Category: European Union

MIL-OSI United Kingdom: Greens lodge plans for tenants to withhold rent if landlords don’t carry out repairs

Source: Scottish Greens

29 Apr 2025 Housing

Homes are for living in, not for profiteering.

More in Housing

Scottish Green MSP Ariane Burgess has lodged proposals that would allow renters to withhold rent payments if landlords do not promptly carry out serious repairs to their property.

Ms Burgess’ proposed amendment to the Housing (Scotland) Bill would see renters able to withhold payment of rent if landlords do not carry out the repairs within 30 days of being notified about the issues.

This would ensure major concerns such as damp, mould, broken floorings and heating and hot water systems are repaired promptly, so that private housing stock is maintained to a safe standard for living in.

The amendment would also make the tribunal process more evenly shared, as landlords who act in bad faith would have to prove they have done enough to resolve the issue to unlock the withheld rent.

Ms Burgess said:

“My proposals will make it easier for renters to stand up to rogue landlords and to get vital repairs done quickly.

“At the moment, renters can do little except threaten to take their landlords to tribunals, which can be time consuming and stressful, and the burden of the tribunal falls on the renter.

“My amendment, which is backed by Living Rent, would allow tenants to withhold rent if their landlord hasn’t fixed serious issues within a timeframe of 30 days of being notified about them.

“Renters should expect their homes to be maintained to the same standard as any other. But in some cases, there are landlords who simply feel it is okay to take rent and let their properties fester with damp, mould and serious problems that significantly impact health and wellbeing.

“While not all landlords let this happen, and many will be encouraged to keep up the good work, there are some bad faith actors who fail to maintain their properties. For those who rent these properties, it can be a miserable experience. People in this situation need more support and the power to make sure major repairs happen.”

MIL OSI United Kingdom –

April 29, 2025
MIL-OSI United Kingdom: Greens in tax bid to tackle holiday home crisis in National Parks

Source: Scottish Greens

29 Apr 2025 Finance

National Parks are iconic spaces that should be protected.

More in Finance

The Scottish Greens are lodging plans to tackle the housing crisis in our National Parks and protect the communities who live there by increasing the tax due when buying a holiday home within park boundaries.

At present, someone buying a second or holiday home anywhere in Scotland must pay a tax known as the Additional Dwelling Supplement.

These new proposals, to be lodged by Ross Greer MSP as an amendment to the upcoming Housing Bill, would create a further charge on top of this within National Parks, in recognition of the housing crisis in these communities being caused by so many properties becoming holiday homes.

The change would build on successful changes already made by the Scottish Greens, namely doubling the Additional Dwelling Supplement from 4% to 8% since 2021. This will raise more than a quarter of a billion pounds in the current financial year.

The Greens preferred policy would be for the Additional Dwelling Supplement to be doubled again in National Parks, though this would be for MSPs to agree on an annual basis.

The latest data shows there are 2455 second homes in Loch Lomond and the Trossachs National Park, which is around 5% of all homes. This is more than five times the national average of 0.9%.

The problem is far worse within the Cairngorms National Park, where around 12% of all houses are second homes, reaching 20% in some communities, meaning one in five homes are empty for most of the year.

The Greens are confident that their amendment would raise more funds for public services and free up more homes for people to live in by reducing the number bought to be used as holiday homes.

Research from 2022 shows that 75% of National Park households cannot afford average house prices.

Ross Greer said:

“Our National Parks are iconic and beautiful places, but the families who actually live there are being pushed out by second home owners.

“Young people in particular are too often forced to leave the communities they grew up in after being outbid by those wealthy enough to buy a second property.

“Too many properties are also used as cash cows for short-term lets while local people are priced out and businesses find it impossible to recruit staff because there is nowhere for them to live.

“The changes already delivered by Green MSPs have reduced the number of second and holiday homes bought each year, freeing up more properties for people who need a home to live in. Now we can build on this success and ensure that the communities within our National Parks are more than just holiday parks.”

MIL OSI United Kingdom –

April 29, 2025
MIL-Evening Report: Did ‘induced atmospheric vibration’ cause blackouts in Europe? An electrical engineer explains the phenomenon

Source: The Conversation (Au and NZ) – By Mehdi Seyedmahmoudian, Professor of Electrical Engineering, School of Engineering, Swinburne University of Technology

The lights are mostly back on in Spain, Portugal and southern France after a widespread blackout on Monday.

The blackout caused chaos for tens of millions of people. It shut down traffic lights and ATMs, halted public transport, cut phone service and forced people to eat dinner huddled around candles as night fell. Many people found themselves trapped in trains and elevators.

Spain’s prime minister, Pedro Sánchez, has said the exact cause of the blackout is yet to be determined. In early reporting, Portugal’s grid operator REN was quoted as blaming the event on a rare phenomenon known as “induced atmospheric vibration”. REN has since reportedly refuted this.

But what is this vibration? And how can energy systems be improved to mitigate the risk of widespread blackouts?

How much does weather affect electricity?

Weather is a major cause of disruptions to electricity supply. In fact, in the United States, 83% of reported blackouts between 2000 and 2021 were attributed to weather-related events.

The ways weather can affect the supply of electricity are manifold. For example, cyclones can bring down transmission lines, heatwaves can place too high a demand on the grid, and bushfires can raze substations.

Wind can also cause transmission lines to vibrate. These vibrations are characterised by either high amplitude and low frequency (known as “conductor galloping”), or low amplitude and high frequency (known as “aeolian vibrations”).

These vibrations are a significant problem for grid operators. They can place increased stress on grid infrastructure, potentially leading to blackouts.

To reduce the risk of vibration, grid operators often use wire stabilisers known as “stock bridge dampers”.

What is ‘induced atmospheric vibration’?

Vibrations in power lines can also be caused by extreme changes in temperature or air pressure. And this is one hypothesis about what caused the recent widespread blackout across the Iberian peninsula.

As The Guardian initially reported Portugal’s REN as saying:

Due to extreme temperature variations in the interior of Spain, there were anomalous oscillations in the very high voltage lines (400 kV), a phenomenon known as “induced atmospheric vibration”. These oscillations caused synchronisation failures between the electrical systems, leading to successive disturbances across the interconnected European network.

In fact, “induced atmospheric vibration” is not a commonly used term, but it seems likely the explanation was intended to refer to physical processes climate scientists have known about for quite some time.

In simple terms, it seems to refer to wavelike movements or oscillations in the atmosphere, caused by sudden changes in temperature or pressure. These can be triggered by extreme heating, large-scale energy releases (such as explosions or bushfires), or intense weather events.

When a part of Earth’s surface heats up very quickly – due to a heatwave, for example – the air above it warms, expands and becomes lighter. That rising warm air creates a pressure imbalance with the surrounding cooler, denser air. The atmosphere responds to this imbalance by generating waves, not unlike ripples spreading across a pond.

These pressure waves can travel through the atmosphere. In some cases, they can interact with power infrastructure — particularly long-distance, high-voltage transmission lines.

These types of atmospheric waves are usually called gravity waves, thermal oscillations or acoustic-gravity waves. While the phrase “induced atmospheric vibration” is not formally established in meteorology, it seems to describe this same family of phenomena.

What’s important is that it’s not just high temperatures alone that causes these effects — it’s how quickly and unevenly the temperature changes across a region. That’s what sets the atmosphere into motion and can cause power lines to vibrate. Again, though, it’s still unclear if this is what was behind the recent blackout in Europe.

Atmospheric waves can sometimes be seen in clouds.
Jeff Schmaltz/NASA

More centralised, more vulnerable

Understanding how the atmosphere behaves under these conditions is becoming increasingly important. As our energy systems become more interconnected and more dependent on long-distance transmission, even relatively subtle atmospheric disturbances can have outsized impacts. What might once have seemed like a fringe effect is now a growing factor in grid resilience.

Under growing environmental and electrical stress, centralised energy networks are dangerously vulnerable. The increasing electrification of buildings, the rapid uptake of electric vehicles, and the integration of intermittent renewable energy sources have placed unprecedented pressure on traditional grids that were never designed for this level of complexity, dynamism or centralisation.

Continuing to rely on centralised grid structures without fundamentally rethinking resilience puts entire regions at risk — not just from technical faults, but from environmental volatility.

The way to avoid such catastrophic risks is clear: we must embrace innovative solutions such as community microgrids. These are decentralised, flexible and resilient energy networks that can operate independently when needed.

Strengthening local energy autonomy is key to building a secure, affordable and future-ready electricity system.

The European blackout, regardless of its immediate cause, demonstrates that our electrical grids have become dangerously sensitive. Failure to address these structural weaknesses will have consequences far worse than those experienced during the COVID pandemic.

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

– ref. Did ‘induced atmospheric vibration’ cause blackouts in Europe? An electrical engineer explains the phenomenon – https://theconversation.com/did-induced-atmospheric-vibration-cause-blackouts-in-europe-an-electrical-engineer-explains-the-phenomenon-255497

MIL OSI Analysis – EveningReport.nz –

April 29, 2025
MIL-OSI United Kingdom: SPC change – Credelio Chewable Tablets for Dogs
Source: United Kingdom – Government Statements

News story

SPC change – Credelio Chewable Tablets for Dogs

Change to the information provided on adverse events in the Summary of Product Characteristics for Credelio 56mg/ 112mg/ 225mg/ 450mg/ 900mg Chewable Tablets for Dogs
Following monitoring of pharmacovigilance data, the Summary of Product Characteristics (SPCs) for Credelio 56 mg / 112 mg / 225 mg / 450 mg / 900 mg Chewable Tablets for Dogs have been updated:

Pruritus, bloody diarrhoea, urinary incontinence, inappropriate urination, polyuria and polydipsia can occur very rarely following the administration of the veterinary medicinal product.

Any veterinary medicinal product which is authorised for marketing in the United Kingdom will have its Summary of Product Characteristics (SPC) available on our Product Information Database.

No medicine is 100% risk free, the SPC includes information on what adverse events have been known to occur following administration of a particular product, these can be found in either section Adverse events (3.6) or Adverse reactions (4.6).

All updates to SPCs other than template changes, are published in the medicine updates section of VMD Connect.

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Published 29 April 2025
MIL OSI United Kingdom –
April 29, 2025
MIL-OSI United Kingdom: Plans submitted for new Town Youth and Community Centre29 April 2025 Plans have been submitted for a brand-new youth and community centre that is scheduled to be delivered in the north of town by the end of June of 2028. The project is a result of this Government’s Common… Read more

Source: Channel Islands – Jersey

29 April 2025

Plans have been submitted for a brand-new youth and community centre that is scheduled to be delivered in the north of town by the end of June of 2028.

The project is a result of this Government’s Common Strategic Policy, of which one of the priorities is to deliver a plan to revitalise Town, and on 17 April a key milestone was achieved when the planning application was submitted. Subject to approval in the summer months, building works can begin towards the end of this year.

The new facilities will be based on the old Ann Street Brewery site, which has been vacant for several years.

The proposed centre will provide a long overdue provision in the north of town and will contain a range of modern facilities including a sports hall, roof-top kick pitch, climbing wall, fitness rooms, dance studio, boxing gym, sensory room, food preparation facilities, multi-functional use rooms, and eight counselling rooms as it will be the main hub of the Youth Enquiry Service, YES.

Throughout the last year, officers from the Jersey Youth Service, JYS, have consulted with residents in the nearby area, as well as young people and their families, and have incorporated their feedback on the suggested plans. Once the building is complete, there will be further opportunities for children and young people to be involved in its interior design and decoration.

Assistant Minister for Children and Families, Deputy Malcolm Ferey, said: “The development of these facilities will have a significantly positive impact on our children, young people and their families in town, and will offer them a new service within modern facilities. We are listening to our young people who have told us that ‘more places to play, free clubs and activities, and activities for older children’ were all very important to them; this project will deliver on these and much more.

“It is vital that we continue to invest in services to support our children and young people and provide support and guidance for the adults of the future.”

Associate Director for Young People’s Services, Mark Capern, said: “I’m extremely proud of the Jersey Youth Service and the positive impact it has on the community of Jersey. The town youth and community centre will provide children and young people much-needed access to engage in positive activities, have access to Youth Workers and have somewhere where they can be part of their community.

“The youth work curriculum delivered from the centre will provide children and young people with various learning activities that support their health and well-being, opportunities for them to be physically active in various games and sports, as well as quieter activities like arts and crafts, and opportunities to develop life-skills such as cooking.”

MIL OSI United Kingdom –

April 29, 2025
MIL-OSI Europe: Piero Cipollone: Navigating a fractured horizon: risks and policy options in a fragmenting world

Source: European Central Bank

Speech by Piero Cipollone, Member of the Executive Board of the ECB, at the conference on “Policy challenges in a fragmenting world: Global trade, exchange rates, and capital flow” organised by the Bank for International Settlements, the Bank of England, the ECB and the International Monetary Fund

Frankfurt am Main, 29 April 2025

I’m honoured to welcome you to this conference, jointly organised by the Bank for International Settlements (BIS), the Bank of England, the European Central Bank (ECB) and the International Monetary Fund (IMF).^[1]

Today, we come together to discuss the urgent challenges posed by global fragmentation – a growing risk to our interconnected world. Earlier this month, the President of the United States announced tariff hikes, sending shockwaves through the global economy – a stark reminder that the fractures we face are no longer hypothetical, but real.

This announcement is but the latest chapter in a series of four major shocks that have been reshaping our world in recent years.

First, since 2018 the intensifying power struggle between the United States and China has led to tit-for-tat tariffs affecting nearly two-thirds of the trade between these two economic giants. Second, starting in 2020, the pandemic caused unprecedented disruptions to supply chains, which prompted a re-evaluation of the balance between global integration and resilience. Third, in 2022 Russia’s unjustified invasion of Ukraine not only triggered an energy crisis but also deepened a geopolitical divide that continues to have worldwide repercussions. And fourth, we are now facing the rising risk of economic fragmentation within the western bloc itself, as new trade barriers threaten long-standing international partnerships.

The data paint a sobering picture. Geopolitical risk levels have surged to 50% above the post-global financial crisis average, and uncertainty surrounding trade policy has risen to more than eight times its average since 2021.^[2] What we are experiencing is not merely a temporary disruption – it is a profound shift in how nations interact economically, financially and diplomatically. So, it does not come as a surprise that financial markets have experienced considerable volatility in recent weeks. It remains to be seen if, for markets to find a stable equilibrium, it will be enough to step back from the current international economic disorder towards a more stable, predictable and reliable trading system – a development that appears elusive in the short term. Against this backdrop, recent moves in exchange rates, bond yields and equities, suggest that US markets have not been playing their usual role as a safe haven in this particular episode of stress. This potentially has far-reaching longer-term implications for capital flows and the international financial system.

Today I will focus on three key points. First, we are seeing increasing signs of fragmentation becoming visible across the economy and financial system. Second, the implications of this accelerating fragmentation could extend far beyond the immediate disruptions, with consequences for growth, stability and prosperity. Third, in this evolving economic landscape, central banks must adapt their approaches yet retain a steadfast focus on their core mandates, while striving to preserve international cooperation.

The emerging reality of fragmentation

Let me begin by addressing a common belief – still held by many until recently – that, despite rising geopolitical tensions, globalisation appears largely resilient. Headline figures in trade and cross-border investment, for example, do indeed appear to support this belief. In 2024 world trade expanded to a record USD 33 trillion – up 3.7% from 2023. Similarly, the global stock of foreign direct investment reached an unprecedented USD 41 trillion.^[3] However, these surface-level indicators may not reflect the underlying realities, creating a misleading sense of stability when important changes are already underway. In reality, fragmentation is already happening in both the global economy and the financial system.

Fragmentation of the real economy

Fragmentation is most evident in rebalancing trade, driven by escalating geopolitical tensions. Take, for instance, the escalating US-China trade tensions that have been intensifying since 2018. Studies show the impact of geopolitical distance on trade has become notably negative. A doubling of geopolitical distance between countries – akin to moving from the position of Germany to that of India in relation to the United States – decreases bilateral trade flows by approximately 20%.^[4]

The series of shocks to the global economy in recent years have also contributed to this fragmentation. According to gravity model estimates, trade between geopolitically distant blocs has significantly declined. Trade between rivals is about 4% lower than it might have been without the heightened tensions post-2017, while trade between friends is approximately 6% higher.^[5] Global value chains are being reconfigured as companies respond to these new realities. In 2023 surveys already indicated that only about a quarter of leading firms operating in the euro area^[6] that sourced critical inputs from countries considered subject to elevated risk had not developed strategies to reduce their exposure.^[7]

However, these shifting trade patterns have not yet been reflected in overall global trade flows. Non-aligned countries have played a crucial role as intermediaries, or connectors, helping to sustain global trade levels even as direct trade between rival blocs declines.^[8] But this stabilising influence is unlikely to endure as trade fragmentation deepens and geopolitical alliances continue to shift.

The tariffs announced by the US Administration are far-reaching and affect a substantial share of global trade flows. The effects on the real economy are likely to be material. In its World Economic Outlook, published last week, the International Monetary Fund revised down global growth projections for 2025-26 by a cumulative 0.8 percentage points and global trade by a cumulative 2.3 percentage points.^[9] This notably reflects a negative hit from tariffs that ranges between 0.4% to 1% of world GDP by 2027.^[10] In particular, IMF growth projections for the United States have been revised down by a cumulative 1.3 percentage points in 2025-26. The cumulative impact on euro area growth is smaller, at 0.4 percentage points.

Financial fragmentation

The fragmentation we are witnessing in global trade is mirrored in the financial sector, where geopolitical tensions are also reshaping the landscape.

In recent years, global foreign direct investment flows have increasingly aligned with geopolitical divides. Foreign direct investment in new ventures has plunged by nearly two-thirds between countries from different geopolitical blocs. However, strong intra-bloc investments have helped sustain overall foreign direct investment levels globally, masking some of the fragmentation occurring beneath the surface.^[11]

But, as with trade flows, this dynamic is unlikely to persist as geopolitical tensions grow within established economic blocs. For instance, increased geopolitical distance is shown to curtail cross-border lending. A two standard deviation rise in geopolitical distance – akin to moving from the position of France to that of Pakistan in relation to Germany – leads to a reduction of 3 percentage points in cross-border bank lending.^[12]

The impact of fragmentation in global financial infrastructure is perhaps even more revealing. Since 2014 correspondent banking relationships – crucial for facilitating trade flows across countries – have declined by 20%. While other factors – such as a wave of concentration in the banking industry, technological disruptions and profitability considerations – have played a role^[13], the contribution of the geopolitical dimension can hardly be overstated. The repercussions of this decline can be profound. Research shows that when correspondent banking relationships are severed in a specific corridor, a firm’s likelihood of continuing to export between the two countries of that corridor falls by about 5 percentage points in the short term, and by about 20 percentage points after four years.^[14]

Contributing to this trend, countries such as China, Russia and Iran have launched multiple initiatives to develop alternatives to established networks such as SWIFT, raising the possibility of a fragmented global payment system.^[15] Geopolitical alignment now exerts a stronger influence than trade relationships or technical standards in connecting payment systems between countries.^[16] This poses risks of regional networks becoming more unstable, increased trade costs and settlement times, and reduced risk sharing across countries.

Additionally, we are witnessing a noticeable shift away from traditional reserve currencies, with growing interest in holding gold. Central banks purchased more than 1,000 tonnes of gold in 2024, almost double the level of the previous decade, with China being the largest purchaser, at over 225 tonnes. At market valuations, the share of gold in global official reserves has increased, reaching 20% in 2024, while that of the US dollar has decreased. Survey data suggest that two-thirds of central banks invested in gold to diversify, 40% to protect against geopolitical risk and 18% because of the uncertainty over the future of the international monetary system.^[17] There are further signs that geopolitical considerations increasingly influence decisions to invest in gold. The negative correlation of gold prices with real yields has broken down since 2022, a phenomenon we have also observed in recent weeks. This suggests that gold prices have been influenced by more than simply the use of gold to hedge against inflation. Moreover, countries geopolitically close to China and Russia have seen more pronounced increases in the share of gold in official foreign reserves since the last quarter of 2021.

The looming consequences of fragmentation

Accelerating fragmentation is resulting in the immediate disruptions we are now seeing, but this is likely to only be the beginning – potentially profound medium and long-term consequences for growth, stability and prosperity can be expected.

Medium-term impacts

The initial consequences of fragmentation are already evident in the form of increased uncertainty. In particular, trade policy uncertainty has led to a broader rise in global economic policy instability, which is stifling investment and dampening consumption. Our research suggests that the recent increase in trade policy uncertainty could reduce euro area business investment by 1.1% in the first year and real GDP growth by around 0.2 percentage points in 2025-26^[18]. Consumer sentiment is also under strain, with the ECB’s Consumer Expectations Survey revealing that rising geopolitical risks are leading to more pessimistic expectations, higher income uncertainty and ultimately a lower willingness to spend.^[19] Moreover, ECB staff estimates suggest that the observed increase in financial market volatility might imply lower GDP growth of about 0.2 percentage points in 2025.

Over the medium term, tariffs are set to have an unambiguously recessionary effect, both for countries imposing restrictions and those receiving them. The costs are particularly high when exchange rates fail to absorb tariff shocks, and some evidence suggests exchange rates have become less effective in this role.^[20]

The Eurosystem’s analysis of potential fragmentation scenarios suggests that such trade disruptions could turn out to be significant. In the case of a mild decoupling between the western (United States-centric) and the eastern (China-centric) bloc, where trade between East and West reverts to the level observed in the mid-1990s, global output could drop by close to 2%.^[21] In the more extreme case of a severe decoupling – essentially a halt to trade flows – between the two blocs, global output could drop by up to 9%. Trade-dependent nations would bear the brunt of these trade shocks, with China potentially suffering losses of between 5% and 20%, and the EU seeing declines ranging from 2.4% to 9.5% in the mild and severe decoupling scenarios respectively. The analysis also shows that the United States would be more significantly affected if it imposed additional trade restrictions against western and neutral economies – with real GDP losses of almost 11% in the severe decoupling scenario – whereas EU losses would increase only slightly in such a case.^[22]

The inflationary effects of trade fragmentation are more uncertain. They depend mainly on the response of exchange rates, firms’ markups and wages. Moreover, they are not distributed equally. While higher import costs and the ensuing price pressures are likely to drive up inflation in the countries raising tariffs, the impact is more ambiguous in other countries as a result of the tariffs’ global recessionary effects, which push down demand and commodity prices, as well as of the possible dumping of exports from countries with overcapacity. The short to medium-term effects may even prove disinflationary for the euro area, where real rates have increased and the euro has appreciated following US tariff announcements.

In fact, a key feature of most model-based assessments is that higher US tariffs lead to a depreciation of currencies against the US dollar, moderating the inflationary effect for the United States and amplifying it for other countries. But so far we have seen the opposite: the risk-off sentiment in response to US tariff announcements and economic policy uncertainty have led to capital flows away from the United States, depreciating the dollar and putting upward pressure on US bond yields. Conversely, the euro area benefited from safe haven flows, with the euro appreciating and nominal bond yields decreasing.

Long-term structural changes

The long-term consequences of economic fragmentation are inherently difficult to predict, but by drawing on historical examples and recognising emerging trends, it’s clear that we are on the verge of significant structural changes. Two areas stand out.

The first one is structurally lower growth. On this point, international economic literature has reached an overwhelming consensus.^[23] Quantitatively, point estimates might vary. For example, research of 151 countries spanning more than five decades of the 20th century reveals that higher tariffs have typically led to lower economic growth. This is largely due to key production factors – labour and capital – being redirected into less productive sectors.^[24]

However, data from the late 19th and early 20th centuries, a period which tariff supporters often look back to, seem to tell a different story. At that time, trade barriers across countries were high – the US effective tariff rate, for example, reached almost 60%, twice as high as after the 2 April tariffs. And sometimes countries imposing higher trade barriers enjoyed higher growth, which may provide motivation for current policymakers’ trade tariff policies. But these episodes need to be read in historical context. Before 1913, tariffs mostly shielded manufacturing, a high-productivity sector at the time, attracting labour from other, less productive sectors, like agriculture. Therefore, their negative effects were mitigated by the expansion of industries at the frontier of technological innovation. Moreover, the interwar years offer further nuance – the Smoot-Hawley tariffs of the 1930s had relatively limited direct effects on US growth, mainly because trade accounted for just 5% of the economy.

But today’s tariffs are unlikely to replicate the positive effects seen in the 19th century. Instead, they risk creating the same inefficiencies observed in the course of the 20th century, by diverting resources from high-productivity sectors to lower-productivity ones. This contractionary effect could lead to persistently lower global growth rates. In fact, the abolition of trade barriers within the EU and the international efforts towards lower trade barriers in the second half of the 20th century were a direct response to the economic and political impact of protectionism,^[25] which had played a key role in worsening and prolonging the Great Depression^[26] and had contributed to the formation of competing blocs in the run-up to the Second World War.^[27]

The second long-term shift driven by fragmentation might be the gradual transition from a US-dominated, global system to a more multipolar one, where multiple currencies compete for reserve status. For example, if the long-term implications of higher tariffs materialise, notably in the form of higher inflation, slower growth and higher US debt, this could undermine confidence in the US dollar’s dominant role in international trade and finance.^[28] Combined with a further disengagement from global geopolitical affairs and military alliances, this could, over time, undermine the “exorbitant privilege” enjoyed by the United States, resulting in higher interest rates domestically.^[29]

Moreover, as alternative payment systems gain traction, regional currencies may start to emerge as reserves within their respective blocs. This could be accompanied by the rise of competing payment systems, further fragmenting global financial flows and international trade. Such shifts would increase transaction costs and erode the capacity of countries to share risks on a global scale, making the world economy more fragmented and less efficient.

The central bank’s role in a fragmented world

So, as these tectonic shifts reshape the global economic landscape, central banks must adapt their approaches while remaining steadfast in their core mandates. The challenges posed by fragmentation require a delicate balance between confronting new realities and working to preserve the benefits of an integrated global economy. In order to navigate the present age of fragmentation, it is necessary to take action in four key areas.

First, central banks must focus on understanding and monitoring fragmentation. Traditional macroeconomic models often assume seamless global integration and may not fully capture the dynamics of a fragmenting world. Enhanced analytical frameworks that incorporate geopolitical factors and how businesses adjust to these risks will be essential for accurate forecasting and effective policy formulation. The Eurosystem is reflecting on these issues.

Second, monetary policy must adapt to the new nature of supply shocks generated by fragmentation. The effects of the greater frequency, size and more persistent nature of fragmentation-induced shocks and their incidence on prices require a careful calibration of our monetary responses. In this respect, our communication needs to acknowledge the uncertainty and trade-offs we face while giving a clear sense of how we will react depending on the incoming data. This can be done by making use of scenario analysis and providing clarity about our reaction function, as emphasised recently by President Lagarde.^[30]

Third, instead of building walls, we must forge unity. Even as political winds shift, central banks should strengthen international cooperation where possible. Through forums such as those provided by the BIS and the Financial Stability Board, we can keep open channels of cooperation that transcend borders. Our work on cross-border payments stands as proof of this commitment in line with the G20 Roadmap^[31]. The ECB is pioneering a cross-currency settlement service through TARGET Instant Payment Settlement (TIPS) – initially linking the euro, the Swedish krona and the Danish krone. We are exploring connections between TIPS and other fast-payment systems globally, both bilaterally and on the basis of a multilateral network such as the BIS’ Project Nexus.^[32]

And fourth, central banks must enhance their capacity to address financial stability risks arising from fragmentation. The potential for sudden stops in capital flows, payment disruptions and volatility in currency markets requires robust contingency planning and crisis management frameworks. Global financial interlinkages and spillovers highlight the importance of preserving and further reinforcing the global financial safety net so that we can swiftly and effectively address financial stress, which is more likely to emerge in a fragmenting world.^[33]

In fact, the lesson from the 1930s is that international coordination is key to avoiding protectionist snowball effects, where tit-for-tat trade barriers multiply as each country seeks to direct spending to merchandise produced at home rather than abroad.^[34] In order to avoid this, the G20 countries committed to preserving open trade could call an international trade conference to avoid beggar-thy-neighbour policies^[35] and instead agree on other measures, such as macroeconomic policies that can support the global economy in this period of uncertainty and contribute to reduce global imbalances.

Let me finally emphasise that the current situation also has important implications for the euro area. If the EU upholds its status as a reliable partner that defends trade openness, investor protection, the rule of law and central bank independence, the euro has the potential to play the role of a global public good. This requires a deep, trusted market for internationally accepted euro debt securities. That is why policy efforts to integrate and deepen European capital markets must go hand in hand with efforts to issue European safe assets.^[36]

Conclusion

Let me conclude.

As we stand at this crossroads of global fragmentation, we must confront an uncomfortable truth: we are drifting toward a fractured economic and financial landscape where trust is eroded and alliances are strained.

Central banks now face a double challenge: to be an anchor of stability in turbulent economic waters while reimagining their role in a world where multiple economic blocs are forming. The question is not whether we adapt, but how we mitigate the costs of fragmentation without sacrificing the potential of global integration.

Our greatest risk lies not in the shocks we anticipate, but in the alliances we neglect, the innovations we overlook and the common ground we fail to find. The future of global prosperity hinges on our ability to use fragmentation as a catalyst to reinvent the common good.

MIL OSI Europe News –

April 29, 2025

MIL-OSI: VAALCO Schedules First Quarter 2025 Earnings Release and Conference Call

Source: GlobeNewswire (MIL-OSI)

HOUSTON, April 29, 2025 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“Vaalco” or the “Company”) today announced the timing of its first quarter 2025 earnings release and conference call.

The Company will issue its first quarter 2025 earnings release on Thursday, May 8, 2025 after the close of trading on the New York Stock Exchange and host a conference call to discuss its financial and operational results on Friday morning, May 9, 2025 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time and 3:00 p.m. London Time.)

Interested parties in the United States may participate toll-free by dialing (833) 685-0907. Interested parties in the United Kingdom may participate toll-free by dialing 08082389064. Other international parties may dial (412) 317-5741. Participants should ask to be joined to the “Vaalco Energy Earnings Conference Call.” This call will also be webcast on VAALCO’s website at www.vaalco.com. An audio replay will be available on the Company’s website following the call.

About Vaalco

Vaalco, founded in 1985 and incorporated under the laws of Delaware, is a Houston, Texas, USA based, independent energy company with a diverse portfolio of production, development and exploration assets across Gabon, Egypt, Côte d’Ivoire, Equatorial Guinea, Nigeria and Canada.

For Further Information


Vaalco Energy, Inc. (General and Investor Enquiries)	+00 1 713 543 3422
Website:	www.vaalco.com

Al Petrie Advisors (US Investor Relations)	+00 1 713 543 3422
Al Petrie / Chris Delange

Buchanan (UK Financial PR)	+44 (0) 207 466 5000
Ben Romney / Barry Archer	Vaalco@buchanan.uk.com

The MIL Network –

April 29, 2025

MIL-OSI: Annual report and financial statements for the period ended 31 December 2024

Source: GlobeNewswire (MIL-OSI)

OCTOPUS FUTURE GENERATIONS VCT PLC

Annual report and financial statements for the period ended 31 December 2024

Octopus Future Generations VCT plc (‘Future Generations VCT’ or the ‘Company’) is backing businesses that aim to address some of society’s biggest challenges, providing an opportunity for investors to share in the growth of ambitious, purpose‑driven companies.

The Company is managed by Octopus AIF Management Limited (the ‘Manager’), which has delegated investment management to Octopus Investments Limited (‘Octopus’ or ‘Portfolio Manager’) via its investment team Octopus Ventures.

Chair’s statement

I am pleased to present the financial report and audited accounts for the Company for the 18 months to 31 December 2024.

I would like to welcome all of our new shareholders to the Company. Future Generations VCT invests in exciting early-stage companies which aspire to address current environmental and societal issues. In 2023, the Board reviewed and approved a proposal to move the Company’s year end from 30 June to 31 December. As a result, shareholders are receiving this annual report covering an extended 18-month period and will thereafter receive a half-year report as at June, and annual report and audited financial statements for the years ending December thereafter.

The NAV per share at 31 December 2024 was 88.8p, which represents a net decrease of 5.5p per share from 30 June 2023. In the 18 months to 31 December 2024, we utilised £10.1 million of our cash resources, including £8.2 million which was invested into 16 new and follow‑on opportunities. The cash balance of £20.1 million (excluding cash awaiting allotment) as at 31 December 2024 represents 42% of net assets at that date. The loss made in the period to 31 December 2024 was £2.9 million. This decline is reflective of some company specific performance challenges and the difficult funding conditions in the early-stage space which have led to downward movements in some valuations. Given the Company is still a relatively young VCT, many of its portfolio companies are at the beginning of their journey and will likely require further funding to succeed, so it is to be expected to see under performance or even failures before any growth in value of companies which are ultimately successful. The decline is also accentuated by the running costs of the Company exceeding returns from investments, which is to be anticipated at this stage.

We look forward to deploying further capital into attractive new investment opportunities, and we ultimately intend the profile of the Company to comprise 80% to 90% in VCT qualifying investments and 10% to 20% in permitted non-VCT qualifying investments or cash.

Fundraise
We raised £3.6 million in the fundraise which closed on 31 October 2024. The 2023/2024 VCT fundraise market was highly competitive, ranking as the third highest on record with £882 million raised. In this environment, newer VCTs such as ours faced challenges in raising funds, as we compete with more established funds.

On 3 February 2025, to further support the Company’s growth, the Board launched an initial offer to raise up to £5 million. The offer closed for new applications on 1 April 2025 for the 2024/2025 tax year having successfully raised £5.0 million.

As investors will be aware, the intention is to invest in businesses which meet one of three key themes, which we hope will demonstrate excellent investment prospects as well as having the potential to transform the world we live in for the better.

VCT status
In November 2023, a ten-year extension was announced to the ‘sunset clause’ (a retirement date for the VCT scheme), meaning that VCT tax reliefs will be available until 5 April 2035. This extension passed through Parliament in February 2024 and on 3 September 2024 His Majesty’s Treasury brought the extension into effect through The Finance Act 2024.

Board of Directors
As announced in the half-yearly report to 31 December 2023, Emma Davies announced her retirement from the Board of Directors with effect from 31 March 2024 and Ajay Chowdhury was appointed with effect from 1 March 2024 and was elected by shareholders at the Annual General Meeting (AGM) held in December. We are already benefiting from his extensive experience in the early-stage venture ecosystem.

All the other Directors have indicated their willingness to remain on the Board and will be seeking re-election at the AGM.

Portfolio Manager
In September 2024, Octopus Titan VCT PLC, a fund which the Company has co-invested alongside to date, announced a review of strategy, due to the ongoing performance issues it has faced. This review (which benefits from independent external advice) is ongoing, and when concluded, the results will be shared with the Board of the Company and via any public announcements that the Board of Octopus Titan VCT PLC may make.

During this period, the investment team has prioritised much of its resource towards those portfolio companies which they believe have the potential to drive the greatest returns. This has affected your Company’s investment rate into new opportunities.

In the meantime, there have been a significant number of leavers from the broader Octopus Ventures team which invests capital from both the Company and other funds under management. Simon King, Octopus’ Lead Fund Manager for Future Generations, has unfortunately resigned to pursue a new opportunity after 13 years with Octopus. He will continue to take an active role as Lead Fund Manager of the Company until late summer. I would like to take this opportunity to thank Simon for his contribution and to wish him well for the future. We will provide you with updates in due course regarding his potential successor.

Erin Platts was appointed as new Chief Executive Officer (CEO) of Octopus Ventures in January 2025. Previously, she was CEO of HSBC Innovation Banking UK, formerly Silicon Valley Bank UK and worked at the heart of the UK and European tech ecosystem. Erin will be looking to scale the Octopus Ventures business, including ensuring there is appropriate investment and portfolio management resource to support the ongoing success of the Company.

AGM
The AGM will take place on 4 June 2025 from 10am and will be held at 33 Holborn, London EC1N 2HT. Full details of the business to be conducted at the AGM are given in the Notice of the AGM. We will have a Portfolio Manager’s update at the AGM, supported by a filmed update from the Portfolio Manager which will be available on the website at www.octopusinvestments.com/futuregenvct/.

Shareholders’ views are important, and the Board encourages shareholders to vote on the resolutions within the Notice of the AGM using the proxy form, or electronically at www.investorcentre.co.uk/eproxy. The Board has carefully considered the business to be approved at the AGM and recommends shareholders to vote in favour of all the resolutions being proposed, as the Board will be doing.

Outlook
In the 18-month reporting period, the sharpest decline in NAV was seen in the first half of 2024 with a 7.1% drop. This was reflective of some of the portfolio companies struggling to scale, secure customer wins and successfully fundraise, meaning they were not achieving the milestones set at the time the Company invested. With companies not able to prove their business models, we will unfortunately see some fail. The Board is mindful that such performance is not an unusual outcome for a VCT at this stage of its investment life cycle, with any failures likely preceding valuation growth which is usually expected once the portfolio matures. The portfolio has been operating in a volatile macro environment since the Company launched and global geo-political and economic pressures continue to hamper some of their growth plans. However, we are satisfied to see a stabilisation in the NAV, with the portfolio showing a positive return in the six months from June to December 2024.

The Mergers and Acquisitions (M&A) environment has started to thaw with startups experiencing the highest annual M&A transaction levels since 2019¹. We are delighted to have been able to realise the Company’s first full and partial exits in the reporting period. These exits within just three years of launch we hope provide validation of Future Generations VCT’s investment strategy, demonstrating the ability of Octopus to identify and back high-potential companies while delivering early returns to the VCT and brings confidence that it is well positioned to generate long-term, sustainable value for shareholders.

The long-term target is to pay an annual dividend of 5% of the NAV. However, given the expected holding period of target portfolio companies and restrictions imposed on VCTs, it is very unlikely that the Company will be able to pay dividends before 2026. During this time, any growth in value will increase the net asset value of the Company. Dividends are likely to be generated from successful exits, so the Company is unlikely to pay significant dividends until more portfolio companies have time to mature and realisations are secured.

I would like to conclude by thanking both my Board colleagues and the Octopus team on behalf of all shareholders for their hard work. The Board’s long-term view of early-stage venture capital remains positive, and I am looking forward to seeing what 2025 brings for your Company.

Helen Sinclair
Chair

¹ https://carta.com/uk/en/data/state-of-private-markets-q4-2024/#key-trends

Portfolio Manager’s review

At Octopus, our focus is on managing your investments and providing investors with clear and transparent communication. Our annual and half-yearly updates are designed to keep you informed about the progress of your investment.

Focus on Future Generations VCT’s performance
The NAV per share at 31 December 2024 was 88.8p, which represents a decrease in NAV of 5.5p per share versus a NAV of 94.3p per share as at 30 June 2023. The Company invests in three key areas that we believe demonstrate excellent investment prospects and have potential to transform our world for the better.

