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Category: Europe

  • MIL-OSI: MYT Netherlands Parent B.V. (“Mytheresa”) and Richemont announce the successful completion of Mytheresa’s acquisition of YOOX NET-A-PORTER (“YNAP”)

    Source: GlobeNewswire (MIL-OSI)

    MYT Netherlands Parent B.V. (“Mytheresa”) and Richemont announce the successful completion of Mytheresa’s acquisition of YOOX NET-A-PORTER (“YNAP”)

    24 April 2025 – Mytheresa (NYSE:MYTE) successfully closed its acquisition of YNAP from Richemont (SWX:CFR), through its subsidiary Richemont Italia Holding S.P.A., following the fulfillment of all conditions including receipt of all unconditional approvals from the relevant regulatory authorities.

    Mytheresa is now YNAP’s sole shareholder which it will fully consolidate under the MYT Netherlands Parent B.V. umbrella. The company will be renamed “LuxExperience B.V.” and will continue to be listed on the New York Stock Exchange (NYSE) with the trade name “LuxExperience” and a new ticker symbol of “LUXE”, effective 1 May 2025.

    In exchange for all shares of YNAP and a net cash position of €555m and no financial debt, Richemont has received 49,741,342 shares in Mytheresa, representing 33% of Mytheresa’s fully diluted share capital post issuance of the consideration shares.

    Nora Aufreiter, Chair of the Supervisory Board of MYT Netherlands Parent B.V., said: “The successful acquisition marks a milestone in the great success story of Mytheresa. Our company will become a group that includes some of the best retail banners in digital luxury. We will use our proven strength to execute on our strategic plans and create even more value for our shareholders, brand partners, customers and employees. We are confident that in the course of the integration and restructuring we will become one of the strongest and most resilient global players in the digital luxury sector.”

    The store brands Mytheresa, NET-A-PORTER, MR PORTER, YOOX and THE OUTNET will be strengthened in their differentiated and complementary profiles. Significant synergies will be achieved primarily through a shared infrastructure and technology platform as well as operational efficiency improvements. The off-price division – consisting of YOOX and THE OUTNET – will be separated from the luxury division to enable a much simpler and more efficient operating model under the new roof. YNAP’s white label service business will be discontinued as soon as the Richemont Maisons’ online stores powered by YNAP have been migrated to their own chosen platforms.

    Forward-looking statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact or relating to present facts or current conditions included in this press release are forward- looking statements. Forward-looking statements give Mytheresa’s current expectations and projections relating to the completed transaction and the operation of the combined companies; its financial condition, results of operations, plans, objectives, future performance and business, including statements relating to financing activities, future sales, expenses, and profitability; future development and expected growth of our business and industry; our ability to execute our business model and our business strategy; having available sufficient cash and borrowing capacity to meet working capital, debt service and capital expenditure requirements for the next twelve months; and projected capital spending. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. The forward-looking statements contained in this press release are based on assumptions that Mytheresa has made in light of its industry experience and perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. As you read and consider this press release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (many of which are beyond Mytheresa’s control) and assumptions. Although Mytheresa believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect its actual operating and financial performance and cause its performance to differ materially from the performance anticipated in the forward-looking statements. Mytheresa believes these factors include, but are not limited to: the risk that the completed transaction and its announcement could have an adverse effect on the ability of YNAP to retain customers and retain and hire key personnel and maintain relationships with their brand partners and customers and on their operating results and businesses generally; the risk that problems may arise in successfully integrating the businesses of YNAP and Mytheresa, which may result in the combined company not operating as effectively and efficiently as expected; the risk that the combined company may be unable to achieve cost-cutting synergies or that it may take longer than expected to achieve those synergies; Mytheresa’s ability to effectively compete in a highly competitive industry; Mytheresa’s ability to respond to consumer demands, spending and tastes; general economic conditions, including economic conditions resulting from deteriorating geopolitical and macroeconomic conditions, such as the recent global trade war that escalated after the U.S. imposed tariffs on countries across the globe, and the adoption of retaliatory tariffs by those countries, that may adversely impact consumer demand; Mytheresa’s ability to acquire new customers and retain existing customers; consumers of luxury products may not choose to shop online in sufficient numbers; the volatility and difficulty in predicting the luxury fashion industry; Mytheresa’s reliance on consumer discretionary spending; and Mytheresa’s ability to maintain average order levels and other factors. Should one or more of these risks or uncertainties materialize, or should any of these assumptions prove incorrect, Mytheresa’s actual operating and financial performance may vary in material respects from the performance projected in these forward-looking statements.

    Mytheresa undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.

    The achievement or success of the matters covered by such forward-looking statements involves known and unknown risks, uncertainties and assumptions. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, Mytheresa’s results could differ materially from the results expressed or implied by the forward-looking statements it makes.

    You should not rely upon forward-looking statements as predictions of future events. Forward-looking statements represent Mytheresa’s management’s beliefs and assumptions only as of the date such statements are made.

    Further information on these and other factors that could affect Mytheresa’s financial results is included in filings it makes with the U.S. Securities and Exchange Commission (“SEC”) from time to time, including the section titled “Risk Factors” in its annual report on Form 20-F and on Form 6-K (reporting its quarterly results). These documents are available on the SEC’s website at www.sec.gov and on the SEC Filings section of the Investor Relations section of our website at: https://investors.mytheresa.com.

    About Mytheresa

    Mytheresa is one of the leading luxury multi-brand digital platforms shipping to over 130 countries. Founded as a boutique in 1987, Mytheresa launched online in 2006 and offers ready-to-wear, shoes, bags and accessories for womenswear, menswear, kidswear as well as lifestyle products and fine jewelry. The highly curated edit of up to 250 brands focuses on true luxury brands such as Bottega Veneta, Brunello Cucinelli, Dolce&Gabbana, Gucci, Loewe, Loro Piana, Moncler, Prada, Saint Laurent, The Row, Valentino, and many more. Mytheresa’s unique digital experience is based on a sharp focus on high-end luxury shoppers, exclusive product and content offerings, leading technology and analytical platforms as well as high quality service operations. The NYSE listed company reported € 913.6 million GMV in fiscal year 2024 (+7% vs. FY23).
    For more information, please visit https://investors.mytheresa.com/.

    “LuxExperience” will be the trade name for LuxExperience B.V., a Dutch company with limited liability, upon completion of the renaming of MYT Netherlands Parent B.V.

    About Richemont

    At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity. Richemont’s ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over the long term.

    Richemont operates in three business areas: Jewellery Maisons with Buccellati, Cartier, Van Cleef & Arpels and Vhernier; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; and Other, primarily Fashion & Accessories Maisons with Alaïa, Chloé, Delvaux, dunhill, G/FORE, Gianvito Rossi, Montblanc, Peter Millar, Purdey, Serapian as well as Watchfinder & Co. Find out more at https://www.richemont.com/.

    Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index (‘SMI’) of leading stocks. The ‘A’ shares are also traded on the Johannesburg Stock Exchange (JSE), Richemont’s secondary listing.

    Investor Relations Contacts
    Mytheresa.com GmbH
    Stefanie Muenz
    phone: +49 89 127695-1919
    email: investors@mytheresa.com

    Media Contacts for public relations
    Mytheresa.com GmbH
    Sandra Romano
    mobile: +49 152 54725178
    email: sandra.romano@mytheresa.com

    Media Contacts for business press
    Mytheresa.com GmbH
    Lisa Schulz
    mobile: +49 151 11216490
    email: lisa.schulz@mytheresa.com

    Media Contacts for business press
    BOC Consult GmbH
    Ruediger Assion
    mobile: +49 176 2424 7691
    email: ruediger.assion@boc-consult.com

    Richemont Contacts
    Investor / analyst enquiries: +41 22 721 30 03; investor.relations@cfrinfo.net
    Media enquiries: +41 22 721 35 07; pressoffice@cfrinfo.net; richemont@teneo.com

    Source: MYT Netherlands Parent B.V.

    Click here for a printer-friendly version in English (PDF)

    The MIL Network –

  • MIL-OSI Europe: Penitentiary professionals gain skills in medical standards of torture documentation

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

    Headline: Penitentiary professionals gain skills in medical standards of torture documentation

    A total of some 45 forensic experts and medical staff of penitentiary system from five regions of Uzbekistan learned about international mechanisms for documenting torture, as well as national laws governing the treatment of those in detention, during training events in Termez and Ferghana on 21-22 April and 24-25 April.
    The OSCE Project Co-Ordinator in Uzbekistan (PCUz), in co-operation with the National Center for Human Rights (NCHR), the Directorate for the Execution of Punishments under the Ministry of Internal Affairs of Uzbekistan and the Republican Scientific and Practical Center for Forensic Medicine, organized the two-day courses, which covered the Istanbul Protocol – the international standard for the medical documentation of torture.
    “Our main task in ending torture is to improve the skills of medical personnel, arming them with effective tools in accordance with international standards, one of which is the Istanbul Protocol. Protecting human dignity is not only a legal but also a moral duty. In this regard, together with our reliable partner, the OSCE PCUz, we are implementing important initiatives”, said Professor Akmal Saidov, Director of the NCHR.
    Ambassador Antti Karttunen, Head of Office of the PCUz, said, “Since 2017, Uzbekistan has demonstrated a serious commitment to identifying and addressing gaps in torture prevention and strengthening the protection of human rights. The OSCE PCUz is proud to support Uzbekistan’s initiatives that promote human rights within Uzbekistan’s penitentiary system. Over the years, our office has provided capacity-building support to governmental and civil society actors and conducted several trainings on torture prevention.”
    Participants in the training events, from Republican Scientific and Practical Centre for Forensic Medicine and Uzbekistan’s penitentiary system, were taught how to correctly identify and document both physical and psychological signs of torture, as well as how to comply with legal and ethical standards when conducting forensic examinations in detention facilities, such as pretrial detention centres and prisons. 
    This initiative reflects a continuing commitment by Uzbekistan to advance human rights protection mechanisms and support professionals in upholding legal and ethical standards in the treatment of individuals in detention.

    MIL OSI Europe News –

  • MIL-Evening Report: 5 ways to tackle Australia’s backlog of asylum cases

    Source: The Conversation (Au and NZ) – By Daniel Ghezelbash, Professor and Director, Kaldor Centre for International Refugee Law, UNSW Law & Justice, UNSW Sydney

    People who apply for asylum in Australia face significant delays in having their claims processed. These delays undermine the integrity of the asylum system, erode public confidence and cause significant distress to people seeking asylum.

    There are, at the time of writing, 28,691 applications for a protection visa awaiting a decision at the Department of Home Affairs. At least 43,308 applications await review at the Administrative Review Tribunal.

    For people seeking asylum who have their initial applications refused and seek review in the Administrative Review Tribunal and in the Federal Circuit and Family Court, the process can often take more than ten years.

    Whoever wins the upcoming election inherits the daunting task of addressing this issue.

    Our research evaluated data on Australia’s previous attempts to increase efficiency of asylum processing. We also examined international best practice for designing fair and fast procedures, including lessons from recent successful asylum reforms in Switzerland.

    Here are five ways to make Australia’s asylum process more efficient.

    1. Recognise fairness enhances efficiency

    In most countries with asylum systems, processing is neither fair nor fast.

    When trying to increase efficiency, many governments have limited the ability of a person seeking asylum to fairly put forward their case.

    Australia, the United States, and many countries across Europe have introduced accelerated or fast-track procedures that drop essential safeguards including:

    • the right to an interview
    • access to legal assistance, and
    • the opportunity to respond to information that undermines their claim for asylum.

    But these efforts don’t just undermine fairness. They also contribute to slower processing.

    Such measures tend to lead to more appeals, and more cases being overturned by courts and tribunals. This contributes to longer delays.

    Our research into Australia’s now-abolished fast-track procedures demonstrates this. This policy was introduced by the Coalition government in 2014, with the aim of speeding up processing and reducing the backlog of asylum applications.

    It included the creation of a new streamlined review process before the Immigration Assessment Authority. Applicants were generally not interviewed or allowed to put forward new information.

    The resulting system was not only unfair; it was also excruciatingly slow.

    Four in five cases were appealed to the court. About 37% of these were overturned. The delays created by increased litigation clearly counteracted any time saved.

    One of the best ways to improve the efficiency of asylum processing is to ensure applicants can present their cases effectively from the outset.

    2. Fund legal representation for those who can’t afford a lawyer

    Research shows legal assistance increases efficiency.

    Lawyers can help assist people to prepare and present their case properly, and ensure that they get a fair hearing (reducing the chance of a lengthy appeal).

    Promisingly, in 2023 the federal government announced A$48 million in funding for legal services for people seeking asylum.

    It’s crucial this funding is maintained, and is sufficient to meet demand.

    3. Invest in decision-makers

    Once a person lodges their claim for asylum, it’s first assessed by the Department of Home Affairs. If the application is denied, the applicant can seek review at the Administrative Review Tribunal, which reassesses the merits of the application.

    If the tribunal rejects the claim, the court can conduct a limited review focusing only on whether the decision was lawfully made.

    A fast process is only possible if we have enough of all these decision-makers across the system.

    This requires investment in training and hiring suitably qualified decision-makers who are equipped to handle the volume and complexity of asylum claims.

    This is underway. The federal government has invested $58 million in October 2023 towards hiring additional Administrative Review Tribunal members and Federal Circuit and Family Court judges for asylum cases. It’s also hiring more staff at the Department of Home Affairs.

    Australia’s next government should consider taking a data-driven approach to calculate the decision-making capacity required for existing and future caseload.

    4. Prioritise simple cases for faster processing

    Not all asylum cases are equally complex; some can be resolved relatively quickly.

    Australia needs a robust and transparent triaging system to identify and prioritise simpler cases for faster processing.

    This would significantly improve overall efficiency and allow decision-makers to focus on more complex cases.

    The Department of Home Affairs’ current approach to triaging is a “last in, first out” system that prioritises new asylum applications for rapid processing.

    However, this leads to substantial unfairness for applicants who lodged their claims earlier, who may face long processing delays.

    The department needs an approach to streaming based on case complexity, to ensure all cases are finalised as quickly as possible.

    5. Better coordination across decision-making bodies

    The various bodies involved in asylum processing – including the Administrative Review Tribunal, the Federal Circuit and Family Court and the Department of Home Affairs – need to coordinate to improve efficiency and cut delays.

    Any government reforms aimed at increasing the efficiency of asylum procedures must be system-wide.

    By taking a holistic view, we can ensure that increased efficiency at one stage does not inadvertently create bottlenecks or inefficiencies in another.

    A fundamental shift

    Overall, Australia needs a fundamental shift that recognises fairness contributes to, rather than detracts from efficiency.

    That shift is essential for developing a fair and fast asylum process that will serve the best interests of applicants, the government and the Australian public.

    Daniel Ghezelbash receives funding from the Australian Research Council and the Robert Bosch Foundation. He is a board member of Refugee Advice and Casework Services, Wallumatta Legal, and the Access to Justice and Technology Network. He is also a Special Counsel at the National Justice Project.

    Keyvan Dorostkar receives an Australian government Research Training Program (RTP) Scholarship.

    Mia Bridle receives an Australian government Research Training Program (RTP) Scholarship.

    – ref. 5 ways to tackle Australia’s backlog of asylum cases – https://theconversation.com/5-ways-to-tackle-australias-backlog-of-asylum-cases-254071

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: Scientists from multiple countries granted access to China’s Chang’e-5 lunar samples for research

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

    Scientists from multiple countries granted access to China’s Chang’e-5 lunar samples for research

    SHANGHAI, April 24 — The China National Space Administration (CNSA) announced on Thursday that scientists from institutions in France, Germany, Japan, Pakistan, the United Kingdom (UK) and the United States (U.S.) have been granted the opportunity to borrow lunar samples collected by the Chang’e-5 mission for scientific research.

    At a ceremony for China’s Space Day in Shanghai, the agency announced that seven institutions from six countries have been authorized to borrow the lunar samples.

    The authorized institutions include the Institut de Physique du Globe de Paris (IPGP) in France, the University of Cologne in Germany, Osaka University in Japan, the Pakistan Space and Upper Atmosphere Research Commission (SUPARCO), the Open University in the UK, Brown University in the US, and the State University of New York at Stony Brook in the US.

    In 2020, China’s Chang’e-5 mission retrieved samples from the moon weighing about 1,731 grams.

    Shan Zhongde, head of the CNSA, said China’s lunar exploration program has always adhered to the principles of equality, mutual benefits, peaceful utilization and win-win cooperation, sharing achievements with the international community.

    He added that CNSA will continue to accept international applications for lunar sample research, expressing hope that global scientists will make new discoveries that expand human knowledge and benefit humanity.

    In November 2023, CNSA opened applications for international researchers to borrow Chang’e-5 lunar samples. By the end of December 2023, it had received 24 applications from 11 countries and international organizations.

    MIL OSI China News –

  • MIL-OSI China: China to launch Chang’e-8 lunar mission around 2029, collaborating with int’l partners

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

    China to launch Chang’e-8 lunar mission around 2029, collaborating with int’l partners

    SHANGHAI, April 24 — The China National Space Administration (CNSA) revealed Thursday that the Chang’e-8 lunar probe is scheduled for launch around 2029, and will carry payloads from 11 countries and regions and one international organization as part of international cooperation.

    The announcement was made at the opening ceremony for 2025 Space Day of China, which is celebrated annually on April 24.

    The Chang’e-8 mission will target the Leibnitz-Beta Plateau near the lunar south pole region, working with the earlier Chang’e-7 mission to conduct scientific exploration and in-situ resource utilization experiments. These efforts will lay the groundwork for the future International Lunar Research Station.

    According to CNSA, the 10 selected collaborative projects include a multi-functional robot designed by researchers in Hong Kong, a lunar rover developed by Pakistan and the International Society for Terrain-Vehicle Systems (ISTVS), an exploration rover made by Türkiye, and radio astronomical instruments by South Africa and Peru.

    The projects also include Italy’s laser retroreflector arrays, Russia’s plasma and dust analyzer and high-energy particle detector, Thailand’s neutron analyzer, Bahrain and Egypt’s lunar surface imaging system, and Iran’s lunar potential monitor.

    Shan Zhongde, head of CNSA, said China will work closely with international partners to achieve new scientific discoveries and technological breakthroughs that will ultimately benefit all of humanity.

    CNSA announced in October 2023 international cooperation opportunities for Chang’e-8 lunar mission, which offered 200 kilograms of payload resources for global partners. A total of 41 cooperation proposals were received.

    MIL OSI China News –

  • MIL-OSI Russia: Residents of the Technopolis Moscow SEZ have launched 37 new drugs on the market

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    Pharmaceutical enterprises of the special economic zone (SEZ) Technopolis Moscow brought 37 new drugs to the market in 2024. Among them are drugs for the treatment of cancer, multiple sclerosis, chronic myelogenous leukemia and others. This was reported by the Deputy Mayor of Moscow for Transport and Industry Maxim Liksutov.

    “The capital plays a key role in the development of the domestic pharmaceutical industry and strengthening the country’s medicinal sovereignty. On the instructions of Sergei Sobyanin, the city has created a set of effective tools to support the industry, which allows for the regular introduction of popular drugs to the market and an increase in production volumes. Today, eight resident enterprises produce vital drugs in the Technopolis Moscow special economic zone; during their operation, they have produced products worth over 74 billion rubles. In 2024, three companies from the capital’s SEZ brought 37 new drugs to the market for the treatment of socially significant diseases,” said Maxim Liksutov.

    The production facilities of pharmaceutical enterprises are located at two sites: Alabushevo and Pechatniki. In addition, they are participants in the largest pharmaceutical cluster in the country.

    “Offset contracts are concluded with pharmaceutical companies from the Moscow SEZ, under the terms of which the enterprises produce innovative drugs, and the city guarantees their purchase. The enterprises have high-tech production lines, modern laboratories, invest in research and development work. All this contributes to the creation of new effective drugs,” said the Minister of the Moscow Government, head of the capital’s Department of Investment and Industrial Policy

    Anatoly Garbuzov.

    In March 2023, the Russian Ministry of Health registered the first Russian original drug for the treatment of multiple sclerosis, developed by scientists from the Russian biotechnology company Biocad and the Russian National Research Medical University named after N.I. Pirogov. The innovative drug reduces the immune-inflammatory process in the central nervous system, which reduces the number of exacerbations in patients with multiple sclerosis.

    The resident of the SEZ Technopolis Moscow invested more than one billion rubles in the development and research of the drug. Production successfully began last year on the territory of the Alabushevo site. Since then, the enterprise has produced more than seven thousand packages of the product.

    The company “R-Opra” (the group of companies “R-Pharm”) is also actively developing new types of drugs for the treatment of oncological, autoimmune, asthmatic and other diseases.

    The project to create a modern pharmaceutical production complex at the capital’s SEZ site became possible thanks to an offset contract, said Gennady Degtyarev, General Director of the Technopolis Moscow special economic zone. In 2024, the resident opened a production site for the production of drugs in the form of soft gelatin capsules, which are used in the treatment of oncological diseases. In addition, last year the company mastered more than 10 new medicinal products for the treatment of socially significant diseases.

    Another company, a resident of the Moscow SEZ, Amedart, opened import-substituting production of 26 new drugs at the Pechatniki site in 2024. Among them are, for example, drugs for the treatment of oncological diseases and the therapy of the human immunodeficiency virus (HIV). The start of production of these critically important drugs is a significant step in providing Russian patients with affordable and high-quality medicines.

    New modern equipment allows the resident to annually produce up to 10 million packages of antiretroviral drugs for HIV therapy and up to one million packages of antitumor drugs. The company’s portfolio includes a total of more than 100 items included in the list of vital drugs. Their production capacity reaches 15 million packages per year.

    Sobyanin opened the Kalashnikov concern complex in Technopolis MoscowSobyanin told what new industrial enterprises will open in Moscow

    SEZ Technopolis Moscow is a territory with a special legal status, where a preferential regime of entrepreneurial activity for investors operates. The area of the facilities where high-tech enterprises are located exceeds 390 hectares. SEZ Technopolis Moscow has been a leader in international and national industry ratings for several years.

    Get the latest news quickly official telegram channel the city of Moscow.

    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: //vv.mos.ru/nevs/ite/153087073/

    MIL OSI Russia News –

  • MIL-OSI Russia: Renovation program: in the first quarter of this year, all residents of 49 buildings completed the paperwork for new apartments

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    In the first quarter of this year, all residents of 49 old buildings completed the execution of contracts for new apartments under the renovation program. This was reported by the Deputy Mayor of Moscow for Urban Development Policy and Construction Vladimir Efimov.

    “In the first quarter of 2025, Muscovites from 49 old buildings completed the paperwork for equivalent apartments under the renovation program, while 31 buildings have already been completely vacated, while residents of the remaining 18 are still in the process of moving. In total, about 8.2 thousand people lived in these houses being resettled. All of them became the owners of comfortable housing with improved finishing according to the standards of the renovation program,” said Vladimir Efimov.

    Apartments that city dwellers move into renovation program, more spacious than their previous ones due to the larger area of the corridors and kitchens. In addition, new buildings are being built taking into account the principles of a barrier-free environment.

    In January, residents of 16 old houses completed paperwork, in February – residents of 19. In March, Muscovites living in 14 old buildings completed paperwork.

