Category: European Union

MIL-OSI United Kingdom: FMQs: Scottish Government urged to halt controversial industrial salmon farm at Loch Long

Source: Scottish Greens

24 Apr 2025 Nature

The Loch Long industrial development will scar the landscape.

More in Nature

The First Minister has been urged to ensure local people are listened to in their campaign against destructive proposals for an industrial salmon farm development at Loch Long.

Scottish Green MSP Ariane Burgess has led a campaign that has seen over 4300 people lodging objections via a web portal created by the Scottish Greens.

The controversial proposal was rejected by the National Park Authority in 2022. It was appealed by the developers almost 12 months ago, with the Scottish Government taking the rare decision to “call” it in.

In her first question to the First Minister, Ms Burgess said:

“To ask the First Minister whether he will provide an update on when the Scottish Government expects to respond to the Loch Long salmon farm planning application.”

In his response the First Minister did not provide a timeframe for the decision.

In her second question, Ms Burgess said:

“The industrial salmon farm development proposed for Loch Long will scar the loch’s coastline and harm its wildlife.

“It has been opposed by the community, the local planning authority, and even the industry. But we have now been waiting over a year for the Government’s response after the application was called in.

“First Minister – more than 4,000 people have written to the Government asking it to protect Loch Long from this damaging development. Will the First Minister personally ensure that my constituents voices will be listened to?”

Only 2 miles from Loch Lomond, at the heart of Loch Lomond and The Trossachs National Park, Loch Long is an iconic landscape. It’s home to seals, otters and seabirds, as well as linking with the Endrick Water Special Area of Conservation, which hosts a fragile population of endangered Atlantic Salmon.

The final decision now lies with the Scottish Government and Cabinet Secretary Shona Robison.

MIL OSI United Kingdom –

April 25, 2025
MIL-OSI United Kingdom: Port Meadow incident: appeal for information following death of foal

Source: City of Oxford

Published: Thursday, 24 April 2025

Oxford City Council is appealing to the public for information following two serious incidents involving powered paragliders disturbing livestock on Port Meadow.

On 10 April, a powered paraglider was seen flying low and erratically over the Meadow, causing distress to a group of horses. Tragically, a young foal was injured during this incident. Despite the best efforts of those caring for it, the foal did not recover from its injuries and has since been put to sleep.

A second incident occurred on 20 April, at approximately 7:30pm, when three paragliders were seen swooping low and noisily over the Meadow, causing further distress to the animals on site. Witnesses reported that the horses were visibly panicked, running erratically around the area in fear.

Both incidents have been reported to Thames Valley Police’s Rural Crime Team, which is now gathering evidence. The matter is being taken extremely seriously, and legal action will be pursued against those responsible.

We are urging anyone with information about these incidents, or who may know the identity of the individuals involved, to come forward.

Please report any relevant details to the Police Rural Crime Team by calling 101.

Comment

“These reckless actions have not only caused significant distress to the animals and local residents but may have also resulted in the tragic and avoidable loss of a foal. We are asking those responsible to stop this dangerous behaviour immediately, and for the public’s help in identifying them.

“The safety of the animals, residents, and visitors to Port Meadow is of utmost importance, and we will continue to work closely with the police and community to prevent further incidents.
Tom Hook, Deputy Chief Executive

MIL OSI United Kingdom –

April 25, 2025
MIL-OSI Security: NATO Emergency Management Exercise “BULGARIA 2025”

Source: NATO

NATO’s Euro-Atlantic Disaster Response Coordination Centre (EADRCC) and the Directorate General Fire Safety and Civil Protection (DG FSCP) of Bulgaria’s Ministry of Interior are organizing NATO’s 20th Emergency Management exercise, “BULGARIA 2025”. The conduct of BULGARIA 2025 will be from 7 September 2025 to 12 September 2025.

On the 25 September 2024, NATO’s Deputy Assistant Secretary General for Operations, Ms. Burcu San, and the Director General for Fire Safety and Civil Protection at the Ministry of Interior of Bulgaria, Mr. Aleksandar Dzhartov, announced that the Republic of Bulgaria will host NATO’s 20th Emergency Management exercise.

EADRCC exercises are among the largest and most complex multinational emergency management activities in the world. They play a critical role in the disaster preparedness of all participants, from Allies and partners to international organizations. As such, BULGARIA 2025 will put in play a range of disciplines to build the resilience, interoperability, and response capabilities of the participants. Other objectives of the exercise include enhancing civil-military cooperation in crisis response and strengthening cooperation between Allies and partners, among others. BULGARIA 2025 also provides a platform for participants to share knowledge and good practice in disaster and emergency response.

EADRCC exercises are shaped by the participants and their priorities; their specific objectives are integrated into the exercise scenario.

A Core Planning Team, with experts from 14 countries brought together by NATO and the host nation, are developing the exercise scenario to assure every participating team is challenged adequately. The Core Planning Team will also lead the conduct and evaluation of the exercise.

The conduct of the exercise is scheduled for 7-12 September 2025, followed by a Lessons Identified Conference on 10 and 11 February 2026.

For more information on the exercise: BULGARIA 2025 factsheet

MIL Security OSI –

April 25, 2025
MIL-OSI United Kingdom: Westminster Insight – Women and Girls in Sport Conference

Source: United Kingdom – Executive Government & Departments

Speech

Westminster Insight – Women and Girls in Sport Conference

Sports Minister Stephanie Peacock delivered the keynote speech at the Westminster Insight – Women and Girls in Sport Conference

Thank you all for being here and inviting me to speak to you today. I am sorry I can’t be with you in person.

I want to talk to you today about the remarkable growth of women’s sport that we have witnessed in recent years, and what the Government is doing to build on this momentum.

I would like to begin by sharing some statistics. In 2024, UK Women’s Sport attracted audiences of over 44.17 million, an increase of nearly 40% in just two years. Over 2.6 million people attended a women’s sport event in person in 2023, an increase of 23% from the previous year.

Globally, Deloitte predicts that revenue generated by women’s elite sports will reach at least $2.35 billion, or £1.8 billion, in 2025, with revenues predicted to have risen by 240% in 4 years.

This is, of course, good news for economic growth and for those playing women’s elite sport. But most importantly the impact that it will have on women and girls across the country will be profound.

Inspiring women and girls across the country to take part in sport is hugely important to me as Sports Minister.

Girls need to know from a young age that they belong in sport. That is why we want to review and shape our education system to inspire girls from an early age to get active and build a lifelong love and affinity for sport.

To achieve this goal, Government is driving progress across women’s sport: from investing in grassroots facilities to supporting national campaigns.

It also means action on the elite end of sport, from hosting major events to supporting action to professionalise women’s sport.

Bringing all of these elements together is our strategy for women and girl’s sport. Let me take you through each of those in turn.

Firstly, we want more women and girls than ever to stay physically and mentally fit and healthy.

In order to do this, we need to keep evolving and challenging the way we think of women in sporting environments in order to understand what challenges and motivates them.

Sport England campaigns like This Girl Can has inspired nearly 4 million women to get active and 8 out of 10 women say that the campaign has boosted their confidence.

We want women to have options and variety available to them within their local area.

Getting this right starts with inclusion. Statistics show that for women on lower incomes from under-represented groups, the challenges and feelings of not being included are even greater.

When we support women’s sport, we will support women and girls right across our communities – not just elite athletes however important they are

Secondly, we know that in order to reach women and girls from all walks of life, equal access to high quality PE and school sports has a fundamental role to play.

I have seen first hand the value of school sports in my own constituency in Barnsley South. It was great to visit High View Primary Centre Centre in Wombwell a few weeks ago to watch the FA’s annual Biggest Ever Football Session, and I have enjoyed seeing the impact that events such as the Daily Mile can have on local children across Barnsley.

So, through our expert-led review of the curriculum, we are going to ensure that every child has the opportunity to engage in a broad range of subjects, including PE and sport. I’ve been working closely with the Minister for Schools and with National Governing Bodies across a range of issues, and we are committed to ensuring that all children can access high-quality sport and physical activity across the school day.

We also know that access to facilities, player welfare standards and suitable kit and equipment are all key parts of ensuring women and girls have the opportunity to excel.

On 21 March, we announced an investment of £100 million to fund grassroots facilities throughout the UK. £98 million of this will support projects in 2025/26.

This funding will support more women and girls to take part in the sports that they love, particularly by ensuring that funded sites across the UK provide priority slots for women and girls. Beyond this, in England there is funding specifically targeted at creating female-friendly facilities off the pitch, including changing rooms and toilets.

As well as focusing on getting women and girls active at a grassroots level, progress in women’s sport requires a healthy professional system to fund participation and to create inspirational role models.

This is why I am acting on the recommendations of Karen Carney’s independent Review of Women’s Football starting with a series of in depth discussions on the recommendations, and led by a taskforce I have convened to drive this forward.

We want Karen’s excellent Review to lead to tangible change in women’s football, acting as a wider blueprint for all of women’s sport.

Our work is already making a difference: we the Taskforce recently agreed on a series of concrete actions to improve player welfare in women’s football.

I also want to address one of the major issues identified by Karen in the Review, which is the lack of research. Only 6% of all sports science research today is dedicated solely to female athletes. Obviously this imbalance is a global challenge but I believe the UK is well positioned to take the lead in addressing, building on our reputation for world class research. This Government is determined to ensure that our sport science research continues to be world leading and tailored to the needs of our athletes.

On a recent visit to Loughborough University’s Women in Sport Research and Innovation Hub, I saw first hand ground breaking innovation which will shape the future of women’s sport.

This includes development in areas such as the menstrual cycle, the design of pregnancy and postpartum sportswear, sports nutrition, and innovation in sports bras.

This vital work will help us accelerate the progress we have already made and ensure that research into women’s sport is tailored to female athletes.

Finally, progress in women’s sport also means increasing visibility and inspiring a nation, by showcasing what our world leading female athletes can do.

We know women and girls across the country are inspired by female role models.

This summer, some fans will be watching the Lionesses on TV with their family, while others will be at the Women’s Rugby World Cup across England enjoying the atmosphere. Many more will be watching their favourite local teams and athletes from their home town.

We want everyone to join us in marvelling at the incredible talent we have here in the UK. We want to create the best women’s leagues in the world and we want to lead the way in helping women’s sport to stand the test of time and be financially sustainable.

This will mean that a girl growing up in my area of Barnsley will be able to watch us host major events like the Women’s Rugby World Cup, the Women’s T20 World Cup and the Tour de France Femmes, and be able to recreate moments with their friends at school.

With our incredible track record for hosting these kinds of events, I know that they are going to be huge success stories that inspire everyone watching women’s sport right across the globe.

We are also working hard to support the FA’s bid for the 2035 Women’s World Cup, a tournament with the potential to inspire yet another generation of women’s football fans.

This is how we lead the way in women’s sport and create lasting legacies for generations to come.

Before I end today, I want to directly address last week’s Supreme Court ruling, which I am sure is on the minds of many of you attending today. As a Government we have always been clear that when it comes to women’s sport, biology matters and we will continue to support sports to develop policies that protect fairness and safety, particularly when it is not possible to balance those factors with inclusion. Alongside this, sports need to come up with approaches to ensure everyone has the opportunity to take part somehow – and I know that sporting bodies will be considering this in light of the Supreme Court decision.

As I finish speaking to you today, I recognise that we still have challenges to overcome when it comes to women’s sport. However, the future is also one of huge opportunities to drive women’s sport forward.

Progress in women’s sport requires a clear vision. From young girls learning about sport and movement in school through PE, to teenagers accessing facilities built with women and girls in mind, to adults having the right knowledge, kit and environment, to excel we want to support women and girls at every stage of their lives.

We want women and girls across the UK to watch global events hosted at home, to be inspired by their role models and to have the opportunity to dream big. Every girl deserves that chance.

And to enable this, this Government is committed to improving access to sport in schools, to making provision of facilities more equal, to improving research, driving visibility and investing in women’s sport at every level.

It is not enough to focus on one aspect alone. We must drive progress across all of these areas as part of one cohesive women’s sport strategy.

I look forward to working with you all to ensure all women and girls have the opportunities they deserve.

Thank you.

Updates to this page

Published 24 April 2025

MIL OSI United Kingdom –

April 24, 2025
MIL-OSI United Kingdom: Stoke-on-Trent market named best in Staffordshire

Source: City of Stoke-on-Trent

Published: Thursday, 24th April 2025

A Stoke-on-Trent market which dates back over 150 years has been named the best in Staffordshire.

Longton Victorian Market clinched the title of ‘Staffordshire Market of the Year’ at the Our Staffordshire News’ Business, Charity, Community and Food Awards 2025.

The awards, which took place earlier this month, awarded Tunstall Market, also managed by Stoke-on-Trent City Council, third in the same category.

Councillor Finlay Gordon-McCusker, cabinet member for transport, regeneration and infrastructure at Stoke-on-Trent City Council, said: “Our markets are really important to our local communities and this award is testament to that.

“All of our traders and our dedicated markets team work tirelessly to make sure our markets remain at the heart of our town centres, so I would like to pass on my huge congratulations to them.

“If you haven’t visited for a while, I would encourage you to pop down and support your local market.”

For more information about Stoke-on-Trent Markets visit www.stoke.gov.uk/markets

MIL OSI United Kingdom –

April 24, 2025
MIL-OSI United Kingdom: UK Minister for Local Transport visits Jersey today24 April 2025 The UK Minister for Local Transport, Simon Lightwood MP, is visiting Jersey today to gain greater insight on the Island’s bus service model. During the visit, the Minister will meet the Infrastructure… Read more

Source: Channel Islands – Jersey

24 April 2025

The UK Minister for Local Transport, Simon Lightwood MP, is visiting Jersey today to gain greater insight on the Island’s bus service model.

During the visit, the Minister will meet the Infrastructure Minister, Connétable Andy Jehan, tour Liberation Station with the Constable of St Helier, and visit the LibertyBus depot at La Collette. He will also meet LibertyBus staff and drivers, speak directly with passengers, and experience Jersey’s bus service first-hand by travelling on the Number 15 route.

The visit comes at the same time as the UK Parliament is considering a Bill which aims to make it easier for local transport authorities to franchise bus services in their areas, and improve performance, accessibility, and the quality of bus passenger services in the country.

As part of the Minister’s Active Travel brief, St Luke’s School will be welcoming him to see their School Street in action and to witness the benefits of closing the street to traffic, enabling students to travel to and from school safely. Jersey’s Home Affairs Minister will also be meeting Mr Lightwood to discuss the Violence Against Women and Girls (VAWG) strategy. In addition, the Deputy Bailiff will be hosting a tour of the States Assembly.

The Minister for Infrastructure, Connétable Andy Jehan, said: “I am pleased to be welcoming Simon Lightwood to Jersey, particularly following the recent award of the new 10-year contract to Liberty Bus. This is a fantastic opportunity to showcase the benefits that long-term contracts have, Jersey’s investment in a more environmentally friendly fleet, as well as our efforts to enhance local community services such as the TownLink and a new northern route.”

MIL OSI United Kingdom –

April 24, 2025
MIL-OSI United Kingdom: Mayor launches powerful Mental Health Arts exhibition in Strabane

Source: Northern Ireland – City of Derry

Mayor launches powerful Mental Health Arts exhibition in Strabane

24 April 2025

The Mayor of Derry City and Strabane District Council, Councillor Lilian Seenoi Barr, recently launched the solo exhibition ‘Narratives’ by Derry-born artist Eamon McAteer at the Alley Theatre in Strabane. The stunning collection of paintings resonates deeply with the theme of this year’s NI Mental Health Arts Festival ‘CathARTSis,’ a play on the word catharsis.

The launch was attended by an appreciative audience of family, friends, art educationalists, and fellow artists, all gathered to celebrate Eamon McAteer’s powerful body of work. ‘Narratives’ offers viewers a glimpse into the artist’s emotional responses and personal interpretations, providing solace and sanctuary in today’s often chaotic world.

Mayor Barr emphasised the significance of the festival, saying: “The NI Mental Health Arts Festival is a powerful initiative which brings hope to many in our community. The power of artistic expression cannot be understated. In a world where the pressures of daily life can often feel overwhelming, this festival provides a vital lifeline. It offers a compassionate space where individuals can share their most personal experiences, find solace in creativity, and connect with others through the universal language of art.”

She further added, “Our mental health is precious, and programmes like this remind us that seeking support, expressing our vulnerabilities, and celebrating our resilience are fundamental to our collective well-being. By platforming diverse stories through music, visual arts, performance, and literature, the festival breaks down barriers and helps destigmatise conversations around mental health. I had the pleasure of opening Eamon McAteer’s show ‘Narratives’ at the Alley Theatre and saw first-hand how much the paintings resonated with the audience. The festival is a wonderful initiative which offers an outlet where mental health can be promoted in a positive, open and welcoming environment, well done to everyone involved.”

Artist Eamon McAteer expressed his delight at being part of the festival, saying: “I am delighted to be exhibiting my solo show of paintings, ‘Narratives’ at The Alley Theatre as part of the NI Mental Health Arts Festival. My work resonates with the festival’s theme of CathARTSis. My focus is to create something personal, individual and honest. The work is inspired by my emotional response to a wide variety of influences, I paint intuitively in the studio so that the work suggests memories and personal interpretations. There is a sense of intimacy and intensity, and the idea of a glimpse into a remembered reality. My paintings mostly relate to the Irish expressionist landscape tradition.”

Noelle Mc Alinden, Co-Chair of the NI Mental Health Arts Festival, highlighted the importance of such exhibitions saying: “There is no doubt that Eamon’s exhibition provides a wonderful opportunity to inspire and enthuse audiences young and old. Exhibitions like this help to show the power of the arts and the vital role our artists contribute to the inspiration and well-being of others.”