Below is a breakdown of the 36 investments held as at 31 December 2024, showing the proportion and value of the portfolio in each investment theme:

Proportion by number of portfolio companies in each theme
Revitalising healthcare: 53%
Empowering people: 28%
Building a sustainable planet: 19%

Value of the portfolio in each theme
Revitalising healthcare: £13.3m
Empowering people: £8.0m
Building a sustainable planet: £5.5m

The decline in valuation over the 18-month period has been in large part driven by the downward valuation movements across 11 companies which saw a collective decrease in valuation of £7.9 million. The businesses which contributed most significantly to this were Tympa Health, Pear Bio and Elo Health. Tympa Health over‑invested in growth and had to make significant cost cuts and changes to senior management whilst running a fundraise process. It has successfully concluded a further investment round, but at a reduced valuation and the Company’s shareholding now sits behind a large preference stack, meaning that other investors get paid back first before the Company would see any returns. Pear Bio also had to significantly reduce its cash burn but has limited runway and needs to further fundraise, so the valuation has been reduced to reflect the risk to its future. Elo Health struggled to find a market fit and execute on the investment thesis, so to extend its cash runway it had to raise an investment round at a reduced valuation. These three valuation movements account for 86% of the total decline in the reporting period. The total investment cost of these three companies was £7 million.

Octopus Ventures believes that some of the companies which have seen decreased valuations in the 18 months have the potential to overcome the issues they face and get their growth plans back on track. We will continue to work with them to help them realise their ambitions. In some cases, if a company is achieving its performance milestones, the support offered could include further funding, to ensure a business has the capital it needs to execute on its strategy. At this early stage of the Company’s life cycle, it is to be anticipated that failures will likely precede valuation growth, which takes longer as the portfolio companies must achieve their agreed milestones and mature.

Conversely, 12 companies saw an increase in unrealised valuation in the period, delivering a collective increase in valuation of £4.4 million. These valuation increases reflect businesses which have successfully concluded further funding rounds, grown revenues or met certain important milestones. Notable strong performers in the portfolio include Apheris and Manual, both of which have shown impressive capital efficient growth. These strong performers demonstrate that there are opportunities available for companies to scale.

The interest on Future Generation’s uninvested cash reserves was £1.4 million in the 18 months to 31 December 2024 (30 June 2023: gain of £0.4 million), driven by returns on money market funds. The Board’s objective for these investments is to generate sufficient returns through the cycle to cover costs, at limited risk to capital.

Disposals
In September 2024, as part of a Series A funding round, Octopus sold a portion of the Company’s shares in Neat. Then in November, Pluxee (a global leader in employee benefits) acquired Cobee. The two exits combined offer the Company a return of 1.5x, including contingent deferred proceeds.

Overview of investments
The Company completed 16 investments in the 18 months to 31 December 2024 (comprising a total of £8.2 million) and 4 further investments after the reporting date totalling £2.4 million. More information on some of these businesses can be found below:

A selection of our completed investments

Revitalising Healthcare

Pencil Biosciences is a gene editing technology platform.

Awell Health automates routine clinical tasks, synchronising data between systems and driving seamless coordination between care teams and patients.

Cellvoyant is an artificial intelligence (AI) first biotechnology company creating novel stem cell-based therapies for chronic diseases.

Manual provides easy access to advice and medical support for diagnosis, custom treatment plans and holistic care to induce long-term behaviour change.

Nanosyrinx has developed a targeted biologic therapeutic delivery platform (a nano-syringe).

Empowering people

Correcto is an AI writing and grammar tool for the Spanish language.

Remofirst is an Employer of Record (EOR) and compliance platform that allows companies to hire and pay employees globally.

Swiipr has developed a digital payments platform specifically for the airline industry.

Building a sustainable planet

Metris Energy has created a platform that allows landlords of multi-unit buildings to monetise modular renewable energy projects through a single billing platform to charge tenants.

Drift is designing sailing vessels and routing algorithms required to capture deep water wind energy and convert it into onboard hydrogen gas for transportation back to shore using a fully integrated desalination, electrolysis and storage system.

Q&A

Q. How do you value a portfolio company?
A. Future Generations VCT’s unquoted portfolio companies are valued in accordance with UK Generally Accepted Accounting Practice (UK GAAP) accounting standards and the International Private Equity and Venture Capital (IPEV) valuation guidelines.

This means we value the portfolio at fair value, with all companies being valued at least twice yearly, for our half-year (June) and annual accounts (December).

Q. What do you mean by ‘fair value’?
A. When we say fair value, we mean the price we expect people would be willing to buy or sell an asset for, assuming they understand the asset and market conditions, are knowledgeable parties, act independently, and that the transaction is carried out under the normal course of business (i.e. is not rushed and proper marketing has taken place).

Q. Who values the portfolio, what is the process and what oversight is there to make sure this is right?
A. The Octopus Investment Managers involved with the portfolio companies, either in the capacity of a Director or observer on the board, or the primary contact, will provide commentary including, but not limited to, recent developments with the portfolio and the wider market in which they operate, progress towards milestones, management team changes, board dynamics and technical progress. This is combined with the latest available financial accounts and budget provided by the portfolio company which will be summarised into Key Performance Indicators (KPIs).

From this information, a member of the separate Valuations team drafts the initial proposal. This will highlight any material changes, key asset level assumptions used and KPIs, and discuss portfolio company performance as well as the rationale underpinning the selected valuation methodology. A peer review exercise then takes place, where the proposals are challenged and reviewed. The peer reviewer is an investment professional from the Fund Manager (typically the Lead Fund Manager) who has not been involved in preparing the valuations.

This will then be reviewed and approved by the Octopus Valuations Committee which comprises individuals with appropriate expertise and experience in valuations. Those individuals are not involved in the investment decisions and as such can independently review and challenge. The Future Generations VCT Board will then meet to discuss them in detail, revise as necessary and ultimately approve them.

There are also more valuation checkpoints throughout the year in advance of allotments and other share-related transactions, which means that the portfolio’s valuation is reviewed to ensure NAV is fairly represented prior to these corporate actions.

As part of our continuous improvement processes, we periodically review the actual realised value of our investments compared to their last holding value and refine our valuation methodologies accordingly. This, combined with the high proportion of valuations that are based on the terms of further funding rounds led by new external investors, firmly underpins the robustness of the valuation process.

Valuations
The table illustrates the split of valuation methodology (shown as a percentage of portfolio value and number of companies). ‘External price’ includes valuations based on funding rounds that typically completed in the last 18 months to the period end or shortly after the period end, and exits of companies where terms have been agreed with an acquirer. ‘Multiples’ is predominantly used for valuations that are based on a multiple of revenues for portfolio companies. Where there is uncertainty around the potential outcomes available to a company, a probability weighted ‘scenario analysis’ is considered.

Valuation methodology	By value	By number of companies
Multiples	18%	3
External price	44%	12
Scenario analysis	14%	7
Milestone analysis	24%	10
Write-off	—	4

Portfolio case studies

CoMind
CoMind is building revolutionary brain sensing technologies.

Their mission is to redefine the way the brain is measured and treated at every stage of care. One of the first applications of CoMind’s core technology is in measuring intracranial brain pressure using an adhesive sensor and advanced signal processing. This will be a step change from the current standard of having to drill through the skull to measure intracranial pressure in patients impacted by traumatic brain injury, stroke, and/or other neurocritical conditions.

While other companies are trying to create noninvasive technology in this sector, we believe CoMind has a distinct competitive advantage. CoMind has developed an advanced optical sensing technique that has opened up new possibilities in monitoring brain health. Unlike existing methods, CoMind’s technology is more similar to the “LiDAR” (Light Detection and Ranging) systems used in self-driving cars. This allows CoMind’s devices to give a unique, detailed view of brain health, helping doctors deliver more personalised and targeted treatments to patients at every stage of care.

>250 subjects were measured in 2024.
Several devices are currently being used in hospitals for clinical trials.

Swiipr
Passengers get quick, easy-to-use compensation, airlines save on processing costs while improving service.

When flights are disrupted, compensating passengers is a hassle for both airlines and travellers. Swiipr’s platform simplifies this by automating payment verification and processing through a system designed specifically for airlines. The company provides passengers with virtual and physical prepaid cards, offering instant, flexible spending compared to outdated paper vouchers or slow payments. Swiipr also supports airlines with solutions for crew, operational, and crisis payments, enabling fast, direct payouts to staff. Passengers get quick, easy-to-use compensation, airlines save on processing costs while improving service, and retailers benefit from instant payment settlement. Swiipr also integrates with airline Customer Relationship Management systems, making it an essential partner for the industry.

Octopus Ventures is excited about Swiipr’s travel-focused digital payments solution and its potential to revolutionise how airlines handle pay-outs. Swiipr’s innovative product aims to transform compensation payments and speed up management processes for airlines and beyond. By enabling digital payments, Swiipr seeks to boost efficiency, enhance customer experiences, and provide automated processes that are transparent and compliant with regulations.

With over 500 million passengers affected by travel disruptions each year, simplifying the path to compensation has the potential to significantly improve customer satisfaction, build trust, and foster loyalty in the industry.

Only 1–2% of disrupted passengers currently receive compensation.
Billions of dollars lost by passengers in outdated, inefficient pay-out processes every year.
Pay360 Payment Award winner: Best B2B Programme and Best Customer Facing Experience at the 2024 awards.

DRIFT
DRIFT aims to drive the clean energy transition worldwide with high-performance sailing vessels that harness deep ocean wind to produce green hydrogen at sea and deliver it globally.

It does this using a unique, AI-enabled vessel routing system that enables the vessels to find and stay in optimum weather conditions. The growing demand for clean hydrogen to accelerate the decarbonisation of sectors such as heavy industry, transportation and manufacturing is sparking innovation in the sector. DRIFT’s solution is mobile, resilient and works outside of existing infrastructure. The company is developing renewable energy partnerships that will benefit coastal and island communities around the world.

DRIFT is leading the way in developing a truly innovative new class of mobile renewable energy, building the world’s first net-positive ships and unlocking a new era of clean fuel generation capable of covering 70% of the globe. The company’s technology uniquely unlocks the planet’s greatest resource, overcoming supply challenges and enabling a fair and equitable clean energy transition.

€10 trillion: Goldman Sachs estimates that the green hydrogen market could reach €10 trillion by 2050.

24%: Bank of America predicts that clean hydrogen could provide 24% of global energy needs by 2050.

COP 28 winner: DRIFT is a COP 28 award-winning DeepTech company and winner of the Monaco Prize for Innovation in Renewable Hydrogen and Transportation 2024.

Top 10 investments
Here, we set out the cost and valuation of the top 10 holdings, which account for over 58% of the value of the portfolio.

Portfolio company	Investment cost	Valuation at 31 December 2024	Investment Theme
1. HelloSelf Limited	£2.6m	£2.6m	Revitalising healthcare
2. Remofirst, Inc	£1.2m	£1.7m	Empowering people
3. Infinitopes Ltd	£1.6m	£1.6m	Revitalising healthcare
4. Neat SAS	£0.6m	£1.5m	Building a sustainable planet
5. TYTN Ltd (t/a TitanML)	£0.5m	£1.5m	Building a sustainable planet
6. Apheris AI GmbH	£1.5m	£1.5m	Empowering people
7. Menwell Limited (t/a Manual)	£0.9m	£1.5m	Revitalising healthcare
8. Mr & Mrs Oliver Ltd (t/a Skin + Me)	£1.0m	£1.4m	Revitalising healthcare
9. Intrinsic Semiconductor Technologies Ltd	£0.9m	£1.2m	Empowering people
10. CoMind Technologies Ltd	£0.8m	£1.0m	Revitalising healthcare

Top 10 investments in detail¹

HelloSelf Limited
A digital, personalised psychological therapy and coaching platform.
www.helloself.com

Initial investment date:	January 2023
Investment cost:	£2.6m
	(2023: £2.6m)
Valuation:	£2.6m
	(2023: £2.6m)
Last submitted accounts:	31 March 2024
Turnover:	Not available² (2023: Not available²)
Profit/(loss) before tax:	Not available²
	(2023: Not available²)
Net assets:	£(15.5)m
	(2023: £(9.8)m)
Valuation methodology:	Calibration

2
Remofirst, Inc.
Global payroll and compliance system for remote teams.
www.remofirst.com

Initial investment date:	February 2024
Investment cost:	£1.2m
	(2023: n/a)
Valuation:	£1.7m
	(2023: n/a)
Last submitted accounts:	Not available²
Turnover:	Not available²
	(2023: Not available²)
Profit/(loss) before tax	Not available²
	(2023: Not available²)
Net assets:	Not available²
	(2023: Not available²)
Valuation methodology:	Last Round

3
Infinitopes Ltd
Has built an antigen discovery platform to develop cancer vaccines that provide better treatment outcomes.
www.infinitopes.com

Initial investment date:	December 2022
Investment cost:	£1.6m
	(2023: £1.6m)
Valuation:	£1.6m
	(2023: £1.6m)
Last submitted accounts:	31 December 2023
Turnover:	Not available²
	(2023: Not available²)
Profit/(loss) before tax	Not available²
	(2023: Not available²)
Net assets:	£9.3m
	(2023: £8.1m)
Valuation methodology:	Last Round

4
Neat SAS
An embedded insurance platform that gives merchants the ability to provide insurance bundles to their customers at a competitive rate.
mobility.neat.eu

Initial investment date:	November 2022
Investment cost:	£0.6m
	(2023: £0.8m)
Valuation:	£1.5m
	(2023: £0.8m)
Last submitted accounts:	Not available²
Turnover:	Not available²
	(2023: Not available²)
Profit/(loss) before tax:	Not available²
	(2023: Not available²)
Net assets:	Not available²
	(2023: Not available²)
Valuation methodology:	Last round

TYTN Ltd (t/a TitanML)
An artificial intelligence company which is developing a one-stop-shop for Natural Language Processing AI Optimisation, allowing enterprises to generate value from their data.
www.titanml.co

Initial investment date:	February 2023
Investment cost:	£0.5m
	(2023: £0.5m)
Valuation:	£1.5m
	(2023: £0.5m)
Last submitted accounts:	30 April 2024
Turnover:	Not available²
	(2023: Not available²)
Profit/(loss) before tax:	Not available²
	(2023: Not available²)
Net assets:	£1.5m
	(2023: £2.0m)
Valuation methodology:	Last Round

Apheris AI GmbH
An end-to-end federated learning platform enabling data scientists to conduct analysis over sensitive data without compromising the privacy or security of the data subjects.
www.apheris.com

Initial investment date:	November 2022
Investment cost:	£1.5m
	(2023: £1.2m)
Valuation:	£1.5m
	(2023: £1.2m)
Last submitted accounts:	Not available²
Turnover:	Not available²
	(2023: Not available²)
Profit/(loss) before tax:	Not available²
	(2023: Not available²)
Net assets:	Not available²
	(2023: Not available²)
Valuation methodology:	Last round

Menwell Limited (t/a Manual)
Making high-quality healthcare more accessible and stigma-free
www.manual.co

Initial investment date:	May 2024
Investment cost:	£0.9m (2023: n/a)
Valuation:	£1.5m
	(2023: n/a)
Last submitted accounts:	31 December 2023
Turnover:	£54.7m (2023: £22.4m)
Profit/(loss) before tax:	£(7.9)m (2023: £(10.6)m)
Net assets:	£11.8m (2023: £8.0m)
Valuation methodology:	Last round

8
Mr & Mrs Oliver Ltd (t/a Skin + Me)
A direct to consumer, personalised skin care company.
www.skinandme.com

Initial investment date:	December 2022
Investment cost:	£1.0m
	(2023: £1.0m)
Valuation:	£1.4m
	(2023: £1.3m)
Last submitted accounts:	31 August 2023
Turnover:	£28.7m
	(2023: £14.3m)
Profit/(loss) before tax:	£1.8m
	(2023: £(3.3)m)
Net assets:	£12.8m
	(2023: £(0.7)m)
Valuation methodology:	Revenue Multiple

9
Intrinsic Semiconductor Technologies Ltd
Solid state memory technology that is simple to integrate and faster than current alternatives like Flash.
www.intrinsicsemi.com

Initial investment date:	December 2023
Investment cost:	£0.9m
	(2023: n/a)
Valuation:	£1.2m
	(2023: n/a)
Last submitted group accounts:	31 December 2023
Turnover:	Not available² (2023: Not available²)
Profit/(loss) before tax:	Not available² (2023: Not available²)
Consolidated net assets:	£4.0m
	(2023: £5.5m)
Valuation methodology:	Scenario Analysis

CoMind Technologies Ltd
Development of non-invasive brain sensing technology for monitoring of medical conditions.
comind.io

Initial investment date:	November 2023
Investment cost:	£0.8m
	(2023: n/a)
Valuation:	£1.0m
	(2023: n/a)
Last submitted group accounts:	31 December 2023
Turnover:	Not available² (2023: Not available²)
Profit/(loss) before tax:	Not available² (2023: Not available²)
Net assets:	£17.1m
	(2023: £4.1m)
Valuation methodology:	Milestone Analysis

1. These are numbers per latest public filings. More recent figures have not yet been disclosed.
2. Information not publicly available.

Portfolio engagement
As part of our strategy, we require portfolio companies to put in place a Diversity and Inclusion policy (D&I) and an Anti-Harassment policy. We also engage with each company to help them understand their greenhouse gas (GHG) emissions and support them to take action to minimise them. You can see how we are progressing with these goals below, as at the date of this report:

D&I policy status
Policy in place: 100%

Engaged in monitoring 2023 greenhouse gas emissions¹
Signed up: 16
Introduced: 19
In progress: 1

¹ As of 31 December 2024, only 2023 carbon emissions data was available.

Outlook
Despite the declining NAV in the reporting period, we are reassured to see an increase in the NAV per share of the fund in the last six months. This, combined with the two profitable realisations in the period, is offering us early proof points of the Company’s investment strategy to deliver sustainable growth as it moves into its third year of deployment. With a more diversified portfolio, in terms of both stage and sector, this also offers a clearer path for the Company to enter a growth phase.

As is to be expected at this stage in the Company’s lifecycle, it has started to make its first follow-on investments into portfolio companies which are achieving their agreed milestones and successfully gaining new external lead funders. The Company made two follow-on investments in the reporting period and three after.

This strategy of reinvesting into existing portfolio companies aims to increase the Company’s stake in portfolio companies that have achieved market fit and are scaling successfully, supporting its overall growth plan. Along with further financial support, Octopus’ resources are directed in the most impactful way, both through Octopus-appointed non-executive Directors or monitors on the boards and our in-house People and Talent team. This team works directly with the portfolio company management teams, offering training and recruitment support to ensure the best talent pool is being explored to help drive success.

We are excited to have the opportunity to continue to scale the Company, support its ambition to make the world a better place for future generations, and hope to deliver attractive returns to shareholders.

Simon King
Partner and Lead Fund Manager for Future Generations VCT

Risks and risk management

The Board assesses the risks faced by Future Generations VCT, reviews the mitigating controls and monitors the effectiveness of these controls.

Emerging and principal risks, and risk management
The Board is mindful of the ongoing risks and will continue to make sure that appropriate safeguards are in place. The Board carries out a regular review of the risk environment in which the Company operates.

Emerging risks

The Board has considered emerging risks. The Board seeks to mitigate risks by setting policy, regularly reviewing performance and monitoring progress and compliance. In the mitigation and management of these risks, the Board applies the principles detailed in the Financial Reporting Council’s Guidance on Risk Management, Internal Control and Related Financial and Business Reporting.

The following are some of the potential emerging risks management and the Board are currently monitoring:

adverse changes in global macroeconomic environment;
challenging market conditions for private company fundraising and exits;
geo‑political instability; and
climate change.

Detailed below are the principal risks of Future Generations VCT, and the mitigating actions in relation to those risks.

Principal risks

*Risk*	*Mitigation*	*Change*
Investment performance:
The focus of Future Generations VCT investments is into early-stage, unquoted, small and medium‑sized VCT qualifying companies which, by their nature, entail a higher level of risk and shorter cash runway than investments in larger quoted companies.	Octopus has significant experience of investing in early-stage unquoted companies, and appropriate due diligence is undertaken on every new investment. A member of the Octopus Ventures team is appointed to the board of a portfolio company using a risk-based approach, considering the size of the company within the Future Generations VCT portfolio and the engagement levels of other investors. This arrangement, in conjunction with its Portfolio Talent team’s active involvement, allows Future Generations VCT to play a prominent role in a portfolio company’s ongoing development and strategy.	Increased exposures reflected in the previous period remain unchanged due to the difficult macro environment and challenging trading conditions for some portfolio companies continuing.
*Risk*	*Mitigation*	*Change*
VCT qualifying status:
Future Generations VCT is required at all times to observe the conditions for the maintenance of approved VCT status. The loss of such approval could lead to Future Generations VCT and its investors losing access to the various tax benefits associated with VCT status and investment.	Octopus tracks Future Generations VCT’s qualifying status throughout the period, and reviews this at key points, including at the point of investment and realisation. This status is reported to the Board at each Board meeting. The Future Generations VCT Board has also engaged external independent advisers to undertake an independent VCT status monitoring role.	VCT status monitoring by independent advisers continues to reduce the risk of an issue causing a loss of VCT status.
*Risk*	*Mitigation*	*Change*
Loss of key people:
The loss of key investment staff by the Portfolio Manager could lead to poor fund management and/or performance due to lack of continuity or understanding of Future Generations VCT.	The Portfolio Manager has a broad team experienced in and focused on early-stage investing. This mitigates the risk of any one individual with the required skill set and knowledge of venture capital investing, and the portfolio specifically, leaving. Key investment staff are also incentivised via the performance incentive fee.	The increase is attributed to the departure of key personnel from the Octopus Ventures team and risk exposure reflects a reduction in performance fees potentially increasing attrition.
*Risk*	*Mitigation*	*Change*
Operational:
The Future Generations VCT Board is reliant on the Portfolio Manager to manage investments effectively, and manage the services of a number of third parties, in particular the registrar, depositary and tax advisers. A failure of the systems or controls at Octopus or third‑party providers could lead to an inability to provide accurate reporting and accounting and to ensure adherence to VCT rules.	The Future Generations VCT Board reviews the system of internal controls, both financial and non-financial, operated by Octopus (to the extent the latter are relevant to Future Generations VCT’s internal controls). These include controls designed to make sure that Future Generations VCT assets are safeguarded and that proper accounting records are maintained.	No overall change in risk exposure on balance.
*Risk*	*Mitigation*	*Change*
Information security:
A loss of key data could result in a data breach and fines. The Future Generations VCT Board is reliant on Octopus and third parties to take appropriate measures to prevent a loss of confidential customer information.	Annual due diligence is conducted on third parties which includes a review of their controls for information security. Octopus has a dedicated Information Security team and a third party is engaged to provide continual protection in this area. A security framework is in place to help prevent malicious events. The appropriateness of mitigants in place are continuously reassessed to adapt to new risk exposures, such as those posed by artificial intelligence.	No overall change on balance, although cyber threat remains a significant risk area faced by all providers.
*Risk*	*Mitigation*	*Change*
Economic:
Events such as an economic recession, movement in interest rates, inflation and rising living costs could adversely affect some smaller companies’ valuations, as they may be more vulnerable to changes in trading conditions of the sectors in which they operate. This could result in a reduction in the value of Future Generations VCT assets.	Future Generations VCT aims to invest in a diverse portfolio of companies, across a range of sectors, which helps to mitigate against the impact on any one sector. Future Generations VCT also maintains adequate liquidity to make sure that it can continue to provide follow‑on investment to those portfolio companies which require it and which are supported by the individual investment case.	Increased exposures reflected in the previous periods remain as economic uncertainty persists through high inflation, high interest rates and other economic factors.
*Risk*	*Mitigation*	*Change*
Legislative:
A change to the VCT regulations could adversely impact Future Generations VCT by restricting the companies Future Generations VCT can invest in under its current strategy. Similarly, changes to VCT tax reliefs for investors could make VCTs less attractive and impact Future Generations VCT’s ability to raise further funds.	The Portfolio Manager engages with HM Treasury and industry bodies to demonstrate the positive benefits of VCTs in terms of growing early-stage companies, creating jobs and increasing tax revenue, and to help shape any change to VCT legislation.	Risk exposure has reduced following the extension of the sunset clause to 2035 being agreed.
*Risk*	*Mitigation*	*Change*
Liquidity:
The risk that Future Generations VCT’s available cash will not be sufficient to meet its financial obligations. Future Generations VCT invests into smaller unquoted companies, which are inherently illiquid as there is no readily available market for these shares. Therefore, these may be difficult to realise for their fair market value at short notice.	Future Generations VCT’s liquidity risk is managed on a continuing basis by Octopus in accordance with policies and procedures agreed by the Board. Future Generations VCT’s overall liquidity risks are monitored on a quarterly basis by the Board, with frequent budgeting and close monitoring of available cash resources. Future Generations VCT maintains sufficient investments in cash and readily realisable securities to meet its financial obligations. At 31 December 2024, these resources were valued at £20,084,000.	Risk exposures continue to increase, reflecting the potential knock-on effects of economic uncertainty, impacting fundraising and increasing the risk of disposal failure.

Viability statement

In accordance with the FRC UK Corporate Governance Code published in 2018 and provision 36 of the AIC Code of Corporate Governance, the Directors have assessed the prospects of Future Generations VCT over a period of five years, consistent with the expected investment holding period of an investor. A fundraise with an initial offer to raise up to £5 million was launched on 3 February 2025. The offer closed for new applications on 1 April 2025 for the 2024/2025 tax year having successfully raised £5 million. Under VCT rules, subscribing investors are required to hold their investment for a five‑year period in order to benefit from the associated tax reliefs. The Board regularly considers strategy, including investor demand for Future Generations VCT’s shares, and a five-year period is considered to be a reasonable time horizon for this.

The Board carried out a robust assessment of the emerging and principal risks facing Future Generations VCT and its current position. This includes risks which may adversely impact its business model, future performance, solvency or liquidity, and focused on the major factors which affect the economic, regulatory and political environment. Particular consideration was given to the Company’s reliance on, and close working relationship with, the Investment Manager. The principal risks faced by the Company and the procedures in place to monitor and mitigate them are set out above.

The Board has carried out robust stress testing of cash flows, which included assessing the resilience of portfolio companies, including the requirement for any future financial support.

The Board has additionally considered the ability of Future Generations VCT to comply with the ongoing conditions to make sure it maintains its VCT qualifying status under its current Investment policy.

Based on this assessment, the Board confirms that it has a reasonable expectation that Future Generations VCT will be able to continue in operation and meet its liabilities as they fall due over the five-year period to 31 December 2029. The Board is mindful of the ongoing risks and will continue to make sure that appropriate safeguards are in place, in addition to monitoring the cash flow forecasts to make sure Future Generations VCT has sufficient liquidity.

Directors’ responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors’ Report, the Directors’ Remuneration Report and the Financial Statements in accordance with applicable law and regulations. They are also responsible for ensuring that the annual report and financial statements include information required by the UK Listing Rules of the Financial Conduct Authority.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (GAAP), including Financial Reporting Standard 102 – The Financial Reporting Standard Applicable in the United Kingdom and Republic of Ireland (FRS 102), United Kingdom accounting standards and applicable law. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs and profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to:

select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business; and
prepare a Strategic Report, Directors’ Report and Directors’ Remuneration Report which comply with the requirements of the Companies Act 2006.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as each of the Directors is aware:

there is no relevant audit information of which the Company’s auditor is unaware; and
the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

The Directors are responsible for preparing the annual report and financial statements in accordance with applicable law and regulations. Having taken advice from the Audit Committee, the Directors are of the opinion that this report as a whole provides the necessary information to assess the Company’s performance, business model and strategy and is fair, balanced and understandable.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The Directors confirm that, to the best of their knowledge:

the financial statements, prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS 102, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and
the annual report and financial statements (including the Strategic Report), give a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces.

On behalf of the Board

Helen Sinclair
Chair

Income statement

	18 months to 31 December 2024			Year to 30 June 2023
	Revenue	Capital	Total	Revenue	Capital	Total
	£’000	£’000	£’000	£’000	£’000	£’000
Gain on disposal of fixed asset investments	—	1,382	1,382	—	—	—
Net loss on valuation of fixed asset investments	—	(3,564)	(3,564)	—	(6)	(6)
Investment management fee	(345)	(1,035)	(1,380)	(174)	(522)	(696)
Investment income	1,427	—	1,427	424	—	424
Other expenses	(759)	—	(759)	(500)	—	(500)
Earnings/(loss) before tax	323	(3,217)	(2,894)	(250)	(528)	(778)
Tax	—	—	—	—	—	—
Earnings/(loss) after tax	323	(3,217)	(2,894)	(250)	(528)	(778)
Earnings/(loss) per share – basic and diluted	0.6p	(6.3)p	(5.7)p	(0.6)p	(1.3)p	(1.9)p

The ‘Total’ column of this statement is the profit and loss account of Future Generations VCT; the supplementary revenue return and capital return columns have been prepared under guidance published by the Association of Investment Companies.
All revenue and capital items in the above statement derive from continuing operations.
Future Generations VCT has only one class of business and derives its income from investments made in shares and securities and from bank and money market funds.

Future Generations VCT has no other comprehensive income for the period.

The accompanying notes form an integral part of the financial statements.

Balance sheet

	As at 31 December 2024		As at 30 June 2023
	£’000	£’000	£’000	£’000
Fixed asset investments		26,769		24,895
Current assets:
Debtors	1,166		379
Applications cash¹	100		370
Cash at bank	112		152
Money market funds	19,972		20,140
		21,350		21,041
Creditors: amounts falling due within one year	(196)		(518)
Net current assets		21,154		20,523
Net assets		47,923		45,418
Share capital		54		48
Share premium		51,854		46,461
Capital reserve realised		(328)		(640)
Capital reserve unrealised		(3,526)		3
Revenue reserve		(131)		(454)
Total equity shareholders’ funds		47,923		45,418
NAV per share		88.8p		94.3p

Cash received from investors but not yet allotted.

The accompanying notes form an integral part of the financial statements.

The statements were approved by the Directors and authorised for issue on 28 April 2025 and are signed on their behalf by:

Helen Sinclair
Chair
Company No: 13750143

Statement of changes in equity

	Share capital £’000	Share premium £’000	Capital reserve realised¹ £’000	Capital reserve unrealised £’000	Revenue reserve¹ £’000	Total £’000
As at 1 July 2023	48	46,461	(640)	3	(454)	45,418
Comprehensive income for the period:
Management fees allocated as capital expenditure	—	—	(1,035)	—	—	(1,035)
Current year gain on disposal of fixed asset investments	—	—	1,382	—	—	1,382
Net loss on fair value of fixed asset investments	—	—	—	(3,564)	—	(3,564)
Gain after tax	—	—	—	—	323	323
Total comprehensive loss for the period	—	—	347	(3,564)	323	(2,894)
Contributions by and distributions to owners:
Share issue	6	5,506	—	—	—	5,512
Share issue costs	—	(113)	—	—	—	(113)
Total contributions by and distributions to owners	6	5,393	—	—	—	5,399
Other movements:
Prior year fixed asset loss unrealised	—	—	(35)	35	—	—
Total other movements	—	—	(35)	35	—	—
Balance as at 31 December 2024	54	51,854	(328)	(3,526)	(131)	47,923

	Share capital £’000	Share premium £’000	Capital reserve realised¹ £’000	Capital reserve unrealised £’000	Revenue reserve¹ £’000	Total £’000
As at 1 July 2022	33	31,572	(118)	9	(204)	31,292
Comprehensive income for the period:
Management fees allocated as capital expenditure	—	—	(522)	—	—	(522)
Net loss on fair value of fixed asset investments	—	—	—	(6)	—	(6)
Loss after tax	—	—	—	—	(250)	(250)
Total comprehensive loss for the period	—	—	(522)	(6)	(250)	(778)
Contributions by and distributions to owners:
Shares issued	15	15,164	—	—	—	15,179
Share issue costs	—	(275)	—	—	—	(275)
Total contributions by and distributions to owners	15	14,889	—	—	—	14,904
Balance as at 30 June 2023	48	46,461	(640)	3	(454)	45,418

Reserves are available for distribution, subject to the restrictions.

The accompanying notes form an integral part of the financial statements.

Cash flow statement

	18 months to 31 December	Year to 30 June
	2024	2023
	£’000	£’000
Cash flows from operating activities
Loss before tax¹	(2,894)	(778)
Decrease/(increase) in debtors	173	(325)
Decrease in creditors	(52)	(103)
Gain on disposal of fixed assets	(1,382)	—
Loss on valuation of fixed asset investments	3,564	6
Outflow from operating activities	(591)	(1,200)
Cash flows from investing activities
Purchase of fixed asset investments	(8,162)	(23,238)
Sale of fixed asset investments	3,146	—
Outflow from investing activities	(5,016)	(23,238)
Cash flows from financing activities
Movement in applications account	(270)	(1,544)
Proceeds from share issues	5,512	15,179
Share issue costs	(113)	(275)
Inflow from financing activities	5,129	13,360
Decrease in cash and cash equivalents	(478)	(11,079)
Opening cash and cash equivalents	20,662	31,741
Closing cash and cash equivalents	20,184	20,662
Cash and cash equivalents comprise
Cash at bank	112	152
Money market funds	19,972	20,140
Applications cash	100	370
Closing cash and cash equivalents	20,184	20,662

Loss before tax includes cashflows from dividends of £1.4 million (2023: £0.4 million).

The accompanying notes form an integral part of the financial statements.

Notes to the financial statements

1. Principal accounting policies

Octopus Future Generations VCT plc (‘Future Generations VCT’) is a Public Limited Company (plc) incorporated in England and Wales and its registered office is at 6th Floor, 33 Holborn, London EC1N 2HT.

Future Generations VCT has been approved as a Venture Capital Trust by HMRC under Section 259 of the Income Taxes Act 2007. The shares of Future Generations VCT were first admitted to the Official List of the UK Listing Authority and trading on the London Stock Exchange on 5 April 2022 and can be found under the TIDM code OFG. Future Generations VCT is premium listed.

The principal activity of Future Generations VCT is to invest in a diversified portfolio of UK smaller companies in order to generate capital growth over the long term as well as an attractive tax-free dividend stream.

The financial statements are presented in GBP (£) to the nearest £’000. The functional currency is also GBP (£). Some accounting policies have been disclosed in the respective notes to the financial statements.

Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, except for the measurement at fair value of certain financial instruments, and in accordance with UK Generally Accepted Accounting Practice (GAAP), including Financial Reporting Standard 102 – ‘The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland’ (FRS 102), the Companies Act 2006 and the Statement of Recommended Practice (SORP) ‘Financial Statements of Investment Trust Companies and Venture Capital Trusts (July 2022)’.

2. Investment income
Accounting policy

Investment income comprises interest earned on money market funds. Dividend income is shown net of any related tax credit. Dividends receivable are brought into account when Future Generation’s right to receive payment is established and there is no reasonable doubt that payment will be received. Fixed returns on debt and money market funds are recognised so as to reflect the effective interest rate, provided there is no reasonable doubt that payment will be received in due course.

Disclosure

	18 months to
	31 December 2024	30 June 2023
	£’000	£’000
Money market funds	1,427	424
Total investment income	1,427	424

3. Investment management fees
Accounting policy

For the purposes of the revenue and capital columns in the Income Statement, the management fee has been allocated 25% to revenue and 75% to capital, in line with the Board’s expected long-term return in the form of income and capital gains respectively from Future Generations VCT’s investment portfolio.

Disclosure

	18 months to 31 December 2024			Year to 30 June 2023
	Revenue	Capital	Total	Revenue	Capital	Total
	£’000	£’000	£’000	£’000	£’000	£’000
Investment
management fee	345	1,035	1,380	174	522	696
Total	345	1,035	1,380	174	522	696

The Portfolio Manager provides investment management services through agreements with Octopus AIF Management Limited and Future Generations VCT. It also provides accounting and administration services to Future Generations VCT under a Non-Investment Services Agreement (NISA). No compensation is payable if the agreement is terminated by either party, if the required notice period is given. The fee payable, should insufficient notice be given, will be equal to the fee that would have been paid should continuous service be provided, or the required notice period was given.

4. Other expenses
Accounting policy

Other expenses are accounted for on an accruals basis and are charged wholly to revenue.

The transaction costs incurred when purchasing or selling assets are written off to the Income Statement in the period that they occur.

	18 months to	Year to
	31 December	30 June
	2024	2023
	£’000	£’000
NISA fees	213	122
Directors’ remuneration¹	157	77
Audit fees²	78	63
Directors and Officers (D&O) insurance	74	15
Depositary fees	62	57
Listing fees	46	58
Registrars fees	28	21
Director recruitment & expenses	27	—
Report and account fees	26	38
Other fees	48	49
Total	759	500

1. Includes employers’ NI.
2. Includes VAT.

Total ongoing charges are capped at 3.0% of net assets. For the period to 31 December 2024, the ongoing charges exceeded this cap and a rebate was paid from the Portfolio Manager for the amount of £39,000. For the 18 months to 31 December 2024 the ongoing charges were 3.0% (2023: 3.0%) of net assets. This is calculated by summing the annualised expenses incurred in the period (excluding non-recurring expenses) divided by the average NAV throughout the period.

5. Tax on ordinary activities
Accounting policy

Corporation tax payable is applied to profits chargeable to corporation tax, if any, at the current rate. The tax effect of different items of income/gain and expenditure/loss is allocated between capital and revenue return on the ‘marginal’ basis as recommended in the SORP.

Deferred tax is recognised in respect of all timing differences at the reporting date. Timing differences are differences between taxable profits and total income as stated in the financial statements that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements.

Disclosure
The corporation tax charge for the period was £nil.

	18 months to	Year to
	31 December	30 June
	2024	2023
	£’000	£’000
Loss on ordinary activities before tax	(2,894)	(778)
Current tax at 25% (2023: 20.5%)	(724)	(159)
Effects of:
Non-taxable income	(357)	—
Non-taxable capital gains	546	1
Non-deductible expenses	1	—
Excess management expenses on which deferred tax not recognised	534	193
Tax rate differences¹	—	(35)
Total current tax charge	—	—

1. Tax rate difference due to tax charge for the period being calculated at 20.5% and excess management expenses on which deferred tax is not recognised being calculated at 25%.

Unrelieved tax losses of £3,231,000 (2023: £1,094,000) are estimated to be carried forward at 31 December 2024 (subject to completion of Future Generations VCT’s tax return) and are available for offset against future taxable income, subject to agreement with HMRC. Future Generations VCT has not recognised the deferred tax asset of £808,000 (2023: £273,000) in respect of these tax losses because there is insufficient forecast taxable income in excess of deductible expenses to utilise these losses carried forward.