    “The largest number of houses in which residents completed the paperwork in the first quarter are located in the east of the capital – there are 14 of them. They were home to 2.4 thousand city residents. In the southeast, all Muscovites from nine buildings being resettled signed contracts – more than 1.6 thousand people, in the northeast – from five five-story buildings and two four-story buildings, in which almost 1.2 thousand participants in the renovation program lived,” said the Minister of the Moscow Government, head of the capital’s Department of City Property

    Maxim Gaman.

    As part of the renovation program, residents can use the services of a super service “Moving under the renovation program”. You can order them on the mos.ru portal or at resettlement information centers.

    More than 100 thousand people have used the super service “Moving under the renovation program”

    Minister of the Moscow Government, Head of the Department of Urban Development Policy Vladislav Ovchinsky clarified that one of the most popular services within the super service is assistance in moving. The city provides residents with movers and a car free of charge to transport things from an old apartment to a new one. And developers and general contractors, thanks to the service, can monitor the quality of built residential complexes, the time frame for eliminating defects in new apartments, and also track changes at the sites.

    The capital’s Department of Information Technology added that general instructions available in the super service will help prepare for the planned move “Moving under the renovation program” on the mos.ru portal. With its help, you can find out how the move is organized, get information about the necessary documents for drawing up a contract, and also use links to useful services. If you configure the parameters of the move, the super service will provide the opportunity to read the instructions for a specific life situation.

    Earlier, Moscow Mayor Sergei Sobyanin told on resettlement under the renovation program in the Timiryazevsky district.

    The renovation program was approved in August 2017. It concerns about a million Muscovites and provides for the resettlement of 5,176 houses. Sergei Sobyanin instructed to double the pace of implementation of the renovation program.

    Moscow is one of the leaders among regions in terms of construction volumes. High rates of housing construction correspond to the goals and initiatives of the national project “Infrastructure for life”.

    Get the latest news quickly official telegram channelthe city of Moscow.

    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: //vv.mos.ru/nevs/ite/153079073/

    MIL OSI Russia News –

  • MIL-OSI Russia: Applications are now open for the National Prize in Financial and Economic Journalism

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    In Russia, the best journalistic works in the field of economics and finance will be selected as part of the annual national award “Finkor”. Applications for participation in the competition can be submitted until August 10 on the website fincor.rf.

    “Finance and economics are the basis for the stable development of society and the state. It is necessary for not only specialists in the field to be aware of what is happening, but also for all citizens of our country. Journalism serves as a bridge between the world of finance and the general public. The ability to talk about complex topics in an accessible language requires great skill and knowledge. It has already become a tradition to award the authors of the best journalistic works in the field of economics and finance at the Moscow Financial Forum. I am sure that this year we will also discover new names and recognize professionals, the best in their field,” said Irina Okladnikova, First Deputy Minister of Finance of the Russian Federation.

    This year, the competition for the award is being held for the fourth time. Representatives of Russian mass media, including radio and television broadcast editors, teams and individual publicists — professional journalists, representatives of online publications, authors of Telegram channels and bloggers covering economics and finance, as well as students of specialized faculties of Russian universities are invited to participate.

    “Economic and financial information is one of the most in-demand in the modern world. The constantly changing situation in the Russian and international economy requires journalists to painstakingly work with figures and facts, the ability to clearly present complex information and quickly convey it to readers. The Fincor Prize helps to identify the best practices in covering financial and economic processes and increase interest in these topics on the part of journalists. During the award, the number of submitted works has increased almost fourfold – from more than 200 applications in 2022 to almost 800 last year,” said

    Maria Bagreeva, Deputy Mayor of Moscow, Head of the Moscow Department of Economic Policy and Development.

    To participate, you must submit articles, interviews, reports, recordings of television broadcasts, podcasts, radio programs and other journalistic materials, as well as journalistic projects published in print or online publications, posted on the Internet, in Telegram channels, on radio or television in the period from August 1, 2024 to August 1, 2025.

    The award ceremony will take place within the framework of the IX Moscow Financial Forum, which will be held in the Manezh in the fall. Detailed information about the nominations and the award regulations are posted on the website fincor.rfYou can also apply for participation there.

    The Fincor National Award was established in 2022 by the Moscow City Economic Policy Complex jointly with the Ministry of Finance of the Russian Federation.

    Its goal is to identify best practices for covering financial and economic processes in the country.

    The partners of the award this year are the Research Financial Institute of the Ministry of Finance of the Russian Federation, the Vmeste Media platform, the Free Economic Society of Russia, the Union of Journalists of Russia, the Patrice Lumumba Peoples’ Friendship University of Russia, the A.S. Griboyedov Moscow University, the Moscow University of Finance and Law, the St. Petersburg State University of Economics, the Institute of Media of the Research University Higher School of Economics, the Higher School of Journalism of Tomsk State University and the youth center of the Union of Journalists of Russia.

    Get the latest news quickly official telegram channelthe city of Moscow.

    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: //vv.mos.ru/nevs/ite/153088073/

    MIL OSI Russia News –

  • MIL-OSI Russia: NSU held a telethon with colleagues from the National University of Uzbekistan

    Translation. Region: Russian Federal

    Source: Novosibirsk State University – Novosibirsk State University –

    Novosibirsk State University held a telethon with colleagues from the National University of Uzbekistan named after Mirzo Ulugbek “Heroes of Science and the Front: Memory of Teachers and Scientists”, dedicated to the 80th anniversary of the Victory in the Great Patriotic War.

    The telethon was organized by partners in the Consortium of Researchers of the History of North and Central Asian Countries, the Humanitarian Institute of NSU and the Faculty of History of the Mirzo Ulugbek National University of Uzbekistan.

    Opening the meeting, Professor, Doctor of Historical Sciences Andrey Zuyev emphasized: “A lot of time has passed, but we must not forget about this, the most grandiose event of the 20th century for our history. Representatives of all peoples and social groups of the Soviet Union took part in the war. And our event is dedicated to preserving the memory of the teachers and scientists who contributed to the common Victory.”

    Professor of the National University of Uzbekistan, Doctor of Historical Sciences Akhmadjon Khalikulov, who spoke in response, shared the same point of view.

    The telethon program opened with a report by Academician of the Russian Academy of Sciences, Professor Vyacheslav Molodin, “Scientists of Siberia on the Front of the Great Patriotic War and in the Post-War Period,” which became the basis for a chapter in a collective monograph on this topic, prepared by the Siberian Branch of the Academy of Sciences.

    He recalled that during the war, many scientists were already working in Novosibirsk, where the Novosibirsk Committee of Scientists was created in early 1942, with Academician S.A. Chaplygin becoming its honorary chairman. A year later, a branch of the USSR Academy of Sciences was formed, consisting of the following institutes: Mining and Geology, Transport and Energy, Chemical and Metallurgical, and Medical and Biological.

    “Among the priority tasks facing the institutes of the Siberian branch of the Academy of Sciences was the use of natural resources of the Urals and Siberia in the interests of the country’s defense, since many sources of strategic raw materials ended up in enemy-occupied territories,” Molodin said. And, as the academician showed in his report, the geologists successfully coped with it.

    It is difficult to overestimate the contribution to the victory of the future founders of Akademgorodok. Mikhail Alekseevich Lavrentyev developed the theory of cumulation and decoding the actions of cumulative shells, on the basis of which a number of effective anti-tank ammunition was created, which played, among other things, a significant role in the outcome of the Battle of Kursk. The research of Sergei Alekseevich Khristianovich helped to increase the accuracy of shooting of another important class of weapons of that war – multiple launch rocket systems. The third co-founder of Akademgorodok Sergei Lvovich Sobolev worked on the development of computational mathematics during the war, and the results of his work later found expression in the successful implementation of the atomic and space projects of the Soviet Union.

    Many of the future famous scientists of the Siberian Branch of the Academy of Sciences went through the Great Patriotic War as soldiers and officers of the Red Army. Among them were the founder of the Institute of Nuclear Physics G.I. Budker, the founder of the Institute of Semiconductor Physics A.V. Rzhanov, one of the founders of the Institute of Thermal Physics S.S. Kutateladze, the author of the famous experiment on domesticating foxes and one of those who revived genetics in the USSR D.K. Belyaev, the future founder of the Physics and Mathematics School and one of the fathers of Soviet cybernetics A.A. Lyapunov and many others, whose names were also mentioned in Academician Molodin’s report.

    Also, as part of the telethon, PhD in History Stanislav Egorov presented a digital exhibition “From the War Fronts to the Scientific and Teaching Front: NSU Humanities Scientists — Participants in the Great Patriotic War.”

    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: Sergei Sobyanin announced the launch of summer river navigation in Moscow

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    Summer navigation on the Moscow River begins on April 24, says Sergei Sobyanin in his blog.

    “In honor of the opening of the navigation season on the Moscow River, we will hold a parade of ships. More than 20 pleasure boats operating in the capital, as well as an electric vessel and a crew of water transport of the Ministry of Internal Affairs of Russia will proceed from the Nagatinsky backwater to the Neskuchny Sad pier in the Central Administrative District. The nearest festive activities at the Northern and Southern river terminals in honor of the start of navigation are planned for April 27,” the Mayor of Moscow noted.

    By the opening of the season, city services washed the embankments, parapets and fences, tidied up the piers and approaches to the water where necessary, repaired granite and concrete foundations, replaced rubber bumpers, and updated the markings of the boundary lines and signs for boarding and disembarking.

    With the help of 500 outdoor surveillance cameras, the River Situation Center monitors the safety of the Moscow River water area around the clock. The Moscow River Police monitors order in the water area. Its employees patrol a section with a total length of 670 kilometers on water transport. During the navigation season, a special water patrol is also on duty. Passengers at the berths are assisted by employees of the TsODD passenger service, and the crews are assisted by shore sailors.

    Thanks to high-quality infrastructure and service, the popularity of river cruises and walks is growing every year.

    “Last season, the number of arrivals and departures of cruise ships from the berths of the Northern and Southern river terminals increased by 10 percent, and the number of passengers by 15 percent. This year, we expect growth of 15 percent – more than 2.5 thousand moorings,” said Sergei Sobyanin.

    The first cruise ship “Rus Velikaya” will depart from the Northern River Terminal to Tver. In total, this season the river service will cover dozens of cities, including St. Petersburg, Yaroslavl, Kazan, Perm, Plyos, Kostroma, Samara and others.

    One of the most famous routes, the Golden Ring of Rivers, will pass through the center of Moscow and along the Kremlin and the Cathedral of Christ the Savior. Two modern comfort-class ships, the Golden Ring and Aurum, will begin their route from the Northern River Terminal and end at the Southern.

    The river terminals themselves, after their renovation, have become not only key objects of Moscow’s transport infrastructure, but also popular public spaces. Citywide and local festivals are held here, and major holidays are celebrated.

    Since the beginning of 2025, the stations have welcomed more than 400 thousand guests and held 260 events: sports training, performances by artists, creative workshops, lectures, film screenings and others.

    The new season will feature a cruise on the new motor ship Nikolay Zharkov from the Vodohod company, launched in 2025. The comfortable five-deck vessel, over 130 meters long, takes on board almost 180 guests, who are served by about 100 crew members. The motor ship was named after the famous shipbuilder Nikolay Zharkov, under whose leadership more than 400 ships were built, including 24 submarines with nuclear power plants and 20 deep-sea rescue vehicles.

    A regular route to Khimki and a ferry to the Zakharkovo pier have resumed operation from the Northern River Terminal. This is a convenient way to travel for residents of five Moscow districts and Khimki near Moscow. Last year, the ships Moskva-1 and 850 Years of Moscow carried more than 260,000 passengers.

    Regular electric transport runs along the Moscow River all year round and in any weather. Since the opening of the service, there has not been a single day when electric vessels have stopped running along the Moscow River. During their operation, more than 1.7 million trips have been made along the Kyiv – Fili Park and ZIL – Pechatniki routes.

    Testing of the first unmanned surface boat is also beginning. It should become a universal assistant to the transport police: it will automatically record violations in the water area and help rescue people who find themselves in the water.

    The unmanned boat is equipped with a camera, lidar and modern navigation tools, and its movement is controlled by artificial intelligence. The equipment operates reliably and safely in all weather conditions.

    The technology for controlling the boat was created by specialists from the Center for Research and Development of Unmanned Transport of the State Unitary Enterprise Moscow Metro, and the project itself is the result of joint work between the Main Directorate for Transport of the Ministry of Internal Affairs of Russia and the team from the Center for Advanced Development of Moscow Transport, which opened in May last year.

    “This season, we plan to launch the third regular river route Novospassky – ZIL, which will connect four districts: Danilovsky, Tagansky, Yuzhnoportovy and Zamoskvorechye. There will be four new berths on the route: Simonovsky, Torpedo, Derbenevskaya Embankment and Novospassky. The fleet of innovative river transport will be replenished with 10 new electric vessels. Some will go on the third route, and the rest will strengthen the first two routes,” the Moscow Mayor added.

    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: //vv.mos.ru/mayor/tkhemes/12634050/

    MIL OSI Russia News –

  • MIL-OSI: Eurocastle Releases Fourth Quarter and Year End 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    EUROCASTLE INVESTMENT LIMITED

                                                                                                                                                                                                                FOR IMMEDIATE RELEASE
    Contact:        
    Oak Fund Services (Guernsey) Limited
    Company Administrator
    Attn: Nicole Barnes
    Tel: +44 1481 723450        

    Eurocastle Releases Fourth Quarter and Year End 2024 Financial Results

    Guernsey, 24 April 2025 – Eurocastle Investment Limited (Euronext Amsterdam: ECT) today has released its annual report for the year ended 31 December 2024.

    • IFRS NAV of €22.08 million, or €22.05 per share vs €21.34 per share as at Q3 2024 and €21.77 per share as at YE 2023, reflecting an increase in the value of the Company’s holding in a Luxembourg fund under the New Investment Strategy, following the closing of its first investment in October 2024.
    • Adjusted Net Asset Value (“NAV”) of €11.35 million1, or €11.34 per share2 vs. €10.91 per share in Q3 2024 and €11.12 per share as at YE 2023.

            The tables below summarise the NAV by segment:

                         
        YE 2024 NAV   Q3 2024 NAV   YE 2023 NAV
        €’m € p.s.   €’m € p.s.   €’m € p.s.
    New Investment Strategy – Greece   5.77 5.76   0.11 0.11   0.10 0.10
    Legacy Italian Real Estate Funds   0.06 0.06   0.06 0.06   0.08 0.08
    Net Corporate Cash3   12.28 12.26   17.47 17.45   17.83 17.86
    Legacy German Tax Asset   3.97 3.97   3.73 3.72   3.73 3.73
    IFRS NAV   22.08 22.05   21.37 21.34   21.74 21.77
                       
    Legacy German Tax Reserve4   (5.99) (5.97)   (5.44) (5.43)   (5.46) (5.46)
                       
    Adjusted NAV before Liquidation Reserve   16.09 16.08   15.93 15.91   16.28 16.31
                       
    Liquidation Reserve4   (4.74) (4.74)   (5.00) (5.00)   (5.18) (5.19)
                       
    Adjusted NAV   11.35 11.34   10.93 10.91   11.10 11.12
    Ordinary shares outstanding   1,001,555   1,001,555   998,555
                         
                         

    As at 31 December 2024, the Company’s assets mainly comprise:

                1.   €12.28 million, or €12.26 per share, of net corporate cash, which is available to continue seeking investments under the New Investment Strategy.

                2.   €5.77 million, or €5.76 per share, in the Company’s first investment under the New Investment Strategy, a share in a Luxembourg fund which has opportunistically acquired a boutique retail complex in an affluent part of Athens, Greece.

                3.   A tax asset of €3.97 million, or €3.97 per share, representing amounts paid (and associated interest) in relation to additional tax assessed against a legacy German property subsidiary where the Company won the first instance of its appeal in December 2024. The German tax authorities have since appealed the decision and the Company is waiting for the date of the next hearing.

                4.   Residual interests in two legacy Italian Real Estate Fund Investments with an NAV of €0.06 million, or €0.06 per share, where the underlying properties have been fully sold, with both funds now in liquidation.

    2024 BUSINESS HIGHLIGHTS

    FY 2024 Overview

    During 2024, having largely concluded its Realisation Plan, the Company made significant progress in implementing the New Investment Strategy by establishing the platform through which it can raise third party capital and make investments, while also closing on the first acquisition made as part of this strategy.

    Highlights

    • New Investment Strategy – In August 2024, Eurocastle launched a Luxembourg regulated fund, European Properties Investment Fund S.C.A., SICAV RAIF (“EPIF” or the “Fund”), through which it expects to invest alongside selected external co-investors. EPIF initially closed with Eurocastle committing to invest €8 million alongside a €2 million commitment from its JV Partner. EPIF is now being marketed to potential investors with a target size of €100 million.
    • In addition to generating attractive risk adjusted returns on its share of any investments made, Eurocastle also anticipates receiving market standard management and incentive fees from external investors. The Company sees the Fund as an attractive opportunity to earn enhanced returns on the capital it invests while also building a meaningful base for future investments.
    • In October 2024, the Fund made its first acquisition, being part of a boutique retail complex in an affluent part of Athens with Eurocastle investing a total of €5.5 million into the Fund. The asset was acquired from one of the largest Greek banks out of a distressed situation. As at the end of 2024, Eurocastle’s 80% share in the NAV of EPIF is €5.8 million. In parallel with executing this first investment, EPIF has been underwriting a number of additional opportunities.
    • Legacy Italian Real Estate Funds –The remaining NAV for these investments of €0.06 million, or €0.06 per share, reflects cash currently reserved in the funds that is expected to be released once the fund manager resolves certain potential liabilities and liquidates each fund.
    • Legacy German Tax Matter – Prior to 2024, the Company had paid a net amount of €3.7 million in relation to the Legacy German tax matter against which it has raised a corresponding tax asset (together with associated interest). The Company, in pursuing the reimbursement of this amount through the German fiscal court, won the first instance of its appeal in December 2024. Shortly after, the German tax authorities appealed the decision through the German federal tax court and the Company is currently waiting to be notified of the date of the hearing. In the meantime, €2.5 million of the €3.7 million of additional tax paid by the Company, being the additional tax assessed before late payment interest, is accruing interest at 6% per annum, which would be paid to the Company should it finally prevail in the case.
    • The remaining potential exposure, associated with the same point under dispute, is estimated to be €1.7 million. This relates to the years 2013 to 2015 which remain subject to ongoing tax audits. Notwithstanding the Company’s expectation that the tax matter will eventually be resolved in the Company’s favour, as at 31 December 2024, the full potential liability of €6.0 million, or €5.97 per share (including associated defence costs and interest accrued), is fully reserved for within the Additional Reserves.
    • Additional Reserves – As at 31 December 2024, of the total Additional Reserves of €10.7 million, €6.0 million related to the legacy German tax matter with the balance of approximately €4.7 million in place to allow for future costs and potential liabilities while the Company pursues in parallel the New Investment Strategy. The Board anticipates reviewing the appropriate level of reserves once it has further clarity on the amount of commitments received by EPIF.

    Subsequent Events

    On April 23rd, 2025, EPIF successfully held its first investor close, securing €16 million of commitments from 10 investors taking the total fund size to €26 million. Currently, a significant number of potential additional commitments are at advanced stage of due diligence, with a further close expected in May 2025.

    The commitments closed on 23 April 2025 will reduce Eurocastle’s interest in the Fund from 80% to approximately 31%. As a result, the new investors will reimburse Eurocastle an estimated total of €3.5 million of the €5.5 million it had invested to date in EPIF. This reimbursement is to align Eurocastle’s revised pro rata share of the capital called plus compensatory interest. The amount to be paid to Eurocastle is substantially in line with the relevant share of Eurocastle’s valuation of its interest in EPIF as at 31 December 2024.

           
         

    Income Statement for the Fourth Quarter 2024, Full Year 2024 and Full Year 2023

    		 Q4 2024 FY 2024 FY 2023
      € Thousands € Thousands € Thousands
    Portfolio Returns      
    New Investment Strategy – Greece unrealised fair value movement 429 273 –
    Legacy Italian NPLs & Other Loans realised gain                          – – 2
    Legacy Italian Real Estate Funds unrealised fair value movement                        – (18) (50)
    Fair value movement on Investments                       429 255 (48)
    Other Income 100 113 2
    Interest income                            345 827                            519
    Loss on foreign currency translation                             – (1) (2)
    Total income                        874 1,194 471
           
    Operating Expenses      
    Manager base and incentive fees 42 103 94
    Remaining operating expenses 115 745 1,012
    Other operating expenses 157 848 1,106
    Total expenses 157 848 1,106
           
    Net profit/(loss) for the period/year 717 346 (635)
    € per share 0.72 0.35 (0.64)
      Balance Sheet and Adjusted NAV Reconciliation as at 31 December 2024 New Strategy Investments Greece Legacy Italian

    Investments

    		 Corporate Total Total
              2024 2023
        € Thousands € Thousands € Thousands € Thousands € Thousands
    Assets          
      Other assets – – 315 315 210
      Legacy German tax asset – – 3,974 3,974 3,727
      Investments – New Investment Strategy – Greece 5,770 – – 5,770 –
      Investments – Legacy Italian Real Estate Funds – 64 – 64 82
      Cash, cash equivalents and treasury investments          
      Cash and cash equivalents – – 12,415 12,415 13,951
      Treasury investments – – – – 4,236
    Total assets 5,770 64 16,704 22,538 22,206
    Liabilities          
      Trade and other payables   – 389 389 425
      Manager base and incentive fees   – 63 63 41
    Total liabilities   – 452 452 466
    IFRS Net Asset Value 5,770 64 16,252 22,086 21,740
    Liquidation cash reserve – – (4,748) (4,748) (5,185)
    Legacy German tax cash reserve – – (2,008) (2,008) (1,728)
    Legacy German tax asset – – (3,974) (3,974) (3,727)
    Adjusted NAV 5,770 64 5,522 11,356 11,100
    Adjusted NAV (€ per Share) 5.76 0.06 5.52 11.34 11.12

    NOTICE:

    This announcement contains inside information for the purposes of the Market Abuse Regulation 596/2014.

    ADDITIONAL INFORMATION

    For investment portfolio information, please refer to the Company’s most recent Financial Report, which will be available on the Company’s website (www.eurocastleinv.com).

    ABOUT EUROCASTLE

    Eurocastle Investment Limited (“Eurocastle” or the “Company”) is a publicly traded closed-ended investment company. On 8 July 2022, the Company announced the relaunch of its investment activity and is currently in the early stages of pursuing its new strategy by initially focusing on opportunistic real estate in Greece with a plan to expand across Southern Europe. For more information regarding Eurocastle Investment Limited and to be added to our email distribution list, please visit www.eurocastleinv.com.

    FORWARD LOOKING STATEMENTS

    This release contains statements that constitute forward-looking statements. Such forward-looking statements may relate to, among other things, future commitments to sell real estate and achievement of disposal targets, availability of investment and divestment opportunities, timing or certainty of completion of acquisitions and disposals, the operating performance of our investments and financing needs. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may”, “will”, “should”, “potential”, “intend”, “expect”, “endeavor”, “seek”, “anticipate”, “estimate”, “overestimate”, “underestimate”, “believe”, “could”, “project”, “predict”, “project”, “continue”, “plan”, “forecast” or other similar words or expressions. Forward-looking statements are based on certain assumptions, discuss future expectations, describe future plans and strategies, contain projections of results of operations or of financial condition or state other forward-looking information. The Company’s ability to predict results or the actual effect of future plans or strategies is limited. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, its actual results and performance may differ materially from those set forth in the forward-looking statements. These forward-looking statements are subject to risks, uncertainties and other factors that may cause the Company’s actual results in future periods to differ materially from forecasted results or stated expectations including the risks regarding Eurocastle’s ability to declare dividends or achieve its targets regarding asset disposals or asset performance.