Eamon McAteer’s exhibition ‘Narratives’ will continue at The Alley Theatre Strabane until May 30th.

The NI Mental Health Arts Festival will run from May 9th to May 20th across Northern Ireland, featuring a diverse programme of events including poetry, comedy, dance, theatre, walks, talks, and tours. Two major symposiums will also take place, in Belfast on May 9^th and in the Guildhall on May 20^th. Both events are free and are guaranteed to inspire, providing an excellent forum for compassionate dialogue, performances, panel discussions and excellent insights from those with lived experience drawn from Health, Arts, Community, Education and Academic Research. The events will be hosted by the Mayors of both cities. Celebrating artists from across Northern Ireland the NI Mental Health Arts Forum is delighted Derry-based artist Bronagh Corr McNicholl’s photographic exhibition is touring between both cities – first at The Garden of Reflection in Derry and then Belfast Exposed. Justine Scoltock’s exhibition Hidden Layers also features in the Garden of Reflection throughout May.

For more information on the NI Mental Health Arts Festival and the exciting programme of events, please visit www.nimhaf.org.

MIL OSI United Kingdom –

April 24, 2025
MIL-OSI United Kingdom: Letter from the Secretary of State for Northern Ireland regarding Windsor Framework declarations and decisions under Schedule 6B Northern Ireland Act 1998

Source: United Kingdom – Government Statements

Correspondence

Letter from the Secretary of State for Northern Ireland regarding Windsor Framework declarations and decisions under Schedule 6B Northern Ireland Act 1998

The Secretary of State, Hilary Benn, has written to the Speaker of the NI Assembly today, 24 April

Documents

Letter from the Secretary of State for Northern Ireland regarding Windsor Framework declarations and decisions under Schedule 6B Northern Ireland Act 1998

PDF, 209 KB, 4 pages

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

Request an accessible format.

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

Details

The NI Secretary, Hilary Benn, has written to the Speaker of the NI Assembly to set out the decisions and declarations the UK Government will be making at the Withdrawal Agreement Joint Committee on the 29th of April which concern the Windsor Framework.

Updates to this page

Published 24 April 2025

Sign up for emails or print this page

MIL OSI United Kingdom –

April 24, 2025
MIL-OSI: OP Corporate Bank plc to redeem its SEK 3,250,000,000 Callable Floating Rate Tier 2 Instruments due June 2030

Source: GlobeNewswire (MIL-OSI)

OP Corporate Bank plc
Inside Information
24 April 2025 at 14:00 EEST

OP Corporate Bank plc to redeem its SEK 3,250,000,000 Callable Floating Rate Tier 2 Instruments due June 2030

OP Corporate Bank plc will redeem its SEK 3,250,000,000 Callable Floating Rate Tier 2 Instruments due June 2030 originally issued in June 2020 (ISIN: XS2182066543).

OP Corporate Bank plc will redeem all of the outstanding instruments on 3 June 2025 at par plus accrued interest.

OP Corporate Bank plc requests the Irish Stock Exchange plc trading as Euronext Dublin to cancel the listing of the instruments on the Official List of Euronext Dublin and the admission to trading on the Regulated Market of Euronext Dublin.

This announcement contains information that qualifies, or may qualify, as inside information within the meaning of Article 7(1) of the Market Abuse Regulation (EU) 596/2014 (“MAR”) including as it forms part of United Kingdom domestic law by virtue of the European Union (withdrawal) Act 2018 (“UK MAR”), encompassing information relating to the instruments.

OP Corporate Bank plc
Mikko Timonen
Chief Financial Officer, OP Financial Group

Further information:
OP Financial Group’s Investor Relations, IR@op.fi

Media inquiries:
OP Financial Group’s Communications, tel. +358 10 252 8719, viestinta@op.fi

DISTRIBUTION
Nasdaq Helsinki Ltd
Euronext Dublin (Irish Stock Exchange)
LSE London Stock Exchange
Major media
op.fi

OP Corporate Bank plc is part of OP Financial Group. OP Corporate Bank and OP Mortgage Bank are responsible for OP’s funding in money and capital markets. As laid down in the applicable law, OP Corporate Bank, OP Mortgage Bank and their parent company OP Cooperative and other OP Financial Group member credit institutions are ultimately jointly and severally liable for each other’s debts and commitments. OP Corporate Bank acts as OP Financial Group’s central bank.

The MIL Network –

April 24, 2025
MIL-OSI: Nasdaq and AWS Unlock New Era of Growth for Global Capital Markets with Next Generation Infrastructure Solutions
Source: GlobeNewswire (MIL-OSI)

Nasdaq and AWS announce modernization blueprint to drive the benefits of cloud into local market infrastructures through flexible deployment while maintaining data sovereignty and resilience

As part of the modernization blueprint, Nasdaq is introducing a new brand for its complete suite of next generation marketplace technology solutions, Nasdaq Eqlipse, delivering cloud-ready capabilities and data intelligence across the full trade lifecycle

Nasdaq’s Nordic markets first to adopt the blueprint alongside expanded modernization partnerships with Johannesburg Stock Exchange and Mexico’s Grupo BMV

NEW YORK, SEATTLE, STOCKHOLM, JOHANNESBURG, and MEXICO CITY, April 24, 2025 (GLOBE NEWSWIRE) — Nasdaq and Amazon Web Services, Inc. (AWS), an Amazon.com, Inc. company, today announced an advancement in their shared mission to modernize markets globally. Drawing on their deep experience and expertise in powering capital markets, the companies are introducing a new suite of solutions that empower market operators to enhance liquidity, facilitate capital flows, and drive growth, while upholding the highest level of performance, security and resilience.

Today, market operators navigate unique complexities, including emerging technology acceleration, highly competitive environments, regulatory standards, and constantly evolving client needs. Yet, their ability to innovate and modernize at pace requires ever greater expertise and advanced technological capabilities. To address these challenges, Nasdaq and AWS are delivering infrastructure, software, data management and services to enable market operators to overcome modernization barriers cost effectively without compromising resiliency or control.

The new blueprint, proven through Nasdaq’s successful market modernization with AWS, drives industry standards, dynamic and sustainable operations while promoting a more resilient financial ecosystem. In the long term, the blueprint can enhance investor confidence and connect capital, previously confined locally due to technological complexity, to global investment opportunities.

“Local economies flourish when capital markets are robust, and global investors can confidently channel capital across borders. Conversely, a strong global economy is reliant on local markets that are highly dynamic, where innovators can scale, and capital can seamlessly connect. Powering both creates a virtuous cycle of value creation, driving economic growth and wealth generation,” said Adena Friedman, Chair and Chief Executive Officer, Nasdaq. “The unique combination of Nasdaq’s technology expertise and AWS’s advanced infrastructure enables us to solve the industry’s most complex challenges that have hampered the growth and scalability of markets around the world. By reducing complicatedness, friction, and fragmentation we are fortifying the financial system with greater connectivity and resilience and enabling a new era of economic growth and prosperity.”

“Building on our 15-year partnership, Nasdaq and AWS are furthering our shared vision to develop technology that simplifies and streamlines capital markets,” said Matt Garman, CEO at AWS. “Together, we are helping market operators provide seamless connectivity for markets and investors anywhere in the world, with a blueprint for modernization and innovation, and the ability to unlock new opportunities for innovation and growth in capital markets.”

A blueprint for the next generation of markets with resilience and optionality

The blueprint empowers market operators to execute their modernization strategies by optimizing their resource investments while focusing on operational excellence, enhancing competitive differentiation, satisfying their regulatory obligations, and driving innovation within their markets. The first three key components of the blueprint include:
- Bringing together AWS, exchange, and trading participant infrastructure in close proximity to power global capital markets: Building on AWS’s high-performing, scalable infrastructure, as well as its deep expertise in operating cloud infrastructure, Nasdaq and AWS are offering a new solution for market operators that addresses resilience, security, proximity and latency demands by positioning AWS services, exchange and trading participant systems in a common location. For the first time, global market participants will have access to industry-leading compute services from AWS in close proximity to the core exchange complex and their own co-located trading systems. In addition, AWS will provide connectivity between this infrastructure and AWS’s Global Regions via the AWS Direct Connect service and the AWS global network, to provide low-latency, high bandwidth connectivity for global applications; all while enabling operators to retain overall control of their data.
- Nasdaq Eqlipse, a next generation marketplace technology platform: Nasdaq Eqlipse seamlessly integrates client community feedback and Nasdaq’s development investments, including platform capabilities, application architecture, APIs and product integration. The solutions feature cloud-ready applications and globally standardized APIs with proven interoperability across the full trade lifecycle. Nasdaq’s marketplace technology solutions are already used by over 135 market infrastructure providers around the world for multi-asset trading, clearing, central securities depository and surveillance. Nasdaq Eqlipse will also include a new solution – Nasdaq Eqlipse Intelligence – designed to unlock the full potential of market operators’ data with modern, cloud-based data management, analytics and reporting capabilities that are specific to market operators’ workflows. These capabilities address the industry-wide opportunity to deploy AI at greater scale, recognizing its potential to transform how marketplaces operate.
- A services deployment model: The modernization blueprint brings together the expertise and experience of Nasdaq and AWS through a new services deployment model. This provides market operators with access to both companies’ deep capital markets expertise to help reduce operational heavy lifting. Ultimately the services deployment model powered by AWS is designed to help market operators reduce transformation risks, allowing them to focus technology resources toward a growth-driven capital allocation strategy. Market operators will be able to augment and accelerate their path to modernization, while improving time-to-market for new releases and enhancing overall resilience.
The blueprint delivers key benefits to market operators so that they can drive innovation; specifically:
- Accelerate and de-risk modernization strategies for market operators by delivering an agile technology stack and globally standardized services and workflows that empower the market operators to focus on attracting liquidity from global investors.
- Provide greater flexibility for both innovation and monetization for market operators by leveraging modern technology infrastructure to capitalize on the potential of AI, enhance their data and insight-based services, and develop new products and functionality to the benefit of all market participants.
- Promote transparency, enhance liquidity and protect market integrity by strengthening trading, clearing, and settlement operations and reducing barriers for local, regional and global investors with secure access.
The blueprint plans to use AWS’s global network and low-latency traffic routing to support frictionless, high-speed connections for markets and investors around the world. This connectivity will allow market participants to interact seamlessly and transparently across global exchanges with minimal latency, fostering globally inter-connected markets built on a common data lake architecture.

Johannesburg Stock Exchange, Grupo BMV and Nasdaq’s Nordic markets modernize their ecosystems

Nasdaq has expanded its modernization partnership with both Johannesburg Stock Exchange (JSE) and Mexico’s Grupo BMV. Additionally, Nasdaq’s Nordic markets have today announced their intention to modernize their infrastructure in line with the blueprint.

The JSE is collaborating with Nasdaq around the development of services for colocation, data intelligence and insights, and client interactions. The blueprint service deployment model will support the South African bourse’s technology enablement journey to modernize its technology, leverage edge computing infrastructure, explore AI to deliver innovative market solutions and drive operational efficiencies.

Leila Fourie, Group CEO of the JSE, said: “This strategic collaboration is an extension of the long-standing relationship the JSE has with Nasdaq. The market infrastructure developed in partnership with Nasdaq and AWS will open the door to greater global market interconnectivity with minimal latency, which will support increased liquidity and capital flows between the US and South African capital markets. We will be setting new standards for the industry through innovation and technology that creates value for market participants.”

Building on the market modernization efforts with Nasdaq, Grupo BMV is analyzing how it can build on its existing technology partnership across its clearing and central securities depository platforms by leveraging the services deployment model. They are also evaluating the long-term potential for cloud infrastructure in Mexico and its ability to create a robust, high-integrity ecosystem that reduces barriers to market participation, enhances operational efficiency, and accelerates the adoption of emerging technologies across the Mexican financial landscape.

Jorge Alegría, Chief Executive Officer, Grupo BMV, said: “Our post-trade technology infrastructure is undergoing a transformative evolution, with Nasdaq playing a pivotal role as our enabling partner, as we look toward the next decade. We are committed to driving innovation, enhancing operational efficiency and proactively addressing the evolving needs of our local and international customers.”

In line with the blueprint, Nasdaq plans to incorporate the managed infrastructure model within its Nordic markets. Starting with the Nordic derivatives market, Nasdaq will be able to provide additional services to clients, powered by AWS infrastructure which allows Nasdaq’s clients to rapidly scale their GPU usage within Nasdaq’s own data center in Väsby, Sweden and harness cloud services to innovate faster.

Roland Chai, President of European Market Services, Nasdaq, said: “The success of Nasdaq’s Nordic markets has demonstrated the extraordinary power of modern market infrastructure to attract international sources of capital. Incorporating AWS’s advanced cloud infrastructure is expected to elevate our markets on the global stage and help to power the next generation of growth across Europe.”

These advancements will be made in close consultation with the respective regulatory authorities and are subject to relevant approvals.

About Nasdaq

Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

About Amazon Web Services

Since 2006, Amazon Web Services has been the world’s most comprehensive and broadly adopted cloud. AWS has been continually expanding its services to support virtually any workload, and it now has more than 240 fully featured services for compute, storage, databases, networking, analytics, machine learning and artificial intelligence (AI), Internet of Things (IoT), mobile, security, hybrid, media, and application development, deployment, and management from 114 Availability Zones within 36 geographic regions, with announced plans for 12 more Availability Zones and four more AWS Regions in New Zealand, the Kingdom of Saudi Arabia, Taiwan, and the AWS European Sovereign Cloud. Millions of customers—including the fastest-growing startups, largest enterprises, and leading government agencies—trust AWS to power their infrastructure, become more agile, and lower costs. To learn more about AWS, visit aws.amazon.com.

About Amazon

Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Amazon strives to be Earth’s Most Customer-Centric Company, Earth’s Best Employer, and Earth’s Safest Place to Work. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Career Choice, Fire tablets, Fire TV, Amazon Echo, Alexa, Just Walk Out technology, Amazon Studios, and The Climate Pledge are some of the things pioneered by Amazon. For more information, visit amazon.com/about and follow @AmazonNews.

About the Johannesburg Stock Exchange

The Johannesburg Stock Exchange (JSE) has a well-established history of operating as a marketplace for trading financial products. It is a pioneering, globally connected exchange group that enables inclusive economic growth through trusted, world-class, socially responsible products, and services for the investor of the future. It offers secure and efficient primary and secondary capital markets across a diverse range of securities, spanning equities, derivatives, and debt markets. It prides itself on being the market of choice for local and international investors looking to gain exposure to leading capital markets on the African continent.

The JSE is currently ranked in the Top 20 largest stock exchanges in the world by market capitalization, and is the largest stock exchange in Africa, having been in operation for 137 years. As a leading global exchange, the JSE co-creates unlocks value & makes real connections happen. www.jse.co.za

About Grupo BMV

The Mexican Stock Exchange (BMV: BOLSAA) is a fully integrated group with more than 130 years of experience, enabling Mexico’s securities and derivatives markets. It consists of a network of leading companies providing services in capital markets, derivatives, debt, post-trade solutions, data and analytics, as well as a range of value-added services. For more details, visit www.bmv.com.mx.

Media Contacts

Nasdaq: Emily Pan; Emily.Pan@nasdaq.com; +1 646 637 3964
AWS: Naomi Little; njlittle@amazon.com; +1 771 233 2089
JSE: Pheliswa Mayekiso; pheliswam@jse.co.za; +27 84 4860502
Grupo BMV: Alberto Maya; amaya@grupobmv.com.mx; +52-55-5342-9000

Cautionary Note Regarding Forward-Looking Statements:

Information set forth in this press release contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Forward-looking statements can be identified by words such as “will” and “can” and other words and terms of similar meaning. Such forward-looking statements include, but are not limited to, statements related to the benefits of products and services delivered in line with the modernization blueprint, application and availability of products and services in regulated environments, and Nasdaq’s partnership with AWS. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These risks and uncertainties are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

– NDAQF-

The MIL Network –
April 24, 2025
MIL-OSI: OP Corporate Bank plc to redeem its EUR 1,000,000,000 Resettable Callable Tier 2 Instruments due June 2030

Source: GlobeNewswire (MIL-OSI)

OP Corporate Bank plc
Inside Information
24 April 2025 at 14:00 EEST

OP Corporate Bank plc to redeem its EUR 1,000,000,000 Resettable Callable Tier 2 Instruments due June 2030

OP Corporate Bank plc will redeem its EUR 1,000,000,000 Resettable Callable Tier 2 Instruments due June 2030 originally issued in June 2020 (ISIN: XS2185867673).

OP Corporate Bank plc will redeem all of the outstanding instruments on 9 June 2025 at par plus accrued interest.

OP Corporate Bank plc requests the Irish Stock Exchange plc trading as Euronext Dublin to cancel the listing of the instruments on the Official List of Euronext Dublin and the admission to trading on the Regulated Market of Euronext Dublin.

This announcement contains information that qualifies, or may qualify, as inside information within the meaning of Article 7(1) of the Market Abuse Regulation (EU) 596/2014 (“MAR”) including as it forms part of United Kingdom domestic law by virtue of the European Union (withdrawal) Act 2018 (“UK MAR”), encompassing information relating to the instruments.