Approved VCTs are exempt from tax on capital gains. As the Directors intend for Future Generations VCT to continue to maintain its approval as a VCT through its affairs, no current deferred tax has been recognised in respect of any capital gains or losses arising on the revaluation or disposal of investment.

6. (Loss)/earnings per share

	18 months to 31 December 2024			Year to 30 June 2023
	Revenue	Capital	Total	Revenue	Capital	Total
	£’000	£’000	£’000	£’000	£’000	£’000
Earnings/(loss) attributable to Ordinary shareholders (£’000)	323	(3,217)	(2,894)	(250)	(528)	(778)
Earnings/(loss) per Ordinary share (p)	0.6	(6.3)	(5.7)	(0.6)	(1.3)	(1.9)

The Earnings/(loss) per share is based on 51,727,417 (2023: 40,987,788) Ordinary shares, being the weighted average number of Ordinary shares in issue during the period.

There are no potentially dilutive capital instruments in issue and so no diluted return per share figures are relevant. The basic and diluted earnings per share are therefore identical.

7. Net asset value per share

	31 December	30 June
	2024	2023
Net assets (£’000)	47,923	45,418
Shares in issue	53,941,104	48,138,337
NAV per share (p)	88.8	94.3

8. Transactions with the Manager and Portfolio Manager

Future Generations VCT is classified as a full-scope Alternative Investment Fund under the Alternative Investment Fund Management Directive (the ‘AIFM Directive’). Future Generations VCT has appointed Octopus AIF Management Limited to provide the services of an AIFM of a full-scope AIF. In accordance with its power to do so under AIFMD, Octopus AIF Management Limited has delegated investment management to Octopus Investments Limited, whilst retaining the obligations of a risk manager.

Future Generations VCT paid Octopus AIF Management Limited £1,380,000 (2023: £696,000) in the period as a management fee, after applying a rebate to maintain the total ongoing charges below the 3% cap. The annual management charge (AMC) is based on 2% of Future Generations VCT’s NAV. The AMC is payable quarterly in advance and calculated using the latest published NAV of Future Generations VCT and the number of shares in issue at each quarter end. Once the quarter has ended, an adjustment will be made if the NAV at the end of the current quarter is calculated and which differs from the NAV as at the end of the previous quarter. The Manager will donate 10% of the management fee to the Octopus Giving Charitable Foundation, which was set up in 2014 to help charities make the world a better place and which, since inception, has donated more than £1 million to such worthy causes.

Octopus also provides Non-Investment Services to Future Generations VCT, payable quarterly in advance. The fee is 0.3% of Future Generations VCT’s NAV, calculated at quarterly intervals. The NISA fee is calculated using the latest published NAV of Future Generations VCT and the number of shares in issue at each quarter end. As with the AMC, an adjustment will be made once the quarter has ended if the NAV at the end of the current quarter is calculated and which differs from the NAV as at the end of the previous quarter. During the period £213,000 (2023: £122,000) was paid to Octopus for Non‑Investment Services. In addition, Octopus is entitled to performance-related incentive fees, subject to Future Generations VCT’s total return at year end exceeding the total return at the previous year end when an incentive fee was paid, or 97p if the first incentive fee has not yet been paid (the ‘Excess’), equal to 20% of the Excess. No performance fee will be paid prior to the financial year ending on 31 December 2025, dividends (paid or declared) being equal to or greater than 10p per Ordinary share and the total return exceeding 120p.

The cap relating to Future Generations VCT’s total expense ratio, that is the regular, recurring costs of Future Generations VCT expressed as a percentage of its NAV, above which Octopus has agreed to pay, is 3.0%, and is calculated in accordance with the AIC Guidelines.

Octopus AIF Management Limited remuneration disclosures (unaudited)
Quantitative remuneration disclosures required to be made in this annual report in accordance with the FCA Handbook FUND 3.3.5 are available on the website: https://www.octopusinvestments.com/remuneration-disclosures/.

9. Related party transactions

Several members of the Octopus investment team hold non-executive directorships as part of their monitoring roles in Future Generations VCT’s portfolio companies, but they have no controlling interests in those companies.

Emma Davies, a Non-Executive Director of Future Generations VCT, previously held the role of co-CEO of Octopus Ventures and she also holds shares in Octopus Capital Ltd. On 24 March 2023, Emma Davies ceased to be employed by Octopus Capital Limited and therefore she is no longer considered a related party. Emma retired as a Non-Executive Director of Future Generations VCT on 31 March 2024. No dividends have been paid to the Directors of Future Generations VCT in the period (2023: £nil).

10. 2024 financial information

The figures and financial information for the period ended 31 December 2024 are extracted from the Company’s annual financial statements for the period and do not constitute statutory accounts. The Company’s annual financial statements for the period to 31 December 2024 have been audited but have not yet been delivered to the Registrar of Companies. The Auditors’ report on the 2024 annual financial statements was unqualified, did not include a reference to any matter to which the auditors drew attention without qualifying the report, and did not contain any statements under Sections 498(2) or 498(3) of the Companies Act 2006.

11. 2023 financial information

The figures and financial information for the year ended 30 June 2023 are compiled from an extract of the published financial statements for the period and do not constitute statutory accounts. Those financial statements have been delivered to the Registrar of Companies and included the Auditors’ report which was unqualified, did not include a reference to any matter to which the auditors drew attention without qualifying the report, and did not contain any statements under Sections 498(2) or 498(3) of the Companies Act 2006.

12. Annual Report and financial statements
The Annual Report and financial statements will be posted to shareholders in early May and will be available on the Company’s website, https://octopusinvestments.com/our-products/venture-capital-trusts/octopus-future-generations-vct/.
The Notice of Annual General Meeting is contained within the Annual Report.

13. General information

Registered in England & Wales. Company No. 13750143
LEI: 213800AL71Z7N2O58N66

14. Directors

Helen Sinclair (Chair), Joanna Santinon and Ajay Chowdhury

15. Secretary and registered office

Octopus Company Secretarial Services Limited
6^th Floor, 33 Holborn, London EC1N 2HT

The MIL Network –

April 29, 2025

MIL-OSI: Falcon Oil & Gas Ltd. – Full Year Results

Source: GlobeNewswire (MIL-OSI)

FALCON OIL & GAS LTD.

(“Falcon”)

Full Year Results

29 April 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce its financial results for the year ended 31 December 2024.

The following should be read in conjunction with the complete audited financial statements and the accompanying Management’s Discussion and Analysis (‘’MD&A’’) for the year ended 31 December 2024.

2024 Financial Highlights

Debt free with cash of $6.8 million at 31 December 2024 (31 December 2023: $8 million).
Continued focus on strict cost management and efficient operation of the portfolio.

Filing of Financial Statements, MD&A, AIF and Reserves Data

Falcon has filed its audited financial statements for the year ended 31 December 2024, the accompanying MD&A for year ended 31 December 2024 dated 28 April 2025, its Annual Information Form (“AIF”) dated 28 April 2025 and the Statement of Reserves Data and Other Oil and Gas Information (National Instrument 51-101, Forms 51-101F1, 51-101F2 and 51-101F3) with the relevant provincial securities regulators. These filings are available for review on the Canadian System for Electronic Document Analysis and Retrieval (“SEDAR+”) at www.sedarplus.ca. The audited financial statements, MD&A and AIF are also available on Falcon’s website www.falconoilandgas.com.

Ends.

CONTACT DETAILS:

Falcon Oil & Gas Ltd.	+353 1 676 8702
Philip O’Quigley, CEO	+353 87 814 7042
Anne Flynn, CFO	+353 1 676 9162

Cavendish Capital Markets Limited (NOMAD & Broker)
Neil McDonald / Adam Rae	+44 131 220 9771

Falcon Oil & Gas Ltd.
Consolidated Statement of Operations and Comprehensive Loss

	Year Ended 31 December 2024 $’000	Year Ended 31 December 2023 $’000

Revenue
Oil and natural gas revenue	–	–
	–	–

Expenses
Exploration and evaluation expenses	(196)	(197)
General and administrative expenses	(2,031)	(2,470)
Decommissioning provision	–	(480)
Foreign exchange gain / (loss)	256	(63)
	(1,971)	(3,210)

Results from operating activities	(1,971)	(3,210)

Finance income	42	322
Finance expense	(1,036)	(453)
Net finance expense	(994)	(131)

Loss before tax	(2,965)	(3,341)

Taxation	–	–

Loss and comprehensive loss for the year	(2,965)	(3,341)

Loss and comprehensive loss attributable to:

Equity holders of the company	(2,958)	(3,337)
Non-controlling interests	(7)	(4)

Loss and comprehensive loss for the year	(2,965)	(3,341)

Loss per share attributable to equity holders of the company:
Basic and diluted	($0.003)	($0.003)

Falcon Oil & Gas Ltd.
Consolidated Statement of Financial Position

	At 31 December 2024 $’000	At 31 December 2023 $’000

Assets
Non-current assets
Exploration and evaluation assets	50,291	51,287
Property, plant and equipment	–	2
Accounts receivable	56	26
Restricted cash	2,040	2,176
	52,387	53,491

Current assets
Cash and cash equivalents	6,823	7,992
Accounts receivable	3,031	54
	9,854	8,046

Total assets	62,241	61,537

Equity and liabilities

Equity attributable to owners of the parent
Share capital	406,684	402,120
Contributed surplus	47,446	47,379
Deficit	(410,155)	(407,197)
	43,975	42,302
Non-controlling interests	690	697
Total equity	44,665	42,999

Liabilities
Non-current liabilities
Decommissioning provision	16,587	16,204
	16,587	16,204

Current liabilities
Accounts payable and accrued expenses	989	2,334
	989	2,334

Total liabilities	17,576	18,538

Total equity and liabilities	62,241	61,537

Falcon Oil & Gas Ltd.
Consolidated Statement of Cash Flows

	Year Ended 31 December
	2024 $’000	2023 $’000

Cash flows from operating activities
Net loss for the year	(2,965)	(3,341)
Adjustments for:
Share based compensation	67	316
Depreciation	2	5
Net finance loss	994	120
Foreign exchange (gain) / loss	(256)	63
Decommissioning provision	–	480
Change in non-cash working capital
(Increase) / decrease in accounts receivable	(16)	19
Increase / (decrease) in accounts payable	66	(63)
Net cash used in operating activities	(2,108)	(2,401)

Cash flows from investing activities
Interest received	42	180
Exploration and evaluation assets additions	(7,110)	(6,723)
Granting of ORRIs	4,000	–
Net cash used in investing activities	(3,068)	(6,543)

Cash flows from financing activities
Proceeds from equity raise	4,865	–
Costs related to equity raise	(301)	–
Net cash generated from financing activities	4,564	–

Change in cash and cash equivalents	(612)	(8,944)
Effect of exchange rates on cash and cash equivalents	(557)	151
Cash and cash equivalents at beginning of year	7,992	16,785

Cash and cash equivalents at end of year	6,823	7,992

All dollar amounts in this document are in United States dollars “$”, except as otherwise indicated.

About Falcon Oil & Gas Ltd.

Falcon Oil & Gas Ltd is an international oil & gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland.

For further information on Falcon Oil & Gas Ltd. please visit www.falconoilandgas.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Falcon assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Falcon. Additional information identifying risks and uncertainties is contained in Falcon’s filings with the Canadian securities regulators, which filings are available at www.sedarplus.ca

The MIL Network –

April 29, 2025

MIL-OSI: Annual report and financial statements for the year ended 31 December 2024

Source: GlobeNewswire (MIL-OSI)

OCTOPUS TITAN VCT PLC

Annual report and financial statements for the year ended 31 December 2024

Octopus Titan VCT plc announces the final results for the year to 31 December 2024 as below.

Octopus Titan VCT plc (‘Titan’ or the ‘Company’) is managed by Octopus AIF Management Limited (the ‘Manager’), which has delegated investment management to Octopus Investments Limited (‘Octopus’ or ‘Portfolio Manager’) via its investment team Octopus Ventures.

Key financials

	2024	2023
Net assets (£’000)	£831,358	£993,744
Loss after tax (£’000)	£(147,649)	£(149,499)
NAV per share	50.5p	62.4p
Total value per share¹	155.6p	164.4p
Total return per share²	(8.8)p	(9.5)p
Total return per share %³	(14.1)%	(12.4)%
Dividends paid in the year	3.1p	5.0p
Dividend yield %⁴	5.0%	6.5%
Dividend declared	0.5p	1.9p

Total value per share is an alternative performance measure, calculated as NAV plus cumulative dividends paid since launch, as described in the glossary of terms.
Total return per share is an alternative performance measure, calculated as movement in NAV per share in the period plus dividends paid in the period, as described in the glossary of terms.
Total return % is an alternative performance measure, calculated as total return/opening NAV, as described in the glossary of terms.
Dividend yield is an alternative performance measure, calculated as dividends paid/opening NAV, as described in the glossary of terms.

Chair’s statement
Titan’s total return for the year to 31 December 2024 was -14.1% with net assets at the end of the period totalling £831 million.

The Net Asset Value (NAV) per share at 31 December 2024 was 50.5p which, adjusting for dividends paid in the year, represents a net decrease of 8.8p per share from 31 December 2023 or a total return of –14.1%.

This further decline in value has been driven by several factors, including company-specific performance issues and tougher trading conditions, which have reduced revenue growth across a range of sectors. As a result, many companies in the portfolio have not met performance expectations, leading to lower valuation multiples being applied compared to those at recent points of investment. This situation has been exacerbated by a continued slow private market fundraising environment, leading to more limited capital availability. Consequently, companies have prioritised extending their cash runway, aiming to achieve profitability or delay fundraising until market conditions improve. In the short term, this has led to reduced valuations due to slower growth, but in the long run, the disciplined focus on sustainable growth should be beneficial.

With this further decline in NAV, the 5-year tax-free annual compound return for shareholders is now -3.5%. Since the high watermark as at 31 December 2021, Titan’s total return per share has been –39.8% with which the Board and Manager are, and shareholders will be, deeply disappointed. The scale of shareholder dissatisfaction has been made abundantly clear following the recently conducted survey.

In the 12 months to 31 December 2024, the Company utilised £137 million of its cash resources, comprising £30 million in new and follow-on investments, £44 million in dividends (net of the Dividend Reinvestment Scheme (DRIS)), £38 million in share buybacks and £25 million in annual investment management fees and other running costs. The cash and corporate bond balance of £184 million at 31 December 2024 represented 22% of net assets at that date, compared to 20% at 31 December 2023.

The total value (NAV plus cumulative dividends paid per share since launch) at the end of the period was 155.6p (31 December 2023: 164.4p). Titan’s one-year total return of -8.8p (-14.1%) five-year total return of -15.6p (-16.4%) and ten-year total return of 6.7p (6.6%) evidences the disappointing decline in performance in recent years.

Strategic Review

As shareholders will be aware, in the half-yearly report issued at the end of September 2024, we announced a review of strategy to ensure a thorough retrospective analysis took place and a plan be drawn up for how the Company can be best structured for sustainability and improved performance in the future. A significant amount of work has been undertaken by Octopus and our appointed external advisers, Smith Square Partners LLP, across a number of different workstreams. This includes a detailed analysis of historical investment performance, ongoing sustainability, the forward-looking pipeline for realisations, future investment strategy, investment team resources and, finally, investment manager’s culture and governance. The significant performance challenges and the early-stage nature of much of the portfolio mean that it will take some time for changes to have an impact on performance and a longer-term approach to shaping the future of the Company is needed. We are making reasonably good progress, and more can be read about the steps which have been taken in the Spotlight section. The response to our shareholder survey is included below. From this it is clear that there is widespread and deep dissatisfaction with the past performance of Titan, both in absolute and relative terms and an understandable frustration with the lack of capital growth in recent years. The Board also acknowledges the recent press coverage, particularly in respect of shareholders’ views on the fees that Titan pays. We would like to thank those that participated in the survey, as well as those that have provided their feedback to both the Board and Octopus. The Board wishes to assure shareholders that it is considering the results and feedback alongside the review.

We expect to provide a further update on the review at, or prior to, our Annual General Meeting (AGM) on 19 June 2025. However, we do not anticipate the process to be completed by this point, so any proposals for the future of the Company will likely be put to shareholders at a later date.

Performance incentive fees
As the 2024 total return has been negative, and total value per share has declined since 31 December 2021, no performance fee is payable. To remind you, the performance fee is calculated as 20% on net gains above the high-water mark (the highest total value per share as at previous year ends), which is currently set as 197.7p as at 31 December 2021.

Dividends
Following careful consideration and recognising the value that shareholders’ place on receiving tax-free dividends, I am pleased to confirm that the Board has decided to declare a second interim dividend of 0.5p per share (2023: 1.9p per share). This will be paid on 29 May 2025 to shareholders on the register as at 25 April 2025. This second interim dividend, in addition to the 1.2p per share interim dividend paid in December 2024 brings the total dividends declared to 1.7p per share in respect of 2024. However, this 0.5p per share dividend is lower than that paid in previous years because of the ongoing performance challenges and dividends are typically a distribution of achieved performance. Considering dividends paid during 2024 (totalling 3.1p), the total dividend yield for the year is 5%, therefore meeting the Company’s target.

Dividends, whether paid in cash or reinvested under the DRIS, are always at the discretion of the Board, are never guaranteed, and are subject to regular review reflecting the returns generated by the Company, the timing of investment realisations, cash and distributable reserves and continuing compliance with VCT rules.

The Board will consider any further dividends to be paid in 2025 in the second half of the year at, or around, the release of the interim accounts for the six months ending 30 June 2025, subject to Titan’s performance, both realised and unrealised, improving and, as ever, Titan holding sufficient cash reserves.

As with the dividend paid to shareholders on 19 December 2024, and in light of the ongoing review of Titan’s strategy, the Board continues to suspend the Company’s dividend reinvestment scheme for the dividend to be paid on 29 May 2025, with the dividend being paid to shareholders in cash.

Fundraise and buybacks
We were pleased to raise over £107 million in the fundraise which closed on 5 April 2024. As stated in the half-yearly review, the Board will decide on the approach to future fundraising at the conclusion of the review of strategy.

During the year, Titan repurchased 67 million shares for £38 million (representing 4.2% of the net asset value as at 31 December 2023). Further details can be found in Note 14 of the financial statements. Details of the share buybacks undertaken during the year can be found in the Directors’ Report.

VCT status
In November 2023, a ten-year extension was announced to the ‘sunset clause’ (a retirement date for the VCT scheme), meaning VCT tax reliefs will be available until 5 April 2035. This extension passed through Parliament in February 2024 and on 3 September 2024, His Majesty’s Treasury brought the extension into effect through The Finance Act 2024. The Board is delighted that this has brought clarity to the status of VCTs.

Board of Directors
Rupert Dickinson was appointed to the Board with effect from 1 May 2024 and was elected by shareholders at the AGM held in June 2024. Rupert has over 20 years’ experience in the wealth and investment management industries. We are already benefitting from his extensive experience.

All the other Directors have indicated their willingness to remain on the Board, and Jane O’Riordan and Lord Rockley will be seeking re-election at the AGM.

Portfolio Manager and team
In March 2024, Malcolm Ferguson, Octopus’ lead Fund Manager for Titan, resigned and Jo Oliver was appointed as lead Fund Manager and Adviser to the Board on fund and strategy on an interim basis. In August 2024, Jo stepped down from this interim role. We wish to take this opportunity to thank both Jo and Malcolm for their contributions to the Company and wish them well for the future. We are pleased that, despite Malcolm’s resignation, he continues to support with portfolio management on a contractual basis. The process to appoint a replacement lead Fund Manager will commence once the review of strategy is completed.

Shareholders may be aware that there has been considerable turnover over the past twelve months in the Octopus Ventures team, which is responsible for managing Titan. As part of the on-going strategic review, Octopus is assessing the team structure, size, culture and experience to ensure it is aligned with its future investment strategy proposals. In the interim, the Octopus Ventures team is receiving additional senior support from across the business to ensure adequate resources are available.

AGM and shareholder event
The AGM will take place on 19 June 2025 from 12.00 noon and will be held at the offices of Octopus Investments Limited, 33 Holborn, London, EC1N 2HT. Full details of the business to be conducted at the AGM are given in the Notice of AGM.

Shareholders’ views are important, and the Board encourages shareholders to vote on the resolutions within the Notice of AGM using the proxy form, or electronically at www.investorcentre.co.uk/eproxy. Shareholders are invited to send any questions they may have via email to TitanAGM@octopusinvestments.com. The Board has carefully considered the business to be approved at the AGM and recommends shareholders to vote in favour of all the resolutions being proposed, as the Board will be doing.

Currently, we do not anticipate the strategic review process will have been fully completed by the date of the AGM. As a result, we will issue a further communication to shareholders in due course setting a date for a shareholder event and, if applicable, a General Meeting at which shareholders will be able to vote on any proposals for the future direction of the Company.

Outlook
The further decline in NAV to 31 December 2024 is extremely disappointing, especially when set against the backdrop of the recent recovery of some of the comparable markets and other VCTs. This decline has been primarily driven by specific portfolio performance issues and sectoral downturns, leading to cash constraints exacerbated by a challenging fundraising environment. Some portfolio companies attempted to raise funds but were unsuccessful, resulting in several being placed into administration or accepting acquisition offers on unfavourable terms. More details on these disposals can be found in the Portfolio Manager’s review. Others had to complete funding rounds at lower valuations or in ways that negatively impacted the value of the Company’s shareholding.

The Company returned £29 million in cash proceeds from exits in 2024, in addition to £12.4 million distributed from Zenith Holding Company to Titan. This is a disappointing outcome as it is below the level achieved in 2023, and does not accomplish the Company’s long-term sustainability target. Despite the Manager’s initiatives to increase the number of realisations of portfolio companies and return cash proceeds to Titan, we have not yet seen any profitable realisations in 2025. This sustained focus on achieving regular liquidity is an important step towards ensuring the ongoing sustainability of the Company.

Despite this, the Board retains a degree of optimism about the potential of some of the companies within what is undoubtedly a diversified portfolio, with over 135 companies spanning a wide range of sectors, business models and investment stages. Furthermore, Titan’s portfolio remains well funded with circa 42% of the portfolio NAV being comprised of companies not expecting to need further funding. This figure rises to 67% when including those companies with more than 12 months’ cash runway.

I would like to conclude by thanking both the Board and the Octopus team on behalf of all shareholders for their hard work during this very challenging period.

Tom Leader
Chair

Spotlight on the review of strategy

On 30 September 2024, the Board, in conjunction with the Manager, announced a strategic review. This was catalysed by the ongoing challenges in the early-stage venture market to which the Company is exposed and the resultant performance issues faced. Since this date, the Board and Manager have undertaken numerous actions to identify the areas of focus and potential changes which could be made to drive the best performance for the Company and outcome for shareholders. Below is a summary of the steps taken to date by both the Board and Manager.

Date	Investment Manager’s actions	Titan VCT Board’s actions	Board meetings held
Sep 2024		Announcement of review of strategy.	Four Board meetings
Oct 2024	Establish internal review committee comprised of different areas of the business. Co-ordinating information packs for the external advisers.	External adviser selection process concluded and terms agreed.
Nov 2024	Recruitment process for senior Portfolio Management roles commences. Internal review committee submits scope of work to the Board.	External advisers, Smith Square Partners, appointed. Board reviews Octopus’ scope of work.	Two Board meetings
Dec 2024	Internal review committee submits information pack on sustainability and fund performance workstreams to the Board.	Shareholder and adviser survey launched. Board reviews information pack on sustainability and fund performance. Board reviews external advisers’ analysis of performance and benchmarking.	One Board meeting
Jan 2025	Survey results analysed. External specialists commence review of Consumer Duty. Internal review committee submits information pack on team and culture and risk and governance work streams to the Board.	Board reviews external advisers’ progress report including analysis of the realisations pipeline. Board reviews information pack on team and culture and risk and governance work streams. Survey results analysed.	Two Board meetings
Feb 2025	Internal review committee presents first part of the go-forward investment strategy and further sustainability analysis and metrics.	Board reviews go‑forward strategy and sustainability analysis and metrics.	One Board meeting
Mar 2025	Results of Consumer Duty Review analysed.	Board reviews external advisers’ progress report. Results of Consumer Duty Review analysed. Unaudited NAV released with update on progress of review.	Two Board meetings
Apr 2025	Internal review committee presents follow up detail on the go-forward investment strategy, as well as proposals for future team and resourcing plan. Proposal submitted to Board regarding ongoing fees.	External advisers’ interim report shared with the Board. Annual report published. Board considers proposal on future team and resourcing strategy and fees. Board commences fee negotiations with Octopus.	Two Board meetings

Summary of the Manager’s internal review workstreams:

1. Fund performance
Working to understand the most appropriate investment and divestment strategy looking at past performance metrics, benchmarks and future objectives.

2. Fund strategy
Investigating potential future options for Titan’s strategy which could drive improved performance. Some potential options were included in the shareholder survey to canvas views.

3. Sustainability
Working on past performance and future forecasting to ensure Titan operates sustainably, returning funds through realisations.

4. Team & culture
Reviewing the team structure, size, culture and experience (past and present) and how it maps to the successful management of the Company. Full Octopus Ventures strategy refresh in line with new Chief Executive Officer (CEO) Erin Platts joining.

5. Consumer Duty
External consultants appointed to carry out a review of Consumer Duty. This is to understand shareholders’ expected outcomes and assessing how the Company has delivered against them.

6. Risk & governance
Work led by the compliance team updating Titan’s risk register. Review and enhancement of governance processes and procedures, where relevant.

What’s next
1. Final Smith Square Partners report presented to the Board.
2. Finalise fee proposal, as well as review of the Investment Management Agreement and Non-Investment Services Agreement.

Octopus Ventures’ new CEO

Erin Platts joined Octopus Ventures as CEO in January 2025.

Previously, she held the role of CEO at HSBC Innovation Banking UK, formerly Silicon Valley Bank UK & EMEA. Over two decades in leadership roles with the institution, she established Silicon Valley Bank UK as a standalone, regulated subsidiary before leading the organisation through the transition period following its sale to HSBC in 2023, scaling operations to over 800 people, across six countries and into the market leading position across the sector.

With a career spent in the US, UK and European tech ecosystems, Erin is an active and vocal spokesperson, championing Diversity, Equity and Inclusion through partnerships with organisations including Tech Nation, Founders Forum and the Newton Venture Program.

Portfolio Manager’s review

At Octopus, our focus is on managing your investments and providing open communication. Our annual and half-year updates are designed to keep you informed about the progress of your investment.

Focus on performance
The NAV of 50.5p per share at 31 December 2024 represents a decrease in NAV of 8.8p per share versus a NAV of 62.4p per share as at 31 December 2023, after adding back dividends paid during the year of 3.1p (2023: 5p) per share, a negative total return per share of 14.1% in the year.

The performance over the five years to 31 December 2024 is shown below:

	Year ended	Year ended	Year ended	Year ended	Year ended
	31 December	31 December	31 December	31 December	31 December
	2020	2021	2022	2023	2024
NAV, p	97.0	105.7	76.9	62.4	50.5
Cumulative dividends paid, p	81.0	92.0	97.0	102.0	105.1
Total value, p	178.0	197.7	173.9	164.4	155.6
Total return¹	7.1%	20.3%	(22.5)%	(12.4)%	(14.1)%
Dividend yield²	5.3%	11.3%	4.7%	6.5%	5.0%

1. Total return % is an alternative performance measure, calculated as total return/opening NAV.
2. Dividend yield is an alternative performance measure, calculated as dividends paid/opening NAV.

We are deeply disappointed by the negative total return of 14.1% in 2024 which has been driven by a decline of £193 million across 72 companies. The businesses that contributed most significantly to this decline were Pelago, Many Pets and Big Health. Whilst these companies continue to look to scale, they have underperformed the high expectations set at their last funding round, and so have seen their valuations decline.

These three valuation movements account for around a third of the total decline in NAV over the twelve-month reporting period.

Octopus Ventures believes that many of the companies which have seen decreased valuations in the period have the potential to overcome the issues they face and get their growth plans back on track. Octopus Ventures continues to work with them to help them realise their potential. In some cases, the support offered could include further funding to ensure a business has the capital it needs to execute on its strategy. Our in-house Talent team is being utilised to build high-performing teams and support on key recruitment initiatives. This team, as well as our expert network of consultants, support companies on project work and can also work part-time with the businesses.

More positively, 39 companies saw an increase in valuation in the period, delivering a collective increase in valuation of £56 million. These valuation increases reflect businesses which have successfully concluded further funding rounds at increased valuations, grown revenues or met certain important milestones. Notable strong performers in the portfolio include Legl, Taster and Katkin – all of which have increased their market reach through new product launches. These strong performers demonstrate that there are opportunities available for companies to thrive, and Titan’s diverse portfolio allows different routes for each company to succeed in their market.

The gain on Titan’s uninvested cash reserves was £9.2 million in the year to 31 December 2024, primarily driven by a fair value movement of £4.4 million in the corporate bond portfolio and a return of £4.2 million on the money market funds. The objective for the money market funds is to earn appropriate market rates on highly liquid treasury holdings, with limited risk to capital.

Titan total value growth from inception
The table below highlights the compound annual growth rate across different holding periods.

Despite the reduction in NAV in the year, the total value has seen an increase since the end of Titan’s first year, from 89.9p to 155.6p at 31 December 2024. Since Titan launched, a total of over £557 million has been distributed back to shareholders in the form of tax-free dividends. This includes dividends reinvested as part of the DRIS.

Holding period	Total return	Tax-free compound annual growth rate
Since October 2008	73.1%	3.4%
10 years	6.6%	0.6%
5 years	(16.4)%	(3.5)%
1 year	(14.1)%	(14.1)%

Disposals
Disposals and deferred proceeds have returned £29 million in cash during the period. In addition, £12.4 million was distributed from Zenith Holding Company to the Company.

Exits
In June, Taxfix (a European focused tax return technology platform) acquired TaxScouts, for a combination of cash and equity, which has allowed it to enter the UK market. As a result, Titan now holds shares in Taxfix.

In July, Foodsteps was acquired by Registrar Corp (a provider of regulatory and compliance software for the food, cosmetic and life sciences industry). This transaction was also for a combination of cash and equity and has offered Registrar Corp access to Foodsteps’ global market platform of over 32,000 companies in 190 countries.

In November, Cobee was acquired by Pluxee Group (an employee benefits and engagement platform) as part of its strategic growth plan. Pluxee is a global leader in employee benefits and engagement, operating in 31 countries with over 5,000 employees. Pluxee is uniquely positioned to support Cobee’s continued growth.

In November, nCino (a cloud-based software company that provides a platform for financial institutions to manage their business lines) acquired FullCircl. This will enhance nCino’s data and automation capabilities and allow it to expand its reach across the UK and Europe.

In December, Behavox (a leading provider of AI powered archiving, compliance and security solutions) acquired Mosaic Smart Data.

Partial exits
Two partial exits completed in October with Neat (an embedded insurance platform that enables merchants to offer tailored insurance bundles to their customers at competitive rates) completing a €50 million Series A funding round, and Vitesse (a global domestic settlement and liquidity management system to hold funds and execute cross-border payments) completing a $93 million Series C investment round. As part of both of these rounds, Titan sold a portion of its shares. We are pleased to have realised some value for shareholders in these transactions, but also excited to maintain a holding in the companies and to be able to continue to support their growth journeys.

Deferred proceeds
In the year, Titan also received deferred proceeds from the sale of Calastone (to The Carlyle Group in 2020) which was held via Octopus Zenith Holding Company, iSize (to Sony Interactive Entertainment in 2023), Conversocial (to Verint), Glofox (to ABC Fitness), Comma (to Weavr) and Foodsteps (to Registrar).

Exits at a loss
There have been four disposals made at a loss: Titan sold its remaining shares in Cazoo, which was listed on the New York Stock Exchange, Unmade was acquired by High-Tech Apparel, and Titan’s shares in Appear Here were converted to deferred shares and divested, as there was not seen to be a chance of recovery of any funds. Vinter was acquired by Kaiko (a leading provider of cryptocurrency market data, analytics and indices) for equity. As a result, Titan now holds shares in Kaiko, which are currently valued below Titan’s initial cost of investment, but these will be subject to re-valuation at least twice annually as per our normal process. In aggregate, these losses generated negligible proceeds compared to an investment cost of £19 million.

Companies placed into administration
Unfortunately, Audiotelligence, Stackin (now fully dissolved), Contingent, Phoelex, Excession, Dead Happy, Pulse Platform and Allplants were placed into administration having all been unsuccessful in securing further funding and having explored and exhausted all available options. In aggregate, the investment cost of the companies placed into administration totalled £26 million.

In the year to 31 December 2024, Third Eye and LifeBook were fully dissolved having been placed into administration in previous reporting periods.

The underperformance of a portfolio company is always disappointing for Octopus and shareholders alike, but it is an inherent characteristic of a venture capital portfolio, and we believe the successful disposals will continue to outweigh the losses over the medium to long-term.

	Year ended 31 December 2020	Year ended 31 December 2021	Year ended 31 December 2022	Year ended 31 December 2023	Year ended 31 December 2024	Total
Disposal proceeds¹ (£’000)	23,915	221,504	62,213	45,637	41,432	394,701

1.This table includes cash and retention proceeds received in the period.

New and follow-on investments
Titan completed 8 new investments and made 14 follow-on investments in the reporting period. Together, these totalled £30 million (made up of £19 million into new companies and £11 million invested into the existing portfolio).

Please see a summary of some of the new investments we made in the year.

DRIFT Energy: Designing sailing vessels and routing algorithms required to capture deep water wind energy and convert it into onboard hydrogen gas for transportation back to shore.
ExpressionEdits: Using a proprietary AI algorithm to design DNA sequences and intronization technology to enhance the expression of proteins in mammalian cells.
Forefront: Developing a tuneable Radio Frequency Front-End (RFFE) module for mobile devices which is smaller, cheaper, and more flexible than currently available products sold.
LabGenius: A next-generation platform leveraging machine learning to develop novel therapeutic antibodies.
Manual: Provides innovative treatments for a range of health conditions.
Remofirst is an Employer of Record (EOR) and compliance platform that allows companies to hire and pay employees globally.
SWiiPR: Developed a digital payments platform specifically for the airline industry.

As explained in the half-yearly report, the Octopus Ventures team is focused on improving performance from the existing portfolio and driving improved returns to shareholders. Given Titan’s scale, the greatest returns are expected to be driven by its existing, largest holdings. Over the last nine months, Titan has focused on building value in its existing portfolio, allowing capital and time to be prioritised on existing companies. No term sheets for new investments have been signed since the summer of 2024. The five follow-on investments which completed in the second half of 2024 have all increased in value in the December valuation round, on average seeing an increase of 10%. We believe that this focus will drive positive future NAV performance as these portfolio companies are more established, so have a greater potential to secure further investment, or are closer to an exit.

Shareholder survey results
Octopus regularly seeks feedback from Titan’s investor and adviser base either through local Business Development Managers or after webinars with the Investment Managers. Considering the ongoing review of Titan’s strategy, which is looking at a wide range of areas such as investment strategy, fundraising and dividend policies, Octopus and the Board wanted to give investors and advisers an extra opportunity to share feedback and help shape the future strategic direction of Titan. In conjunction with an external research firm, between December 2024 and January 2025, Octopus surveyed Titan’s investor and adviser base to try to better understand investors’ priorities, areas of concern and opportunities which may be of interest.

We were pleased to see significant engagement, having received over 3,000 responses from investors and advisers. As stated in the Chair’s statement, the results emphasise that the greatest areas of dissatisfaction are around past performance and the capital growth opportunity, as highlighted below. Octopus and the Board share investors’ frustration with the recent poor performance, and have been reviewing Titan’s investment strategy with the aim to improve shareholder returns. The Board intends to communicate to investors any strategic changes once they are agreed in due course.

To understand investors’ priorities when making their investment decision we asked the following:

When you first chose to invest in Titan VCT, how important were the following factors?
The results were as follows in order of importance:

Tax reliefs available on your investment (income tax relief, tax free dividends and tax free capital gains)
5% annual target dividend
Capital growth opportunity
Past performance of fund
Access to early-stage, unlisted tech enabled companies with high growth potential
Ability to sell your shares back to the VCT via the share buyback facility
Size of fund
Fees and charges

Octopus asked investors to rank their level of satisfaction against each of the top eight factors and the results were as follows:

	Satisfied	Dissatisfied	Neutral or not sure
Tax reliefs available on your investment	88%	2%	10%
5% annual target dividend	50%	22%	28%
Capital growth opportunity	18%	60%	22%
Past performance of fund	21%	52%	27%
Access to early-stage, unlisted tech enabled companies with high growth potential	39%	10%	51%
Ability to sell your shares back to the VCT via the share buyback facility	29%	8%	63%
Size of fund	34%	6%	60%
Fees and charges	22%	18%	60%

Survey results based on responses from 1,093 direct investors and 2,195 advised investors, does not include responses from advisers.

Valuations
Titan’s unquoted portfolio companies are valued in accordance with UK GAAP accounting standards and the International Private Equity and Venture Capital (IPEV) valuation guidelines. This means we value the portfolio at Fair Value, which is the price we expect people would be willing to buy or sell an asset for, assuming they had all the information available that we do, are knowledgeable parties with no pre-existing relationship, and that the transaction is carried out under the normal course of business.

The table below illustrates the split of valuation methodology (shown as a percentage of portfolio value and number of companies). ‘External price’ includes valuations based on funding rounds that typically completed by the year end or shortly after the year end, and exits of companies where terms have been issued with an acquirer. ‘External price’ also includes quoted holdings, which are held at their quoted price as at the valuation date. As at 31 December 2024, Titan only held one quoted holding. ‘Multiples’ is predominantly used for valuations that are based on a multiple of revenues for portfolio companies. Where there is uncertainty around the potential outcomes available to a company, a probability-weighted ‘scenario analysis’ is considered.

Valuation methodology	By value	By number of companies
External price	17%	25
Multiples	53%	30
Scenario analysis	16%	33
Milestone analysis	14%	25
Write-off	–	25

Case studies

MANUAL
https://www.manual.co/
Making high-quality care more accessible and stigma-free

MANUAL provides innovative treatments for a range of conditions, from hair loss and low testosterone to weight management and diagnostics.

With over 800,000 patients served across the UK and Brazil, MANUAL continues to expand its impact. The company’s weight loss brand, Voy, has helped over 70,000 people lose weight. In 2024, MANUAL acquired Menopause Care – the UK’s second largest menopause clinic – furthering its mission to support underserved areas of health.