    1 In light of the Realisation Plan announced in November 2019, the Adjusted NAV as at 31 December 2024 reflects additional reserves for future costs and potential liabilities, which have not been accounted for under the IFRS NAV (“Additional Reserves”). No commitments for these future costs and potential liabilities existed as at 31 December 2024.
    2 Per share calculations for Eurocastle as at 31 December 2024 are based on 1,001,555 shares in issue. YE 2023 NAV per share based on 998,555 shares; Q3 2024 NAV per share based on 1,001,555 shares.
    3 Reflects corporate cash net of accrued liabilities and other assets.

    4 Reserves that were put in place when the Company realised the majority of its investment assets in 2019 in order for the Company to continue in operation and fund its
    future costs and potential liabilities. These reserves are not accounted for under IFRS.

    The MIL Network –

  • MIL-OSI: Haffner Energy unveils Hynoca® Flex 500 IG: A flexible, cost-effective alternative to grey hydrogen and fossil fuels

    Source: GlobeNewswire (MIL-OSI)

    Haffner Energy unveils Hynoca® Flex 500 IG: A flexible, cost-effective alternative to grey hydrogen and fossil fuels

    Cogeneration of hydrogen and electricity offers a unique solution for managing random hydrogen demand

    Vitry-le-François, France – April 24, 2025, 08:00am (CET)

    Haffner Energy introduces Hynoca® Flex 500 IG, a line of hydrogen production units capable of producing 12 tonnes of green hydrogen per day to be delivered under €3/kg without subsidies. Hynoca®Flex 500 IG also enables the production of cost-competitive renewable electricity to manage fluctuations in hydrogen demand or ensure energy autonomy.

    “The expectations for hydrogen are extremely high, but they remain significantly constrained by the chicken-and-egg problem and the high cost of green hydrogen production,” said Philippe Haffner, Co-founder and CEO of Haffner Energy. “Our Hynoca® Flex 500 IG solution simultaneously addresses both challenges, in a market worth over €100 billion worldwide. This is a major milestone for our company, which is expected to have a significant impact on our 2025 results, and which should also enable us to build up our order book for the coming years. More generally, it’s clearly a major paradigm shift for the global hydrogen ecosystem.”

    Thanks to existing subsidies, grants or tax credits available in most developed countries, green hydrogen is now clearly cost-competitive with grey (fossil-based) hydrogen, while providing much more flexibility and bringing a carbon-free solution. Not only does hydrogen and electricity cogeneration provide a unique solution for managing fluctuating hydrogen demand, it can also ensure energy autonomy of the system or even create opportunities in off-grid locations.

    A major breakthrough for the hydrogen market

    With unmatched flexibility, optimized energy efficiency (80%), and near-independence from power grids, Hynoca® Flex 500 IG emerges as a scalable decentralized alternative to grey hydrogen and fossil fuels. The technology is modular and standardized, which ensures reliable and replicable deployment at scale. Available worldwide, the first units can be reserved starting today, with commissioning of the first units early 2027.

    A significant EBITDA contribution starting this year

    Hynoca® Flex 500 IG is expected to make a significant contribution to Haffner Energy’s revenue – and above all to its EBITDA – for the current fiscal year, notably through paying engineering studies. The company reiterates its objective to reach EBITDA breakeven by March 31, 2026.

    Cost-effective, modular green hydrogen

    Hynoca® Flex 500 IG combines performance and modularity to meet industrial and mobility needs:

    • Flexible production, requiring minimal or no grid dependency
    • Optimization of CAPEX and OPEX, ensuring that hydrogen can be commercialized under €3/kg without subsidies Over 80% energy efficiency, maximizing process performance
    • Rapid deployment, free from grid infrastructure constraints
    • Standardized design, ensuring predictable performance and simplified integration

    A syngas with unmatched competitiveness

    Hynoca® Flex 500 IG generates highly competitive syngas, the precursor to hydrogen. Its low cost opens up new economic opportunities beyond hydrogen production.

    • Profitable peak-hour electricity generation: The cost of syngas is so competitive that it enables power production during peak hours, making it an economically viable solution to balance hydrogen demand fluctuations.
    • Operational security without rigid contracts: This flexibility allows plant operators to maintain stable production without requiring rigid offtake agreements.

    By combining hydrogen and electricity generation, Hynoca® Flex 500 IG ensures continuous operation, optimizing revenue streams and enhancing economic resilience, making final investment decisions (FID) easier.

    A strategic complement to electrolysis and power-to-liquid (PTL)

    Each Hynoca® Flex 500 IG unit generates 58,000 tonnes of biogenic CO₂ per year, a key resource for PTL (e-fuels) production and a critical enabler for hydrogen from electrolysis.

    • 58,000 tonnes of renewable CO₂ can convert 5,230 tonnes of hydrogen into 42,000 tonnes of e-methanol (or 18,000 tonnes of e-SAF), easy to transport and store
    • 5,230 tonnes of hydrogen is the volume produced each year by 60 MW of electrolyzer capacity (4,000 hours/year load factor)
    • Strategic synergy between Hynoca® Flex 500 IG and electrolysis plants, structuring the hydrogen economy

    Hynoca® Flex 500 IG not only delivers competitive hydrogen, but it also supports the expansion of electrolysis by providing a reliable source of competitive biogenic CO2.

    Proven, standardized technology for industrial scale deployment

    Hynoca® Flex 500 IG builds on Hynoca® technology, already operational at the Center for hydrogen production, testing and training in Marolles, France. This unit has been producing hydrogen that meets mobility standards.

    Scaling up this technology ensures industrial continuity with no technical risks, optimizing implementation for large-scale projects.

    Hynoca® process accepts all possible organic renewable feedstocks, including agricultural residues, sludge, manure, municipal sorted waste, and woody by-products, supporting a circular, low-carbon economy with a near-zero carbon footprint. Compatibility with all organic feedstocks means considerably lower costs, while at the same time significantly improving security of supply.

    Each Hynoca®Flex 500 IG unit consumes approximately 31,000 tonnes of dry plant-based biomass per year.

    Reservations system to manage market demand

    A recent market survey conducted by Haffner Energy indicates that demand for Hynoca® Flex 500 IG will far exceed the company’s current industrial and commercial capacity.

    To structure production and ensure timely deployment, a reservations system is currently being prepared and will open in 2025 Q3. In the meanwhile, requests for quotations can be made to the company in advance.

    Reservations, which will involve the payment of an upfront fee, constitute a win/win system for the company and its customers, allowing in particular:

    • Guarantee that customers will be served in the face of demand that is expected to far exceed supply
    • Secure delivery timelines and fixed pricing
    • Substantial savings on typical FID (Final Investment Decision) costs
    • Assistance with feedstock sourcing plans

    This system prioritizes committed clients while allowing flexibility for project development, helping to align industrial production capacity with actual market needs.

    About Haffner Energy

    Haffner Energy is a French company providing solutions for the production of competitive clean fuels. With 32 years of experience converting biomass into renewable energies, it has developed innovative proprietary biomass thermolysis and gasification technologies to produce renewable gas, hydrogen and methanol, as well as Sustainable Aviation Fuel (SAF). The company also contributes to regenerating the planet, through the co-production of biogenic CO2 and biocarbon (or char/biochar). Haffner Energy is listed on Euronext Growth. (ISIN code: FR0014007ND6 – Ticker: ALHAF).

    Media relations

    HAFFNER ENERGY

    Laure BOURDON

    laure.bourdon@haffner-energy.com
    +33 (0) 7 87 96 35 15

    Sales relations

    sales@haffner-energy.com

    Investor relations

    investisseurs@haffner-energy.com

    Attachment

    The MIL Network –

  • MIL-OSI: Flow Traders Leadership Update

    Source: GlobeNewswire (MIL-OSI)

    Flow Traders Leadership Update

    Amsterdam, the Netherlands – Flow Traders Ltd. (Euronext: FLOW) announces that Mike Kuehnel has conveyed to the Board of Flow Traders Ltd. his intention not to seek re-election as Chief Executive Officer (CEO) for another full term at the 2025 Annual General Meeting (AGM). He will leave Flow Traders at the end of August to pursue a new opportunity. To ensure a seamless leadership transition, Mike has agreed to be nominated for re-election as CEO at the upcoming AGM on 13 June 2025, with his renewed term extending until 31 August 2025. The Board has initiated a search for his successor.

    Furthermore, Marc Jansen will be nominated for election as Executive Director of Flow Traders Ltd. at the forthcoming AGM. Marc has played an instrumental role in developing and expanding Flow Traders’ trading footprint. He is also a current member of the Management Board of Flow Traders B.V., the firm’s largest operating entity. In addition, Marc Jansen and Alex Kieft will be appointed as Co-Chief Trading Officers, effective immediately. They will jointly manage the Global Trading Division, focusing on expanding the Company’s trading operations across multiple asset classes and geographies.

    Mike Kuehnel
    Mike joined Flow Traders in August 2021 and was elected as Chief Financial Officer (CFO) in September 2021 and subsequently appointed to the role of CEO in February 2023. During his term, Mike has been instrumental in systematically strengthening the firm by enhancing its position as a leading globally diversified trading firm. Specifically, in 2024, he initiated Flow Traders’ Trading Capital Expansion Plan, which successfully contributed to the firm’s second-best financial year in its 20-year history.

    Under Mike’s leadership, and in collaboration with the entire leadership team, the firm has launched several strategic initiatives aimed at enhancing efficiency through automation as well as enhancing the firm’s structure with the objective of building a fully scalable organization. As part of the firm’s strategy, Mike has played a pivotal role in developing Flow Traders’ global leadership team and in attracting key talent to enhance the firm’s capability set. Subsequently, Mike has facilitated new strategic partnerships across global financial markets, allowing the firm to capitalize on new revenue opportunities to accelerate the growth of the Flow Traders.

    Marc Jansen
    Marc joined Flow Traders in 2013 as a Trader and became Head of Trading EMEA in 2018. He continued playing a pivotal role in building out the firm’s trading operations, when he moved to the Americas, where he assumed the role of Managing Director, before being appointed Head of Trading with a focus on Digital Assets in 2021. He became Global Head of Trading and Management Board Member of Flow Traders B.V. in January 2024. Effective immediately, Marc will be appointed as Co-Chief Trading Officer.

    Alex Kieft
    Alex joined Flow Traders in 2014 as a Trader and was appointed Head of Trading EMEA in 2019, followed by Global Head of Trading with a focus on equities in 2022. Effective immediately, Alex will be appointed as Co-Chief Trading Officer and will lead the firm’s Global Trading Division alongside Marc Jansen.

    Rudolf Ferscha, Chairman of the Board, stated:
    “Flow Traders has evolved beyond its foundational trading focus, marking a significant transition that enables us to capitalize on new opportunities and forge strategic partnerships, thereby advancing our long-term strategic ambitions. This transformation has been successfully initiated and managed under Mike’s leadership, and on behalf of the entire Board, I would like to express our deepest appreciation for his numerous contributions to the firm. 

    We fully respect his decision to pursue another opportunity outside the firm and wish him every success in his future endeavors. We also thank him for his dedication to developing this strengthened leadership team. Under Mike’s guidance, the leadership team has driven the firm’s growth and expansion in recent years, notably with the successful launch of the Trading Capital Expansion Plan last year, leading to the second-best financial year in our 20-year history.

    Additionally, we are thrilled to appoint Marc and Alex as Co-Chief Trading Officers. Both Marc and Alex are esteemed leaders with a proven track record of shaping and accelerating our trading strategies across various asset classes and geographies. Their promotion reflects our dedication to strengthening our leadership and accelerating growth within our Trading Division. With a long-term focus on both talent and capital, we aim to intensify efforts in both traditional and digital asset markets, marking Flow Traders’ next phase of growth.”

    Mike Kuehnel, CEO of Flow Traders, added:
    “Throughout my tenure at Flow Traders, I have witnessed firsthand the transformative impact of technology and innovation on global financial markets. These experiences have reinforced my conviction to engage more broadly in the field of artificial intelligence, prompting my decision not to seek another full term as CEO.

    I am immensely proud of what we have collectively achieved, as evidenced by our strengthened position as a globally diversified trading firm. Equally, I take pride in the development and growth of our global leadership team. Cultivating and attracting talent has been a pivotal focus during my four years, and I am thrilled about the current standing of this team. I have full confidence in Flow Traders’ future, and its ability to grow and become an even more significant force in promoting transparency, efficiency, and resilience within global financial markets.

    I would like to extend my heartfelt gratitude to the Board and all my colleagues at Flow Traders, it has been an exceptionally rewarding privilege to work alongside you. Serving as your CFO and CEO over the past four years has been an honor, and I am genuinely excited about the firm’s future.”

    Notes

    • Following shareholder approval at the 2025 AGM, Mike’s re-election as CEO and Executive Director will run until 31 August 2025
    • Following shareholder approval at the 2025 AGM and regulatory vetting, Marc’s election as Executive Director of Flow Traders Ltd. will be effective for a term of four years
    • In the notice for the 2025 Annual General Meeting, scheduled to be published on 2 May, all necessary information will be included in accordance with the nominations outlined in this press release

    Contact Details

    Flow Traders Ltd.

    Investors
    Eric Pan
    Phone:         +31 20 7996799
    Email:        investor.relations@flowtraders.com

    Media
    Laura Peijs
    Phone:         +31 20 7996799
    Email:        press@flowtraders.com

    About Flow Traders
    Flow Traders is a leading trading firm providing liquidity in multiple asset classes, covering all major exchanges. Founded in 2004, Flow Traders is a leading global ETP market marker and has leveraged its expertise in trading European equity ETPs to expand into fixed income, commodities, digital assets and FX globally. Flow Traders’ role in financial markets is to ensure the availability of liquidity and enabling investors to continue to buy or sell financial instruments under all market circumstances, thereby ensuring markets remain resilient and continue to function in an orderly manner. In addition to its trading activities, Flow Traders has established a strategic investment unit focused on fostering market innovation and aligned with our mission to bring greater transparency and efficiency to the financial ecosystem. With over two decades of experience, we have built a team of over 600 talented professionals, located globally, contributing to the firm’s entrepreneurial culture and delivering the company’s mission.

    Important Legal Information

    This press release is prepared by Flow Traders Ltd. and is for information purposes only. It is not a recommendation to engage in investment activities and you must not rely on the content of this document when making any investment decisions. The information in this document does not constitute legal, tax, or investment advice and is not to be regarded as investor marketing or marketing of any security or financial instrument, or as an offer to buy or sell, or as a solicitation of any offer to buy or sell, securities or financial instruments.

    The information and materials contained in this press release are provided ‘as is’ and Flow Traders Ltd. or any of its affiliates (“Flow Traders”) do not warrant the accuracy, adequacy or completeness of the information and materials and expressly disclaim liability for any errors or omissions. This press release is not intended to be, and shall not constitute in any way a binding or legal agreement, or impose any legal obligation on Flow Traders. All intellectual property rights, including trademarks, are those of their respective owners. All rights reserved. All proprietary rights and interest in or connected with this publication shall vest in Flow Traders. No part of it may be redistributed or reproduced without the prior written permission of Flow Traders.

    This press release may include forward-looking statements, which are based on Flow Traders’ current expectations and projections about future events, and are not guarantees of future performance. Forward looking statements are statements that are not historical facts, including statements about our beliefs and expectations. Words such as “may”, “will”, “would”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “project”, “believe”, “could”, “hope”, “seek”, “plan”, “foresee”, “aim”, “objective”, “potential”, “goal” “strategy”, “target”, “continue” and similar expressions or their negatives are used to identify these forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of Flow Traders. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements. Accordingly, no undue reliance should be placed on any forward-looking statements. Forward-looking statements speak only as at the date at which they are made. Flow Traders expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statements contained in this press release to reflect any change in its expectations or any change in events, conditions or circumstances on which such statements are based unless required to do so by applicable law.

    Financial objectives are internal objectives of Flow Traders to measure its operational performance and should not be read as indicating that Flow Traders is targeting such metrics for any particular fiscal year. Flow Traders’ ability to achieve these financial objectives is inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond Flow Traders’ control, and upon assumptions with respect to future business decisions that are subject to change. As a result, Flow Traders’ actual results may vary from these financial objectives, and those variations may be material.

    Efficiencies are net, before tax and on a run-rate basis, i.e. taking into account the full-year impact of any measure to be undertaken before the end of the period mentioned. The expected operating efficiencies and cost savings were prepared on the basis of a number of assumptions, projections and estimates, many of which depend on factors that are beyond Flow Traders’ control. These assumptions, projections and estimates are inherently subject to significant uncertainties and actual results may differ, perhaps materially, from those projected. Flow Traders cannot provide any assurance that these assumptions are correct and that these projections and estimates will reflect Flow Traders’ actual results of operations.

    By accepting this document you agree to the terms set out above. If you do not agree with the terms set out above please notify legal.amsterdam@nl.flowtraders.com immediately and delete or destroy this document.

    Market Abuse Regulation
    This press release contains information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

    Attachments

    The MIL Network –

  • MIL-OSI: Flow Traders 1Q 2025 Trading Update

    Source: GlobeNewswire (MIL-OSI)

    Flow Traders 1Q 2025 Trading Update

    Amsterdam, the Netherlands – Flow Traders Ltd. (Euronext: FLOW) announces its unaudited 1Q 2025 trading update.

    Highlights

    • Flow Traders recorded Net Trading Income of €140.2m and Total Income of €135.1m in 1Q25, an increase of 10% and 4% when compared to €127.1m and €129.6m in 1Q24, respectively.
    • Flow Traders’ ETP Value Traded increased by 24% in 1Q25 to €507bn from €409bn in 1Q24.
    • Fixed Operating Expenses were €50.8m in the quarter, an increase of 15% when compared to the €44.1m in 1Q24, due mostly to increased employee and technology expenses.
    • Total Operating Expenses were €72.7m in 1Q25, an increase of 7% when compared to the €67.9m in 1Q24, due to higher Fixed Operating Expenses.
    • EBITDA was €62.3m in the quarter, an increase of 1% when compared to €61.6m in 1Q24. EBITDA margin was 46% in 1Q25 vs. 48% in 1Q24.
    • Net Profit came in at €36.3m in 1Q25, yielding a basic EPS of €0.84 and diluted EPS of €0.82, a 21% decrease compared to a Net Profit of €45.9m, basic EPS of €1.05, and diluted EPS of €1.04 in 1Q24.
    • Trading Capital stood at €803m at the end of 1Q25, a 32% and 4% increase from €609m and €775m at the end of 1Q24 and 4Q24, respectively, and generated a 68% return on average trading capital1.
    • Shareholders’ equity was €787m at the end of 1Q25, compared to €631m at the end of 1Q24 and €767m at the end of 4Q24.
    • Flow Traders employed 619 FTEs at the end of 1Q25, compared to 601 at the end of 1Q24 and 609 at the end of 4Q24.

    Leadership Update

    In a separate release today, Flow Traders announced that Mike Kuehnel has conveyed to the Board his intention not to seek re-election as CEO for another full term at the 2025 AGM. He will leave Flow Traders at the end of August of this year, to pursue a new opportunity. To ensure a seamless leadership transition, Mike has agreed to be nominated for re-election as CEO at the upcoming AGM on 13 June 2025, his renewed term extending until 31 August 2025. The Board has initiated a search for his successor.

    Furthermore, Marc Jansen will be nominated for election as Executive Director of Flow Traders Ltd. and in addition, Marc Jansen and Alex Kieft will be appointed as Co-Chief Trading Officers, effective immediately.

    Financial Overview

    €million 1Q25 1Q24 Change YTD25 YTD24 Change
    Net trading income 140.2 127.1 10% 140.2 127.1 10%
    Other income (5.1) 2.5 NM (5.1) 2.5 NM
    Total income 135.1 129.6 4% 135.1 129.6 4%
    Revenue by region2            
    Europe 79.9 68.5 17% 79.9 68.5 17%
    Americas 11.4 41.3 (72%) 11.4 41.3 (72%)
    Asia 43.7 19.9 120% 43.7 19.9 120%
    Fixed employee expenses 24.3 20.7 18% 24.3 20.7 18%
    Technology expenses 17.4 15.8 10% 17.4 15.8 10%
    Other expenses 9.1 7.7 19% 9.1 7.7 19%
    Fixed operating expenses 50.8 44.1 15% 50.8 44.1 15%
    Variable employee expenses 22.0 23.8 (8%) 22.0 23.8 (8%)
    Total operating expenses 72.7 67.9 7% 72.7 67.9 7%
    EBITDA 62.3 61.6 1% 62.3 61.6 1%
    Interest expenses 0.4 – NM 0.4 – NM
    Lease expenses 0.5 0.6 (8%) 0.5 0.6 (8%)
    Depreciation & amortisation 4.7 4.3 11% 4.7 4.3 11%
    Impairment of intangible assets 10.5 – NM 10.5 – NM
    Profit/(loss) on equity-accounted investments (1.8) (0.4) 375% (1.8) (0.4) 375%
    Profit before tax 44.3 56.4 (21%) 44.3 56.4 (21%)
    Tax expense 8.0 10.6 (24%) 8.0 10.6 (24%)
    Net profit 36.3 45.9 (21%) 36.3 45.9 (21%)
    Basic EPS3 (€) 0.84 1.05 (21%) 0.84 1.05 (21%)
    Fully diluted EPS4 (€) 0.82 1.04 (21%) 0.82 1.04 (21%)
    EBITDA margin 46% 48%   46% 48%  

    Revenue by Region

    €million 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25
    Europe 58.5 33.1 33.6 42.6 68.4 48.6 70.2 86.9 79.9
    Americas 32.8 9.3 22.0 18.1 41.3 13.4 20.8 18.2 11.4
    Asia 19.2 9.0 12.1 13.6 19.9 14.2 23.6 53.8 43.7

    Value Traded Overview

    €billion 1Q25 1Q24 Change YTD25 YTD24 Change
    Flow Traders ETP Value Traded 507 409 24% 507 409 24%
    Europe 245 152 61% 245 152 61%
    Americas 213 229 (7%) 213 229 (7%)
    Asia 49 27 81% 49 27 81%
    Flow Traders non-ETP Value Traded 1,217 1,146 6% 1,217 1,146 6%
    Flow Traders Value Traded 1,724 1,555 11% 1,724 1,555 11%
    Equity 861 819 5% 861 819 5%
    FICC 774 691 12% 774 691 12%
    Other 89 45 100% 89 45 100%
    Market ETP Value Traded5 14,425 11,981 20% 14,425 11,981 20%
    Europe 882 597 48% 882 597 48%
    Americas 11,065 9,965 11% 11,065 9,965 11%
    Asia 2,478 1,419 75% 2,478 1,419 75%
    Asia ex China 645 439 47% 645 439 47%

    Trading Capital

      1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25
    Trading Capital (€m) 647 574 585 584 609 624 668 775 803
    Return on Avg Trading Capital1 67% 65% 56% 49% 50% 58% 62% 69% 68%
    Average VIX7 21.0 16.7 15.1 15.4 13.9 14.2 17.1 17.3 18.5

    Market Environment

    Europe

    Equity trading volumes in the quarter across major exchanges saw meaningful increases when compared to the same period a year ago, while market volatility also increased . Fixed Income trading volumes on MTFs increased slightly compared to the same period a year ago.