OP Corporate Bank plc
Mikko Timonen
Chief Financial Officer, OP Financial Group

Further information:
OP Financial Group’s Investor Relations, IR@op.fi

Media inquiries:
OP Financial Group’s Communications, tel. +358 10 252 8719, viestinta@op.fi

DISTRIBUTION
Nasdaq Helsinki Ltd
Euronext Dublin (Irish Stock Exchange)
LSE London Stock Exchange
Major media
op.fi

OP Corporate Bank plc is part of OP Financial Group. OP Corporate Bank and OP Mortgage Bank are responsible for OP’s funding in money and capital markets. As laid down in the applicable law, OP Corporate Bank, OP Mortgage Bank and their parent company OP Cooperative and other OP Financial Group member credit institutions are ultimately jointly and severally liable for each other’s debts and commitments. OP Corporate Bank acts as OP Financial Group’s central bank.

The MIL Network –

April 24, 2025
MIL-OSI Economics: Thales reports its order intake and sales for the first quarter of 2025
Source: Thales Group

Headline: Thales reports its order intake and sales for the first quarter of 2025

24 Apr 2025

Share this article
- Order intake: €3.8 billion, down -25% (-27% on an organic basis¹)
- Sales: €5.0 billion, up +12.2% (+9.9% on an organic basis)
- All 2025 financial objectives confirmed²
Thales (Euronext Paris: HO) today announced its order intake and sales for the first quarter of 2025.

“In the first quarter of 2025, Thales recorded organic sales growth of nearly 10%, demonstrating the strong momentum of our Defence and Avionics activities, as well as the excellent visibility the Group enjoys.
Order intake in the first quarter of 2025 was solid, and showed growth compared to the same periods in 2022 and 2023. The decline observed compared to the first quarter of 2024 is explained by a particularly high comparison basis.
Thanks to the commitment of our teams, we confirm all our annual financial targets for 2025, including a book-to-bill ratio over 1 for the year 2025.”
Patrice Caine, Chairman & Chief Executive Officer

Order intake

Order intake for the first quarter of 2025 amounted to €3,778 million, down -27% at constant scope and exchange rates compared to the first three months of 2024 (-25% on a reported basis) due to a very high comparison base, particularly in the Defence segment. In the first quarter of 2024, Thales had recorded, among other contracts, two contracts with a unit value exceeding €500 million each: the third phase of the contract signed by Indonesia for the acquisition of Rafale aircraft (18 out of a total of 42), as well as an order for an air surveillance system for a military customer in the Middle East. However, the Group is benefiting from a robust commercial momentum in all its activities for this first quarter of 2025, particularly in the Aerospace segment. For reference, order intake amounted to €3,422 million in Q1 2023 and €3,033 million in Q1 2022.

During the first quarter of 2025, Thales recorded five large orders worth over €100 million each, for a total of €707 million:
- Order from Space Norway, Northern Europe’s leading satellite operator, for the supply of a telecommunications satellite, THOR 8;
- Order from SKY Perfect JSAT to Thales Alenia Space for JSAT-32, a geostationary telecommunications satellite;
- Signing of a contract between Thales and the European Space Agency (ESA) to develop Argonaut, a future autonomous and versatile lunar lander designed to deliver cargo and scientific instruments to the Moon;
- Order from the Dutch Ministry of Defence for the modernisation and support of vehicle tactical simulators;
- Order from the French Defence Procurement Agency (DGA) for the development, production, and maintenance of vetronics equipment for various Army vehicles as part of the SCORPION programme.
At €3,071 million, order intake with a unit value of less than €100 million was down -10% compared to the first three months of 2024; meanwhile, those with a unit value of less than €10 million were slightly up in the first quarter of 2025.

Geographically⁴, order intake in mature markets amounted to €2,914 million, similar to the first quarter of 2024 (+2% on a reported basis and a decrease of -1% at constant scope and exchange rates). Order intake in emerging markets amounted to €864 million (-61% as of March 31, 2025, in organic terms), affected by a very high comparison basis in these markets from the first quarter of 2024 (contracts for the Rafale in Indonesia and for an air surveillance system for a military customer in the Middle East mentioned previously).

Order intake in the Aerospace segment totaled €1,530 million, compared to €1,003 million in the first three months of 2024 (+45% at constant scope and exchange rates). The Avionics market continued to benefit from strong demand across its various businesses and recorded one large order with a unit value exceeding €100 million in its Training and Simulation business. In addition, Space benefited in the first quarter from favorable phasing of expected 2025 order intake, with the notification of three large orders with a unit value greater than €100 million, two related to the telecommunications business and one to the exploration business.

At €1,302 million (compared to €3,122 million in the first three months of 2024, representing an organic change of -59%), order intake in the Defence segment compared to a very high base in Q1 2024. One large order with a unit value over €100 million was recorded in the first quarter of 2025 compared to four in the same period in 2024. The Group reaffirms its objective of a book-to-bill ratio greater than 1 for the Defence segment in 2025.

At €922 million, order intake in the Cyber & Digital segment was structurally very close to sales as most business lines in this segment operate on short sales cycles. The order book is therefore not significant.

Sales

Sales for the first quarter of 2025 reached €4,960 million, compared to €4,421 million in the first quarter of 2024, up 9.9%⁵ at constant scope and exchange rates (up 12.2% on a reported basis).

Geographically⁶, sales recorded solid growth in both mature markets (+9.7% in organic terms), notably in the United Kingdom (+14.9%) and emerging markets with organic growth of +10.5% during the period.

Sales in the Aerospace segment amounted to €1,342 million, up 13.5% compared to the first quarter of 2024 (+8.4% at constant scope and exchange rates). This growth reflects ongoing robust demand in the Avionics market, leading the business to grow double-digit and achieve a solid performance across all activities as well as in both civil and military domains. Sales in the Space business continue to be impacted by the weak demand observed over the past two years in telecommunications satellites.

Sales in the Defence segment totaled €2,685 million, up +16.5% compared to the first quarter of 2024 (+15.0% at constant scope and exchange rates). This growth is observed across all businesses in the Defence segment, notably in land and air systems, which benefitted from production capacity expansion projects being deployed, especially for radars’ production.

Sales in the Cyber & Digital segment stood at €903 million, down -1.5% compared to the first three months of 2024 (-2.1% at constant scope and exchange rates), reflecting contrasting trends:
- Cyber businesses were stable in the first quarter of 2025 (+0.2% at constant scope and exchange rates):
  
  The Cyber Security Products business is recording growth, leveraging Imperva’s complementary offer. The beginning of 2025 is moreover marked by the merger of the Imperva and Thales’ sales teams, a key step in the integration process that will unlock the full potential of the business, though its execution may generate some short-term disturbances;
  
  The Cyber Premium Services business was impacted by a soft market demand start this first 2025 quarter, notably in Australia, and reported a decline in sales compared to the first quarter of 2024. For this business, which represents approximately 20% of total Cyber activity, the Group’s priority is to standardise operations to improve margins and focus the sales strategy on selective profitable growth segments.
- In Digital businesses (down -3.6% at constant scope and exchange rates):
  
  Sales from Payment Services returned to positive growth in the first quarter of 2025, after five consecutive quarters of decline;
  
  Sales in Identity and Biometrics solutions declined. This business faced revenues downturn due to COVID in 2020. Post pandemic, an important catch-up effect occurred through to 2024, in the travel documents segment. As a consequence, the comparison effect is not favourable as this business is now normalising to a more usual run rate.
Outlook

Thales continues to benefit from a strong visibility in the vast majority of its businesses and enjoys a robust medium to long-term outlook.

The Group has initiated preliminary work to assess the impacts of the increase in tariffs, as they are stand today. Such analysis takes into account the affected flows on the one hand, and the cases of exemption from tariffs on the other hand (such as in defence activities), along with certain protective contractual conditions in our export contracts (incoterms). Furthermore, Thales is working on mitigation plans in response to these new regulations: use of specific customs programmes such as duty drawback or temporary Importations under Bonds, the redirection of certain production flows, transfer pricing, supply chain adjustments (alternate sourcing), customer surcharging…

These estimates are based on the latest available information on announced tariffs increases and exemptions as known on April 24, 2025, and Thales’ estimates to date. At this stage, the Group estimates that the net direct impact from those elements is contained. The potential indirect impact is not known at this stage.

As a result, assuming no new disruptions of the macroeconomic geopolitical context and the evolution of new tariffs, Thales confirms all of its 2025 financial objectives, as listed below:
- A book-to-bill ratio above 1;
- Organic sales growth of between +5% and +6%, corresponding to annual sales in the range of €21.7 billion to €21.9 billion⁷;
- An Adjusted EBIT margin between 12.2% and 12.4%.
****

^{This press release contains certain forward-looking statements. Although Thales believes that its expectations are based on reasonable assumptions, actual results may differ significantly from the forward-looking statements due to various risks and uncertainties, as described in the Company’s Universal Registration Document, which has been filed with the French financial markets authority (Autorité des marchés financiers – AMF).}

¹^{In this press release, “organic” means “at constant scope and exchange rates”.}

²^{Assuming no new disruptions of the macroeconomic geopolitical context or evolution of new tariffs.}

³^{Mature markets: Europe, North America, Australia, New Zealand. Emerging markets: all other countries.}

⁴^{See table on page 6.}

⁵^{Taking into account a currency effect of €17 million and a net scope effect of €84 million.}

⁶^{See table on page 6.}

^{7 Based on April 2025 scope and year to date average foreign exchange rates as of April 2025.}
MIL OSI Economics –
April 24, 2025
MIL-OSI Economics: Project Meridian FX shows possibility of cross-border linkages for FX transactions between wholesale payment infrastructures
Source: European Central Bank

24 April 2024
- Project Meridian FX proves that wholesale payment infrastructures, such as real-time gross settlement (RTGS) systems, can be interoperable via new technologies for FX transactions
- The joint project between the Bank for International Settlements, Bank of England, Banque de France, Banca d’Italia, Deutsche Bundesbank and European Central Bank explored synchronising foreign exchange (FX) transactions
- It demonstrated that FX transactions could be settled across jurisdictions and different types of infrastructures
The Bank for International Settlements and its central bank partners have successfully demonstrated how wholesale payment infrastructures, such as RTGS systems, can interoperate with each other for FX transactions via new technologies.

The project involved synchronising the settlement of FX transactions, using distributed ledger technology, so that the transfer of one leg of the transaction (such as buying a currency) happens only if the transfer of the other (such as selling another currency) occurs.

Meridian FX sought to address some of the actions called for in the Group of 20 cross-border payments roadmap. For example, reducing foreign exchange settlement risk using payment-versus-payment transactions and establishing realistic links between the wholesale payment infrastructures of different countries. Synchronisation could also mitigate some of the liquidity risk and credit risk challenges in the foreign exchange market.

The project connected a synthetic version of the UK RTGS system to three experimental Eurosystem interoperability solutions: DL3S (developed by the Banque de France), TIPS Hash-Link (developed by the Banca d’Italia) and the Trigger Solution (developed by the Deutsche Bundesbank).

Combined with the results of previous work undertaken by the BIS and the Bank of England, Meridian FX shows that synchronisation can be agnostic to both the asset or fund of the transaction involved and the technology of the ledgers, highlighting its potential use in other markets.

Insights gained from the project will inform the work programmes of the participating central banks.

For media queries, please contact Benoit Deeg, tel.: +49 172 1683704.
MIL OSI Economics –
April 24, 2025
MIL-OSI Video: UK The UK news sector faces huge challenges says Lords committee

Source: United Kingdom UK House of Lords (video statements)

The Communications and Digital Committee found that a growing proportion of society will have limited engagement with professionally produced news and the gap is widening. It highlights that AI is making it harder for quality journalism to stay profitable, while tech firms become hugely influential.

It called on the government to support local media, champion responsible AI, address the influence of big tech in news, and ensure the BBC is meeting audiences’ needs.

Find out more: https://ukparliament.shorthandstories.com/future-of-news-comms-digital-lords-report/

Catch-up on House of Lords business:

Watch live events: https://parliamentlive.tv/Lords
Read the latest news: https://www.parliament.uk/lords/

Stay up to date with the House of Lords on social media:

• X: https://twitter.com/UKHouseofLords
• Bluesky: https://bsky.app/profile/houseoflords.parliament.uk
• Instagram: https://www.instagram.com/UKHouseofLords/
• Facebook: https://www.facebook.com/UKHouseofLords
• Flickr: https://flickr.com/photos/ukhouseoflords/albums
• LinkedIn: https://www.linkedin.com/company/the-house-of-lords
• Threads: https://www.threads.net/@UKHouseOfLords

#HouseOfLords #UKParliament

https://www.youtube.com/watch?v=J9qoVU-fLOE

MIL OSI Video –

April 24, 2025
MIL-OSI USA: California is now the 4th largest economy in the world

Source: US State of California 2

Apr 23, 2025

What you need to know: California’s economy continues to dominate and grow at a faster rate than the world’s top economies, with new data showing it has overtaken Japan as the 4th largest economy in the world.

SACRAMENTO — Governor Gavin Newsom today announced that California has officially overtaken Japan to become the world’s fourth-largest economy, according to newly released data from the International Monetary Fund (IMF) and the U.S. Bureau of Economic Analysis (BEA).

“California isn’t just keeping pace with the world—we’re setting the pace. Our economy is thriving because we invest in people, prioritize sustainability, and believe in the power of innovation. And, while we celebrate this success, we recognize that our progress is threatened by the reckless tariff policies of the current federal administration. California’s economy powers the nation, and it must be protected.”

Governor Gavin Newsom

According to the IMF’s 2024 World Economic Outlook data released yesterday, and BEA data California’s nominal GDP reached $4.1 trillion, surpassing Japan’s $4.02 trillion, and placing California behind only the United States, China, and Germany in global rankings. California’s GDP figure is based on the latest state-level GDP data from the BEA.

Outperforming the nation

California’s economy is growing at a faster rate than the world’s top three economies. In 2024, California’s growth rate of 6% outpaced the top three economies: U.S. (5.3%), China (2.6%) and Germany (2.9%). California’s success is long-term –the state’s economy grew strongly over the last four years, with an average nominal GDP growth of 7.5% from 2021 to 2024. Preliminary data indicates India is projected to surpass California by 2026.

California is the backbone of the nation’s economy

With an increasing state population and recent record-high tourism spending, California is the nation’s top state for new business starts, access to venture capital funding, and manufacturing, high-tech, and agriculture.

The state drives national economic growth and also sends over $83 billion more to the federal government than it receives in federal funding. California is the leading agricultural producer in the country and is also the center for manufacturing output in the United States, with over 36,000 manufacturing firms employing over 1.1 million Californians.

The Golden State’s manufacturing firms have created new industries and supplied the world with manufactured goods spanning aerospace, computers and electronics, and, most recently, zero-emission vehicles.

Protecting California’s economy

Governor Gavin Newsom is protecting California’s economy, and last week filed a lawsuit in federal court challenging the president’s use of emergency powers to enact broad-sweeping tariffs that hurt states, consumers, and businesses. The lawsuit seeks to end President Trump’s tariff chaos, which has wreaked havoc on the economy, destabilized the stock and bond markets, caused hundreds of billions of dollars in losses, and inflicted higher costs for consumers and businesses. These harms will only continue to grow, as President Trump’s tariffs are projected to shrink the U.S. economy by $100 billion annually.

Recent news

Apr 23, 2025

News What you need to know: California is investing $500 million to help add 1,000 clean school buses across the state, and demand for incentives supporting zero-emission buses and trucks has more than doubled year-over-year. SACRAMENTO – California’s transition to…

Apr 23, 2025

News What you need to know: More than 4 million California children will automatically receive SUN Bucks food benefits via EBT card starting in June. Each eligible child will receive $120 in food benefits. Sacramento, California – Governor Gavin Newsom announced today…

Apr 23, 2025

News What you need to know: 14,133 cases have been referred to district attorneys’ offices through a community grant investment proposed by Governor Gavin Newsom to root out organized retail crime and hold bad actors accountable. Sacramento, California – Marking a…

MIL OSI USA News –

April 24, 2025
MIL-OSI United Kingdom: Future of Energy Security summit: Energy Secretary opening remarks

Source: United Kingdom – Executive Government & Departments

Speech

Future of Energy Security summit: Energy Secretary opening remarks

The Energy Secretary delivered opening remarks at the International Energy Agency (IEA) Future of Energy Security summit.

Francine, thank you so much.

And distinguished delegates, on behalf of the UK government and the International Energy Agency, I want to welcome you all to this historic setting of Lancaster House and to London for this first global summit on the Future of Energy Security. 

As Francine has said, there are numerous countries represented here – almost 60 countries represented here today. 

And I want to thank each and every one of you who have made the trip here. We truly appreciate your presence and we really look forward to the discussions over the coming 2 days.

We also have leaders from more than 50 global businesses with us.

And I want to thank all of you for everything you do to help create energy security for our countries and our world. 

And we also have NGOs and civil society groups from around the world who are here with us, who play an important role in ensuring accountability of governments.

I also want to pay a specific thank you to the official partners of the summit: Iberdrola-Scottish Power, National Grid, SSE and Urenco. 

And if I may, I want to also thank the teams at the International Energy Agency and across the UK government who have worked incredibly hard to pull this event together. It is some feat of organisation.

And I want if I may also to pay particular tribute to Fatih Birol. Fatih, your leadership of the IEA for nearly a decade now has been marked by your commitment to rigour, to values and to multilateral cooperation. That is why the IEA is so central to the global discussion on energy, and I want to thank you. Perhaps the audience could show our appreciation for Fatih and the work he does.

You’ve got much more interesting people than me to hear from in these coming sessions, but let me make a few remarks to frame our discussions over the next 2 days. 

First, our starting point for this summit is that in an unstable and uncertain world, there can be no national or international security without energy security.  

And indeed it is now more than 50 years since the IEA was founded in response to the oil crisis of 1973.