Following the company’s £29 million Series B raise in 2024, the company is accelerating its growth, with a 140% revenue Compound Annual Growth Rate (CAGR) since 2019. With this investment, MANUAL is scaling its reach and pioneering new healthcare solutions, ensuring more people get the treatments they need to improve their quality of life.

Nearly 90% of men do not seek help unless they have a serious problem
Served more than 800,000 patients to date

Legl
https://legl.com/
Revolutionising Legal Services with AI and Data-Driven Insights

Legl delivers a world-class client experience for UK law firms by reducing risk, improving cash flow, and enabling them to bill and collect payments faster. With actionable client intelligence, their customers are empowered to make smarter decisions and drive business growth.

By leveraging cutting-edge technology and data insights, Legl creates seamless onboarding experiences and superior payment processing capabilities. Beyond onboarding, they provide intelligence and audit functionality to help firms manage risk intelligently in a complex and ever-changing environment. Its embedded finance stack, which has been built specifically for law firms, makes collecting payments, reducing debt, and fostering exceptional client relationships effortless. In turn, providing a step-change for internal cash flow and treasury management.

Helped firms manage risk for over one million clients
Processed over $500 million in payments

BondAval
https://www.bondaval.com/
Transforming non-payment risk protection

Founded in 2020, B2B insurtech Bondaval protects companies when their customers buy now, but don’t pay later, and is already serving some of the largest companies in the world. While existing options are opaque, inflexible or limited, Bondaval’s range of insurance products are made more powerful via their proprietary technology platform, which translates policy obligations into clear tasks, helps aggregate and monitor risk signals, and makes limit management effortless for credit managers. With their receivables secured, businesses can grow faster with more peace of mind, achieve more predictable financial performance, and even access new lines of financing.

Offices in London, New York and Dallas
Licensed in 30+ countries

Taster
https://taster.com/
Food innovators redefining quick-service dining

Taster was founded with the goal of revolutionising the quick-service food experience globally. In 2017, the company raised €8 million, and by 2021, they secured an additional €30 million. By the end of 2023, Taster had grown to 400 online restaurants, with its franchise network expanding across France, the UK, Spain, the Netherlands, and Belgium. Taster collaborates closely with co-creators and kitchen partners, from launching new brands to creating special edition menu items. Their strategy focuses on building social media-first brands that engage audiences and cultivate communities around their digital restaurants.

Operating in over 90 cities across Europe

We are disappointed to report a net decrease in the value of the portfolio of £137 million since 31 December 2023, excluding additions and disposals. This represents a decline of 17% on the value of the portfolio at the start of the year. Here, we set out the cost and valuation of the top 20 holdings, which account for 61% of the value of the portfolio and 47% of the total NAV.

	Portfolio:	Investment focus:	Investment cost:	Total valuation including cost:
1	Skin+Me	Health	£11.5m	£44.9m
2	Amplience	B2B Software	£13.6m	£35.0m
3	Permutive	B2B Software	£19.0m	£31.0m
4	Elliptic	Fintech	£9.9m	£26.2m
5	Vitesse	Fintech	£8.8m	£25.8m
6	ManyPets	Fintech	£10.0m	£24.6m
7	Pelago¹	Health	£17.9m	£23.2m
8	Legl	B2B Software	£7.3m	£18.6m
9	Orbex	Deep tech	£12.0m	£17.8m
10	Token	Fintech	£12.6m	£16.5m
11	Taster	Consumer	£8.1m	£15.4m
12	vHive	Deep tech	£8.0m	£14.9m
13	Ometria	B2B Software	£11.5m	£14.0m
14	SeatFrog	Consumer	£9.6m	£13.5m
15	KatKin	Consumer	£8.2m	£13.2m
16	Automata	Health	£12.3m	£12.4m
17	XYZ	Consumer	£15.3m	£10.7m
18	BondAval	Fintech	£7.1m	£10.6m
19	Iovox	B2B Software	£7.2m	£10.4m
20	Ibex	Health	£11.8m	£9.5m

Digital Therapeutics, Inc., formerly Quit Genius, has rebranded as Pelago.

Top 10 investments in detail¹
1
Skin+Me

Skin+Me offers direct-to-consumer, personalised skincare.
www.skinandme.com

Initial investment date:	September 2019
Investment cost:	£11.5m
	(2023: £11.5m)
Valuation:	£44.9m
	(2023: £48.5m)
Last submitted accounts:	31 August 2023
Turnover:	£28.7m (2023: £14.3m)
Profit/(loss) before tax:	£1.8m
	(2023: £(3.3)m)
Net assets:	£12.8m
	(2023: £(0.7m)
Valuation methodology:	Multiple 2023: Multiple

2
Amplience
Amplience is a leading headless content management system, which powers retailers’ digital channels.
www.amplience.com

Initial investment date:	December 2010
Investment cost:	£13.6m
	(2023: £13.6m)
Valuation:	£35.0m
	(2023: £41.8m)
Last submitted accounts:	30 June 2024
Turnover:	£16.0m
	(2023: £14.9m)
Loss before tax:	£(5.5)m
	(2023: £(8.1)m)
Net assets:	£(22.8)m
	(2023: (£17.4m)
Valuation methodology:	Multiple 2023: Multiple

3
Permutive
Permutive’s publisher data platform gives its customers an in-the-moment view of everyone on their site.
www.permutive.com

Initial investment date:	May 2015
Investment cost:	£19.0m
	(2023: £19.0m)
Valuation:	£31.0m
	(2023: £41.2m)
Last submitted accounts:	31 January 2023
Turnover:	Not available²
	(2023: £9.8m)
Loss before tax:	Not available²
	(2023: £(19.3)m)
Net assets:	Not available²
	(2023: £(40.2)m)
Valuation methodology:	Multiple
	2023: Multiple

4
Elliptic
Crypto compliance and forensic investigation solutions used by financial institutions, crypto businesses, law enforcement, and regulators to detect and prevent financial crime.
www.elliptic.co

Initial investment date:	July 2014
Investment cost:	£9.9m
	(2023: £9.9m)
Valuation:	£26.2m
	(2023: £19.0m)
Last submitted accounts:	31 March 2024
Turnover:	£13.7m
	(2023: £9.6m)
Loss before tax:	£(16.4)m
	(2023: £(27.1)m)
Net assets:	£(3.8)m
	(2023: £10.6m)
Valuation methodology:	Multiple 2023: Multiple

5
Vitesse

A settlement and liquidity management platform to hold funds and deliver international payments globally, using domestic, in-country processing.
www.vitesse.io/

Initial investment date:	June 2020
Investment cost:	£8.8m
	(2023: £10.1m)
Valuation:	£25.8m
	(2023: £26.6m)
Last submitted accounts:	31 March 2024
Consolidated turnover:	£24.8m
	(2023: £11.2m)
Consolidated profit/(loss) before tax:	£0.6m
	(2023: £(5.7)m)
Net assets:	£17.3m
	(2023: £16.2m)
Valuation methodology:	Multiple 2023: Last Round

6
ManyPets

An award-winning insurtech company with a specific focus on providing better pet insurance for everyone.
www.manypets.com

Initial investment date:	October 2016
Investment cost:	£10.0m
	(2023: £10.0m)
Valuation:	£24.6m
	(2023: £47.1m)
Last submitted accounts:	31 March 2024
Turnover:	£29.6m
	(2023: £35.9m)
Loss before tax:	£(34.1)m
	(2023: £(67.5)m)
Net assets:	£79.9m
	(2023: £110.6m)
Valuation methodology:	Multiple 2023: Multiple

7
Pelago

A digital health solution for managing substance use disorders.
www.pelagohealth.com

Initial investment date:	January 2020
Investment cost:	£17.9m (2023: £17.9m)
Valuation:	£23.2m
	(2023: £38.6m)
Last submitted accounts:	Not available²
Turnover:	Not available² 2023: Not available²:
Loss before tax:	Not available² 2023: Not available²
Net assets:	Not available² 2023: Not available²
Valuation methodology:	Multiple 2023: Last round

8
Legl
Cloud based legal workflow automation platform.
www.legl.com

Initial investment date:	January 2021
Investment cost:	£7.3m
	(2023: £7.3m)
Valuation:	£18.6m
	(2023: £13.8m)
Last submitted accounts:	31 December 2023
Turnover:	Not available²
	2023: Not available²
Profit/(loss) before tax:	$1.5m
	(2023: $(0.1)m)
Net assets:	$30.4m
	(2023: $28.8m)
Valuation methodology:	Multiple 2023: Multiple

9
Orbex

Focused on providing low-cost orbital launch services for small satellites.
www.orbex.space

Initial investment date:	December 2020
Investment cost:	£12.0m
	(2023: £10.3m)
Valuation:	£17.8m
	(2023: £15.3m)
Last submitted group accounts:	31 December 2023
Turnover:	Not available² 2023: Not available²
Consolidated loss before tax:	£(17.2)m (2023:(8.8)m)
Consolidated net assets:	£16.3m
	(2023: £31.8m)
Valuation methodology:	Scenario Analysis 2023: Scenario Analysis

10
Token

A leading open banking solution, focused on payments.
www.token.io

Initial investment date:	March 2017
Investment cost:	£12.6m
	(2023: £12.6m)
Valuation:	£16.5m
	(2023: £17.1m)
Last submitted group accounts:	31 December 2023
Turnover:	Not available² 2023: Not available²
Loss before tax:	Not available² 2023: Not available²
Net assets:	£0.9m
	(2023: £0.7m)
Valuation methodology:	Multiple 2023: Multiple

1. These are numbers per latest public filings. More recent figures have not yet been disclosed.
2. Information not publicly available.

Outlook
Our portfolio companies have been navigating a turbulent few years and global geo‑political and economic conditions remain uncertain. Due to the early‑stage nature of the portfolio companies, any improvement in conditions will not be felt immediately.

The fundraising environment remains challenging for portfolio companies, with 2024 seeing both a decline in the number of investments completed at the seed and Series A stages and many rounds completing at decreased valuations. This is largely a function of a reset in venture-backed valuations which began in 2022, with many companies having no option but to accept a reduced valuation to bring in new capital to survive or scale. We have also seen in the year that the venture landscape has been reshaped by AI, which captured a 37% share in all funding in 2024 and 17% of all deals.¹ However, when AI investments are excluded, global deal activity dropped to its lowest levels since 2016.

With some of our portfolio companies struggling to secure new investors and requiring significant investment to develop, many have had to focus on cash preservation and limit their growth. As such, the valuation multiples being applied have declined in line with this. We have also seen some companies being unable to achieve the milestones Octopus set out when the initial investment was completed and so we have seen more declines in value.

Looking to the future, the Octopus Ventures team has been focusing on driving both improved performance and distributions to Titan. In the year, we have been able to realise £29 million in cash proceeds to the Company from exits. This includes deferred amounts received in cash relating to disposals from previous periods. In addition, £12.4 million was distributed from Zenith Holding Company to the Company. The team is actively involved in its portfolio companies and during the year developed specific workstreams to support the portfolio with value-adding activities, as summarised below:

Capital allocation: aims to optimise financial planning by fostering stronger alignment between each company’s strategic objectives and their financial plans, reducing the risk of unexpected cash issues and value-eroding insolvencies or emergency down-rounds. Improving financial planning will ensure efficient resource allocation, minimise risks and enhance profitability, ultimately leading to sustainable growth and long-term success.
Return: looking to drive exits or other liquidity events as part of a clear aim of regularly recycling capital back into the Company.
Raise: to improve fundraising outcomes for portfolio companies, through initiatives such as supporting the creation of fundraising material, network introductions for potential investors or timeframe planning. Raising additional funding is crucial to provide the necessary capital to expand operations, invest in new technologies and seize available growth opportunities, ensuring a company’s long-term viability and competitive edge.
Talent and board: to drive performance in companies by supporting and influencing the build of high performing leadership teams and effective boards. This workstream is driven by Octopus Ventures in-house People and Talent team. Building talented teams drives innovation, enhances productivity and contributes to a positive work culture, all of which lead to a company’s overall success.

Titan’s capital and resources have been prioritised on those portfolio companies which have the potential to drive the greatest returns. This portfolio focus has been leveraging the advantages Titan has of being a very large and mature VCT holding a highly diversified portfolio. Having made over 80 investments in the preceding few years, there remains the opportunity for long-term returns to the Company. The ongoing focus for the team will be optimising growth plans for the portfolio and taking advantage of exit opportunities.

1. https://www.cbinsights.com/research/report/venture-trends-2024/

Risks and risk management

The Board assesses the risks faced by Titan and, as a board, reviews the mitigating controls and actions, and monitors the effectiveness of these controls and actions.

Emerging and principal risks, and risk management

Emerging risks

The Board has considered emerging risks. The Board seeks to mitigate emerging risks and those noted below by setting policy, regular review of performance and monitoring progress and compliance. In the mitigation and management of these risks, the Board applies the principles detailed in the Financial Reporting Council’s Guidance on Risk Management, Internal Control and Related Financial and Business Reporting.

The following are some of the potential emerging risks that management and the Board are currently monitoring:

adverse changes in global macroeconomic environment;
challenging market conditions for private company fundraising and exits;
geo-political instability; and
climate change.

Principal risks

*Risk*	*Mitigation*	*Change*
Investment performance:
The focus of Titan’s investments is into unquoted, small and medium‑sized VCT qualifying companies which, by their nature, entail a higher level of risk and shorter cash runway than investments in larger quoted companies.	Octopus has significant experience of investing in early-stage unquoted companies, and appropriate due diligence is undertaken on every new investment. A member of the Octopus Ventures team is appointed to the board of a portfolio company using a risk-based approach, considering the size of the company within the Titan portfolio and the engagement levels of other investors. Regular board reports are prepared by the portfolio company’s management and examined by the Manager. This arrangement, in conjunction with its Portfolio Talent team’s active involvement, allows Titan to play a prominent role when necessary in a portfolio company’s ongoing development and strategy. The overall risk in the portfolio is mitigated by maintaining a wide spread of holdings in terms of financing stage, age, industry sector and business model. The Board reviews the investment portfolio with the Portfolio Manager on a regular basis. The Portfolio Manager is incentivised via a performance incentive fee for exceeding certain performance hurdles. The Board and Octopus are reviewing the fee structure.	Risk exposures continue to increase due to the difficult macro environment and challenging trading conditions for some portfolio companies continuing.
*Risk*	*Mitigation*	*Change*
VCT qualifying status:
Titan is required at all times to observe the conditions for the maintenance of approved VCT status. The loss of such approval could lead to Titan and its investors losing access to the various tax benefits associated with VCT status and investment.	Octopus tracks Titan’s qualifying status regularly throughout the year, and reviews this at key points including investment realisation. This status is reported to the Board at each Board meeting. The Board has also engaged external independent advisers to undertake an independent VCT status monitoring role.	Decreased exposures reflected in the previous period remain. VCT status monitoring by independent advisers continues to reduce the risk of an issue causing a loss of VCT status.
*Risk*	*Mitigation*	*Change*
Loss of key people:
The loss of key investment staff by the Portfolio Manager could lead to poor fund management and/or performance due to lack of continuity or understanding of Titan.	The Portfolio Manager has a broad team, experienced in and focused on early-stage investing and portfolio company management. Various mitigants exist to assist in managing key person risk. These include frameworks that review succession, remuneration and career progression. Workforce planning is continuous and reviews skillsets and team structures. To reduce the exposure further, the core team is also supplemented by part-time venture partners with sector or functional specialism.	The increased exposures reflected in the previous period remain due to the loss of the lead fund manager and other leadership positions at the Portfolio Manager. The absence of a performance fee and lack of new investments or deal-making opportunities compared to previous periods are also factors.
*Risk*	*Mitigation*	*Change*
Operational:
The Board is reliant on the Portfolio Manager to manage investments effectively, and manage the services of a number of third parties, in particular the registrar, depositary and tax advisers. A failure of the systems or controls at Octopus or third-party providers could lead to an inability to provide accurate reporting and accounting and to ensure adherence to VCT rules.	The Board reviews the system of internal controls, both financial and non-financial, operated by Octopus (to the extent the latter are relevant to Titan’s internal controls). These include controls designed to make sure that Titan’s assets are safeguarded and that proper accounting records are maintained.	No overall change in risk exposure on balance.
*Risk*	*Mitigation*	*Change*
Information security:
A loss of key data could result in a data breach and fines. The Board is reliant on Octopus and third parties to take appropriate measures to prevent a loss of confidential customer information.	Annual due diligence is conducted on third parties which includes a review of their controls for information security. Octopus has a dedicated information security team and a third party is engaged to provide continual protection in this area. A security framework is in place to help prevent malicious events.	No overall change on balance, although cyber threat remains a significant risk area faced by all service providers. The appropriateness of mitigants in place are continuously reassessed to adapt to new risk exposures, such as those posed by artificial intelligence.
*Risk*	*Mitigation*	*Change*
Economic:
Events such as an economic recession and movement in interest rates could adversely affect some smaller companies’ valuations, as they may be more vulnerable to changes in trading conditions or the sectors in which they operate. This could result in a reduction in the value of Titan’s assets.	Titan invests in a diverse portfolio of companies, across a range of sectors, which helps to mitigate against the impact on any one sector. Titan also maintains adequate liquidity to make sure it can continue to provide follow‑on investment to those portfolio companies which require it and which is supported by the individual investment case.	Increased exposures reflected in the previous periods remain and have heightened further as economic uncertainty persists through high inflation, high interest rates and other economic factors.
*Risk*	*Mitigation*	*Change*
Legislative:
A change to the VCT regulations could adversely impact Titan by restricting the companies Titan can invest in under its current strategy. Similarly, changes to VCT tax reliefs for investors could make VCTs less attractive and impact Titan’s ability to raise further funds.	The Portfolio Manager engages with HM Treasury and industry bodies to demonstrate the positive benefits of VCTs in terms of growing early-stage companies, creating jobs and increasing tax revenue, and to help shape any change to VCT legislation.	Risk exposure has continued to reduce since the previous period following the extension of the sunset clause to 2035 being agreed.
*Risk*	*Mitigation*	*Change*
Liquidity:
The risk that Titan’s available cash will not be sufficient to meet its financial obligations. Titan invests in smaller unquoted companies, which are inherently illiquid as there is no readily available market for these shares. Therefore, these may be difficult to realise for their fair market value at short notice.	Titan’s liquidity risk is managed on a continuing basis by Octopus in accordance with policies and procedures agreed by the Board. Titan’s overall liquidity risks are monitored on a quarterly basis by the Board, with frequent budgeting and close monitoring of available cash resources. Titan maintains sufficient investments in cash and readily realisable securities to meet its financial obligations. At 31 December 2024, these investments were valued at £183,770,000 (2023: £199,841,000), which represents 22% (2023: 20%) of the net assets of Titan. The Board also reviews the cash runway in the portfolio.	Risk exposure has continued to increase, reflecting economic uncertainty, the impact on fundraising and the risk of failing to exit portfolio companies.
*Risk*	*Mitigation*	*Change*
Valuation:
The portfolio investments are valued in accordance with International Private Equity and Venture Capital (IPEV) valuation guidelines. This means companies are valued at fair value. As the portfolio comprises smaller unquoted companies, establishing fair value can be difficult due to the lack of a readily available market for the shares of such companies and the potentially limited number of external reference points.	Valuations of portfolio companies are performed by appropriately experienced staff, with detailed knowledge of both the portfolio company and the market it operates in. These valuations are then subject to review and approval by Octopus’ Valuation Committee, comprised of staff who are independent of Octopus Ventures with relevant knowledge of unquoted company valuations, as well as Titan’s Board of Directors.	Risk exposure remains unchanged from the previous period due to economic uncertainty within valuation modelling.
*Risk*	*Mitigation*	*Change*
Foreign currency exposure:
Investments held and revenues generated in other currencies may not generate the expected level of returns due to changes in foreign exchange rates.	Octopus and the Board regularly review the exposure to foreign currency movement to make sure the level of risk is appropriately managed. Investments are primarily made in GBP, EUR and USD so exposure is limited to a small number of currencies. On realisation of investments held in foreign currencies, cash is converted to GBP shortly after receiving the proceeds to limit the amount of time exposed to foreign currency fluctuations.	Risk exposure has not changed since the previous period.

Viability statement

In accordance with the FRC UK Corporate Governance Code published in 2018 and provision 36 of the AIC Code of Corporate Governance, the Directors have assessed the prospects of Titan over a period of five years, consistent with the expected investment hold period of a VCT investor. Under VCT rules, subscribing investors are required to hold their investment for a five-year period in order to benefit from the associated tax reliefs. The Board regularly considers strategy, including investor demand for Titan’s shares, and a five-year period is considered to be a reasonable time horizon for this.

The Board carried out a robust assessment of the emerging and principal risks facing Titan and its current position, including risks which may adversely impact its business model, future performance, solvency or liquidity, and focused on the major factors which affect the economic, regulatory and political environment. Particular consideration was given to Titan’s reliance on, and close working relationship with, the Portfolio Manager.

The Board has carried out robust stress testing of cash flows which included assessing the resilience of portfolio companies, including the requirement for any future financial support and the ability to pay dividends, and buybacks.

The Board has additionally considered the ability of Titan to comply with the ongoing conditions to make sure it maintains its VCT qualifying status under its current Investment policy.

Based on this assessment the Board confirms that it has a reasonable expectation that Titan will be able to continue in operation and meet its liabilities as they fall due over the five-year period to 31 December 2029. The Board is mindful of the ongoing risks and will continue to make sure that appropriate safeguards are in place, in addition to monitoring the cash flow forecasts to ensure Titan has sufficient liquidity.

Directors’ responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors’ Report, the Directors’ Remuneration Report and the financial statements in accordance with applicable law and regulations. They are also responsible for ensuring that the annual report and financial statements include information required by the Listing Rules of the Financial Conduct Authority.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (GAAP), including Financial Reporting Standard 102 – ‘The Financial Reporting Standard Applicable in the United Kingdom and Republic of Ireland’ (FRS 102), (United Kingdom accounting standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs and profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to:

select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business; and
prepare a Strategic Report, Directors’ Report and Directors’ Remuneration Report which comply with the requirements of the Companies Act 2006.

Insofar as each of the Directors is aware:

there is no relevant audit information of which the Company’s auditor is unaware; and
the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

The Directors confirm that, to the best of their knowledge:

the financial statements, prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS 102, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and
the annual report and financial statements (including the Strategic Report), give a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces.

On behalf of the Board

Tom Leader
Chair

Income statement

	Year to 31 December 2024			Year to 31 December 2023
	Revenue	Capital	Total	Revenue	Capital	Total
	£’000	£’000	£’000	£’000	£’000	£’000
Gain/(loss)/gain on disposal of fixed asset investments	—	5,184	5,184	—	(1,870)	(1,870)
Gain on disposal of current asset investments	—	563	563	—	355	355
Loss on valuation of fixed asset investments	—	(136,894)	(136,894)	—	(131,655)	(131,655)
Gain on valuation of current asset investments	—	4,439	4,439	—	8,098	8,098
Investment income	4,215	—	4,215	4,467	—	4,467
Investment management fee	(954)	(18,125)	(19,079)	(1,054)	(20,028)	(21,082)
Other expenses	(6,072)	—	(6,072)	(6,264)	—	(6,264)
Foreign exchange translation	—	(5)	(5)	—	(1,548)	(1,548)
Loss before tax	(2,811)	(144,838)	(147,649)	(2,851)	(146,648)	(149,499)
Tax	—	—	—	—	—	—
Loss after tax	(2,811)	(144,838)	(147,649)	(2,851)	(146,648)	(149,499)
Loss per share – basic and diluted	(0.2)p	(8.8)p	(9.0)p	(0.2)p	(9.7)p	(9.9)p

The ‘Total’ column of this statement is the profit and loss account of Titan. The supplementary revenue return and capital return columns have been prepared under guidance published by the Association of Investment Companies.
All revenue and capital items in the above statement derive from continuing operations.
Titan has only one class of business and derives its income from investments made in shares and securities, and from bank and money market funds.

Titan has no other comprehensive income for the period.

The accompanying notes form an integral part of the financial statements.

Balance sheet

	As at 31 December 2024		As at 31 December 2023
	£’000	£’000	£’000	£’000
Fixed asset investments		640,797		791,403
Current assets:
Money market funds	93,523		91,172
Corporate bonds	90,247		108,669
Applications cash¹	22		17,842
Cash at bank	213		2,970
Debtors	8,412		1,218
		192,417		221,871
Creditors: amounts falling due within one year	(1,856)		(19,530)
Net current assets		190,561		202,341

Net assets		831,358		993,744

Share capital		1,647		1,594
Share premium		—		45,780
Capital redemption reserve		141		74
Special distributable reserve		1,056,537		1,025,614
Capital reserve realised		(125,444)		(89,570)
Capital reserve unrealised		(57,285)		51,674
Revenue reserve		(44,238)		(41,422)

Total equity shareholders’ funds		831,358		993,744

NAV per share		50.5p		62.4p

Funds raised from investors since Titan opened for new investment which have not been allotted as at year end.

The accompanying notes form an integral part of the financial statements.

The statements were approved by the Directors and authorised for issue on 28 April 2025 and are signed on their behalf by:

Tom Leader, Chair
Company Number 06397765

Statement of changes in equity

			Capital	Special	Capital	Capital
	Share	Share	redemption	distributable	reserve	reserve	Revenue
	capital	premium	reserve	reserve¹	realised¹	unrealised	reserve¹	Total
	£’000	£’000	£’000	£’000	£’000	£’000	£’000	£’000
As at 1 January 2024	1,594	45,780	74	1,025,614	(89,570)	51,674	(41,422)	993,744
Comprehensive income for the year:
Management fees allocated as capital expenditure	—	—	—	—	(18,125)	—	—	(18,125)
Current year gain on disposal of fixed asset investments	—	—	—	—	5,184	—	—	5,184
Current year gain on disposal of current asset investments	—	—	—	—	563	—	—	563
Loss on fair value of fixed asset investments	—	—	—	—	—	(136,894)	—	(136,894)
Gain on fair value of current asset investments	—	—	—	—	—	4,439	—	4,439
Loss after tax	—	—	—	—	—	—	(2,811)	(2,811)
Foreign exchange translation	—	—	—	—	—	—	(5)	(5)
Total comprehensive income for the year	—	—	—	—	(12,378)	(132,455)	(2,816)	(147,649)
Contributions by and distributions to owners:
Share issue (includes DRIS)	120	76,664	—	—	—	—	—	76,784
Share issue costs	—	(1,893)	—	—	—	—	—	(1,893)
Repurchase of own shares	(67)	—	67	(37,986)	—	—	—	(37,986)
Dividends paid (includes DRIS)	—	—	—	(51,642)	—	—	—	(51,642)
Total contributions by and distributions to owners	53	74,771	67	(89,628)	—	—	—	(14,737)
Other movements:
Share premium cancellation	—	(120,551)	—	120,551	—	—	—	—
Prior year fixed asset gains now realised	—	—	—	—	7,473	(7,473)	—	—
Prior year current asset losses now realised	—	—	—	—	(74)	74	—	—
Transfer between reserves	—	—	—	—	(30,895)	30,895	—	—
Total other movements	—	(120,551)	—	120,551	(23,496)	23,496	—	—
Balance as at 31 December 2024	1,647	—	141	1,056,537	(125,444)	(57,285)	(44,238)	831,358

Reserves are available for distribution, subject to the restrictions.

The accompanying notes form an integral part of the financial statements.

			Capital	Special	Capital	Capital
	Share	Share	redemption	distributable	reserve	reserve	Revenue
	capital	premium	reserve	reserve¹	realised¹	unrealised	reserve¹	Total
	£’000	£’000	£’000	£’000	£’000	£’000	£’000	£’000
As at 1 January 2023	1,368	92,896	27	887,288	(53,430)	160,634	(37,023)	1,051,760
Comprehensive income for the year:
Management fees allocated as capital expenditure	—	—	—	—	(20,028)	—	—	(20,028)
Current year loss on disposal of fixed asset investments	—	—	—	—	(1,870)	—	—	(1,870)
Current year gain on disposal of current asset investments	—	—	—	—	355	—	—	355
Loss on fair value of fixed asset investments	—	—	—	—	—	(131,655)	—	(131,655)
Gain on fair value of current asset investments	—	—	—	—	—	8,098	—	8,098
Loss after tax	—	—	—	—	—	—	(2,851)	(2,851)
Foreign exchange translation	—	—	—	—	—	—	(1,548)	(1,548)
Total comprehensive income for the year	—	—	—	—	(21,543)	(123,557)	(4,399)	(149,499)
Contributions by and distributions to owners:
Share issue (includes DRIS)	273	207,132	—	—	—	—	—	207,405
Share issue costs	—	(5,737)	—	—	—	—	—	(5,737)
Repurchase of own shares	(47)	—	47	(32,422)	—	—	—	(32,422)
Dividends paid (includes DRIS)	—	—	—	(77,763)	—	—	—	(77,763)
Total contributions by and distributions to owners	226	201,395	47	(110,185)	—	—	—	91,483
Other movements:
Share premium cancellation	—	(248,511)	—	248,511	—	—	—	—
Prior year current asset losses now realised	—	—	—	—	(355)	355	—	—
Transfer between reserves	—	—	—	—	(14,242)	14,242	—	—
Total other movements	—	(248,511)	—	248,511	(14,597)	14,597	—	—
Balance as at 31 December 2023	1,594	45,780	74	1,025,614	(89,570)	51,674	(41,422)	993,744

Reserves are available for distribution, subject to the restrictions.

The accompanying notes form an integral part of the financial statements.

Cash flow statement

	Year to 31 December	Year to 31 December
	2024	2023
	£’000	£’000
Reconciliation of profit to cash flows from operating activities
Loss before tax¹	(147,649)	(149,499)
Decrease in debtors²	279	3,671
Decrease/(increase) in creditors	146	(440)
Gain on disposal of current asset investments	(563)	(355)
Gain on valuation of current asset investments	(4,439)	(8,098)
Gain on disposal of fixed asset investments	(5,184)	(1,111)
Loss on valuation of fixed asset investments	136,894	131,655
Outflow from operating activities	(20,516)	(24,177)
Cash flows from investing activities
Sale of current asset investments	23,424	4,028
Purchase of fixed asset investments	(30,011)	(97,650)
Proceeds from sale of fixed asset investments³	41,432	45,637
Inflow/(outflow) from investing activities	34,845	(47,985)
Cash flows from financing activities
Movement in applications account	(17,820)	(5,457)
Dividends paid (net of DRIS)	(43,881)	(58,210)
Purchase of own shares	(37,986)	(32,422)
Share issues (net of DRIS)	69,025	187,852
Share issue costs	(1,893)	(5,737)
(Outflow)/inflow from financing activities	(32,555)	86,026
Increase/(decrease) in cash and cash equivalents	(18,226)	13,864
Opening cash and cash equivalents	111,984	98,120
Closing cash and cash equivalents	93,758	111,984
Cash and cash equivalents comprise
Cash at bank	213	2,970
Applications cash	22	17,842
Money market funds	93,523	91,172
Closing cash and cash equivalents	93,758	111,984

Loss before tax includes cashflows from dividends of £4.2 million (2023: £4.2 million).
Movement in debtors, net of disposal proceeds received in the year £41.4 million, with £40.9 million relating to current year disposals and £0.5 million relating to prior year disposals.
Of these proceeds, £12.4 million was distributed from Zenith Holding Company, a wholly owned subsidiary of Titan, to Titan during the year.

The accompanying notes form an integral part of the financial statements.

Notes to the financial statements

1. Principal accounting policies

Titan is a Public Limited Company (plc) incorporated in England and Wales and its registered office is at 6th Floor, 33 Holborn, London EC1N 2HT.

Titan has been approved as a Venture Capital Trust by HMRC under Section 259 of the Income Taxes Act 2007. The shares of Titan were first admitted to the Official List of the UK Listing Authority and trading on the London Stock Exchange on 28 December 2007 and can be found under the TIDM code OTV2. Titan is premium listed.

The principal activity of Titan is to invest in a diversified portfolio of UK smaller companies in order to generate capital growth over the long term as well as an attractive tax-free dividend stream.

Basis of preparation

The financial statements have been prepared on a going concern basis under the historical cost convention, except for the measurement at fair value of certain financial instruments, and in accordance with UK Generally Accepted Accounting Practice (GAAP), including Financial Reporting Standard 102 – ‘The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland’ (FRS 102), and with the Companies Act 2006 and the Statement of Recommended Practice (SORP) ‘Financial Statements of Investment Trust Companies and Venture Capital Trusts (July 2022)’.

2. Investment income
Accounting policy
Investment income includes interest earned on money market funds. Dividend income is shown net of any related tax credit.

Dividends receivable are brought into account when Titan’s right to receive payment is established and there is no reasonable doubt that payment will be received. Fixed returns on debt and money market funds are recognised so as to reflect the effective interest rate, provided there is no reasonable doubt that payment will be received in due course.

Disclosure

	Year to	Year to
	31 December	31 December
	2024	2023
	£’000	£’000
Money market funds	4,215	4,154
Loan note interest receivable	—	313
Total investment income	4,215	4,467

In the current year, accrued loan note interest income is treated to be included in the fair value of investments. The opening balance of accrued loan interest has been reclassified to be included in the fair value of investments. This reclassification amends the balance previously reported as of 31 December 2023.

3. Investment management fees
Accounting policy

For the purposes of the revenue and capital columns in the Income Statement, the management fee has been allocated 5% to revenue and 95% to capital, in line with the Board’s expected long-term return in the form of income and capital gains respectively from Titan’s investment portfolio.

Disclosure

	Year to 31 December 2024			Year to 31 December 2023
	Revenue	Capital	Total	Revenue	Capital	Total
	£’000	£’000	£’000	£’000	£’000	£’000
Investment
management fee	954	18,125	19,079	1,054	20,028	21,082

The Portfolio Manager provides investment management services through agreements with Octopus AIF Management Limited and Titan. It also provides non-investment services to Titan under a non-investment services agreement. No compensation is payable if the agreement is terminated by either party, if the required notice period is given. The fee payable, should insufficient notice be given, will be equal to the fee that would have been paid should continuous service be provided, or the required notice period was given. The basis upon which the management fee is calculated is disclosed within the Annual Report and financial statements.

4. Other expenses
Accounting policy

Other expenses are accounted for on an accruals basis and are charged wholly to revenue.

The transaction costs incurred when purchasing or selling assets are written off to the Income Statement in the period that they occur.

	Year to	Year to
	31 December	31 December
	2024	2023
	£’000	£’000
Ongoing adviser and non-advised charges	2,111	2,370
Non-investment services fee¹	2,078	2,020
Other fees	780	480
Directors’ remuneration²	263	192
Audit fees	204	191
Registrar’s fees	196	200
Depositary fees	187	270
Listing fees	136	401
Directors and Officers (D&O) insurance	117	123
Impairment of accrued loan note interest receivable	—	17
Total	6,072	6,264

For further information please see note 9.
Includes employers’ NI.

Total ongoing charges are capped at 2.5% of net assets. For the year to 31 December 2024, the ongoing charges were 2.5% of net assets (2023: 2.4%). This is calculated by summing the expenses incurred in the period (excluding ongoing IFA charges and non‑recurring expenses) divided by the average NAV throughout the period.

5. Tax on ordinary activities
Accounting policy

Disclosure
The corporation tax charge for the period was £nil (2023: £nil).

	Year to	Year to
	31 December	31 December
	2024	2023
	£’000	£’000
Loss on ordinary activities before tax	(147,649)	(149,499)
Current tax at 25% (2023: 23.5%)	(36,912)	(35,163)
Effects of:
Non‑taxable income	(1,054)	(977)
Non‑taxable capital loss	31,677	29,418
Non‑deductible expenses	55	71
Zenith distribution¹	3,100	—
Excess management expenses on which deferred tax not recognised	3,134	7,070
Tax rate differences²	—	(419)
Total current tax charge	—	—

1. £12.4 million was distributed from Zenith Holding Company to Titan in the year which is taxable income for Titan.
2. Tax rate difference in the year to 31 December 2023 due to tax charge for the year being calculated at 19% and excess management expenses on which deferred tax is not recognised being calculated at 25%.

Unrelieved tax losses of £227,486,000 (2023: £214,949,000) are estimated to be carried forward at 31 December 2024 (subject to completion of Titan’s tax return) and are available for offset against future taxable income, subject to agreement with HMRC. Titan has not recognised the deferred tax asset of £56,871,000 (2023: £53,737,000) in respect of these tax losses because there is insufficient forecast taxable income in excess of deductible expenses to utilise these losses carried forward. There is no expiry period on these deductible expenses under the UK HMRC legislation.

Approved VCTs are exempt from tax on capital gains. As the Directors intend for Titan to continue to maintain its approval as a VCT through its affairs, no current deferred tax has been recognised in respect of any capital gains or losses arising on the revaluation or disposal of investment.

6. Dividends
Accounting policy

Dividends payable are recognised as distributions in the financial statements when Titan’s liability to make the payment has been established. This liability is established on the record date, the date on which those shareholders on the share register are entitled to the dividend.

Disclosure

	Year to	Year to
	31 December	31 December
	2024	2023
	£’000	£’000
Dividends paid in the year
Previous year’s second interim dividend – 1.9p (2023: 3.0p)	31,876	46,127
Current year’s interim dividend – 1.2p (2023: 2.0p)	19,767	31,636
Total	51,643	77,763

Dividends in respect of the year
Interim dividend – 1.2p (2023: 2.0p)	19,767	31,636
Second interim dividend – 0.5p (2023: 1.9p)	8,236	31,876
Total	28,003	63,512

The figures above include dividends elected to be reinvested through the DRIS.

The second interim dividend of 0.5p for the period ending 31 December 2024 will be paid on 29 May 2025 to shareholders on the register on 25 April 2025, this equates to 1% of the Company’s opening NAV per share.

7. Earnings per share

	Year to 31 December 2024			Year to 31 December 2023
	Revenue	Capital	Total	Revenue	Capital	Total
Loss attributable to Ordinary shareholders (£’000)	(2,811)	(144,838)	(147,649)	(2,851)	(146,648)	(149,499)
Loss per Ordinary share (p)	(0.2)p	(8.8)p	(9.0)p	(0.2)p	(9.7)p	(9.9)p

The total loss per share is based on 1,644,900,726 (2023: 1,506,111,802) Ordinary shares, being the weighted average number of Ordinary shares in issue during the year.

There are no potentially dilutive capital instruments in issue and so no diluted return per share figures are relevant. The basic and diluted earnings per share are therefore identical.