    Americas

    Equity trading volumes in the U.S. increased compared to the same period a year ago, but at a much lower level when compared to the other regions, while market volatility increased. Fixed Income trading volumes in the U.S. also increased slightly when compared to the same period a year ago, while volatility declined.

    Asia

    Equity trading volumes in Asia were mixed as Hong Kong and China saw significant increases while Japan experienced declines when compared to the same period a year ago. Market volatility increased across the board in Hong Kong, China and Japan when compared to the same period a year ago.

    Digital Assets

    Within Digital Assets, which trades across regions on a 24/7 basis, trading volumes in cryptocurrencies increased when compared to the same period a year ago. However, net fund flows into cryptocurrency ETFs declined significantly compared to a year ago given the spot Bitcoin ETF launches in the U.S. in January 2024.

    Outlook

    Fixed operating expenses guidance for the year remains unchanged and is expected to be in the range of €190-210m given additional technology investments and targeted additions of subject matter experts in growth areas, partially offset by expected operational efficiency gains.

    CEO Statement

    Mike Kuehnel, CEO
    “Flow Traders posted a strong set of results in the first quarter, with the strength in the Equity segment in Europe and Asia in the quarter offsetting the lower contribution from Digital Assets when compared to the first quarter of 2024. The results serve as further confirmation of our diversification strategy and our ability to capture opportunities as they arise. The 68% return on average trading capital in the quarter also further validates our strategic decision to retain more profits to reinvest back into the company under the Trading Capital Expansion Plan, announced in July last year.

    During the quarter, market trading volumes increased meaningfully across Europe and Asia given the macroeconomic uncertainty raised by the prospect of tariffs from the U.S. and the potential impact to the global economy. Volumes were particularly elevated in Hong Kong and China given the continued investor interest in China following the stimulus unveiled by the government in the fourth quarter of last year. Similarly, volumes increased meaningfully in Europe given the market outperformance, as investors looked to rotate their investments given the seismic geopolitical shift in the U.S. and its ramifications on Europe. The Americas had a more muted quarter when compared with the other regions as we allocated more of our capital to regions with greater dislocations. Regardless of where the activities were in the quarter, Flow Traders continued to provide liquidity to our counterparty base and was able to leverage trading opportunities given the breadth of our global trading operation.

    In Digital Assets, while the value of cryptocurrencies pulled back post the U.S. presidential inauguration, we continue to see positive sentiment shifts by regulators in not only the U.S. but also in places like Hong Kong, Japan and Korea. The first Consensus conference in Asia, held in Hong Kong in February, demonstrated the increasing institutional interest and adoption of digital assets and the underlying technology in the region. As one of the earliest adopters, Flow Traders remains instrumental in providing liquidity to this asset class on a 24/7 basis and bridging the gap between traditional finance and digital assets ecosystems.

    Looking forward to the rest of 2025, we remain committed to enhancing our trading capabilities by strategically investing in cutting-edge technology and talent. This approach aligns seamlessly with our growth and diversification strategy. We anticipate that these investments, coupled with our Trading Capital Expansion Plan, will drive top-line growth for the firm over time.”

    Preliminary Financial Calendar

    13 June 2025                AGM
    31 July 2025                1H25 Results

    Analyst Conference Call and Webcast

    The 1Q25 trading update analyst conference call will be held at 10:00 am CEST on Thursday 24 April 2025. The presentation can be downloaded at https://www.flowtraders.com/investors/results-centre and the conference call can be followed via a listen-only audio webcast. A replay of the conference call will be available on the company website for at least 90 days.

    Contact Details

    Flow Traders Ltd.

    Investors
    Eric Pan
    Phone:         +31 20 7996799
    Email:        investor.relations@flowtraders.com

    Media
    Laura Peijs
    Phone:         +31 20 7996799
    Email:        press@flowtraders.com

    About Flow Traders

    Flow Traders is a leading trading firm providing liquidity in multiple asset classes, covering all major exchanges. Founded in 2004, Flow Traders is a leading global ETP market marker and has leveraged its expertise in trading European equity ETPs to expand into fixed income, commodities, digital assets and FX globally. Flow Traders’ role in financial markets is to ensure the availability of liquidity and enabling investors to continue to buy or sell financial instruments under all market circumstances, thereby ensuring markets remain resilient and continue to function in an orderly manner. In addition to its trading activities, Flow Traders has established a strategic investment unit focused on fostering market innovation and aligned with our mission to bring greater transparency and efficiency to the financial ecosystem. With over two decades of experience, we have built a team of over 600 talented professionals, located globally, contributing to the firm’s entrepreneurial culture and delivering the company’s mission.

    Notes

    1. Return on average trading capital defined as LTM NTI divided by the average of the prior and current end of period trading capital.
    2. Revenue by region includes NTI, Other Income, and inter-company revenue.
    3. Weighted average shares outstanding: 1Q25 – 43,394,080; 4Q24 – 43,066,302; 1Q24 – 43,515,359.
    4. Determined by adjusting the basic EPS for the effects of all dilutive share-based payments to employees.
    5. Source – Flow Traders analysis.
    6. Starting in 3Q24, average VIX is calculated as the average of VIX daily closing prices.

    Important Legal Information

    This press release is prepared by Flow Traders Ltd. and is for information purposes only. It is not a recommendation to engage in investment activities and you must not rely on the content of this document when making any investment decisions. The information in this document does not constitute legal, tax, or investment advice and is not to be regarded as investor marketing or marketing of any security or financial instrument, or as an offer to buy or sell, or as a solicitation of any offer to buy or sell, securities or financial instruments.

    The information and materials contained in this press release are provided ‘as is’ and Flow Traders Ltd. or any of its affiliates (“Flow Traders”) do not warrant the accuracy, adequacy or completeness of the information and materials and expressly disclaim liability for any errors or omissions. This press release is not intended to be, and shall not constitute in any way a binding or legal agreement, or impose any legal obligation on Flow Traders. All intellectual property rights, including trademarks, are those of their respective owners. All rights reserved. All proprietary rights and interest in or connected with this publication shall vest in Flow Traders. No part of it may be redistributed or reproduced without the prior written permission of Flow Traders.

    This press release may include forward-looking statements, which are based on Flow Traders’ current expectations and projections about future events, and are not guarantees of future performance. Forward looking statements are statements that are not historical facts, including statements about our beliefs and expectations. Words such as “may”, “will”, “would”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “project”, “believe”, “could”, “hope”, “seek”, “plan”, “foresee”, “aim”, “objective”, “potential”, “goal” “strategy”, “target”, “continue” and similar expressions or their negatives are used to identify these forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of Flow Traders. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements. Accordingly, no undue reliance should be placed on any forward-looking statements. Forward-looking statements speak only as at the date at which they are made. Flow Traders expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statements contained in this press release to reflect any change in its expectations or any change in events, conditions or circumstances on which such statements are based unless required to do so by applicable law.

    Financial objectives are internal objectives of Flow Traders to measure its operational performance and should not be read as indicating that Flow Traders is targeting such metrics for any particular fiscal year. Flow Traders’ ability to achieve these financial objectives is inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond Flow Traders’ control, and upon assumptions with respect to future business decisions that are subject to change. As a result, Flow Traders’ actual results may vary from these financial objectives, and those variations may be material.

    Efficiencies are net, before tax and on a run-rate basis, i.e. taking into account the full-year impact of any measure to be undertaken before the end of the period mentioned. The expected operating efficiencies and cost savings were prepared on the basis of a number of assumptions, projections and estimates, many of which depend on factors that are beyond Flow Traders’ control. These assumptions, projections and estimates are inherently subject to significant uncertainties and actual results may differ, perhaps materially, from those projected. Flow Traders cannot provide any assurance that these assumptions are correct and that these projections and estimates will reflect Flow Traders’ actual results of operations.

    By accepting this document you agree to the terms set out above. If you do not agree with the terms set out above please notify legal.amsterdam@nl.flowtraders.com immediately and delete or destroy this document.

    All results published in this release are unaudited.

    Market Abuse Regulation

    This press release contains information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

    Attachment

    The MIL Network –

  • MIL-Evening Report: Back to the fuel guzzlers? Coalition plans to end EV tax breaks would hobble the clean transport transition

    Source: The Conversation (Au and NZ) – By Anna Mortimore, Lecturer, Griffith Business School, Griffith University

    wedmoment.stock/Shutterstock

    If elected, the Coalition has pledged to end Labor’s substantial tax break for new zero- or low-emissions vehicles.

    This, combined with an earlier promise to roll back new fuel efficiency standards, would successfully slow the transition to hybrid and battery electric vehicles (EVs).

    The Albanese government pitched these tax breaks as a way to make EVs cheaper to buy and more competitive with internal combustion engine cars. Since the tax break came in, EV popularity has surged. Almost 100,000 people have taken out a novated lease on an EV between mid-2022, when the scheme began, and February 2025.

    The Coalition has been consistently critical of the tax breaks on cost grounds. The scheme has been far more popular than government forecasts envisaged, leading to concerns about a cost blowout. Rather than the A$55 million forecast for 2024-25, the scheme has cost ten times that – $560 million. EV buyers are much more likely to be wealthy, meaning the tax break has been snapped up by people who need it less. The policy is, however, encouraging car suppliers to import more affordable EVs.

    These concerns don’t mean Labor’s policy is bad. Far from it – this tax break is currently the only policy working to drive down transport emissions, now the second-largest source of emissions in Australia. The Coalition has given no indication it would replace the EV tax break with other ways to cut transport emissions.

    Electric vehicles still cost more than their internal combustion engine counterparts.
    meowKa/Shutterstock

    What is this tax break – and did it work?

    In mid-2022, the Albanese government introduced a tax break to encourage uptake of electric vehicles. The measure initially covered hydrogen fuel-cell, battery-electric and plug-in hybrid vehicles, but plug-in hybrids are no longer eligible as of April 1.

    The tax break works by giving EV buyers who are current employees a fringe benefits tax exemption for low- or zero-emissions vehicles both held and used for private use. The fringe benefits tax is a flat tax of 47% levied on the car benefit provided by the employer. For the exemption to apply, the retail price of the car has to be under the threshold for the luxury car tax of $91,387.

    People in high incomes brackets often like to negotiate with their employer to have a car included as part of their salary package so they can reduce their taxable income. The fringe benefits tax is levied on these types of benefits.

    The scheme works by exempting purchasers of new EVs from fringe benefits tax. A battery electric Hyundai Kona retailed for around $60,000 last year – 32% more in price than its internal combustion engine equivalent. The fringe benefits tax of around $11,700 annually ends up being larger because of the EV’s high sale price. Without this exemption, the tax acts as a major disincentive for the uptake of EVs.
    By and large, electric vehicles cost significantly more than their traditional counterparts. This price gap is dropping as new manufacturers enter the market, but it’s still there. While EVs have lower fuel costs, the higher upfront cost has put off many prospective buyers. This is the issue Labor’s tax exemption was intended to fix.

    Has the scheme worked? Overall, yes. In 2022, EVs accounted for just 3.3% of all new cars sold in Australia. By 2023, almost two-thirds of battery electric, vehicles were sold to private buyers, a 145% increase. And in 2024, the figure had almost tripled to 9.6%. Without this tax incentive, Australia’s uptake of EVs would most likely be much lower.

    If a future Coalition government ended the tax break, Australia would return to the pre-2022 era, where fringe benefits tax acted as a significant disincentive for EVs.

    The tax break isn’t perfect – but it’s better than nothing

    Australia’s main power grid now runs on an average of 40% clean energy. As a result, emissions have been tracking downward in these sectors. But transport emissions are still rising. Transport is now Australia’s second-largest source of emissions – almost 100 million tonnes (Mt) out of our total emissions of 434 Mt. By 2030, transport is projected to be the largest source of domestic emissions.

    Under the 2015 Paris Agreement, nations agreed at least 20% of light vehicles on their roads would be low- or zero-emissions by 2030. But Australia is lagging well behind the pack on the shift to cleaner transport.

    At present, just 1% of Australia’s car fleet is electric. Even EVs make up close to 10% of new sales, changing the makeup of the entire fleet (16.8 million) will take years.

    By contrast, almost 90% of new cars sold in Norway are electric, according to a 2024 report from the International Energy Agency. In China it’s just under 60%, Sweden it’s 60%, Netherlands 30%, the UK 25% and the United States 10%.

    These countries have used a combination of tax incentives and fuel efficiency regulations to drive rapid uptake. While Labor has moved to introduce both of these, progress hasn’t been as fast.

    Back to the fuel guzzlers?

    Australians rely heavily on cars. But the long lack of fuel efficiency standards mean many models sold here emit much more than in other OECD countries – 150 grams per kilometre versus 107 across 29 European Union nations as of 2023. Put another way, a new car in Australia uses 40% more fuel than its equivalent in the EU. Many drivers prefer big cars, such as the top-selling Ford Ranger.

    If the Coalition ends the tax break and pulls the teeth of new emissions standards, it would bring recent modest progress to a halt.

    The Coalition has rightly pointed out the inequity of the tax break as it stands. My research has shown this could be fixed. Throwing the scheme out without proposing another way to cut transport emissions is disheartening.

    Anna Mortimore receives funding from Reliable Affordable Clean Energy Cooperative Research Centre for 2030 (RACE for 2030).

    – ref. Back to the fuel guzzlers? Coalition plans to end EV tax breaks would hobble the clean transport transition – https://theconversation.com/back-to-the-fuel-guzzlers-coalition-plans-to-end-ev-tax-breaks-would-hobble-the-clean-transport-transition-255211

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Congressmen Auchincloss, Krishnamoorthi Request Investigation into Possible Sanctions Violations by Yantai iRay Technology Co.

    Source: United States House of Representatives – Representative Jake Auchincloss (Massachusetts, 4)

    April 01, 2025

    WASHINGTON, D.C. – Today, Congressman Jake Auchincloss (D-MA) and Ranking Member Raja Krishnamoorthi (D-IL) of the House Select Committee on the Strategic Competition Between the U.S. and the CCP sent a letter to Secretary of the Treasury Scott Bessent and Secretary of Commerce Howard Lutnick, requesting both departments investigate whether Yantai iRay Technology Co., Ltd. (“iRay”), a company in the People’s Republic of China (PRC) sanctioned by the Treasury Department, may be committing sanctions violations via a network of subsidiaries and directly related companies in the United States.

    Among these subsidiaries is iRayUSA, who after iRay’s sanctioning in May 2024 for supplying Russia-based end users with controlled, dual-use technology claimed to its U.S. distributors that “iRayUSA’s manufacturing partner is a separate entity” from iRay. However, government filings along with other publicly available information strongly suggest that iRayUSA’s contention is false and that it, along with InfiRay Outdoor, Visir Inc. (brand name RIX Optics), and Inlumen Technologies (brand name Nocpix) may be violating U.S. sanctions by continuing to sell and distribute iRay products in the United States. 

    Reps .Auchincloss and Krishnamoorthi write in the letter, “Given their subsidiary or other close relationship with iRay, InfiRay Outdoor, iRayUSA, Visir Inc., and Inlumen Technologies appear to potentially be in violation of U.S. sanctions. Your agencies should also consider whether the operations of these entities pose a national security risk to the United States given the dual-use nature of their products and the sensitive data obtained through them. Thermal technology is a critical enabler of lethality and capability on the modern battlefield, and PLA access to U.S. thermal sensor data could allow it to refine its own capabilities while degrading U.S. leadership in this field.”

    The Treasury Department imposed sanctions on iRay on May 1, 2024 for operating in the technology sector of the Russian Federation, including by supplying Russia-based end users with items like telescopic thermal sights and military thermal imagers controlled by the Department of Commerce’s Bureau of Industry and Security Common High Priority List. 

    “It is highly concerning that iRay, a company sanctioned for supporting Russia’s brutal and illegal invasion of Ukraine, appears to still be peddling its products in the United States through a shell game of U.S.-based subsidiaries,” said Ranking Member Krishnamoorthi. “In addition, iRay’s potential access to data from American users of its advanced targeting technologies could allow China’s military to dominate these capabilities at U.S. expense. We urge the Treasury and Commerce Departments to investigate this activity and appropriate enforcement actions.”

    “Federal authorities must enforce sanctions against Chinese & Russian military cooperation,” said Congressman Auchincloss. “Appeasement of one is weakness to another.”

    The members request the Treasury Department and Commerce Department provide them with a briefing on any information available to the departments regarding iRay and its subsidiaries by no later than April 11, 2025.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Auchincloss, Turner Release Statement Concerning Current Situation in Bosnia and Herzegovina

    Source: United States House of Representatives – Representative Jake Auchincloss (Massachusetts, 4)

    March 14, 2025

    WASHINGTON, D.C. – Today, Congressman Jake Auchincloss (MA-04) and Mike Turner (OH-10), co-chairs of the Congressional Bosnia Caucus, issued the following statement regarding the current situation in Bosnia and Herzegovina:
     
    “Milorad Dodik’s ongoing efforts to dismantle the Dayton Peace Accords and undermine three decades of fragile peace in the Balkans are deeply concerning. His turn to Vladimir Putin for support only further destabilizes the region, threatens Bosnia and Herzegovina’s sovereignty, and defies the rule of law.
     
    “The United States and our allies cannot allow these actions to go unchecked. As Co-Chairs of the Congressional Bosnia Caucus, we remain committed to advancing peace and stability in BiH, and we will continue working with our European allies to counter malign influence and uphold the principles of sovereignty and territorial integrity in the Balkans.”

    MIL OSI USA News –

  • MIL-OSI: Exor Press Release – Tender Offer Result

    Source: GlobeNewswire (MIL-OSI)

    THIS PRESS RELEASE IS NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO, OR TO ANY PERSON LOCATED OR RESIDENT IN AUSTRALIA, CANADA, JAPAN, OR ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW.

    Amsterdam, 24 April 2025

    EXOR ANNOUNCES OVERSUBSCRIBED TENDER OFFER,
    AS PART OF €1 BILLION SHARE BUYBACK PROGRAM

    Exor N.V. (“Exor” or the “Company”) announces the results of the Tender Offer set out in the Offer Memorandum published by the Company on 26 March 2025 (the “Offer Memorandum”). The Tender Offer closed at 17:40 CET on 23 April 2025.

    22,965,749 Ordinary Shares were validly tendered by Qualifying Shareholders in the Tender Offer and, following application of the scaling-down mechanism set out in the Offer Memorandum, 12,254,495 Ordinary Shares will be purchased at a price per Ordinary Share of EUR 81.6027 (the Strike Price), for a total consideration of EUR 1 billion. This represents 5.5% of the Ordinary Shares issued in the share capital of Exor. The Strike Price of the Tender Offer, determined in the manner described in the Offer Memorandum is equal to the Reference VWAP +2%.

    The aggregate value (at the Strike Price) of the Ordinary Shares validly tendered by Qualifying Shareholders at a price at or below the Strike Price (or as Strike Price Tenders) exceeded EUR 1 billion, and hence the Tender Offer is oversubscribed. Because the Tender Offer is oversubscribed, tenders will be accepted as follows, in line with the Offer Memorandum:

    • all Strike Price Tenders will be purchased in full;
    • all tenders at a price below the Strike Price (excluding Strike Price Tenders) will be purchased in full;
    • tenders at the Strike Price will be scaled down by 38.15% so that the total consideration for the Ordinary Shares purchased in the Tender Offer does not exceed EUR 1 billion; and
    • all tenders at a price higher than the Strike Price will be rejected and will not be purchased in the Tender Offer.

    The settlement of the Tender Offer is expected to take place on or around 28 April 2025.

    In accordance with the Irrevocable Undertaking by Giovanni Agnelli B.V., 6,985,062 Ordinary Shares will be purchased from Giovanni Agnelli B.V. as part of the Tender Offer. After settlement, Giovanni Agnelli B.V. will hold 114,714,169 Ordinary Shares, representing 51.9% of the Ordinary Shares issued in the share capital of the Company before the share cancellation.

    Following settlement, Exor will start the process of cancelling the 12,254,495 Ordinary Shares acquired as part of the Tender Offer and 950,000 Ordinary Shares currently held in treasury, representing 6.0% of the Ordinary Shares issued in the share capital of Exor. In addition, Exor will cancel the 6,985,062 Special Voting Shares to be retransferred to Exor in connection with the Tender Offer and 1,462,186 Special Voting Shares currently held in treasury.

    Terms used but not defined in this announcement have the meaning assigned to them in the Offer Memorandum.

    Qualifying Shareholders whose Ordinary Shares were validly tendered and accepted by the Company are still entitled to participate at the forthcoming AGM, which will be held on 22 May 2025, and cast their vote on such Ordinary Shares (and any corresponding Special Voting Shares) in the usual manner, provided that these Ordinary Shares were held in an intermediary account participating in the Euronext Securities Milan system (formerly known as Monte Titoli), or on the Company’s Loyalty Register, as applicable, on the record date.

    About Exor

    Exor N.V. (AEX: EXO) has been building great companies since its foundation by the Agnelli Family. For more than a century, Exor has made successful investments worldwide, applying a culture that combines entrepreneurial spirit and financial discipline. Its portfolio is principally made up of companies in which Exor is the largest shareholder including Ferrari, Stellantis, Philips and CNH.

    Regulated Information

    This press release contains information that qualifies as inside information within the meaning of Article 7(1) of the European Market Abuse Regulation (596/2014).

    Restrictions

    This announcement does not constitute or form part of an offer or invitation, or a solicitation of any offer or invitation, to purchase any Ordinary Shares or other securities.

    Goldman Sachs Bank Europe SE (“Goldman Sachs”), which is authorised and regulated by the European Central Bank and the Federal Financial Supervisory Authority (Die Bundesanstalt für Finanzdienstleistungsaufsicht) and Deutsche Bundesbank in Germany, is acting exclusively as Dealer Manager to Exor and to no-one else in connection with the Tender Offer. Neither Goldman Sachs nor its affiliates, nor their respective partners, directors, officers, employees or agents are responsible to any other person than Exor for providing the protections afforded to clients of Goldman Sachs or for providing advice in connection with the Tender Offer.

    ING Bank N.V. (“ING“) is directly supervised by the European Central Bank as part of the Single Supervisory Mechanism and regulated by De Nederlandsche Bank and the Dutch Autoriteit Financiële Markten, and is acting as Dealer Manager and Tender Agent exclusively for Exor and for no-one else in connection with the Tender Offer and will not be responsible to any person other than the Company for providing the protections afforded to clients of ING or for providing assistance in connection with the Tender Offer.

    Apart from the responsibilities and liabilities, if any, which may be imposed on the Dealer Managers under their respective legal or regulatory regime: (i) none of the Dealer Managers or any persons associated or affiliated with either of them accepts any responsibility whatsoever or makes any warranty or representation, express or implied, in relation to the contents of the Offer Memorandum, including its accuracy, completeness or verification or for any other statement made or purported to be made by, or on behalf of it, Exor or the members of the Board, in connection with Exor and/or the Tender Offer; and (ii) each of the Dealer Managers accordingly disclaims, to the fullest extent permitted by law, all and any liability whatsoever, whether arising in tort, contract or otherwise (save as referred to above) which they might otherwise be found to have in respect of the Offer Memorandum or any such statement.

