth quarter of 2024, compared to a loss of only $2,000 in the first quarter of 2025.

    (1) Non-GAAP financial measure. See the “Non-GAAP Financial Measures” section of this press release for a reconciliation.

    Non-Interest Expense

    During the first quarter of 2025, non-interest expense totaled $10.8 million, a decrease of $1.1 million compared to the prior quarter. The decrease in non-interest expense was primarily due to decreases of $350,000 in other non-interest expense, $298,000 in occupancy and equipment and $298,000 in professional fees. The decreases in other non-interest expenses and occupancy and equipment were primarily related to branch closures in 2024 and associated cost savings in 2025. The decrease in professional fees this quarter was primarily due to higher consulting costs in the prior quarter related to several initiatives.

    Income Tax Expense (Benefit)

    Landmark recorded income tax expense of $1.0 million in the first quarter of 2025 compared to an income tax benefit of $886,000 in the fourth quarter of 2024. The effective tax rate was 17.8% in the first quarter of 2025. The fourth quarter of 2024 included the recognition of $1.0 million of previously unrecognized tax benefits, which significantly reduced the effective tax rate.

    Balance Sheet Highlights

    As of March 31, 2025, gross loans totaled $1.1 billion, an increase of $22.6 million, or 8.7% annualized since December 31, 2024. During the quarter, loan growth was primarily comprised of commercial real estate (growth of $14.4 million), one-to-four family residential real estate (growth of $3.4 million) and construction and land loans (growth of $3.3 million). Investment securities decreased $16.5 million during the first quarter of 2025 mainly due to maturities. Pre-tax unrealized net losses on the investment securities portfolio decreased from $20.9 million at December 31, 2024, to $17.1 million at March 31, 2025, mainly due to lower market rates for these securities at March 31, 2025.

    Period end deposit balances increased $7.1 million to $1.3 billion at March 31, 2025. The increase in deposits was driven by increases in non-interest-bearing demand deposits (increase of $16.9 million), certificates of deposit (increase of $10.0 million) and savings (increase of $3.7 million), partially offset by a decline in money market and checking accounts (decrease of $23.5 million). The decrease in money market and checking accounts was mainly driven by a seasonal decline in public fund deposit account balances. Total borrowings decreased $11.8 million during the first quarter 2025. At March 31, 2025, the loan to deposits ratio was 79.5% compared to 78.2% in the prior quarter.

    Stockholders’ equity increased to $142.7 million (book value of $24.69 per share) as of March 31, 2025, from $136.2 million (book value of $23.59 per share) as of December 31, 2024. The increase in stockholders’ equity was due mainly to a decrease in accumulated other comprehensive losses (lower unrealized net losses on investment securities) along with net earnings from the quarter. The ratio of equity to total assets increased to 9.04% on March 31, 2025, from 8.65% on December 31, 2024.

    The allowance for credit losses totaled $12.8 million, or 1.19% of total gross loans on March 31, 2025, compared to $12.8 million, or 1.22% of total gross loans on December 31, 2024. Net loan charge-offs totaled $23,000 in the first quarter of 2025, compared to $219,000 during the fourth quarter of 2024. No provision for credit losses on loans was recorded in the first quarter of 2025 compared to a provision of $1.5 million recorded in the fourth quarter of 2024.

    Non-performing loans totaled $13.3 million, or 1.24% of gross loans, at March 31, 2025, compared to $13.1 million, or 1.25% of gross loans, at December 31, 2024. Loans 30-89 days delinquent totaled $10.0 million, or 0.93% of gross loans, as of March 31, 2025, compared to $6.2 million, or 0.59% of gross loans, as of December 31, 2024.

    About Landmark

    Landmark Bancorp, Inc., the holding company for Landmark National Bank, is listed on the Nasdaq Global Market under the symbol “LARK.” Headquartered in Manhattan, Kansas, Landmark National Bank is a community banking organization dedicated to providing quality financial and banking services. Landmark National Bank has 29 locations in 23 communities across Kansas: Manhattan (2), Auburn, Dodge City (2), Fort Scott (2), Garden City, Great Bend (2), Hoisington, Iola, Junction City, La Crosse, Lawrence (2), Lenexa, Louisburg, Mound City, Osage City, Osawatomie, Overland Park, Paola, Pittsburg, Prairie Village, Topeka (2), Wamego and Wellsville, Kansas. Visit www.banklandmark.com for more information.

    Contact:
    Mark A. Herpich
    Chief Financial Officer
    (785) 565-2000
     

    Special Note Concerning Forward-Looking Statements

    This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of Landmark. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of our management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. Additionally, all statements in this press release, including forward-looking statements, speak only as of the date they are made, and Landmark undertakes no obligation to update any statement in light of new information or future events. A number of factors, many of which are beyond our ability to control or predict, could cause actual results to differ materially from those in our forward-looking statements. These factors include, among others, the following: (i) the strength of the local, state, national and international economies and financial markets, including the effects of inflationary pressures and future monetary policies of the Federal Reserve in response thereto; (ii) changes in local, state and federal laws, regulations and governmental policies concerning the Company’s general business, including changes in interpretation or prioritization of such laws, regulations and policies; (iii) changes in interest rates and prepayment rates of our assets; (iv) increased competition in the financial services sector and the inability to attract new customers, including from non-bank competitors such as credit unions and “fintech” companies; (v) timely development and acceptance of new products and services; (vi) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (vii) our risk management framework; (viii) interruptions in information technology and telecommunications systems and third-party services; (ix) effects on the U.S. economy resulting from the threat or implementation of, or changes to, existing policies and executive orders, including tariffs, immigration policy, regulatory and other governmental agencies, foreign policy and tax regulations; (x) the economic effects of severe weather, natural disasters, widespread disease or pandemics, or other external events; (xi) the loss of key executives or employees; (xii) changes in consumer spending; (xiii) integration of acquired businesses; (xiv) the commencement, cost and outcome of litigation and other legal proceedings and regulatory actions against us or to which the Company may become subject; (xv) changes in accounting policies and practices, such as the implementation of the current expected credit losses accounting standard; (xvi) the economic impact of past and any future terrorist attacks, acts of war, including ongoing conflicts in the Middle East and the Russian invasion of Ukraine, or threats thereof, and the response of the United States to any such threats and attacks; (xvii) the ability to manage credit risk, forecast loan losses and maintain an adequate allowance for loan losses; (xviii) fluctuations in the value of securities held in our securities portfolio; (xix) concentrations within our loan portfolio, concentration large loans to certain borrowers, and large deposits from certain clients (including commercial real estate loans); (xx) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; (xxi) the level of non-performing assets on our balance sheets; (xxii) the ability to raise additional capital; (xxiii) the occurrence of fraudulent activity, breaches or failures of our or our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (xxiv) declines in real estate values; (xxv) the effects of fraud on the part of our employees, customers, vendors or counterparties; (xxvi) the Company’s success at managing and responding to the risks involved in the foregoing items; and (xxvii) any other risks described in the “Risk Factors” sections of reports filed by Landmark with the Securities and Exchange Commission. These risks and uncertainties should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. Additional information concerning Landmark and its business, including additional risk factors that could materially affect Landmark’s financial results, is included in our filings with the Securities and Exchange Commission.

    LANDMARK BANCORP, INC. AND SUBSIDIARIES  
    Consolidated Balance Sheets (unaudited)  
                                   
    (Dollars in thousands)   March 31,     December 31,     September 30,     June 30,     March 31,  
        2025     2024     2024     2024     2024  
    Assets                              
    Cash and cash equivalents   $ 21,881     $ 20,275     $ 21,211     $ 23,889     $ 16,468  
    Interest-bearing deposits at other banks     3,973       4,110       4,363       4,881       4,920  
    Investment securities available-for-sale, at fair value:                                        
    U.S. treasury securities     58,424       64,458       83,753       89,325       93,683  
    Municipal obligations, tax exempt     101,812       107,128       112,126       114,047       118,445  
    Municipal obligations, taxable     70,614       71,715       75,129       74,588       75,371  
    Agency mortgage-backed securities     125,142       129,211       140,004       142,499       149,777  
    Total investment securities available-for-sale     355,992       372,512       411,012       420,459       437,276  
    Investment securities held-to-maturity     3,701       3,672       3,643       3,613       3,584  
    Bank stocks, at cost     6,225       6,618       7,894       9,647       7,850  
    Loans:                                        
    One-to-four family residential real estate     355,632       352,209       344,380       332,090       312,833  
    Construction and land     28,645       25,328       23,454       30,480       24,823  
    Commercial real estate     359,579       345,159       324,016       318,850       323,397  
    Commercial     190,881       192,325       181,652       178,876       181,945  
    Agriculture     101,808       100,562       91,986       84,523       86,808  
    Municipal     7,082       7,091       7,098       6,556       5,690  
    Consumer     31,297       29,679       29,263       29,200       28,544  
    Total gross loans     1,074,924       1,052,353       1,001,849       980,575       964,040  
    Net deferred loan (fees) costs and loans in process     (426 )     (307 )     (63 )     (583 )     (578 )
    Allowance for credit losses     (12,802 )     (12,825 )     (11,544 )     (10,903 )     (10,851 )
    Loans, net     1,061,696       1,039,221       990,242       969,089       952,611  
    Loans held for sale, at fair value     2,997       3,420       3,250       2,513       2,697  
    Bank owned life insurance     39,329       39,056       39,176       38,826       38,578  
    Premises and equipment, net     19,886       20,220       20,976       20,986       20,696  
    Goodwill     32,377       32,377       32,377       32,377       32,377  
    Other intangible assets, net     2,426       2,578       2,729       2,900       3,071  
    Mortgage servicing rights     3,045       3,061       3,041       2,997       2,977  
    Real estate owned, net     167       167       428       428       428  
    Other assets     24,894       26,855       23,309       28,149       29,684  
    Total assets   $ 1,578,589     $ 1,574,142     $ 1,563,651     $ 1,560,754     $ 1,553,217  
                                             
    Liabilities and Stockholders’ Equity                                        
    Liabilities:                                        
    Deposits:                                        
    Non-interest-bearing demand     368,480       351,595       360,188       360,631       364,386  
    Money market and checking     613,459       636,963       565,629       546,385       583,315  
    Savings     149,223       145,514       145,825       150,996       154,000  
    Certificates of deposit     204,660       194,694       203,860       192,470       191,823  
    Total deposits     1,335,822       1,328,766       1,275,502       1,250,482       1,293,524  
    FHLB and other borrowings     48,767       53,046       92,050       131,330       74,716  
    Subordinated debentures     21,651       21,651       21,651       21,651       21,651  
    Repurchase agreements     6,256       13,808       9,528       8,745       15,895  
    Accrued interest and other liabilities     23,442       20,656       25,229       20,292       20,760  
    Total liabilities     1,435,938       1,437,927       1,423,960       1,432,500       1,426,546  
    Stockholders’ equity:                                        
    Common stock     58       58       55       55       55  
    Additional paid-in capital     95,148       95,051       89,532       89,469       89,364  
    Retained earnings     60,422       56,934       60,549       57,774       55,912  
    Treasury stock, at cost     –       –       (396 )     (330 )     (249 )
    Accumulated other comprehensive loss     (12,977 )     (15,828 )     (10,049 )     (18,714 )     (18,411 )
    Total stockholders’ equity     142,651       136,215       139,691       128,254       126,671  
    Total liabilities and stockholders’ equity   $ 1,578,589     $ 1,574,142     $ 1,563,651     $ 1,560,754     $ 1,553,217  
    LANDMARK BANCORP, INC. AND SUBSIDIARIES  
    Consolidated Statements of Earnings (unaudited)  
       
    (Dollars in thousands, except per share amounts)   Three months ended,  
        March 31,     December 31,     March 31,  
        2025     2024     2024  
    Interest income:                        
    Loans   $ 16,395     $ 15,955     $ 14,490  
    Investment securities:                        
    Taxable     2,180       2,210       2,428  
    Tax-exempt     719       738       764  
    Interest-bearing deposits at banks     48       49       63  
    Total interest income     19,342       18,952       17,745  
    Interest expense:                        
    Deposits     5,236       5,350       5,457  
    FHLB and other borrowings     565       737       1,022  
    Subordinated debentures     357       389       412  
    Repurchase agreements     65       77       107  
    Total interest expense     6,223       6,553       6,998  
    Net interest income     13,119       12,399       10,747  
    Provision for credit losses     –       1,500       300  
    Net interest income after provision for credit losses     13,119       10,899       10,447  
    Non-interest income:                        
    Fees and service charges     2,388       2,710       2,461  
    Gains on sales of loans, net     562       522       512  
    Bank owned life insurance     272       976       245  
    Losses on sales of investment securities, net     (2 )     (1,031 )     –  
    Other     138       194       182  
    Total non-interest income     3,358       3,371       3,400  
    Non-interest expense:                        
    Compensation and benefits     6,154       6,264       5,532  
    Occupancy and equipment     1,252       1,550       1,390  
    Data processing     396       452       481  
    Amortization of mortgage servicing rights and other intangibles     239       240       412  
    Professional fees     745       1,043       647  
    Valuation allowance on real estate held for sale     –       –       129  
    Other     1,975       2,325       1,960  
    Total non-interest expense     10,761       11,874       10,551  
    Earnings before income taxes     5,716       2,396       3,296  
    Income tax expense (benefit)     1,015       (886 )     518  
    Net earnings   $ 4,701     $ 3,282     $ 2,778  
                             
    Net earnings per share (1)                        
     Basic   $ 0.81     $ 0.57     $ 0.48  
     Diluted     0.81       0.57       0.48  
    Dividends per share (1)     0.21       0.20       0.20  
    Shares outstanding at end of period (1)     5,778,610       5,775,198       5,747,560  
    Weighted average common shares outstanding – basic (1)     5,777,593       5,775,227       5,743,452  
    Weighted average common shares outstanding – diluted (1)     5,814,650       5,789,764       5,748,595  
                             
    Tax equivalent net interest income   $ 13,291     $ 12,574     $ 10,925  
                             
    (1) Share and per share values at or for the periods ended March 31, 2024 and December 31, 2024 have been adjusted to give effect to the 5% stock dividend paid during December 2024.
    LANDMARK BANCORP, INC. AND SUBSIDIARIES
    Select Ratios and Other Data (unaudited)
                 
    (Dollars in thousands, except per share amounts)   As of or for the
    three months ended,
        March 31,   December 31,   March 31,
        2025   2024   2024
    Performance ratios:                        
    Return on average assets (1)     1.21 %     0.83 %     0.72 %
    Return on average equity (1)     13.71 %     9.54 %     8.88 %
    Net interest margin (1)(2)     3.76 %     3.51 %     3.12 %
    Effective tax rate     17.8 %     -37.0 %     15.7 %
    Efficiency ratio (3)     64.1 %     70.8 %     72.1 %
    Non-interest income to total income (3)     20.4 %     25.0 %     24.1 %
                             
    Average balances:                        
    Investment securities   $ 377,845     $ 409,648     $ 456,933  
    Loans     1,048,585       1,010,153       945,737  
    Assets     1,574,295       1,568,821       1,555,662  
    Interest-bearing deposits     979,787       944,969       935,417  
    FHLB and other borrowings     48,428       57,507       72,618  
    Subordinated debentures     21,651       21,651       21,651  
    Repurchase agreements     8,634       12,212       14,371  
    Stockholders’ equity   $ 139,068     $ 136,933     $ 125,846  
                             
    Average tax equivalent yield/cost (1):                        
    Investment securities     3.29 %     3.03 %     2.96 %
    Loans     6.34 %     6.28 %     6.16 %
    Total interest-bearing assets     5.53 %     5.34 %     5.11 %
    Interest-bearing deposits     2.17 %     2.25 %     2.35 %
    FHLB and other borrowings     4.73 %     5.10 %     5.66 %
    Subordinated debentures     6.69 %     7.15 %     7.65 %
    Repurchase agreements     3.05 %     2.51 %     2.99 %
    Total interest-bearing liabilities     2.38 %     2.52 %     2.70 %
                             
    Capital ratios:                        
    Equity to total assets     9.04 %     8.65 %     8.16 %
    Tangible equity to tangible assets (3)     6.99 %     6.58 %     6.01 %
    Book value per share   $ 24.69     $ 23.59     $ 22.04  
    Tangible book value per share (3)   $ 18.66     $ 17.53     $ 15.87  
                             