Over that time, the challenges we face have changed. 

But I think the principle underpinning the IEA’s work – that countries need to collaborate to secure the uninterrupted supply of energy at an affordable price – remains the same. 

And in the years since Russia’s invasion of Ukraine we’ve been reminded in the UK, and indeed across Europe and the world of a simple truth: 

That as long as energy can be weaponised against us, our countries and our citizens are vulnerable and exposed. 

It is for this reason that energy security is also at the heart of economic security – because it is central to living standards, job creation and economic growth. 

And we hope this summit marks an important moment for countries to come together and discuss what the shifting global landscape means for how we deliver energy security in this era.

Second, the act of bringing together, which is an initiative that I’ve taken alongside Fatih and the IEA, I think stems from an underlying belief that can unite us all, which is there is huge benefit for us from cooperating on the basis of our shared interests. 

I think it’s really important to say every country faces its own energy security challenges and its own constraints. 

And each country will pursue its own pathway, following its national interest in securing its energy supplies. 

Different pathways – and I think this is a really important point for this conference – different pathways for different nations should be respected.  

And we will all get a chance to reflect on our different national circumstances in our discussions over the coming days. 

But here is the key thing: whatever our national pathways, I do believe that we share a fundamental belief that shared challenges invite shared solutions. 

Multilateral co-operation can make us stronger not weaker – in our own individual national interest. 

Third point – hopefully this is also a uniting idea – I believe that we gathered here are the optimists about what we can achieve for our society. Business, government, civil society – I believe we are, in this energy sector, the optimists.

Abundant energy can raise living standards, economic growth and deliver for today’s and future generations of citizens.

For the UK, just to talk about us for a moment, there is an exciting vision of energy security and abundance from cheap, homegrown, low carbon power. 

Following Russia’s invasion of Ukraine, we saw family finances, business finances and public finances wrecked as fossil fuel prices rocketed on the global markets, and therefore here in Britain. 

Now oil and gas, including from our North Sea, will continue to play an important role in our energy system, and we really value our industry and the jobs it supports. But as with many countries, we are a price taker not a price maker in international fossil fuel markets.  

So our vision of low carbon power goes well beyond the climate imperative — important as that is. Homegrown low carbon power is our nationally chosen route to energy security. 

Solar power, wind power, tidal, geothermal, nuclear power – also an essential part of the low carbon opportunity. 

These are often unlimited, low-cost power supplies which we can exploit for the benefit of our citizens. 

So to be clear about this, ours is a hard-headed approach to the role of low carbon power as the route to energy security. 

And I believe this isn’t just true for the UK – alongside a continuing important role for oil and gas, low carbon energy can play a critical role in delivering energy security for many countries around the world. 

And it presents a solution to the issue of energy security that simply wasn’t true in the same way as a decade and a half ago – and this again is important – and that’s because of what many countries in this room, working with business, public and private sector together, have achieved. 

The cost of solar globally has fallen by 90% since 2010.  

Offshore wind by more than 60%. 

That’s in part why last year, $2 trillion was invested in clean energy with 80% of new electricity generation met by renewables and nuclear. 

Indeed, according to BNEF, for more than two-thirds of the world’s population, new renewables are the cheapest source of bulk power generation. 

In the spirit of multilateralism, the UK is determined to work with others to accelerate this transition, including through our Global Clean Power Alliance, which the Prime Minister launched at the G20 last year. 

Final point, let me finish by saying that at a time when so much of what is happening in the world looks so intractable, I hope we can carry this spirit of optimism into our deliberations. 

And I hope genuinely that everyone here enjoys this event and your time in London.

I want to end with the following message from His Majesty The King that he has asked me to read out to you all because this summit is something that he was very much personally interested in.

And this is the message from King Charles:

As we all navigate the transition to cleaner energy for our planet and energy security for our citizens, summits such as these are of vital importance in facilitating shared learning between nations, particularly those in the global south and across the Commonwealth.

Events over recent years have shown that, when well-managed, the transition to more sustainable energy sources can itself lead to more resilient and secure energy systems.

While each country will follow its individual path, there are many shared challenges and opportunities on which we can work together, as partners.

And he ends by saying:

I wanted to take this opportunity to thank you all for participating in this summit on the future of energy security, and to send my warmest best wishes for productive discussions over the coming days.

Ladies and gentlemen, thank you so much for your attendance, and now it’s my huge privilege to introduce the Executive Director of the IEA, Dr Fatih Birol.

Updates to this page

Published 24 April 2025

MIL OSI United Kingdom –

April 24, 2025
MIL-OSI United Kingdom: Patients with asthma reminded of the increased risk of severe asthma attacks from overusing blue inhalers
Source: United Kingdom – Government Statements

Press release

Patients with asthma reminded of the increased risk of severe asthma attacks from overusing blue inhalers

The Medicines and Healthcare products Regulatory Agency (MHRA) is reminding patients with asthma of the importance of using their preventer (anti-inflammatory) inhaler regularly as prescribed, and to avoid relying on their blue inhaler alone. This is because without regular use of a preventer inhaler, symptoms could worsen and increase the risk of severe asthma attacks.
This reminder follows updates to product information and the National Institute for Health and Care Excellence (NICE) guidance for short-acting beta 2 agonists (SABAs), including salbutamol and terbutaline, which are used to relieve sudden asthma symptoms such as chest tightness, wheezing, coughing and breathlessness.

Patients are advised to continue using their daily preventer inhaler as prescribed, and to speak to a healthcare professional if they find themselves needing their blue inhaler more than twice a week.

If asthma symptoms, such as chest tightness, wheezing, coughing or difficulty breathing, worsen or are not relieved by the blue inhaler, patients are advised to seek urgent medical help. Any suspected side effects should be reported to the MHRA via the Yellow Card scheme.

Dr Alison Cave, Chief Safety Officer at the MHRA, said:

“Patient safety is our top priority and we continue to monitor all medicines to ensure their benefits outweigh any risks.

“Patients should use their preventer inhaler as prescribed by their doctor, even if their asthma feels under control. Blue inhalers are important for treating symptoms during an asthma attack, but should not be used as the only treatment to manage asthma.

“We advise patients to speak to a healthcare professional if they find themselves needing their blue inhaler more than twice a week. Preventer inhalers should be taken as prescribed, even when symptoms appear under control.

“If asthma symptoms worsen or are not relieved by their blue inhaler, such as chest tightness, wheezing, coughing or difficulty breathing, patients should seek urgent medical help. Any suspected side effects should be reported through our Yellow Card scheme.”

Advice for asthma patients:

Use your preventer inhaler as prescribed, even if your asthma feels under control and the blue inhaler is rarely or never needed. Without regular use of a preventer inhaler, symptoms could worsen and increase the risk of severe asthma attacks.

If you have been prescribed a blue inhaler to use during asthma attacks, you should also be prescribed a separate preventer inhaler for daily use.

Follow your asthma action plan, or speak to your healthcare professional, if you need your blue inhaler more than twice a week – this may indicate your asthma is not well controlled.

If your blue inhaler does not have a dose counter, manually track the doses used and ensure you always have access to a spare blue inhaler before your current inhaler runs out or expires.

Seek urgent medical help if your symptoms are not relieved by your blue inhaler, such as chest tightness, wheezing, coughing or difficulty breathing.

Your healthcare professional can provide advice on recommended alternative or additional treatments (to the blue inhaler) for people over 12 years of age with poorly controlled asthma.

Notes to editors:

The MHRA has issued a Drug Safety Update for healthcare professionals to remind of the risk from overusing blue inhalers which includes a full summary of the evidence and asthma prescribing guideline changes.

NICE published updated national asthma guidance (NG245) in November 2024, which no longer recommends prescribing short-acting beta 2 agonists (SABA) alone for any age group. NICE now recommends that the majority of patients should be treated using combination inhalers containing both preventer (anti-inflammatory) and reliever medicines as Anti-inflammatory Reliever (AIR) or Maintenance and Reliever Therapy (MART).

The MHRA updated UK product information for SABAs in 2024 to strengthen warnings on the risk of asthma deterioration due to SABA overuse. These changes are reflected in the updated Summaries of Product Characteristics (SmPC) for salbutamol and terbutaline.

A December 2024 report from the UK National Child Mortality Database (NCMD) found that: 87% (47 out of 54) of children who died from asthma had 3 or more SABA inhalers dispensed in the previous year. There is a known association across all asthma severities between having 3 or more SABA prescriptions in 1 year and experiencing severe asthma exacerbations.

The Medicines and Healthcare products Regulatory Agency (MHRA) is responsible for regulating all medicines and medical devices in the UK by ensuring they work and are acceptably safe.  All our work is underpinned by robust and fact-based judgements to ensure that the benefits justify any risks.

The MHRA is an executive agency of the Department of Health and Social Care.

The Yellow Card scheme is the MHRA’s system of monitoring the safety of medicines in the UK and it acts as an early warning system to identify new, and strengthen existing, safety information about medicines. Yellow Cards are used alongside other scientific safety information to help the MHRA take action, if necessary, to make changes to the warnings given to people taking a medicine or review the way the medicine is used to maximise benefit and minimise the risk to the patient.

For media enquiries, please contact the newscentre@mhra.gov.uk, or call on 020 3080 7651.

Share this page

The following links open in a new tab

Share on Facebook (opens in new tab)

Share on Twitter (opens in new tab)

Updates to this page

Published 24 April 2025
MIL OSI United Kingdom –
April 24, 2025

MIL-OSI: TransUnion Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

Exceeded first quarter 2025 financial guidance across all key financial metrics
Delivered 8 percent organic constant currency revenue growth (7 percent reported) led by U.S. Financial Services, Emerging Verticals and International
De-levered to 2.9x Leverage Ratio at quarter-end and repurchased $10 million shares through mid-April
Maintaining organic constant currency revenue growth guidance of 4.5 to 6 percent (4 to 5.5 percent reported revenue growth)

CHICAGO, April 24, 2025 (GLOBE NEWSWIRE) — TransUnion (NYSE: TRU) (the “Company”) today announced financial results for the quarter ended March 31, 2025.

First Quarter 2025 Results

Revenue:

Total revenue for the quarter was $1,096 million, an increase of 7 percent (8 percent on a constant currency basis), compared with the first quarter of 2024.

Earnings:

Net income attributable to TransUnion was $148 million for the quarter, compared with $65 million for the first quarter of 2024 primarily due to a $56 million reduction of a previously established accrual for a lawsuit that was dismissed in the first quarter of 2025. Diluted earnings per share was $0.75, compared with $0.33 in the first quarter of 2024. Net income attributable to TransUnion margin was 13.5 percent, compared with 6 percent in the first quarter of 2024.
Adjusted Net Income was $208 million for the quarter, compared with $179 million for the first quarter of 2024. Adjusted Diluted Earnings per Share was $1.05, compared with $0.92 in the first quarter of 2024.
Adjusted EBITDA was $397 million for the quarter, compared with $358 million for the first quarter of 2024, an increase of 11 percent (12 percent on a constant currency basis). Adjusted EBITDA margin was 36.2 percent, compared with 35.1 percent in the first quarter of 2024.

“In the first quarter, TransUnion delivered strong results that again exceeded financial guidance,” said Chris Cartwright, President and CEO. “U.S. Markets revenue grew 9 percent against subdued market conditions, led by strong mortgage and accelerating non-mortgage Financial Services and Emerging Verticals growth. International grew 6 percent on a constant currency basis, with high-single digit growth across most markets and India up low-single digits as anticipated.”

“We are maintaining our 2025 organic constant currency revenue guidance of 4.5 to 6 percent, balancing strong outperformance in the first quarter against increasing market risks. We are actively monitoring conditions but to-date have not experienced softening volumes in our business.”

“We believe we are well-positioned to navigate potential economic softening. We have a proven track record of delivering revenue growth through economic cycles, supported by a diversified and high-growth portfolio across solutions, verticals and geographies. Should conditions deteriorate, we are prepared to prudently manage costs while prioritizing the completion of our business transformation to deliver structural cost savings and accelerate innovation.”

First Quarter 2025 Segment Results

Segment revenue and Adjusted EBITDA for the first quarter of 2025 and the related growth rates compared with the first quarter of 2024 were as follows:

(in millions)	First Quarter 2025		Reported Growth Rate		Constant Currency Growth Rate
U.S. Markets:
Financial Services	$	404	15	%	15	%
Emerging Verticals		315	6	%	6	%
Consumer Interactive		138	(1	)%	(1	)%
Total U.S. Markets Revenue	$	857	9	%	9	%

U.S. Markets Adjusted EBITDA	$	320	12	%	12	%

International:
Canada	$	38	—	%	7	%
Latin America		33	—	%	7	%
United Kingdom		59	9	%	9	%
Africa		17	12	%	10	%
India		69	(3	)%	1	%
Asia Pacific		27	7	%	8	%
Total International Revenue	$	242	2	%	6	%

International Adjusted EBITDA	$	110	3	%	7	%

Liquidity and Capital Resources

Cash and cash equivalents was $610 million at March 31, 2025 and $679 million at December 31, 2024.

For the three months ended March 31, 2025, cash provided by operating activities was $53 million, compared with $54 million in 2024. The decrease in cash provided by operating activities was primarily due to the timing of accounts receivable collections and higher bonus payouts in 2025 compared with 2024, mostly offset by improved operating performance and lower interest expense. For the three months ended March 31, 2025, cash used in investing activities was $87 million, compared with $62 million in 2024. The increase in cash used in investing activities was primarily due to a current year investment in a note receivable and an increase in capital expenditures. For the three months ended March 31, 2025, capital expenditures were $68 million, compared with $62 million in 2024. Capital expenditures as a percent of revenue represented 6% for each of the three months ended March 31, 2025 and 2024. For the three months ended March 31, 2025, cash used in financing activities was $41 million, compared with $31 million in 2024. Cash used in financing activities was higher primarily due to stock buybacks in 2025.

Second Quarter and Full Year 2025 Outlook

Our guidance is based on a number of assumptions that are subject to change, many of which are outside of the control of the Company, including general macroeconomic conditions, interest rates and inflation. There are numerous evolving factors that we may not be able to accurately predict. There can be no assurance that the Company will achieve the results expressed by this guidance.

	Three Months Ended June 30, 2025						Twelve Months Ended December 31, 2025
(in millions, except per share data)	Low			High			Low			High
Revenue, as reported	$	1,076		$	1,095		$	4,358		$	4,417
Revenue growth¹:
As reported		3	%		5	%		4	%		5.5	%
Constant currency^{1, 2}		4	%		6	%		5	%		6	%
Organic constant currency^{1, 3}		3	%		5	%		4.5	%		6	%

Net income attributable to TransUnion	$	69		$	77		$	383		$	411
Net income attributable to TransUnion growth	(18		)%	(9		)%		35	%		44	%
Net income attributable to TransUnion margin		6.5	%		7.1	%		8.8	%		9.3	%

Diluted Earnings per Share	$	0.35		$	0.39		$	1.92		$	2.06
Diluted Earnings per Share growth	(20		)%	(10		)%		33	%		43	%

Adjusted EBITDA, as reported⁵	$	375		$	386		$	1,549		$	1,590
Adjusted EBITDA growth, as reported⁴		—	%		3	%		3	%		6	%
Adjusted EBITDA margin		34.8	%		35.3	%		35.6	%		36.0	%

Adjusted Diluted Earnings per Share⁵	$	0.95		$	0.99		$	3.93		$	4.08
Adjusted Diluted Earnings per Share growth	(4		)%		—	%		—	%		4	%

Additional revenue growth assumptions:

The impact of changing exchange rates is expected to be approximately 1 point of headwind for Q2 2025 and approximately 1 point of headwind for FY 2025.
The impact of the recent acquisition is expected to have approximately 1 point of benefit for Q2 2025 and less than 1 point of benefit for FY 2025.
The impact of mortgage is expected to be approximately 2 points of benefit for Q2 2025 and 2 points of benefit for FY 2025.
Constant currency growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
Organic constant currency growth rates are constant currency growth excluding inorganic growth. Inorganic growth represents growth attributable to the first twelve months of activity for recent business acquisitions.

Additional Adjusted EBITDA assumptions:

The impact of changing foreign currency exchange rates is expected to have approximately 1 point of headwind for Q2 2025 and approximately 1 point of headwind for FY 2025.
For a reconciliation of the above non-GAAP financial measures to the most directly comparable GAAP financial measures, refer to Schedule 7 of this Earnings Release.

Earnings Webcast Details

In conjunction with this release, TransUnion will host a conference call and webcast today at 8:30 a.m. Central Time to discuss the business results for the quarter and certain forward-looking information. This session and the accompanying presentation materials may be accessed at www.transunion.com/tru. A replay of the call will also be available at this website following the conclusion of the call.

About TransUnion (NYSE: TRU)

TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good^® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.

http://www.transunion.com/business

Availability of Information on TransUnion’s Website

Investors and others should note that TransUnion routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the TransUnion Investor Relations website. While not all of the information that the Company posts to the TransUnion Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in TransUnion to review the information that it shares on www.transunion.com/tru.

Forward-Looking Statements

This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of TransUnion’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this earnings release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as “anticipate,” “expect,” “guidance,” “suggest,” “plan,” “believe,” “intend,” “estimate,” “target,” “project,” “should,” “could,” “would,” “may,” “will,” “forecast,” “outlook,” “potential,” “continues,” “seeks,” “predicts,” or the negatives of these words and other similar expressions.