    Cautionary statement regarding forward-looking statements

    This announcement includes statements that are, or may be deemed to be, forward-looking statements. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms anticipates, believes, could, estimates, expects, intends, may, plans, projects, should or will, or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances.

    Forward-looking statements may, and often do, differ materially from actual results. Any forward-looking statements in this announcement reflect Exor’s current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Group and its operations, results of operations, and growth strategy. Other than in accordance with its legal or regulatory obligations (including the Market Abuse Regulation and applicable stock exchange rules), Exor is not under any obligation and Exor expressly disclaims any intention or obligation (to the maximum extent permitted by law) to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    Dealer Managers and Tender Agent

    Goldman Sachs and ING each act as a Dealer Manager, and together as the Dealer Managers for the Tender Offer. ING acts as Tender Agent for the Tender Offer.

    Further information

    Public announcements in connection are available on the dedicated tender offer website of the Company at https://www.exor.com/pages/investors-media/shareholders-corner/share-buyback.

    For any questions related to this announcement, please contact Exor’s Investor Relations at
    ir@exor.com or +31 (0)20 240 2 222.

    Attachment

    The MIL Network –

  • MIL-OSI: Dassault Systèmes and Airbus Extend Strategic Partnership to Use Virtual Twins for Next-Generation Programs

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    VELIZY-VILLACOUBLAY, France — April 24, 2025

    Dassault Systèmes and Airbus Extend Strategic Partnership to Use Virtual Twins for Next-Generation Programs

    • Dassault Systèmes’ 3DEXPERIENCE platform will be used across Airbus, company-wide, for all future generations of civil and military aircraft and helicopters
    • More than 20,000 users from every business area and the value chain will collaborate and use Dassault Systèmes’ virtual twins to improve efficiency, shorten development cycles and reduce costs
    • This is a key milestone in the digital transformation of Airbus’ ways of working and the preparation of the next generation of aerospace products

    Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) and Airbus have extended their long-term strategic partnership, putting the 3DEXPERIENCE platform at the heart of lifecycle management of all new Airbus programs for civil and military aircraft and helicopters.

    This deployment will support the entire development chain for all Airbus civil and military aircraft and helicopters. More than 20,000 users from every business area, as well as Airbus suppliers, will be able to collaborate more effectively and use virtual twins – on premise or on a sovereign cloud – to shorten development cycles, anticipate and improve production efficiency, and enhance aftersales support – all while reducing costs.

    “Digitalization is a key enabler that we are leveraging to support our core priorities, whether it is ramping up the production of our commercial aircraft, preparing the next generation of platforms that will further contribute to the decarbonization of our sector, or pioneering the defense and security solutions of tomorrow,” said Guillaume Faury, CEO, Airbus. “This renewed partnership with Dassault Systèmes will play an important role in accelerating our progress towards these goals, while ensuring the highest levels of quality, safety and security throughout the lifecycle of our products and solutions, from design to in-service operations.”

    “Our long history of collaboration with Airbus embarks on its next chapter, enabling the entire enterprise and its value chain to innovate globally, efficiently and virtually for decades to come. Airbus can take full advantage of AI-powered generative experiences, and scientific advances in material science, modeling, simulation, production and operation systems efficiency with our 3DEXPERIENCE platform. This will open new possibilities to imagine, create and produce the experiences that will define the future of the aerospace industry,” said Bernard Charlès, Executive Chairman, Dassault Systèmes.

    Dassault Systèmes will provide Airbus with seven industry solution experiences based on the 3DEXPERIENCE platform: “Program Excellence,” “Winning Concept,” “Co-Design to Target,” “Cleared to Operate,” “Ready for Rate,” “Build to Operate,” and “Keep Them Operating.”1  

    ###

    FOR MORE INFORMATION

    Dassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions: http://www.3ds.com

    ABOUT DASSAULT SYSTÈMES

    Dassault Systèmes is a catalyst for human progress.  Since 1981, the company has pioneered virtual worlds to improve real life for consumers, patients and citizens.  With Dassault Systèmes’ 3DEXPERIENCE platform, 370,000 customers of all sizes, in all industries, can collaborate, imagine and create sustainable innovations that drive meaningful impact.  For more information, visit:  www.3ds.com

    Dassault Systèmes Press Contacts
    Corporate / France        Arnaud MALHERBE        arnaud.malherbe@3ds.com        +33 (0)1 61 62 87 73
    North America        Natasha LEVANTI        natasha.levanti@3ds.com        +1 (508) 449 8097
    EMEA        Virginie BLINDENBERG        virginie.blindenberg@3ds.com        +33 (0) 1 61 62 84 21
    China        Grace MU        grace.mu@3ds.com        +86 10 6536 2288
    Japan        Reina YAMAGUCHI        reina.yamaguchi@3ds.com        +81 90 9325 2545
    Korea        Jeemin JEONG        jeemin.jeong@3ds.com        +82 2 3271 6653
    India        Priyanka PANDEY        priyanka.pandey@3ds.com        +91 9886302179

    1 The agreement between Dassault Systèmes and Airbus was signed in Q4 2024.

    Attachment

    The MIL Network –

  • MIL-OSI: Dassault Systèmes: Solid start to the year with strong subscription growth, EPS at the high end of guidance

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    VELIZY-VILLACOUBLAY, France — April 24, 2025

    Dassault Systèmes: Solid start to the year with strong subscription growth, EPS at the high end of guidance

    Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today reports its IFRS unaudited estimated financial results for the first quarter 2025 ended March 31, 2025. The Group’s Board of Directors approved these estimated results on April 23, 2025. This press release also includes financial information on a non-IFRS basis and reconciliations with IFRS figures in the Appendix.

    Summary Highlights1  

    (unaudited, non-IFRS unless otherwise noted,
    all growth rates in constant currencies)

    • 1Q25: Software revenue increased by 5% driven by recurring revenue up 7%;
    • 1Q25: Strong subscription growth of 14%, bringing New business up 7%;
    • 1Q25: 3DEXPERIENCE software revenue growth of 17%;
    • 1Q25: Diluted EPS up 5% (6% as reported) to €0.32;
    • 1Q25: Cash flow from operations grew 21%, as reported, to €813 million (IFRS);
    • FY25: Full year objectives unchanged, total revenue growth of 6-8% and diluted EPS of €1.36-€1.39.

    Dassault Systèmes’ Chief Executive Officer Commentary

    Pascal Daloz, Dassault Systèmes’ Chief Executive Officer, commented:

    “In February this year we announced Gen 7, the new generation of representation of our customers’ virtual universes – we call it 3D UNIV+RSES. This seventh generation of MODSIM data, powered by AI and spatial computing, makes the 3DEXPERIENCE the next-generation platform for knowledge and know-how, establishing it as a global IP management platform. Early customer feedback confirms that platform-based AI leveraging virtual twins creates competitive advantage. 

    We’ve had a solid start to the year. In the first quarter, the Manufacturing Industries sector performed well led by Aerospace & Defense and High Tech, along with Transportation & Mobility in China, Japan and US. At the same time, we’re accelerating in Sovereign Infrastructure, where energy, security, and AI capabilities – through high-performance data centers – are becoming strategic imperatives for nations and territories.

    We are committed to being the trusted partner for our customers – helping them stay ahead, while strengthening our leadership position for the long term and raising barriers to entry.”

    Dassault Systèmes’ Chief Financial Officer Commentary

    (revenue, operating margin and diluted EPS (‘EPS’) growth rates in constant currencies,
    data on a non-IFRS basis)

    Rouven Bergmann, Dassault Systèmes’ Chief Financial Officer, commented:

    “In the first quarter, our revenue is driven by strong subscription growth of 14%. As a result, recurring revenue now represents 86% of software revenue, highlighting the resilience of our business model. Regarding operational efficiency, we reached the upper end of our EPS guidance and saw strong growth in operating cash flow, increasing by 21% as reported.

    Entering 2025, our approach was to provide a risk-adjusted financial outlook. Since then, the introduction of new tariffs has created a more volatile market environment, which could lead to longer decision-making cycles. That said, our pipeline remains solid, and our current visibility aligns with the midpoint of our full year guidance.

    Therefore, we keep our 2025 outlook of 6-8% total revenue growth and 7-10% EPS growth unchanged. In addition, we are slightly adjusting our operating margin target, expecting a year-over-year expansion of 50-70 basis points, versus 70-100 basis points prior, to gain additional flexibility and invest in Gen 7 to support our long-term growth.”

    Financial Summary

    In millions of Euros,
    except per share data and percentages    		   IFRS   Non-IFRS
      Q1 2025 Q1 2024 Change Change in constant currencies   Q1 2025 Q1 2024 Change Change in constant currencies
    Total Revenue   1,573.0 1,499.7 5% 4%   1,573.0 1,499.7 5% 4%
    Software Revenue   1,432.7 1,352.8 6% 5%   1,432.7 1,352.8 6% 5%
    Operating Margin   19.4% 21.6% (2.3)pts     30.9% 31.1% (0.2)pt  
    Diluted EPS   0.20 0.21 (9)%     0.32 0.30 6% 5%

    First Quarter 2025 Versus 2024 Financial Comparisons

    (unaudited, IFRS and non-IFRS unless otherwise noted,
    all revenue growth rates in constant currencies)

    • Total Revenue: Total revenue in the first quarter grew by 4% to €1.57 billion, and software revenue increased by 5% to €1.43 billion. Subscription & support revenue rose by 7%; recurring revenue represented 86% of software revenue, up 2 basis points versus last year. Licenses and other software revenue declined by 10% to €198 million. Services revenue was down 6% to €140 million, during the quarter.
    • Software Revenue by Geography: Revenue in the Americas increased by 7% to represent 43% of software revenue. This growth acceleration is driven by Aerospace & Defense, Transport & Mobility and High-Tech. Despite tariff uncertainty, Europe increased by 1%, led by good growth in Aerospace & Defense. Europe represented 36% of software revenue. In Asia, revenue increased by 5%, driven by India, Southeast Asia and Korea. Asia represented 22% of software revenue.
    • Software Revenue by Product Line:
      • Industrial Innovation software revenue increased by 8% to €793 million. This strong broad-based performance was led by CATIA, ENOVIA, DELMIA and NETVIBES. Industrial Innovation software represented 55% of software revenue.
    • Life Sciences software revenue was stable at €293 million, accounting for 20% of software revenue. MEDIDATA was impacted by continued CRO2 headwinds, while benefiting from the steady dynamic with Large Pharma and Mid-Market.
    • Mainstream Innovation software revenue increased by 2% to €347 million. SOLIDWORKS had a slow start to the year, but saw solid bookings and good momentum in 3DEXPERIENCE adoption. CENTRIC PLM was impacted by timing of renewals, after an exceptional year of growth in 2024. Mainstream Innovation represented 24% of software revenue, during the period.
    • Software Revenue by Industry: Aerospace & Defense, High Tech and Industrial Equipment were among the best performers during the quarter.
    • Key Strategic Drivers: 3DEXPERIENCE software revenue increased by 17%, driven by Aerospace & Defense, High Tech and Transportation & Mobility, along with opportunities in the sovereign infrastructure domain. 3DEXPERIENCE software revenue represented 39% of 3DEXPERIENCE eligible software revenue. Cloud software revenue grew by 7% and represented 25% of software revenue during the period. 3DEXPERIENCE Cloud software revenue increased by 41%.
    • Operating Income and Margin: IFRS operating income declined by 6% to €304 million, as reported. Non-IFRS operating income increased by 3% in constant currencies to €486 million (up 4% as reported). The IFRS operating margin stood at 19.4% compared to 21.6% in the first quarter of 2024. The non-IFRS operating margin totaled 30.9% versus 31.1% during the same period last year.
    • Earnings per Share: IFRS diluted EPS was €0.20, down 9% as reported. Non-IFRS diluted EPS grew to €0.32, up 6% as reported, or 5% in constant currencies.
    • Cash Flow from Operations (IFRS): Cash flow from operations totaled €813 million, an increase of 21% relative to the same period last year with strong cash collection. Cash flow from operations was principally used for the acquisition of ContentServ for €191 million (net of €11 million of cash acquired), repurchase of Treasury Shares for €80 million, repayment of debt for €59 million and €56 million for investments in CAPEX.
    • Balance Sheet (IFRS): Dassault Systèmes had a net cash position of €1.79 billion as of March 31, 2025, an increase of €0.33 billion, compared to €1.46 billion for the year ending December 31, 2024. Cash and cash equivalents totaled €4.24 billion at the end of March 2025.

    Financial Objectives for 2025

    Dassault Systèmes’ second quarter and 2025 financial objectives presented below are given on a non-IFRS basis and reflect the principal 2025 currency exchange rate assumptions for the US dollar and Japanese yen as well as the potential impact from additional non-Euro currencies:

               
          Q2 2025 FY 2025  
      Total Revenue (billion) €1.520 – €1.580 €6.567 – €6.667  
      Growth 2 – 6% 6 – 7%  
      Growth ex FX 3 – 7% 6 – 8%  
               
      Software revenue growth * 3 – 7% 6 – 8%  
        Of which licenses and other software revenue growth * (6) – 1% 2 – 6%  
        Of which recurring revenue growth * 5 – 8% 7 – 8%  
     

    Services revenue growth *

    3 – 7%

    		 4 – 6%  
               
      Operating Margin 29.8% – 29.9% 32.3% – 32.6%  
               
      EPS Diluted €0.30 – €0.31 €1.36 – €1.39  
      Growth (1) – 3% 7 – 9%  
      Growth ex FX 1 – 5% 7 – 10%  
               
      US dollar $1.10 per Euro $1.09 per Euro  
      Japanese yen (before hedging) JPY 155.0 per Euro JPY 156.4 per Euro  
      * Growth in Constant Currencies      

    These objectives are prepared and communicated only on a non-IFRS basis and are subject to the cautionary statement set forth below.

    The 2025 non-IFRS financial objectives set forth above do not take into account the following accounting elements below and are estimated based upon the 2025 principal currency exchange rates above: no significant contract liabilities write-downs; share-based compensation expenses, including related social charges, estimated at approximately €213 million (these estimates do not include any new stock option or share grants issued after March 31, 2025); amortization of acquired intangibles and of tangibles reevaluation, estimated at approximately €353 million, largely impacted by the acquisition of MEDIDATA and lease incentives of acquired companies at approximately €1 million.

    The above objectives also do not include any impact from other operating income and expenses, a net principally comprised of acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; from one-time items included in financial revenue; from one-time tax effects; and from the income tax effects of these non-IFRS adjustments. Finally, these estimates do not include any new acquisitions or restructuring completed after March 31, 2025.

    Corporate Announcements

    Today’s Webcast and Conference Call Information

    Today, Thursday, April 24, 2025, Dassault Systèmes will host, from Paris, a webcasted presentation at 9:00 AM London Time / 10:00 AM Paris time, and will then host a conference call at 8:30 AM New York time / 1:30 PM London time / 2:30 PM Paris time. The webcasted presentation and conference calls will be available online by accessing investor.3ds.com.

    Additional investor information is available at investor.3ds.com or by calling Dassault Systèmes’ Investor Relations at +33.1.61.62.69.24.

    Investor Relations Events

    • Capital Markets Day: June 6, 2025
    • Second Quarter 2025 Earnings Release: July 24, 2025
    • Third Quarter 2025 Earnings Release: October 23, 2025
    • Fourth Quarter 2025 Earnings Release: February 11, 2026

    Forward-looking Information

    Statements herein that are not historical facts but express expectations or objectives for the future, including but not limited to statements regarding the Group’s non-IFRS financial performance objectives are forward-looking statements. Such forward-looking statements are based on Dassault Systèmes management’s current views and assumptions and involve known and unknown risks and uncertainties. Actual results or performances may differ materially from those in such statements due to a range of factors.

    The Group’s actual results or performance may be materially negatively affected by numerous risks and uncertainties, as described in the “Risk Factors” section 1.9 of the 2024 Universal Registration Document (‘Document d’enregistrement universel’) filed with the AMF (French Financial Markets Authority) on March 18, 2025, available on the Group’s website www.3ds.com.

    In particular, please refer to the risk factor “Uncertain Global Environment” in section 1.9.1.1 of the 2024 Universal Registration Document set out below for ease of reference:

    “In light of the uncertainties regarding economic, business, social, health and geopolitical conditions at the global level, Dassault Systèmes’ revenue, net earnings and cash flows may grow more slowly, whether on an annual or quarterly basis, mainly due to the following factors:

    • the deployment of Dassault Systèmes’ solutions may represent a large portion of a customer’s investments in software technology. Decisions to make such an investment are impacted by the economic environment in which the customers operate. Uncertain global geopolitical, economic and health conditions and the lack of visibility or the lack of financial resources may cause some customers, e.g. within the automotive, aerospace, energy or natural resources industries, to reduce, postpone or cancel their investments, or to reduce or not renew ongoing paid maintenance for their installed base, which impact larger customers’ revenue with their respective sub-contractors;
    • the political, economic and monetary situation in certain geographic regions where Dassault Systèmes operates could become more volatile and negatively affect Dassault Systèmes’ business, and in particular its revenue, for example, due to stricter export compliance rules or the introduction of new customs barriers or controls on the exchange of goods and services;
    • continued pressure or volatility on raw materials and energy prices could also slow down Dassault Systèmes’ diversification efforts in new industries;
    • uncertainties regarding the extent and duration of costs inflation could adversely affect the financial position of Dassault Systèmes; and
    • the sales cycle of the Dassault Systèmes’ products – already relatively long due to the strategic nature of such investments for customers – could further lengthen.

    The occurrence of crises – health and political crises in particular – could have consequences both for the health and safety of Dassault Systèmes’ employees and for the Company. It could also adversely impact the financial situation or financing and supply capabilities of Dassault Systèmes’ existing and potential customers, commercial and technology partners, some of whom may be forced to temporarily close sites or to cease operations. A deteriorating economic environment could generate increased price pressure and affect the collection of receivables, which would negatively affect Dassault Systèmes’ revenue, financial performance and market position.

    Dassault Systèmes makes every effort to take into consideration this uncertain outlook. Dassault Systèmes’ business results, however, may not develop as anticipated. Furthermore, due to factors affecting sales of Dassault Systèmes’ products and services, there may be a substantial time lag between an improvement in global economic and business conditions and an upswing in the Company’s business results.

    In preparing such forward-looking statements, the Group has in particular assumed an average US dollar to euro exchange rate of US$1.10 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY155.0 to €1.00, before hedging for the second quarter 2025. The Group has assumed an average US dollar to euro exchange rate of US$1.09 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY156.4 to €1.00, before hedging for the full year 2025. However, currency values fluctuate, and the Group’s results may be significantly affected by changes in exchange rates.   

    Non-IFRS Financial Information

    Readers are cautioned that the supplemental non-IFRS financial information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered in isolation from or as a substitute for IFRS measurements. The supplemental non-IFRS financial information should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with IFRS. Furthermore, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Specific limitations for individual non-IFRS measures are set forth in the Company’s 2024 Universal Registration Document filed with the AMF on March 18, 2025.

    In the tables accompanying this press release the Group sets forth its supplemental non-IFRS figures for revenue, operating income, operating margin, net income and diluted earnings per share, which exclude the effect of adjusting the carrying value of acquired companies’ deferred revenue, share-based compensation expense and related social charges, the amortization of acquired intangible assets and of tangibles reevaluation, certain other operating income and expense, net, including impairment of goodwill and acquired intangibles, the effect of adjusting lease incentives of acquired companies, certain one-time items included in financial revenue and other, net, and the income tax effect of the non-IFRS adjustments and certain one-time tax effects. The tables also set forth the most comparable IFRS financial measure and reconciliations of this information with non-IFRS information.

    FOR MORE INFORMATION

    Dassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions: http://www.3ds.com

    ABOUT DASSAULT SYSTÈMES

    Dassault Systèmes is a catalyst for human progress. Since 1981, the company has pioneered virtual worlds to improve real life for consumers, patients and citizens.
    With Dassault Systèmes’ 3DEXPERIENCE platform, 370 000 customers of all sizes, in all industries, can collaborate, imagine and create sustainable innovations that drive meaningful impact.
    For more information, visit www.3ds.com

    Dassault Systèmes Investor Relations Team                        FTI Consulting

    Beatrix Martinez: +33 1 61 62 40 73                                Arnaud de Cheffontaines: +33 1 47 03 69 48

                                                                    Jamie Ricketts : +44 20 3727 1600

    investors@3ds.com

    Dassault Systèmes Press Contacts

    Corporate / France        Arnaud MALHERBE        

    arnaud.malherbe@3ds.com        

    +33 (0)1 61 62 87 73

    © Dassault Systèmes. All rights reserved. 3DEXPERIENCE, the 3DS logo, the Compass icon, IFWE, 3DEXCITE, 3DVIA, BIOVIA, CATIA, CENTRIC PLM, DELMIA, ENOVIA, GEOVIA, MEDIDATA, NETVIBES, OUTSCALE, SIMULIA and SOLIDWORKS are commercial trademarks or registered trademarks of Dassault Systèmes, a European company (Societas Europaea) incorporated under French law, and registered with the Versailles trade and companies registry under number 322 306 440, or its subsidiaries in the United States and/or other countries. All other trademarks are owned by their respective owners. Use of any Dassault Systèmes or its subsidiaries trademarks is subject to their express written approval.

    APPENDIX TABLE OF CONTENTS

    Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.    

    Glossary of Definitions

    Non-IFRS Financial Information

    Acquisitions and Foreign Exchange Impact

    Condensed consolidated statements of income

    Condensed consolidated balance sheet

    Condensed consolidated cash flow statement

    IFRS – non-IFRS reconciliation

    DASSAULT SYSTÈMES – Glossary of Definitions

    Information in Constant Currencies

    Dassault Systèmes has followed a long-standing policy of measuring its revenue performance and setting its revenue objectives exclusive of currency in order to measure in a transparent manner the underlying level of improvement in its total revenue and software revenue by activity, industry, geography and product lines. The Group believes it is helpful to evaluate its growth exclusive of currency impacts, particularly to help understand revenue trends in its business. Therefore, the Group provides percentage increases or decreases in its revenue and expenses (in both IFRS as well as non-IFRS) to eliminate the effect of changes in currency values, particularly the U.S. dollar and the Japanese yen, relative to the euro. When trend information is expressed “in constant currencies”, the results of the “prior” period have first been recalculated using the average exchange rates of the comparable period in the current year, and then compared with the results of the comparable period in the current year.

    While constant currency calculations are not considered to be an IFRS measure, the Group believes these measures are critical to understanding its global revenue results and to compare with many of its competitors who report their financial results in U.S. dollars. Therefore, Dassault Systèmes includes this calculation for comparing IFRS revenue figures as well non-IFRS revenue figures for comparable periods. All information at constant currencies is expressed as a rounded percentage and therefore may not precisely reflect the absolute figures.

    Information on Growth excluding acquisitions (“organic growth”)

    In addition to financial indicators on the entire Group’s scope, Dassault Systèmes provides growth excluding acquisitions effect, also named organic growth. In order to do so, the data relating to the scope is restated excluding acquisitions, from the date of the transaction, over a period of 12 months.

    Information on Industrial Sectors

    The Group provides broad end-to-end software solutions and services: its platform-based virtual twin experiences combine modeling, simulation, data science and collaborative innovation to support companies in the three sectors it serves, namely Manufacturing Industries, Life Sciences & Healthcare, and Infrastructure & Cities.