    Rollforward of allowance for credit losses (loans):                        
    Beginning balance   $ 12,825     $ 11,544     $ 10,608  
    Charge-offs     (108 )     (246 )     (141 )
    Recoveries     85       27       134  
    Provision for credit losses for loans     —       1,500       250  
    Ending balance   $ 12,802     $ 12,825     $ 10,851  
                             
    Allowance for unfunded loan commitments   $ 150     $ 150     $ 300  
                             
    Non-performing assets:                        
    Non-accrual loans   $ 13,280     $ 13,115     $ 3,621  
    Accruing loans over 90 days past due     —       —       —  
    Real estate owned     167       167       428  
     Total non-performing assets   $ 13,447     $ 13,282     $ 4,049  
                             
    Loans 30-89 days delinquent   $ 9,977     $ 6,201     $ 4,064  
                             
    Other ratios:                        
    Loans to deposits     79.48 %     78.21 %     73.64 %
    Loans 30-89 days delinquent and still accruing to gross loans outstanding     0.93 %     0.59 %     0.42 %
    Total non-performing loans to gross loans outstanding     1.24 %     1.25 %     0.38 %
    Total non-performing assets to total assets     0.85 %     0.84 %     0.26 %
    Allowance for credit losses to gross loans outstanding     1.19 %     1.22 %     1.13 %
    Allowance for credit losses to total non-performing loans     96.40 %     97.79 %     299.67 %
    Net loan charge-offs to average loans (1)     0.01 %     0.09 %     0.00 %
                             
    (1) Information is annualized.  
    (2) Net interest margin is presented on a fully tax equivalent basis, using a 21% federal tax rate.
    (3) Non-GAAP financial measures. See the “Non-GAAP Financial Measures” section of this press release for a reconciliation to the most comparable GAAP equivalent.
    LANDMARK BANCORP, INC. AND SUBSIDIARIES
    Non-GAAP Finacials Measures (unaudited)
                 
    (Dollars in thousands, except per share amounts)   As of or for the
    three months ended,
        March 31,   December 31,   March 31,
        2025   2024   2024
                 
    Non-GAAP financial ratio reconciliation:                        
    Total non-interest expense   $ 10,761     $ 11,874     $ 10,551  
    Less: foreclosure and real estate owned expense     (50 )     (13 )     (50 )
    Less: amortization of other intangibles     (152 )     (151 )     (170 )
    Less: valuation allowance on real estate held for sale     —       —       (129 )
    Adjusted non-interest expense (A)     10,559       11,710       10,202  
                             
    Net interest income (B)     13,119       12,399       10,747  
                             
    Non-interest income     3,358       3,371       3,400  
    Less: losses on sales of investment securities, net     2       1,031       —  
    Less: gains on sales of premises and equipment and foreclosed assets     —       (273 )     9  
    Adjusted non-interest income (C)   $ 3,360     $ 4,129     $ 3,409  
                             
    Efficiency ratio (A/(B+C))     64.1 %     70.8 %     72.1 %
    Non-interest income to total income (C/(B+C))     20.4 %     25.0 %     24.1 %
                             
    Total stockholders’ equity   $ 142,651     $ 136,215     $ 126,671  
    Less: goodwill and other intangible assets     (34,803 )     (34,955 )     (35,448 )
    Tangible equity (D)   $ 107,848     $ 101,260     $ 91,223  
                             
    Total assets   $ 1,578,589     $ 1,574,142     $ 1,553,217  
    Less: goodwill and other intangible assets     (34,803 )     (34,955 )     (35,448 )
    Tangible assets (E)   $ 1,543,786     $ 1,539,187     $ 1,517,769  
                             
    Tangible equity to tangible assets (D/E)     6.99 %     6.58 %     6.01 %
                             
    Shares outstanding at end of period (F)     5,778,610       5,775,198       5,747,560  
                             
    Tangible book value per share (D/F)   $ 18.66     $ 17.53     $ 15.87  

    The MIL Network –

  • MIL-OSI: Sharc Energy Announces 2024 Year End Financial Results

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, April 30, 2025 (GLOBE NEWSWIRE) — SHARC International Systems Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) (“SHARC Energy” or the “Company”) is pleased to announce it has filed financial results for the year ended December 31, 2024. All figures are in Canadian Dollars and in accordance with IFRS unless otherwise stated.

    Fourth Quarter and Year-end Financial Highlights:

    • Revenue for the year ended December 31, 2024 (“YE 2024”) is $2.17M representing a 36% increase over the $1.59M of revenue reported in the year ended December 31, 2023 (“YE 2023”).
    • As of April 30, 2025, the Company has a Sales Pipeline1 of 16.8 million (M) and Sales Order Backlog2of $3.0M. This represents a $0.5M increase or 20% growth in Sales Order Backlog since November 27, 2024 disclosure. Sales Pipeline saw a marginal decrease of 2% since November 27, 2024 disclosure reflecting the deliberate efforts by the Company to refill the pipeline once projects convert to the order book. The combined pipeline showed an aggregate growth of 1% or $0.1M from the previous disclosure on November 27, 2024. Entering 2025, the $3.0M Sales Order Backlog, which is estimated to be converted to revenue within an average of 12 months from disclosure, represents a 38% improvement compared to YE 2024 revenue of $2.17M. The Company continues to observe the maturity of its Sales Pipeline providing the Company’s revenue more consistency and with reduced volatility, providing a solid platform to scale and grow.
    • During the three months ended December 31, 2024 (“Q4 2024”), the Company reported revenues of $(0.18M), a loss of $1.41M and an Adjusted EBITDA3 loss of $0.9M. In the same period in the prior year (“Q4 2023”) the company reported revenues of $(0.14M), a loss of $1.34M and an Adjusted EBITDA loss of $0.85M.
    • During YE 2024, the Company reported revenues of $2.17M, a loss of $3.72M and an Adjusted EBITDA loss of $2.57M. Revenue increased 36% over revenue comparative in 2023 of $1.59M, the loss decreased 5% over comparative in 2023 of $3.9M and Adjusted EBITDA loss increased 5% over 2023 comparative of $2.45M.
    • Gross margins for YE 2024 were 42% compared to 43% in YE 2023. Management remains optimistic that this margin range aligns with our expectations for the coming quarters but the margin percentage varies dependent on sales mix and stage of completion of each project.

    Michael Albertson, Chief Executive Officer and President of SHARC Energy, said, “2024 was a strong growth year for the Company with revenues growing by 36% from $1.59M in 2023 to $2.17M in 2024. We enter 2025 poised to continue revenue growth momentum with nearly $3.0M in purchase orders, or Sales Order Backlog, to fulfil which would represent a 38% improvement over 2024 revenue if all realized within the year. This is without consideration of jobs that will purchase order during 2025.”

    “SHARC Energy’s pipeline has reached a key maturity milestone as Sales Order Backlog averaged approximately $2.75 million in each disclosure since April 29, 2024 despite recognizing year over year revenue growth. Sales Order Backlog currently contains 9 projects made up of 3 SHARC projects and 6 PIRANHA projects. This compares to 9 projects being included in Sales Order Backlog as of April 29, 2024, consisting of 4 SHARC projects and 5 PIRANHA projects. We see this as a strong indication that the Company’s future revenue is not only growing but diversifying & stabilizing. There are several projects, including larger SHARC supported Thermal Energy Network projects, indicating signs of conversion from Sales Pipeline to Sales Order Backlog which should affirm continued stability and growth of revenue in the near and long term.”

    Mr. Albertson continues, “Thermal Energy Networks, commonly referred to as TENs or District Energy Systems, is a growing solution for managing small to large scale thermal energy loads efficiently and cost-effectively. WET supported solutions continue to grow in awareness and acceptance with the Company learning of projects in planning across North America and globally. In the Greater Vancouver, British Columbia region alone, there are several municipal or utility supported TENs ranging in size and scale, similar to the False Creek Neighborhood Energy Utility or leləm̓ projects, in different stages of development that will increase SHARC Energy’s local footprint over the next few years. In the United States, legislation allowing or mandating utilities to develop thermal energy network demonstration projects or pilots have been passed in eight states, including the State of New York and recently added California, where the Company has installations in progress, projects in design and a growing list of leads looking to implement Wastewater Energy Transfer with District Energy Systems and TENs.”

    “We are continuing to progress into new sectors for the SHARC and PIRANHA with promising opportunities developing within wastewater treatment facilities, universities, water utilities, correctional facilities and the design & build/energy sectors. These sectors are increasingly receptive to SHARC Energy’s offerings which is promising as these sectors can provide fewer regulatory hurdles, long-term customer relationships, shorter sales cycles, and the potential for larger-scale projects. The Company anticipates the closing of new business in these adjacent sectors as early as this year.”

    “Furthermore, SHARC Energy is gearing up to launch new products in its portfolio which will be introduced to the market soon. With the support of original equipment manufacturer relationships SHARC Energy has, we feel there is significant opportunity to better serve more customers and increase our revenue and margin dollars earned going forward. SHARC Energy’s tailwinds are strong and set to propel the Company to profitability in the coming years. We are very excited about our position in the thermal energy market!” stated Mr. Albertson.

    Q4 2024 Highlights and Subsequent Events

    • Michael Albertson appointed CEO, President and Director. On December 12, 2024, the Company announced the appointment of Michael Albertson as the new Chief Executive Officer, President and Director. Lynn Mueller has led SHARC Energy as CEO, President and Chairman of the Board since 2014 and will stay on as Executive Chairman of SHARC Energy’s Board of Directors.
    • Fred Andriano appointed to the Board of Directors. The Company announced the appointment of Fred Andriano to its Board of Directors on November 7, 2024. Mr. Andriano was previously CFO at WaterFurnace International, where his leadership was critical in strategic acquisitions, international joint ventures and impressive growth, with revenues doubling from $65M to $130M culminating in a $364M acquisition by NIBE Group in 2014. He continued as CFO and eventually moving to Vice President of Financial and Administrative Services for NIBE North America. During this time, Mr. Andriano played a pivotal role in securing major acquisitions, such as Enertech and The Climate Control Group, expanding NIBE’s footprint in the renewable energy space. 
    • Closing of $2 Million 8.0% Debenture financing. The Company closed a non-brokered private placement of debenture units of the Company (“Debenture units”) at a price of $1,000 per Debenture Unit, for gross proceeds of $2,000,000. Each Debenture Unit will be comprised of: (i) a $1,000 principal amount of 8.0% unsecured debenture of the Company (the “Debenture”); and (ii) 5,000 common share purchase warrants of the Company (the “Warrants”). Each Warrant will entitle the holder thereof to acquire one common share in the capital of the Company (each, a “Share”) at an exercise price of $0.20 per Share for a period of 36 months from the date of issuance.
    • False Creek Neighbourhood Energy Utility (“NEU”) Expansion. The Company continued work on the supply and maintenance agreement with the City of Vancouver for the provision and maintenance of five SHARC systems for the False Creek NEU Expansion. During the period, the Company completed and billed milestone 3.5 of 5 of the agreement, where all components have been delivered to site. The remaining milestones were achieved in Q1 and Q2 2025.
    • SHARC WET system key in Whitney Young retrofit featured in NYSERDA Empire Building Challenge. The Company shipped a SHARC WET system for the Whitney Young Manor recapitalization project in Yonkers, New York during Q1 2024. The Whitney Young Manor will undergo a $22 million renovation, with nearly $12 million allocated to the project’s decarbonization effort, inclusive of all energy efficiency measures. The retrofit project will highlight how to leverage a recapitalization opportunity to comprehensively retrofit energy systems and modernize an affordable housing complex.
    • Insiders, including management and directors, have purchased 5,653,396 common shares of the Company during YE 2024. Insider ownership represents 16% of the current outstanding float.

    For complete financial information for the year ended December 31, 2024, please see the Audited Annual Financial Statements and Management Discussion and Analysis (“MD&A”) filed on SEDAR at www.sedar.com.

    About SHARC Energy  

    SHARC International Systems Inc. is a world leader in energy recovery from the wastewater we send down the drain every day. SHARC Energy’s systems recycle thermal energy from wastewater, generating one of the most energy-efficient and economical systems for heating, cooling & hot water production for commercial, residential, and industrial buildings along with thermal energy networks, commonly referred to as “District Energy”.

    SHARC Energy is publicly traded in Canada (CSE: SHRC), the United States (OTCQB: INTWF) and Germany (Frankfurt: IWIA) and you can find out more on our SEDAR profile.

    Learn more about SHARC Energy: Website | Investor Page | LinkedIn | YouTube | PIRANHA | SHARC

    The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

    Forward-Looking Statements 

    Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified using words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. SHARC Energy’s actual results could differ materially from those anticipated in this forward-looking information because of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Company. SHARC Energy believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company’s expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether because of new information, future events or otherwise, except as required by applicable securities legislation. 

    _______________________________________

    1 Sales Pipeline is a non-IFRS measure. Please see discussion of Alternative Performance Measures and Non-IFRS Measures in the Year End 2024 MD&A.
    2 Sales Order Backlog is a non-IFRS measure. Please see discussion of Alternative Performance Measures and Non-IFRS Measures in the Year End 2024 MD&A.
    3 Adjusted EBITDA is a non-IFRS measure. Please see discussion of Alternative Performance Measures and Non-IFRS Measures in the Year end 2024 MD&A.

    The MIL Network –

  • MIL-OSI: Element Reports Solid First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Amounts in US$ unless otherwise noted

    • Solid Q1 2025 performance in uncertain market conditions reflects the strength of the Company’s business model and financial and operational resilience
    • Net revenues grew 5% year-over-year driven by growth across all categories despite an unfavourable foreign currency translation impact of $17 million and Q1 2024 services revenue benefitting from $7 million in certain items (as previously disclosed)
    • Q1 2025 adjusted operating expense2,3 growth moderated to 5% year-over-year
    • Excluding the $7 million in services revenue noted above, net revenue grew 8% year-over-year, and adjusted operating margin expanded 125 basis points with positive operating leverage of 290 basis points
    • On an adjusted basis3, diluted EPS of $0.28 in Q1 2025 represented a 8% year-over-year increase, diluted free cash flow per share of $0.36 grew 9%, and the Company generated a return of equity of 16.7%; up from 15.4% in Q1 2024
    • The Company is effectively navigating the challenges posed by global trade tensions to support its clients and business
    • Client order volume remains resilient, with global order backlog rising to $2 billion in Q1 2025
    • Repurchased 2.2 million common shares under its normal course issuer bid in Q1 2025 for total consideration of approximately $40 million

    TORONTO, April 30, 2025 (GLOBE NEWSWIRE) — Element Fleet Management Corp. (TSX:EFN) (“Element” or the “Company”), the largest publicly traded, pure-play automotive fleet manager in the world, today announced financial and operating results for the three months ended March 31, 2025. The following table presents Element’s selected financial results.

               
      Q1 20251 Q4 20241 Q1 20241 QoQ YoY
    In US$ millions, except percentages and per share amount       % %
    Selected results – as reported          
    Net revenue 275.7   270.9   262.5   2%   5%  
    Pre-tax income 136.5   121.4   123.0   12%   11%  
    Pre-tax income margin 49.5 % 44.8 %   46.9 %   470 bps 260 bps
    Earnings per share (EPS) [diluted]         0.25   0.23   0.23   9%   9%  
    Adjusted results1,2,3          
    Adjusted net revenue1,3 275.7   270.9   262.5   2%   5%  
    Adjusted operating income (AOI)3 150.8   143.3   143.6   5%   5%  
    Adjusted operating margin3 54.7 % 52.9 %   54.7 %   180 bps — bps
    Adjusted EPS3 [diluted]         0.28   0.27   0.26   4%   8%  
    Other highlights:          
    Adjusted free cash flow per share3(FCF/sh) – diluted 0.36   0.30   0.33   20%   9%  
    Originations 1,509   1,498   1,542   1%   (2)%  
    Vehicles under management 1.514   1.517   1.490   —%   2%  
    Adjusted ROE3 16.7 % 15.4 %   15.4 %   130 bps   130 bps  
    1. Q1 2024 services revenue benefitted from $7 million in certain items, as previously disclosed.
    2. Q1 2024 also includes $2 million in strategic project costs (nil in Q4 2024) attributable to the Company’s leasing initiative in Ireland. These strategic costs were completed in Q3 2024 and, in aggregate, were $2 million below planned investment as previously communicated.
    3. Adjusted results are non-GAAP or supplemental financial measures, which do not have any standard meaning prescribed by GAAP under IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. For further information, please see the “IFRS to Non-GAAP Reconciliations” section in this earnings release. The Company uses “Adjusted Results” because it believes that they provide useful information to investors regarding its performance and results of operations.
       