Factors that could cause actual results to differ materially from those described in the forward-looking statements, or that could materially affect our financial results or such forward-looking statements include:

macroeconomic effects and changes in market conditions, including the impact of tariffs, inflation, risk of recession, and industry trends and adverse developments in the debt, consumer credit and financial services markets, including the impact on the carrying value of our assets in all of the markets where we operate;
our ability to provide competitive services and prices;
our ability to retain or renew existing agreements with large or long-term customers;
our ability to maintain the security and integrity of our data;
our ability to deliver services timely without interruption;
our ability to maintain our access to data sources;
government regulation and changes in the regulatory environment;
litigation or regulatory proceedings;
our approach to the use of artificial intelligence;
our ability to effectively manage our costs;
our efforts to execute our transformation plan and achieve the anticipated benefits and savings;
our ability to maintain effective internal control over financial reporting or disclosure controls and procedures;
economic and political stability in the United States and risks associated with the international markets where we operate;
our ability to effectively develop and maintain strategic alliances and joint ventures;
our ability to timely develop new services and the market’s willingness to adopt our new services;
our ability to manage and expand our operations and keep up with rapidly changing technologies;
our ability to acquire businesses, successfully secure financing for our acquisitions, timely consummate our acquisitions, successfully integrate the operations of our acquisitions, control the costs of integrating our acquisitions and realize the intended benefits of such acquisitions;
our ability to protect and enforce our intellectual property, trade secrets and other forms of unpatented intellectual property;
our ability to defend our intellectual property from infringement claims by third parties;
the ability of our outside service providers and key vendors to fulfill their obligations to us;
further consolidation in our end-customer markets;
the increased availability of free or inexpensive consumer information;
losses against which we do not insure;
our ability to make timely payments of principal and interest on our indebtedness;
our ability to satisfy covenants in the agreements governing our indebtedness;
our ability to maintain our liquidity;
stock price volatility;
our dividend payments;
share repurchase plans;
dividend rate;
our reliance on key management personnel; and
changes in tax laws or adverse outcomes resulting from examination of our tax returns.

There may be other factors, many of which are beyond our control, that may cause our actual results to differ materially from the forward-looking statements, including factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K filed with the Securities and Exchange Commission. You should evaluate all forward-looking statements made in this report in the context of these risks and uncertainties.

The forward-looking statements contained in this earnings release speak only as of the date of this earnings release. We undertake no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this earnings release.


TRANSUNION AND SUBSIDIARIES Consolidated Balance Sheets (Unaudited) (in millions, except per share data)

	March 31, 2025			December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	609.9		$	679.5
Trade accounts receivable, net of allowance of $24.4 and $19.9		882.3			798.9
Other current assets		326.2			323.4
Total current assets		1,818.4			1,801.8
Property, plant and equipment, net of accumulated depreciation and amortization of $527.6 and $506.3		199.8			203.5
Goodwill		5,162.7			5,144.3
Other intangibles, net of accumulated amortization of $2,421.7 and $2,294.5		3,205.6			3,257.5
Other assets		562.6			577.7
Total assets	$	10,949.1		$	10,984.8
Liabilities and stockholders’ equity
Current liabilities:
Trade accounts payable	$	325.6		$	294.6
Current portion of long-term debt		70.6			70.6
Other current liabilities		492.3			694.4
Total current liabilities		888.5			1,059.6
Long-term debt		5,060.2			5,076.6
Deferred taxes		386.4			415.3
Other liabilities		121.5			114.5
Total liabilities		6,456.6			6,666.0
Stockholders’ equity:
Preferred stock, $0.01 par value; 100.0 million shares authorized; none issued or outstanding as of March 31, 2025 and December 31, 2024, respectively		—			—
Common stock, $0.01 par value; 1.0 billion shares authorized at March 31, 2025 and December 31, 2024, 201.7 million and 201.5 million shares issued at March 31, 2025 and December 31, 2024, respectively, and 195.1 million and 194.9 million shares outstanding as of March 31, 2025 and December 31, 2024, respectively		2.0			2.0
Additional paid-in capital		2,595.1			2,558.9
Treasury stock at cost; 6.7 million and 6.6 million shares at March 31, 2025 and December 31, 2024, respectively		(340.1	)		(334.6	)
Retained earnings		2,484.5			2,357.9
Accumulated other comprehensive loss		(355.7	)		(367.2	)
Total TransUnion stockholders’ equity		4,385.8			4,217.0
Noncontrolling interests		106.7			101.8
Total stockholders’ equity		4,492.5			4,318.8
Total liabilities and stockholders’ equity	$	10,949.1		$	10,984.8


TRANSUNION AND SUBSIDIARIES Consolidated Statements of Operations (Unaudited) (in millions, except per share data)

	Three Months Ended March 31,
		2025			2024
Revenue	$	1,095.7		$	1,021.2
Operating expenses
Cost of services (exclusive of depreciation and amortization below)		445.6			406.3
Selling, general and administrative		256.8			305.6
Depreciation and amortization		138.9			134.0
Restructuring		—			18.2
Total operating expenses		841.4			864.1
Operating income		254.4			157.2
Non-operating income and (expense)
Interest expense		(56.1	)		(68.7	)
Interest income		8.6			5.4
Earnings from equity method investments		4.3			4.7
Other income and (expense), net		(17.4	)		(15.7	)
Total non-operating income and (expense)		(60.6	)		(74.1	)
Income before income taxes		193.8			83.0
Provision for income taxes		(41.0	)		(13.0	)
Net income		152.7			70.0
Less: net income attributable to noncontrolling interests		(4.7	)		(4.9	)
Net income attributable to TransUnion	$	148.1		$	65.1

Basic earnings per common share from:
Net income attributable to TransUnion	$	0.76		$	0.34
Diluted earnings per common share from:
Net income attributable to TransUnion	$	0.75		$	0.33
Weighted-average shares outstanding:
Basic		195.1			194.1
Diluted		197.3			195.3

As a result of displaying amounts in millions, rounding differences may exist in the table above.


TRANSUNION AND SUBSIDIARIES Consolidated Statements of Cash Flows (Unaudited) (in millions)

	Three Months Ended March 31,
		2025			2024
Cash flows from operating activities:
Net income	$	152.7		$	70.0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		138.9			134.0
Loss on repayment of loans		—			0.7
Deferred taxes		(22.5	)		(27.1	)
Stock-based compensation		30.3			24.1
Other		15.2			(1.2	)
Changes in assets and liabilities:
Trade accounts receivable		(88.9	)		(60.7	)
Other current and long-term assets		3.8			43.7
Trade accounts payable		29.7			28.7
Other current and long-term liabilities		(206.7	)		(158.2	)
Cash provided by operating activities		52.5			54.0
Cash flows from investing activities:
Capital expenditures		(68.4	)		(62.4	)
Proceeds from sale/maturities of other investments		0.2			—
Investments in nonconsolidated affiliates and notes receivable		(20.0	)		(1.2	)
Other		1.6			1.2
Cash used in investing activities		(86.6	)		(62.4	)
Cash flows from financing activities:
Proceeds from term loans		—			264.1
Repayments of term loans		—			(257.1	)
Repayments of debt		(17.7	)		(14.6	)
Debt financing fees		—			(4.7	)
Dividends to shareholders		(22.6	)		(20.8	)
Proceeds from issuance of common stock		10.6			12.4
Employee taxes paid on restricted stock units recorded as treasury stock		(5.5	)		(10.6	)
Repurchase of common stock		(5.4	)		—
Cash used in financing activities		(40.6	)		(31.3	)
Effect of exchange rate changes on cash and cash equivalents		5.1			(2.9	)
Net change in cash and cash equivalents		(69.6	)		(42.6	)
Cash and cash equivalents, beginning of period		679.5			476.2
Cash and cash equivalents, end of period	$	609.9		$	433.6

As a result of displaying amounts in millions, rounding differences may exist in the table above.

TRANSUNION AND SUBSIDIARIES
Non-GAAP Financial Measures

We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes, Adjusted Effective Tax Rate and Leverage Ratio for all periods presented. These are important financial measures for the Company but are not financial measures as defined by GAAP. These financial measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as alternative measures of GAAP. Other companies in our industry may define or calculate these measures differently than we do, limiting their usefulness as comparative measures. Because of these limitations, these non-GAAP financial measures should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP, including operating income, operating margin, effective tax rate, net income attributable to the Company, diluted earnings per share or cash provided by operating activities. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are presented in the tables below.

We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes and Adjusted Effective Tax Rate as supplemental measures of our operating performance because these measures eliminate the impact of certain items that we do not consider indicative of our cash operations and ongoing operating performance. These are measures frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies similar to ours.

Our board of directors and executive management team use Adjusted EBITDA as an incentive compensation measure for most eligible employees and Adjusted Diluted Earnings per Share as an incentive compensation measure for certain of our senior executives.

Under the credit agreement governing our Senior Secured Credit Facility, our ability to engage in activities such as incurring additional indebtedness, making investments and paying dividends is tied to our Leverage Ratio which is partially based on Adjusted EBITDA. Investors also use our Leverage Ratio to assess our ability to service our debt and make other capital allocation decisions.

Consolidated Adjusted EBITDA

Management has excluded the following items from net income attributable to TransUnion in order to calculate Adjusted EBITDA for the periods presented:

Net interest expense is the sum of interest expense and interest income as reported on our Consolidated Statements of Operations.
Provision for income taxes, as reported on our Consolidated Statements of Operations.
Depreciation and amortization, as reported on our Consolidated Statements of Operations.
Stock-based compensation is used as an incentive to engage and retain our employees. It is predominantly a non-cash expense. We exclude stock-based compensation because it may not correlate to the underlying performance of our business operations during the period since it is measured at the grant date fair value and it is subject to variability as a result of performance conditions and timing of grants. These expenses are reported within cost of services and selling, general and administrative on our Consolidated Statements of Operations.
Operating model optimization program represents employee separation costs, facility lease exit costs and other business process optimization expenses incurred in connection with the transformation plan discussed further in “Results of Operations – Factors Affecting Our Results of Operations” in our Quarterly Report on Form 10-Q for the three months ended March 31, 2025. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business. Further, these costs will vary and may not be comparable during the transformation initiative as we progress toward an optimized operating model. These costs are reported primarily in restructuring and selling, general and administrative on our Consolidated Statements of Operations.
Accelerated technology investment includes Project Rise and the final phase of our technology investment announced in November 2023. Project Rise was announced in February 2020 and was originally expected to be completed in 2022. Following our acquisition of Neustar in December 2021, we recognized the opportunity to take advantage of Neustar’s capabilities to enhance and complement our cloud-based technology already under development as part of Project Rise. As a result, we extended Project Rise’s timeline to 2024 and increased the total estimated cost to approximately $240 million. In November 2023, we announced our plans to further leverage Neustar’s technology to standardize and streamline our product delivery platforms and to build a single global platform for fulfillment of our product lines. The additional investment is expected to be approximately $90 million during 2024 and 2025 and represents the final phase of the technology investment in our global technology infrastructure and core customer applications. We expect that the accelerated technology investment will fundamentally transform our technology infrastructure by implementing a global cloud-based approach to streamline product development, increase the efficiency of ongoing operations and maintenance and enable a continuous improvement approach to avoid the need for another major technology overhaul in the foreseeable future. The unique effort to build a secure, reliable and performant hybrid cloud infrastructure requires us to dedicate separate resources in order to develop the new cloud-based infrastructure in parallel with our current on-premise environment by maintaining our existing technology team to ensure no disruptions to our customers. The costs associated with the accelerated technology investment are incremental and redundant costs that will not recur after the program has been completed and are not representative of our underlying operating performance. Therefore, we believe that excluding these costs from our non-GAAP measures provides a better reflection of our ongoing cost structure. These costs are primarily reported in cost of services and therefore do not include amounts that are capitalized as internally developed software.
Mergers and acquisitions, divestitures and business optimization expenses are non-recurring expenses associated with specific transactions (exploratory or executed) and consist of (i) transaction and integration costs, (ii) post-acquisition adjustments to contingent consideration or to assets and liabilities that occurred after the acquisition measurement period, (iii) fair value and impairment adjustments related to investments and call and put options, (iv) transition services agreement income, and (v) a loss on disposal of a business. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary depending upon the timing of such transactions. These expenses are reported in costs of services, selling, general and administrative and other income and (expenses), net, on our Consolidated Statements of Operations.
Net other adjustments principally relate to: (i) deferred loan fee expense from debt prepayments and refinancing, (ii) currency remeasurement on foreign operations, (iii) other debt financing expenses consisting primarily of revolving credit facility deferred financing fee amortization and commitment fees and expenses associated with ratings agencies and interest rate hedging, (iv) certain legal and regulatory expenses, net, and (v) other non-operating (income) expense. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business and create variability between periods based on the nature and timing of the expense or income. These costs are reported in selling, general and administrative and in non-operating income and expense, net as applicable based on their nature on our Consolidated Statements of Operations.

Consolidated Adjusted EBITDA Margin

Management defines Consolidated Adjusted EBITDA Margin as Consolidated Adjusted EBITDA divided by total revenue as reported.

Adjusted Net Income

Management has excluded the following items from net income attributable to TransUnion in order to calculate Adjusted Net Income for the periods presented:

Amortization of certain intangible assets presents non-cash amortization expenses related to assets that arose from our 2012 change in control transaction and business combinations occurring after our 2012 change in control. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary dependent upon the timing of the transactions that give rise to these assets. Amortization of intangible assets is included in depreciation and amortization on our Consolidated Statements of Operations.
Stock-based compensation (see Consolidated Adjusted EBITDA above)
Operating model optimization program (see Consolidated Adjusted EBITDA above)
Accelerated technology investment (see Consolidated Adjusted EBITDA above)
Mergers and acquisitions, divestiture and business optimization (see Consolidated Adjusted EBITDA above)
Net other is consistent with the definition in Consolidated Adjusted EBITDA above except that other debt financing expenses and certain other miscellaneous income and expense that are included in the adjustment to calculate Adjusted EBITDA are excluded in the adjustment made to calculate Adjusted Net Income.
Total adjustments for income taxes relates to the cumulative adjustments discussed below for Adjusted Provision for Income Taxes. This adjustment is made for the reasons indicated in Adjusted Provision for Income Taxes below. Adjustments related to the provision for income taxes are included in the line item by this name on our consolidated statement of operations.

Adjusted Diluted Earnings Per Share

Management defines Adjusted Diluted Earnings per Share as Adjusted Net Income divided by the weighted-average diluted shares outstanding.

Adjusted Provision for Income Taxes

Management has excluded the following items from our provision for income taxes for the periods presented:

Tax effect of above adjustments represents the income tax effect of the adjustments related to Adjusted Net Income described above. The tax rate applied to each adjustment is based on the nature of each line item. We include the tax effect of the adjustments made to Adjusted Net Income to provide a comprehensive view of our adjusted net income.
Excess tax expense (benefit) for stock-based compensation is the permanent difference between expenses recognized for book purposes and expenses recognized for tax purposes, in each case related to stock-based compensation expense. We exclude this amount from the Adjusted Provision for Income Taxes in order to be consistent with the exclusion of stock-based compensation from the calculation of Adjusted Net Income.
Other principally relates to (i) deferred tax adjustments, including rate changes, (ii) infrequent or unusual valuation allowance adjustments, (iii) return to provision, tax authority audit adjustments, and reserves related to prior periods, and (iv) other non-recurring items. We exclude these items because they create variability that impacts comparability between periods.

Adjusted Effective Tax Rate

Management defines Adjusted Effective Tax Rate as Adjusted Provision for Income Taxes divided by Adjusted income before income taxes. We calculate adjusted income before income taxes by excluding the pre-tax adjustments in the calculation of Adjusted Net Income discussed above and noncontrolling interest related to these pre-tax adjustments from income before income taxes.

Leverage Ratio

Management defines Leverage Ratio as net debt divided by Consolidated Adjusted EBITDA for the most recent twelve-month period including twelve months of Adjusted EBITDA from significant acquisitions. Net debt is defined as total debt less cash and cash equivalents as reported on the balance sheet as of the end of the period.

This earnings release presents constant currency growth rates assuming foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates. This earnings release also presents organic constant currency growth rates, which assumes consistent foreign currency exchange rates between years and also eliminates the impact of our recent acquisitions. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates and the impacts of recent acquisitions.

Free cash flow is defined as cash provided by operating activities less capital expenditures and is a measure we may refer to.

Refer to Schedules 1 through 7 for a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP financial measure.


SCHEDULE 1 TRANSUNION AND SUBSIDIARIES Revenue and Adjusted EBITDA growth rates as Reported, CC, and Organic CC (Unaudited)

	For the Three Months Ended March 31, 2025 compared with the Three Months Ended March 31, 2024
	Reported		CC Growth¹		Organic CC Growth²
Revenue:
Consolidated	7.3	%	8.1	%	8.1	%
U.S. Markets	8.6	%	8.6	%	8.6	%
Financial Services	14.7	%	14.7	%	14.7	%
Emerging Verticals	5.8	%	5.8	%	5.8	%
Consumer Interactive	(0.8	)%	(0.8	)%	(0.8	)%
International	2.5	%	6.0	%	6.0	%
Canada	0.4	%	6.9	%	6.9	%
Latin America	(0.5	)%	6.9	%	6.9	%
United Kingdom	8.6	%	9.5	%	9.5	%
Africa	11.9	%	9.5	%	9.5	%
India	(3.3	)%	0.9	%	0.9	%
Asia Pacific	7.0	%	8.0	%	8.0	%

Adjusted EBITDA:
Consolidated	10.9	%	12.3	%	12.3	%
U.S. Markets	12.3	%	12.3	%	12.3	%
International	2.8	%	7.3	%	7.3	%

Constant Currency (“CC”) growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
We have no inorganic revenue or Adjusted EBITDA for the periods presented. Organic CC growth rate is the CC growth rate less the inorganic growth rate.