8. Net asset value per share

	31 December	31 December
	2024	2023
Net assets (£)	831,358,000	993,744,000
Ordinary shares in issue	1,647,212,355	1,593,601,092
NAV per share (p)	50.5	62.4

9. Transactions with the Manager and Portfolio Manager

Since 1 September 2017, Titan has been classified as a full-scope Alternative Investment Fund under the Alternative Investment Fund Management Directive (the ‘AIFM Directive’). As a result, since 1 September 2017, Titan’s investment management agreement was assigned by way of the deed of novation from Octopus Investments Limited to Octopus AIF Management Limited to act as Manager (an authorised alternative investment fund manager responsible for ensuring compliance with the AIFM Directive). Octopus AIF Management Limited has in turn appointed Octopus Investments Limited to act as Portfolio Manager to Titan (responsible for portfolio management and the day-to-day running of Titan).

Titan paid Octopus AIF Management Limited £19,079,000 (2023: £21,082,000) in the period as a management fee. The annual management charge (AMC) is based on 2% of Titan’s NAV in respect of existing funds but in respect of funds raised by Titan under the 2018 Offer and thereafter (and subject to Titan having a cash reserve of 10% of its NAV), the AMC on uninvested cash is the lower of either (i) the actual return that Titan receives on its cash and funds that are the equivalent of cash (which currently consist of corporate bonds and money market funds) subject to a 0% floor and (ii) 2% of Titan’s NAV. The AMC is payable quarterly in advance and calculated using the latest published NAV of Titan and the number of shares in issue at each quarter end.

Octopus provides non-investment services to the Company and receives a fee for these services which is capped at the lower of (i) 0.3% per annum of the Company’s NAV or (ii) the administration and accounting costs of the Company for the year ended 31 December 2020 with inflation increases in line with the Consumer Price Index. During the period, the Company paid £2,078,000 (2023: £2,020,000) to Octopus for the non‑investment services.

In addition, Octopus is entitled to performance-related incentive fees. The incentive fees were designed to ensure that there were significant tax-free dividend payments made to shareholders as well as strong performance in terms of capital and income growth, before any performance-related fee payment was made.

Due to performance in the year, the total value has decreased to 155.6p, representing a total loss of 8.8p. Therefore, the high water mark for the 2025 financial year remains at 197.7p.

If, on a subsequent financial year end, the performance value of Titan falls short of the high water mark on the previous financial year end, no performance fee will arise. If, on a subsequent financial year end, the performance exceeds the previous best high water mark of Titan, the Manager will be entitled to 20% of such excess in aggregate.

Octopus received £39,000 in the period to 31 December 2024 (2023: £36,000) in regard to arrangement and monitoring fees in relation to investments made on behalf of Titan. Since 31 October 2018, Octopus no longer receives such fees in respect of new investments or any such new fees in respect of further investments into portfolio companies in which Titan invested on or before 31 October 2018, with any such fees received after that time being passed to Titan.

The cap relating to Titan’s total ongoing charges ratio, that is the regular, recurring costs of Titan expressed as a percentage of its NAV, above which Octopus has agreed to pay, is 2.5%, and is calculated in accordance with the AIC Guidelines.

10. Related party transactions

Titan owns Zenith Holding Company Limited, which owns a share in Zenith LP, a fund managed by Octopus.

In the year, Octopus Investments Nominees Limited (OINL) has purchased Titan shares from shareholders to correct administrative issues, on the understanding that shares will be sold back to Titan in subsequent share buybacks. As at 31 December 2024, no Titan shares were held by OINL (2023: no shares) as beneficial owner. Throughout the period to 31 December 2024, OINL purchased 65,000 shares (2023: 1,883,000 shares) at a cost of £36,000 (2023: £1,563,000) and sold 65,000 shares (2023: 1,883,000 shares) for proceeds of £34,000 (2023: £1,353,000). This is classed as a related party transaction as Octopus, the Portfolio Manager, and OINL are part of the same group of companies. Any such future transactions, where OINL takes over the legal and beneficial ownership of Company shares, will be announced to the market and disclosed in annual and half‑yearly reports.

Several members of the Octopus investment team hold non-executive directorships as part of their monitoring roles in Titan’s portfolio companies, but they have no controlling interests in those companies.

Details of the Directors and their remuneration can be found in the Directors’ Remuneration Report.

The Directors received the following dividends from Titan:

	Year to	Year to
	31 December	31 December
	2024	2023
	£	£
Jane O’Riordan	4,766	6,901
Tom Leader	1,464	1,889
Lord Rockley	2,406	2,776
Julie Nahid Rahman	138	89
Gaenor Bagley Rupert Dickinson	738 —	901 —

11. 2024 financial information

The figures and financial information for the year ended 31 December 2024 are extracted from the Company’s annual financial statements for the period and do not constitute statutory accounts. The Company’s annual financial statements for the year to 31 December 2024 have been audited but have not yet been delivered to the Registrar of Companies. The Auditors’ report on the 2024 annual financial statements was unqualified, did not include a reference to any matter to which the auditors drew attention without qualifying the report, and did not contain any statements under Sections 498(2) or 498(3) of the Companies Act 2006.

12. 2023 financial information

The figures and financial information for the period ended 31 December 2023 are compiled from an extract of the published financial statements for the period and do not constitute statutory accounts. Those financial statements have been delivered to the Registrar of Companies and included the Auditors’ report which was unqualified, did not include a reference to any matter to which the auditors drew attention without qualifying the report, and did not contain any statements under Sections 498(2) or 498(3) of the Companies Act 2006.

13. Annual Report and financial statements

The Annual Report and financial statements will be posted to shareholders in early May and will be available on the Company’s website, octopustitanvct.com. The Notice of Annual General Meeting is contained within the Annual Report.

14. General information

Registered in England & Wales. Company No. 06397765
LEI: 213800A67IKGG6PVYW75

15. Directors

Tom Leader (Chair), Jane O’Riordan, Lord Rockley, Gaenor Bagley, Julie Nahid Rahman and Rupert Dickinson.

16. Secretary and registered office

Octopus Company Secretarial Services Limited
6^th Floor, 33 Holborn, London EC1N 2HT

The MIL Network –

April 29, 2025

MIL-OSI: Forbion leads €18M Series A Financing in Textile Recycling Technology company EEDEN

Source: GlobeNewswire (MIL-OSI)

NAARDEN, The Netherlands, April 29, 2025 (GLOBE NEWSWIRE) — Forbion, a leading venture capital firm with deep biotech expertise in Europe announces it has led the €18 million Series A financing round through its BioEconomy fund of German tech startup EEDEN GmbH, a company which has developed a groundbreaking textile recycling technology. Also joining as new investors are Henkel Ventures, and NRW.Venture, the Venture Fund of NRW.BANK, North Rhine-Westphalia´s development bank. All existing investors reinvested in the round, including the venture capital investors TechVision Fund (TVF), High-Tech Gründerfonds (HTGF) and D11Z.Ventures. The funding will enable EEDEN to build its demonstration plant in Münster, optimize large-scale processing, and establish commercial projects with key players in the textile industry.

Ongoing challenges including rising costs, scarcity of resources, material volatility, and growing regulatory hurdles continue to strain the textile industry. To remain competitive, brands and manufacturers are increasingly looking for textile materials that combine high performance, scalability, and circularity at price parity. EEDEN addresses this need with its breakthrough in chemical recycling technology that recovers pure cellulose and PET building blocks (monomers) from cotton-polyester blends. Their products can be used to produce virgin-quality lyocell, viscose, and polyester fibers thereby offering a resource-efficient alternative to conventional fibers and unlocking new circular value chains.

Alex Hoffmann, General Partner at Forbion noted, “EEDEN has developed a pioneering solution that can make large-scale textile recycling not only technologically feasible, but also commercially viable in the near future. We see tremendous potential in their approach and are excited to support the team as they bring this breakthrough technology to industrial scale.”

Steffen Gerlach, CEO & Co-Founder of EEDEN explained, “Over the past few years, we have developed a proven solution that has the potential to meet the industry’s long-term need for cost-efficient and high-performing circular materials. We are proud that our new and existing investors believe in our approach and share our vision. With their support, we are ready to scale our technology and turn textile waste into materials the industry truly needs.”

With increasing textile waste comes increased regulation. As of January 2025, EU member states are required to implement separate collection systems for used textiles. EEDEN’s technology provides a pragmatic solution that is capable of processing complex blended materials.

The new EEDEN demonstration facility in Münster, Germany follows the successful technology validation of its pilot plant with industrial partners. This €18 million Series A financing will enable the company to optimize large-scale processing and establish commercial projects with key players in the textile industry.

About EEDEN
EEDEN is a tech company based in Münster, Germany, pioneering the chemical recycling of cotton-polyester textiles. Founded in 2019, EEDEN has developed a breakthrough technology that efficiently separates and recovers cellulose and PET monomers, which fiber producers transform into virgin-quality lyocell, viscose, and polyester fibers – enabling the transition toward a fully circular textile industry. Find out more at eeden.world

About Forbion BioEconomy Fund I
BioEconomy Fund I’s focus on using biotechnology and green chemistry to deliver sustainable B2B solutions in Food, Agriculture, Materials, and Environmental Technologies is best exemplified by its initial investments in Solasta Bio and Novameat. These portfolio companies illustrate Forbion’s commitment to scalable, biotech-enabled innovation. Solasta Bio develops sustainable insect control solutions as alternatives to chemical insecticides, while Novameat advances plant-based meat production with proprietary technology designed for scalability and high-quality texture. By building on Forbion’s expertise in biotechnology, the fund aligns its investments with UN Sustainable Development Goals, including SDG 9 (industry, innovation, and infrastructure), SDG 12 (responsible consumption and production), and SDG 13 (climate action). Forbion BioEconomy Fund I aims to deliver strong financial returns while driving impactful solutions to pressing planetary challenges. Forbion BioEconomy Fund I surpasses €150 million target, raising €164.5 million with strong institutional LP support.

About Forbion
Forbion is a leading global venture capital firm with deep expertise in Europe and offices in Naarden, The Netherlands, Munich, Germany and Boston, USA. Forbion invests in innovative biotech companies, managing approximately €5 billion across multiple fund strategies that cover all stages of (bio-) pharmaceutical drug development. In addition, Forbion leverages its biotech expertise beyond human health to address ‘planetary health’ challenges through its BioEconomy fund strategy, which invests in companies developing sustainable solutions in food, agriculture, materials, and environmental technologies. Forbion’s team consists of over 30 investment professionals that have built an impressive performance track record since the late nineties with 128 investments across 11 funds. Forbion’s record of sourcing, building and guiding life sciences companies has resulted in many approved breakthrough therapies and valuable exits. Forbion typically selects impactful investments that will positively affect the health and well-being of people and the planet, as well as meet its financial return objectives. The firm is a signatory to the United Nations Principles for Responsible Investment. Forbion operates a joint venture with BGV, the manager of seed and early-stage funds, especially focused on Benelux and Germany.

The MIL Network –

April 29, 2025
MIL-OSI Global: What Liberal Mark Carney’s election win in Canada means for Europe

Source: The Conversation – Canada – By Katerina Sviderska, PhD Candidate in Slavonic Studies, University of Cambridge

Just months ago, Canada’s Conservatives were leading the polls, surfing the wave of radical right ideas and rhetoric sweeping across the globe. But with the election victory of Mark Carney’s Liberal Party, Canada now stands out as a liberal anchor in a fractured West.

This election may not only shape Canada’s domestic trajectory, but also carries significant implications for its international partnerships amid rising geopolitical uncertainty.

As some European countries and the United States head towards isolationism, authoritarianism and turn to the East — even flirting with Russia — Canada’s continued Liberal leadership reinforces its position as a key ally for the European Union. Carney’s centrist and pro-EU attitude provides stability and relief for Europeans.

From defence to trade and climate, Canada and the EU share deep economic and strategic ties. With a Liberal government, these connections will strengthen, offering both sides what they need the most: a reliable, like-minded partner at a time of transatlantic unpredictability.

What does Carney’s victory mean specifically for the Canada-EU relationship?

Trade as a strategic anchor

Carney’s election offers new momentum for Canada-EU collaboration. His “blue liberalism” brings Canada ideologically closer to Europe’s current leadership — from Emmanuel Macron’s centrist France to the Christian Democratic Union-led coalition in Germany — providing fertile ground for pragmatic co-operation.

Trade remains the foundation of the Canada-EU relationship, and both sides should aim to build on it. At the heart of this partnership is the Comprehensive Economic and Trade Agreement (CETA), which has increased EU-Canada trade by 65 per cent since 2017.

European Council President António Costa has called the deal a success story providing clear proof “trade agreements are clearly better than trade tariffs.”

As the U.S. speeds toward toward economic nationalism, CETA has become more than a commercial agreement — it’s a strategic anchor in the global liberal order. One of the Liberal government’s early priorities is likely to consolidate and strengthen CETA. In doing so, Canada can position itself as an ambitious partner, ready to seize new opportunities as European countries seek to reduce their reliance on the American market.

Climate and energy: A balanced agenda

Climate and energy, too, offer new opportunities for co-operation. Both Canada and the EU are navigating the tensions between pursuing ambitious decarbonization goals and managing economic and inflationary pressures. After scrapping Canada’s carbon tax on his first day in office, Carney has already hinted at a more pragmatic environmental stance.

While pledging to maintain key climate policies — including the emissions cap on oil and gas — Carney’s government may recalibrate Canada’s approach to energy. This would mirror shifts among some European allies’ climate policies.

This evolving transatlantic consensus — less about abandoning climate goals, more about making them economically viable — paves the way for closer co-operation based on a common goal: bolstering economic competitiveness while maintaining environmental credibility.

Both Carney and the EU view the investment in new technologies as the path forward.

As Europe accelerates its green agenda and implements new sustainability rules, only countries with strong environmental standards qualify as long-term partners. Canada, provided it stays the course on climate policies, is well-positioned to be a key partner in Europe’s green transition.

Transatlantic defence co-operation

Beyond trade and energy, defence co-operation between Canada and the EU is expected to surge. A key priority for the new Liberal government is to finally reach NATO’s benchmark of spending two per cent of gross domestic product on defence, a longstanding commitment that has eluded previous administrations.

Read more:
What does Donald Trump’s NATO posturing mean for Canada?

This signal of rearmament reflects not only alignment with NATO expectations but also a broader understanding that liberal democracies must be prepared to defend themselves. Nowhere is this more pressing than in Ukraine, the epicentre of Europe’s geopolitical storm.

Canada has been among the most reliable supporters of Ukraine since the onset of Russia’s full-scale invasion, aligning itself with Europe’s most committed nations — France, Poland, the Baltics and, increasingly, Germany.

But as threats evolve, the battlefield also extends beyond Ukraine’s frontlines. Hybrid attacks — cyber, disinformation campaigns and foreign interference in democratic processes — now wash up on all shores. Canada’s National Cyber Threat Assessment 2025–26 identifies state-sponsored cyber operations as one of the most serious threats to democratic stability, particularly from Russia and China.

Read more:
Foreign interference threats in Canada’s federal election are both old and new

In strengthening its defence collaboration, Ottawa is hoping to get a seat in the fight against autocracies. The question is no longer whether to engage, but how to lead in this era of layered and compounding threats coming from rivals like Russia and China — and now from the U.S., a historical Canadian ally.

Under Carney’s leadership, Canada is likely to pursue a pragmatic and globally engaged liberalism definitively aligned with Europe. As Canada and the EU are both looking for reliable allies to weather the storm, this renewed western alliance could solidify around Ottawa and Brussels — anchored in shared democratic values and pragmatic leadership.

Katerina Sviderska receives funding from Fonds de Recherche du Québec and the Gates Cambridge Foundation.

Leandre Benoit receives funding from the Social Sciences and Humanities Research Council of Canada.

– ref. What Liberal Mark Carney’s election win in Canada means for Europe – https://theconversation.com/what-liberal-mark-carneys-election-win-in-canada-means-for-europe-254775

MIL OSI – Global Reports –

April 29, 2025
MIL-OSI Economics: Lufthansa Group improves adjusted EBIT in the first quarter and confirms positive outlook for the full year

Source: Lufthansa Group

Carsten Spohr, Chairman of the Executive Board and CEO of Deutsche Lufthansa AG:

“Global demand for air travel continues to grow. Despite all the geopolitical uncertainties, we therefore remain on course for growth, are optimistic about the summer, and are sticking to our positive outlook for 2025. In the first quarter, our airlines were able to sell their expanded capacity at higher yields in the market. Our revenue improved by ten percent compared with the previous year, with Lufthansa Cargo and Lufthansa Technik also contributing with their strong performance. On the North Atlantic, the number of guests rose by more than seven percent in the first quarter, with higher load factors and better yields. Demand continues to be robust for the second quarter. I am pleased that our guests are benefiting from significantly improved punctuality and stability, particularly with our core brand Lufthansa. Operationally, we had our best start to the year in ten years. I would therefore like to express my special thanks to all crew members, technicians, and employees at the airports and in the operations centers of our airlines, who contributed to this success with their great commitment.”

Results for the first quarter of 2025

The Lufthansa Group increased its revenue in the first quarter of 2025 by ten percent compared to the previous year to 8.1 billion euros (previous year: 7.4 billion euros). The company posted an operating loss (adjusted EBIT) of 722 million euros; a significant improvement compared to the previous year (previous year: -849 million euros).

The adjusted EBIT margin improved to -8.9 percent (previous year: -11.5 percent). The Group result fell to -885 million euros (previous year: -734 million euros).

Significantly improved punctuality and operational stability

The Group’s airlines expanded their capacity by almost five percent compared with the first quarter of the previous year. Load factors declined slightly to 78.7 percent. Thanks to moderate growth compared with previous years, the operational stability and punctuality of the passenger airlines improved significantly despite the rising number of flights. In operational terms, the core brand Lufthansa had its best start to a year in ten years. At the Frankfurt hub alone, 20,000 fewer hotel beds had to be booked for guests in the first quarter than in the same period in 2024. Direct compensation payments for flight delays and cancellations fell groupwide by 52 percent to EUR 47 million (previous year: EUR 98 million) due to significantly improved operational stability.

Cost increases weigh on passenger airline results

Revenue from passenger airlines rose by six percent in the first quarter to 5.9 billion euros (previous year: 5.6 billion euros). The operating result of the Lufthansa Group Passenger Airlines declined slightly with an adjusted EBIT of -934 million euros compared to the previous year (previous year: adjusted EBIT: -918 million euros).

Yields rose by 0.4 percent on average year-on-year driven by consistently high demand. Unit revenues (RASK) were 2.7 percent higher than in the previous year, partly due to significantly lower compensation payments to passengers compared with the strike-hit first quarter of the previous year.

Unit costs (CASK) excluding fuel and emissions expenses rose by 3.1 percent compared with the same quarter last year due to general cost increases. The main cost drivers were fee increases at system partners such as air traffic control (+19 percent) and airports, as well as high-cost inflation for maintenance services.

In addition, the seasonal shift of the usually strong Easter travel season, which fell in the first quarter last year, also had an impact on earnings development. Without this shift, the passenger airlines would have significantly improved their earnings compared with the previous year.

Strong first quarter on the North Atlantic

Demand for air travel to and from North America remained strong in the first quarter. The number of passengers rose by 7.1 percent compared with the previous year. Load factors were also higher than in the previous year, with the seat load factor 0.7 percentage points above the 2024 figure. Average revenues for flights to and from North America also developed positively in the first quarter. They rose by 6.7 percent compared with the first three months of the previous year.

Currently, demand in the US sales region continues to rise. In March, Lufthansa Group airlines carried around 25 percent more passengers from the US to Europe than in the same month last year.

Lufthansa Technik and Lufthansa Cargo continue positive trends

Demand for maintenance, overhaul and repair services and other products offered by Lufthansa Technik remains high. Revenue rose by 18 percent compared with the previous year to 2.0 billion euros (previous year: 1.7 billion euros). Adjusted EBIT rose by 49 percent to a new record level of 161 million euros (previous year: 108 million euros [1]).

In the logistics segment, capacity increased by seven percent due to the expansion of freight capacity in passenger aircraft because of a further increase in traffic volume and the addition of another Boeing 777 freighter, while sales also increased by nine percent. Average revenues rose by around 12 percent compared with the same quarter last year. Unit costs were reduced slightly thanks to successful cost management. As a result, Lufthansa Cargo generated a significantly improved adjusted EBIT of 62 million euros in the first quarter (previous year: -22 million euros).

Positive adjusted free cash flow further reduces net debt

Operating cash flow rose to around 1.8 billion euros in the first quarter (previous year: 1.3 billion euros). The change is mainly due to improved working capital in relation to a seasonal increase in ticket sales. Including a decline in net capital expenditure, Adjusted free cash flow improved to 835 million euros (previous year: 305 million euros).

The Group further strengthened its balance sheet in the first quarter of 2025. Net debt decreased to 5.3 billion euros compared with the end of 2024 (December 31, 2024: 5.7 billion euros). Net pension obligations fell to 2.2 billion euros due to interest rates (December 31, 2024: 2.6 billion euros). At the end of March 2025, the company had total liquidity of 11.4 billion euros (December 31, 2024: 11.0 billion euros).

Till Streichert, Chief Financial Officer of Deutsche Lufthansa AG:

“We are in a period of high volatility. In this environment, it is good news that we are making progress as planned on issues within our control, such as our turnaround program at Lufthansa Airlines. At the same time, we are keeping an eye on market risks. We are well prepared to respond should these materialize. However, it is not just about risks, but also about positive factors that are already supporting our earnings performance today, such as favorable fuel prices and exchange rates. These can help to offset the financial effects of any changes in demand. Overall, we therefore remain confident that we will be able to achieve a full-year result significantly above the previous year’s level.”

Outlook

Global demand for air travel remains strong. The Lufthansa Group therefore expects another strong summer travel season overall.

The most popular vacation destinations are Mediterranean destinations, especially Spain, Italy, and Greece. Demand for long-haul travel also remains steady. This also applies to flights to and from North America, where ticket sales for the second quarter are up on the previous year.

Nevertheless, macroeconomic uncertainties, particularly the trade tensions between the US, the EU and other regions, are making it difficult to forecast the coming quarters accurately. Visibility for the third quarter remains limited.

The Lufthansa Group has set up a task force to closely monitor current developments and, if necessary, respond quickly and flexibly to any weakening in demand, for example by adjusting capacity. The company also believes that potential market changes offer opportunities. For example, a further decline in kerosene prices could counteract temporary fluctuations in demand.

Despite the uncertainties, the Lufthansa Group is confirming its forecast for the full year with an operating result (adjusted EBIT) significantly above the previous year (1,645 million euros).

Further information

Further information on the results of individual business segments will be published in the report for the first quarter of 2025. This will be published simultaneously with this press release on April 29, 2025, at 7:00 a.m. CEST at https://investor-relations.lufthansagroup.com/en/investor-relations.html.

The traffic figures for the first quarter of 2025 will also be published at 07:00 CEST at https://investor-relations.lufthansagroup.com/en/publications/traffic-figures.html.

[1] Since the beginning of the 2025 fiscal year, Lufthansa Industry Solutions, which was previously part of the MRO division, has been allocated to the other companies and Group functions. The previous year’s figures have been adjusted accordingly.

MIL OSI Economics –

April 29, 2025
MIL-OSI Australia: Spain

Source:

We’ve reviewed our travel advice for Spain and continue to advise exercise normal safety precautions.

There’s an ongoing threat of terrorism in Spain. The national terrorism alert level for Spain is ‘high’. Attacks could be indiscriminate and could occur anywhere, at any time and without warning. Take official warnings seriously and follow the advice of local authorities.

MIL OSI News –

April 29, 2025

MIL-OSI: BAWAG Group publishes Q1 2025 results: Net profit € 201 million and RoTCE 25.8%

Source: GlobeNewswire (MIL-OSI)

Today, BAWAG Group released its results for the first quarter 2025, reporting a net profit of € 201 million, earnings per share of € 2.54, and a RoTCE of 25.8%. Pre-provision profits were at € 336 million and the cost-income ratio at 37%. The first quarter 2025 represents the starting point as a larger group. After the closing of our most recent acquisition, Barclays Consumer Bank Europe, on February 1, 2025, the first quarter results include a full quarter of Knab and two months of Barclays Consumer Bank Europe.

The CET1 ratio was at 13.8%, in line with the pro-forma capital ratio at year-end 2024. This already considers the deduction of € 111 million dividend accrual for Q1 2025 as well as the self-funded acquisition of Barclays Consumer Bank Europe. On April 4, 2025, the Annual General Meeting approved the dividend for the financial year 2024 of € 5.50 per share, which was paid out on April 11, 2025. The NPL ratio was at 0.7% at the end of the first quarter, reflecting our consistently strong asset quality.

BAWAG Group also reconfirms the outlook for the financial year 2025 as well as its mid-term targets as presented on the investor day on March 4, 2025.

Anas Abuzaakouk, CEO, commented: “We delivered net profit of € 201 million, EPS of € 2.54, and a return on tangible common equity of 26% during the first quarter. The recent market volatility from the short-term impacts of changing tariffs and more long-term impacts on global trade will take some time to be fully understood. However, we have a solid foundation, a fortress balance sheet, and a leadership team that has worked together for over a decade navigating changing currents as we aim to be a source of strength for our customers and the communities we serve.”

The earnings presentation is available on https://www.bawaggroup.com.

Delivering strong results in the first quarter 2025 as a larger group

in € million	Q1 ’25	Q1 ‘24	Change vs prior year (in %)	Q4 ’24	Change vs prior quarter (in %)
Core revenues	534.8	392.8	36	449.6	19
Net interest income	445.8	317.1	41	368.4	21
Net commission income	89.0	75.7	18	81.2	10
Operating income	533.8	383.8	39	461.7	16
Operating expenses	(197.6)	(126.2)	57	(164.8)	20
Pre-provision profit	336.2	257.6	31	296.9	13
Regulatory charges	(9.6)	(5.2)	85	(4.3)	>100
Risk costs	(59.2)	(29.9)	98	1.4	—
Profit before tax	268.0	222.8	20	296.1	(9)
Net profit	201.0	166.9	20	240.0	(16)

RoTCE	25.8%	23.7%	2.1pts	31.6%	(5.8)pts
CIR	37%	32.9%	4.1pts	35.7%	1.3pts
Earnings per share (€)	2.54	2.11	20	3.03	(16)
Liquidity Coverage Ratio (LCR)	213%	217%	(4)pts	249%	(36)pts

Earnings presentation
BAWAG Group will host the earnings call with our CEO Anas Abuzaakouk and CFO Enver Sirucic at 10 a.m. CEST on 29 April 2025. The webcast details are available on our website under Financial Results | BAWAG Group.

About BAWAG Group
BAWAG Group AG is a publicly listed holding company headquartered in Vienna, Austria, serving our over 4 million retail, small business, corporate, real estate and public sector customers across Austria, Germany, Switzerland, Netherlands, Ireland, the United Kingdom, and the United States. The Group operates under various brands and across multiple channels offering comprehensive savings, payment, lending, leasing, investment, building society, factoring and insurance products and services. Our goal is to deliver simple, transparent, and affordable financial products and services that our customers need.

BAWAG Group’s Investor Relations website https://www.bawaggroup.com/ir contains further information, including financial and other information for investors.

Forward-looking statement
This release contains “forward-looking statements” regarding the financial condition, results of operations, business plans and future performance of BAWAG Group. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “projects,” “may,” “will,” “should,” “would,” “could” and other similar expressions are intended to identify these forward-looking statements. These forward-looking statements reflect management’s expectations as of the date hereof and are subject to risks and uncertainties that may cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, economic conditions, the regulatory environment, loan concentrations, vendors, employees, technology, competition, and interest rates. Readers are cautioned not to place undue reliance on the forward-looking statements as actual results may differ materially from the results predicted. Neither BAWAG Group nor any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this report or its content or otherwise arising in connection with this document. This report does not constitute an offer or invitation to purchase or subscribe for any securities and neither it nor any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. This statement is included for the express purpose of invoking “safe harbor provisions”.

Financial Community:
Jutta Wimmer (Head of Investor Relations)
Tel: +43 (0) 5 99 05-22474

IR Hotline: +43 (0) 5 99 05-34444
E-mail: investor.relations@bawaggroup.com

Media:
Manfred Rapolter (Head of Corporate Communications & Social Engagement)
Tel: +43 (0) 5 99 05-31210
E-mail: communications@bawaggroup.com

This text can also be downloaded from our website: https://www.bawaggroup.com

The MIL Network –

April 29, 2025

MIL-OSI: Q1 2025 Revenues

Source: GlobeNewswire (MIL-OSI)

Media relations:
Victoire Grux
Tel.: +33 6 04 52 16 55
victoire.grux@capgemini.com

Investor relations:
Vincent Biraud
Tel.: +33 1 47 54 50 87
vincent.biraud@capgemini.com

Q1 2025 Revenues

Q1 2025 revenues of €5,553 million, up +0.5% at current exchange rates and a decline limited to -0.4% at constant exchange rates¹
Bookings of €5,884 million representing a strong 1.06 book-to-bill for the period

Paris, April 29, 2025 – The Capgemini Group reported Q1 2025 revenues of € 5,553 million, up +0.5% at current exchange rates and a decline limited to -0.4% at constant exchange rates.

Aiman Ezzat, Chief Executive Officer of the Capgemini Group, said: “We delivered a Q1 slightly better than our expectations in a macro and geopolitical environment that remains challenging. Clients continue to focus on transformation programs aimed at improving the agility, cost and efficiency of their operations.

We are well positioned and are taking advantage of the growing appetite of our clients for generative AI and agentic AI which represented more than 6% of our bookings in Q1. We continue to invest in training and assets and to reinforce our ecosystem in this domain with new initiatives with Nvidia and Google Cloud.

We are focused on opportunities in the fields of defense, sovereignty and cyber in Europe while continuing to benefit from global growth in digital core and digital continuity.

Considering the current context on international trade and tariffs, we are confirming our financial objectives for 2025 and as such we retain the cautious stance adopted at the beginning of the year.”

	Revenues (in millions of euros)		Change
	2024	2025	Reported	At constant exchange rates^*
Q1	5,527	5,553	+0.5%	-0.4%

Capgemini revenues reached €5,553 million in Q1 2025, corresponding to a revenue decline limited to -0.4% at constant currency*. This represents a +0.7 points improvement on the year-on-year growth rate reported in Q4 2024, primarily driven by the North America and United Kingdom and Ireland regions.

In a more volatile economic environment due to rising geopolitical tensions, the Group has not seen at this stage a material impact on client decisions. Large companies and organizations remain decidedly focused on transformation programs aimed at improving the agility and efficiency of their operations, at the expense of growth-oriented projects.

In that context, Capgemini’s high value-added services around Cloud, Data & AI and digital continuity enjoyed robust growth in Q1.

OPERATIONS BY REGION

At constant exchange rates, revenues in North America (28% of 2024 Group revenues) were back to slight growth in Q1, up +0.8% year-on-year. This performance was mostly driven by the TMT (Telecoms, Media and Technology) and Financial Services sectors, and partly offset by a decline in the Manufacturing sector.

The United Kingdom and Ireland region (12% of 2024 Group revenues) accelerated further on Q4 2024 growth rate with revenues up +3.9% year-on-year. The Public Sector and Energy & Utilities sector contributed the most to this growth, and Financial Services remained dynamic.

Revenues in France (20% of 2024 Group revenues) declined by -4.9% year-on-year, most notably due to persisting weakness in the Manufacturing and Energy & Utilities sectors.

In the Rest of Europe region (31% of 2024 Group revenues), revenues were down by -2.3% year-on-year, reflecting the decline in the Manufacturing sector whereas other sectors were broadly stable.

Finally, the Asia-Pacific and Latin America region (9% of 2024 Group revenues) enjoyed solid growth with revenues up +7.6% year-on-year. The Public Sector and TMT sector posted a strong growth, complemented by robust momentum in the Financial Services and Manufacturing sectors.

OPERATIONS BY BUSINESS

At constant exchange rates, total revenues* of Strategy & Transformation consulting services (9% of 2024 Group revenues) grew by +1.2% year-on-year in Q1.

Total revenues of Applications & Technology services (62% of 2024 Group revenues and Capgemini’s core business) were up +1.9% year-on-year.

Finally, total revenues of Operations & Engineering services (29% of 2024 Group revenues) declined by -2.6% year-on-year.

HEADCOUNT

At March 31, 2025, the Group’s total headcount stood at 342,700, up +1.6% year-on-year and +0.5% compared to the end of December 2024.

Onshore headcount decreased by -1.4% to 143,300, while offshore headcount was up +3.9% to 199,400, i.e., 58% of total employees.

BOOKINGS

Bookings totaled €5,884 million in Q1 2025, up +2.8% year-on-year at constant exchange rates. The book-to-bill ratio stands at 1.06, above the historical average for the period.

OUTLOOK

The Group’s financial targets for 2025 are:

Revenue growth of -2.0% to +2.0% at constant currency;
Operating margin of 13.3% to 13.5%;
Organic free cash flow of around €1.9 billion.

CONFERENCE CALL

Aiman Ezzat, Chief Executive Officer, accompanied by Nive Bhagat, Chief Financial Officer, will comment on this publication during a conference call in English to be held today at 8.00 a.m. Paris time (CET). You can follow this conference call live via webcast at the following link. A replay will also be available for a period of one year.

All documents relating to this publication will be posted on the Capgemini investor website at https://investors.capgemini.com/en/.

PROVISIONAL CALENDAR

May 7, 2025        Shareholders’ meeting
July 30, 2025        H1 2025 results
October 28, 2025        Q3 2025 revenues

The dividend payment schedule to be submitted to the Shareholders’ Meeting for approval would be:

May 20, 2025 Ex-dividend date on Euronext Paris
May 22, 2025 Payment of the dividend

DISCLAIMER

This press release may contain forward-looking statements. Such statements may include projections, estimates, assumptions, statements regarding plans, objectives, intentions and/or expectations with respect to future financial results, events, operations and services and product development, as well as statements, regarding future performance or events. Forward-looking statements are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates”, “plans”, “projects”, “may”, “would”, “should” or the negatives of these terms and similar expressions. Although Capgemini’s management currently believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking statements are subject to various risks and uncertainties (including, without limitation, risks identified in Capgemini’s Universal Registration Document available on Capgemini’s website), because they relate to future events and depend on future circumstances that may or may not occur and may be different from those anticipated, many of which are difficult to predict and generally beyond the control of Capgemini. Actual results and developments may differ materially from those expressed in, implied by or projected by forward-looking statements. Forward-looking statements are not intended to and do not give any assurances or comfort as to future events or results. Other than as required by applicable law, Capgemini does not undertake any obligation to update or revise any forward-looking statement.

This press release does not contain or constitute an offer of securities for sale or an invitation or inducement to invest in securities in France, the United States or any other jurisdiction.

ABOUT CAPGEMINI

Capgemini is a global business and technology transformation partner, helping organizations to accelerate their dual transition to a digital and sustainable world, while creating tangible impact for enterprises and society. It is a responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55-year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy and design to engineering, all fueled by its market leading capabilities in AI, generative AI, cloud and data, combined with its deep industry expertise and partner ecosystem. The Group reported 2024 global revenues of €22.1 billion.

Get the Future You Want | http://www.capgemini.com/

* *

APPENDIX¹

BUSINESS CLASSIFICATION

Strategy & Transformation includes all strategy, innovation and transformation consulting services.
Applications & Technology brings together “Application Services” and related activities and notably local technology services.
- Operations & Engineering encompasses all other Group businesses. These comprise Business Services (including Business Process Outsourcing and transaction services), all Infrastructure and Cloud services, and R&D and Engineering services.

DEFINITIONS

Year-on-year revenue growth at constant exchange rates is calculated by comparing revenues for the reported period with those of the same period of the previous year restated with the exchange rates of the reported period.

Reconciliation of growth rates	Q1 2025
Growth at constant exchange rates	-0.4%
Exchange rate fluctuations	+0.9pts
Reported growth	+0.5%

When determining activity trends by business and in accordance with internal operating performance measures, growth at constant exchange rates is calculated based on total revenues, i.e., before elimination of inter-business billing. The Group considers this to be more representative of activity levels by business. As its businesses change, an increasing number of contracts require a range of business expertise for delivery, leading to a rise in inter-business flows.

Operating margin is one of the Group’s key performance indicators. It is defined as the difference between revenues and operating costs. It is calculated before “Other operating income and expenses” which include amortization of intangible assets recognized in business combinations, expenses relative to share-based compensation (including social security contributions and employer contributions) and employee share ownership plan, and non-recurring revenues and expenses, notably impairment of goodwill, negative goodwill, capital gains or losses on disposals of consolidated companies or businesses, restructuring costs incurred under a detailed formal plan approved by the Group’s management, the cost of acquiring and integrating companies acquired by the Group, including earn-outs comprising conditions of presence, and the effects of curtailments, settlements and transfers of defined benefit pension plans.

Normalized net profit is equal to profit for the year (Group share) adjusted for the impact of items recognized in “Other operating income and expense”, net of tax calculated using the effective tax rate. Normalized earnings per share is computed like basic earnings per share, i.e., excluding dilution.

Organic free cash flow is equal to cash flow from operations less acquisitions of property, plant, equipment and intangible assets (net of disposals) and repayments of lease liabilities, adjusted for cash out relating to the net interest cost.

Net debt (or net cash) comprises (i) cash and cash equivalents, as presented in the Consolidated Statement of Cash Flows (consisting of short-term investments and cash at bank) less bank overdrafts, and also including (ii) cash management assets (assets presented separately in the Consolidated Statement of Financial Position due to their characteristics), less (iii) short- and long-term borrowings. Account is also taken of (iv) the impact of hedging instruments when these relate to borrowings, intercompany loans, and own shares.

REVENUES BY REGION

	Revenues (in millions of euros)		Year-on-year growth
	Q1 2024	Q1 2025	Reported	At constant exchange rates
North America	1,527	1,582	+3.6%	+0.8%
United Kingdom and Ireland	684	728	+6.4%	+3.9%
France	1,131	1,076	-4.9%	-4.9%
Rest of Europe	1,729	1,689	-2.3%	-2.3%
Asia-Pacific and Latin America	456	478	+4.9%	+7.6%
TOTAL	5,527	5,553	+0.5%	-0.4%

REVENUES BY BUSINESS

	Total revenues* (in % of 2024 Group revenues)	Year-on-year growth of total revenues at constant exchange rates
	Total revenues* (in % of 2024 Group revenues)
Strategy & Transformation	9%	+1.2%
Applications & Technology	62%	+1.9%
Operations & Engineering	29%	-2.6%

¹ The terms and Alternative Performance Measures marked with an (*) are defined and/or reconciled in the appendix to this press release.
¹ Note that in the appendix, certain totals may not equal the sum of amounts due to rounding adjustments.