    These three sectors comprise twelve industries:

    • Manufacturing Industries: Transportation & Mobility; Aerospace & Defense; Marine & Offshore; Industrial Equipment; High-Tech; Home & Lifestyle; Consumer Packaged Goods – Retail. In Manufacturing Industries, Dassault Systèmes helps customers virtualize their operations, improve data sharing and collaboration across their organization, reduce costs and time-to-market, and become more sustainable;
    • Life Sciences & Healthcare: Life Sciences & Healthcare. In this sector, the Group aims to address the entire cycle of the patient journey to lead the way toward precision medicine. To reach the broader healthcare ecosystem from research to commercial, the Group’s solutions connect all elements from molecule development to prevention to care, and combine new therapeutics, medical practices, and Medtech;
    • Infrastructure & Cities: Infrastructure, Energy & Materials; Architecture, Engineering & Construction; Business Services; Cities & Public Services. In Infrastructure & Cities, the Group supports the virtualization of the sector in making its industries more efficient and sustainable, and creating desirable living environments.

    Information on Product Lines

    The Group’s product lines financial reporting include the following financial information:

    • Industrial Innovation software revenue, which includes CATIA, ENOVIA, SIMULIA, DELMIA, GEOVIA, NETVIBES, and 3DEXCITE brands;
    • Life Sciences software revenue, which includes MEDIDATA and BIOVIA brands;
    • Mainstream Innovation software revenue which includes SOLIDWORKS, as well as its CENTRIC PLM and 3DVIA brands.

    Starting from 2022, OUTSCALE became a brand of the Group, extending the portfolio of software applications. As the first sovereign and sustainable operator on the cloud, OUTSCALE enables governments and corporations from all sectors to achieve digital autonomy through a Cloud experience and with a world-class cyber governance.

    GEOs

    Eleven GEOs are responsible for driving the development of the Company’s business and implementing its customer‑centric engagement model. Teams leverage strong networks of local customers, users, partners, and influencers.

    These GEOs are structured into three groups:

    • the “Americas” group, made of two GEOs;
    • the “Europe” group, comprising Europe, Middle East and Africa (EMEA) and made of four GEOs;
    • the “Asia” group, comprising Asia and Oceania and made of five GEOs.

    3DEXPERIENCE Software Contribution

    To measure the relative share of 3DEXPERIENCE software in its revenues, Dassault Systèmes calculates the percentage contribution by comparing total 3DEXPERIENCE software revenue to software revenue for all product lines except SOLIDWORKS, MEDIDATA, CENTRIC PLM and other acquisitions (defined as “3DEXPERIENCE Eligible software revenue”).

    Cloud revenue

    Cloud revenue is generated from contracts that provide access to cloud-based solutions (SaaS), infrastructure as a service (IaaS), cloud solution development and cloud managed services. These offerings are delivered by Dassault Systèmes through its own cloud infrastructure or by third-party cloud providers. They are available through different deployment methods: Dedicated cloud, Sovereign cloud and International cloud. Cloud solutions are generally offered through subscription-based models or perpetual licenses with support and hosting services.

    New business

    New business is the combination of subscription revenue and licenses & other software revenue.

    DASSAULT SYSTÈMES

    NON-IFRS FINANCIAL INFORMATION

    (unaudited; in millions of Euros, except per share data, percentages, headcount and exchange rates)

    Non-IFRS key figures exclude the effects of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue), share-based compensation expense, including related social charges, amortization of acquired intangible assets and of tangible assets revaluation, lease incentives of acquired companies, other operating income and expense, net, including the acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets, certain one-time items included in financial loss, net, certain one-time tax effects and the income tax effects of these non-IFRS adjustments.

    Comparable IFRS financial information and a reconciliation of the IFRS and non-IFRS measures are set forth in the separate tables within this Attachment.

    In millions of Euros, except per share data, percentages, headcount and exchange rates Non-IFRS reported
    Three months ended
    March 31,

    2025

    		 March 31,

    2024

    		 Change Change in constant currencies
    Total Revenue € 1,573.0 € 1,499.7 5% 4%
             
    Revenue breakdown by activity        
    Software revenue 1,432.7 1,352.8 6% 5%
    Of which licenses and other software revenue 198.1 218.5 (9)% (10)%
    Of which subscription and support revenue 1,234.6 1,134.3 9% 7%
    Services revenue 140.2 146.8 (4)% (6)%
             
    Software revenue breakdown by product line        
    Industrial Innovation 793.1 731.4 8% 8%
    Life Sciences 292.6 284.7 3% 0%
    Mainstream Innovation 347.1 336.7 3% 2%
             
    Software Revenue breakdown by geography        
    Americas 611.1 553.6 10% 7%
    Europe 513.2 503.2 2% 1%
    Asia 308.4 296.0 4% 5%
             
    Operating income € 486.1 € 466.5 4%  
    Operating margin 30.9% 31.1%    
             
    Net income attributable to shareholders € 420.1 € 397.2 6%  
    Diluted earnings per share € 0.32 € 0.30 6% 5%
             
    Closing headcount 26,225 25,780 2%  
             
    Average Rate USD per Euro 1.05 1.09 (3)%  
    Average Rate JPY per Euro 160.45 161.15 (0)%  

    DASSAULT SYSTÈMES

    ACQUISITIONS AND FOREIGN EXCHANGE IMPACT

    (unaudited; in millions of Euros)

    In millions of Euros Non-IFRS reported o/w growth at constant rate and scope o/w change of scope impact at current year rate o/w FX impact on previous year figures
    March 31,

    2025

    		 March 31,

    2024

    		 Change
    Revenue QTD 1,573.0 1,499.7 73.3 52.6 0.9 19.8

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME

    (unaudited; in millions of Euros, except per share data and percentages)

    In millions of Euros, except per share data and percentages IFRS reported
    Three months ended
    March 31, March 31,
    2025 2024
    Licenses and other software revenue 198.1 218.5
    Subscription and Support revenue 1,234.6 1,134.3
    Software revenue 1,432.7 1,352.8
    Services revenue 140.2 146.8
    Total Revenue € 1,573.0 € 1,499.7
    Cost of software revenue (1) (129.2) (111.9)
    Cost of services revenue (131.1) (131.8)
    Research and development expenses (348.6) (311.4)
    Marketing and sales expenses (446.5) (420.3)
    General and administrative expenses (120.4) (105.1)
    Amortization of acquired intangible assets and of tangible assets revaluation (88.3) (93.3)
    Other operating income and expense, net (4.4) (1.8)
    Total Operating Expenses (1,268.5) (1,175.6)
    Operating Income € 304.5 € 324.1
    Financial income (loss), net 30.3 30.2
    Income before income taxes € 334.8 € 354.2
    Income tax expense (75.5) (68.3)
    Net Income € 259.4 € 286.0
    Non-controlling interest 1.2 (0.3)
    Net Income attributable to equity holders of the parent € 260.5 € 285.7
    Basic earnings per share 0.20 0.22
    Diluted earnings per share € 0.20 € 0.21
    Basic weighted average shares outstanding (in millions) 1,312.3 1,313.6
    Diluted weighted average shares outstanding (in millions) 1,332.2 1,331.1

            (1) Excluding amortization of acquired intangible assets and of tangible assets revaluation.

    IFRS reported

     

    		 Three months ended March 31, 2025
    Change (2) Change in constant currencies
    Total Revenue 5% 4%
    Revenue by activity    
    Software revenue 6% 5%
    Services revenue (4)% (6)%
    Software Revenue by product line    
    Industrial Innovation 8% 8%
    Life Sciences 3% 0%
    Mainstream Innovation 3% 2%
    Software Revenue by geography    
    Americas 10% 7%
    Europe 2% 1%
    Asia 4% 5%

                    (2) Variation compared to the same period in the prior year.

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED BALANCE SHEET

    (unaudited; in millions of Euros)

    In millions of Euros IFRS reported
    March 31, December 31,
    2025 2024
    ASSETS    
    Cash and cash equivalents 4,242.9 3,952.6
    Trade accounts receivable, net 1,709.5 2,120.9
    Contract assets 34.3 30.1
    Other current assets 464.8 464.0
    Total current assets 6,451.5 6,567.6
    Property and equipment, net 928.7 945.8
    Goodwill and Intangible assets, net 7,597.6 7,687.1
    Other non-current assets 358.9 345.5
    Total non-current assets 8,885.2 8,978.3
    Total Assets € 15,336.7 € 15,545.9
    LIABILITIES    
    Trade accounts payable 199.5 259.9
    Contract liabilities 1,716.0 1,663.4
    Borrowings, current 411.4 450.8
    Other current liabilities 1,109.7 1,147.4
    Total current liabilities 3,436.6 3,521.5
    Borrowings, non-current 2,043.3 2,042.8
    Other non-current liabilities 887.9 900.9
    Total non-current liabilities 2,931.3 2,943.7
    Non-controlling interests 14.3 14.1
    Parent shareholders’ equity 8,954.5 9,066.6
    Total Liabilities € 15,336.7 € 15,545.9

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED CASH FLOW STATEMENT

    (unaudited; in millions of Euros)

    In millions of Euros IFRS reported
    Three months ended
    March 31, March 31, Change
    2025 2024
    Net income attributable to equity holders of the parent 260.5 285.7 (25.2)
    Non-controlling interest (1.2) 0.3 (1.4)
    Net income 259.4 286.0 (26.6)
    Depreciation of property and equipment 50.5 47.6 2.8
    Amortization of intangible assets 89.6 95.2 (5.6)
    Adjustments for other non-cash items 16.1 37.7 (21.6)
    Changes in working capital 397.4 204.4 193.0
    Net Cash From Operating Activities € 813.0 € 670.9 € 142.1
           
    Additions to property, equipment and intangibles assets (55.9) (57.2) 1.2
    Payment for acquisition of businesses, net of cash acquired (193.8) (4.5) (189.2)
    Other (37.8) 22.3 (60.1)
    Net Cash Provided by (Used in) Investing Activities € (287.5) € (39.4) € (248.1)
           
    Proceeds from exercise of stock options 22.2 21.3 0.8
    Repurchase and sale of treasury stock (80.1) (131.1) 51.0
    Acquisition of non-controlling interests (0.2) (2.6) 2.5
    Repayment of borrowings (58.9) (0.1) (58.8)
    Repayment of lease liabilities (22.6) (24.0) 1.4
    Net Cash Provided by (Used in) Financing Activities € (139.6) € (136.5) € (3.0)
           
    Effect of exchange rate changes on cash and cash equivalents (95.7) 32.7 (128.4)
           
    Increase (decrease) in cash and cash equivalents € 290.3 € 527.7 € (237.4)
           
           
    Cash and cash equivalents at beginning of period € 3,952.6 € 3,568.3  
    Cash and cash equivalents at end of period € 4,242.9 € 4,095.9  

    DASSAULT SYSTÈMES
    SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION
    IFRS – NON-IFRS RECONCILIATION
    (unaudited; in millions of Euros, except per share data and percentages)

    Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasons for presenting non-IFRS financial information, are set forth in the Group’s Document d’Enregistrement Universel for the year ended December 31, 2024 filed with the AMF on March 18, 2025. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Group’s consolidated financial statements prepared in accordance with IFRS.

    In millions of Euros, except per share data and percentages Three months ended March 31, Change
    2025 Adjustment(1) 2025 2024 Adjustment(1) 2024 IFRS Non-IFRS(2)
    IFRS Non-IFRS IFRS Non-IFRS
    Total Revenue € 1,573.0 – € 1,573.0 € 1,499.7 – € 1,499.7 5% 5%
    Revenue breakdown by activity                
    Software revenue 1,432.7 – 1,432.7 1,352.8 – 1,352.8 6% 6%
    Licenses and other software revenue 198.1 – 198.1 218.5 – 218.5 (9)% (9)%
    Subscription and Support revenue 1,234.6 – 1,234.6 1,134.3 – 1,134.3 9% 9%
    Recurring portion of Software revenue 86%   86% 84%   84%    
    Services revenue 140.2 – 140.2 146.8 – 146.8 (4)% (4)%
    Software Revenue breakdown by product line                
    Industrial Innovation 793.1 – 793.1 731.4 – 731.4 8% 8%
    Life Sciences 292.6 – 292.6 284.7 – 284.7 3% 3%
    Mainstream Innovation 347.1 – 347.1 336.7 – 336.7 3% 3%
    Software Revenue breakdown by geography                
    Americas 611.1 – 611.1 553.6 – 553.6 10% 10%
    Europe 513.2 – 513.2 503.2 – 503.2 2% 2%
    Asia 308.4 – 308.4 296.0 – 296.0 4% 4%
    Total Operating Expenses € (1,268.5) € 181.6 € (1,086.9) € (1,175.6) € 142.4 € (1,033.2) 8% 5%
    Share-based compensation expense and related social charges (88.5) 88.5 – (46.7) 46.7 –    
    Amortization of acquired intangible assets and of tangible assets revaluation (88.3) 88.3 – (93.3) 93.3 –    
    Lease incentives of acquired companies (0.4) 0.4 – (0.7) 0.7 –    
    Other operating income and expense, net (4.4) 4.4 – (1.8) 1.8 –    
    Operating Income € 304.5 € 181.6 € 486.1 € 324.1 € 142.4 € 466.5 (6)% 4%
    Operating Margin 19.4%   30.9% 21.6%   31.1%    
    Financial income (loss), net 30.3 0.6 30.9 30.2 1.0 31.2 1% (1)%
    Income tax expense (75.5) (21.6) (97.1) (68.3) (31.6) (99.9) 11% (3)%
    Non-controlling interest 1.2 (0.9) 0.2 (0.3) (0.3) (0.5) N/A (141)%
    Net Income attributable to shareholders € 260.5 € 159.6 € 420.1 € 285.7 € 111.5 € 397.2 (9)% 6%
    Diluted Earnings Per Share (3) € 0.20 € 0.12 € 0.32 € 0.21 € 0.08 € 0.30 (9)% 6%

    (1) In the reconciliation schedule above, (i) all adjustments to IFRS revenue data reflect the exclusion of the effect of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue); (ii) adjustments to IFRS operating expense data reflect the exclusion of the amortization of acquired intangible assets and of tangible assets revaluation, share-based compensation expense, including related social charges, lease incentives of acquired companies, as detailed below, and other operating income and expense, net including acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; (iii) adjustments to IFRS financial loss, net reflect the exclusion of certain one-time items included in financial loss, net, and; (iv) all adjustments to IFRS income data reflect the combined effect of these adjustments, plus with respect to net income and diluted earnings per share, certain one-time tax effects and the income tax effect of the non-IFRS adjustments.

    In millions of Euros, except percentages Three months ended March 31, Change
    2025

    IFRS

    		 Share-based compensation expense and related social charges Lease incentives of acquired companies 2025

    Non-IFRS

    		 2024

    IFRS

    		 Share-based compensation expense and related social charges Lease incentives of acquired companies 2024

    Non-IFRS

    		 IFRS Non-

    IFRS
    Cost of revenue (260.3) 4.9 0.1 (255.2) (243.8) 2.9 0.2 (240.6) 7% 6%
    Research and development expenses (348.6) 32.5 0.1 (316.0) (311.4) 17.9 0.3 (293.2) 12% 8%
    Marketing and sales expenses (446.5) 24.5 0.1 (421.9) (420.3) 13.7 0.1 (406.5) 6% 4%
    General and administrative expenses (120.4) 26.6 0.0 (93.8) (105.1) 12.3 0.0 (92.7) 15% 1%
    Total   € 88.5 € 0.4     € 46.7 € 0.7      

    (2) The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
    (3) Based on a weighted average 1,332.2 million diluted shares for Q1 2025 and 1,331.1 million diluted shares for Q1 2024, and, for IFRS only, a diluted net income attributable to the sharehorlders of € 260.5 million for Q1 2025 (€ 285.7 million for Q1 2024). The Diluted net income attributable to equity holders of the Group corresponds to the Net Income attributable to equity holders of the Group adjusted by the impact of the share-based compensation plans to be settled either in cash or in shares at the option of the Group.

    1 IFRS figures for 1Q25: total revenue at €1.57 billion, operating margin of 19.4% and diluted EPS at €0.20.

    2 Contract Research Organizations

    Attachment

    The MIL Network –

  • MIL-OSI: Nokia Corporation Interim Report for Q1 2025

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation

    Interim report
    24 April 2025 at 08:00 EEST

    Nokia Corporation Interim Report for Q1 2025

    Network Infrastructure delivers strong net sales growth to start 2025

    • Infinera acquisition completed during Q1, increasing Nokia’s scale in Optical Networks and with hyperscalers. Integration underway with many portfolio decisions already taken. Positive momentum with customers, with Q1 seeing strong order intake for Infinera driven by growth in hyperscalers.
    • Q1 net sales declined 3% y-o-y on a constant currency and portfolio basis (-1% reported) due to a challenging prior year comparison in Nokia Technologies. Network Infrastructure grew 11% on a constant currency and portfolio basis while Cloud and Network Services grew 8%. Mobile Networks grew 2%.
    • Comparable gross margin in Q1 decreased 820bps y-o-y to 42.3% (reported decreased 820bps to 41.5%), half of which is related to lower net sales in Nokia Technologies. It was also impacted by a contract settlement charge with net impact of EUR 120 million in Mobile Networks.
    • Q1 comparable operating margin decreased 990bps y-o-y to 3.6% (reported up 1 020bps to -1.1%), mainly due to lower gross margin and increased operating expenses resulting from targeted investments for long-term growth.
    • Q1 comparable diluted EPS for the period of EUR 0.03; reported diluted EPS for the period of EUR -0.01.
    • Q1 free cash flow of EUR 0.7 billion, net cash balance of EUR 3.0 billion.
    • Full year 2025 outlook unchanged with comparable operating profit of between EUR 1.9 billion and 2.4 billion and free cash flow conversion from comparable operating profit of between 50% and 80%.

    This is a summary of the Nokia Corporation Interim Report for Q1 2025 published today. Nokia only publishes a summary of its financial reports in stock exchange releases. The summary focuses on Nokia Group’s financial information as well as on Nokia’s outlook. The detailed, segment-level discussion will be available in the complete financial report hosted at www.nokia.com/financials. A video interview summarizing the key points of our Q1 results will also be published on the website. Investors should not solely rely on summaries of Nokia’s financial reports and should also review the complete reports with tables.

    JUSTIN HOTARD, PRESIDENT AND CEO, ON Q1 2025 RESULTS

    In the following quote, net sales growth rates are on a constant currency and portfolio basis.
    Since joining Nokia as President and CEO three weeks ago, I’ve had great engagements with some of our customers, partners and employees. I see great potential for Nokia, and my early focus is on capital allocation to ensure we both drive efficiency and invest sufficiently in the right growth segments for long-term value creation. I am impressed with our core technology base across our portfolio including in RAN and core as well as in IP, Optical and Fiber technologies. In speaking with customers, it is clear we play a critical role as a trusted partner operating their mobile and fixed networks and have the potential to expand our presence in hyperscale, enterprise and defense markets. Spending the time with our employees I’ve been excited by their innovative spirit, energy and drive to unlock Nokia’s full potential.

    Our first quarter financial performance saw a net sales decline of 3%. However, excluding the catch-up element of licensing deals signed in the prior year, sales grew 7%. Our operating margin declined year-on-year due to the challenging prior year comparison in Nokia Technologies and a one-time charge in Mobile Networks, while profitability improved in both Network Infrastructure and Cloud and Network Services.

    Network Infrastructure net sales grew 11% with all units contributing to growth and its backlog increased. The highlight of the first quarter was the completion of the Infinera acquisition. Our expanded Optical Networks business had a strong first quarter with 15% net sales growth along with several important design wins, particularly with hyperscalers. We have initiated the integration of Infinera and made many important roadmap decisions which we communicated to customers in early April. We are on track to deliver our synergy targets and I believe this acquisition has significant value creation potential for Nokia.

    In Mobile Networks we continue to see positive signs of stabilization with further wins in addition to those we discussed last quarter. Today we have announced an important contract extension with T-Mobile US. Regarding our financial performance, net sales grew 2% but profitability was impacted by an unexpected one-time contract settlement with a net impact of EUR 120 million. The settlement related to a project for a single customer that started shipping in 2019 and the settlement fully resolves the situation.

    Cloud and Network Services delivered net sales growth of 8% and we continue to see strong demand in the market for our 5G Core offers with additional footprint won at AT&T, Boost Mobile, Ooredoo Qatar and Telefónica. Nokia Technologies continued its execution with further deals signed in the quarter that increased the contracted annual net sales run-rate to approximately EUR 1.4 billion.

    Looking forward, we are not immune to the rapidly evolving global trade landscape however based on early customer feedback, I believe our markets should prove to be relatively resilient. In 2025, we continue to expect strong net sales growth in Network Infrastructure, growth in Cloud and Network Services and largely stable net sales for Mobile Networks. In Nokia Technologies we expect approximately EUR 1.1 billion of operating profit.

    Regarding the tariff situation, there could be some short-term disruption. We will continue to utilize the flexibility of our global manufacturing network to minimize impact of the evolving tariff landscape. Based on what we see today, we currently expect a EUR 20 to 30 million impact to our comparable operating profit in the second quarter from the current tariffs. Given the lack of visibility, we have not taken an assumption related to tariffs in the second half of 2025.

    In terms of our outlook for the financial year 2025, we will continue to focus on investing in future growth opportunities and we now have an unexpected charge impacting Mobile Networks. Considering these factors, while achieving the top-end of the range will now be more challenging, our comparable operating profit guidance remains between EUR 1.9 and 2.4 billion. Our free cash flow guidance remains between 50% and 80% of comparable operating profit.

    In the coming months I will continue to listen and learn from customers, employees, shareholders and other stakeholders. I will provide an update with our Q2 results and I look forward to presenting our complete value creation vision for Nokia at our capital markets day which we now expect to hold in November.

    Justin Hotard
    President and CEO

    FINANCIAL RESULTS

    EUR million (except for EPS in EUR) Q1’25 Q1’24 YoY change
    Reported results      
    Net sales 4 390 4 444 (1)%
    Gross margin % 41.5% 49.7% (820)bps
    Research and development expenses (1 145) (1 125) 2%
    Selling, general and administrative expenses (728) (693) 5%
    Operating (loss)/profit (48) 405 (112)%
    Operating margin % (1.1)% 9.1% (1 020)bps
    (Loss)/profit from continuing operations (60) 451  
    Profit/(loss) from discontinued operations — (13)  
    (Loss)/profit for the period (60) 438  
    EPS for the period, diluted (0.01) 0.08  
    Net cash and interest-bearing financial investments 2 988 5 137 (42)%
    Comparable results      
    Net sales 4 390 4 444 (1)%
    Constant currency and portfolio YoY change(1)             (3%)
    Gross margin % 42.3% 50.5% (820)bps
    Research and development expenses (1 115) (1 076) 4%
    Selling, general and administrative expenses (587) (584) 1%
    Operating profit 156 600 (74)%
    Operating margin % 3.6% 13.5% (990)bps
    Profit for the period 153 512 (70)%
    EPS for the period, diluted 0.03 0.09 (67)%
    Business group results Network
    Infrastructure    		 Mobile
    Networks    		 Cloud and Network Services Nokia
    Technologies    		 Group Common and Other
    EUR million Q1’25 Q1’24 Q1’25 Q1’24 Q1’25 Q1’24 Q1’25 Q1’24 Q1’25 Q1’24
    Net sales 1 722 1 439 1 729 1 682 567 546 369 757 4 23
    YoY change 20%   3%   4%   (51)%   (83)%  
    Constant currency and portfolio YoY change(1) 11%   2%   8%   (52)%   (83)%  
    Gross margin % 40.6% 40.8% 30.9% 40.9% 45.9% 39.4% 100.0% 100.0%    
    Operating profit/(loss) 135 85 (152) (32) 14 (37) 259 658 (99) (75)
    Operating margin % 7.8% 5.9% (8.8)% (1.9)% 2.5% (6.8)% 70.2% 86.9%    

    (1) This metric provides additional information on the growth of the business and adjusts for both currency impacts and portfolio changes. The full definition is provided in the Alternative performance measures section in Nokia Corporation Interim Report for Q1 2025.