SCHEDULE 2 TRANSUNION AND SUBSIDIARIES Consolidated and Segment Revenue, Adjusted EBITDA, and Adjusted EBITDA Margin (Unaudited) (dollars in millions)

	Three Months Ended March 31,
		2025			2024
Revenue:
U.S. Markets gross revenue
Financial Services	$	403.6		$	351.7
Emerging Verticals		314.9			297.5
Consumer Interactive		138.2			139.3
U.S. Markets gross revenue	$	856.6		$	788.6

International gross revenue
Canada	$	37.8		$	37.7
Latin America		32.8			32.9
United Kingdom		58.8			54.2
Africa		16.9			15.1
India		68.8			71.1
Asia Pacific		27.0			25.3
International gross revenue	$	242.2		$	236.3

Total gross revenue	$	1,098.8		$	1,024.9

Intersegment revenue eliminations
U.S. Markets	$	(1.6	)	$	(2.3	)
International		(1.5	)		(1.5	)
Total intersegment revenue eliminations	$	(3.1	)	$	(3.7	)

Total revenue as reported	$	1,095.7		$	1,021.2

Adjusted EBITDA:
U.S. Markets	$	320.1		$	285.2
International		109.8			106.8
Corporate		(32.8	)		(33.9	)
Adjusted EBITDA Margin:¹
U.S. Markets		37.4	%		36.2	%
International		45.3	%		45.2	%

Segment Adjusted EBITDA Margins are calculated using segment gross revenue and segment Adjusted EBITDA. Consolidated Adjusted EBITDA Margin is calculated using total revenue as reported and consolidated Adjusted EBITDA.

	Three Months Ended March 31,
		2025			2024
Reconciliation of Net income attributable to TransUnion to consolidated Adjusted EBITDA:
Net income attributable to TransUnion	$	148.1		$	65.1
Net interest expense		47.5			63.2
Provision for income taxes		41.0			13.0
Depreciation and amortization		138.9			134.0
EBITDA	$	375.5		$	275.4
Adjustments to EBITDA:
Stock-based compensation		30.3			24.1
Mergers and acquisitions, divestitures and business optimization¹		17.9			9.2
Accelerated technology investment²		20.0			18.5
Operating model optimization program³		9.8			24.4
Net other⁴		(56.4	)		6.5
Total adjustments to EBITDA	$	21.7		$	82.8
Consolidated Adjusted EBITDA	$	397.1		$	358.2

Net income attributable to TransUnion margin		13.5	%		6.4	%
Consolidated Adjusted EBITDA margin⁵		36.2	%		35.1	%

As a result of displaying amounts in millions, rounding differences may exist in the tables above and footnotes below.

Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:

	Three Months Ended March 31,
		2025		2024
Transaction and integration costs	$	5.3	$	2.2
Fair value and impairment adjustments		12.6		0.1
Post-acquisition adjustments		—		6.9
Total mergers and acquisitions, divestitures and business optimization	$	17.9	$	9.2

Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities, which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:

	Three Months Ended March 31,
		2025		2024
Foundational Capabilities	$	7.4	$	6.8
Migration Management		12.6		10.1
Program Enablement		—		1.7
Total accelerated technology investment	$	20.0	$	18.5

Operating model optimization consisted of the following adjustments:

	Three Months Ended March 31,
		2025		2024
Employee separation	$	—	$	16.8
Facility exit		—		1.4
Business process optimization		9.8		6.2
Total operating model optimization	$	9.8	$	24.4

Net other consisted of the following adjustments:

	Three Months Ended March 31,
		2025			2024
Deferred loan fee expense from debt prepayments and refinancing	$	(0.1	)	$	3.1
Other debt financing expenses		0.5			0.6
Currency remeasurement on foreign operations		(0.6	)		2.6
Legal and regulatory expenses, net		(56.0	)		—
Other non-operating (income) expense		(0.3	)		0.2
Total other adjustments	$	(56.4	)	$	6.5

Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.


SCHEDULE 3 TRANSUNION AND SUBSIDIARIES Adjusted Net Income and Adjusted Diluted Earnings Per Share (Unaudited) (in millions, except per share data)

	Three Months Ended March 31,
		2025			2024
Income attributable to TransUnion	$	148.1		$	65.1

Weighted-average shares outstanding:
Basic		195.1			194.1
Diluted		197.3			195.3

Basic earnings per common share from:
Net income attributable to TransUnion	$	0.76		$	0.34
Diluted earnings per common share from:
Net income attributable to TransUnion	$	0.75		$	0.33

Reconciliation of Net income attributable to TransUnion to Adjusted Net Income:
Net income attributable to TransUnion	$	148.1		$	65.1
Adjustments before income tax items:
Amortization of certain intangible assets¹		70.9			72.0
Stock-based compensation		30.3			24.1
Mergers and acquisitions, divestitures and business optimization²		17.9			9.2
Accelerated technology investment³		20.0			18.5
Operating model optimization program⁴		9.8			24.4
Net other⁵		(56.7	)		5.9
Total adjustments before income tax items	$	92.3		$	154.3
Total adjustments for income taxes⁶		(32.7	)		(40.4	)
Adjusted Net Income	$	207.6		$	179.0

Weighted-average shares outstanding:
Basic		195.1			194.1
Diluted		197.3			195.3

Adjusted Earnings per Share:
Basic	$	1.06		$	0.92
Diluted	$	1.05		$	0.92

	Three Months Ended March 31,
		2025			2024
Reconciliation of Diluted earnings per share from Net income attributable to TransUnion to Adjusted Diluted Earnings per Share:
Diluted earnings per common share from:
Net income attributable to TransUnion	$	0.75		$	0.33
Adjustments before income tax items:
Amortization of certain intangible assets¹		0.36			0.37
Stock-based compensation		0.15			0.12
Mergers and acquisitions, divestitures and business optimization²		0.09			0.05
Accelerated technology investment³		0.10			0.09
Operating model optimization program⁴		0.05			0.13
Net other⁵		(0.29	)		0.03
Total adjustments before income tax items	$	0.47		$	0.79
Total adjustments for income taxes⁶		(0.17	)		(0.21	)
Adjusted Diluted Earnings per Share	$	1.05		$	0.92

Each component of earnings per share is calculated independently, therefore, rounding differences exist in the table above.

1.		Consists of amortization of intangible assets from our 2012 change-in-control transaction and amortization of intangible assets established in business acquisitions after our 2012 change-in-control transaction.
2.		Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:

	Three Months Ended March 31,
		2025		2024
Transaction and integration costs	$	5.3	$	2.2
Fair value and impairment adjustments		12.6		0.1
Post-acquisition adjustments		—		6.9
Total mergers and acquisitions, divestitures and business optimization	$	17.9	$	9.2

Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:

	Three Months Ended March 31,
		2025		2024
Foundational Capabilities	$	7.4	$	6.8
Migration Management		12.6		10.1
Program Enablement		—		1.7
Total accelerated technology investment	$	20.0	$	18.5

Operating model optimization consisted of the following adjustments:

	Three Months Ended March 31,
		2025		2024
Employee separation	$	—	$	16.8
Facility exit		—		1.4
Business process optimization		9.8		6.2
Total operating model optimization	$	9.8	$	24.4

Net other consisted of the following adjustments:

	Three Months Ended March 31,
		2025			2024
Deferred loan fee expense from debt prepayments and refinancing	$	(0.1	)	$	3.1
Currency remeasurement on foreign operations		(0.6	)		2.6
Legal and regulatory expenses, net		(56.0	)		—
Other non-operating (income) and expense		—			0.2
Total other adjustments	$	(56.7	)	$	5.9

Total adjustments for income taxes represents the total of adjustments discussed to calculate the Adjusted Provision for Income Taxes.


SCHEDULE 4 TRANSUNION AND SUBSIDIARIES Adjusted Provision for Income Taxes and Adjusted Effective Tax Rate (Unaudited) (dollars in millions)

	Three Months Ended March 31,
		2025			2024
Income before income taxes	$	193.8		$	83.0
Total adjustments before income tax items from Schedule 3		92.3			154.3
Adjusted income before income taxes	$	286.1		$	237.3

Reconciliation of Provision for income taxes to Adjusted Provision for Income Taxes:
Provision for income taxes		(41.0	)		(13.0	)
Adjustments for income taxes:
Tax effect of above adjustments		(32.3	)		(35.0	)
Eliminate impact of excess tax expense for stock-based compensation		0.5			1.0
Other¹		(0.9	)		(6.4	)
Total adjustments for income taxes	$	(32.7	)	$	(40.4	)
Adjusted Provision for Income Taxes	$	(73.7	)	$	(53.4	)

Effective tax rate		21.2	%		15.7	%
Adjusted Effective Tax Rate		25.8	%		22.5	%

As a result of displaying amounts in millions, rounding differences may exist in the table above.

Other adjustments for income taxes include:

	Three Months Ended March 31,
		2025			2024
Deferred tax adjustments	$	(4.6	)	$	(5.1	)
Valuation allowance adjustments		2.3			0.2
Return to provision, audit adjustments and reserves related to prior periods		1.0			(0.9	)
Other adjustments		0.4			(0.5	)
Total other adjustments	$	(0.9	)	$	(6.4	)


SCHEDULE 5 TRANSUNION AND SUBSIDIARIES Leverage Ratio (Unaudited) (dollars in millions)

	Trailing Twelve Months Ended March 31, 2025
Reconciliation of Net income attributable to TransUnion to Consolidated Adjusted EBITDA:
Net income attributable to TransUnion	$	367.3
Net interest expense		221.0
Provision for income taxes		126.9
Depreciation and amortization		542.6
EBITDA	$	1,257.7
Adjustments to EBITDA:
Stock-based compensation	$	127.5
Mergers and acquisitions, divestitures and business optimization¹		35.2
Accelerated technology investment²		85.7
Operating model optimization program³		80.3
Net other⁴		(41.1	)
Total adjustments to EBITDA	$	287.6
Leverage Ratio Adjusted EBITDA	$	1,545.3

Total debt	$	5,130.8
Less: Cash and cash equivalents		609.9
Net Debt	$	4,521.0

Ratio of Net Debt to Net income attributable to TransUnion		12.3
Leverage Ratio		2.9

As a result of displaying amounts in millions, rounding differences may exist in the table above.

Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:

	Trailing Twelve Months Ended March 31, 2025
Transaction and integration costs	$	14.2
Fair value and impairment adjustments		20.8
Post-acquisition adjustments		0.1
Total mergers and acquisitions, divestitures and business optimization	$	35.2

Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:

	Trailing Twelve Months Ended March 31, 2025
Foundational Capabilities	$	36.3
Migration Management		45.6
Program Enablement		3.8
Total accelerated technology investment	$	85.7

Operating model optimization consisted of the following adjustments:

	Trailing Twelve Months Ended March 31, 2025
Employee separation	$	7.9
Facility exit		40.7
Business process optimization		31.7
Total operating model optimization	$	80.3

Net other consisted of the following adjustments:

	Trailing Twelve Months Ended March 31, 2025
Deferred loan fee expense from debt prepayments and refinancings	$	14.6
Other debt financing expenses		2.3
Currency remeasurement on foreign operations		(1.1	)
Legal and regulatory expenses, net		(56.0	)
Other non-operating (income) and expense		(1.0	)
Total other adjustments	$	(41.1	)


SCHEDULE 6 TRANSUNION AND SUBSIDIARIES Segment Depreciation and Amortization (Unaudited) (in millions)

	Three Months Ended March 31,
		2025		2024

U.S. Markets	$	101.2	$	100.8
International		36.6		32.2
Corporate		1.1		1.0
Total depreciation and amortization	$	138.9	$	134.0

As a result of displaying amounts in millions, rounding differences may exist in the table above.


SCHEDULE 7 TRANSUNION AND SUBSIDIARIES Reconciliation of Non-GAAP Guidance (Unaudited) (in millions, except per share data)

	Three Months Ended June 30, 2025						Twelve Months Ended December 31, 2025
	Low			High			Low			High
Guidance reconciliation of Net income attributable to TransUnion to Adjusted EBITDA:
Net income attributable to TransUnion	$	69		$	77		$	383		$	411
Interest, taxes and depreciation and amortization		220			224			917			929
EBITDA	$	290		$	302		$	1,299		$	1,340
Stock-based compensation, mergers, acquisitions divestitures and business optimization-related expenses and other adjustments¹		85			85			250			250
Adjusted EBITDA	$	375		$	386		$	1,549		$	1,590

Net income attributable to TransUnion margin		6.5	%		7.1	%		8.8	%		9.3	%
Consolidated Adjusted EBITDA margin²		34.8	%		35.3	%		35.6	%		36.0	%

Guidance reconciliation of Diluted earnings per share to Adjusted Diluted Earnings per Share:
Diluted earnings per share	$	0.35		$	0.39		$	1.92		$	2.06
Adjustments to diluted earnings per share¹		0.60			0.60			2.00			2.01
Adjusted Diluted Earnings per Share	$	0.95		$	0.99		$	3.93		$	4.08

As a result of displaying amounts in millions, rounding differences may exist in the table above.

These adjustments include the same adjustments we make to our Adjusted EBITDA and Adjusted Net Income as discussed in the Non-GAAP Financial Measures section of our Earnings Release.
Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.

The MIL Network –

April 24, 2025

MIL-OSI Europe: Written question – Romanian Electoral Bureau censoring private citizens’ free speech, misusing Regulation (EU) 2024/900 – P-001558/2025
Source: European Parliament
Priority question for written answer P-001558/2025
to the Commission
Rule 144
Dan Barna (Renew)

Over the past ten days, the Romanian Electoral Bureau has ordered the removal of more than 160[1] social media posts by private citizens, under the pretence that they are considered political actors as defined under Regulation (EU) 2024/900.

Some of these are known figures such as judges or publicists, while others are regular citizens expressing legitimate political views.

None of them are members of any political party, they do not act in the name of a party and/or candidate and none of them are in any way politically affiliated.

Furthermore, Article 3, paragraph 4, point (g) of the Regulation clearly defines natural persons as political actors if they are ‘representing or acting on behalf of any of the persons or organisations referred to in points (a) to (f), and promoting the political objectives of any of those persons or organisations.’

In this context:

1.Does the interpretation of the Romanian Electoral Bureau exceed the provisions of Regulation (EU) 2024/900?

2.What safeguards are in place to monitor such abusive censorship in the Member States? What corrective measures does the Commission intend to take to ensure the immediate cessation of such censorship?

Submitted: 16.4.2025

[1] https://www.g4media.ro/moment-critic-pentru-democratie-cenzura-reinstaurata-de-o-institutie-a-statului-cum-a-ajuns-biroul-electoral-central-sa-limiteze-ilegal-libertatea-de-exprimare.html.
Last updated: 24 April 2025
MIL OSI Europe News –
April 24, 2025
MIL-OSI Europe: Written question – Suspension of family reunification in Austria – P-001525/2025
Source: European Parliament
Priority question for written answer P-001525/2025/rev.1
to the Commission
Rule 144
Petra Steger (PfE)

On 12 March 2020, the Austrian federal government decided to temporarily suspend family reunification. However, since family reunification for third-country nationals is governed by Directive 2003/86/EC, which considers family reunification to be a human right, Austria has been forced to apply the so-called emergency clause (Article 72 TFEU), which can be applied by Member States when there is a threat to public order and internal security. Since the emergency clause may only be applied for a limited period of time and no permanent derogation from EU law is permitted, Austria has announced that processing of family reunification applications will be suspended until the end of September 2026 at the latest and that all applications submitted in the meantime will be considered retroactively thereafter, thus exposing Austria to a further catastrophic wave of migration, even though the country’s systems are already completely overburdened. Austrian legislation, moreover, contains a loophole that can be used to specifically override the measure by referring to Article 8 of the European Convention on Human Rights.

1.How does the Commission justify the fact that family reunification is de facto guaranteed in directives such as Directive 2003/86/EC, even though the capacities of some Member States have long been overstretched?

2.In the Commission’s view what will happen to third-country nationals who are currently applying for family reunification in Austria and who invoke Article 8 of the European Convention on Human Rights?

3.What specific measures does the Commission plan to take to finally grant the Member States’ greater leeway in migration policy?

Submitted: 14.4.2025
Last updated: 24 April 2025
MIL OSI Europe News –
April 24, 2025
MIL-OSI Europe: The world’s first artificial energy island

Source: European Investment Bank

The project’s developer, Elia, which operates Belgium’s electricity grid as well as grids in the north and east of Germany, is taking considerable steps to offset the impact of the structure on the delicate marine environment. Using a “nature-inclusive design,” the project team has incorporated features to foster biodiversity above and below the waves.

On the surface, the island will include specially designed spaces for bird nesting, while underwater, structures will provide ideal conditions for oyster beds and other marine life to flourish. These elements will transform a normal piece of offshore infrastructure into an artificial reef that actively contributes to the North Sea ecosystem.

“Europe’s seas are becoming the power plants of the future,” says Marleen Vanhecke, Elia Group’s head of external communications. “Elia aims to set the standard for the sustainable construction of future offshore infrastructure. By incorporating biodiversity measures, we aim to inspire other developers to undertake similar initiatives.”

MIL OSI Europe News –

April 24, 2025
MIL-OSI United Kingdom: Coventry City Council joins BCIMO’s Family Day as a leading event partner

Source: City of Coventry

Coventry City Council joins BCIMO as its Main Event Partner for its upcoming Family Day, offering local families and rail enthusiasts the chance to ride the Coventry Very Light Rail (CVLR).