    “Our solid Q1 results highlight the financial stability and operational resilience of our business,” said Laura Dottori-Attanasio, Chief Executive Officer of Element. “This has enabled us to effectively manage potential disruptions from global trade tensions while staying committed to our clients’ success. By leveraging our deep industry expertise, we remain focused on guiding clients through market uncertainties and continuing to support them in achieving their strategic objectives.”

    Dottori-Attanasio continued, “Strong client demand, combined with our business’ proven ability to adapt and self-correct, enables us to consistently deliver value for shareholders across dynamic market environments. At the same time, we continue to innovate, digitize, and evolve to sustain long-term success and lead the way in defining the future of mobility. We are also encouraged by the moderation in expense growth — a trend we expect to continue through 2025 and will help to generate adjusted operating margin expansion in line with our 2025 guidance.”

    Net revenue growth

    Element grew Q1 2025 net revenue 5% over Q1 2024 (“year-over-year”) to $276 million, with increases delivered across all categories. As previously disclosed, Q1 2024 net revenue benefitted from $7 million in services revenue from certain items. Excluding these items, net revenue grew 8% compared to Q1 2024. Additionally, the impact of foreign exchange translation was material year-over-year, particularly the Mexican Peso and Australian dollar, which depreciated against the U.S. dollar by approximately 20% and 5%, respectively, reducing net revenue by $17 million.

    Q1 2025 net revenue increased $5 million or 2% from Q4 2024 (“quarter-over-quarter”) led largely by higher net financing revenue, higher syndication revenue and higher Gains on Sale (“GOS”) due to seasonal factors. This was partly offset by lower services revenue, which benefitted from certain timing-related factors in Q4 2024.

    Service revenue

    Element’s largely unlevered services revenue is an important driver of the Company’s growth and the key pillar of its capital-light business model, which has improved the return on equity profile.

    Q1 2025 services revenue increased 4% year-over-year to $152 million driven primarily by higher penetration and utilization rates of our service offerings from new and existing clients. As previously disclosed, Q1 2024 services revenue benefitted from $7 million in certain items. Excluding this amount, services revenue grew by 9% year-over-year. Partly offsetting this increase was the impact of foreign currency exchange translation, which reduced services revenue by $6 million.

    Q1 2025 services revenue decreased 6% quarter-over-quarter from a record Q4 2024, which benefitted from certain timing-related factors referenced above under ‘Net revenue growth’.

    Net financing revenue

    Q1 2025 net financing revenue grew $4 million or 4% year-over-year, primarily due to strong growth in financing income driven by both pricing and funding initiatives. Partly offsetting this was higher funding costs associated with financing the redemptions of our preferred shares (previously recorded below the AOI line) and the impact of incremental debt due to the acquisition of Autofleet. The year-over-year decrease in GOS resulted from unfavourable foreign currency translation, as on an underlying basis higher vehicle volume more than offset used vehicle price normalization. The aggregate impact of foreign currency exchange translation reduced net financing revenue by $11 million year-over-year.

    Q1 2025 net financing revenue increased $8 million or 8% from Q4 2024. This quarter-over-quarter increase was materially led by higher yield on assets, higher GOS relative to a seasonally weaker fourth quarter, and lower funding costs.

    Syndication volume

    The Company syndicated $574 million of assets in Q1 2025, an increase of $101 million or 21% year-over-year. Q1 2025 syndicated assets decreased $461 million or 45% quarter-over-quarter largely as a result of the bulk sale of a Canadian lease portfolio to Blackstone in December 2024 in the amount of $346 million (CAD$474 million).

    In Q1 2025, the Company made the strategic decision to delay the syndication of certain assets to the second half of 2025 pending the outcome of proposed U.S. tax legislation changes. Overall, the demand for Element’s assets remains strong and this postponement underscores a targeted approach to capital management.

    Q1 2025 syndication revenue increased $3 million or 41% year-over-year largely attributable to higher net yields and higher syndicated volume. This higher net yield largely reflects the Company’s syndication mix and a more favourable interest rate environment, which more than offset the scheduled reduction in bonus depreciation in 2025, which reduces net yields.

    Q1 2025 syndication increased $6 million or 95% quarter-over-quarter largely due to higher net yields from syndication mix, which compared favourably to Q4 2024 net yields that were negatively impacted by the setup costs associated with the bulk sale of the Canadian lease portfolio.

    Adjusted operating expenses

    Q1 2025 adjusted operating expenses of $125 million were $6 million or 5% higher year-over-year. largely due to higher general and administrative expenses related to business development, higher professional fees and Autofleet operating expenses of $3 million in Q1 2025. Excluding Autofleet, adjusted operating expenses increased by 2%, compared to Q1 2024. The impact of foreign currency exchange translation was a $4 million tailwind.

    Adjusted operating expenses decreased by $3 million or 2% quarter-over-quarter, largely due to lower general and administrative expenses.

    We expect operating expense growth to continue to moderate for the remainder of 2025 as the benefits of our investments made in 2024 begin to materialize.

    Adjusted operating income and adjusted operating margins

    Q1 2025 AOI was $151 million, an increase of $7 million or 5% year-over-year notwithstanding foreign currency translation impacts. Excluding the $7 million in certain service revenue items in Q1 2024, AOI grew 11% year-over-year. The impact on AOI resulting from unfavourable foreign exchange movements was $13 million on a year-over-year basis.

    Q1 2025 AOI increased $8 million or 5% quarter-over-quarter due to the favourable combination of higher revenue and reduced expenses.

    Q1 2025 adjusted operating margin was 54.7%, unchanged year-over-year. Excluding the impact of the $7 million in certain service revenue items in Q1 2024, operating margin expanded 125 basis points.

    Originations

    Element originated $1.5 billion of assets in Q1 2025, which is a $33 million or 2% decrease year-over-year reflecting foreign exchange translation headwinds impacting our Mexico and Australia and New Zealand originations, partially offset by increased volumes in the U.S. and Canada.

    Q1 2025 originations increased $11 million or 1% quarter-over-quarter led largely by higher originations in the U.S. and Canada.

    Order volumes have increased significantly over the past two quarters amid rising global trade tensions. The Company continues to expect this client order momentum, bolstered by improvements made through our U.S. & Canada Leasing strategic initiative based in Ireland, to drive solid origination volumes in the coming quarters.

    The table below sets out the geographic distribution of Element’s originations for 2025 and 2024:

    (in US$000’s for stated values) March 31, 2025 March 31, 2024
      $ % $ %
    United States and Canada 1,195,391 79.23 % 1,182,987 76.72 %
    Mexico 214,752 14.23 % 259,143 16.81 %
    Australia and New Zealand 98,726 6.54 % 99,753 6.47 %
    Total 1,508,869 100.00 % 1,541,883 100.00 %
             

    Adjusted free cash flow per share and returns to shareholders

    On an adjusted basis, Element generated $0.36 of diluted adjusted free cash flow (“FCF”) per share in Q1 2025; up 9% year-over-year. Q1 2025 diluted adjusted FCF per share was 20% higher quarter-over-quarter.

    During Q1 2025, Element returned $77 million of cash to shareholders through common share dividends ($37 million) and common share repurchases ($40 million).

    Common dividend and share repurchases

    On April 30, 2025, the Board of Directors (the “Board”) authorized and declared a quarterly cash dividend of CAD$0.13 per common share of Element for the second quarter of 2025. The dividend will be payable on July 15, 2025 to shareholders of record as at the close of business on June 30, 2025.

    The Company’s common dividends are designated to be eligible dividends for purposes of section 89(1) of the Income Tax Act (Canada).

    In furtherance of the Company’s return of capital plan, Element renewed its normal course issuer bid (the “NCIB”) for its common shares. Under the NCIB, the Company has approval from the TSX to purchase up to 40,386,699 common shares during the period from November 20, 2024, to November 19, 2025. The Company intends to be more active under its NCIB in 2025. The actual number of the Company’s common shares, if any, that may be purchased under the NCIB, and the timing of any such purchases, will be determined by the Company, subject to applicable terms and limitations of the NCIB (including any automatic share purchase plan adopted in connection therewith). There cannot be any assurance as to how many common shares, if any, will ultimately be purchased pursuant to the NCIB. Any subsequent renewals of the NCIB will be in the discretion of the Company and subject to further TSX approval.

    During Q1 2025, the Company purchased 2,178,000 Common Shares for cancellation under its NCIB at a volume weighted average price of CAD$28.55. The Company has remained active on the NCIB during April 2025, and have repurchased approximately 561,000 shares for total consideration of approximately $11 million.

    Element applies trade date accounting in determining the date on which the share repurchase is reflected in the consolidated financial statements. Trade date accounting is the date on which the Company commits itself to purchase the shares.

    Debt-to-capital leverage ratio

    Commencing Q4 2024, the Company changed its banking covenants from tangible leverage ratio (“TLR”) to debt-to-capital, which the Company believes is a more meaningful measure of its leverage. At March 31, 2025, the Company’s debt-to-capital ratio was 74.9% (March 31, 2024 73.2%). The Company targets a range between 73% to 77%.

    The Company remains committed to maintaining a strong investment grade balance sheet.

    Conference call and webcast

    A conference call to discuss these results will be held on Thursday, May 1, 2025 at 8:00 a.m. Eastern Time.

    The conference call and webcast can be accessed as follows:

    A taped recording of the conference call may be accessed through June 1, 2025 by dialing 1-855-669-9658 (Canada/U.S. Toll Free) or 1-412-317-0088 (International Toll) and entering the access code 2285919.

    IFRS to Non-GAAP Reconciliations, Non-GAAP Measures and Supplemental Information

    The Company’s audited consolidated financial statements have been prepared in accordance with IFRS as issued by the IASB and the accounting policies we adopted in accordance with IFRS. These audited consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary to present fairly our financial position as at March 31, 2025 and March 31, 2024, the results of operations, comprehensive income and cash flows for the three- and 12-month periods-ended March 31, 2025 and March 31, 2024.

    Non-GAAP and IFRS key annualized operating ratios and per share information of the operations of the Company:

        As at and for the three-month
    period ended
    (in US$000’s except ratios and per share amounts or unless otherwise noted)   March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
             
    Key annualized operating ratios        
             
    Leverage ratios        
    Financial leverage ratio P/(P+R)   74.9 %   74.1 %   73.2 %
    Average financial leverage ratio Q/(Q+V)   75.4 %   75.0 %   73.8 %
             
    Other key operating ratios        
    Allowance for credit losses as a % of total finance receivables before allowance F/E   0.09 %   0.08 %   0.08 %
    Adjusted operating income on average net earning assets B/J   7.92 %   7.31 %   7.34 %
    Adjusted operating income on average tangible total equity of Element D/(V-L)   42.23 %   39.34 %   32.37 %
             
    Per share information        
    Number of shares outstanding W   402,350     404,502     388,926  
    Weighted average number of shares outstanding [basic] X   403,502     404,578     389,161  
    Weighted average number of shares outstanding [diluted] Y   403,686     404,726     404,118  
    Cumulative preferred share dividends during the period Z   —     —     2,919  
    Other effects of dilution on an adjusted operating income basis AA $ —     —   $ 1,222  
    Net income per share [basic] (A-Z)/X $ 0.25   $ 0.23   $ 0.23  
    Net income per share [diluted]   $ 0.25   $ 0.23   $ 0.23  
             
    Adjusted EPS [basic] (D1)/X $ 0.28   $ 0.27   $ 0.27  
    Adjusted EPS [diluted] (D1+AA)/Y $ 0.28   $ 0.27   $ 0.26  
                         

    Management also uses a variety of both IFRS and non-GAAP and Supplemental Measures, and non-GAAP ratios to monitor and assess their operating performance. The Company uses these non-GAAP and Supplemental Financial Measures because they believe that they may provide useful information to investors regarding their performance and results of operations.

    The following table provides a reconciliation of certain IFRS to non-GAAP measures related to the operations of the Company and other supplemental information.

      For the three-month period ended
    (in US$000’s except per share amounts or unless otherwise noted) March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
    Reported results US$ US$ US$
    Services income, net   152,482     161,461     147,053  
    Net financing revenue   111,556     103,453     107,178  
    Syndication revenue, net   11,633     5,976     8,226  
    Net revenue   275,671     270,890     262,457  
    Operating expenses   135,007     141,234     132,499  
    Operating income   140,664     129,656     129,958  
    Operating margin   51.0 %   47.9 %   49.5 %
    Total expenses   139,200     149,463     139,478  
    Income before income taxes   136,471     121,427     122,979  
    Net income   102,250     92,057     93,817  
    EPS [basic] $ 0.25   $ 0.23   $ 0.23  
    EPS [diluted] $ 0.25   $ 0.23   $ 0.23  
    Adjusting items      
    Impact of adjusting items on operating expenses:      
    Strategic initiatives costs – Salaries, wages, and benefits   —     —     485  
    Strategic initiatives costs – General and administrative expenses   —     —     1,640  
    Share-based compensation   10,183     13,687     10,731  
    Amortization of convertible debenture discount   —     —     793  
    Total impact of adjusting items on operating expenses   10,183     13,687     13,649  
    Total pre-tax impact of adjusting items   10,183     13,687     13,649  
    Total after-tax impact of adjusting items   7,612     10,265     10,305  
    Total impact of adjusting items on EPS [basic]   0.02     0.03     0.03  
    Total impact of adjusting items on EPS [diluted]   0.02     0.03     0.03  
                       
      For the three-month period ended
    (in US$000’s except per share amounts or unless otherwise noted) March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
    Adjusted results US$ US$ US$
    Adjusted net revenue   275,671     270,890     262,457  
    Adjusted operating expenses   124,824     127,547     118,850  
    Adjusted operating income   150,847     143,343     143,607  
    Adjusted operating margin   54.7 %   52.9 %   54.7 %
    Provision for income taxes   34,221     29,370     29,162  
    Adjustments:      
    Pre-tax income   3,750     5,481     5,390  
    Foreign tax rate differential and other   118     985     632  
    Provision for taxes applicable to adjusted results   38,089     35,836     35,184  
    Adjusted net income   112,758     107,507     108,423  
    Adjusted EPS [basic] $ 0.28   $ 0.27   $ 0.27  
    Adjusted EPS [diluted] $ 0.28   $ 0.27   $ 0.26  
                       

    The following table summarizes key statement of financial position amounts for the periods presented.

    Selected statement of financial position amounts   For the three-month period ended
    (in US$000’s unless otherwise noted)   March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
        US$ US$ US$
    Total Finance receivables, before allowance for credit losses E 7,699,109   7,576,386   7,478,974  
    Allowance for credit losses F 7,137   6,168   5,794  
    Net investment in finance receivable G 5,148,688   4,968,294   5,349,038  
    Equipment under operating leases H 2,428,013   2,435,430   2,685,015  
    Net earning assets I=G+H 7,576,701   7,403,724   8,034,053  
    Average net earning assets J 7,618,350   7,848,023   7,825,155  
    Goodwill and intangible assets K 1,660,009   1,672,701   1,587,465  
    Average goodwill and intangible assets L 1,663,050   1,675,336   1,588,981  
    Borrowings M 9,045,885   8,463,789   9,021,567  
    Unsecured convertible debentures N —   —   126,108  
    Less: continuing involvement liability O (136,932 ) (132,683 ) (87,199 )
    Total debt P=M+N-O 8,908,953   8,331,106   9,060,476  
    Cash and restricted funds P1 780,531   408,621   1,031,951  
    Total net debt P2 = P-P1 8,128,422   7,922,485   8,028,525  
    Average debt Q 8,363,864   8,313,527   8,239,147  
    Total shareholders’ equity R 2,720,616   2,774,315   2,944,588  
    Preferred shares S —   —   181,077  
    Common shareholders’ equity T=R-S 2,720,616   2,774,315   2,763,511  
    Average common shareholders’ equity U 2,730,985   2,768,504   2,747,716  
    Average total shareholders’ equity V 2,730,985   2,768,504   2,928,793  
                   

    Throughout this press release, management uses the following terms and ratios which do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other organizations. Non-GAAP measures are reported in addition to, and should not be considered alternatives to, measures of performance according to IFRS.