Attachment

Capgemini_-_2025-04-29_-_2025_Q1_Revenues

The MIL Network –

April 29, 2025

MIL-OSI: Planisware – Q1 2025 revenue

Source: GlobeNewswire (MIL-OSI)

Q1 2025 revenue: € 47.5 million; +16.0%

Revenue up +14.3% in constant currencies, in line with FY planned trajectory
Strong commercial dynamic despite still elongated sales cycles
Growing pipeline fueled by high demand for advanced solutions providing visibility and agility
2025 objectives confirmed:
- Mid-to-high teens revenue growth in constant currencies
- c. 35% adjusted EBITDA margin¹
- Cash Conversion Rate^*of c. 80%

Paris, France, April 29, 2025 – Planisware, a leading B2B provider of SaaS in the rapidly growing Project Economy market, announces today its Q1 2025 revenue. Up by +16.0% in current currencies Revenue amounted to € 47.5 million, mainly led by the continued success of the Group’s market-leading SaaS platform. In constant currencies, revenue growth reached +14.3% (€+5.9 million), in line with the planned trajectory to achieve a mid-to-high teens revenue growth in 2025. Recurring revenue amounted to € 43.9 million (92% of total revenue) and was up by +16.2% in constant currencies.

Loïc Sautour, CEO of Planisware, commented: “Although we are not directly impacted by tariffs, we are still observing elongated customers’ decision-making process. So we continue to leverage the close connection with our existing customers, but also to initiate commercial relationships with new clients. This approach enabled Planisware to deliver a robust revenue growth in Q1 2025, in line with the planned trajectory for the year.

Facing a significant level of macroeconomic uncertainties, our clients and prospects express greater needs for advanced solutions to manage their portfolio of strategic projects and gain better visibility and agility to navigate in this challenging environment.

In this context, we confirm our mid-to-high teens revenue growth objective for the year while staying vigilant to potential further deterioration in the global economy, particularly in the short term. We also remain disciplined on resources allocation to maintain a strong profitability and best-in-class cash conversion rate while ensuring we keep investing in our long-term growth.”

Q1 2025 revenue by revenue stream

In € million	Q1 2025	Q1 2024	*Variation* *YoY*	*Variation* *in cc**
Recurring revenue	43.9	37.2	*+18.0%*	*+16.2%*
SaaS & Hosting	22.7	18.9	+20.4%	+18.5%
Evolutive support	13.2	10.8	+21.8%	+20.0%
Subscription support	3.0	2.8	+6.7%	+4.1%
Maintenance	4.9	4.6	+6.4%	+5.2%
Non-recurring revenue	3.6	3.8	*-3.3%*	*-4.4%*
Perpetual licenses	0.8	1.1	-24.1%	-25.4%
Implementation & others non-recurring	2.8	2.7	+5.5%	+4.4%
Total revenue	47.5	40.9	*+16.0%*	*+14.3%*

* Revenue evolution in constant currencies, i.e. at Q1 2024 average exchange rates

Reaching € 47.5 million in Q1 2025, revenue was up by +16.0% in current currencies and +14.3% in constant currencies. The exchange rates effect was almost fully related to the appreciation of the US dollar versus the euro. In order to reflect the underlying performance of the Company independently from exchange rate fluctuations, the following analysis refers to revenue evolution in constant currencies, applying Q1 2024 average exchange rates to Q1 2025 revenue figures, unless expressly stated otherwise.

Recurring revenue

Representing 92% of Q1 2025 total revenue, up by c. 150 basis points versus 91% in Q1 2024, recurring revenue reached € 43.9 million, up by +16.2%.

Revenue growth was led by +17.8% growth of Planisware’s SaaS model (i.e. SaaS & Hosting, Annual licenses, and Evolutive & Subscription support), of which SaaS & Hosting revenue was up by +18.5% thanks to contracts secured with new customers as well as continued expansion within the installed base. Revenue of support activities (Evolutive & Subscription support), intrinsically related to Planisware’s SaaS offering, grew by +16.7%.

Maintenance revenue was up by +5.2% in the context of the Group’s shift from its prior Perpetual license model to a SaaS model and reflecting the strong demand for licenses in the start of 2024 from customers with specific on-premises needs, in particular in the defense industry.

Non-recurring revenue

Non-recurring revenue was down by -4.4% in Q1 2025, with a contrasted trend of Perpetual licenses down by -25.4% and Implementation up by +4.4%.

Implementation activity was high in Q1 2025 with the start of several large SaaS contracts signed end of 2024, leading to +4.4% revenue growth. On the other hand, the Group sold several Perpetual licenses extensions and upgrades to customers with specific on-premises needs but posted a revenue decline by €-0.3 million compared to Q1 2024 which represented a particularly high comparative basis.

Commercial dynamic

In Q1 2025, despite sales cycles remaining longer than a year before, clients and prospects expressed greater needs for advanced solutions to manage their portfolio of strategic projects and gain better visibility and agility to navigate in the current uncertain environment. Planisware continued to support its existing customers in adapting and reorganizing themselves to a rapidly changing environment, while maintaining or enhancing their operational efficiency. As a result, key clients such as Philips or Boston Scientific expanded their usage of Planisware’s solutions and support practices. This was particularly the case in the automotive industry with clients such as Fox Factory in the US in PD&I, Continental in Germany, as well as Forvia in France.

The relevance of Planisware’s multi-specialist approach has been demonstrated in many sectors, from retail in Australia with Coles or the pharmaceutical industry in Japan with Takeda, to automotive in the USA and Sweden with Dana and HADV Group, which now uses Orchestra to manage its product development portfolio.

2025 objectives confirmed

Taking into account its strong commercial pipeline and acknowledging a high level of uncertainties that may drive further elongation of sales cycles and delays in the start of new contracts, Planisware confirms its 2025 objectives:

Mid-to-high teens revenue growth in constant currencies
c. 35% adjusted EBITDA margin^*
Cash Conversion Rate^* of c. 80%

Appendices

Investors & Analysts conference call

Planisware’s management team will host an international conference call on April 29, 2025 at 8:00am CET to details Q1 2025 performance and key achievements, by means of a presentation followed by a Q&A session. The webcast and its subsequent replay will be available on planisware.com.

Upcoming event

June 19, 2025: Annual General Meeting of shareholders
July 31, 2025: H1 2025 results publication
October 21, 2025: Q3 2025 revenue publication

Contact

About Planisware

Planisware is a leading business-to-business (“B2B”) provider of Software-as-a-Service (“SaaS”) in the rapidly growing Project Economy. Planisware’s mission is to provide solutions that help organizations transform how they strategize, plan and deliver their projects, project portfolios, programs and products.

With circa 750 employees across 16 offices, Planisware operates at significant scale serving around 600 organizational clients in a wide range of verticals and functions across more than 30 countries worldwide. Planisware’s clients include large international companies, medium-sized businesses and public sector entities.

Planisware is listed on the regulated market of Euronext Paris (Compartment A, ISIN code FR001400PFU4, ticker symbol “PLNW”).

For more information, visit: https://planisware.com/ and connect with Planisware on LinkedIn.

Disclaimer

Forward-looking statements

This document contains statements regarding the prospects and growth strategies of Planisware. These statements are sometimes identified by the use of the future or conditional tense, or by the use of forward-looking terms such as “considers”, “envisages”, “believes”, “aims”, “expects”, “intends”, “should”, “anticipates”, “estimates”, “thinks”, “wishes” and “might”, or, if applicable, the negative form of such terms and similar expressions or similar terminology. Such information is not historical in nature and should not be interpreted as a guarantee of future performance. Such information is based on data, assumptions, and estimates that Planisware considers reasonable. Such information is subject to change or modification based on uncertainties in the economic, financial, competitive or regulatory environments.

This information includes statements relating to Planisware’s intentions, estimates and targets with respect to its markets, strategies, growth, results of operations, financial situation and liquidity. Planisware’s forward-looking statements speak only as of the date of this document. Absent any applicable legal or regulatory requirements, Planisware expressly disclaims any obligation to release any updates to any forward-looking statements contained in this document to reflect any change in its expectations or any change in events, conditions or circumstances, on which any forward-looking statement contained in this document is based. Planisware operates in a competitive and rapidly evolving environment; it is therefore unable to anticipate all risks, uncertainties or other factors that may affect its business, their potential impact on its business or the extent to which the occurrence of a risk or combination of risks could have significantly different results from those set out in any forward-looking statements, it being noted that such forward-looking statements do not constitute a guarantee of actual results.

Rounded figures

Certain numerical figures and data presented in this document (including financial data presented in millions or thousands and certain percentages) have been subject to rounding adjustments and, as a result, the corresponding totals in this document may vary slightly from the actual arithmetic totals of such information.

Variation in constant currencies

Variation in constant currencies represent figures based on constant exchange rates using as a base those used in the prior year. As a result, such figures may vary slightly from actual results based on current exchange rates.

Non-IFRS measures

This document includes certain unaudited measures and ratios of the Group’s financial or non-financial performance (the “non-IFRS measures”), such as “recurring revenue”, “non-recurring revenue”, “gross margin”, “Adjusted EBITDA”, “Adjusted EBITDA margin”, “Adjusted Free Cash Flow”, and “cash conversion rate”. Non-IFRS financial information may exclude certain items contained in the nearest IFRS financial measure or include certain non-IFRS components. Readers should not consider items which are not recognized measurements under IFRS as alternatives to the applicable measurements under IFRS. These measures have limitations as analytical tools and readers should not treat them as substitutes for IFRS measures. In particular, readers should not consider such measurements of the Group’s financial performance or liquidity as an alternative to profit for the period, operating income or other performance measures derived in accordance with IFRS or as an alternative to cash flow from (used in) operating activities as a measurement of the Group’s liquidity. Other companies with activities similar to or different from those of the Group could calculate non-IFRS measures differently from the calculations adopted by the Group.

Non-IFRS measures included in this document are defined as follows:

Adjusted EBITDA is calculated as Current operating profit including share of profit of equity-accounted investees, plus amortization and depreciation as well as impairment of intangible assets and property, plant and equipment, plus either non-recurring items or non-operating items.
Adjusted EBITDA margin is the ratio of Adjusted EBITDA to total revenue.
Adjusted FCF (Free Cash Flow) is calculated as cash flows from operating activities, plus IPO costs paid, if any, less other financial income and expenses classified as operating activities in the cash-flow statement, and less net cash relating to capital expenditures.
Cash Conversion Rate is defined as Adjusted FCF divided by Adjusted EBITDA.

1 Non-IFRS measure. Non-IFRS measures included in this document are defined in the disclaimer at the end of this document.

Attachment

Planisware – Q1 2025 revenue – PR

The MIL Network –

April 29, 2025

MIL-OSI: eQ Plc’s interim report Q1 2025 – eQ’s operating profit EUR 5.8 million

Source: GlobeNewswire (MIL-OSI)

eQ Plc interim report
29 April 2025 at 8:00 AM

January to March 2025 in brief

During the period under review, the Group’s net revenue totalled EUR 14.0 million (EUR 16.5 million from 1 Jan. to 31 Dec. 2024). The Group’s net fee and commission income was EUR 14.5 million (EUR 16.0 million).

The Group’s operating profit fell by 34% to EUR 5.8 million (EUR 8.8 million).
The Group’s profit was EUR 4.6 million (EUR 7.0 million).
The consolidated earnings per share were EUR 0.11 (EUR 0.17).
The net revenue of the Asset Management segment decreased by 5% to EUR 14.4 million (EUR 15.1 million) and the operating profit by 11% to EUR 7.9 million (EUR 8.9 million). The management fees of the Asset Management segment fell by 4% to EUR 13.5 million (EUR 14.0 million) and the performance fees fell by 19% to EUR 1.1 million (EUR 1.4 million). During the review period, the assets managed by eQ Asset Management grew to EUR 13.6 billion (EUR 13.4 billion on 31 Dec. 2024).
The net revenue of the Corporate Finance segment was EUR 0.1 million (EUR 0.8 million) and the operating profit was EUR -0.8 million (EUR 0.1 million).
The operating profit of the Investments segment was EUR -0.6 million (EUR 0.2 million). Operating profit was negatively impacted by the value changes of residential property funds.
The net cash flow from the Group’s own private equity and real estate fund investment operations was EUR -0.8 million (EUR 0.1 million).

Key ratios	1-3/25	1-3/24	Change	1-12/24
Net revenue, Group, MEUR	14.0	16.5	-15 %	65.6
Net revenue, Asset Management, MEUR	14.4	15.1	-5 %	58.5
Net revenue, Corporate Finance, MEUR	0.1	0.8	-91 %	5.3
Net revenue, Investments, MEUR	-0.6	0.2	-374 %	1.1
Group administration and eliminations
Net revenue, MEUR	0.1	0.3		0.8

Operating profit, Group, MEUR	5.8	8.8	-34 %	34.5
Operating profit, Asset Management, MEUR	7.9	8.9	-11%	33.7
Operating profit, Corporate Finance, MEUR	-0.8	0.1	-1259%	1.5
Operating profit, Investments, MEUR	-0.6	0.2	-374 %	1.1
Operating profit, Group administration, MEUR	-0.6	-0.4		-1.8

Profit for the period, MEUR	4.6	7.0	-35 %	27.4

Key ratios	1-3/25	1-3/24	Change	1-12/24
Earnings per share, EUR	0.11	0.17	-36 %	0.66
Equity per share, EUR	1.23	1.25	-2 %	1.77
Cost/income ratio, Group, %	58.3	46.6	25 %	47.4

Liquid assets, MEUR	26.5	34.9	-24 %	17.0
Private equity and real estate fund investments, MEUR	17.2	16.7	3 %	17.0
Interest-bearing loans, MEUR	0.0	0.0	0 %	0.0

Assets under management excluding reporting services, EUR billion	10.2	10.2	0 %	10.4
Assets under management, EUR billion	13.6	13.3	2 %	13.4

Acting CEO Janne Larma

Global capital markets have been in turmoil in the early part of the year. In the first two months of the year, US stock markets remained at year-end levels, while stock prices in Europe rose by around 15%. In March, share prices fell in the US and remained flat in Europe. After the review period in April, share prices fell sharply in both Europe and the US following President Trump’s announcement of tariffs. The stock market slump eased briefly after President Trump announced a 90-day tariff freeze for several countries, excluding China.

The tariffs were published only after the end of the review period, so they had no impact on the market development during the review period. The tariff war and geopolitical challenges have a significant impact on capital markets and uncertainty is currently very high. Uncertainty is always a negative factor for investors and this tends to lead to less risk-taking and fewer new positions. The customs war and the associated uncertainty are having a negative impact on economic development worldwide, inc. Europe. Similarly, interest rates have fallen significantly, especially in Europe, with the ECB cutting its deposit rate to 2.25% in April. This has a positive impact on financing costs and yield requirements, which in turn supports both the real estate market and equity investments.

eQ’s operating profit EUR 5.8 million

The net revenue of the Group during the period under review was EUR 14.0 million and the operating profit was EUR 5.8 million. Net revenue fell by 15 per cent and operating profit by 34 per cent from the previous year. Both Advium and the Investments segment made a negative result, which had a significant impact on the decrease in profit.

eQ Asset Management’s operating profit EUR 7.9 million

During the period under review, the net revenue of the Asset Management segment fell by 5 per cent to EUR 14.4 million. The decrease in net revenue, EUR 0.8 million, is explained by real estate asset management’s lower management fees. Private Equity management fees increased from last year, and equity and fixed income fees remained at the previous year’s level. During the review period, eQ Asset Management’s operating profit fell by 11 per cent to EUR 7.9 million.

During the review period, we raised USD 143 million for our newest private equity fund, eQ PE XVII US. After the review period, in April we did another closing and the fund size rose to USD 168 million. We also signed new Private Equity programme fund agreements during the period. The challenging market situation is making fund raising difficult, but our strong and good track record allows us to fundraise this well. After the review period, we reorganised our residential funds. We established the eQ Residential III fund, to which we transferred two of our previous residential funds and raised EUR 37 million in subscriptions. We will continue fundraising for both the eQ PE XVII US and eQ Residential III funds.

For open-ended real estate funds, the market situation has not changed much since the beginning of the year. The fall in interest rates is certainly improving the operating conditions in the real estate market, but market activity is still low. Most of the postponed redemptions of the eQ Community Properties Fund from the end of last year will be paid by 30 April 2025. eQ Commercial Properties Fund does not yet have the liquidity to pay the redemptions at the moment.

Our aim is to serve our clients as well as possible, both in terms of returns and service. With this in mind, eQ Asset Management has reorganised itself at the beginning of the year. This has also included some recruitments and appointments to key positions. I strongly believe that our new organisation will enable better service and growth, as well as a more efficient and modern way of working.

Advium suffered from weak market situation

The number of mergers and acquisitions and real estate transactions in Finland was very low at the beginning of 2025. Advium did not complete any assignments in the review period. During the period under review, Advium’s net revenue totalled EUR 0.1 million (EUR 0.8 million). Operating profit was EUR -0.8 million (EUR 0.1 million).

Given the market situation, Advium’s order book is at a good level. However, the completion of transactions is largely dependent on the overall capital market situation and its development.

Investment’s profit fell

The operating profit of the Investments segment fell from last year and was EUR -0.6 million (EUR 0.2 million). The profit was negative due to value changes of the investments. Private equity funds rose in value in the first quarter of the year, but residential funds fell. The balance sheet value of equity and real estate fund investments at the end of the reporting period was EUR 17.2 million (EUR 17.0 million at 31 December 2024). During the review period, eQ Plc made an investment commitment of USD 1 million to the eQ PE XVII US and EUR 1 million to the Residential III funds. Net cash flow during the period was EUR -0.8 million (EUR 0.1 million).

Outlook (unchanged)

The difficult market situation in the Finnish real estate market continued in 2024. Our assessment is that the real estate market levelled off towards the end of the year and that yield requirements generally stopped rising in the final quarter of the year. However, market liquidity remained at a very low level. The real estate market in general remains challenging. In several Finnish open-ended real estate funds, redemptions have not been completed on time and investors have had to wait for their money. Funds for redemption payments are mainly raised by selling properties and, as the transaction market remains quiet, redemption payments have had to be postponed. Lower interest rates and economic growth are having a positive impact on the real estate market. The market expects interest rates in Europe to continue to fall and the economy to gradually start to recover. If these estimates materialise, we expect 2025 to be a better year for the real estate market than 2024.

Due to the current situation, eQ’s real estate fund management fees are expected to decrease in 2025 compared to the previous year.

Sales of eQ’s Private Equity products has continued to be strong, and we believe that Finnish asset management clients will increase the Private Equity allocations in their portfolios in the coming years. We estimate that eQ’s Private Equity fees will increase in 2025 compared to last year. The exit market for private equity funds was quieter than expected in 2024. As a result, the timing of Private Equity performance fees accruing to eQ has moved forward. Performance fees are expected to increase starting from 2026, with a number of private equity products expected to move into the performance fee phase.

In traditional asset management, we believe we have a good market position. The development of fees is largely dependent on market development.

***

eQ’s interim report 1 January to 31 March 2025 is enclosed to this release and it is also available on the company website at www.eQ.fi.

eQ Plc

Additional information:
Janne Larma, acting CEO, tel. +358 9 6817 8920
Antti Lyytikäinen, CFO, tel. +358 9 6817 8741

Distribution: Nasdaq Helsinki, www.eQ.fi, media

eQ is a Finnish group that concentrates on asset management and corporate finance business. eQ Asset Management offers a wide range of asset management services (including private equity funds and real estate asset management) for institutions and private individuals. The assets managed by the Group total approximately EUR 13.6 billion. Advium Corporate Finance, which is part of the Group, offers services related to mergers and acquisitions, real estate transactions and equity capital markets. The parent company eQ Plc’s shares are listed on Nasdaq Helsinki. More information about the Group is available on our website www.eQ.fi.

Attachment

eQ Plc interim report Q1 2025

The MIL Network –

April 29, 2025

MIL-OSI: Amundi: Results for the First quarter of 2025 – Record inflows at +€31bn

Source: GlobeNewswire (MIL-OSI)

Amundi: Results for the First quarter of 2025

Record inflows at +€31bn

Record inflows		Assets under management¹at an all-time high of €2.25tn at end of March 2025, +6% year-on-year Highest quarterly net inflows since 2021, at +€31bn in Q1 +€37bn in medium- to long-term assets excluding JVs, new quarterly record Positive inflows in active management (+€6bn) Strong ETF net inflows and gain of a big ESG equity index mandate with The People’s Pension (UK): +€21bn

Strong growth in profit before tax		Profit before tax²of €458m, up +11% Q1/Q1, driven by: revenue growth (+11%) positive jaws effect improved cost-income ratio to 52.4%² Adjusted net income²^,³ close to €350m excluding impact of exceptional tax surcharge⁴ in France (-€46m)

Confirmed strategic pillars success		Strong inflows in growth areas: Third-party distribution +€8bn Asia +€8bn ETF +€10bn Amundi Technology: strong organic growth, integration of aixigo and revenues up +46% Q1/Q1

Paris, 29 April 2025

Amundi’s Board of Directors met on 28 April 2025 chaired by Philippe Brassac, and approved the financial statements for the first quarter of 2025.

Valérie Baudson, Chief Executive Officer, said: “After a record year in 2024, Amundi continued this momentum in the first quarter of 2025. Quarterly net inflows are at their highest since 2021: our clients, whether they are individuals or institutions, have entrusted us with +€31bn more to manage. In particular, we won a major mandate from one of the UK’s largest pension funds in the fast-growing market for Defined Contribution pension plans.

The business continues to reflect the relevance of our main growth pillars: net inflows were dynamic with Third-Party Distributors, in Asia and on ETFs, and Amundi Technology continues its sustained growth.

The three transactions signed in 2024 reinforce this solid organic growth: Alpha Associates and aixigo have already contributed positively to the quarter’s results, the partnership with Victory Capital, closed on 1 April, now allows us to offer more US strategies while creating value for our shareholders.

Amundi’s diversified model and agility allow us to effectively support our clients in all market environments and provide them with long-term growth opportunities. We continue to invest, redeploy our resources and optimise our cost base to adapt our platform, meet the changing needs of clients and develop new services for them. »

* * * * *

Highlights

Continued organic growth thanks to confirmed successes in the strategic pillars

2025 is the last year of implementation of the 2025 Ambitions plan, which sets a number of strategic pillars to accelerate the diversification of the Group’s growth drivers and exploit development opportunities. After a year 2024 during which several objectives were achieved a year ahead of schedule, the first quarter confirmed the momentum:

Third-Party Distribution recorded assets under management up over +15% year-on-year and net inflows over 12 months of +€33bn, of which +€8bn⁵ in the first quarter of 2025, mainly in MLT assets⁶, (+€7.6bn); net inflows this quarter were driven by ETFs and active management, diversified by geographical areas and positive in almost all countries in terms of MLT assets⁶, particularly in Asia (+€1.7bn); it is also diversified by types of client, with a confirmed commercial momentum with digital platforms, which account for c.25% of net inflows; it should be noted that a Workshop presenting the Third-Party Distribution business line will be held on Thursday 19 June in London, with the entire division’s management team;

Asia: assets under management were up +9% year-on-year despite the fall in the US dollar and the Indian rupee, to reach €462bn; net inflows for the quarter reached +€8bn, mainly from direct distribution (+€5bn compared to +€3bn for JVs), and is balanced between major client segments in direct distribution and JVs; it is also diversified by countries: Korea (+€3bn) thanks to the JV, China with the two JVs and institutional clients, Hong Kong (+€1.6bn) and Singapore (+€1.4bn) thanks to institutional and third-party distributors;
ETFs raised +€10bn this quarter, thanks to the success of US equity underlying strategies at the beginning of the quarter, and then in March with the success of the Stoxx Europe 600 ETF, which collected +€1.3bn in one month and exceeded €10bn in assets under management; innovative products were launched, with the ETF invested in short-duration eurozone sovereign green bonds, capitalising on the success of its long-duration big brother, which reached €3bn in assets under management;
Amundi Technology continues to grow: its revenues increased by +46% Q1/Q1, driven in equal parts by the integration of aixigo and strong organic growth; the business line has signed a partnership with Murex to offer in ALTO the functionalities of this company’s integrated OTC derivatives management and valuation platform, MX.3, which has more than 60,000 users in 65 countries; the partnership includes cross-selling and joint business development agreements.

After the end of the first quarter

On 1 April, the partnership with Victory Capital, was closed and Amundi received 17.6 million shares, i.e. 21.2%⁷ of Victory Capital’s capital. In accordance with the Contribution Agreement and the completion of the remaining adjustments, we expect Amundi’s stake in Victory Capital to reach 26.1%⁷ in the next few months. This investment will be consolidated using the equity method and will start contributing to the Group’s results from the second quarter.
It should be noted that as of 8 April, after the drop in the equities and bond markets and at the trough of European equity markets since the end of the first quarter (Stoxx 600 -9%), the Group’s assets under management excluding JVs⁸ were down by just below -3% compared to 31 March 2025; as of 25 March, they had recovered to less than -2% vs. end March.
After the success of Ambitions 2025, a new three-year strategic plan will be presented in the fourth quarter.

Focus on operations in the UK

The winning of a large mandate with a pension fund illustrates the strong development of Amundi’s operations in the United Kingdom. Amundi has management and marketing/sales teams there and is experiencing strong growth in its business:

London is one of Amundi’s 6 global investment hubs, with €49bn under management for the entire Group, in charge of all emerging markets strategies as well as global and GBP fixed income strategies;
The distribution platform for local clients represents €66bn under management, balanced between institutional and third-party distribution; the commercial platform is complemented by Amundi Technology sales teams to serve British clients.

The €21bn equity index mandate for The People’s Pension, one of the leading Master Trusts (multi-employer pension funds) in the Defined Contribution pension plan market, was won thanks to the depth and consistency of Amundi’s responsible investment methodology, applied in this case to an index management solution. It amplifies the strong commercial momentum in this Master Trust market segment, as Amundi is now a close partner of the two largest players.

Activity

Capital markets still up Q1/Q1, decline in the dollar and Indian rupee

In the first quarter of 2025, both equities⁹and bond¹⁰markets continued to rise. Year-on-year, they gained +13% and +3% respectively in average. The market effect is therefore positive on the Group’s assets under management and revenues compared to the first quarter of 2024.

The Indian rupee and the US dollar were both down -4% quarter-on-quarter, and -3% year-on-year for the Indian rupee while the US dollar is stable over the same period. The foreign exchange effect, which was neutral year-on-year, was therefore negative by around -1% on Amundi’s end-of-period assets under management in the first quarter.

European fund management market in slow recovery

Investor risk aversion persists in the European fund management market. In the first quarter of 2025, net inflows in open-ended funds¹¹ continued their slow recovery compared to the beginning of 2024, at +€221bn in the first quarter, down slightly compared to the fourth quarter of 2024 (+€232bn) due to lower net inflows from money market funds (+€60bn). Active management continued its recovery, with +€70bn net inflows, and its rebalancing compared to passive management (+€91bn, of which +€82bn in ETFs). As in previous quarters, net flows were positive thanks to fixed income, and grew only as a result of lower outflows in equities and multi-assets.

Highest quarterly net inflows for MLT assets⁶in Q1

Assets under management¹as at 31 March 2025 increased by +6.2% year-on-year, to reach the new record of €2,247bn. Over 12 months, in addition to market appreciation, they benefited from a high level of net inflows, at +€70bn, higher than the market & forex effect of +€53bn. The increase in assets under management also benefited from the integration of Alpha Associates since the beginning of April 2024 (+€7.9bn).

In the first quarter of 2025, the forex effect was negative by -€26bn due to the fall of the US dollar and the Indian rupee against the euro. It was very slightly offset by a small positive market effect (+€2bn). The strong net inflows in the quarter were much higher than this negative forex effect.

The first quarter net inflows totalled +€31bn, the highest level for a quarter since 2021, of which +€37bn in MLT assets⁶ excluding JVs, an all-time record.

These net inflows benefited from the gain of the mandate of The People’s Pension (+€21bn). The rest of the MLT net inflows⁶ (+€16bn) comes from passive management, in particular ETFs (+€10bn) and active management (+€6bn). As in previous quarters, the latter was driven by fixed income strategies (+€11bn), in all client segments.
The three main client segments contributed to net inflows of +€31bn:

the Retail segment, at +€6bn, thanks to Third-Party Distributors (+€8bn); net inflows were slightly positive at Amundi BOC WM while risk aversion continued to affect net inflows from Partner Networks: slightly positive in France (+€0.2bn) and negative in International business (-€3bn), due in particular to multi-asset strategies: -€2bn;
The Institutional segment, at +€22bn, of which +€33bn in MLT assets⁶, benefited from The People’s Pension mandate and a good level of net inflows, particularly bonds, in all sub-segments except the seasonal effect for Corporates and Employee Savings;
Finally JVs (+€3bn) benefited from dynamic net inflows in NH-Amundi (South Korea, +€3bn), while SBI FM (India, -€1bn) recorded outflows linked to end-of-fiscal-year operations and client caution after the correction in local equities markets since October 2024, even though net flows remained positive in the retail segment; ABC-CA (China) net inflows confirmed the stabilisation of the local market, and were positive by +€1bn excluding discontinued Channel Business operations, mainly driven by treasury products.

Treasury products posted outflows of -€8.7bn, mainly due to particularly strong seasonal outflows from Corporates in the first quarter of this year (-€11.6bn) and to a lesser extent from arbitrages by CA & SG insurers (-€1.6bn) in favour of products with longer durations. All other client segments posted slightly positive net inflows in treasury products, reflecting the wait-and-see attitude in the face of volatility in risky assets markets.

First quarter 2025 results

Sharp increase in profit before tax²+11% Q1/Q1 thanks to top line growth

Adjusted data²

Profit before tax²reached €458m, up +10.7% compared to the first quarter of 2024.

It includes contributions from Alpha Associates as well as aixigo, acquisitions of which were finalised in early April and early November 2024 respectively, and were therefore not included in the first quarter 2024. Their cumulative contribution to the profit before tax² in the first quarter reached +€4m, i.e. +1pp of Q1/Q1 growth.

The growth in profit before tax² was mainly due to the increase in revenues.

Adjusted net revenue² amounted to €912m, up +10.7% compared to the first quarter of 2024, +9% at constant scope, driven by all sources of revenues:

net management fees increased by +7.7% compared to the first quarter of 2024, to €824m, which reflects the good level of activity, the increase in average assets under management excluding JVs (+8.8% over the same period), but also the negative product mix effect on revenue margins;
performance fees (€23m), which are traditionally more moderate in the first quarter due to the lower number of fund anniversaries during this period, nevertheless rose by +30.7% compared to the first quarter of 2024; they reflect the good performance of Amundi’s investment management, with c.70% of assets under management ranked in the first or second quartiles according to Morningstar¹² over 1, 3 or 5 years, and 244 Amundi funds rated 4 or 5 stars by Morningstar¹² as at 31 March;
Amundi Technology’s revenues, at €26m, continued to grow steadily (+46.2% compared to the first quarter of 2024), amplified this quarter by the consolidation of aixigo (+€4m); excluding aixigo, these revenues were up +21.2% organically;
finally, the Financial and other revenues² amounted to €39m, up sharply compared to the first quarter of 2024 thanks to capital gains on the private equity portfolio in seed money and a positive mark-to-market from equity holdings, despite the impact of the fall in short-term rates in the euro zone.

The increase in adjusted²operating expenses, €478m, is +8.8% compared to the first quarter of 2024, +6% at constant scope. It remains lower than that of revenues, thus generating a positive jaws effect of nearly 3 percentage points excluding the scope effect related to the acquisition of Alpha Associates and aixigo, reflecting the Group’s operational efficiency.

In addition to the scope effect, this increase is mainly due to:

investments in the development initiatives of the 2025 Ambitions plan, including technology, third-party distribution and Asia;
provisioning for individual variable remuneration, in line with the growth in results.

The cost-income ratio at 52.4% on an adjusted data basis², improved compared to the same quarter last year and is in line with the Ambitions 2025 target (<53%).

The adjusted²gross operating income (GOI) amounted to €434m, up +12.9% compared to the first quarter of 2024, +11.8% at constant scope, reflecting revenue growth.

Share of net income of equity-accounted companies¹³, at €28m, down slightly compared to the first quarter of 2024, reflects the decline in net financial income of the main contributing entity, the Indian JV SBI FM. The decline in the Indian equities markets resulted in negative mark-to-market in the JV’s financial income, which nevertheless continues to benefit from strong growth in its activity with management fees up of over +20% Q1/Q1.

The adjusted²corporate tax expense for the first quarter of 2025 reached -€155m, a very strong increase – +60.8% – compared to the first quarter of 2024.

In France, in accordance with the Finance law for 2025, an exceptional tax contribution must be booked in fiscal year 2025. It is calculated on the average of the profits made in France in 2024 and 2025. This exceptional contribution is estimated¹⁴ to -€72m for the year as a whole, but it will not be accounted for on a straight-line basis over the quarters. It amounted to -€46m in the first quarter of 2025, with the rest spread over the next three quarters. Excluding this exceptional contribution, the adjusted² tax expense would have been -€109m and the adjusted² effective tax rate would be equivalent to that of the first quarter of 2024.

Adjusted²net income amounts to €303m. Excluding the exceptional tax contribution, it would have been close to €350m, up +10% compared to the first quarter of 2024.

The adjusted²net earnings per share in the first quarter of 2025 was €1.48, including -€0.22 related to the exceptional tax contribution in France. Excluding this exceptional tax contribution, adjusted² earnings per share would therefore have been €1.70, up +9.6% compared to the first quarter of 2024.

Accounting data in the first quarter of 2025

Accounting net income, Group share amounted to €283m. It includes the exceptional tax contribution in France of -€46m.

As in other quarters, accounting net income includes non-cash charges related to the acquisitions of Alpha Associates and aixigo and the amortisation of intangible assets related to distribution agreements and client contracts (including the corresponding new charges related to Alpha Associates), for a total of -€14m after tax. Integration costs related to the partnership with Victory Capital, closed on 1 April 2025, were also recorded in the first quarter, for a total of -€5m after tax. Furthermore, amortisation of intangible fixed assets adjustments after the integration of aixigo was also recognised in operating expenses -€1m after tax (See the details of all these elements in p. 11).

Accounting net earnings per share in the first quarter of 2025 was €1.38, including the exceptional tax contribution in France.

A solid financial structure, €1.2bn in surplus capital

Tangible net assets¹⁵ amounted to €4.8bn as at 31 March 2025, up +€0.3bn or +7% compared to the end of 2024, in line with the quarter’s net income.

The CET1 solvency ratio stood at 15.5%¹⁶ as at 31 March 2025.

As indicated at the time of signing in July 2024, the partnership with Victory Capital will have no material effect on the ratio.

The capital surplus at the end of the first quarter amounted to €1.2bn, taking into account the dividend to be paid for 2024, the net income for the first quarter and the related dividend provision.

Future investments and operational efficiency

This quarter, Amundi demonstrated its ability to:

Be agile and accompany its clients in different market contexts, thanks to its wide range of high-performing investment management expertise and product innovation;
Develop services to offer technological or investment management solutions to players in the entire savings value chain;
Offer a full range of Responsible Investment solutions, in order to adapt to all client demands;
Develop in Europe including in the United Kingdom;
Invest and accelerate on the growth pillars of its strategic plan: Asia, third-party distribution, ETFs, technology, services.

To finance future investments and accelerate the reallocation of our resources towards our growth drivers, we set ourselves a cost optimisation target of €30 to €40m, to be achieved as from 2026.