The partnership between BCIMO and Coventry City Council has been fundamental to forming the Very Light Rail National Innovation Centre in Dudley. This centre was established to support the development of the emerging Very Light Rail industry and innovation across the wider rail sectors. As part of this collaboration, Coventry City Council secured Government funding to help prepare the centre for its role in enabling the research and development of the CVLR vehicle.

Since 2022, the CVLR demonstrator, a battery-operated, zero-emission transport system capable of carrying up to 60 passengers (20 seated), has been tested at BCIMO’s Rail Development & Test Site. The system offers an alternative way to travel, complementing existing public transport. It is sustainable, cost-effective, and will help improve air quality while reducing congestion. It will be a hop-on-hop-off urban transport system with no overhead cables and potentially driverless in the future.

As the leading event partner, Coventry City Council will give visitors to Family Day a unique experience: ride the CVLR demonstrator along BCIMO’s whole test track, through the iconic Dudley Railway Tunnel, and around the loop. The vehicle can accommodate up to 20 passengers on this day. This will be the only time people can ride the vehicle at the Dudley site before it relocates to Coventry to run on a 220-metre section of VLR track in May and June.

Councillor Jim O’Boyle, Cabinet Member for Jobs, Regeneration, and Climate Change at Coventry City Council, said: Very Light Rail is the beginning of our plans to revolutionise transport in Coventry. The Family Day in Dudley provides the first opportunity for the public to experience a ride ahead of it moving to Coventry for on-road testing. CVLR can potentially change how people move around smaller cities and towns. It’s green, has the potential to provide a hop-on, hop-off service, and it’s a fraction of the price of conventional tram systems, thanks to our very clever track. It’s great that people can ride on it and experience it in Dudley, where it has been shuttling up and down as part of testing and soon in our city centre.

Neil Fulton, CEO of BCIMO, added: We are incredibly proud of our long-standing partnership with Coventry City Council. Their early support was crucial in helping us develop the facilities that have enabled the programme team to test and advance their Very Light Rail system. As the Main Event Partner for Family Day, we’re excited to offer the public this exclusive opportunity to experience the CVLR demonstrator firsthand, showcasing the exciting potential of sustainable transport for the future.

To learn more about the event, buy tickets, or get involved in other ways, please visit the BCIMO Family Day website page.

Published: Thursday, 24th April 2025

MIL OSI United Kingdom –

April 24, 2025

MIL-OSI: WTW Reports First Quarter 2025 Earnings

Source: GlobeNewswire (MIL-OSI)

Revenue¹decreased 5% over prior year to $2.2 billion for the quarter due to the sale of TRANZACT
Organic Revenue growth of 5% for the quarter
Diluted Earnings per Share was $2.33 for the quarter, up 27% over prior year
Adjusted Diluted Earnings per Share was $3.13 for the quarter, comparable to prior year²
Operating Margin was 19.4% for the quarter, up 740 basis points over prior year
Adjusted Operating Margin was 21.6% for the quarter, up 100 basis points from prior year²

LONDON, April 24, 2025 (GLOBE NEWSWIRE) — WTW (NASDAQ: WTW) (the “Company”), a leading global advisory, broking and solutions company, today announced financial results for the first quarter ended March 31, 2025.

“We had a solid start to the year, delivering results in line with our expectations and making strong progress on our strategy to accelerate our performance, enhance our efficiency and optimize our portfolio,” said Carl Hess, WTW’s chief executive officer. “We are well-positioned to help our clients navigate economic uncertainty and highly focused on driving continued growth and margin expansion, and we are confident in our outlook. I’m proud of our team’s dedication and look forward to achieving our strategic and financial goals together.”

Consolidated Results

As reported, USD millions, except %

Key Metrics	Q1-25	Q1-24²	Y/Y Change
Revenue¹	$2,223	$2,341	Reported (5)% \| CC (4)% \| Organic 5%
Income from Operations	$432	$280	54%
Operating Margin %	19.4%	12.0%	740 bps
Adjusted Operating Income	$480	$483	(1)%
Adjusted Operating Margin %	21.6%	20.6%	100 bps
Net Income	$239	$194	23%
Adjusted Net Income	$316	$325	(3)%
Diluted EPS	$2.33	$1.83	27%
Adjusted Diluted EPS	$3.13	$3.13	0%

¹	The revenue amounts included in this release are presented on a U.S. GAAP basis except where stated otherwise. The segment discussion is on an organic basis.
²	Refer to “WTW Non-GAAP Measures” below and the Q1-25 Supplemental Slides for recast of historical Non-GAAP measures.

Revenue was $2.22 billion for the first quarter of 2025, a decrease of 5% as compared to $2.34 billion for the same period in the prior year. Excluding the impact of foreign currency, revenue decreased 4%. On an organic basis, revenue increased 5%. See Supplemental Segment Information for additional detail on book-of-business settlements and interest income included in revenue.

Net Income for the first quarter of 2025 was $239 million compared to Net Income of $194 million in the prior-year first quarter. Adjusted EBITDA for the first quarter was $532 million, or 23.9% of revenue, a decrease of 3%, compared to Adjusted EBITDA of $546 million, or 23.3% of revenue, in the prior-year first quarter. The U.S. GAAP tax rate for the first quarter was 21.5%, and the adjusted income tax rate for the first quarter used in calculating adjusted diluted earnings per share was 22.7%.

Cash Flow and Capital Allocation

Cash flows used in operating activities were $35 million for the quarter ended March 31, 2025, compared to cash flows from operating activities of $24 million for the prior year. Free cash flow for the quarters ended March 31, 2025 and 2024 was $(86) million and $(36) million, respectively, a decrease of $50 million, primarily driven by the absence of cash collections related to TRANZACT, which the Company sold on December 31, 2024, and increased compensation payments in the current-year quarter as compared to the prior-year quarter. During the quarter ended March 31, 2025, the Company repurchased 607,221 of its outstanding shares for $200 million.

First Quarter 2025 Segment Highlights

Health, Wealth & Career (“HWC”)

As reported, USD millions, except %

Health, Wealth & Career	Q1-25	Q1-24	Y/Y Change
Total Revenue	$1,165	$1,336	Reported (13)% \| CC (12)% \| Organic 3%
Operating Income	$311	$336	(7)%
Operating Margin %	26.7%	25.1%	160 bps

The HWC segment had revenue of $1.17 billion in the first quarter of 2025, a decrease of 13% (12% decrease constant currency and organic growth of 3%) from $1.34 billion in the prior year. Health delivered organic revenue growth in all regions driven by solid client retention, new business and geographic expansion. Wealth generated organic revenue growth from higher levels of Retirement work in Europe and International, alongside growth in our Investments business due to the success of our LifeSight solution and capital market improvements. Career had modest revenue growth as increased advisory work was tempered by some postponements amid economic uncertainty. Benefits Delivery & Outsourcing revenue grew primarily from increased project and core administration work.

Operating margins in the HWC segment increased 160 basis points from the prior-year first quarter to 26.7%, primarily due to the sale of TRANZACT and savings from the Transformation program. Please refer to the Supplemental Slides for TRANZACT’s standalone historical financial results.

Risk & Broking (“R&B”)

As reported, USD millions, except %

Risk & Broking	Q1-25	Q1-24	Y/Y Change
Total Revenue	$1,027	$978	Reported 5% \| CC 7% \| Organic 7%
Operating Income	$226	$203	11%
Operating Margin %	22.0%	20.8%	120 bps

The R&B segment had revenue of $1.03 billion in the first quarter of 2025, an increase of 5% (7% increase constant currency and organic) from $978 million in the prior year. Corporate Risk & Broking (CRB) had organic revenue growth driven by higher levels of new business activity and strong client retention globally. Insurance Consulting and Technology (ICT) had organic revenue growth for the quarter driven by the Consulting and Technology practices.

Operating margins in the R&B segment increased 120 basis points from the prior-year first quarter to 22.0%, due primarily to operating leverage driven by strong organic revenue growth and savings from the Transformation program which were partially offset by headwinds from decreased interest income and foreign currency fluctuations.

Select 2025 Financial Considerations

Changes to Non-GAAP financial measures:

All reported non-GAAP metrics will exclude non-cash net periodic pension and postretirement benefits
Free cash flow and free cash flow margin will capture cash outflows for capitalized software costs
Refer to Supplemental Slides for recast of historical Non-GAAP measures

Business mix:

TRANZACT business, which contributed $1.14 to adjusted diluted earnings per share in 2024, is no longer part of the business portfolio following the completion of the TRANZACT sale in the fourth quarter of 2024
Reinsurance joint venture with Bain Capital expected to be a headwind on adjusted diluted earnings per share of approximately $0.25 to $0.35

Free cash flow:

Expect cash outflows in 2025 from the payment of accrued costs related to the Transformation program which concluded in 2024
Cash taxes related to receipt of earnout from reinsurance divestiture will be classified as Cash Flows from Operating Activities on Statement of Cash Flows

Capital allocation:

Expect share repurchases of ~$1.5 billion, subject to market conditions and potential capital allocation to organic and inorganic investment opportunities

Foreign exchange:

Expect a foreign currency impact on adjusted diluted earnings per share to be neutral in 2025 at today’s rates

Adjusted operating margin outlook:

~100 basis points of average annual margin expansion over next 3 years in R&B
Incremental annual margin expansion at HWC and enterprise levels

The 2025 Financial Considerations above include Non-GAAP financial measures. We do not reconcile forward-looking Non-GAAP measures for reasons explained under “WTW Non-GAAP Measures” below.

Conference Call

The Company will host a live webcast and conference call to discuss the financial results for the first quarter 2025. It will be held on Thursday, April 24, 2025, beginning at 9:00 a.m. Eastern Time. A live broadcast of the conference call will be available on WTW’s website here. The conference call will include a question-and-answer session. To participate in the question-and-answer session, please register here. An online replay will be available at www.wtwco.com shortly after the call concludes.

About WTW

At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance. Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you. Learn more at www.wtwco.com.

WTW Non-GAAP Measures

In order to assist readers of our consolidated financial statements in understanding the core operating results that WTW’s management uses to evaluate the business and for financial planning, we present the following non-GAAP measures: (1) Constant Currency Change, (2) Organic Change, (3) Adjusted Operating Income/Margin, (4) Adjusted EBITDA/Margin, (5) Adjusted Net Income, (6) Adjusted Diluted Earnings Per Share, (7) Adjusted Income Before Taxes, (8) Adjusted Income Taxes/Tax Rate, (9) Free Cash Flow and (10) Free Cash Flow Margin.

We believe that those measures are relevant and provide pertinent information widely used by analysts, investors and other interested parties in our industry to provide a baseline for evaluating and comparing our operating performance, and in the case of free cash flow, our liquidity results.

Within the measures referred to as ‘adjusted’, we adjust for significant items which will not be settled in cash, or which we believe to be items that are not core to our current or future operations. Some of these items may not be applicable for the current quarter, however they may be part of our full-year results. Additionally, we have historically adjusted for certain items which are not described below, but for which we may adjust in a future period when applicable. Items applicable to the quarter or full year results, or the comparable periods, include the following:

Restructuring costs and transaction and transformation – Management believes it is appropriate to adjust for restructuring costs and transaction and transformation when they relate to a specific significant program with a defined set of activities and costs that are not expected to continue beyond a defined period of time, or significant acquisition-related transaction expenses. We believe the adjustment is necessary to present how the Company is performing, both now and in the future when the incurrence of these costs will have concluded.
Gains and losses on disposals of operations – Adjustment to remove the gains or losses resulting from disposed operations that have not been classified as discontinued operations.
Net periodic pension and postretirement benefits – Adjustment to remove the recognition of net periodic pension and postretirement benefits (including pension settlements), other than service costs. We have included this adjustment as applicable in our prior-period disclosures in order to conform to the current-period presentation.

We evaluate our revenue on an as reported (U.S. GAAP), constant currency and organic basis. We believe presenting constant currency and organic information provides valuable supplemental information regarding our comparable results, consistent with how we evaluate our performance internally.

We consider Constant Currency Change, Organic Change, Adjusted Operating Income/Margin, Adjusted EBITDA/Margin, Adjusted Net Income, Adjusted Diluted Earnings Per Share, Adjusted Income Before Taxes, Adjusted Income Taxes/Tax Rate and Free Cash Flow to be important financial measures, which are used to internally evaluate and assess our core operations and to benchmark our operating and liquidity results against our competitors. These non-GAAP measures are important in illustrating what our comparable operating and liquidity results would have been had we not incurred transaction-related and non-recurring items. Reconciliations of these measures are included in the accompanying tables with the following exception: The Company does not reconcile its forward-looking non-GAAP financial measures to the corresponding U.S. GAAP measures, due to variability and difficulty in making accurate forecasts and projections and/or certain information not being ascertainable or accessible; and because not all of the information, such as foreign currency impacts necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure, is available to the Company without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The Company provides non-GAAP financial measures that it believes will be achieved, however it cannot accurately predict all of the components of the adjusted calculations and the U.S. GAAP measures may be materially different than the non-GAAP measures.

Our non-GAAP measures and their accompanying definitions are presented as follows:

Constant Currency Change – Represents the year-over-year change in revenue excluding the impact of foreign currency fluctuations. To calculate this impact, the prior year local currency results are first translated using the current year monthly average exchange rates. The change is calculated by comparing the prior year revenue, translated at the current year monthly average exchange rates, to the current year as reported revenue, for the same period. We believe constant currency measures provide useful information to investors because they provide transparency to performance by excluding the effects that foreign currency exchange rate fluctuations have on period-over-period comparability given volatility in foreign currency exchange markets.

Organic Change – Excludes the impact of fluctuations in foreign currency exchange rates, as described above and the period-over-period impact of acquisitions and divestitures on current-year revenue. We believe that excluding transaction-related items from our U.S. GAAP financial measures provides useful supplemental information to our investors, and it is important in illustrating what our core operating results would have been had we not included these transaction-related items, since the nature, size and number of these transaction-related items can vary from period to period.

Adjusted Operating Income/Margin – Income from operations adjusted for amortization, restructuring costs, transaction and transformation and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted operating income margin is calculated by dividing adjusted operating income by revenue. We consider adjusted operating income/margin to be important financial measures, which are used internally to evaluate and assess our core operations and to benchmark our operating results against our competitors.

Adjusted EBITDA/Margin – Net Income adjusted for provision for income taxes, interest expense, depreciation and amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted EBITDA Margin is calculated by dividing adjusted EBITDA by revenue. We consider adjusted EBITDA/margin to be important financial measures, which are used internally to evaluate and assess our core operations, to benchmark our operating results against our competitors and to evaluate and measure our performance-based compensation plans.

Adjusted Net Income – Net Income Attributable to WTW adjusted for amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results and the related tax effect of those adjustments and the tax effects of internal reorganizations. This measure is used solely for the purpose of calculating adjusted diluted earnings per share.

Adjusted Diluted Earnings Per Share – Adjusted Net Income divided by the weighted-average number of ordinary shares, diluted. Adjusted diluted earnings per share is used to internally evaluate and assess our core operations and to benchmark our operating results against our competitors.

Adjusted Income Before Taxes – Income from operations before income taxes and interest in earnings of associates adjusted for amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted income before taxes is used solely for the purpose of calculating the adjusted income tax rate.

Adjusted Income Taxes/Tax Rate – Provision for income taxes adjusted for taxes on certain items of amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, the tax effects of significant adjustments and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results, divided by adjusted income before taxes. Adjusted income taxes is used solely for the purpose of calculating the adjusted income tax rate. Management believes that the adjusted income tax rate presents a rate that is more closely aligned to the rate that we would incur if not for the reduction of pre-tax income for the adjusted items and the tax effects of internal reorganizations, which are not core to our current and future operations.

Free Cash Flow – Cash flows from operating activities less cash used to purchase fixed assets and software. Free Cash Flow is a liquidity measure and is not meant to represent residual cash flow available for discretionary expenditures. Management believes that free cash flow presents the core operating performance and cash-generating capabilities of our business operations. As a result of our change in presentation, free cash flow for the prior period has been adjusted to conform to the current period, which includes the deduction of our capitalized software costs.

Free Cash Flow Margin – Free Cash Flow as a percentage of revenue, which represents how much of revenue would be realized on a cash basis. We consider this measure to be a meaningful metric for tracking cash conversion on a year-over-year basis due to the non-cash nature of our pension income, which is included in our GAAP and Non-GAAP earnings metrics presented herein.

These non-GAAP measures are not defined in the same manner by all companies and may not be comparable to other similarly titled measures of other companies. Non-GAAP measures should be considered in addition to, and not as a substitute for, the information contained within our condensed consolidated financial statements.

WTW Forward-Looking Statements

This document contains ‘forward-looking statements’ within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. These forward-looking statements include information about possible or assumed future results of our operations. All statements, other than statements of historical facts, that address activities, events or developments that we expect or anticipate may occur in the future, including such things as: our outlook; the potential impact of natural or man-made disasters like health pandemics and other world health crises; future capital expenditures; ongoing working capital efforts; future share repurchases; financial results (including our revenue, costs or margins) and the impact of changes to tax laws on our financial results; existing and evolving business strategies including those related to acquisition and disposition; demand for our services and competitive strengths; strategic goals; the benefits of new initiatives; growth of our business and operations; the sustained health of our product, service, transaction, client, and talent assessment and management pipelines; our ability to successfully manage ongoing leadership, organizational and technology changes, including investments in improving systems and processes; our ability to implement and realize anticipated benefits of any cost-savings initiatives generated from our now-completed multi-year operational transformation program or other expense savings initiatives; our recognition of future impairment charges; and plans and references to future successes, including our future financial and operating results, short-term and long-term financial goals, plans, objectives, expectations and intentions, including with respect to free cash flow generation, adjusted net revenue, adjusted operating margin and adjusted earnings per share, are forward-looking statements. Also, when we use words such as ‘may’, ‘will’, ‘would’, ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘plan’, ‘continues’, ‘seek’, ‘target’, ‘goal’, ‘focus’, ‘probably’, or similar expressions, we are making forward-looking statements. Such statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. All forward-looking disclosure is speculative by its nature.