    Adjusted operating expenses

    Adjusted operating expenses are equal to salaries, wages and benefits, general and administrative expenses, and depreciation and amortization less adjusting items impacting operating expenses. The following table reconciles the Company’s reported expenses to adjusted operating expenses.

      For the three-month period ended
    (in US$000’s except per share amounts or unless otherwise noted) March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
      US$ US$   US$  
    Reported Expenses 139,200   149,463   139,478  
    Less:          
    Amortization of intangible assets from acquisitions 7,799   7,819   6,979  
    Loss (gain) on investments (3,606 ) 410   —  
    Operating expenses 135,007   141,234   132,499  
    Less:          
    Amortization of convertible debenture discount —   —   793  
    Share-based compensation 10,183   13,687   10,731  
    Strategic initiatives costs – Salaries, wages and benefits —   —   485  
    Strategic initiatives costs – General and administrative expenses —   —   1,640  
    Total adjustments 10,183   13,687   13,649  
    Adjusted operating expenses 124,824   127,547   118,850  
                 

    Adjusted operating income or Pre-tax adjusted operating income

    Adjusted operating income reflects net income or loss for the period adjusted for the amortization of debenture discount, share-based compensation, amortization of intangible assets from acquisitions, provision for or recovery of income taxes, loss or income on investments, and adjusting items from the table below.

    The following tables reconciles income before taxes to adjusted operating income.

      For the three-month period ended
    (in US$000’s except per share amounts or unless otherwise noted) March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
      US$ US$   US$  
    Income before income taxes 136,471   121,427   122,979  
    Adjustments:          
    Amortization of convertible debenture discount —   —   793  
    Share-based compensation 10,183   13,687   10,731  
    Amortization of intangible assets from acquisition 7,799   7,819   6,979  
    Loss (gain) on investments (3,606 ) 410   —  
    Adjusting Items:          
    Strategic initiatives costs – Salaries, wages and benefits —   —   485  
    Strategic initiatives costs – General and administrative expenses —   —   1,640  
    Total pre-tax impact of adjusting items —   —   2,125  
    Adjusted operating income 150,847   143,343   143,607  
                 

    Adjusted operating margin

    Adjusted operating margin is the adjusted operating income before taxes for the period divided by the net revenue for the period.

    After-tax adjusted operating income

    After-tax adjusted operating income reflects the adjusted operating income after the application of the Company’s effective tax rates.

    Adjusted net income

    Adjusted net income reflects reported net income less the after-tax impacts of adjusting items. The following table reconciles reported net income to adjusted net income.

      For the three-month period ended
    (in US$000’s except per share amounts or unless otherwise noted) March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
      US$ US$ US$
    Net income 102,250   92,057   93,817  
    Amortization of convertible debenture discount —   —   793  
    Share-based compensation 10,183   13,687   10,731  
    Amortization of intangible assets from acquisition 7,799   7,819   6,979  
    Loss (gain) on investments (3,606 ) 410   —  
    Strategic initiatives costs – Salaries, wages and benefits —   —   485  
    Strategic initiatives costs – General and administrative expenses —   —   1,640  
    Provision for income taxes 34,221   29,370   29,162  
    Provision for taxes applicable to adjusted results (38,089 ) (35,836 ) (35,184 )
    Adjusted net income 112,758   107,507   108,423  
                 

    After-tax adjusted operating income attributable to common shareholders

    After-tax adjusted operating income attributable to common shareholders is computed as after-tax adjusted operating income less the cumulative preferred share dividends for the period.

    About Element Fleet Management
    Element Fleet Management (TSX: EFN) is the largest publicly traded pure-play automotive fleet manager in the world. As a Purpose-driven company, we provide a full range of sustainable and intelligent mobility solutions to optimize and enhance fleet performance for our clients across North America, Australia, and New Zealand. Our services address every aspect of our clients’ fleet requirements, from vehicle acquisition, maintenance, route optimization, risk management, and remarketing, to advising on decarbonization efforts, integration of electric vehicles and managing the complexity of gradual fleet electrification. Clients benefit from Element’s expertise as one of the largest fleet solutions providers in its markets, offering economies of scale and insight used to reduce operating costs and enhance efficiency and performance. At Element, we maximize our clients’ fleet so they can focus on growing their business. For more information, please visit: https://www.elementfleet.com

    This press release includes forward-looking statements regarding Element and its business. Such statements are based on management’s current expectations and views of future events. In some cases the forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “plan”, “anticipate”, “intend”, “potential”, “estimate”, “believe” or the negative of these terms, or other similar expressions intended to identify forward-looking statements, including, among others, statements regarding Element’s financial performance, enhancements to clients’ service experience and service levels; expectations regarding client and revenue retention trends; management of operating expenses; increases in efficiency; Element’s ability to achieve its sustainability objectives; Element achieving its digital platform ambitions; the Autofleet acquisition enabling the Company to scale its business more quickly, achieve operational efficiencies, increase client and shareholder value and unlock new revenues streams; EV strategy and capabilities; global EV adoption rates; dividend policy and the payment of future dividends; the costs and benefits of strategic initiatives; creation of value for all stakeholders; expectations regarding syndication; growth prospects and expected revenue growth; level of workforce engagement; improvements to magnitude and quality of earnings; executive hiring and retention; focus and discipline in investing; balance sheet management and plans and expectations with respect to leverage ratios; and Element’s proposed share purchases, including the number of common shares to be repurchased, the timing thereof and TSX acceptance of the NCIB and any renewal thereof. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause Element’s actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Such risks and uncertainties include those regarding the fleet management and finance industries, economic factors, regulatory landscape and many other factors beyond the control of Element. A discussion of the material risks and assumptions associated with this outlook can be found in Element’s annual MD&A, and Annual Information Form for the year ended December 31, 2023, each of which has been filed on SEDAR+ and can be accessed at www.sedarplus.ca. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Element undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

    The MIL Network –

  • MIL-OSI: Ellomay Capital Announces the Filing of the Annual Report on Form 20-F for 2024

    Source: GlobeNewswire (MIL-OSI)

    Tel-Aviv, Israel, April 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 announced the filing of its Annual Report on Form 20-F for the year ended December 31, 2024 with the Securities and Exchange Commission.

    A copy of the Annual Report on Form 20-F is available to be viewed and downloaded from the Investor Relations section of the Company’s website at http://www.ellomay.com. The Company will provide a hard copy of the Annual Report on Form 20-F, including the Company’s complete audited financial statements, free of charge to its shareholders upon request.

    The financial statements included in the Annual Report on Form 20-F present a decrease of approximately €0.6 million in depreciation and amortization costs and a decrease of approximately €0.1 million in tax benefit for the year ended December 31, 2024, compared to the unaudited financial results for the year ended and as of December 31, 2024 published by the Company on March 31, 2025.

    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 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;
         
      ● Solar projects in Italy with an aggregate capacity of 294 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 placed in service and in process of connection to the grid and additional 22 MW are under construction.

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

    Contact:

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

    The MIL Network –

  • MIL-OSI: Ansys Announces Q1 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    / Q1 2025 Results

    • Revenue of $504.9 million
    • GAAP diluted earnings per share of $0.59 and non-GAAP diluted earnings per share of $1.64
    • GAAP operating profit margin of 11.7% and non-GAAP operating profit margin of 33.5%
    • Operating cash flows of $398.9 million and unlevered operating cash flows of $407.1 million
    • Annual contract value (ACV) of $410.1 million
    • Deferred revenue and backlog of $1,627.7 million on March 31, 2025

    PITTSBURGH, April 30, 2025 (GLOBE NEWSWIRE) — ANSYS, Inc. (NASDAQ: ANSS) today reported first quarter 2025 revenue of $504.9 million, an increase of 8% in reported currency, or 10% in constant currency, when compared to the first quarter of 2024. For the first quarter of 2025, the Company reported diluted earnings per share of $0.59 and $1.64 on a GAAP and non-GAAP basis, respectively, compared to $0.40 and $1.39 on a GAAP and non-GAAP basis, respectively, for the first quarter of 2024. Additionally, the Company reported first quarter ACV growth of 1% in reported currency, or 2% in constant currency, when compared to the first quarter of 2024. The results for the first quarter met the Company’s expectations and it continues to expect double-digit FY 2025 ACV growth.

    As previously announced, on January 15, 2024, Ansys entered into a definitive agreement with Synopsys, Inc. (“Synopsys”) under which Synopsys will acquire Ansys. Since the Company’s last earnings release, the U.K. Competition and Markets Authority has formally cleared the transaction in Phase 1 subject to previously announced divestitures. Additionally, Ansys and Synopsys have received clearances from the Turkey Competition Authority, Japan Fair Trade Commission, Korea Fair Trade Commission and Taiwan Fair Trade Commission. We continue to work with the regulators in other relevant jurisdictions to conclude their reviews. The transaction is anticipated to close in the first half of 2025, subject to the receipt of required regulatory approvals and other customary closing conditions. As previously announced, in light of the pending transaction with Synopsys, Ansys has suspended quarterly earnings conference calls and no longer provides quarterly or annual guidance.

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

    / Summary of Financial Results

    Ansys’ first quarter 2025 and 2024 financial results are presented below. The 2025 and 2024 non-GAAP results exclude the income statement effects of stock-based compensation, excess payroll taxes related to stock-based compensation, amortization of acquired intangible assets, expenses related to business combinations and adjustments for the income tax effect of the excluded items.

    Our results are as follows:

      GAAP
    (in thousands, except per share data and percentages) Q1 2025   Q1 2024   % Change
    Revenue $   504,891     $   466,605     8.2 %
    Net income $     51,865     $     34,778     49.1 %
    Diluted earnings per share $        0.59        $        0.40        47.5 %
    Gross margin   85.6 %     85.3 %    
    Operating profit margin   11.7 %     9.3 %    
    Effective tax rate   19.6 %     15.1 %    
                       
      Non-GAAP
    (in thousands, except per share data and percentages) Q1 2025   Q1 2024   % Change
    Net income $   144,149     $   121,996     18.2 %
    Diluted earnings per share $        1.64        $        1.39        18.0 %
    Gross margin   91.2 %     90.9 %    
    Operating profit margin   33.5 %     32.2 %    
    Effective tax rate   17.5 %     17.5 %    
                       
      Other Metrics
    (in thousands, except percentages) Q1 2025   Q1 2024   % Change
    ACV $   410,068   $   407,405   0.7 %
    Operating cash flows $   398,935   $   282,817   41.1 %
    Unlevered operating cash flows $   407,128   $   292,667   39.1 %
                     
    Supplemental Financial Information

    / Annual Contract Value

    (in thousands, except percentages) Q1 2025   Q1 2025 in
    Constant Currency    		   Q1 2024   % Change   % Change in
    Constant Currency
    ACV $        410,068   $         416,640   $        407,405   0.7 %   2.3 %
                                 

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

     

    / Revenue

    (in thousands, except percentages) Q1 2025   Q1 2025 in
    Constant Currency    		   Q1 2024   % Change   % Change in
    Constant Currency
    Revenue $        504,891   $         512,570   $        466,605   8.2 %   9.9 %
                                 
    REVENUE BY LICENSE TYPE
                           
    (in thousands, except percentages) Q1 2025   % of Total   Q1 2024   % of Total   % Change   % Change in
    Constant Currency
    Subscription Lease $          96,919   19.2 %   $          94,800   20.3 %   2.2 %   4.0 %
    Perpetual              63,036   12.5 %                65,521   14.0 %   (3.8)%   (2.9)%
    Maintenance1            324,392   64.2 %              289,340   62.0 %   12.1 %   13.9 %
    Service              20,544   4.1 %                16,944   3.6 %   21.2 %   22.5 %
    Total $        504,891       $        466,605       8.2 %   9.9 %
                           

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

    REVENUE BY GEOGRAPHY
                           
    (in thousands, except percentages) Q1 2025   % of Total   Q1 2024   % of Total   % Change   % Change in
    Constant Currency
    Americas $        230,377   45.6 %   $        208,697   44.7 %   10.4 %   10.5 %
                           
    Germany              35,021   6.9 %                36,198   7.8 %   (3.3)%   (0.4)%
    Other EMEA              83,839   16.6 %                82,417   17.7 %   1.7 %   3.9 %
    EMEA            118,860   23.5 %              118,615   25.4 %   0.2 %   2.6 %
                           
    Japan              43,297   8.6 %                36,532   7.8 %   18.5 %   20.9 %
    Other Asia-Pacific            112,357   22.3 %              102,761   22.0 %   9.3 %   12.9 %
    Asia-Pacific            155,654   30.8 %              139,293   29.9 %   11.7 %   15.0 %
                           
    Total $        504,891       $        466,605       8.2 %   9.9 %
                                   
    REVENUE BY CHANNEL
           
      Q1 2025   Q1 2024
    Direct revenue, as a percentage of total revenue 69.1 %   66.5 %
    Indirect revenue, as a percentage of total revenue 30.9 %   33.5 %
               

    / Deferred Revenue and Backlog

    (in thousands) March 31,
    2025    		   December 31,
         2024    		   March 31,
    2024
    Current Deferred Revenue $            490,318   $            504,527   $            433,167
    Current Backlog                511,197                  524,617                  433,106
    Total Current Deferred Revenue and Backlog            1,001,515               1,029,144                  866,273
               
    Long-Term Deferred Revenue                  30,840                    31,778                    21,434
    Long-Term Backlog                595,388                  657,345                  481,746
    Total Long-Term Deferred Revenue and Backlog                626,228                  689,123                  503,180
               
    Total Deferred Revenue and Backlog $        1,627,743   $        1,718,267   $        1,369,453
                     

    / Currency

    The first quarter of 2025 revenue, operating income and ACV, as compared to the first quarter of 2024, were impacted by fluctuations in the exchange rates of foreign currencies against the U.S. Dollar. The currency fluctuation impacts on revenue, GAAP and non-GAAP operating income and ACV based on 2024 exchange rates are reflected in the tables below. Deferred revenue and backlog as of March 31, 2025, as compared to the balances at December 31, 2024, were also impacted by fluctuations in the exchange rates of foreign currencies against the U.S. Dollar. Amounts in brackets indicate an adverse impact from currency fluctuations.

    (in thousands) Q1 2025
    Revenue $          (7,679 )
    GAAP operating income $          (2,848 )
    Non-GAAP operating income $          (3,044 )
    ACV $          (6,572 )
    Deferred revenue and backlog $         19,166  
           

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

      Period-End Exchange Rates
    As of EUR/USD   USD/JPY
    March 31, 2025                    1.08                       150
    December 31, 2024                    1.04                       157
    March 31, 2024                    1.08                       151
           
      Average Exchange Rates
    Three Months Ended EUR/USD   USD/JPY
    March 31, 2025                    1.05                       152
    March 31, 2024                    1.09                       148
           

    / GAAP Financial Statements

    ANSYS, INC. AND SUBSIDIARIES
    Condensed Consolidated Balance Sheets
    (Unaudited)
    (in thousands) March 31, 2025   December 31, 2024
    ASSETS:      
    Cash & short-term investments $                      1,828,559   $                      1,497,517
    Accounts receivable, net                              754,655                             1,022,850
    Goodwill                          3,799,809                             3,778,128
    Other intangibles, net                              694,235                                716,244
    Other assets                              903,755                             1,036,692
    Total assets $                      7,981,013   $                      8,051,431
    LIABILITIES & STOCKHOLDERS’ EQUITY:      
    Current deferred revenue $                          490,318   $                          504,527
    Long-term debt                              754,287                                754,208
    Other liabilities                              556,933                                706,256
    Stockholders’ equity                          6,179,475                             6,086,440
    Total liabilities & stockholders’ equity $                      7,981,013   $                      8,051,431
               
    ANSYS, INC. AND SUBSIDIARIES
    Condensed Consolidated Statements of Income
    (Unaudited)
        Three Months Ended
    (in thousands, except per share data)   March 31,
    2025    		   March 31,
    2024
    Revenue:        
    Software licenses   $              159,955     $              160,321  
    Maintenance and service                     344,936                       306,284  
    Total revenue                     504,891                       466,605  
    Cost of sales:        
    Software licenses                         9,370                         10,044  
    Amortization                       23,429                         22,484  
    Maintenance and service                       39,770                         36,139  
    Total cost of sales                       72,569                         68,667  
    Gross profit                     432,322                       397,938  
    Operating expenses:        
    Selling, general and administrative                     230,415                       219,643  
    Research and development                     137,292                       128,811  
    Amortization                         5,722                           6,145  
    Total operating expenses                     373,429                       354,599  
    Operating income                       58,893                         43,339  
    Interest income                       16,743                         10,995  
    Interest expense                     (10,177 )                     (12,369 )
    Other expense, net                           (930 )                       (1,007 )
    Income before income tax provision                       64,529                         40,958  
    Income tax provision                       12,664                           6,180  
    Net income   $                51,865     $                34,778  
    Earnings per share – basic:        
    Earnings per share   $                     0.59     $                     0.40  
    Weighted average shares                       87,653                         87,067  
    Earnings per share – diluted:        
    Earnings per share   $                     0.59     $                     0.40  
    Weighted average shares                       88,127                         87,780  
                     

    / Glossary of Terms

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

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

    When we refer to the anniversary dates in the definition of ACV above, we are referencing the date of the beginning of the next twelve-month period in a contractually committed multi-year contract. If a contract is three years in duration, with a start date of July 1, 2025, the anniversary dates would be July 1, 2026 and July 1, 2027. We label these anniversary dates as they are contractually committed. While this contract would be up for renewal on July 1, 2028, our ACV performance metric does not assume any contract renewals.