* * * * *

APPENDICES

Adjusted income statement²of the first quarter of 2025

(M€)	Q1 2025	Q1 2024	% var. Q1/Q1

Net revenue – Adjusted	912	824	+10.7%
Net management fees	824	766	+7.7%
Performance fees	23	18	+30.7%
Technology	26	18	+46.2%
Financial income and other income – Adjusted	39	23	+68.5%
Operating expenses – Adjusted	(478)	(439)	+8.8%
Cost/income ratio – Adjusted (%)	52.4%	53,3%	-0.9pp
Gross operating income – Adjusted	434	385	+12.9%
Cost of risk & others	(4)	(0)	NS
Share of net income of equity-accounted companies	28	29	-3.7%
Income before tax – Adjusted	458	413	+10.7%
Corporate tax – Adjusted	(155)	(97)	+60.8%
Of which exceptional tax contribution in France	(46)	–	NS
Non-controlling interests	1	1	+14.3%
Net income Group share – Adjusted	303	318	-4.5%
Amortisation of intangible assets, after tax	(14)	(15)	-7.4%
Amortisation of aixigo PPA, after tax	(1)	–	–
Integration costs, after tax	(5)	–	–
Net income Group share	283	303	-6.6%
Earnings per share (€)	1.38	1.48	-7.0%
Earnings per share – Adjusted (€)	1.48	1.55	-4.9%

Change in assets under management from the end of 2021 to the end of March 2025¹⁷

(€bn)	*Assets under management*	*Net* *inflows*	*Market and forex effect*	*Scope* *Effect*			*Change in AuM* *vs. prior quarter*
As of 31/12/2021	2,064					+14%¹⁸
Q1 2022		+3.2	-46.4		–
As of 31/03/2022	2,021					-2.1%
Q2 2022		+1.8	-97.7		–
As of 30/06/2022	1,925					-4.8%
Q3 2022		-12.9	-16.3		–
As of 30/09/2022	1,895					-1.6%
Q4 2022		+15.0	-6.2		–
As of 31/12/2022	1,904					+0.5%
Q1 2023		-11.1	+40.9		–
As of 31/03/2023	1,934					+1.6%
Q2 2023		+3.7	+23.8		–
As of 31/06/2023	1,961					+1.4%
Q3 2023		+13.7	-1.7		–
As of 30/09/2023	1,973					+0.6%
Q4 2023		+19.5	+63.8		-20
As of 31/12/2023	2,037					+3.2%
Q1 2024		+16.6	+62.9		–
As of 31/03/2024	2,116					+3.9%
Q2 2024		+15.5	+16.6		+8
30/06/2024	2,156					+1.9%
Q3 2024		+2.9	+32.5		–
30/09/2024	2,192					+1.6%
Q4 2024		+20.5	+28.2		–
31/12/2024	2,240					+2.2%
Q1 2025		+31.1	-24.0		–
31/03/2025	2,247					+0.3%

Total year-on-year between 31 March 2024 and 31 March 2025: +6.2%

Net inflows +€70.0bn
Market effect +€63.8bn
Forex effect -€10.5bn
Scope effects +€7.9bn
(Alpha Associates’ first consolidation in Q2 2024, the acquisition of aixigo has no effect on assets under management)

Details of assets under management and net inflows by client segments¹⁹

(€bn)	AuM 31.03.2025	AuM 31.03.2024	% change /31.03.2024	Inflows Q1 2025	Inflows Q1 2024
French Networks	139	137	+1.3%	+0.2	+1.5
International networks	162	165	-1.6%	-2.7	-2.0
Of which Amundi BOC WM	2	3	-21.2%	+0.3	-0.2
Third-Party Distributors	398	345	+15.6%	+8.3	+7.0
Retail	700	647	+8.2%	+5.8	+6.5
Institutional & Sovereigns (*)	550	511	+7.5%	+30.1	+9.7
Corporates	111	108	+2.1%	-10.3	-4.2
Employee savings plans	95	90	+6.0%	-0.9	-0.9
CA & SG Insurers	430	427	+0.7%	+3.6	+1.0
Institutional	1,186	1,137	+4.3%	+22.4	+5.6
JVs	362	332	+8.9%	+2.9	+4.5
Total	2,247	2,116	+6.2%	+31.1	+16.6

(*) Including funds of funds

Details of assets under management and net inflows by asset classes¹⁹

(€bn)	AuM 31.03.2025	AuM 31.03.2024	% change /31.03.2024	Inflows Q1 2025	Inflows Q1 2024
Equities	564	505	+11.7%	+26.4	-2.6
Multi-assets	271	280	-3.1%	-1.0	-7.6
Bonds	759	700	+8.4%	+14.3	+13.9
Real, alternative, and structured products	111	107	+4.2%	-2.8	-0.3
MLT ASSETS excl. JVs	1,705	1,591	+7.2%	+36.9	+3.4
Treasury products excl. JVs	180	193	-6.5%	-8.7	+8.7
TOTAL excluding JVs	1,885	1,784	+5.7%	+28.2	+12.1
JVs	362	332	+8.9%	+2.9	+4.5
TOTAL	2,247	2,116	+6.2%	+31.1	+16.6
*Of which MLT assets*	*2,034*	*1,892*	*+7.5%*	*+39.7*	*+7.7*
*Of which Treasury products*	*213*	*224*	*-5.1%*	*-8.6*	*+8.9*

Details of assets under management and net inflows by type of management and asset classes¹⁹

(€bn)	AuM 31.03.2025		AuM 31.03.2024	% change /31.03.2024	Inflows Q1 2025	Inflows Q1 2024
Active management		1,149	1,117	+2.9%	+6.3	+1.3
Equities		204	209	-2.1%	-3.9	-2.8
Multi-assets		260	270	-3.6%	-1.0	-8.0
Bonds		685	639	+7.3%	+11.2	+12.0
Structured products		42	41	+3.7%	-2.0	+0.6
Passive management		445	368	+21.0%	+33.4	+2.5
ETFs & ETC		272	227	+19.8%	+10.4	+5.0
Index & Smart beta		173	140	+23.0%	+23.0	-2.5
Real and Alternative Assets		69	66	+4.5%	-0.7	-0.9
Real assets		65	61	+5.8%	-0.6	-0.2
Alternative		4	4	-12.8%	-0.1	-0.7
TOTAL MLT assets excluding JVs		1,705	1,591	+7.2%	+36.9	+3.4
Treasury products excl. JVs		180	193	-6.5%	-8.7	+8.7
TOTAL excluding JVs		1,885	1,784	+5.7%	+28.2	+12.1
JVs		362	332	+8.9%	+2.9	+4.5
TOTAL		2,247	2,116	+6.2%	+31.1	+16.6

Details of assets under management and net inflows by geographic area¹⁹

(€bn)	AuM 31.03.2025	AuM 31.03.2024	% change /31.03.2024	Inflows Q1 2025	Inflows Q1 2024
France	1,001	978	+2.3%	+0.5	+10.0
Italy	198	208	-4.6%	-1.9	-1.1
Europe excluding France & Italy	456	391	+16.6%	+23.7	+4.0
Asia	462	423	+9.3%	+7.8	+6.8
Rest of the world	130	116	+11.7%	+1.0	-3.0
TOTAL	2,247	2,116	+6.2%	+31.1	+16.6
*TOTAL outside France*	1,246	1,138	+9.5%	+30.6	+6.6

Methodological appendix – APM

Accounting and adjusted data

Accounting data – They include

amortisation of intangible assets, recorded as other revenues, and from Q2 2024, other non-cash charges spread according to the schedule of payments of the price adjustment until the end of 2029; these expenses are recognised as deductions from net revenues, in financial expenses.
integration costs related to the transaction with Victory Capital and PPA amortisation related to the acquisition of aixigo recorded in the fourth quarter as operating expenses. No such costs were recorded in the first nine months of 2024.

The aggregate amounts of these items are as follows for the different periods under review:

Q1 2024: -€20m before tax and -€15m after tax
Q4 2024: -€38m before tax and -€28m after tax
Q1 2025: -€29m pre-tax and -€20m after tax

Adjusted data – In order to present an income statement that is closer to economic reality, the following adjustments have been made: restatement of the amortisation of distribution agreements with Bawag, UniCredit and Banco Sabadell, intangible assets representing the client contracts of Lyxor and, since the second quarter of 2024, Alpha Associates, as well as other non-cash charges related to the acquisition of Alpha Associates; these amortisations and non-cash expenses are recognised as a deduction from net revenues; restatement of the amortisation of a technology asset related to the acquisition of aixigo recognised in operating expenses. The integration costs for the transaction with Victory Capital are also restated.

Acquisition of Alpha Associates

In accordance with IFRS 3, recognition on Amundi’s balance sheet as at 01/04/2024 of:

a goodwill of €288m;
an intangible asset of €50m, representing client contracts, amortised on a straight-line basis until the end of 2030;
a liability representing the conditional price adjustment not yet paid, for €160m before tax, including an actuarial discount of -€30m, which will be amortized over 6 years.

In the Group’s income statement, the following is recorded:

amortisation of intangible assets for a full-year charge of -€7.6m (-€6.1m after tax);
other non-cash expenses spread according to the schedule of payments of the price adjustment until the end of 2029; these expenses are recognised as deductions from net revenues, in financial expenses.

In Q1 2025, amortisation of intangible assets was -€1.9m before tax and non-cash expenses were -€1.5m before tax (i.e. -€2.5m after tax).

Acquisition of aixigo

In accordance with IFRS 3, recognition on Amundi’s balance sheet at the date of acquisition of:

goodwill of €121m;
a technological asset of €36m representative of the goodwill attributed to aixigo’s software solutions, amortised on a straight-line basis over 5 years;

The full-year amortisation expense of the technology asset was -€7.2m (-€4.8m after tax); in Q1 2025 the amortisation expense was -€1.8m (-€1.2m after tax); it is recognised in operating expenses.

Alternative Performance Measures²⁰

In order to present an income statement that is closer to economic reality, Amundi publishes adjusted data that are calculated in accordance with the methodological appendix presented above.

The adjusted data can be reconciled with the accounting data as follows:

= accounting data

= adjusted data

(M€)	Q1 2025	Q1 2024	Q4 2024


Net revenue (a)	892	804	901
– Amortisation of intangible assets before tax	(18)	(20)	(22)
– Other non-cash expenses related to Alpha Associates	(1)	0	(1)
Net revenue – Adjusted (b)	912	824	924

Operating expenses (c)	(486)	(439)	(496)
– Integration costs before tax	(7)	0	(13)
– Amortisation of aixigo-related PPA before tax	(2)	0	(1)
Operating expenses – Adjusted (d)	(478)	(439)	(482)

Gross Operating Income (e)=(a)+(c)	406	364	405
Gross operating income – Adjusted (f)=(b)+(d)	434	385	443
Cost/income ratio (%) -(c)/(a)	54.5%	54.6%	55.1%
Cost/income ratio – Adjusted (%) -(d)/(b)	52.4%	53.3%	52.1%
Cost of risk & other (g)	(4)	(0)	(3)
Share of net income of equity-accounted companies (h)	28	29	29
Profit before tax (i)=(e)+(g)+(h)	429	393	431
Profit before tax – Adjusted (j)=(f)+(g)+(h)	458	413	469
Corporate tax (k)	(147)	(91)	(83)
Corporate tax – Adjusted (l)	(155)	(97)	(93)
Non-controlling interests (m)	1	1	1
Net income Group share (n)=(i)+(k)+(m)	283	303	349
Net income Group share – Adjusted (o)=(j)+(l)+(m)	303	318	377

Earnings per share (€)	1.38	1.48	1.70
Earnings per share – Adjusted (€)	1.48	1.55	1.84

Shareholding

	31 March 2025		31 December 2024		31 March 2024
*(units)*	Number of shares	% of capital	Number of shares	% of capital	Number of shares	% of capital
Crédit Agricole Group	141,057,399	68.67%	141,057,399	68.67%	141,057,399	68.93%
Employees	4,128,079	2.01%	4,272,132	2.08%	2,869,026	1.40%
Treasury shares	1,961,141	0.95%	1,992,485	0.97%	1,259,079	0.62%
Free float	58,272,643	28.37%	58,097,246	28.28%	59,462,130	29.06%

Number of shares at the end of the period	205,419,262	100.0%	205,419,262	100.0%	204,647,634	100.0%
Average number of shares since the beginning of the year	205,419,262	–	204,776,239	–	204,647,634	–
Average number of shares quarter-to-date	205,419,262	–	205,159,257	–	204,647,634	–

Average number of shares pro rata temporis.

The average number of shares increased by +0.1% between Q4 2024 and Q1 2025, and by +0.4% between Q1 2024 and Q1 2025.
A capital increase reserved for employees was recorded on 31 October 2024. 771,628 shares were created (approximately 0.4% of the share capital before the transaction).
Amundi announced on 7 October 2024 a buyback programme of up to 1 million shares (i.e. ~0.5% of the share capital before the transaction) to cover performance shares plans. It was finalised on November 27, 2024.

Financial communication calendar

Workshop to presenting the Third-Party Distribution business line – Thursday 19 June in London
General Shareholders’ Meeting – Tuesday 27 May 2025
Q2 and H1 2025 earnings release – Tuesday 29 July 2025
Q3 and 9-month 2025 earnings release – Tuesday 28 October 2025
New strategic three-year plan – in the fourth quarter 2025

2024 dividend schedule: €4.25 per share

Ex dividend date: Monday 10 June 2025
Payment: from Wednesday 12 June 2025

About Amundi

Amundi, the leading European asset manager, ranking among the top 10 global players²¹, offers its 100 million clients – retail, institutional and corporate – a complete range of savings and investment solutions in active and passive management, in traditional or real assets. This offering is enhanced with IT tools and services to cover the entire savings value chain. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages more than €2.2 trillion of assets²².

With its six international investment hubs²³, financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape.

Amundi clients benefit from the expertise and advice of 5,700 employees in 35 countries.

Amundi, a trusted partner, working every day in the interest of its clients and society.

www.amundi.com

Press contacts:
Natacha Andermahr
Tel. +33 1 76 37 86 05
natacha.andermahr@amundi.com

Corentin Henry
Tel. +33 1 76 32 26 96
corentin.henry@amundi.com

Investor contacts:
Cyril Meilland, CFA
Tel. +33 1 76 32 62 67
cyril.meilland@amundi.com

Thomas Lapeyre
Tel. +33 1 76 33 70 54
thomas.lapeyre@amundi.com

Annabelle Wiriath

Tel. + 33 1 76 32 43 92

annabelle.wiriath@amundi.com

DISCLAIMER

This document does not constitute an offer or invitation to sell or purchase, or any solicitation of any offer to purchase or subscribe for, any securities of Amundi in the United States of America or in France. Securities may not be offered, subscribed or sold in the United States of America absent registration under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements thereof. The securities of Amundi have not been and will not be registered under the U.S. Securities Act and Amundi does not intend to make a public offer of its securities in the United States of America or in France.

This document may contain forward looking statements concerning Amundi’s financial position and results. The data provided do not constitute a profit “forecast” or “estimate” as defined in Commission Delegated Regulation (EU) 2019/980.

These forward looking statements include projections and financial estimates based on scenarios that employ a number of economic assumptions in a given competitive and regulatory context, assumptions regarding plans, objectives and expectations in connection with future events, transactions, products and services, and assumptions in terms of future performance and synergies. By their very nature, they are therefore subject to known and unknown risks and uncertainties, which could lead to their non-fulfilment. Consequently, no assurance can be given that these forward looking statement will come to fruition, and Amundi’s actual financial position and results may differ materially from those projected or implied in these forward looking statements.

Amundi undertakes no obligation to publicly revise or update any forward looking statements provided as at the date of this document. Risks that may affect Amundi’s financial position and results are further detailed in the “Risk Factors” section of our Universal Registration Document filed with the French Autorité des Marchés Financiers. The reader should take all these uncertainties and risks into consideration before forming their own opinion.

The figures presented were prepared in accordance with applicable prudential regulations and IFRS guidelines, as adopted by the European Union and applicable at that date. The financial information set out herein do not constitute a set of financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting” and has not been audited.

Unless otherwise specified, sources for rankings and market positions are internal. The information contained in this document, to the extent that it relates to parties other than Amundi or comes from external sources, has not been verified by a supervisory authority or, more generally, subject to independent verification, and no representation or warranty has been expressed as to, nor should any reliance be placed on, the fairness, accuracy, correctness or completeness of the information or opinions contained herein. Neither Amundi nor its representatives can be held liable for any decision made, negligence or loss that may result from the use of this document or its contents, or anything related to them, or any document or information to which this document may refer.

The sum of values set out in the tables and analyses may differ slightly from the total reported due to rounding.

¹        Assets under management and net inflows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of assets under management and net inflows from Asian JVs; for Wafa Gestion in Morocco, assets under management and net inflows are reported in proportion to Amundi’s share in the capital of the JV.
²        Adjusted data: see p. 11
³        Net income Group share
⁴        Total tax expense in Q1 2025 of -€155m, of which the exceptional tax contribution (surcharge) in France booked in Q1 for -€46m; the total amount of the exceptional contribution estimated to be paid in fiscal year 2025 is estimated at -€72m; Q1 2025 adjusted net income including this surcharge was €303m.
⁵        The inflows presented in this section are not cumulative, as they may overlap in part, for example an ETF sold to a third-party distributor in Asia.
⁶        Medium to Long-Term Assets, excluding JVs
⁷        4.9% voting rights
⁸        Adjusted for the deconsolidation of Amundi US assets distributed to US clients
⁹        Composite Index for equities: 50% MSCI World + 50% Eurostoxx 600
¹⁰        Bloomberg Euro Aggregate for Fixed Income Markets
¹¹        Source: Morningstar FundFile, ETFGI. European & cross-border open-ended funds (excluding mandates and dedicated funds). Data as of end–March 2024.
¹²        Source: Morningstar Direct, Broadridge FundFile – Open-ended funds and ETFs, global fund scope, March 2025; as a percentage of the assets under management of the funds in question; the number of Amundi’s open-ended funds rated by Morningstar was 1071 at the end of March 2025. © 2025 Morningstar, all rights reserved
¹³        Reflecting Amundi’s share of the net income of minority JVs in India (SBI FM), China (ABC-CA), South Korea (NH-Amundi) and Morocco (Wafa Gestion),
¹⁴        Under the assumption that FY 2025 taxable profit in France will be equivalent to that of 2024, before adjusting the average for actual FY 2025 results
¹⁵        Shareholder’s equity excluding goodwill and other intangible assets
¹⁶        According to the new definition of the ratio resulting from the CRR3 regulation (Capital Requirements Regulation 3) of the European Union; ratio calculated excluding Q1 accounting net income
¹⁷        Assets under management and net inflows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of assets under management and net inflows from Asian JVs; for Wafa Gestion in Morocco, assets under management and net inflows are reported in proportion to Amundi’s share in the capital of the JV.
¹⁸        Lyxor, integrated as of 31/12/2021; sale of Lyxor Inc. in Q4-23
¹⁹        Assets under management and net inflows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of assets under management and net inflows from Asian JVs; for Wafa Gestion in Morocco, assets under management and net inflows are reported in proportion to Amundi’s share in the capital of the JV; as of 01/01/2024, reclassification of short-term bond strategies (€30bn of assets under management) as Bonds ; previously classified as Treasury products until that date; assets under management up to this date have not been reclassified in this table
²⁰        See also the section 4.3 of the 2024 Universal Registration Document filed with the AMF on 16 April 2025 under number D25-0272
²¹Source: IPE “Top 500 Asset Managers” published in June 2024 based on assets under management as of 31/12/2023
²²Amundi data as at 31/03/2025
²³Paris, London, Dublin, Milan, Tokyo and San Antonio (via our strategic partnership with Victory Capital)

Attachment

Amundi_PR_Q1 2025_EN_vdef

The MIL Network –

April 29, 2025

MIL-OSI Global: What Liberal Mark Carney’s projected election win in Canada means for Europe

Source: The Conversation – Canada – By Katerina Sviderska, PhD Candidate in Slavonic Studies, University of Cambridge

Just months ago, Canada’s Conservatives were leading the polls, surfing the wave of radical right ideas and rhetoric sweeping across the globe. But with the projected election victory of Mark Carney’s Liberal Party, Canada now stands out as a liberal anchor in a fractured West.

This election may not only shape Canada’s domestic trajectory, but also carries significant implications for its international partnerships amid rising geopolitical uncertainty.

As some European countries and the United States head towards isolationism, authoritarianism and turn to the East — even flirting with Russia — Canada’s continued Liberal leadership reinforces its position as a key ally for the European Union. Carney’s centrist and pro-EU attitude provides stability and relief for Europeans.

From defence to trade and climate, Canada and the EU share deep economic and strategic ties. With a Liberal government, these connections will strengthen, offering both sides what they need the most: a reliable, like-minded partner at a time of transatlantic unpredictability.

What does Carney’s victory mean specifically for the Canada-EU relationship?

Trade as a strategic anchor

Carney’s election offers new momentum for Canada-EU collaboration. His “blue liberalism” brings Canada ideologically closer to Europe’s current leadership — from Emmanuel Macron’s centrist France to the Christian Democratic Union-led coalition in Germany — providing fertile ground for pragmatic co-operation.

Trade remains the foundation of the Canada-EU relationship, and both sides should aim to build on it. At the heart of this partnership is the Comprehensive Economic and Trade Agreement (CETA), which has increased EU-Canada trade by 65 per cent since 2017.

European Council President António Costa has called the deal a success story providing clear proof “trade agreements are clearly better than trade tariffs.”

As the U.S. speeds toward toward economic nationalism, CETA has become more than a commercial agreement — it’s a strategic anchor in the global liberal order. One of the Liberal government’s early priorities is likely to consolidate and strengthen CETA. In doing so, Canada can position itself as an ambitious partner, ready to seize new opportunities as European countries seek to reduce their reliance on the American market.

Climate and energy: A balanced agenda

Climate and energy, too, offer new opportunities for co-operation. Both Canada and the EU are navigating the tensions between pursuing ambitious decarbonization goals and managing economic and inflationary pressures. After scrapping Canada’s carbon tax on his first day in office, Carney has already hinted at a more pragmatic environmental stance.

While pledging to maintain key climate policies — including the emissions cap on oil and gas — Carney’s government may recalibrate Canada’s approach to energy. This would mirror shifts among some European allies’ climate policies.

This evolving transatlantic consensus — less about abandoning climate goals, more about making them economically viable — paves the way for closer co-operation based on a common goal: bolstering economic competitiveness while maintaining environmental credibility.

Both Carney and the EU view the investment in new technologies as the path forward.

As Europe accelerates its green agenda and implements new sustainability rules, only countries with strong environmental standards qualify as long-term partners. Canada, provided it stays the course on climate policies, is well-positioned to be a key partner in Europe’s green transition.

Transatlantic defence co-operation

Beyond trade and energy, defence co-operation between Canada and the EU is expected to surge. A key priority for the new Liberal government is to finally reach NATO’s benchmark of spending two per cent of gross domestic product on defence, a longstanding commitment that has eluded previous administrations.

Read more:
What does Donald Trump’s NATO posturing mean for Canada?

This signal of rearmament reflects not only alignment with NATO expectations but also a broader understanding that liberal democracies must be prepared to defend themselves. Nowhere is this more pressing than in Ukraine, the epicentre of Europe’s geopolitical storm.

Canada has been among the most reliable supporters of Ukraine since the onset of Russia’s full-scale invasion, aligning itself with Europe’s most committed nations — France, Poland, the Baltics and, increasingly, Germany.

But as threats evolve, the battlefield also extends beyond Ukraine’s frontlines. Hybrid attacks — cyber, disinformation campaigns and foreign interference in democratic processes — now wash up on all shores. Canada’s National Cyber Threat Assessment 2025–26 identifies state-sponsored cyber operations as one of the most serious threats to democratic stability, particularly from Russia and China.

Read more:
Foreign interference threats in Canada’s federal election are both old and new

In strengthening its defence collaboration, Ottawa is hoping to get a seat in the fight against autocracies. The question is no longer whether to engage, but how to lead in this era of layered and compounding threats coming from rivals like Russia and China — and now from the U.S., a historical Canadian ally.

Under Carney’s leadership, Canada is likely to pursue a pragmatic and globally engaged liberalism definitively aligned with Europe. As Canada and the EU are both looking for reliable allies to weather the storm, this renewed western alliance could solidify around Ottawa and Brussels — anchored in shared democratic values and pragmatic leadership.

Katerina Sviderska receives funding from Fonds de Recherche du Québec and the Gates Cambridge Foundation.

Leandre Benoit receives funding from the Social Sciences and Humanities Research Council of Canada.

– ref. What Liberal Mark Carney’s projected election win in Canada means for Europe – https://theconversation.com/what-liberal-mark-carneys-projected-election-win-in-canada-means-for-europe-254775

MIL OSI – Global Reports –

April 29, 2025
MIL-OSI Global: What Liberal Mark Carney’s Canadian projected election win means for Europe

Source: The Conversation – Canada – By Katerina Sviderska, PhD Candidate in Slavonic Studies, University of Cambridge

Just months ago, Canada’s Conservatives were leading the polls, surfing the wave of radical right ideas and rhetoric sweeping across the globe. But with the projected election victory of Mark Carney’s Liberal Party, Canada now stands out as a liberal anchor in a fractured West.

This election may not only shape Canada’s domestic trajectory, but also carries significant implications for its international partnerships amid rising geopolitical uncertainty.

As some European countries and the United States head towards isolationism, authoritarianism and turn to the East — even flirting with Russia — Canada’s continued Liberal leadership reinforces its position as a key ally for the European Union. Carney’s centrist and pro-EU attitude provides stability and relief for Europeans.

From defence to trade and climate, Canada and the EU share deep economic and strategic ties. With a Liberal government, these connections will strengthen, offering both sides what they need the most: a reliable, like-minded partner at a time of transatlantic unpredictability.

What does Carney’s victory mean specifically for the Canada-EU relationship?

Trade as a strategic anchor

Carney’s election offers new momentum for Canada-EU collaboration. His “blue liberalism” brings Canada ideologically closer to Europe’s current leadership — from Emmanuel Macron’s centrist France to the Christian Democratic Union-led coalition in Germany — providing fertile ground for pragmatic co-operation.

Trade remains the foundation of the Canada-EU relationship, and both sides should aim to build on it. At the heart of this partnership is the Comprehensive Economic and Trade Agreement (CETA), which has increased EU-Canada trade by 65 per cent since 2017.

European Council President António Costa has called the deal a success story providing clear proof “trade agreements are clearly better than trade tariffs.”

As the U.S. speeds toward toward economic nationalism, CETA has become more than a commercial agreement — it’s a strategic anchor in the global liberal order. One of the Liberal government’s early priorities is likely to consolidate and strengthen CETA. In doing so, Canada can position itself as an ambitious partner, ready to seize new opportunities as European countries seek to reduce their reliance on the American market.

Climate and energy: A balanced agenda

Climate and energy, too, offer new opportunities for co-operation. Both Canada and the EU are navigating the tensions between pursuing ambitious decarbonization goals and managing economic and inflationary pressures. After scrapping Canada’s carbon tax on his first day in office, Carney has already hinted at a more pragmatic environmental stance.

While pledging to maintain key climate policies — including the emissions cap on oil and gas — Carney’s government may recalibrate Canada’s approach to energy. This would mirror shifts among some European allies’ climate policies.

This evolving transatlantic consensus — less about abandoning climate goals, more about making them economically viable — paves the way for closer co-operation based on a common goal: bolstering economic competitiveness while maintaining environmental credibility.

Both Carney and the EU view the investment in new technologies as the path forward.

As Europe accelerates its green agenda and implements new sustainability rules, only countries with strong environmental standards qualify as long-term partners. Canada, provided it stays the course on climate policies, is well-positioned to be a key partner in Europe’s green transition.

Transatlantic defence co-operation

Beyond trade and energy, defence co-operation between Canada and the EU is expected to surge. A key priority for the new Liberal government is to finally reach NATO’s benchmark of spending two per cent of gross domestic product on defence, a longstanding commitment that has eluded previous administrations.

Read more:
What does Donald Trump’s NATO posturing mean for Canada?

This signal of rearmament reflects not only alignment with NATO expectations but also a broader understanding that liberal democracies must be prepared to defend themselves. Nowhere is this more pressing than in Ukraine, the epicentre of Europe’s geopolitical storm.

Canada has been among the most reliable supporters of Ukraine since the onset of Russia’s full-scale invasion, aligning itself with Europe’s most committed nations — France, Poland, the Baltics and, increasingly, Germany.

But as threats evolve, the battlefield also extends beyond Ukraine’s frontlines. Hybrid attacks — cyber, disinformation campaigns and foreign interference in democratic processes — now wash up on all shores. Canada’s National Cyber Threat Assessment 2025–26 identifies state-sponsored cyber operations as one of the most serious threats to democratic stability, particularly from Russia and China.

Read more:
Foreign interference threats in Canada’s federal election are both old and new

In strengthening its defence collaboration, Ottawa is hoping to get a seat in the fight against autocracies. The question is no longer whether to engage, but how to lead in this era of layered and compounding threats coming from rivals like Russia and China — and now from the U.S., a historical Canadian ally.

Under Carney’s leadership, Canada is likely to pursue a pragmatic and globally engaged liberalism definitively aligned with Europe. As Canada and the EU are both looking for reliable allies to weather the storm, this renewed western alliance could solidify around Ottawa and Brussels — anchored in shared democratic values and pragmatic leadership.

Katerina Sviderska receives funding from Fonds de Recherche du Québec and the Gates Cambridge Foundation.

Leandre Benoit receives funding from the Social Sciences and Humanities Research Council of Canada.

– ref. What Liberal Mark Carney’s Canadian projected election win means for Europe – https://theconversation.com/what-liberal-mark-carneys-canadian-projected-election-win-means-for-europe-254775

MIL OSI – Global Reports –

April 29, 2025
MIL-Evening Report: How do the Coalition and Labor plans on housing differ – and what have they ignored?

Source: The Conversation (Au and NZ) – By Hal Pawson, Professor of Housing Research and Policy, and Associate Director, City Futures Research Centre, UNSW Sydney

Any doubts that Australia’s growing housing challenges would be a major focus of the federal election campaign have been dispelled over recent weeks.

Both major parties announced strikingly ambitious housing initiatives as campaign centrepiece offers. So how do they compare?

What’s the Coalition offering?

The Coalition had already pledged several significant housing initiatives, should it form government. Among those, the biggest ticket item is the $5 billion program for enabling infrastructure to “unlock up to 500,000 new homes”.

In the absence of underpinning detail, both the wording of this pledge and its alleged potential impact have generated some scepticism.

Also announced well ahead of the campaign was the Coalition’s plan to allow first home buyers to draw down on their superannuation. They could withdraw up to $50,000 to help fund mortgage deposits.

This proposal has attracted some qualified support. But it’s been rejected by most of Australia’s top economists. This reflects concerns the measure could prove highly inflationary. It also risks a net loss for scheme participants if devalued retirement savings outweigh the benefit of accelerated access to home ownership.

Likewise, the Coalition’s newly unveiled plan to allow mortgage interests for first home buyers to be tax-deductible has been fiercely criticised for its likely inflationary and regressive effects.

Such arrangements are novel in Australia, but exist in some other countries. These include the Netherlands, where their impact has been recently described as damaging to both housing affordability and public finances.

What’s Labor offering?

Labor’s two new offers are to enable access to a mortgage with only a 5% deposit, and its $10 billion “Build to Sell” program.

As a demand-side instrument, the first of these could have some inflationary impact. But given the modest nature of the assistance provided, and that it only expands the existing Home Guarantee Scheme from its current maximum annual quota of 50,000 to an expected take-up of around 80,000, this is likely to be limited.

The Build to Sell plan would see collaboration with state and territory governments to commission 100,000 new homes in eight years. These would be for first home buyers only and, likely, for cost-price sale.

In further details of the plan, released just days out from polling day, Labor says the plan would be progressed partly via $2 billion in concessional loans to the states.

The whole build-to-sell idea revives the practice of the 1950s and 1960s where, in addition to constructing public housing for rent, state governments commissioned homes for sale. This contributed to the rapid rise in home ownership during that period.

As a supply-side measure, the new plan builds on the 2022 National Housing Accord. The accord aims to expand overall housing industry output to 1.2 million new homes in the five years to 2029.

Much about the Build to Sell plan has yet to be revealed. But from what we know, it looks like a bold initiative in challenging conventional modern thinking about the proper limits of direct state involvement in supplying a commodity largely provided through the market.

By expanding overall housing production, it could help in slightly moderating prices market-wide, as well as benefiting the homebuyers directly involved.

One-eyed agendas

When it comes to helping first home buyers, both parties have put forth some ambitious new propositions. But social housing and homelessness pledges have been glaringly absent from their proposals.

Neither Labor nor the Coalition has announced any significant new initiative to relieve rental stress at the lower end of the housing market, affecting millions of Australians. Measures that might, at least indirectly, help stem the rising tide of homelessness that now sees more than 10,000 newly homeless people being taken on by support agencies every month.

Given its numerous initiatives to increase assistance to low-income and otherwise disadvantaged renters already enacted since 2022, Labor has a somewhat stronger excuse here.

But while Albanese government measures, such as increased rent assistance, have eased the situation for some hard-pressed tenants, many other measures will only start to help in the next term of parliament.

That’s especially true for the Housing Australia Future Fund and all of Labor’s other post-2022 federal programs to expand social and affordable housing construction. Pledged commitments during the current parliament should add 55,000 new social and affordable homes to the national portfolio.

In combination with the Build to Sell initiative, this would see state-commissioned or otherwise funded housing construction perhaps equating to as much as 10% of all home-building later this decade. While short of the 16% achieved in the 1945-70 period, that would be a giant increase over the 1-2% typically recorded during the 2010s.

Read more:
Homelessness – the other housing crisis politicians aren’t talking about

Even so, social and affordable housing investment so far pledged by Labor is limited in relation to demand. It’s estimated 640,000 households have an unmet need for social or affordable housing.

The Coalition says if it wins the election, it would abolish the housing future fund. When asked how he would replace it, Shadow Treasurer Angus Taylor declared it unnecessary because “there’s billions of dollars that [already] goes to the states for social housing”.

While narrowly true, this is also disingenuous. The relatively modest funds referenced here – paid annually under the National Agreement on Social Housing and Homelessness – are entirely swallowed up in balancing the operating budgets of state public housing authorities.

With public housing systems otherwise mired deep in deficits, it’s been decades since this funding stream has been sufficient to generate any new housing supply.

In this respect, the Coalition’s 2025 housing pitch foreshadows a resumption of the Abbott-Turnbull-Morrison stance: nine years of federal subsidy drought for new social and affordable housing.

What else is missing?

Many have also criticised the recent major party offers as ignoring the overdue need for fundamental housing tax reform.

That’s true for Labor. But the Coalition’s pitch on mortgage interest would, in fact, amount to a major property tax reset.

Unfortunately, though, this so-called “negative gearing for first home buyers” would pile yet another damaging “market distortion” on top of all our existing property ownership tax breaks.

These concessions have, over decades, contributed to today’s housing affordability problem, as their value is capitalised into higher prices.

As observed by researcher Peter Mares, this new Coalition foray only goes to shine an even brighter light on the rational case to confront that problem head-on.

Hal Pawson receives funding from the Australian Research Council, the Australian Housing and Urban Research Institute and Crisis UK. He is a part-time unpaid advisor to Senator David Pocock.

– ref. How do the Coalition and Labor plans on housing differ – and what have they ignored? – https://theconversation.com/how-do-the-coalition-and-labor-plans-on-housing-differ-and-what-have-they-ignored-253337

MIL OSI Analysis – EveningReport.nz –

April 29, 2025
MIL-OSI Submissions: Amnesty International warns of global human rights crisis as ‘Trump effect’ accelerates destructive trends
Source: Amnesty International

Annual report highlights the creep of authoritarian practices and vicious clampdowns on dissent around the world

President Trump’s first 100 days intensify 2024’s global regressions and deep-rooted trends

Global failures in addressing inequalities, climate collapse, and tech transformations imperil future generations

The rise of authoritarian practices and annihilation of international law are not inevitable: people do and will resist attacks on human rights; governments can deliver international justice and must continue to do so.

The Trump administration’s anti-rights campaign is turbocharging harmful trends already present, gutting international human rights protections and endangering billions across the planet, Amnesty International warned today upon launching its annual report, The State of the World’s Human Rights.

This “Trump effect” has compounded the damage done by other world leaders throughout 2024, eating away at decades of painstaking work to build up and advance universal human rights for all and accelerating humanity’s plunge into a brutal new era characterized by intermingling authoritarian practices and corporate greed, Amnesty International said in its assessment of the situation in 150 countries.

“Year after year, we have warned of the dangers of human rights backsliding. But events of the past 12 months – not least Israel’s livestreamed but unheeded genocide of Palestinians in Gaza – have laid bare just how hellish the world can be for so many when the most powerful states jettison international law and disregard multilateral institutions. At this historical juncture, when authoritarian laws and practices are multiplying the world over in the interests of very few, governments and civil society must work with urgency to lead humanity back to safer ground,” said Agnès Callamard, Amnesty International’s Secretary General.

The State of the World’s Human Rights documents vicious, widespread clampdowns on dissent, catastrophic escalations of armed conflict, inadequate efforts to address climate collapse, and a growing backlash globally against the rights of migrants, refugees, women, girls and LGBTI people. Each of these faces further deterioration in a turbulent 2025 unless a global about-turn is achieved.

“One hundred days into his second term, President Trump has shown only utter contempt for universal human rights. His government has swiftly and deliberately targeted vital US and international institutions and initiatives that were designed to make ours a safer and fairer world. His all-out assault on the very concepts of multilateralism, asylum, racial and gender justice, global health and life-saving climate action is exacerbating the significant damage those principles and institutions have already sustained and is further emboldening other anti-rights leaders and movements to join his onslaught,” Agnès Callamard added.

“But let us be clear: this sickness runs much deeper than the actions of President Trump. For years now, we’ve witnessed a creeping spread of authoritarian practices among states the world over, fostered by aspiring and elected leaders willingly acting as engines of destruction. As they drag us into a new age of turmoil and cruelty, all who believe in freedom and equality must steel ourselves to counter increasingly extreme attacks on international law and universal human rights.”

The proliferation of authoritarian laws, policies and practices targeting freedom of expression, association and peaceful assembly that Amnesty International documented in 2024 was central to the global backlash against human rights. Governments across the world sought to evade accountability, entrench their power and instil fear by banning media outlets, by disbanding or suspending NGOs and political parties, by imprisoning critics on baseless charges of “terrorism” or “extremism”, and by criminalizing human rights defenders, climate activists, Gaza solidarity protesters and other dissenters.

Security forces in several countries used mass arbitrary arrests, enforced disappearances and often excessive – sometimes lethal – force to suppress civil disobedience. Bangladeshi authorities issued “shoot-on-sight” orders against student protests, resulting in almost 1,000 deaths, while security forces in Mozambique unleashed the worst crackdown on protests in years following disputed elections, leaving at least 277 people dead.

Türkiye imposed blanket bans on protests and continues to use unlawful and indiscriminate force against peaceful demonstrators, but people power prevailed in South Korea when president Yoon Suk Yeol suspended certain human rights and declared martial law, only to be removed from office and see those measures overturned after massive public protests.

Armed conflicts highlight repeated failures

As conflicts multiplied or escalated, state forces and armed groups acted brazenly, committing war crimes and other serious violations of international humanitarian law that devastated the lives of millions.

Amnesty International documented Israel’s genocide against Palestinians in Gaza in a landmark reportand its system of apartheid and unlawful occupation in the West Bank turned increasingly violent. Meanwhile, Russia killed more Ukrainian civilians in 2024 than it did the year before, continuing to target civilian infrastructure and subjecting detainees to torture and enforced disappearance.

Sudan’s Rapid Support Forces inflicted widespread sexual violence on women and girls, in what amounts to war crimes and possible crimes against humanity, while the number of people internally displaced by Sudan’s two-year civil war rose to 11 million – more than anywhere else on earth. Yet that conflict elicited near-total global indifference – aside from cynical actors exploiting opportunities to breach the Darfur arms embargo.

The Rohingya continued to face racist attacks in Myanmar, causing many to flee their homes in Rakhine state. The Trump administration’s massive foreign aid cuts have since aggravated the situation, causing the closure of hospitals in refugee camps in neighbouring Thailand, exposing fleeing human rights defenders to risk of deportation and imperilling programmes helping people survive the conflict.

The initial suspension of US foreign aid also impacted health services and support for children forcibly separated from their families at detention camps in Syria, and the abrupt cuts have shut down lifesaving programmes in Yemen, including malnutrition treatment for children, pregnant and breastfeeding mothers, safe shelters for survivors of gender-based violence, and healthcare for children suffering from cholera and other illnesses.

“Amnesty International has long warned of double standards undermining the rules-based order. The impact of that to-date unfettered backsliding plumbed new depths in 2024, from Gaza to the Democratic Republic of Congo. Having paved the way for this mess by failing to universally uphold the rule of law, the international community must now shoulder the responsibility,” said Agnès Callamard.

“The cost of these failures is gargantuan, namely the loss of vital protections built to safeguard humanity after the horrors of the Holocaust and World War Two. Despite its many imperfections, obliteration of the multilateral system is no answer. It must be strengthened and reimagined. Yet, having seen it sustain further damage in 2024, today the Trump administration appears intent on taking a chainsaw to the remnants of multilateral cooperation in order to reshape our world through a transactional doctrine steeped in greed, callous self-interest and dominance of the few.”

Governments are abandoning future generations

The State of the World’s Human Rights presents stark evidence that the world is condemning future generations to an ever-harsher existence thanks to collective failures to tackle the climate crisis, reverse ever-deepening inequalities and restrain corporate power.