    SHAREHOLDER DISTRIBUTION

    Dividend

    The Board of Directors proposes that the Annual General Meeting 2025 to be held on 29 April 2025 authorizes the Board to resolve on the distribution of an aggregate maximum of EUR 0.14 per share to be paid in respect of the financial year 2024. The authorization would be used to distribute dividend and/or assets from the reserve for invested unrestricted equity in four installments during the authorization period unless the Board decides otherwise for a justified reason. Subject to approval by the Annual General Meeting, the Board is expected to resolve on the amount and timing of each distribution so that the preliminary record and payment dates will be as set out in the Board’s proposal to the Annual General Meeting. Accordingly, the first expected record date would be 5 May 2025 and the expected payment date would be 12 May 2025. The actual dividend payment date outside Finland will be determined by the practices of the intermediary banks transferring the dividend payments.

    Share buyback program

    On 27 June 2024, Nokia announced its intention to acquire Infinera in a transaction that valued Infinera at US$1.7 billion equity value with up to 30% of the consideration to be paid in Nokia American depositary shares, depending on the elections of Infinera shareholders. To offset the dilution from the transaction to Nokia shareholders, on 22 November 2024 Nokia announced a share buyback program targeting to repurchase 150 million shares. This share buyback program was completed on 2 April 2025. Under this program, Nokia repurchased 150 million of its own shares at an average price per share of approximately EUR 4.69. The repurchases reduced the company’s unrestricted equity by approximately EUR 703 million and the repurchased shares were cancelled on 23 April 2025.

    OUTLOOK

    The outlook provided below reflects the acquisition of Infinera.

      Full Year 2025
    Comparable operating profit(1) EUR 1.9 billion to EUR 2.4 billion
    Free cash flow(1) 50% to 80% conversion from comparable operating profit

    1Please refer to Alternative performance measures section in Nokia Corporation Interim Report for Q1 2025 for a full explanation of how these terms are defined.

    The outlook and all of the underlying outlook assumptions described below are forward-looking statements subject to a number of risks and uncertainties as described or referred to in the Risk Factors section later in this report.

    Along with Nokia’s official outlook targets provided above, Nokia provides the below additional assumptions that support the group level financial outlook.

      Full year 2025 Comment
    Group Common and Other operating expenses approximately EUR 400 million  
    Comparable financial income and expenses Positive EUR 50 to 150 million  
    Comparable income tax rate ~25%  
    Cash outflows related to income taxes EUR 500 million (update) Mainly reflecting evolving regional mix and the inclusion of Infinera
    Capital Expenditures EUR 650 million (update) Reflecting the inclusion of Infinera
    Recurring gross cost savings EUR 400 million Related to ongoing cost savings program and not including Infinera-related synergies
    Restructuring and associated charges related to cost savings programs EUR 250 million Related to ongoing cost savings program and not including Infinera-related synergies
    Restructuring and associated cash outflows EUR 400 million Related to ongoing cost savings program and not including Infinera-related synergies

    ADDITIONAL TOPICS

    Completion of Infinera acquisition

    On 28 February 2025, Nokia announced the completion of the acquisition of Infinera Corporation, pursuant to the definitive agreement announced on 27 June 2024. Infinera, the San Jose based global supplier of innovative open optical networking solutions and advanced optical semiconductors, has become part of the Nokia group effective as of the closing with Nokia holding 100% of its equity and voting rights. The total purchase consideration was EUR 2.5 billion, consisting of cash proceeds, Nokia shares in the form of American Depositary Shares, the fair value of the portion of Infinera’s performance and restricted shares attributable to pre-combination services that were replaced with Nokia’s share-based payment awards and the fair value of Infinera’s convertible senior notes in line with relevant bond indentures. For more information regarding the acquisition, refer to Note 3. Acquisitions in Nokia Corporation Interim Report for Q1 2025.

    “Constant currency and portfolio net sales growth” alternative performance metric

    In Q1 2025, Nokia has introduced a new alternative performance metric (APM), “constant currency and portfolio net sales growth”. Constant currency and portfolio net sales growth is presented on a constant currency basis and also assumes certain specific acquisitions had already been owned during both periods and as if disposals had already occurred in both comparison periods. This has been added to mainly consider the acquisition of Infinera and is an evolution of the constant currency APM that had been previously used.

    RISK FACTORS

    Nokia and its businesses are exposed to a number of risks and uncertainties which include but are not limited to:

    • Competitive intensity, which is expected to continue at a high level as some competitors seek to take share;
    • Changes in customer network investments related to their ability to monetize the network;
    • Our ability to ensure competitiveness of our product roadmaps and costs through additional R&D investments;
    • Our ability to procure certain standard components and the costs thereof, such as semiconductors;
    • Disturbance in the global supply chain;
    • Impact of inflation, increased global macro-uncertainty, major currency fluctuations, changes in tariffs and higher interest rates;
    • Potential economic impact and disruption of global pandemics;
    • War or other geopolitical conflicts, disruptions and potential costs thereof;
    • Other macroeconomic, industry and competitive developments;
    • Timing and value of new, renewed and existing patent licensing agreements with licensees;
    • Results in brand and technology licensing; costs to protect and enforce our intellectual property rights; on-going litigation with respect to licensing and regulatory landscape for patent licensing;
    • The outcomes of on-going and potential disputes and litigation;
    • Our ability to execute, complete, successfully integrate and realize the expected benefits from transactions;
    • Timing of completions and acceptances of certain projects;
    • Our product and regional mix;
    • Uncertainty in forecasting income tax expenses and cash outflows, over the long-term, as they are also subject to possible changes due to business mix, the timing of patent licensing cash flow and changes in tax legislation, including potential tax reforms in various countries and OECD initiatives;
    • Our ability to utilize our Finnish deferred tax assets and their recognition on our balance sheet;
    • Our ability to meet our sustainability and other ESG targets, including our targets relating to greenhouse gas emissions;

    as well the risk factors specified under Forward-looking statements of this release, and our 2024 annual report on Form 20-F published on 13 March 2025 under Operating and financial review and prospects-Risk factors.

    FORWARD-LOOKING STATEMENTS

    Certain statements herein that are not historical facts are forward-looking statements. These forward-looking statements reflect Nokia’s current expectations and views of future developments and include statements regarding: A) expectations, plans, benefits or outlook related to our strategies, projects, programs, product launches, growth management, licenses, sustainability and other ESG targets, operational key performance indicators and decisions on market exits; B) expectations, plans or benefits related to future performance of our businesses (including the expected impact, timing and duration of potential global pandemics, geopolitical conflicts and the general or regional macroeconomic conditions on our businesses, our supply chain, the timing of market changes or turning points in demand and our customers’ businesses) and any future dividends and other distributions of profit; C) expectations and targets regarding financial performance and results of operations, including market share, prices, net sales, income, margins, cash flows, cost savings, the timing of receivables, operating expenses, provisions, impairments, tariffs, taxes, currency exchange rates, hedging, investment funds, inflation, product cost reductions, competitiveness, value creation, revenue generation in any specific region, and licensing income and payments; D) ability to execute, expectations, plans or benefits related to transactions, investments and changes in organizational structure and operating model; E) impact on revenue with respect to litigation/renewal discussions; and F) any statements preceded by or including “anticipate”, “continue”, “believe”, “envisage”, “expect”, “aim”, “will”, “target”, “may”, “would”, “could“, “see”, “plan”, “ensure” or similar expressions. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from such statements. These statements are based on management’s best assumptions and beliefs in light of the information currently available to them. These forward-looking statements are only predictions based upon our current expectations and views of future events and developments and are subject to risks and uncertainties that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Factors, including risks and uncertainties that could cause these differences, include those risks and uncertainties identified in the Risk Factors above.

    ANALYST WEBCAST

    • Nokia’s webcast will begin on 24 April 2025 at 11.30 a.m. Finnish time (EEST). The webcast will last approximately 60 minutes.
    • The webcast will be a presentation followed by a Q&A session. Presentation slides will be available for download at www.nokia.com/financials.
    • A link to the webcast will be available at www.nokia.com/financials.
    • Media representatives can listen in via the link, or alternatively call +1-412-317-5619.

    FINANCIAL CALENDAR

    • Nokia’s Annual General Meeting 2025 is planned to be held on 29 April 2025.
    • Nokia plans to publish its second quarter and half year 2025 results on 24 July 2025.
    • Nokia plans to publish its third quarter and January-September 2025 results on 23 October 2025.

    About Nokia

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

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

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

    Inquiries:

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

    Nokia

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

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    The MIL Network –

  • MIL-OSI: Armenian investment firm Balchug Capital confirms deal to acquire Goldman Sachs Bank in Russia has closed

    Source: GlobeNewswire (MIL-OSI)

    • Landmark acquisition for Balchug Capital
    • Through its investment activities Balchug is supporting international investors in their divestment from Russia
    • Previous acquisitions include leading commercial real estate assets

    YEREVAN, Armenia, April 24, 2025 (GLOBE NEWSWIRE) — The Armenian investment firm Balchug Capital (“Balchug”) has confirmed that its deal to acquire OOO Goldman Sachs Bank – the Russian bank controlled by Goldman Sachs Group – has closed. It was previously announced that a sales agreement had been entered into by both parties and had received official approval. It is a landmark acquisition for the Armenian investor with total assets of approximately $2 billion.

    Under the terms of the transaction, Balchug will acquire the bank with its licence but going forward the bank will operate under a different name.

    Through its investment activities Balchug is supporting international investors in divesting from Russia in full compliance with local and international regulations. It has undertaken a number of transactions of this nature, including the acquisition of two major commercial real estate assets in Russia – Pulkovo Sky, one of the largest Class A office buildings in St Petersburg, and Metropolis shopping center, one of the largest shopping malls in Moscow.

    David Amaryan, founder and CEO of Balchug Capital, said: “I am delighted that this deal has now closed. We have worked closely with all the relevant authorities to ensure that this transaction is in full compliance with all local and international laws and sanction regulations. The bank will play a key role in our portfolio and will allow us to implement a long-term strategy that we have adopted across the regions of our operations.”

    Notes to editors:

    About Balchug Capital:
    Balchug Capital is an investment firm headquartered in Yerevan, Armenia. It was founded in 2010 by David Amaryan, who serves as CEO and oversees all investment activities.

    Media contact:
    For further information please contact:
    Lena Gyulkhasyan, Balchug Capital: l.gyulkhasyan@balchug.com

    The MIL Network –

  • MIL-OSI: Sp Mortgage Bank Plc & Savings Banks Group: Half-Year Reports for January–June 2025 will be published on 13 August 2025 

    Source: GlobeNewswire (MIL-OSI)

    Stock Exchange Release 
    24th of April 2025 at 8 am (CET +1) 

    Sp Mortgage Bank Plc & Savings Banks Group: Half-Year Reports for 1st of January–30th of June 2024 will be published on 13th of August 2025 as a stock exchange release and can be also found at www.saastopankki.fi.

    Sp Mortgage Bank Plc & Savings Banks Group 

    Further information: 

    Kai Koskela 
    Managing Director, Savings Banks Union Coop 
    kai.koskela@sastopankki.fi
    +358 40 549 0430  

    Sp Mortgage Bank Plc is part of the Savings Banks Group and the Savings Banks Amalgamation. The role of Sp Mortgage Bank is, together with Central Bank of Savings Banks Finland Plc, to be responsible for obtaining funding for the Savings Banks Group from money and capital markets. Sp Mortgage Bank is responsible for the Savings Banks Group’s mortgage-secured funding by issuing covered bonds. 

    The MIL Network –

  • MIL-OSI: Central Bank of Savings Banks Finland Plc & Savings Banks Group: Half-Year Reports January–June 2025 will be published on 13 August 2025 

    Source: GlobeNewswire (MIL-OSI)

    Stock Exchange Release 
    24th of April 2025 at 8 am (CET +1) 

    Central Bank of Savings Banks Finland Plc & Savings Banks Group: Half year Reports for 1st of January–30th of June 2025 will be published on 13th of August 2025 as a stock exchange release and can be also found at www.saastopankki.fi. 

    Central Bank of Savings Banks Finland Plc & Savings Banks Group 

    Further information: 

    Kai Koskela 
    Managing Director, Savings Banks Union Coop 
    kai.koskela@sastopankki.fi
    +358 40 549 0430  

    Central Bank of Savings Banks Finland Plc is part of the Savings Banks Amalgamation and Savings Banks Group and operates as Group’s central credit institution. Central Bank of Savings Banks’ role is to ensure liquidity and wholesale funding of the Savings Banks Group via operating in the money and capital markets, issue payment cards, and provide payment transfer and account operator services.

    The MIL Network –

  • MIL-OSI: Bigbank’s Unaudited Financial Results for Q1 2025

    Source: GlobeNewswire (MIL-OSI)

    Bigbank’s total gross loan portfolio grew to a record 2.3 billion euros by the end of the first quarter, up 102 million euros (+5%) quarter on quarter and 550 million euros (+32%) year on year. The business loan portfolio grew by 44 million euros (+6%) to 808 million euros, the home loan portfolio by 51 million euros (+8%) to 664 million euros and the consumer loan portfolio by 12 million euros (+1%) to 840 million euros compared to the previous quarter.

    Bigbank’s deposit portfolio grew in the first quarter mainly through savings deposits. In countries with smaller deposit portfolios, Bigbank offered attractive savings deposit rates in the first quarter – the highest rate was 3.25%, which was offered throughout the quarter in Estonia. While interest rates were lower in the Netherlands and Germany, which have the largest savings deposit portfolios, customers in those countries also showed strong interest in Bigbank’s savings deposits, despite fierce competition and decreasing interest rates.

    Compared to the previous quarter, the Group’s savings deposit portfolio grew by 124 million euros (+12%) to 1.14 billion euros and term deposit portfolio increased by 33 million euros (+2%) to 1.4 billion euros. Current accounts launched for existing customers in Estonia in December last year amounted to 3 million euros at the end of the first quarter. The Group’s total deposit portfolio grew by 159 million euros (+7%) quarter on quarter and by 400 million euros (+19%) year on year to 2.55 billion euros.

    In the first quarter of 2025, Bigbank earned a net profit of 9.8 million euros. Compared to the first quarter of 2024, net profit increased by 3.4 million euros, driven by an improvement in the payment performance of the consumer loan portfolio through a decrease of 1.1 million euros in the net allowance for expected credit losses and a decrease of 2.4 million euros in provisions.

    Compared to the first quarter of 2024, interest income grew by 3.3 million euros (+8%) to 46.2 million euros. Due to the growth in the deposit portfolio and the increase in the volume of bonds issued, interest expense grew also by 3.3 million euros (+19%) to 20.6 million euros. Compared to the same period last year, Bigbank’s net interest income remained stable at 25.6 million euros.

    A positive development in the first quarter was the improvement in the payment performance of the Baltic consumer loan portfolios. As a result, the Group’s net allowance for expected credit losses decreased by 1.1 million euros year on year to 4.6 million euros. In addition, while provisions of 2.4 million euros had to be recognised in the first quarter of 2024, no such costs were incurred in the first quarter of 2025. The credit quality of home loans continued to be very good, and the business loan portfolio was fairly stable.

    Compared to the end of 2024, the portfolio of loans more than 90 days past due grew by 4.7 million euros to 58.8 million euros and accounted for 2.5% of the total loan portfolio (+0.1 pp from the end of 2024). The share of stage 3 (non-performing) loans grew by 10.1 million euros in the first quarter and accounted for 5.1% of the total loan portfolio at the end of the quarter (+0.2 pp from the end of 2024). A relatively high level of the stage 3 portfolio is mainly related to a few bigger loans which are well secured and therefore do not increase expected credit losses. As the share of stage 3 loans surpassed the 5% threshold, Bigbank activated an action plan to bring the level below 5%. This movement was not unexpected as the Group has significantly reduced the sale of non-performing loans in recent quarters. Slower growth in loans more than 90 days past due and their overall lower level reflect that, in addition to loans with long-term payment delays, a significant share of stage 3 loans is made up of loans without long-term payment delays.

    The investment property portfolio increased to 72.6 million euros by the end of the first quarter (+9% compared to the end of 2024). The Group did not recognise any gains or losses from changes in the fair value of investment property during the period.

    Bigbank issued Additional Tier 1 (AT1) bonds in the amount of 3 million euros in the first quarter, increasing its common equity Tier 1 capital by the same amount. A total of 300 bonds with a nominal value of 10,000 euros each were issued to 38 investors. The initial issue size of 3 million euros was fully subscribed. In addition, Bigbank increased the volume of AT1 bonds issued in November 2024 by 1 million euros in the first quarter.

    Income statement, in thousands of euros Q1 2025 Q1 2024 3M 2025 3M 2024
    Net interest income 25,574 25,557 25,574 25,557
    Net fee and commission income 2,523 2,164 2,523 2,164
    Net income (loss) on financial assets 1,950 1,071 1,950 1,071
    Net other operating income -895 -849 -895 -849
    Total net operating income 29,152 27,943 29,152 27,943
    Salaries and associated charges -7,477 -6,412 -7,477 -6,412
    Administrative expenses -2,752 -3,669 -2,752 -3,669
    Depreciation, amortisation and impairment -2,137 -2,052 -2,137 -2,052
    Other gains (losses) 14 -2,419 14 -2,419
    Total expenses -12,352 -14,552 -12,352 -14,552
    Profit before loss allowances 16,800 13,391 16,800 13,391
    Net allowance for expected credit losses -4,635 -5,720 -4,635 -5,720
    Profit before income tax 12,165 7,671 12,165 7,671
    Income tax expense -2,301 -1,275 -2,301 -1,275
    Profit for the period from continuing operations 9,864 6,396 9,864 6,396
    Profit from discontinued operations 0 21 0 21
    Profit for the period 9,864 6,417 9,864 6,417
    Statement of financial position, in thousands of euros 31 March 2025 31 Dec 2024 31 March 2024
    Cash and cash equivalents 487,160 448,661 652,065
    Debt securities at FVOCI 49,431 22,334 13,586
    Loans to customers 2,297,987 2,196,482 1,747,606
    Other assets 109,603 110,939 89,823
    Total assets 2,944,181 2,778,416 2,503,080
    Customer deposits and loans received 2,560,513 2,401,689 2,161,463
    Subordinated notes 95,943 91,668 76,476
    Other liabilities 16,885 15,290 21,688
    Total liabilities 2,673,341 2,508,647 2,259,627
    Equity 270,840 269,769 243,453
    Total liabilities and equity 2,944,181 2,778,416 2,503,080

    Compared to the unaudited financial results published for Q1 2024, the net interest income and the net allowance for expected credit losses for the Q1 2024 have been adjusted, both reduced by 0.8 million euros. The adjustment is related to an identified error, where interest income from impaired financial assets had been accrued on the gross exposure of the financial assets, rather than on net basis. This correction does not impact the net profit for Q1 2024.

    Comment from Martin Länts, Chairman of the Management Board of Bigbank AS:

    In the first quarter of 2025, Bigbank continued its strong growth across all core areas. Our loan portfolio reached a record 2.3 billion euros, with increases in business, home, and consumer loan segments. Particularly encouraging is the significant growth of the home loan portfolio, reflecting not only a more active real estate market but also the trust customers place in Bigbank.

    Our deposit portfolio also continued to grow, driven primarily by our savings deposit product. We are pleased to see that more and more people are choosing our savings deposit – a product that combines some of the best interest rates on the market with flexible access to savings. During the quarter, the volume of the savings deposit portfolio increased by 123 million euros, reaching a group record of 1.14 billion euros.

    The current account service launched for Estonian customers in December last year has been well received. By the end of the quarter, over 3,500 customers had opened a current account. Bigbank offers a 2% interest rate on current account balances. Product development in the field of daily banking will continue at full speed in the coming quarters, with the aim of launching new functionalities in Estonia and gradually expanding the service to Latvia and Lithuania.

    Net profit for the first quarter of the year amounted to 9.8 million euros, an increase of 3.4 million euros compared to the same period last year. This growth was supported, among other factors, by a significant improvement in the payment behaviour of the consumer loan portfolio, which led to a decrease in the net cost of expected credit loss.

    In March, we successfully completed a 3-million-euro AT1 bond issue, which was fully subscribed. In addition, we increased the volume of bonds issued in November 2024 by 1 million euros. Both transactions were aimed at meeting regulatory capital requirements and support the continuation of the bank’s strategic growth, focusing on the expansion of the home and business loan portfolios.

    We thank all our investors and partners for their trust. Our goal remains to provide strong, responsible, and long-term value-creating banking.

    Bigbank AS (www.bigbank.eu), with over 30 years of operating history, is a commercial bank owned by Estonian capital. As of 31 March 2025, the bank’s total assets amounted to 2.9 billion euros, with equity of 271 million euros. Operating in nine countries, the bank serves more than 169,000 active customers and employs over 550 people. The credit rating agency Moody’s has assigned Bigbank a long-term bank deposit rating of Ba1, along with a baseline credit assessment (BCA) and an adjusted BCA of Ba2.

    Argo Kiltsmann
    Member of the Management Board
    Telephone: +372 5393 0833
    Email: argo.kiltsmann@bigbank.ee
    www.bigbank.ee

    Attachment

    The MIL Network –

  • MIL-OSI: Nokia lands strategic 5G RAN deal with T-Mobile US to enhance nationwide connectivity

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    Nokia lands strategic 5G RAN deal with T-Mobile US to enhance nationwide connectivity

    • Nokia boosts T-Mobile US’s award-winning 5G network with network footprint expansion and site modernization.
    • Partnership brings enhanced 5G connectivity to additional T-Mobile subscribers across the country.
    • Nokia to supply equipment from industry-leading AirScale portfolio.

    24 April 2025
    Espoo, Finland – Nokia today announced a significant multi-year extension of its strategic partnership with T-Mobile US, further expanding and enhancing the Un-carrier’s industry-leading nationwide 5G network coverage and capacity. The agreement will advance T-Mobile’s network by deploying next-generation baseband and radio technologies. T-Mobile’s network already reaches more than 98 percent of the U.S. population. This collaboration demonstrates its commitment to further extending its high-performance 5G capabilities.

    Under the agreement, Nokia will supply its industry-leading AirScale Radio Access Network (RAN) portfolio – including its latest generation Habrok Massive MIMO and Levante Ultra-Performance baseband solutions. These are powered by its energy-efficient ReefShark System-on-Chip technology and will boost T-Mobile’s 5G network for maximum performance, efficiency and reliability. Nokia will also deploy its AI-powered MantaRay SON and AutoPilot, a self-organizing network solution for optimization and automation. The deal includes hardware, software, maintenance, and support services.