    Example 1: For purposes of calculating ACV, a $100,000 subscription lease contract or a $100,000 maintenance contract with a term of July 1, 2025 – June 30, 2026 would each contribute $100,000 to ACV for fiscal year 2025 with no contribution to ACV for fiscal year 2026.

    Example 2: For purposes of calculating ACV, a $300,000 subscription lease contract or a $300,000 maintenance contract with a term of July 1, 2025 – June 30, 2028 would each contribute $100,000 to ACV in each of fiscal years 2025, 2026 and 2027. There would be no contribution to ACV for fiscal year 2028 as each period captures the full annual value upon the anniversary date.

    Example 3: A perpetual license valued at $200,000 with a contract start date of March 1, 2025 would contribute $200,000 to ACV in fiscal year 2025.

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

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

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

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

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

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

      Three Months Ended
      March 31, 2025
    (in thousands, except percentages and per share data) Gross Profit   % of Revenue   Operating Income   % of Revenue   Net Income   EPS – Diluted1
    Total GAAP $      432,322   85.6 %   $        58,893   11.7 %   $      51,865     $        0.59  
    Stock-based compensation expense               3,977   0.8 %              70,243   14.0 %             70,243                 0.80  
    Excess payroll taxes related to stock-based awards                  354   0.1 %                6,016   1.2 %               6,016                 0.07  
    Amortization of intangible assets from acquisitions             23,429   4.6 %              29,151   5.7 %             29,151                 0.33  
    Expenses related to business combinations                  405   0.1 %                4,787   0.9 %               4,787                 0.05  
    Adjustment for income tax effect                     —   — %                      —   — %           (17,913 )             (0.20 )
    Total non-GAAP $      460,487   91.2 %   $      169,090   33.5 %   $    144,149     $        1.64  
                                           

    1 Diluted weighted average shares were 88,127.

      Three Months Ended
      March 31, 2024
    (in thousands, except percentages and per share data) Gross Profit   % of Revenue   Operating Income   % of Revenue   Net Income   EPS – Diluted1
    Total GAAP $      397,938   85.3 %   $       43,339   9.3 %   $      34,778     $        0.40  
    Stock-based compensation expense               3,343   0.7 %             58,664   12.7 %             58,664                 0.66  
    Excess payroll taxes related to stock-based awards                  378   0.1 %                5,362   1.1 %               5,362                 0.06  
    Amortization of intangible assets from acquisitions             22,484   4.8 %             28,629   6.1 %             28,629                 0.33  
    Expenses related to business combinations                     —   — %             14,261   3.0 %             14,261                 0.16  
    Adjustment for income tax effect                     —   — %                      —   — %           (19,698 )             (0.22 )
    Total non-GAAP $      424,143   90.9 %   $     150,255   32.2 %   $    121,996     $        1.39  
                                           

    1 Diluted weighted average shares were 87,780.

      Three Months Ended
    (in thousands) March 31,
    2025    		   March 31,
    2024
    Net cash provided by operating activities $            398,935     $            282,817  
    Cash paid for interest                    9,931                      11,939  
    Tax benefit                   (1,738 )                     (2,089 )
    Unlevered operating cash flows $            407,128     $            292,667  
                   

    / Use of Non-GAAP Measures

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

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

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

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

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

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

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

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

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

    Non-GAAP financial measures are not in accordance with, or an alternative for, GAAP. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.
    We have provided a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures as listed below:

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

    Constant currency. In addition to the non-GAAP financial measures detailed above, we use constant currency results for financial and operational decision-making and as a means to evaluate period-to-period comparisons by excluding the effects of foreign currency fluctuations on the reported results. To present this information, the 2025 period results for entities whose functional currency is a currency other than the U.S. Dollar were converted to U.S. Dollars at rates that were in effect for the 2024 comparable period, rather than the actual exchange rates in effect for 2025. Constant currency growth rates are calculated by adjusting the 2025 period reported amounts by the 2025 currency fluctuation impacts and comparing the adjusted amounts to the 2024 comparable period reported amounts. We believe that these non-GAAP financial measures are useful to investors because they allow investors to (a) evaluate the effectiveness of the methodology and information used by us in our financial and operational decision-making, and (b) compare our reported results to our past reports of financial results without the effects of foreign currency fluctuations.

    / About Ansys

    Our Mission: Powering Innovation that Drives Human Advancement™

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

    / Forward-Looking Information

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

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

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

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

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

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

    ANSS-F

    Photos accompanying this announcement are available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/555457d0-68c2-4e39-9654-7433c0575e9e

    https://www.globenewswire.com/NewsRoom/AttachmentNg/f9600ece-a84c-4586-bb8a-98965ce32a1c

    https://www.globenewswire.com/NewsRoom/AttachmentNg/131c8a8b-e47c-4724-bdab-f0846535f0df

    The MIL Network –

  • MIL-OSI: Tenaris Announces 2025 First Quarter Results

    Source: GlobeNewswire (MIL-OSI)

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

    LUXEMBOURG, April 30, 2025 (GLOBE NEWSWIRE) — Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) (“Tenaris”) today announced its results for the quarter ended March 31, 2025 in comparison with its results for the quarter ended March 31, 2024.

    Summary of 2025 First Quarter Results

    (Comparison with fourth and first quarter of 2024)

      1Q 2025 4Q 2024 1Q 2024 
    Net sales ($ million) 2,922 2,845 3% 3,442 (15%)
    Operating income ($ million) 550 558 (2%) 812 (32%)
    Net income ($ million) 518 519 0% 750 (31%)
    Shareholders’ net income ($ million) 507 516 (2%) 737 (31%)
    Earnings per ADS ($) 0.94 0.94 0% 1.27 (26%)
    Earnings per share ($) 0.47 0.47 0% 0.64 (26%)
    EBITDA* ($ million) 696 726 (4%) 987 (29%)
    EBITDA margin (% of net sales) 23.8% 25.5%   28.7%  
     
    *EBITDA in the fourth quarter of 2024 included a $67 million gain from the partial reversal of a provision for the ongoing litigation related to the acquisition of a participation in Usiminas. If this charge was not included EBITDA would have amounted to $659 million, or 23.2% of sales.
     

    In the first quarter, our sales were buoyed by seasonal volumes in Canada and higher onshore sales in the USA while our average selling price declined. This was due to market and product mix effects with lower sales of OCTG premium products in Mexico, Turkey and Saudi Arabia and lower sales of seamless line pipe for offshore projects. On a comparable basis our EBITDA rose 6% and net income remained in line with the results of the previous quarter.

    During the quarter, free cash flow amounted to $647 million following a reduction in working capital of $224 million. After spending $237 million on share buybacks, our net cash position increased to $4.0 billion at March 31, 2025.

    Market Background and Outlook

    Oil and gas drilling activity has been stable in most parts of the world so far this year. Over the last month, however, the outlook for oil demand and prices has changed with a decline in expectations for global economic growth and the announcement by OPEC+ that it would increase production. Oil and gas companies are likely to adjust their investment plans over the short term in response to a lower oil and gas price environment while maintaining their medium and long term plans for development of major projects.

    US OCTG reference prices have continued to increase following the extension of tariffs to imports of all steel products. These and further increases should offset much of the impact of the tariffs and higher steel and scrap purchase costs on our US operations.

    For the second quarter, we expect our sales to show a small increase as our average selling price recovers and volumes remain close to the level of the first quarter and our EBITDA margin should be in line with the first quarter.

    Analysis of 2025 First Quarter Results

    Tubes

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

    Tubes Sales volume (thousand metric tons) 1Q 2025 4Q 2024
    		 1Q 2024
    Seamless 775 748 4% 777 0%
    Welded 212 164 29% 269 (21%)
    Total 987 913 8% 1,046 (6%)
               

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

    Tubes 1Q 2025 4Q 2024
    		 1Q 2024
    Net sales ($ million)          
    North America 1,244 1,131 10% 1,590 (22%)
    South America 552 595 (7%) 617 (11%)
    Europe 208 341 (39%) 253 (17%)
    Asia Pacific, Middle East and Africa 761 629 21% 833 (9%)
    Total net sales ($ million) 2,765 2,695 3% 3,292 (16%)
    Services performed on third party tubes ($ million) 101 93 9% 192 (47%)
    Operating income ($ million) 514 533 (4%) 785 (35%)
    Operating margin (% of sales) 18.6% 19.8%   23.9%  
               

    Net sales of tubular products and services increased 3% sequentially and decreased 16% year on year. Volumes sold increased 8% sequentially while average selling prices decreased 5% due principally to product and market mix effects. In North America sales increased as higher seasonal sales in Canada and higher sales to US Rig Direct® customers more than outweighed a further steep decline in sales in Mexico. In South America sales declined due to lower shipments to the Raia offshore project and lower prices in Argentina. In Europe, following a quarter with an exceptionally high level of sales, sales declined to a more stable level. In Asia Pacific, Middle East and Africa sales increased due to higher sales in the UAE, shipments of welded pipes for a pipeline in Saudi Arabia, and sales of line pipe for a gas processing plant in Africa.

    Operating results from tubular products and services amounted to a gain of $514 million in the first quarter of 2025 compared to a gain of $533 million in the previous quarter and a gain of $785 million in the first quarter of 2024. Operating income in the fourth quarter of 2024 included a $67 million gain from the partial reversal of a provision for the ongoing litigation related to the acquisition of a participation in Usiminas. Excluding this gain Tubes operating income would have amounted to $467 million (17.3% of sales) in the fourth quarter of 2024. On a comparable basis, margins improved as the decline in average selling prices was offset by lower costs due to higher utilization of production capacity and lower raw materials and variable costs.

    Others

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

    Others 1Q 2025 4Q 2024 1Q 2024
    Net sales ($ million) 157 150 5% 150 4%
    Operating income ($ million) 36 25 44% 26 38%
    Operating margin (% of sales) 23.1% 16.8%   17.5%  
               

    Net sales of other products and services increased 5% sequentially and increased 4% year on year. Sequentially, sales increased mainly due to higher sales of sucker rods and oil services in Argentina.

    Selling, general and administrative expenses, or SG&A, amounted to $457 million, or 15.6% of net sales, in the first quarter of 2025, compared to $446 million, or 15.7% in the previous quarter and $508 million, or 14.8% in the first quarter of 2024. Sequentially, the increase in SG&A is mainly due to higher shipment costs partially offset by a decrease in taxes, provisions and others.

    Other operating results amounted to a gain of $6 million in the first quarter of 2025, compared to a gain of $81 million in the previous quarter and a $12 million gain in the first quarter of 2024. The fourth quarter of 2024 included a $67 million gain from the partial reversal of a provision for the ongoing litigation related to the acquisition of a participation in Usiminas.

    Financial results amounted to a gain of $35 million in the first quarter of 2025, compared to a gain of $48 million in the previous quarter and a loss of $25 million in the first quarter of 2024. Financial result of the quarter is mainly attributable to a $67 million net finance income from the net return of our portfolio investments offset by net foreign exchange losses of $15 million and $16 million in fees paid in connection with the collection of $242 million from Pemex.

    Equity in earnings of non-consolidated companies generated a gain of $14 million in the first quarter of 2025, compared to a gain of $35 million in the previous quarter and a gain of $48 million in the first quarter of 2024. These results are mainly derived from our participation in Ternium (NYSE:TX). During the fourth quarter of 2024 the result from Ternium´s investment included a $43 million gain from the partial reversal of a provision for the ongoing litigation related to the acquisition of a participation in Usiminas, while in the first quarter of 2025 it includes a $5 million loss related to the same ongoing litigation.

    Income tax charge amounted to $81 million in the first quarter of 2025, compared to $123 million in the previous quarter and $85 million in the first quarter of 2024. The quarter income tax charge reflects the positive net effect from foreign exchange rate movements and inflation adjustments on deferred tax assets and liabilities, mainly in Argentina, and the recognition of other deferred tax assets.

    Cash Flow and Liquidity of 2025 First Quarter

    Net cash generated by operating activities during the first quarter of 2025 was $821 million, compared to $492 million in the previous quarter and $887 million in the first quarter of 2024. During the first quarter of 2025 cash generated by operating activities includes a net working capital reduction of $224 million.

    With capital expenditures of $174 million, our free cash flow amounted to $647 million during the quarter. Following share buybacks of $237 million in the quarter, our net cash position increased to $4.0 billion at March 31, 2025.

    Conference call

    Tenaris will hold a conference call to discuss the above reported results, on May 1, 2025, at 08:00 a.m. (Eastern Time). Following a brief summary, the conference call will be opened to questions.

    To listen to the conference please join through one of the following options:
    ir.tenaris.com/events-and-presentations or
    https://edge.media-server.com/mmc/p/gu6ip3ag/

    If you wish to participate in the Q&A session please register at the following link:
    https://register-conf.media-server.com/register/BIf49770ff47c94e2587121e780b6acb85

    Please connect 10 minutes before the scheduled start time.