COP29 was a catastrophe, with a record number of fossil fuel lobbyists inhibiting progress on a fair phase-out, while the wealthiest countries bullied lower-income nations into accepting derisory climate financing agreements. President Trump’s reckless decision to abandon the Paris Agreement and his “drill, baby drill” refrain have only compounded these failings and could encourage others to follow suit.

“2024 was the hottest year on record and the first to exceed 1.5°C above pre-industrial levels. The floods that devastated South Asia and Europe, the droughts that ravaged Southern Africa, the fires that razed swathes of Amazon rainforest and the hurricanes that wreaked havoc in the USA laid bare the immense human cost of global heating, even at its current levels. With a 3°C rise projected this century, richer nations know they’re not immune from increasingly extreme unnatural disasters – as the recent California wildfires drove home – but will they act?” said Agnès Callamard.

In 2024, extreme poverty and inequality within and between states continued to deepen due to widespread inflation, poor corporate regulation, pervasive tax abuse and rising national debts. Yet many governments and political movements used racist and xenophobic rhetoric to scapegoat migrants and refugees for crime and economic stagnation. Meanwhile, the number and wealth of billionaires grew, even as the World Bank warned of “a lost decade” in global poverty reduction.

The future looks far bleaker for many women, girls and LGBTI people, amid intensifying attacks on gender equality and identity. The Taliban imposed even-more-draconian restrictions on women’s public existence in Afghanistan, while Iranian authorities intensified their brutal crackdown on women and girls who defy compulsory veiling. Groups of women searching for missing loved ones in Mexico and Colombia faced all manner of threats and attacks.

Malawi, Mali and Uganda took steps to criminalize or uphold bans on same-sex relations between consenting adults, while Georgia and Bulgaria followed Russia’s lead in clamping down on supposed “LGBTI propaganda”. The Trump administration is bolstering the global backlash against gender justice by dismantling efforts to tackle discrimination, relentlessly attacking transgender rights, and ending funding for health, education and other programmes that supported women and girls all over the world.

Governments are further harming present and future generations by failing to adequately regulate new technologies, abusing surveillance tools and entrenching discrimination and inequalities through increased use of artificial intelligence.

Tech firms have long facilitated discriminatory and authoritarian practices, but President Trump has exacerbated this trend, encouraging social media companies to roll back protections – including Meta’s removal of third-party fact-checking – and double down on a business model that enables the spread of hateful and violent content. The alignment between the Trump administration and tech billionaires also risks opening the door to an era of rampant corruption, disinformation, impunity and corporate capture of state power.

“From seating tech billionaires in prime position at his inauguration to granting the world’s richest man unprecedented access to the US government apparatus, it appears that President Trump will let his self-serving and corporate allies run amok, without the slightest regard for human rights or even the rule of law,” said Agnès Callamard.

Vital efforts to uphold international justice

Despite mounting opposition from powerful states – compounded this year by the Trump administration’s shameless sanctions against the ICC prosecutor – international justice and multilateral bodies have continued to push for accountability at the highest levels, with governments from the Global South leading several significant initiatives.

The ICC issued arrest warrants against senior state officials and leaders of armed groups in Israel, Gaza, Libya, Myanmar and Russia. The UN took an important step towards negotiating a much-needed treaty on crimes against humanity and the Philippines followed suit by arresting former president Rodrigo Duterte last month under an ICC warrant for the crime against humanity of murder.

The International Court of Justice (ICJ) issued three sets of provisional measure orders in the case South Africa brought against Israel under the Genocide Convention and issued an advisory opinion declaring that Israel’s occupation of Palestinian territory, including East Jerusalem, is unlawful. The UN General Assembly also passed a resolution calling on Israel to end its occupation, and in January 2025 eight states from the Global South formed the Hague Group, a collective committed to preventing arms transfers to Israel and holding it accountable for violations of international law.

“We applaud the efforts of nations like South Africa and international justice bodies to push back against powerful states hellbent on undermining international law. In so challenging impunity, those nations and bodies set examples for the whole world to follow. The mounting attacks we’ve witnessed on the ICC in recent months suggest this is emerging as a major battlefield of 2025. All governments must do everything in their power to support international justice, hold perpetrators accountable, and protect the ICC and its staff from sanctions,” said Agnès Callamard.

“Despite daunting challenges, the destruction of human rights is far from inevitable. History abounds with examples of brave people overcoming authoritarian practices. In 2024 the people of several nations rejected anti-rights leaders at the ballot box while millions around the world raised their voices against injustice. So it’s clear: no matter who stands in our way, we must – and we will – continue to resist the reckless regimes of power and profit that seek to strip people of their human rights. Our vast, unshakeable movement will be forever united in our common belief in the inherent dignity and human rights of everyone on this planet.”
MIL OSI – Submitted News –
April 29, 2025
MIL-OSI Global: What Liberal Mark Carney’s Canadian election win means for Europe

Source: The Conversation – Canada – By Katerina Sviderska, PhD Candidate in Slavonic Studies, University of Cambridge

Just months ago, Canada’s Conservatives were leading the polls, surfing the wave of radical right ideas and rhetoric sweeping across the globe. But with the election victory of Mark Carney’s Liberal Party, Canada now stands out as a liberal anchor in a fractured West.

This election not only shapes Canada’s domestic trajectory, but also carries significant implications for its international partnerships amid rising geopolitical uncertainty.

As some European countries and the United States head towards isolationism, authoritarianism and turn to the East — even flirting with Russia — Canada’s continued Liberal leadership reinforces its position as a key ally for the European Union. Carney’s centrist and pro-EU attitude provides stability and relief for Europeans.

From defence to trade and climate, Canada and the EU share deep economic and strategic ties. With a Liberal government, these connections will strengthen, offering both sides what they need the most: a reliable, like-minded partner at a time of transatlantic unpredictability.

What does Carney’s victory mean specifically for the Canada-EU relationship?

Trade as a strategic anchor

Carney’s election offers new momentum for Canada-EU collaboration. His “blue liberalism” brings Canada ideologically closer to Europe’s current leadership — from Emmanuel Macron’s centrist France to the Christian Democratic Union-led coalition in Germany — providing fertile ground for pragmatic co-operation.

Trade remains the foundation of the Canada-EU relationship, and both sides should aim to build on it. At the heart of this partnership is the Comprehensive Economic and Trade Agreement (CETA), which has increased EU-Canada trade by 65 per cent since 2017.

European Council President António Costa has called the deal a success story providing clear proof “trade agreements are clearly better than trade tariffs.”

As the U.S. speeds toward toward economic nationalism, CETA has become more than a commercial agreement — it’s a strategic anchor in the global liberal order. One of the Liberal government’s early priorities is likely to consolidate and strengthen CETA. In doing so, Canada can position itself as an ambitious partner, ready to seize new opportunities as European countries seek to reduce their reliance on the American market.

Climate and energy: A balanced agenda

Climate and energy, too, offer new opportunities for co-operation. Both Canada and the EU are navigating the tensions between pursuing ambitious decarbonization goals and managing economic and inflationary pressures. After scrapping Canada’s carbon tax on his first day in office, Carney has already hinted at a more pragmatic environmental stance.

While pledging to maintain key climate policies — including the emissions cap on oil and gas — Carney’s government may recalibrate Canada’s approach to energy. This would mirror shifts among some European allies’ climate policies.

This evolving transatlantic consensus — less about abandoning climate goals, more about making them economically viable — paves the way for closer co-operation based on a common goal: bolstering economic competitiveness while maintaining environmental credibility.

Both Carney and the EU view the investment in new technologies as the path forward.

As Europe accelerates its green agenda and implements new sustainability rules, only countries with strong environmental standards qualify as long-term partners. Canada, provided it stays the course on climate policies, is well-positioned to be a key partner in Europe’s green transition.

Transatlantic defence co-operation

Beyond trade and energy, defence co-operation between Canada and the EU is expected to surge. A key priority for the new Liberal government is to finally reach NATO’s benchmark of spending two per cent of gross domestic product on defence, a longstanding commitment that has eluded previous administrations.

Read more:
What does Donald Trump’s NATO posturing mean for Canada?

This signal of rearmament reflects not only alignment with NATO expectations but also a broader understanding that liberal democracies must be prepared to defend themselves. Nowhere is this more pressing than in Ukraine, the epicentre of Europe’s geopolitical storm.

Canada has been among the most reliable supporters of Ukraine since the onset of Russia’s full-scale invasion, aligning itself with Europe’s most committed nations — France, Poland, the Baltics and, increasingly, Germany.

But as threats evolve, the battlefield also extends beyond Ukraine’s frontlines. Hybrid attacks — cyber, disinformation campaigns and foreign interference in democratic processes — now wash up on all shores. Canada’s National Cyber Threat Assessment 2025–26 identifies state-sponsored cyber operations as one of the most serious threats to democratic stability, particularly from Russia and China.

Read more:
Foreign interference threats in Canada’s federal election are both old and new

In strengthening its defence collaboration, Ottawa is hoping to get a seat in the fight against autocracies. The question is no longer whether to engage, but how to lead in this era of layered and compounding threats coming from rivals like Russia and China — and now from the U.S., a historical Canadian ally.

Under Carney’s leadership, Canada is likely to pursue a pragmatic and globally engaged liberalism definitively aligned with Europe. As Canada and the EU are both looking for reliable allies to weather the storm, this renewed western alliance could solidify around Ottawa and Brussels — anchored in shared democratic values and pragmatic leadership.

Katerina Sviderska receives funding from Fonds de Recherche du Québec and the Gates Cambridge Foundation.

Leandre Benoit receives funding from the Social Sciences and Humanities Research Council of Canada.

– ref. What Liberal Mark Carney’s Canadian election win means for Europe – https://theconversation.com/what-liberal-mark-carneys-canadian-election-win-means-for-europe-254775

MIL OSI – Global Reports –

April 29, 2025
MIL-OSI Global: What Canada’s election of Mark Carney’s Liberals means for Europe

Source: The Conversation – Canada – By Katerina Sviderska, PhD Candidate in Slavonic Studies, University of Cambridge

Just months ago, Canada’s Conservatives were leading the polls, surfing the wave of radical right ideas and rhetoric sweeping across the globe. But with the election victory of Mark Carney’s Liberal Party, Canada now stands out as a liberal anchor in a fractured West.

This election not only shapes Canada’s domestic trajectory, but also carries significant implications for its international partnerships amid rising geopolitical uncertainty.

As some European countries and the United States head towards isolationism, authoritarianism and turn to the East — even flirting with Russia — Canada’s continued Liberal leadership reinforces its position as a key ally for the European Union. Carney’s centrist and pro-EU attitude provides stability and relief for Europeans.

From defence to trade and climate, Canada and the EU share deep economic and strategic ties. With a Liberal government, these connections will strengthen, offering both sides what they need the most: a reliable, like-minded partner at a time of transatlantic unpredictability.

What does Carney’s victory mean specifically for the Canada-EU relationship?

Trade as a strategic anchor

Carney’s election offers new momentum for Canada-EU collaboration. His “blue liberalism” brings Canada ideologically closer to Europe’s current leadership — from Emmanuel Macron’s centrist France to the Christian Democratic Union-led coalition in Germany — providing fertile ground for pragmatic co-operation.

Trade remains the foundation of the Canada-EU relationship, and both sides should aim to build on it. At the heart of this partnership is the Comprehensive Economic and Trade Agreement (CETA), which has increased EU-Canada trade by 65 per cent since 2017.

European Council President António Costa has called the deal a success story providing clear proof “trade agreements are clearly better than trade tariffs.”

As the U.S. speeds toward toward economic nationalism, CETA has become more than a commercial agreement — it’s a strategic anchor in the global liberal order. One of the Liberal government’s early priorities is likely to consolidate and strengthen CETA. In doing so, Canada can position itself as an ambitious partner, ready to seize new opportunities as European countries seek to reduce their reliance on the American market.

Climate and energy: A balanced agenda

Climate and energy, too, offer new opportunities for co-operation. Both Canada and the EU are navigating the tensions between pursuing ambitious decarbonization goals and managing economic and inflationary pressures. After scrapping Canada’s carbon tax on his first day in office, Carney has already hinted at a more pragmatic environmental stance.

While pledging to maintain key climate policies — including the emissions cap on oil and gas — Carney’s government may recalibrate Canada’s approach to energy. This would mirror shifts among some European allies’ climate policies.

This evolving transatlantic consensus — less about abandoning climate goals, more about making them economically viable — paves the way for closer co-operation based on a common goal: bolstering economic competitiveness while maintaining environmental credibility.

Both Carney and the EU view the investment in new technologies as the path forward.

As Europe accelerates its green agenda and implements new sustainability rules, only countries with strong environmental standards qualify as long-term partners. Canada, provided it stays the course on climate policies, is well-positioned to be a key partner in Europe’s green transition.

Transatlantic defence co-operation

Beyond trade and energy, defence co-operation between Canada and the EU is expected to surge. A key priority for the new Liberal government is to finally reach NATO’s benchmark of spending two per cent of gross domestic product on defence, a longstanding commitment that has eluded previous administrations.

Read more:
What does Donald Trump’s NATO posturing mean for Canada?

This signal of rearmament reflects not only alignment with NATO expectations but also a broader understanding that liberal democracies must be prepared to defend themselves. Nowhere is this more pressing than in Ukraine, the epicentre of Europe’s geopolitical storm.

Canada has been among the most reliable supporters of Ukraine since the onset of Russia’s full-scale invasion, aligning itself with Europe’s most committed nations — France, Poland, the Baltics and, increasingly, Germany.

But as threats evolve, the battlefield also extends beyond Ukraine’s frontlines. Hybrid attacks — cyber, disinformation campaigns and foreign interference in democratic processes — now wash up on all shores. Canada’s National Cyber Threat Assessment 2025–26 identifies state-sponsored cyber operations as one of the most serious threats to democratic stability, particularly from Russia and China.

Read more:
Foreign interference threats in Canada’s federal election are both old and new

In strengthening its defence collaboration, Ottawa is hoping to get a seat in the fight against autocracies. The question is no longer whether to engage, but how to lead in this era of layered and compounding threats coming from rivals like Russia and China — and now from the U.S., a historical Canadian ally.

Under Carney’s leadership, Canada is likely to pursue a pragmatic and globally engaged liberalism definitively aligned with Europe. As Canada and the EU are both looking for reliable allies to weather the storm, this renewed western alliance could solidify around Ottawa and Brussels — anchored in shared democratic values and pragmatic leadership.

Katerina Sviderska receives funding from Fonds de Recherche du Québec and the Gates Cambridge Foundation.

Leandre Benoit receives funding from the Social Sciences and Humanities Research Council of Canada.

– ref. What Canada’s election of Mark Carney’s Liberals means for Europe – https://theconversation.com/what-canadas-election-of-mark-carneys-liberals-means-for-europe-254775

MIL OSI – Global Reports –

April 29, 2025
MIL-OSI USA: Bipartisan Klobuchar Bill to Protect Online Privacy and Combat Explicit Deepfakes Passes Congress
US Senate News:
Source: United States Senator for Minnesota Amy Klobuchar

The TAKE IT DOWN Act criminalizes the nonconsensual publication of explicit images, real and AI-generated, and requires websites to remove them

WASHINGTON – Today, U.S. Senators Amy Klobuchar (D-MN) and Ted Cruz (R-TX) announced that their bipartisan TAKE IT DOWN Act passed the House and is headed to the President’s desk to be signed into law. Representatives Maria Elvira Salazar (R-FL) and Madeleine Dean (D-PA) led the companion legislation that passed today.

The bill unanimously passed the Senate in February, and it includes the Klobuchar and Senator John Cornyn’s (R-TX) Stopping Harmful Image Exploitation and Limiting Distribution (SHIELD) Act, which addresses the online exploitation of explicit, private images and passed the Senate last July.

The TAKE IT DOWN Act would criminalize the publication of non-consensual intimate imagery (NCII), including AI-generated NCII, and require social media and similar websites to have in place procedures to remove such content within 48 hours of notice from a victim.

“We must provide victims of online abuse with the legal protections they need when intimate images are shared without their consent, especially now that deepfakes are creating horrifying new opportunities for abuse,” said Sen. Klobuchar. “These images can ruin lives and reputations, but now that our bipartisan legislation is becoming law, victims will be able to have this material removed from social media platforms and law enforcement can hold perpetrators accountable. ”

“The passage of the TAKE IT DOWN Act is a historic win in the fight to protect victims of revenge porn and deepfake abuse. This victory belongs first and foremost to the heroic survivors who shared their stories and the advocates who never gave up. By requiring social media companies to take down this abusive content quickly, we are sparing victims from repeated trauma and holding predators accountable,”said Sen. Cruz. “This day would not have been possible without the courage and perseverance of Elliston Berry, Francesca Mani, Breeze Liu, and Brandon Guffey, whose powerful voices drove this legislation forward. I am especially grateful to my colleagues—including Sen. Amy Klobuchar, Rep. Maria Salazar, Rep. Madeleine Dean, First Lady Melania Trump, and House Leadership—for locking arms in this critical mission to protect Americans from online exploitation.”

“The TAKE IT DOWN Act’s passage is a significant step forward in Congress’ responsibility to protect the privacy and dignity of Americans against bad actors and the most harmful developments of AI,” said Rep. Dean. “It takes only minutes to create a deepfake or share intimate images without consent, yet the lasting consequences devastate its victims — often girls and women. Our bill requires platforms to remove these horrifying images and videos from the Internet within 48 hours. I’m deeply grateful to work with Sen. Klobuchar, Sen. Cruz, and Rep. Salazar to create this bipartisan federal law.”

“The TAKE IT DOWN Act’s passage is a bipartisan victory to protect victims of real and deepfake revenge pornography,” said Rep. Salazar. “This bill shows Congress at its best, working together to empower victims, especially women and girls. It equally holds offenders and Big Tech accountable.”

The TAKE IT DOWN Act would protect and empower victims of real and deepfake NCII while respecting speech by:
- Criminalizing the publication of NCII in interstate commerce. The bill makes it unlawful for a person to knowingly publish, or threaten to publish, NCII on social media and other online platforms. NCII is defined to include realistic, computer-generated pornographic images and videos that depict identifiable, real people. The bill also clarifies that a victim consenting to the creation of an authentic image does not mean that the victim has consented to its publication.
- Protecting good-faith efforts to assist victims. The bill permits the good-faith disclosure of NCII, such as to law enforcement, in narrow cases.
- Requiring websites to take down NCII upon notice from the victim. Social media and other websites would be required to have in place procedures to remove NCII, pursuant to a valid request from a victim, within 48 hours. Websites must also make reasonable efforts to remove copies of the images. The FTC is charged with enforcement of this section.
- Protecting lawful speech. The bill is narrowly tailored to criminalize knowingly publishing NCII without chilling lawful speech. The bill conforms to current First Amendment jurisprudence by requiring that computer-generated NCII meet a “reasonable person” test for appearing indistinguishable from an authentic image.
The legislation is co-sponsored by Shelley Moore Capito (R-WV), Richard Blumenthal (D-CT), Bill Cassidy (R-LA), Cory Booker (D-NJ), John Barrasso (R-WY), Jacky Rosen (D-NV), Cynthia Lummis (R-WY), John Hickenlooper (D-CO), Ted Budd (R-NC), Marsha Blackburn (R-TN), Roger Wicker (R-MS), Todd Young (R-IN), John Curtis (R-UT), Tim Sheehy (R-MT), Raphael Warnock (D-GA), Martin Heinrich (D-NM), Gary Peters (D-MI), Adam Schiff (D-CA), Catherine Cortez Masto (D-NV), and Jeanne Shaheen (D-NH).

In 2024, at a Senate Judiciary Committee hearing titled “Big Tech and the Online Child Sexual Exploitation Crisis,” Senator Klobuchar was part of a hearing that questioned the CEO of Discord Inc., Jason Citron, the CEO of TikTok Inc., Shou Chew, the Co-founder and CEO of Snap Inc., Evan Spiegel, the CEO of X (formerly Twitter), Linda Yaccarino, and the Founder and CEO of Meta (formerly Facebook), Mark Zuckerberg, about their companies turning a blind eye when young children joined their platforms, the risk of sexual exploitation, using algorithms that push harmful content, and providing a venue for drug traffickers to sell deadly narcotics like fentanyl.

In 2017, Klobuchar and former Senators Richard Burr (R-NC) and Kamala Harris (D-CA), introduced the first version of this legislation, the bipartisan Ending Nonconsensual Online User Graphic Harassment (ENOUGH) Act.
MIL OSI USA News –
April 29, 2025
MIL-OSI: GL Communications Advances ED-137 Solutions for Air Traffic Communication Testing

Source: GlobeNewswire (MIL-OSI)

GAITHERSBURG, Md., April 28, 2025 (GLOBE NEWSWIRE) — GL Communications Inc., a global leader in telecom testing solutions, addressed the press regarding their ED-137 testing solutions for Air Traffic Management (ATM) networks. The solutions are fully compliant with EUROCAE ED-137 standards, ensuring robust and versatile testing capabilities across a wide range of air traffic applications, including air-to-ground and ground-to-ground communications.

GL invites attendees to visit Stand #H1110 at Airspace World 2025, May 13–15, in Lisbon, Portugal, to explore these solutions.

[For illustration, refer to ED137 Solutions for Air Traffic Communication Testing]

Vijay Kulkarni, CEO of GL Communications, says, “GL offers advanced testing tools for next-generation ATM networks, enabling accurate emulation and load testing of Controller Working Positions (CWPs), Ground Radio Stations (GRSs), Analog-IP converters, and Gateways. Fully compliant with ED-137, our solutions support both air-to-ground and ground-to-ground signaling and traffic emulation. For ED-138-based service quality monitoring, we provide detailed voice metrics including MOS, jitter, packet loss, latency, and support for PESQ and POLQA scoring.”

GL’s ED-137 solutions are fully compliant with the latest standards, ensuring interoperability and easy adaptation to future updates. With full IPv6 support and active involvement in industry forums, GL stays ahead of evolving ATM requirements. Trusted by global Air Navigation Service Providers and manufacturers of Voice Communication Systems (VCS), radio, recorder, and gateway manufacturers, GL’s ED-137 and ED-138 VoIP Test Tools support development, verification, load and field testing, and factory acceptance.

The Message Automation and Protocol Simulation (MAPS™) framework supports protocol emulation across Analog, TDM and VoIP technologies. It emulates ED-137-compliant Radio, Telephone, and Recorder interfaces for testing VoIP-based ATM systems. MAPS™ runs on the Windows® operating system and uses the PC’s network interface card to send and receive traffic.

MAPS™ ED-137 Radio emulates air-to-ground calls by emulating either CWPs or Radios as per ED-137 volume 1 Radio. Similarly, MAPS™ ED-137 Telephone emulates ground-to-ground calls by emulating CWPs as per ED-137 volume 2 Telephone. Optionally Telephone emulator supports Addendum 2: FAA Legacy Telephone Interworking, Addendum 4: Override Call and Addendum 5: Voice Call. MAPS™ ED-137 Recorder can emulate recorder interface at CWP, GRS, and Recorder Server as per ED-137 volume 4 Recorder. Hundreds of CWPs or Radios can be emulated and can generate bulk air-to-ground or ground-to-ground calls using a single instance/license.

All GL emulators support ED-137 B and C versions, including Change 1 and 2, with IPv6 compatibility. Validated with EUROCAE’s VOTER tool, they ensure reliable, standards-based functional and load testing of interfaces like CWP, VCS, GRS, Recorder, and Radio Gateway. The MAPS™ framework enables protocol customization and negative testing, while also emulating IP impairments—such as packet loss, duplication, delay, and out-of-order delivery—for robust network evaluation. Traffic can be monitored via GL’s PacketScan™ and analyzed locally or remotely using the NetSurveyorWeb™ platform.

[For more information, refer to maps-ed137-emulators-and-analyzers.jpg]

Centralized Monitoring for ED-138 Air-Ground and Ground-Ground Calls

Measuring voice quality, latency, packet loss, and other metrics across air traffic networks is essential for ensuring safe and reliable aviation communication. GL’s PacketScan™ software enables the capture and monitoring of live signaling and voice traffic, analyzing both ground-to-ground and air-to-ground calls in compliance with EUROCAE ED-138 standards. It measures voice quality metrics like MOS, packet loss, jitter, and delay, providing essential tools for troubleshooting and passive monitoring. Multiple PacketScan™ probes can be deployed across the network, sending call detail records to a centralized database for easy querying via web browsers.

GL’s NetSurveyorWeb™ is a web-based, centralized network surveillance system with a back-end database. It displays call detail records, measurement results, and network performance metrics. It provides both real-time and historical analysis through graphical reports, alarms, filters, search capabilities, and email notifications.

[For more information, refer to voice-quality-metrics-graph.jpg]

End-to-End Delay and Voice Quality Measurement for Air Traffic Systems

GL Communications’ TM-ATM (Timing Measurement in Air Traffic Management) solution delivers precise delay and voice quality measurements across analog, TDM, and IP systems. Designed for ANSPs and equipment manufacturers, it enables accurate performance assessment in both lab and field environments. The solution captures, filters, time stamps, and correlates events at various interfaces, measuring delays for PTT actions, confirmation signals, and voice path delays. With GPS-based timing and automated testing, it ensures high accuracy and consistency. Key modules include MAPS™ Administrator, Packet Analyzer, Audio Analyzer, and Discrete Signal Logger.

About GL Communications Inc.,

GL Communications is a global provider of telecom test and measurement solutions. GL’s solutions are used to verify the quality and reliability of Wireless, Fiber Optic, TDM and Analog networks.

Warm Regards,
Vikram Kulkarni, PhD
Phone: 301-670-4784 x114
Email: info@gl.com

The MIL Network –

April 29, 2025
MIL-OSI United Kingdom: Scotland Office/Office of the Advocate General appointments
Source: United Kingdom – Executive Government & Departments

News story

Scotland Office/Office of the Advocate General appointments

The Scotland Office and the Office of the Advocate General have strengthened their management team with the appointment of three new non-executive directors.
Susan Deacon has been appointed as lead non-executive director, and Catherine MacLeod and Andrew Kerr have been appointed as non-executive directors. The appointments have been made following a rigorous, fair and open recruitment process under the public appointment rules. The appointees join Martin Dorchester and Stuart Patrick as non-executive members on the offices’ joint management board.

Announcing the appointments Scottish Secretary Ian Murray said:

“This is great news for the Scotland Office and the Office of the Advocate General. I am delighted to welcome Susan, Catherine and Andrew to the team. These distinguished individuals bring a wealth of skills and experience. They join our current non-executive directors who will continue to offer invaluable insight, advice and challenge. They will all be instrumental in helping us deliver on my four key priorities – economic growth, delivering clean energy, tackling poverty, and rolling out Brand Scotland. These appointments demonstrate our commitment to strong governance and strategic leadership, which is a key part of the UK Government’s Plan for Change.”

UK Government non-executive board members are appointed by the Secretary of State following approval by the Prime Minister and sit on the departmental board. Their role is to:

Give advice to ministers and officials on the operational and delivery implications of policy proposals.

Provide independent support, guidance and challenge on the progress and implementation of the department’s strategic direction.

Advise on performance and monitor implementation of the department’s business plans.

Non-executive directors do not have decision-making powers.

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Published 29 April 2025
MIL OSI United Kingdom –
April 29, 2025
MIL-OSI United Kingdom: UK researchers access more quantum and space Horizon funding
Source: United Kingdom – Executive Government & Departments 2

Press release

UK researchers access more quantum and space Horizon funding

EU Commissioner visits London as UK researchers and businesses get access to more Horizon Europe funding calls for quantum and space research
Minister for EU Relations today welcomes EU Commissioner Maroš Šefčovič ahead of his first official visit to the United Kingdom.

Visit comes as UK researchers and businesses benefit from wider access to Horizon Europe funding calls for quantum and space research, which will help drive sector and economic growth and deliver our Plan for Change.

New backing from the world’s largest programme of research collaboration, worth c.£80 billion, builds on high-potential tech areas like AI, telecoms and high-performance computing

Minister for EU Relations, Nick Thomas-Symonds, today welcomes EU Commissioner for Trade and Economic Security, Interinstitutional Relations and Transparency, Maroš Šefčovič, ahead of his first official visit to the United Kingdom under this government (Tuesday, 29 April 2025).

Commissioner Šefčovič’s visit follows the recent engagement with European Commission President Ursula Von Der Leyen last week, providing a significant opportunity to review the progress of ongoing discussions between the UK and the European Union. This engagement is a key step in the lead-up to the UK-EU Summit scheduled for next month.

This visit comes as UK scientists, researchers and businesses working on the latest innovations in quantum and space technologies have now been given access to more Horizon Europe funding, under the new 2025 Horizon Europe Work Programme published last week (Friday 25 April).

Access to Horizon Europe funding, and the opportunities for international collaboration that Horizon presents, will be an important boost to these two sectors which are at the cutting edge of new opportunities for economic growth, helping to drive the Government’s Plan for Change.

These are technologies that will be instrumental to the future of the economy: quantum computing alone is projected to deliver $5-10 billion of benefits globally over the next 3-5 years, while since 2015 the UK has attracted more private investment in space than any other country outside of the United States.

During his visit in the UK, the European Commissioner for Trade and Economic Security, alongside the Minister for the Cabinet Office, Nick Thomas-Symonds, will meet professors at Imperial College London who have benefited from Horizon funding for their projects.

Minister Nick Thomas-Symonds will co-chair the Withdrawal Agreement Joint Committee with Commissioner Šefčovič, who is also scheduled to meet with the Secretaries of State for the Foreign, Commonwealth and Development Office, the Department for Business and Trade, and the Northern Ireland Office.

Paymaster General and Minister for the Cabinet Office (Minister for the Constitution and European Union Relations), Rt Hon Nick Thomas-Symonds MP, said:

In just under a month, the United Kingdom will host the UK-EU Summit here in London. Today provides an opportunity to take stock of negotiations and the progress made. We are fully aligned in our ambitions to build a safer, more secure, and prosperous future for people across the UK and Europe.

We will always act in the national interest as we work towards a strong and durable strategic partnership with our European partners, unlocking new opportunities for British citizens and businesses.

UK Science Minister Lord Vallance said:

Thanks to this welcome news, the opportunities for British researchers and businesses working in quantum, space, and beyond are only set to grow.

They now have greater access to one of the world’s foremost vehicles for R&D funding, and an even bigger chance to build the international ties which we know are critical to advancing knowledge, tackling the world’s biggest challenges, and delivering the economic growth that is at the heart of this Government’s Plan for Change.

I want innovators up and down the UK to seize the moment that stands before them. Horizon’s doors are open to you, and we have support available to help you. Now is the time to bid for funding, build consortia, and take your work to the next level.

The UK gained access to the vast majority (95%+) of Horizon funding calls, when we associated to the programme in 2024, with some very limited exceptions on some emerging technologies.

Today’s breakthrough comes after a period of constructive collaboration between UK and EU teams and means that more British experts working on space and quantum can now confidently bid for a share of the c.£80 billion that is available through Horizon overall.

They can also build consortia with research partners across Europe, and beyond in Canada, Switzerland, and more. This includes complete access to all Horizon Europe quantum funding calls.

Horizon also offers a huge opportunity to businesses and researchers focusing on other cutting-edge technologies, like AI, telecoms, and high-performance computing, including through access to cutting-edge computing resources through EuroHPC. Recent UK-EU engagement has ensured that the UK retains open access to all calls in these areas.

The Horizon Europe programme is an innovation powerhouse –spending over €380 billion on R&D in 20231 – and fostering deep and high-quality links between the continent’s brightest minds, and the UK’s, will be critical if we are to seize the promise for science and tech innovations to support the Government’s Missions to grow the economy, fix the NHS and improve health outcomes and deliver clean energy under the Plan for Change. Innovative and high-potential sectors like space and quantum will be instrumental to rebuilding the foundations of the economy, and kickstarting growth.

Greater access to Horizon is a win for the UK, given the growing importance of space and quantum to the economy and society. The UK space sector already employs 52,000 people and generates an of £18.9 billion each year.

Meanwhile new innovations in quantum – harnessing the unique properties of subatomic particles to process information and solve problems – are already unlocking breakthroughs in healthcare, logistics, financial services and more. On top of this, experts working in fields like AI, high performance computing, and future telecoms continue to enjoy valuable Horizon access, as well as a vast number of other sectors including food and agritech, digital, industry and more.

British researchers having access to more Horizon science funding calls also further emphasises the value of the UK’s participation in the EU’s Copernicus Earth Observation programme.

Furthermore, the UK and EU have a strong shared commitment to developing assured and independent European access to space: work which forms a key part of the UK’s own ambitions for space launch. With plans for the first launches from SaxaVord in the Shetland Islands later this year, the UK is a leading international partner and cooperator in Europe’s space ambitions and it is encouraging that British researchers will be able to access calls that help to further Europe’s ambition.

There is no time to lose for businesses, researchers, and scientists working in quantum, space and beyond to take advantage of this news, because new Horizon funding calls open in the coming weeks. New space and industry calls open from Thursday 22 May, and digital calls open from Tuesday 10 June.

Notes to editors

Since 2024, the government has provided extensive assistance to our R&D communities to maximise their chances of applying and succeeding in Horizon Europe. In addition to concrete funding initiatives, such as Pump Priming, we recently piloted brokerage visits to Italy, Germany and Spain for UK innovators and researchers looking to build Horizon consortia. Last month, more than 500 of the UK’s leading researchers, businesspeople and scientists gathered at London’s Oval for a Showcase event sharing insight on opportunities available through Horizon. Further information, including practical support on how to apply, is available on the Horizon Hub website. UK Research and Innovation (UKRI) also host regular events that help guide businesses and researchers through the opportunities on offer and the application process. We will continue to review the needs of the UK R&D community in order to offer support and facilitate access to Horizon Europe opportunities.

Potential applicants can find Horizon Europe calls (funding opportunities) open to UK-based applicants using the European Commission’s funding and tender opportunities portal.

More information on how to submit applications are available on the European Commission’s website. The pre-publication of the Horizon Europe 2025 Work Programme can be found here.

DSIT media enquiries

Email press@dsit.gov.uk

Monday to Friday, 8:30am to 6pm 020 7215 3000

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Published 29 April 2025
MIL OSI United Kingdom –
April 29, 2025
MIL-OSI United Kingdom: Government takes leaps forwards in driving up school standards
Source: United Kingdom – Government Statements

Press release

Government takes leaps forwards in driving up school standards

New regional improvement teams expanded to reach more than 200 schools and 120,000 children to drive up standards across the country.
Thousands more children are set to benefit from the government’s flagship new school improvement teams, as the programme significantly ramps up this week.

The government’s RISE (Regional Improvement for Standards and Excellence) teams are expanding their reach from an initial 32 schools, to more than 200 reaching over 120,000 children.

The drive comes as the government’s Children’s Wellbeing and Schools Bill progresses in the Lords this week, with new laws to put money back in parents’ pockets, keep children safe and bring every school up to the standard of the best.

RISE teams are backed by £20 million, and central to the government’s mission to drive up school standards for children in all corners of the country, as part of its Plan for Change.

Each RISE school could be eligible for support of up to £100,000 to help turn around the quality of education for children and young people.

This expansion goes hand in hand with a tripling of the government’s team of RISE advisers, with an additional 45 starting their work this week, bringing the total to 65.

Every adviser is an expert with a track record of improving schools, with the majority academy trust leaders, with advisers already hitting the ground running to drive up improvement in schools.

There are more than 600 ‘stuck’ schools in England that have received consecutive poor Ofsted judgements, and which are attended by more than 300,000 children.

Data shows that the schools RISE advisers are supporting, have spent an average of 6.6 years rated by Ofsted as below good or equivalent, amounting to a child spending their whole primary or secondary school years in an underperforming school.

Education Secretary, Bridget Phillipson said:

No child should be spending precious days, let alone years, in schools that are underperforming.

Our new RISE teams, made up of the best of the best in school improvement, can be the spark that turns around the life chances of tens of thousands of children.

RISE teams have already hit the ground running, and as we deliver on our Plan for Change, I am determined to make sure we lift every school, for every child, up to the standard of the best.

Dozens of the schools have been stuck for more than six years and 42 for more than 11 years, reinforcing the need to secure swift improvement for children across the country.

As part of the bespoke improvement plans drawn up by the RISE advisers, working with the school’s responsible body, the first 32 ‘stuck’ schools have already started to be paired with supporting organisations, including high-quality multi-academy trusts, who will provide support and expertise to assist the schools on their improvement journeys.

Some of these supporting organisations include high-performing multi academy trusts who have years of experience working with the sector. Mulberry Schools Trust, L.E.A.D Academy Trust and the Northern Education Trust are a few of many trusts involved in supporting other schools.

Gaenor Bagley, Chair of Trustees and Dr Karen Roberts, CEO, The Kemnal Academies Trust, whose schools, are receiving RISE support said:

We would like to say, at this juncture and for the record, just how refreshing, different and positive the experience of working with the RISE advisers has been – it really does feel like a genuine partnership.

More widely teams will also work across all schools up and down the country providing a universal service, signposting to best practice and bringing schools together to share their knowledge and innovation, focusing on four national priorities: attainment, attendance, inclusion and reception year quality.

RISE adviser, Dr Herminder K Channa, Oasis Community Learning Regional Director, said:

I am deeply honoured to take on the RISE Adviser role, fully aware of the responsibility it carries. At its heart, RISE reflects a powerful truth: we are stronger when we stand together.

This policy unites us as a sector regardless of trust, local authority, faith or context with a shared commitment to ensure every child can achieve and thrive.

By championing collaboration over fragmentation and support over intervention, RISE unlocks the collective expertise across our system. Together, we can build a future where excellence is not the exception, but the expectation for every school, every teacher, and every child.

RISE adviser, Anita Cliff, Chief Executive Advisor, Manor Multi Academy Trust, said:

I’m privileged to serve as a Regional Improvement Adviser for Standards and Excellence with the Department for Education. This role gives me the opportunity to support schools across the region in removing barriers to achievement—helping to transform children’s life chances and ensure every child can thrive, regardless of background.

RISE adviser, Lee Mason-Ellis, Chief Executive, The Pioneer Academy, said:

RISE is a fantastic opportunity to work across and within our sector, in a collaborative way; to ensure that every child, no matter where they live, receives a good education in strong schools. Who wouldn’t want to be part of this amazing opportunity to improve life chances of our children, across the nation.

I firmly believe that RISE will bring the education sector together, working in partnership, in collaboration – together sharing and problem solving for the benefit of all children across the nation.

As a further commitment to support its ongoing engagement with the sector the Department for Education is also establishing a new RISE operational stakeholder group to advise on delivery to ensure views are reflected.

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Published 29 April 2025
MIL OSI United Kingdom –
April 29, 2025

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Government takes leaps forwards in driving up school standards

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