    This collaboration will also advance T-Mobile’s network evolution by leveraging next-generation RAN architectures that enhance agility, scalability, and operational efficiency. Nokia will continue to support T-Mobile’s groundbreaking AI-RAN initiatives, including the ongoing technology partnership at T-Mobile’s AI-RAN Innovation Center launched last year. The center is dedicated to integrating AI into RAN to revolutionize network experiences and deliver stronger business outcomes.

    Ulf Ewaldsson, President of Technology, T-Mobile, commented, “T-Mobile’s nationwide standalone 5G network has solidified our global leadership by delivering tangible benefits to our customers. This new agreement with Nokia will further enhance our current network capabilities as we strengthen our journey supercharged with 5G Advanced, laying a robust foundation for future innovation.”

    Justin Hotard, President and CEO of Nokia, said: “This new agreement strengthens our deep partnership with T-Mobile US, and extends their leadership in delivering next-generation connectivity across the U.S. By implementing Nokia’s latest AirScale RAN innovations, along with advanced virtualized and AI-RAN-based solutions, T-Mobile will unlock premium 5G performance for their customers. I’m excited to continue our partnership to shape the next chapter of mobile connectivity in the U.S.”

    Nokia is T-Mobile US’s long-standing partner in RAN. The combination of Nokia’s advanced solutions and T-Mobile’s “Challenger to Champion” strategic initiatives have helped T-Mobile to become America’s largest, fastest, and most awarded 5G network, covering more than 332 million people across two million square miles.

    Multimedia, technical information and related news
    Product Page: Nokia Cloud RAN
    Product Page: Nokia anyRAN
    Product Page: Nokia AirScale Baseband
    Product Page: MantaRay NM

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

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

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  • MIL-OSI Russia: Smart, conceptual, bright. Gogol Theatre celebrates 100th anniversary

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    The history of the Moscow Drama Theatre named after N.V. Gogol begins on April 24, 1925, when the Traveling Drama and Comedy Theatre appeared under the Central Committee of the Railway Workers’ Trade Union. The path it has taken over 100 years is described in the mos.ru article.

    Theatre of Transport

    The troupe of the Drama and Comedy Theatre, assembled by director and actor Kirill Golovanov, played at the E. F. Kukhmisterov Railway Workers Club, workers’ clubs, at junction stations and station platforms. Tours were an important part of life – the artists showed performances for railway workers in different regions of the country. The repertoire was based on plays telling about the lives of ordinary workers.

    In the 1930s, the theatre received a new name — the Central Theatre of Transport. It remained under the jurisdiction of the Ministry of Railways, but faced some problems that concerned both financing and the creative component. Moscow newspapers of that time repeatedly asked the question: was the Theatre of Transport needed at all? But a solution was found: the theatre and the studio of the 2nd Moscow Art Theatre signed an agreement according to which directors and actors of the 2nd Moscow Art Theatre staged plays and gave lectures there, and the Central Committee of Railway Workers helped them during tours, providing entire carriages on trains.

    In 1939, with the arrival of artistic director Nikolai Petrov, a new era began for the Theatre of Transport. Nikolai Vasilyevich, who had previously directed the Alexandrinsky Theatre in Petrograd, approached this work very systematically. The first thing he did was to invite new playwrights to collaborate. One of them was Alexander Afinogenov — his play Mashenka was staged by the Theatre of Transport simultaneously with the Mossovet Theatre, for which it was written.

    A two-year tour

    In May 1941, the troupe went on tour to the Far East. The Ministry of Railways allocated a ten-car train especially for this trip: the actors, scenery, and even costumes received separate compartments. The Great Patriotic War, which began soon after, extended the planned three-month journey by two years, and the troupe’s schedule was significantly altered. Now they had to perform not only at the best city venues, but also in barracks, depots, and stations. There were cases when the troupe performed a play for only six or seven people.

    Some of the theatre staff went to the front. The rest divided the duties among themselves. For example, the actors were divided into two groups: while the first set up the scenery and tidied up the costumes, the other actually played on stage. Then they changed. Among the plays that were shown in those years were “Notre Dame de Paris”, “The Barber of Seville”, “Russian People”. There was also a play “On the Eve” by Alexander Afinogenov, created especially for this theatre. The author wrote it in the first months of the war; he died in October 1941.

    During these tours, the artists performed more than one thousand performances and gave about 900 concerts.

    Help for the Front and Performances During the Battles. Life of Theaters During the War Years

    In 1943, a very important event took place: the theater was given a building on Kazakova Street — the same one where it is located today. It was not alien to the artists — they had performed on this stage many times before, but they shared the space with various clubs and sections. Today, the 19th-century sleepers that once ran along the entire perimeter of the building are a reminder of the theater’s past — the Railway Workers’ Club. It is impossible to say exactly what their original purpose was, but now they have become that unique interior detail that brings something important to the overall atmosphere.

    Brecht, Rock ‘n’ Roll and Rediscovered Plays

    In 1959, the theatre was named after Nikolai Gogol — the event was timed to coincide with the 150th anniversary of the writer’s birth. By that time, the repertoire had expanded significantly, including not only plays, but also larger works, such as Vyacheslav Shishkov’s “Gloomy River”. Singer and actor Leonid Utesov shone on the stage of the Moscow N.V. Gogol Theatre, playing the lead role in the play “Shelmenko the Orderly” for one season.

    In 1964, the premiere of the play “The Caucasian Chalk Circle” based on the play by Bertolt Brecht took place. The story of a woman who saved someone else’s child at the cost of her own well-being was staged by chief director Alexander Dunayev. It was one of the first productions of Brecht’s play in the country and one of the theater’s most successful performances. The main character was played by the young actress Lyudmila Gavrilova, who had just joined the troupe at the time. Today, she can also be seen on stage, for example, in the play “A Midsummer Night’s Dream”. 

    In 1965, the theatre was headed by director People’s Artist of the RSFSR Boris Golubovsky, who tenderly loved modern drama and prose. Thanks to him, plays began to appear in the repertoire that did not leave the stage for a very long time, such as “Riding a Dolphin”, “Until the Cart Turned Over”, “The Old Cossack Way”, “The Supreme Court” and many others. It was he who brought Boris Chirkov, Emilia Milton, Leonid Kulagin, Yevgeny Menshov, Svetlana Bragarnik, Olga Naumenko and other artists to the troupe.

    In 1974, the theater showed the play “Rock and Roll at Dawn.” According to the plot, American students rehearsed the production of “Jesus Christ Superstar” – the audience of the Gogol Theater became the first in the country to hear the melodies from the famous rock opera.

    In 1988, the theater was headed by director People’s Artist of Russia Sergey Yashin. He paid much attention to the plays of American playwrights Tennessee Williams and Eugene O’Neill. His plays “Suits for a Summer Hotel” and “Long Day’s Journey Into Night” were shown in the United States, and local journalists wrote that the Russian director rediscovered these authors for Americans.

    Our days

    Sergei Ivanovich headed the theatre until 2013. After his departure, it was decided to transform the theatre into a project with three resident troupes. In addition to performances, viewers were invited to film screenings, concerts, lectures and open discussions.

    In 2022, a new page in history will be written. The artistic director was appointed director and laureate of the Moscow Prize in Literature and Art Anton Yakovlev. The repertoire was formed anew – 15 premieres were shown in 2.5 years. Anton Yuryevich himself calls mystical drama the theater’s calling card. “Storm. Temptation” based on the play by Alexander Ostrovsky.

    “This performance defines the direction and form of the theatre, the essence of what I do today,” said the artistic director. “I can also include the recent premiere of the play “Crime and Punishment” among such productions. After watching it, you can understand in which direction the theatre is moving, how the actors work here.”

    Also on the bill today is: “Uncle’s Dream” Fyodor Dostoevsky, “Resurrection” Leo Tolstoy, “The Eldest Son” Alexandra Vampilova and many others. Last season, the premiere of the play “Soboryane” based on the novel by Nikolai Leskov took place — it was staged in collaboration with the Russian Concert Agency. The chamber ensemble “Soloists of Moscow” under the direction of Yuri Bashmet takes part in the play. The production was shown at Russian and international festivals, it was nominated for the Russian National Theatre Award “Golden Mask”, as well as for the Union of Theatre Workers of Russia “Nail of the Season” award.

    In the Power of Phantoms. How Crime and Punishment Was Staged at the Gogol TheatreSincerity with Good Taste. Yuri Bashmet on the Modern Role of Classical Music

    “The Gogol Theatre is very diverse, smart, conceptual, and bright,” added Anton Yakovlev. “It professes the genre of fantastic realism and metamodernism, and advocates an interesting interpretation of classical works.”

    Performances are shown on two stages. The large hall is designed for 610 seats. Three years ago, it was renovated: plastic chairs were removed and comfortable armchairs were installed, a new floor was made, the walls were painted, and modern equipment was installed. The small stage has 115 seats. In addition to performances, creative meetings and conferences are held there. Another important space of the theater is the foyer in front of the large stage. They open and close the season there, organize concerts and performances for children.

    About the future

    The immediate plans include, of course, new performances. Anton Yakovlev will soon begin rehearsals for a production that will combine the plays Romeo and Juliet by William Shakespeare and A Plague on Both Your Houses! by Grigory Gorin. There are plans to bring Zoyka’s Apartment and Morphine by Mikhail Bulgakov to the stage, as well as create an immersive performance based on Lady Macbeth of Mtsensk by Nikolai Leskov.

    But the Gogol Theatre is not only about performances. For example, open rehearsals for spectators and director’s laboratories (jointly with GITIS) for young talents are held here. As a result of one of them, two performances were added to the repertoire – “The Overcoat” and “Notes of a Madman” based on the works of Nikolai Gogol.

    In 2022, the musical and poetic project “Poetomania” began, in which artists read poetry, accompanying themselves on musical instruments. The plans include joint projects with Mosconcert, the Tyumen Philharmonic Orchestra and much more. Details are still being kept secret.

    Get the latest news quicklyofficial telegram channelthe city of Moscow.

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    MIL OSI Russia News –

  • MIL-OSI Russia: Fair and master classes: what the capital’s NGOs have prepared for the Easter Gift festival

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    The festival is taking place in Moscow until April 30 “Easter Gift”. Non-profit organizations (NPOs) of the capital are also taking part in it. At the charity fair, you can buy goods from the funds to support their wards, and at free master classes, you can master new skills under the guidance of experienced experts and have an interesting time with the whole family.

    “Easter Gift” is one of the most beautiful and beloved Moscow festivals by city residents. It is also an opportunity to once again remind people about good deeds, about how easy it is to help. This year, more than 60 non-profit organizations from the city are taking part in the festival,” said

    Ekaterina Dragunova, Chairman of the capital’s Committee for Public Relations and Youth Policy.

    From Toys to Jewelry: What to Buy at the Fair

    A large charity fair opened at the festival site near the Novye Cheryomushki metro station. Here you can buy knitted toys, candles with a pleasant aroma and decorations from the Guild of Masters. The We Believe in You Foundation, which helps families with special children, offers candles, gift handmade soap and toys. In addition, you can find stylish merch here: sweatshirts, T-shirts, cardholders, thermoses, resin stickers and socks from the Podari Zhizn Foundation.

    At the stand of the BANO “Yaseneva Polyana”, where people with sensory impairments are cared for, ceramics are on display: mugs, plates, cups, candlesticks and stands for storing jewelry.

    In the display case of the Perekrestok Plus foundation, which provides social and psychological assistance to teenagers, you can find useful books, canvas bags, interior decorations made of ceramics and other materials. The House of the Deaf-Blind foundation offers felt brooches, wicker baskets, candlestick houses and ceramic badges.

    All proceeds from the sale of goods will be used to help the wards of non-profit organizations: seriously ill children, people with disabilities, elderly people and animals.

    The charity fair is open daily from 11:00 to 20:00 until April 30.

    Songs, dances and performances

    Creative teams of non-profit organizations will demonstrate their skills at various city venues. Thus, on April 25 at 17:30, Tatyana Orekhova’s inclusive orchestra “Sunny Notes” will perform on the stage on Tverskaya Square. Guests will hear popular classical and jazz pieces.

    On April 26, at 15:00, a vocal and poetry concert of the participants of the “Big Russia” program will begin here, presented by the Union of Music, Cinema and Television Figures.

    On April 27, the Moscow Synodal Choir will perform at 2:00 PM on Tverskaya Square, and at 4:00 PM, a concert program of vocal and choreographic numbers presented by the Art Express Foundation will begin. On the same day, at 12:00 PM, a performance based on a collection of fables by I.A. Krylov will be shown at the venue on Klyuchevaya Street, performed by the junior creative team of the ANO Viking.

    Do-it-yourself miracle

    Taking part in master classes led by NPO specialists is an opportunity to have fun with the whole family, learn something new and make a gift for yourself or loved ones. Classes are free and do not require prior registration, all materials will be provided on site.

    On April 24, at the site on Veshnyakovskaya Street, everyone is invited to create a wreath called “Breath of Spring”. The master class will begin at 16:00, and participants will be assisted by representatives of the “Remesla” rehabilitation center.

    On April 25, two master classes on weaving Easter baskets will be held in the Brigantina Park on Koptevsky Boulevard under the guidance of experts from the Kovcheg Charity Center. The events will begin at 15:00 and 16:00.

    On April 26, in the park on Olonetsky Proezd, representatives of the rehabilitation organization “Yablochko” will teach how to make mosaic magnets in the form of Easter bunnies. Master classes will begin at 12:00 and 13:00.

    On the same day, at Slavy Square, guests will learn how to paint cardboard eggs and wooden window frames under the guidance of representatives of the Union of Artists of Russia. Master classes will begin at 12:00 and 13:00. At 12:00, in Serebryakov Passage, there will be a lesson on the use of art therapy in everyday life, organized by the All-Russian public movement “Mothers of Russia”.

    On April 27, at 12:00, a master class of the National Equestrian Tourism Center for horse lovers will begin in the square on Olonetsky Proezd. At the same time, in Nekrasovka Park, representatives of the Integration Center for the Development of Social Change will teach how to create mosaic magnets, which can be used to decorate your refrigerator or as a gift to a friend.

    On this day, experts from the Union of Artists of Russia will be revealing the secrets of mood landscapes and decorating festive Easter cakes at Slavy Square. Classes will start at 12:00 and 13:00.

    In addition, during the Easter Gift festival, the city’s cafes, restaurants and other venues are hosting the “Good is Here” campaign. To take part, simply purchase a drink in a special cup with a QR code that leads to the mos.ru charity service. It contains 99 verified NPOs. A few clicks are enough to support their wards: children, adults, large families, the elderly, and homeless animals.

    You can learn more about Moscow’s non-profit organizations and how they help everyone who needs support on the website and on the official pages “Cities of the Caring” in social networks. This project is supported by Committee for Public Relations and Youth Policy of the capital.

    Get the latest news quickly official telegram channelthe city of Moscow.

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  • MIL-OSI Russia: How teenagers learn to think creatively in the “Cascade digital” workshops at VDNKh

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    Turning a drawing into music, creating an installation for a capital museum, and creating an illustrated textbook are the projects teenagers work on in their workshops “Cascade digital” at VDNKh. This is a creative space where you can bring your boldest and most original ideas to life and express yourself in different ways. Children aged 13 to 18 discover their inner world, learn to think outside the box, and see many possible solutions for each task. These skills will come in handy in any profession, and even in life.

    mos.ru correspondents visited the workshops and learned how the classes are conducted, what an artistic gesture is, and how sleep inspires creativity.

    Embodiment of ideas

    Teenage workshops “Cascade digital” are located in pavilion no. 49 at VDNKh. Previously, this building, built in 1954, was called “Sheep Breeding-2” and was part of a complex of buildings related to livestock farming. And in 2022, the workshops received it for permanent use from the Moscow Government with the support of Museum of Moscow.

    “Our workshops appeared in 2018. Before that, my colleague Sasha Kheifets and I worked in museums and often thought: why do many modern teenagers get bored walking around exhibitions? We studied the results of sociological research and realized: at this age, a person is looking for himself, wants to create something of his own, it is difficult for him to passively observe. In addition, the process of growing up is underway, which is not easy for everyone. It is important to be heard, to find like-minded people. This is how the idea came about to create a space for contemporary art, where you can open up, embody any thoughts in creativity, communicate with peers. This initiative was supported by several cultural institutions at once – the Museum of Moscow, the Triumph Gallery, the creative industries center Fabrika. And in 2023, with the support of the Museum of Moscow, we moved to pavilion No. 49 at VDNKh, which became a permanent coworking space for teenagers,” says Lidiya Lobanova, head of the Cascade Digital teenage workshops.

    The pavilion is white as a canvas, except for the burgundy frames around the windows, and this is symbolic: draw whatever you want. And indeed, inside it is decorated according to the project of the guys who study in the workshops “Cascade digital”: multi-colored walls, steps, ceilings, hammocks. In the language of modern art, this is one big installation.

    “Before moving to VDNKh, we opened a two-week program, which was led by architect Natalia Zaychenko. Participants were asked to come up with a space in which they would feel comfortable and good,” explains Lidiya Lobanova.

    Artbook and melodic emotions

    The workshop trains about 100 children for free in 11 areas. Registration is available at website. In October, there is an open day, or fair as it is called here, and everyone can choose their profile, within the framework of which they will attend two-hour classes once a week. The authors of the project believe that during the year it is better for teenagers to focus on one thing: this way creative thinking develops more effectively. Among the most popular workshops are “The Place Where I Am” (understanding space, home), “Modern Theater”, “Documentary Writing Laboratory” (the basics of journalism).

    We find ourselves in a workshop called “Museum and City.” Along the wall of the classroom are sheets of paper with lecture notes and students’ ideas. To the uninitiated, they may seem too unusual. For example: “I feel now that somewhere, in the sedge thickets or among the Himalayan cliffs, there is an amazing ability to address people directly.” This is how teenagers express their thoughts.

    “The Museum and the City workshop is about how to fit modern exhibitions into the urban environment, expressing the attitude to the capital in them. In the future, my graduates will be able to implement their own museum projects. But before moving on to this stage, you need to learn to record any thoughts, not to deny them, even if at first glance they are strange. Therefore, we write everything down and hang it on the wall. At the end of May – beginning of June, we will present an exhibition of finished projects in our space, it will be a performance or installation,” explains the curator of the Museum and the City workshop Nikita Spiridonov.

    The guys gather, each with a cup of tea and cookies: it is important for a creative person to experience pleasure – visual and gustatory. The curator reminds them of the material covered over the year. Performance and installation have much in common, but the first type of contemporary art is dynamic and interactive (for example, the artist invites viewers to draw something on prepared sheets), while the second is static. Moreover, it is not at all necessary to create from scratch – even a ready-made object can become a masterpiece.

    In the next room, a workshop of artistic gestures is starting, led by Irina Litvinova and Dunya Frankstein. “We are professional artists and could teach teenagers academic painting. But we have a different goal – to show that absolutely everything can be turned into an artistic gesture,” says Irina Litvinova.

    Thus, a graduate of the artistic gesture workshop Taisiya Sedova created an art book – a textbook about how the world works, made in the style of naive art. She sewed the pages and backing herself, wrote the texts by hand and illustrated them.

    “Right now, high school students are busy, preparing to pass the Unified State Exam, enter universities, and additionally attend pre-professional classes. And Taisiya decided to unload them by depicting the world through the eyes of a child. She emphasized that everything around us can be not only complex, but also simple. By developing such projects, children gain self-confidence, independence, develop their imagination, and learn to refract the familiar into the meaningful,” says Dunya Frankstein.

    The programs of the “Cascade digital” workshops are designed for a year, but some guys come back again, already in a different direction, and some stay here to work, like, for example, Ivan Sdvizhnikov, curator of the “Oscillations Laboratory” workshop. The young man works with his students on sound design and visual-sound installations and performances. He himself, while studying, developed several projects.

    “In my classes, the kids also learn to translate pictures into sounds. First, they draw in a computer program, then the machine transforms the pixels into notes, and an abstract melody is obtained. Last year, my students created a project: they offered those who wanted to take a test on their emotional state on a tablet, and the speakers played each emotion,” says Ivan Sdvizhnikov.

    Horses and Dreams

    At the end of the academic year, participants in each workshop prepare a final project, which becomes an exhibit at the exhibition in Pavilion No. 49. However, not only graduates of the “Digital Cascade” can present their works: there is a program to support residents – beginning representatives of creative professions. To join it, you need to submit an application on the workshops’ website and send a presentation.

    Thus, from March 27 to April 13, 2025, the exhibition “Dream in Hand” was held, dedicated to the role of the unconscious in creativity. Artist Ksenia Nagornaya brought here the installation “Fall” – this is a booth like those where they take instant photos, on its wall are black and white pictures of a person in fetters, sitting on a chair, and inside on the screen, strokes, candles, threads flicker to disturbing music. And Margo Churaeva prepared a series of drawings called “My Zoo” – they depict horses, made in different styles.

    “These works are about self-knowledge through creativity. Teenagers are inspired by studying the paintings of their older friends or their peers, they also want to create something similar and, probably, get away from some prejudices, fears, doubts, and believe that everything will work out,” explains exhibition curator Asya Maksimova.

    Not all graduates of the “Cascade digital” workshops see art as their calling. Many go into the field of information technology, economics, investment management and other areas. “It is important that in our creative space they find friends with similar interests, see their own potential, understand that they can do a lot and know how to do it, learn to defend their position. This will come in handy in life,” Lidiya Lobanova sums up.

    The Most Beautiful Metro and a House with an Ear. Monumental Stories from the Museum of MoscowThe winner of the All-Russian competition “Contours of Culture” will create a painting for the sports space of VDNKhParticipants of the Art in the Metro project depicted stations of the Big Circle Line

    Get the latest news quicklyofficial telegram channelthe city of Moscow.

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  • MIL-OSI Russia: Environmentalists warn city residents against planting box elder maple in their summer cottages

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    In anticipation of the summer season, specialists Department of Nature Management and Environmental Protection reminds that box elder is an invasive (alien) tree species. It actively spreads and grows quickly.

    Box elder is a dominant tree species that poses a threat to biodiversity by disrupting the ecological balance. This tree was brought from North America in the 17th century. A few decades ago, it was used for landscaping Moscow. However, over time, it became clear that box elder is displacing local tree species such as birch, alder and other plants that cannot fully develop in conditions of insufficient light. Only a few survive in its shade. Thus, the balance of the ecosystem is disrupted and biological diversity is reduced.

    Moreover, the fast-growing plant poses a threat to human life and property. The fact is that due to its shallow root system, it is unstable in soft and wet soil. It is the box elder that most often falls during heavy rains, hurricanes and other adverse weather conditions.

    Environmentalists advise avoiding buying box elder seedlings for summer cottages. Although the box elder has a large crown that provides shelter from the heat, you should choose seedlings that are compatible with the local flora and less aggressive in development. The planting material market offers a huge selection of beautiful plants for garden plots that can be both beautiful and useful.

    To create a comfortable recreation area or a hedge on a summer cottage or house plot, specialists from the capital’s Department of Nature Management and Environmental Protection recommend considering alternative options, such as ginnal and Norway maple, hawthorn, ornamental apple trees, thuja and other trees, and from shrubs – elderberry, cotoneaster, as well as dogwood and mock orange.

    In addition, it is advisable to promptly remove self-seeding and shoots of box elder in the first year of their appearance. This will avoid dense plantings with an asymmetrical crown in the future, which, together with the superficial root system, reduces the stability of the tree.

    Quickly find out the main news of the capital in official telegram channelthe city of Moscow.

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