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

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

     
    Consolidated Condensed Interim Income Statement
     
    (all amounts in thousands of U.S. dollars) Three-month period ended March 31,
      2025 2024
      Unaudited
    Net sales 2,922,212 3,441,544
    Cost of sales (1,920,855) (2,134,052)
    Gross profit 1,001,357 1,307,492
    Selling, general and administrative expenses (457,065) (508,132)
    Other operating income 11,788 16,024
    Other operating expenses (6,167) (3,720)
    Operating income 549,913 811,664
    Finance Income 78,444 56,289
    Finance Cost (11,745) (20,583)
    Other financial results, net (31,441) (60,468)
    Income before equity in earnings of non-consolidated companies and income tax 585,171 786,902
    Equity in earnings of non-consolidated companies 14,035 48,179
    Income before income tax 599,206 835,081
    Income tax (81,342) (84,856)
    Income for the period 517,864 750,225
         
    Attributable to:    
    Shareholders’ equity 506,931 736,980
    Non-controlling interests 10,933 13,245
      517,864 750,225
     
    Consolidated Condensed Interim Statement of Financial Position
     
    (all amounts in thousands of U.S. dollars) At March 31, 2025   At December 31, 2024
      Unaudited    
    ASSETS          
    Non-current assets          
    Property, plant and equipment, net 6,183,251     6,121,471  
    Intangible assets, net 1,359,463     1,357,749  
    Right-of-use assets, net 147,606     148,868  
    Investments in non-consolidated companies 1,574,156     1,543,657  
    Other investments 1,014,502     1,005,300  
    Deferred tax assets 838,912     831,298  
    Receivables, net 197,411 11,315,301   205,602 11,213,945
    Current assets          
    Inventories, net 3,519,237     3,709,942  
    Receivables and prepayments, net 174,294     179,614  
    Current tax assets 360,416     332,621  
    Contract assets 51,736     50,757  
    Trade receivables, net 1,842,313     1,907,507  
    Derivative financial instruments 4,083     7,484  
    Other investments 2,581,761     2,372,999  
    Cash and cash equivalents 770,208 9,304,048    675,256 9,236,180
    Total assets   20,619,349     20,450,125
    EQUITY          
    Shareholders’ equity   17,164,683     16,593,257
    Non-controlling interests   231,994     220,578
    Total equity   17,396,677     16,813,835
    LIABILITIES          
    Non-current liabilities          
    Borrowings 7,437     11,399  
    Lease liabilities 91,148     100,436  
    Deferred tax liabilities 472,789     503,941  
    Other liabilities 300,116     301,751  
    Provisions 68,969 940,459   82,106 999,633
    Current liabilities          
    Borrowings 345,183     425,999  
    Lease liabilities 54,061     44,490  
    Derivative financial instruments 1,945     8,300  
    Current tax liabilities 304,019     366,292  
    Other liabilities 377,238     585,775  
    Provisions 139,965     119,344  
    Customer advances 228,086     206,196  
    Trade payables 831,716 2,282,213   880,261 2,636,657
    Total liabilities   3,222,672     3,636,290
    Total equity and liabilities   20,619,349     20,450,125
     
    Consolidated Condensed Interim Statement of Cash Flows
     
    (all amounts in thousands of U.S. dollars) Three-month period ended March 31,
      2025 2024
      (Unaudited)
    Cash flows from operating activities    
    Income for the period 517,864 750,225
    Adjustments for:    
    Depreciation and amortization 146,406 175,442
    Provision for the ongoing litigation related to the acquisition of participation in Usiminas 9,877 –
    Income tax accruals less payments (54,133) (29,222)
    Equity in earnings of non-consolidated companies (14,035) (48,179)
    Interest accruals less payments, net (8,423) 11,938
    Changes in provisions (2,393) 1,545
    Changes in working capital 223,817 (9,548)
    Others, including net foreign exchange 2,020 34,776
    Net cash provided by operating activities 821,000 886,977
         
    Cash flows from investing activities    
    Capital expenditures (173,838) (172,097)
    Changes in advances to suppliers of property, plant and equipment 12,916 2,952
    Loan to joint ventures (1,359) (1,354)
    Proceeds from disposal of property, plant and equipment and intangible assets 900 5,412
    Changes in investments in securities (225,636) (759,667)
    Net cash used in investing activities (387,017) (924,754)
         
    Cash flows from financing activities    
    Changes in non-controlling interests – 1,120
    Acquisition of treasury shares (237,188) (311,064)
    Payments of lease liabilities (14,655) (16,768)
    Proceeds from borrowings 347,570 829,947
    Repayments of borrowings (429,126) (754,078)
    Net cash used in financing activities (333,399) (250,843)
         
    Increase (decrease) in cash and cash equivalents 100,584 (288,620)
         
    Movement in cash and cash equivalents    
    At the beginning of the period 660,798 1,616,597
    Effect of exchange rate changes (2,430) (4,921)
    Increase (decrease) in cash and cash equivalents 100,584 (288,620)
    At March 31, 758,952 1,323,056
         

    Exhibit I – Alternative performance measures

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

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

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

    EBITDA is calculated in the following manner:

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

    EBITDA is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) Three-month period ended March 31,
      2025 2024
    Income for the period 517,864 750,225
    Income tax charge 81,342 84,856
    Equity in earnings of non-consolidated companies (14,035) (48,179)
    Financial Results (35,258) 24,762
    Depreciation and amortization 146,406 175,442
    EBITDA 696,319 987,106
         

    Free Cash Flow

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

    Free cash flow is calculated in the following manner:

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

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

    (all amounts in thousands of U.S. dollars) Three-month period ended March 31,
      2025 2024
    Net cash provided by operating activities 821,000 886,977
    Capital expenditures (173,838) (172,097)
    Free cash flow 647,162 714,880
         

    Net Cash / (Debt)

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

    Net cash/ debt is calculated in the following manner:

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

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

    (all amounts in thousands of U.S. dollars) At March 31,
      2025 2024
    Cash and cash equivalents 770,208 1,323,350
    Other current investments 2,581,761 2,248,863
    Non-current investments 1,007,444 976,206
    Current borrowings (345,183) (608,278)
    Non-current borrowings (7,437) (28,122)
    Net cash / (debt) 4,006,793 3,912,019
         

    Operating working capital days

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

    Operating working capital days is calculated in the following manner:

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

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

    (all amounts in thousands of U.S. dollars) At March 31,
      2025 2024
    Inventories 3,519,237 3,911,719
    Trade receivables 1,842,313 2,303,293
    Customer advances (228,086) (239,342)
    Trade payables (831,716) (1,041,434)
    Operating working capital 4,301,748 4,934,236
    Annualized quarterly sales 11,688,848 13,766,176
    Operating working capital days 134 131
         

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

    The MIL Network –

  • MIL-OSI: Repeat: Admirals Group AS audited annual report 2024

    Source: GlobeNewswire (MIL-OSI)

    Admirals Group AS audited annual report 2024

    Despite lower client activity, Admirals Group AS delivered resilient trading income and positive EBITDA through effective cost control measures.

    • The Group’s net trading income decreased by 6% to EUR 38.4 million (2023: EUR 40.9 million), being supported by higher volatility on the financial markets.

    • The Group’s total operating expenses decreased by 16% to EUR 42.4 million (2023: EUR 50.3 million) as a result of cost optimisation efforts.

    • EBITDA was EUR 0.9 million (2023: EUR -6.5 million).

    • Net loss was EUR -1.6 million (2023: EUR -9.7 million).

    Although the income was supported by higher volatility in financial markets, Group’s cost optimisation effort was partly muted due to voluntary suspension of new client registrations in the Cyprus based operating company Admirals Europe Ltd. This company acts as the primary service entity of the Group in the EU which is one of the core markets for the Group’s business. The suspension started in April 2024 is voluntary and temporary in nature and it was necessary to allow for the implementation of required technical and organisational measures to ensure satisfactory alignment of Group’s product governance efforts with objectives and needs of it’s European clients. Following the successful completion of these measures, the onboarding of new clients in the EU was resumed in March 2025.

    Statement of Financial Position

    (in thousands of euros) 31.12.2024 31.12.2023
    Assets    
    Cash and cash equivalents 41,607 41,025
    Due from investment companies 18,736 18,961
    Financial assets at fair value through profit or loss 1,228 5,062
    Loans and receivables 8,315 4,772
    Inventories 665 311
    Other assets 2,092 2,137
    Tangible fixed assets 1,359 1,950
    Right-of-use assets 2,541 2,603
    Intangible assets 3,304 5,147
    Total assets 79,847 81,968
         
    Liabilities    
    Financial liabilities at fair value through profit or loss 334 224
    Liabilities and accruals 3,326 4,318
    Deferred tax liability 0 1
    Subordinated debt securities 4,103 4,102
    Lease liabilities 2,818 2,894
    Total liabilities 10,581 11,539
         
    Equity    
    Share capital 250 250
    Own shares -456 -315
    Statutory reserve capital 25 25
    Currency translation reserve 30 -834
    Retained earnings 69,417 71,276
    Total equity attributable to owners of the parent 69,266 70,402
    Non-controlling interest 0 27
    Total equity 69,266 70,429
    Total liabilities and equity 79,847 81,968

     Statement of Comprehensive Income

    (in thousands of euros) 2024 2023
    Net gains from trading of financial assets at fair value through profit or loss with clients and liquidity providers 40,653 46,276
    Brokerage and commission fee revenue 1,408 2,134
    Brokerage and commission fee expense -3,558 -5,118
    Other trading activity related income 489 412
    Other trading activity related expense -583 -2,768
    Net income from trading 38,409 40,936
    Other income similar to interest 947 171
    Interest income calculated using the effective interest method 424 900
    Interest expense -472 -496
    Other income 3,004 741
    Other expenses -233 -185
    Net losses on exchange rate changes -1,016 -984
    Profit / (loss) from financial assets at fair value through profit or loss -444 61
    Personnel expenses -13,394 -15,231
    Operating expenses -25,412 -31,875
    Depreciation of tangible and intangible assets -2,594 -2,310
    Depreciation of right-of-use assets -787 -837
    (Loss) before income tax -1,568 -9,109
    Income tax -24 -616
    (Loss) for the reporting period -1,592 -9,725
    Other comprehensive income / (loss):    
    Items that subsequently may be reclassified to profit or loss:    
    Currency translation adjustment 864 -165
    Total other comprehensive income / (loss) for the reporting period 864 -165
    Total comprehensive (loss) / income for the reporting period -728 -9,890
    Net (loss) attributable to the owners of the parent -1,592 -9,746
    Net profit attributable to non-controlling interest 0 21
    (Loss) for the reporting period -1,592 -9,725
    Total comprehensive (loss) attributable to the owners of the parent -728 -9,911
    Total comprehensive income attributable non- controlling interest 0 21
    Total comprehensive (loss) for the reporting period -728 -9,890
    Basic and diluted earnings per share -0.65 -3.95

    Additional information: 

    Lauri Reinberg 
    Chief financial officer of Admirals Group AS
    lauri.reinberg@admiralmarkets.com 
    +372 6309 300
    https://www.admirals.group/

    Attachments

    The MIL Network –

  • MIL-OSI Security: Ukrainian Men Charged with Illegal Entry

    Source: Office of United States Attorneys

    Burlington, Vermont – The United States Attorney’s Office for the District of Vermont stated that Mykhailo Ivanchyn, age 21, and Ihor Zelskyi, age 27, of the Ukraine, have been charged by criminal complaint with illegally entering the United States.

    On April 29, 2025, Ivanchyn and Zelskyi appeared before United States Magistrate Judge Kevin J. Doyle, who ordered that they be held in custody pending their detention hearings.  Ivanchyn’s detention hearing is scheduled for May 2, 2025.  Zelskyi’s detention hearing is scheduled for May 5, 2025.

    According to court records, at approximately 12:30 a.m. on April 28, 2025, United States Border Patrol agents were alerted of at least two individuals wearing backpacks and walking south near the international border between the United States and Canada along the Sutton River in Franklin County, Vermont. Border Patrol agents responded and apprehended Ivanchyn and Zelskyi, who were wearing backpacks and water waders. Neither defendant had legal status in the United States or authorization to reside in the United States.

    The United States Attorney’s Office emphasizes that the complaint contains allegations only and that Ivanchyn and Zelskyi are presumed innocent until and unless proven guilty. The defendants face up to 6 months’ imprisonment if convicted. The actual sentence, however, would be determined by the Court with guidance from the advisory United States Sentencing Guidelines and the statutory sentencing factors.

    Acting United States Attorney Michael P. Drescher commended the investigatory efforts of the United States Border Patrol.

    The prosecutor is Assistant United States Attorney Nicole Cate. Ivanchyn is represented by Assistant Federal Public Defender Barclay Johnson.  Zelskyi is represented by Rick Bothfeld, Esq.

    This case is part of Operation Take Back America a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

    MIL Security OSI –

  • MIL-OSI: Admiral Markets AS audited annual report 2024

    Source: GlobeNewswire (MIL-OSI)

    Admiral Markets AS audited annual report 2024

    Despite lower client activity, Admirals Markets AS delivered resilient trading income and positive net profit through effective cost control measures. 
    • Net trading income increased by 48% to EUR 13.5 million (2023: EUR 9.1 million) being supported by higher volatility on the financial markets.
    • Total operating expenses decreased by 26% to EUR 13.7 million (2023: EUR 18.5 million).
    • EBITDA was EUR 1.1 million (2023: EUR -6.9 million).
    • Net profit was EUR 0.4 million (2023: EUR -8.2 million).

    Although the income was supported by higher volatility in financial markets, Admirals Group’s cost optimisation effort was partly muted due to voluntary suspension of new client registrations in the Cyprus based operating company Admirals Europe Ltd. This company acts as the primary service entity of the Group in the EU which is one of the core markets for the Group’s business. The suspension started in April 2024 is voluntary and temporary in nature and it was necessary to allow for the implementation of required technical and organisational measures to ensure satisfactory alignment of Group’s product governance efforts with objectives and needs of it’s European clients. Following the successful completion of these measures, the onboarding of new clients in the EU was resumed in March 2025.

    Statement of Financial Position

    (in thousands of euros) 31.12.2024 31.12.2023
    Assets    
    Due from credit institutions 19,381 10,175
    Due from investment companies 13,362 9,014
    Financial assets at fair value through profit or loss 1,602 6,353
    Loans and receivables 29,231 37,274
    Inventories 665 311
    Other assets 650 970
    Investment into subsidiaries 4,180 4,180
    Tangible fixed assets 1,041 1,494
    Right-of-use asset 1,757 2,221
    Intangible fixed assets 2,821 2,943
    Total assets 74,690 74,935
         
    Liabilities    
    Financial liabilities at fair value through profit or loss 333 217
    Liabilities and prepayments 744 980
    Subordinated debt securities 1,347 1,353
    Lease liabilities 2,025 2,499
    Total liabilities 4,449 5,049
         
    Equity    
    Share capital 2,586 2,586
    Statutory reserve capital 259 259
    Retained earnings 67,396 67,041
    Total equity 70,241 69,886
    Total liabilities and equity 74,690 74,935

    Statement of Comprehensive Income

    (in thousands of euros) 2024 2023
    Net gains from trading of financial assets at fair value through profit or loss with clients and liquidity providers 37,435 41,777
    Brokerage and commission fee revenue 1,062 1,668
    Brokerage and commission fee expense -25,451 -34,656
    Other trading activity related income 418 339
    Net income from trading 13,464 9,128
    Other income similar to interest 85 172
    Interest income calculated using the effective interest method 1,366 1,044
    Interest expense -155 -184
    Other income 433 877
    Other expense 0 10
    Net gains on exchange rate changes 198 -214
    Net loss from financial assets at fair value through profit or loss -1,358 61
    Personnel expenses -4,019 -4,634
    Operating expenses -7,642 -12,168
    Depreciation of tangible and intangible assets   -1,532 -1,259
    Depreciation of right-of-use assets -485 -484
    (Loss) / Profit before income tax 355 -7,651
    Income tax 0 -535
    Net (loss) / profit for the reporting period 355 -8,186
    Comprehensive income for the reporting period 355 -8,186
    Basic and diluted earnings per share 0.88 -20.26

    Additional information: 

    Lauri Reinberg 
    Chief financial officer of Admirals Group AS
    lauri.reinberg@admiralmarkets.com 
    +372 6309 300
    https://www.admirals.group/

    Attachments

    The MIL Network –

  • MIL-OSI: Admirals Group AS audited annual report 2024

    Source: GlobeNewswire (MIL-OSI)

    Admirals Group AS audited annual report 2024

    Despite lower client activity, Admirals Group AS delivered resilient trading income and positive EBITDA through effective cost control measures.

    • The Group’s net trading income decreased by 6% to EUR 38.4 million (2023: EUR 40.9 million), being supported by higher volatility on the financial markets.

    • The Group’s total operating expenses decreased by 16% to EUR 42.4 million (2023: EUR 50.3 million) as a result of cost optimisation efforts.

    • EBITDA was EUR 0.9 million (2023: EUR -6.5 million).

    • Net loss was EUR -1.6 million (2023: EUR -9.7 million).

    Although the income was supported by higher volatility in financial markets, Group’s cost optimisation effort was partly muted due to voluntary suspension of new client registrations in the Cyprus based operating company Admirals Europe Ltd. This company acts as the primary service entity of the Group in the EU which is one of the core markets for the Group’s business. The suspension started in April 2024 is voluntary and temporary in nature and it was necessary to allow for the implementation of required technical and organisational measures to ensure satisfactory alignment of Group’s product governance efforts with objectives and needs of it’s European clients. Following the successful completion of these measures, the onboarding of new clients in the EU was resumed in March 2025.

    Statement of Financial Position

    (in thousands of euros) 31.12.2024 31.12.2023
    Assets    
    Cash and cash equivalents 41,607 41,025
    Due from investment companies 18,736 18,961
    Financial assets at fair value through profit or loss 1,228 5,062
    Loans and receivables 8,315 4,772
    Inventories 665 311
    Other assets 2,092 2,137
    Tangible fixed assets 1,359 1,950
    Right-of-use assets 2,541 2,603
    Intangible assets 3,304 5,147
    Total assets 79,847 81,968
         
    Liabilities    
    Financial liabilities at fair value through profit or loss 334 224
    Liabilities and accruals 3,326 4,318
    Deferred tax liability 0 1
    Subordinated debt securities 4,103 4,102
    Lease liabilities 2,818 2,894
    Total liabilities 10,581 11,539
         
    Equity    
    Share capital 250 250
    Own shares -456 -315
    Statutory reserve capital 25 25
    Currency translation reserve 30 -834
    Retained earnings 69,417 71,276
    Total equity attributable to owners of the parent 69,266 70,402
    Non-controlling interest 0 27
    Total equity 69,266 70,429
    Total liabilities and equity 79,847 81,968

     Statement of Comprehensive Income

    (in thousands of euros) 2024 2023
    Net gains from trading of financial assets at fair value through profit or loss with clients and liquidity providers 40,653 46,276
    Brokerage and commission fee revenue 1,408 2,134
    Brokerage and commission fee expense -3,558 -5,118
    Other trading activity related income 489 412
    Other trading activity related expense -583 -2,768
    Net income from trading 38,409 40,936
    Other income similar to interest 947 171
    Interest income calculated using the effective interest method 424 900
    Interest expense -472 -496
    Other income 3,004 741
    Other expenses -233 -185
    Net losses on exchange rate changes -1,016 -984
    Profit / (loss) from financial assets at fair value through profit or loss -444 61
    Personnel expenses -13,394 -15,231
    Operating expenses -25,412 -31,875
    Depreciation of tangible and intangible assets -2,594 -2,310
    Depreciation of right-of-use assets -787 -837
    (Loss) before income tax -1,568 -9,109
    Income tax -24 -616
    (Loss) for the reporting period -1,592 -9,725
    Other comprehensive income / (loss):    
    Items that subsequently may be reclassified to profit or loss:    
    Currency translation adjustment 864 -165
    Total other comprehensive income / (loss) for the reporting period 864 -165
    Total comprehensive (loss) / income for the reporting period -728 -9,890
    Net (loss) attributable to the owners of the parent -1,592 -9,746
    Net profit attributable to non-controlling interest 0 21
    (Loss) for the reporting period -1,592 -9,725
    Total comprehensive (loss) attributable to the owners of the parent -728 -9,911
    Total comprehensive income attributable non- controlling interest 0 21
    Total comprehensive (loss) for the reporting period -728 -9,890
    Basic and diluted earnings per share -0.65 -3.95

    Additional information: 

    Lauri Reinberg 
    Chief financial officer of Admirals Group AS
    lauri.reinberg@admiralmarkets.com 
    +372 6309 300
    https://www.admirals.group/

    Attachments

    The MIL Network –

  • MIL-Evening Report: Donald Trump has cast a long shadow over the Australian election. Will it prove decisive?

    Source: The Conversation (Au and NZ) – By Emma Shortis, Adjunct Senior Fellow, School of Global, Urban and Social Studies, RMIT University

    Donald Trump is everywhere, inescapable. His return to power in the United States was always going to have some impact on the Australian federal election. The question was how disruptive he would be.

    The answer is very – but not in the ways we might have thought.

    As soon as Trump was elected president, the political debate in Australia focused on whether Prime Minister Anthony Albanese or Opposition Leader Peter Dutton would be best suited to managing him – and keeping the US-Australia security alliance intact.

    Initially, at least, this conversation was predictable.

    The Coalition looked set to continue an ideological alignment with Trumpism that had flourished under the prime ministership of Scott Morrison. Dutton prosecuted the argument that given his party’s experience with the first Trump administration, it would be better placed than Labor to handle the second.

    Albanese, meanwhile, appeared caught off guard by Trump’s victory and timid in his response.

    But as has become all too clear, the second Trump administration is radically different from the first. That has rattled the right of Australian politics and worked to Labor’s advantage.

    A turning point at the White House

    In January, the Coalition announced that NT Senator Jacinta Nampijinpa Price had been appointed shadow minister for government efficiency – a direct importation of the Department of Government Efficiency (DOGE) being led by Elon Musk in the US.

    In a barely disguised imitation of the Trump administration’s attacks on “diversity, equity and inclusion” (DEI) measures, members of the Coalition, including Price, singled out Welcome to Country ceremonies as evidence of the kind of “wasteful” spending it would cut.

    When the Coalition seemed to be riding high in the polls, Dutton, too, nodded at “wokeism” and singled out young white men feeling “disenfranchised”.

    Soon after, however, this began to change. The first few weeks of Trump’s second term were marked by a cascade of executive actions targeting trans people, climate action and immigration. Trump and his new appointees began the process of radically reshaping the United States and its role in the world.

    In February, polling by the independent think tank The Australia Institute found Australians saw Trump as a bigger threat to world peace than Russian President Vladimir Putin or Chinese leader Xi Jinping.

    And then Volodymyr Zelensky went to the White House.

    The Ukrainian president was humiliated in an Oval Office meeting with Trump and Vice President JD Vance, laying bare how the administration was willing to treat the leader of an ally devastated by a war it hadn’t started.

    Trump’s territorial threats towards Canada and Greenland, in addition to his dismissive statements about European allies, shattered the long-held assumptions about the US as a force for stability in the world.

    MAGA ideology isn’t ‘pick and choose’

    After this incident, Dutton was careful to distance himself from Trump’s abandonment of Ukraine. He even went so far as to say that leadership might require “standing up to your friends and to those traditional allies because our views have diverged”.

    Similarly, influential Coalition powerbroker Peta Credlin wrote in The Australian:

    it’s hard to see America made great again if the Trump administration’s message to the world is that the strong do what they will and the weak suffer what they must.

    Therein lies the bind for the Coalition – an ideological alignment with “Make America Great Again” cannot be fully reconciled with a nationalism that puts Australian interests first.

    MAGA ideology is all-or-nothing, not pick-and-choose.

    During the election campaign, the Coalition attempted to walk the path of “pick-and-choose”. And Labor quite successfully used this against them. Assertions the opposition leader was nothing but a “Temu Trump”, or “DOGE-y Dutton”, stuck because they had at least a ring of truth to them.

    The opposition’s pledge to dramatically reduce the size of the public service, for example, was clearly linked to Musk’s efforts at DOGE to take a chainsaw to the public service in the US. This idea has been deeply unpopular with Australian voters, and the Coalition has faced innumerable questions about it.

    For all the talk of “shared values” and how essential the US alliance is to Australian security, this campaign shows that Australia is not like America.

    Most Australians concerned about Trump’s impact

    When Trump’s tariffs arrived on “Liberation Day” in early April, both leaders claimed they were best placed to negotiate.

    Albanese insisted Australia had got one of the best results in the world, while Dutton asserted, without evidence, that he would be able to negotiate a better one.

    More broadly, the Trump tariffs have contributed to a growing sense of unease in the electorate.

    A recent YouGov poll found that 66% of Australians no longer believe the US can be relied on for defence and security. According to Paul Smith, the director of YouGov, this is a “fundamental change of worldview”.

    In the same poll, 71% of Australians also said they were either concerned or very concerned Trump’s policies would make Australia worse off.

    While neither party has signalled it would make a fundamental shift in Australia’s alliance with the US if elected, that doesn’t mean changes aren’t possible.

    Independents and minor parties may well play a significant role in the formation of the next government. Some, like Zoe Daniel and Jacqui Lambie, are increasingly vocal about the risks the Trump administration poses to Australia.

    A limit to Trumpism’s appeal

    As election day approaches, many of the assumptions driving conventional Australian political thinking are under pressure.

    Labor’s recovery in the polls, and the Liberals’ election win in Canada, suggest assumptions about the dangers of incumbency might have been misplaced. The dissatisfaction with incumbent governments last year may have had more to do with unresponsive political parties and systems.

    There’s evidence emerging, instead, that in more responsive democracies with robust institutions like Australia and Canada, Trumpism does not have great appeal.

    The idea that “kindness is not a weakness” may yet prove to be a winning political strategy.

    Emma Shortis is Director of International and Security Affairs at The Australia Institute, an independent think tank.

    – ref. Donald Trump has cast a long shadow over the Australian election. Will it prove decisive? – https://theconversation.com/donald-trump-has-cast-a-long-shadow-over-the-australian-election-will-it-prove-decisive-255422

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Security: IAEA Kicks Off 2025 Cooperation with G20 under South African Presidency

    Source: International Atomic Energy Agency – IAEA

    IAEA and South African G20 Presidency side event on the role of nuclear power and the clean energy transitions, in Cape Town. (Photo: B. Carpinelli/IAEA)

    For the second year in a row, the IAEA has been invited to collaborate with the G20 on work related to nuclear power. The cooperation with the G20 (Group of Twenty) resumed under the presidency of South Africa at meetings this week in Cape Town, kicking off with a side event hosted by the IAEA and South Africa on the role of nuclear energy in clean energy transitions, as one of the technology dialogues that the presidency is featuring throughout the yearlong process.

    Building on its first-ever collaboration on nuclear power with the G20 in 2024 under the presidency of Brazil, the IAEA engagement this year will include publications tailored to inform the group on topics such as the prospects for nuclear power in Africa and repurposing coal-fired plants with nuclear power such as small modular reactors (SMRs),  as well as participation in the G20 Ministerial Meeting on Energy, set for 23-26 September.

    “At a time when energy access and security of supply are issues of global concern, the role of nuclear energy in low carbon, resilient and affordable energy systems remains indispensable,” IAEA Director General Rafael Mariano Grossi said. “Continuing the work that the IAEA began under the presidency of Brazil, we are now looking forward to working with South Africa.”

    The first African country to assume the G20 presidency, South Africa is pursuing an Africa-wide approach emphasizing energy security, a just and inclusive clean energy transition and regional energy cooperation. While South Africa remains the only country on the continent to have nuclear power and aims to expand its programme, several African countries have expressed interest in or are embarking its introduction. Egypt is building four large reactors, and other countries such as Ghana and Kenya are working with the IAEA to establish the necessary infrastructure for a nuclear power programme, with a particular interest in SMRs.

    The side event opened with special remarks from Kgosientsho Ramokgopa, Minister of Electricity and Energy of South Africa. Delegates from the G20 Energy Transitions Working Group (ETWG) attended the event, which discussed the state of nuclear power in South Africa as well as the IAEA’s outlook on nuclear power and a description of the upcoming publications that the IAEA will publish as part of its G20 collaboration this year. A session on nuclear power project financing issues followed, with panellists from the IAEA, the International Energy Agency, France and South Africa discussing ways to unlock financing for nuclear power projects and pave the way for faster deployment.

    “In the wake of the world aiming to reach net zero by 2050, there has been a return to realism where it is globally accepted that nuclear technology has a huge role to play in the energy mix as a key source to ensure countries achieve their energy security, energy sovereignty, and energy justice in the transition,” said Minster Ramokgopa. “The expansion of the nuclear programme gives South Africa energy security and sovereignty that enables the country to move its economy into a digital era, engage in new research frontiers and take its rightful place amongst leading nations.” 

    Minister Kgosientsho Ramokgopa delivering his opening remarks at the nuclear energy side event hosted by the IAEA and South Africa during the G20 ETWG meetings. (Photo: B. Carpinelli/IAEA)

    During the event, delegates from G20 members and invited countries delivered remarks from the floor and offered their national perspectives.

    “Italy is working to relaunch the use of sustainable nuclear energy, in its net zero emissions path by 2050. We have created the National Platform for Sustainable Nuclear involving R&D centres and industrial capabilities and nowadays our Government is strongly committed to work on enabling a favourable legislative and regulatory framework aimed at promoting the use of safe and innovative nuclear at the national level, including small modular reactors and Generation IV advanced modular reactors,” said Alberto Pela, Head of Delegation and Senior Advisor on International activities at the Department of Energy of the Ministry of Environment and Energy Security of Italy.

    The United Arab Emirates, an invited country, recently began operating four large nuclear power reactors.

    “In the UAE, nuclear energy is more than a power source — it’s a cornerstone of our clean, safe, and sustainable energy future,” said Nawal Yousif Alhanaee, Director of the Future Energy Department at the UAE’s Ministry of Energy and Infrastructure. “With the Barakah Nuclear Energy Plant meeting up to 25 per cent of our electricity needs, we affirm our commitment to a carbon-free tomorrow powered by peaceful and reliable nuclear technology.”

    MIL Security OSI –

  • MIL-OSI Security: Update 289 – IAEA Director General Statement on Situation in Ukraine

    Source: International Atomic Energy Agency – IAEA

    Ukrainian engineers and construction workers are carrying out temporary repairs of the Chornobyl site’s New Safe Confinement (NSC) that was severely damaged in a drone attack earlier this year, Director General Rafael Mariano Grossi of the International Atomic Energy Agency (IAEA) said today.

    The drone strike on 14 February pierced a big hole through the roof of the large confinement structure built to prevent any radioactive release from the reactor destroyed in the 1986 accident and protect it from external hazards. It took several weeks to completely extinguish the fires and smouldering caused by this strike.

    The IAEA team based at the Chornobyl plant in northern Ukraine visited the NSC in recent days to discuss ongoing efforts by the site to assess the building’s structural integrity following the attack almost three months ago and to observe repairs of the inner and outer cladding to prevent water ingress.

    “Immediately after the drone strike Ukrainian emergency personnel rushed to contain and eventually put out the fires. The site is now focusing its efforts on assessing the full extent of the damage while also carrying out short-term repairs. It is clear that the confinement structure – constructed at huge expense and with major international support – suffered extensive damage,” Director General Grossi said.

    The Director General reiterated, however, that there has not been any radioactive release as a result of the damage, and that the NSC is able to continue to perform its protective function.

    At Ukraine’s Zaporizhzhya Nuclear Power Plant (ZNPP), the IAEA team has continued to hear explosions in the distance every day over the past week, a constant reminder of the potential dangers facing nuclear safety and security.

    The IAEA team has conducted walkdowns across the site to observe site activities, visiting all Emergency Control Rooms of the six reactors, the safety systems of unit 4, and the two fresh fuel storage facilities.

    At Ukraine’s three operating nuclear power plants (NPPs) – Khmelnytskyy, Rivne and South Ukraine – three of their total of nine reactors remained shutdown for maintenance and refuelling outages.  

    At the South Ukraine NPP, the IAEA team reported about many air raid alarms over the past week. The team was informed by the site that six drones were detected at a distance of 1.5 km from the plant in the night of 25 April, coinciding with the sound of military activity that appeared to be coming from an attempt to shoot them down.

    At the Khmelnytskyy NPP, the IAEA team members were required to shelter on the morning of 30 April due to an air raid alert.

    As part of the IAEA’s medical assistance programme for Ukraine, 200 boxes of influenza medication were delivered to the National Research Centre for Radiation Medicine of the National Academy of Medical Sciences of Ukraine (NRCRM), funded by Japan.

    MIL Security OSI –

  • MIL-OSI Africa: Why are women paid less than men? New research in South Africa shows the company you work for makes the biggest difference

    Source: The Conversation – Africa – By Ihsaan Bassier, Researcher in Economics, University of Surrey

    Why do women earn less than men? The usual suspects – occupation, hours, experience – explain some of it. But a powerful, often overlooked reason is simply this: where women work. The companies that hire them play a huge role in shaping their lifetime earnings.

    South Africa has a severe gender pay gap, much of which is unexplained by worker characteristics such as occupation, skills or experience.

    In our new study published in the Journal of Development Economics, using tax data on the universe of formal workers in South Africa, we uncover a striking fact: nearly half of the gender pay gap in South Africa is explained by women working at lower-paying companies than men. That is, more women tend to work at companies that pay all workers less.

    In addition, this phenomenon evolves dramatically over a woman’s life.

    We tracked millions of workers between 2010 and 2018 using tax data. We wanted to figure out how much money different companies paid, relative to each other, regardless of the type of worker. To do this, we compared what two companies pay the same worker. We looked at workers who switched companies and compared how their pay changed when they moved to a new company. By doing this for many workers and many companies, we could see how much more or less that company tends to pay people with the same kind of background or job.

    In the formal sector in South Africa, women, on average, get paid 12% less than men. We find that about 45% of this gap – 5.5 percentage points – is due to women being concentrated in firms that pay less overall (to both women and men).

    This isn’t because women are paid less within the same company — that kind of direct discrimination plays a much smaller role. Instead, it’s largely about sorting: women and men end up at different companies, and those pay differently.

    Women disproportionately enter lower-paying sectors such as education, retail, or personal care, while men are over-represented in high-premium sectors like construction, mining, and manufacturing.

    As labour and development economists, we argue that reducing the gender pay gap takes more than putting women into male-dominated jobs or promoting equal pay for equal work. It means tackling the invisible structures that steer women into lower-paying companies.

    A gender gap that grows, then shrinks

    What’s particularly revealing is how the firm-pay gap changes across the life cycle. For workers in their early twenties, this gap is almost nonexistent. But from the mid-20s to the mid-40s — roughly the child-rearing years — the gap widens significantly.

    Why does this happen?

    First, women who remain continuously employed through their 30s tend to move to worse-paying firms than men, even though they switch jobs at similar rates.

    Second, women entering or re-entering formal work (after a spell of unemployment or informal work) tend to start at lower-paying firms than men. This disadvantage when re-entering contributes to the overall gap, but is more constant over the life cycle.

    Interestingly, churn (moving in and out of employment) is common — but men and women do it at similar rates. The key difference is what type of firm they land in when they return. Nearly half the gap among entrants is explained by industry sorting — women disproportionately enter lower-paying sectors such as education, retail, or personal care, while men are overrepresented in high-premium sectors like construction, mining, and manufacturing.

    This isn’t because women have less (or different) skills. That might be another contributor to the overall gender gap in pay, but it’s not what we looked at. This is the pay disadvantage that women face from being at firms that pay less for the same job or skill.

    The firms that women join tend to be in lower-paying industries, have fewer resources, and are less likely to be covered by collective bargaining agreements (union-negotiated industry wages) that boost pay.

    Just like women leave or re-enter formal jobs at the same rates as men, they are in fact just as likely to switch jobs when employed. The problem then is that their job switches are less likely to lead to upward moves in the pay hierarchy, possibly due to employer discrimination or a need to prioritise non-pay job characteristics (like flexibility).

    Then something remarkable happens. As women age into their late 40s and 50s, the gender gap begins to close. They start making more advantageous moves than men. This is likely because, having been sorted into lower-paying firms earlier in their careers, they have more room to climb. And with child-related constraints easing later in life, they finally can.

    Firms in developing countries

    Our finding — that women ending up in lower-paying companies accounts for nearly half of the pay gap — is higher than estimates from high-income countries like Portugal or Italy, where it explains around 20%–25%. But in developing countries like Brazil and Chile, the contribution is similar to what we find.

    Why do firms matter more in places like South Africa?

    Labour markets are more “monopsonistic” — firms have more power to set wages due to high unemployment and few outside options for workers. So because formal jobs are scarce, entering or moving up within the formal sector is harder, especially for women. In fact, we show that in regions of South Africa with lower levels of formality, the gender gap in firm pay is wider.

    Policy takeaways

    One instructive exception is the public sector, where the state has actively pursued gender equity in hiring. Public administration employs a much higher share of women than men and offers relatively high pay premia.

    In developing countries especially, where formality is limited and transitions into good jobs are harder, policy can focus on easing women’s access to high-paying companies.

    This can mean policies that support childcare, promote flexibility without penalising pay, or reduce discrimination in hiring. Otherwise, sorting into low-paying firms will keep reproducing the gender pay gap, one job move at a time.

    – Why are women paid less than men? New research in South Africa shows the company you work for makes the biggest difference
    – https://theconversation.com/why-are-women-paid-less-than-men-new-research-in-south-africa-shows-the-company-you-work-for-makes-the-biggest-difference-254221

    MIL OSI Africa –

  • MIL-OSI: Candy AI Redefines Digital Intimacy with Next-Gen AI Companion and AI Girlfriend Apps

    Source: GlobeNewswire (MIL-OSI)

    San Francisco, CA, April 30, 2025 (GLOBE NEWSWIRE) — Candy AI, a cutting-edge artificial intelligence platform, is revolutionizing the way people connect by offering hyper-personalized AI companions and AI girlfriend apps designed to provide emotional support, engaging conversations, and lifelike companionship.

    In an age where digital connection is more important than ever, Candy AI stands at the forefront of the virtual companionship movement. With its state-of-the-art conversational models and dynamic personality engine, users can create and interact with AI characters that adapt and evolve based on individual preferences and emotional needs.

    Next-Level Customization and Realism

    Candy AI empowers users to design their ideal AI partner—choosing everything from visual appearance and voice to personality traits and relationship dynamics. Whether seeking a flirty AI girlfriend, a thoughtful friend, or a fantasy role-play partner, users can engage in limitless, immersive interactions through text and voice messaging.

    “With Candy AI, we’re pushing the boundaries of what a meaningful digital connection can feel like,” said [Insert Spokesperson Name], CEO of Candy AI. “Our technology creates truly responsive companions that feel emotionally present and authentic—because every person deserves a safe space to express themselves and feel heard.”

    Not Just an App—A Digital Experience

    Candy AI is available on both web and mobile platforms, offering an intuitive interface, sleek design, and robust AI capabilities. Unique features include:

    • Emotionally Intelligent Conversations
    • Voice Messaging with Natural Speech
    • NSFW Toggle for Adult-Themed Roleplay
    • Image Generation of Characters and Scenes
    • Adaptive Learning AI that Grows with You

    The platform’s commitment to privacy ensures secure, end-to-end encrypted conversations, with no data sold to third parties.

    For Everyone, Everywhere

    From users seeking companionship to those exploring self-expression through fantasy and storytelling, Candy AI provides a nonjudgmental, fully customizable space. Available in a free version with optional premium features, Candy AI ensures inclusivity while offering premium content for deeper engagement.

    Availability

    Candy AI is currently available at Candy.AI and on major mobile platforms. For more information, character previews, or to start your own AI relationship journey, visit the official website today.

    Company: Candy.AI

    Address: Triq Is-Soll, Santa Venera SVR 1833, Malta

    Email: support@candy.ai

    Attachment

    The MIL Network –

  • MIL-OSI Russia: Financial news: 04/30/2025, 16-17 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the security RU000A0ZYJ91 (FSK RS B4) were changed.

    Translation. Region: Russian Federal

    Source: Moscow Exchange – Moscow Exchange –

    04/30/2025

    16:17

    In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC) on 30.04.2025, 16-17 (Moscow time), the values of the upper limit of the price corridor (up to 106.0) and the range of market risk assessment (up to 1127.41 rubles, equivalent to a rate of 7.5%) of the security RU000A0ZYJ91 (FSK RS B4) were changed.

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //VVV. MOEX.K.M.M.

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: 05.05.2025 will be held deposit auction of JSC “Corporation “MSP”

    Translation. Region: Russian Federal

    Source: Moscow Exchange – Moscow Exchange –

    Parameters: Date of the deposit auction 05.05.2025. Placement currency RUB. Maximum amount of funds placed (in the placement currency) 1,110,000,000.00 Placement term, days 35. Date of depositing funds 05.05.2025. Date of return of funds 09.06.2025. Minimum placement interest rate, % per annum 20.00 Terms of the conclusion, urgent or special (Urgent). Minimum amount of funds placed for one application (in the placement currency) 1,110,000,000.00 Maximum number of applications from one Participant, pcs. 1. Auction form, open or closed (Open).

    The basis of the Agreement is the General Agreement. Schedule (Moscow time). Applications in preliminary mode from 10:30 to 10:40. Applications in competitive mode from 10:40 to 10:50. Setting the cutoff percentage rate or declaring the auction invalid before 11:30.

    Additional terms

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //VVV. MEEX.K.M.M.

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: 04/30/2025, 17-36 (Moscow time) the values of the lower boundary of the price corridor and the range of market risk assessment for the RU000A100VG7 (SUEK-F1P3R) security were changed.

    Translation. Region: Russian Federal

    Source: Moscow Exchange – Moscow Exchange –

    04/30/2025

    17:36

    In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC) on 30.04.2025, 17-36 (Moscow time), the values of the lower limit of the price corridor (up to 83.62) and the range of market risk assessment (up to 812.57 rubles, equivalent to a rate of 7.5%) of the RU000A100VG7 (SUEK-F1P3R) security were changed.

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //VVV. MEEX.K.MO/N89979

    MIL OSI Russia News –

  • MIL-OSI Russia: Dmitry Chernyshenko outlined plans for the development of children’s camps in the Zaporizhia region

    Translation. Region: Russian Federal

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

    Deputy Prime Minister Dmytro Chernyshenko, during a working visit to Zaporizhia Oblast, assessed the readiness of the Krasnaya Gvozdika children’s center, a branch of the Artek International Children’s Center, for the summer health campaign. The events were also attended by the Governor of Zaporizhia Oblast Yevgeny Balitsky.

    By the beginning of the summer children’s holiday, a range of repair and improvement works had been carried out here. It is expected that in 2025 the children’s center will accept more than 1.5 thousand children from the DPR, LPR, Kherson and Zaporizhia regions.

    Dmitry Chernyshenko emphasized the importance of creating a modern and comfortable infrastructure for children’s recreation, and also noted the need not only for the reconstruction of existing facilities, but also for finding new sites for the construction of children’s camps.

    Organizing summer recreation for children is one of the priority areas of the national project “Youth and Children”.

    “We must provide children with quality recreation, and the Zaporizhia region with its climate, sea, and logistics is well suited for this. Our task is not just to restore, but also to significantly improve the infrastructure of children’s camps, using effective practices, such as the work of the “Red Carnation” center. It is necessary to conduct an inventory of all potential sites, including abandoned objects, to develop a mathematical model for the development of a network of children’s camps taking into account the demand,” said Dmitry Chernyshenko.

    He also noted that work on developing the camp network should take into account seasonal factors, and special working groups could be created to check compliance with safety standards.

    At the Mayak Creation Center in Berdyansk, the Deputy Prime Minister spoke with participants in the action as part of the All-Russian Week of Cleanup Days “We are for Cleanliness.” The action at the center brought together more than 200 volunteers from different regions of Russia, including Donbass and Novorossiya, who were cleaning the territory and planting an alley of eucalyptus trees. This initiative, organized by Rosmolodezh together with the Ecosystem movement with the support of Dobro.RF, became part of an all-Russian movement that united more than 500 thousand people in the improvement of memorial sites and cities.

    Summing up the results of the Week of Subbotniks, the Deputy Prime Minister congratulated the children on the upcoming Victory Day: “Victory Day is one of the most important holidays in our country, which is honored by generations. We pay special attention to it this year, which our President declared the Year of the Defender of the Fatherland. Everything that we do every day, approaching this holiday, we must do not 100%, but 200%.”

    The Deputy Prime Minister also visited the Azov State Pedagogical University, a branch of the Sevastopol State University, which is actively participating in the Priority 2030 program. During the military actions, the infrastructure of the Azov University was seriously damaged. In less than a year, thanks to the support of the Government, the university facilities were completely restored. In total, 7 facilities with an area of about 12 thousand square meters were restored. Today, it is a modern campus with the latest equipment and exercise machines. Dmitry Chernyshenko presented the university staff with a certificate for the purchase of a minibus, and also took part in the opening of a memorial plaque to Hero of the Soviet Union Polina Osipenko.

    In addition, in Berdyansk, the Deputy Prime Minister, together with the Governor of the Zaporizhia region, inspected the Omore Hotel, where they discussed the prospects for developing tourism in the Zaporizhia region and the implementation of the Five Seas and Lake Baikal project.

    “We inspected how the resort investment project for the creation of modular non-capital accommodation facilities is being implemented. The hotel complex includes 25 assembled houses on the territory of the facility, the installation of the verandas of the houses is being completed, temporary access roads have been equipped, and a box for an electrical substation has been installed. Finishing work and landscaping of the territory are currently underway,” noted Evgeny Balitsky.

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

    MIL OSI Russia News –

  • MIL-OSI Russia: Tatyana Golikova: Five world-class genomic research centers will be created in 2025

    Translation. Region: Russian Federal

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

    Deputy Prime Minister Tatyana Golikova held a meeting of the Council for the implementation of the Federal Scientific and Technical Program for the Development of Genetic Technologies for 2019–2030. The agenda included summing up the results of the competitive selection of organizations on the basis of which world-class genomic research centers will be created, as well as the competition for the distribution of grants for the implementation of research programs and projects in the field of genetics.

    “We are starting the next stage of the implementation of the Federal Scientific and Technical Program for the Development of Genetic Technologies – with updated objectives, a reboot of previously implemented areas and the selection of new research centers. It is extremely important that the centers selected today bring the expected results. According to the Strategy for Scientific and Technological Development, approved by the President in 2024, genetic technologies are designated as a priority area. Our goal is not only to deepen fundamental research in this area, but also to ensure its practical implementation,” said Tatyana Golikova.

    As the Deputy Prime Minister noted, the centers will be created in four areas of the Federal Scientific and Technical Program for the Development of Genetic Technologies until 2030:

    · biosafety and ensuring technological independence;

    · genetic technologies for agricultural development;

    · genetic technologies for medicine;

    · genetic technologies for industrial microbiology.

    The head of the Ministry of Education and Science, Valery Falkov, noted that the conditions of the competition had been revised.

    “Today we are faced with the most important task of achieving technological leadership, in connection with which many programs for supporting scientific research have been finalized, including the program for creating world-class genomic research centers. Now, the presence of an industrial partner or a qualified customer is one of the key conditions for participation in the competition,” the minister emphasized.

    World-class genomic research centers are consortia that unite the potential of research institutes, universities, and organizations of the real sector of the economy. Their activities contribute to the acquisition of new knowledge in the field of genetics and the development of new technologies.

    Following a competitive selection process, the government has formed a list of organizations on the basis of which five world-class genomic research centers will begin operating in 2025–2030.

    The Center for High-Precision Genetic Technologies for Medicine will be created on the basis of a consortium of the V.A. Engelhardt Institute of Molecular Biology of the Russian Academy of Sciences, N.I. Pirogov Russian National Research Medical University, and the National Medical Research Center of Hematology. Its main areas of work include the creation of anti-cancer drugs based on recombinant oncolytic viruses, drugs for the treatment of ischemic strokes, technologies for obtaining functional protein structures and pharmacogenetic approaches for medical diagnostics, as well as personnel training and retraining.

    The Center for Predictive Genetics, Pharmacogenetics and Personalized Therapy is being created on the basis of the Russian Scientific Center of Surgery named after Academician B.V. Petrovsky. The expected results of the center include, for example, the search for and identification of new genes responsible for cardiovascular diseases; the development of a diagnostic technology (“liquid biopsy”) for monitoring the risks of rejection and oncological diseases in patients who have undergone organ transplantation; the creation of a remote access advisory center for doctors and the development of higher and professional education programs in the field of genetics and pharmacogenetics.

    The world-class genomic research center “Genetic reprogramming and gene therapy” is being created on the basis of a consortium of five organizations: the Federal Scientific and Clinical Center of Physical and Chemical Medicine named after Yu.M. Lopukhin of the Federal Medical and Biological Agency of Russia, the Federal Center for Brain and Neurotechnology of the Federal Medical and Biological Agency of Russia, the State Research Center “Institute of Immunology” of the Federal Medical and Biological Agency of Russia, the Institute of Cytology of the Russian Academy of Sciences, and the Moscow Clinical Research Center named after A.S. Loginov. The center’s program involves bringing several completely original drugs to implementation, for example, for the treatment of spinal muscular atrophy and hereditary angioedema.

    The activities of the World-Class Genomic Research Center “Ensuring Biological Safety and Technological Independence” of Rospotrebnadzor are aimed at actively introducing modern genomic technologies and synthetic biology methods into the country’s biosafety system. In particular, within the framework of the project, scientists set themselves the task of describing viruses of vertebrate and arthropod carriers in natural reservoirs that have pathogenic potential. As a result, taking into account the use of modern technological solutions for metavirome analysis, new, previously undescribed or modified viruses will be identified and their zoonotic and pathogenic potential for humans will be assessed. This will allow the Russian Federation to become the third country in the world to implement such global projects.

    The Kurchatov Genome Center consortium will include the Kurchatov Institute National Research Center, the Institute of Cytology and Genetics of the Siberian Branch of the Russian Academy of Sciences, and the All-Russian Research Institute of Agricultural Biotechnology. The center’s main tasks include creating producer strains (bacterial systems), methodologies for designing varieties based on the analysis of large genotyping data, developing new varieties and hybrids, prototypes of varieties of strategically important agricultural crops obtained using genome editing, as well as developing and implementing educational programs for specialists (in genomic selection) and gifted schoolchildren.

    In addition, following the results of the competition for the distribution of grants for the implementation of research programs and projects in the field of genetics, 13 teams conducting research in the field of genetics and 14 projects that will result in the creation of bioresource collections will receive support. The total amount of their funding in 2025 will be 1.7 billion rubles.

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

    MIL OSI Russia News –