There are important risks, uncertainties, events and factors that could cause our actual results or performance to differ materially from those in the forward-looking statements contained in this document, including the following: our ability to successfully establish, execute and achieve our global business strategy as it evolves; our ability to fully realize the anticipated benefits of our growth strategy, including inorganic growth through acquisitions; our ability to achieve our short-term and long-term financial goals, such as with respect to our cash flow generation, and the timing with respect to such achievement; the risks related to changes in general economic conditions, business and political conditions, changes in the financial markets, inflation, credit availability, increased interest rates, changes in trade policies, increased tariffs and retaliatory actions; the risks to our short-term and long-term financial goals from any of the risks or uncertainties set forth herein; the risks relating to the adverse impacts of macroeconomic trends, including those relating to changes in trade policies and tariffs, as well as political events, war, such as the Russia-Ukraine and Israel-Hamas wars, and other international disputes, terrorism, natural disasters, public health issues and other business interruptions on the global economy and capital markets, such as uncertainty in the global markets, inflation, changes in interest rates and recessionary trends, changes in spending by government agencies and contractors, which could have a material adverse effect on our business, financial condition, results of operations and long-term goals; our ability to successfully hedge against fluctuations in foreign currency rates; the risks relating to the adverse impacts of natural or man-made disasters such as health pandemics and other world health crises on the demand for our products and services, our cash flows and our business operations; material interruptions to or loss of our information processing capabilities, or failure to effectively maintain and upgrade our information technology resources and systems and related risks of cybersecurity breaches or incidents; our ability to comply with complex and evolving regulations related to data privacy, cybersecurity and artificial intelligence; the risks relating to the transitional arrangements in effect subsequent to our now-completed sale of TRANZACT; significant competition that we face and the potential for loss of market share and/or profitability; the impact of seasonality and differences in timing of renewals and non-recurring revenue increases from disposals and book-of-business sales; the insufficiency of client data protection, potential breaches of information systems or insufficient safeguards against cybersecurity breaches or incidents; the risk of increased liability or new legal claims arising from our new and existing products and services, and expectations, intentions and outcomes relating to outstanding litigation; the risk of substantial negative outcomes on existing or potential future litigation or investigation matters; changes in the regulatory environment in which we operate, including, among other risks, the impacts of pending competition law and regulatory investigations; various claims, government inquiries or investigations or the potential for regulatory action; our ability to make divestitures or acquisitions, including our ability to integrate or manage acquired businesses or carve-out businesses to be disposed, as well as our ability to identify and successfully execute on opportunities for strategic collaboration; our ability to integrate direct-to-consumer sales and marketing solutions with our existing offerings and solutions; our ability to successfully manage ongoing organizational changes, including as a result of our recently-completed multi-year operational transformation program, investments in improving systems and processes, and in connection with our acquisition and divestiture activities; disasters or business continuity problems; our ability to successfully enhance our billing, collection and other working capital efforts, and thereby increase our free cash flow; our ability to properly identify and manage conflicts of interest; reputational damage, including from association with third parties; reliance on third-party service providers and suppliers; risks relating to changes in our management structures and in senior leadership; the loss of key employees or a large number of employees and rehiring rates; our ability to maintain our corporate culture; doing business internationally, including the impact of global trade policies and retaliatory considerations as well as foreign currency exchange rates; compliance with extensive government regulation; the risk of sanctions imposed by governments, or changes to associated sanction regulations (such as sanctions imposed on Russia) and related counter-sanctions; our ability to effectively apply technology, data and analytics changes for internal operations, maintaining industry standards and meeting client preferences; changes and developments in the insurance industry or the U.S. healthcare system, including those related to Medicare, and any other changes and developments in legal, regulatory, economic, business or operational conditions that could impact our businesses; the inability to protect our intellectual property rights, or the potential infringement upon the intellectual property rights of others; fluctuations in our pension assets and liabilities and related changes in pension income, including as a result of, related to, or derived from movements in the interest rate environment, investment returns, inflation, or changes in other assumptions that are used to estimate our benefit obligations and their effect on adjusted earnings per share; our capital structure, including indebtedness amounts, the limitations imposed by the covenants in the documents governing such indebtedness and the maintenance of the financial and disclosure controls and procedures of each; our ability to obtain financing on favorable terms or at all; adverse changes in our credit ratings; the impact of recent or potential changes to U.S. or foreign laws, and the enactment of additional, or the revision of existing, state, federal, and/or foreign laws and regulations, recent judicial decisions and development of case law, other regulations and any policy changes and legislative actions, including those that may impose additional excise taxes or impact our effective tax rate; U.S. federal income tax consequences to U.S. persons owning at least 10% of our shares; changes in accounting principles, estimates or assumptions; our recognition of future impairment charges; risks relating to or arising from environmental, social and governance (‘ESG’) practices; fluctuation in revenue against our relatively fixed or higher-than-expected expenses; the risk that investment levels increase; the laws of Ireland being different from the laws of the U.S. and potentially affording less protections to the holders of our securities; and our holding company structure potentially preventing us from being able to receive dividends or other distributions in needed amounts from our subsidiaries.

The foregoing list of factors is not exhaustive and new factors may emerge from time to time that could also affect actual performance and results. For more information, please see Part I, Item 1A in our Annual Report on Form 10-K, and our subsequent filings with the SEC. Copies are available online at http://www.sec.gov or www.wtwco.com.

Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of these assumptions, and therefore also the forward-looking statements based on these assumptions, could themselves prove to be inaccurate. Given the significant uncertainties inherent in the forward-looking statements included in this document, our inclusion of this information is not a representation or guarantee by us that our objectives and plans will be achieved.

Our forward-looking statements speak only as of the date made and we will not update these forward-looking statements unless the securities laws require us to do so. With regard to these risks, uncertainties and assumptions, the forward-looking events discussed in this document may not occur, and we caution you against unduly relying on these forward-looking statements.

Contact

INVESTORS
Claudia De La Hoz | Claudia.Delahoz@wtwco.com


	WTW Supplemental Segment Information (In millions of U.S. dollars) (Unaudited)

REVENUE
							Components of Revenue Change⁽ⁱ⁾
							Less:				Less:
	Three Months Ended March 31,				As Reported		Currency		Constant Currency		Acquisitions/		Organic
	2025		2024		% Change		Impact		Change		Divestitures		Change

Health, Wealth & Career
Revenue excluding interest income	$	1,158	$	1,327		(13)%		(1)%		(12)%		(14)%		3%
Interest income		7		9
Total		1,165		1,336		(13)%		(1)%		(12)%		(14)%		3%

Risk & Broking
Revenue excluding interest income	$	1,005	$	950		6%		(2)%		8%		0%		8%
Interest income		22		28
Total		1,027		978		5%		(2)%		7%		0%		7%

Segment Revenue	$	2,192	$	2,314		(5)%		(2)%		(4)%		(8)%		5%
Corporate, reimbursable expenses and other		21		21
Interest income		10		6
Revenue	$	2,223	$	2,341		(5)%		(1)%		(4)%		(8)%	5%⁽ⁱⁱ⁾

⁽ⁱ⁾	Components of revenue change may not add due to rounding.
⁽ⁱⁱ⁾	Interest income did not contribute to organic change for the three months ended March 31, 2025.

BOOK-OF-BUSINESS SETTLEMENTS AND INTEREST INCOME

	Three Months Ended March 31,
	HWC				R&B				Corporate				Total
	2025		2024		2025		2024		2025		2024		2025		2024
Book-of-business settlements	$	2	$	—	$	—	$	2	$	—	$	—	$	2	$	2
Interest income		7		9		22		28		10		6		39		43
Total	$	9	$	9	$	22	$	30	$	10	$	6	$	41	$	45

SEGMENT OPERATING INCOME ⁽ⁱ⁾

	Three Months Ended March 31,
	2025		2024

Health, Wealth & Career	$	311	$	336
Risk & Broking		226		203
Segment Operating Income	$	537	$	539

⁽ⁱ⁾

Segment operating income excludes certain costs, including amortization of intangibles, restructuring costs, transaction and transformation expenses, certain litigation provisions, and to the extent that the actual expense based upon which allocations are made differs from the forecast/budget amount, a reconciling item will be created between internally-allocated expenses and the actual expenses reported for U.S. GAAP purposes.

SEGMENT OPERATING MARGINS

	Three Months Ended March 31,
	2025		2024
Health, Wealth & Career		26.7%		25.1%
Risk & Broking		22.0%		20.8%

RECONCILIATION OF SEGMENT OPERATING INCOME TO INCOME FROM OPERATIONS BEFORE INCOME TAXES

	Three Months Ended March 31,
	2025			2024

Segment Operating Income	$	537		$	539
Amortization		(48	)		(60	)
Restructuring costs		—			(18	)
Transaction and transformation⁽ⁱ⁾		—			(125	)
Unallocated, net⁽ⁱⁱ⁾		(57	)		(56	)
Income from Operations		432			280
Interest expense		(65	)		(64	)
Other (loss)/income, net		(64	)		26
Income from operations before income taxes and interest in earnings of associates	$	303		$	242

⁽ⁱ⁾	In addition to legal fees and other transaction costs, includes primarily consulting fees and compensation costs related to the Transformation program.
⁽ⁱⁱ⁾	Includes certain costs, primarily related to corporate functions which are not directly related to the segments, and certain differences between budgeted expenses determined at the beginning of the year and actual expenses that we report for U.S. GAAP purposes.

WTW Reconciliations of Non-GAAP Measures (In millions of U.S. dollars, except per share data) (Unaudited)

RECONCILIATION OF NET INCOME ATTRIBUTABLE TO WTW TO ADJUSTED DILUTED EARNINGS PER SHARE

	Three Months Ended March 31,
	2025			2024

Net income attributable to WTW	$	235		$	190
Adjusted for certain items:
Amortization		48			60
Restructuring costs		—			18
Transaction and transformation		—			125
Net periodic pension and postretirement benefits		75			(22	)
Gain on disposal of operations		(14	)		—
Tax effect on certain items listed above⁽ⁱ⁾		(28	)		(46	)
Adjusted Net Income	$	316		$	325

Weighted-average ordinary shares, diluted		101			104

Diluted Earnings Per Share	$	2.33		$	1.83
Adjusted for certain items:⁽ⁱⁱ⁾
Amortization		0.48			0.58
Restructuring costs		—			0.17
Transaction and transformation		—			1.21
Net periodic pension and postretirement benefits		0.74			(0.21	)
Gain on disposal of operations		(0.14	)		—
Tax effect on certain items listed above⁽ⁱ⁾		(0.28	)		(0.44	)
Adjusted Diluted Earnings Per Share⁽ⁱⁱ⁾	$	3.13		$	3.13

⁽ⁱ⁾	The tax effect was calculated using an effective tax rate for each item.
⁽ⁱⁱ⁾	Per share values and totals may differ due to rounding.

RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA

	Three Months Ended March 31,
	2025				2024

Net Income	$	239		10.8%	$	194		8.3%
Provision for income taxes		65				48
Interest expense		65				64
Depreciation		54				59
Amortization		48				60
Restructuring costs		—				18
Transaction and transformation		—				125
Net periodic pension and postretirement benefits		75				(22	)
Gain on disposal of operations		(14	)			—
Adjusted EBITDA and Adjusted EBITDA Margin	$	532		23.9%	$	546		23.3%

RECONCILIATION OF INCOME FROM OPERATIONS TO ADJUSTED OPERATING INCOME

	Three Months Ended March 31,
	2025			2024

Income from operations and Operating margin	$	432	19.4%	$	280	12.0%
Adjusted for certain items:
Amortization		48			60
Restructuring costs		—			18
Transaction and transformation		—			125
Adjusted operating income and Adjusted operating income margin	$	480	21.6%	$	483	20.6%

RECONCILIATION OF GAAP INCOME TAXES/TAX RATE TO ADJUSTED INCOME TAXES/TAX RATE

	Three Months Ended March 31,
	2025			2024

Income from operations before income taxes and interest in earnings of associates	$	303		$	242

Adjusted for certain items:
Amortization		48			60
Restructuring costs		—			18
Transaction and transformation		—			125
Net periodic pension and postretirement benefits		75			(22	)
Gain on disposal of operations		(14	)		—
Adjusted income before taxes	$	412		$	423

Provision for income taxes	$	65		$	48
Tax effect on certain items listed above⁽ⁱ⁾		28			46
Adjusted income taxes	$	93		$	94

U.S. GAAP tax rate		21.5	%		19.9	%
Adjusted income tax rate		22.7	%		22.3	%

⁽ⁱ⁾	The tax effect was calculated using an effective tax rate for each item.

RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES TO FREE CASH FLOW

	Years Ended December 31,
	2025			2024

Cash flows (used in)/from operating activities	$	(35	)	$	24
Less: Additions to fixed assets and software		(51	)		(60	)
Free Cash Flow	$	(86	)	$	(36	)

WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY Condensed Consolidated Statements of Income (In millions of U.S. dollars, except per share data) (Unaudited)

	Three Months Ended March 31,
	2025			2024
Revenue	$	2,223		$	2,341

Costs of providing services
Salaries and benefits		1,324			1,342
Other operating expenses		365			457
Depreciation		54			59
Amortization		48			60
Restructuring costs		—			18
Transaction and transformation		—			125
Total costs of providing services		1,791			2,061

Income from operations		432			280

Interest expense		(65	)		(64	)
Other (loss)/income, net		(64	)		26

INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES		303			242

Provision for income taxes		(65	)		(48	)

INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES		238			194

Interest in earnings of associates, net of tax		1			—

NET INCOME		239			194

Income attributable to non-controlling interests		(4	)		(4	)

NET INCOME ATTRIBUTABLE TO WTW	$	235		$	190

EARNINGS PER SHARE
Basic earnings per share	$	2.34		$	1.84
Diluted earnings per share	$	2.33		$	1.83

Weighted-average ordinary shares, basic		100			103
Weighted-average ordinary shares, diluted		101			104

WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY Condensed Consolidated Balance Sheets (In millions of U.S. dollars, except share data) (Unaudited)

	March 31,			December 31,
	2025			2024
ASSETS
Cash and cash equivalents	$	1,507		$	1,890
Fiduciary assets		10,293			9,504
Accounts receivable, net		2,366			2,494
Prepaid and other current assets		1,295			1,217
Total current assets		15,461			15,105
Fixed assets, net		667			661
Goodwill		8,841			8,799
Other intangible assets, net		1,255			1,295
Right-of-use assets		487			485
Pension benefits assets		550			530
Other non-current assets		803			806
Total non-current assets		12,603			12,576
TOTAL ASSETS	$	28,064		$	27,681
LIABILITIES AND EQUITY
Fiduciary liabilities	$	10,293		$	9,504
Deferred revenue and accrued expenses		1,499			2,211
Current debt		549			—
Current lease liabilities		120			118
Other current liabilities		923			765
Total current liabilities		13,384			12,598
Long-term debt		4,761			5,309
Liability for pension benefits		552			615
Provision for liabilities		359			341
Long-term lease liabilities		498			502
Other non-current liabilities		296			299
Total non-current liabilities		6,466			7,066
TOTAL LIABILITIES		19,850			19,664
COMMITMENTS AND CONTINGENCIES
EQUITY⁽ⁱ⁾
Additional paid-in capital		11,017			10,989
Retained earnings		51			109
Accumulated other comprehensive loss, net of tax		(2,935	)		(3,158	)
Total WTW shareholders’ equity		8,133			7,940
Non-controlling interests		81			77
Total Equity		8,214			8,017
TOTAL LIABILITIES AND EQUITY	$	28,064		$	27,681


⁽ⁱ⁾	Equity includes (a) Ordinary shares $0.000304635 nominal value; Authorized 1,510,003,775; Issued 99,210,847 (2025) and 99,805,780 (2024); Outstanding 99,210,847 (2025) and 99,805,780 (2024) and (b) Preference shares, $0.000115 nominal value; Authorized 1,000,000,000 and Issued none in 2025 and 2024.

WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY Condensed Consolidated Statements of Cash Flows (In millions of U.S. dollars) (Unaudited)

	Years Ended March 31,
	2025			2024
CASH FLOWS (USED IN)/FROM OPERATING ACTIVITIES
NET INCOME	$	239		$	194
Adjustments to reconcile net income to total net cash from operating activities:
Depreciation		54			59
Amortization		48			60
Non-cash restructuring charges		—			11
Non-cash lease expense		25			27
Net periodic cost/(benefit) of defined benefit pension plans		88			(4	)
Provision for doubtful receivables from clients		5			8
Benefit from deferred income taxes		(23	)		(9	)
Share-based compensation		37			24
Net gain on disposal of operations		(14	)		—
Non-cash foreign exchange loss/(gain)		9			(1	)
Other, net		9			8
Changes in operating assets and liabilities, net of effects from purchase of subsidiaries:
Accounts receivable		162			113
Other assets		1			(53	)
Other liabilities		(691	)		(426	)
Provisions		16			13
Net cash (used in)/from operating activities		(35	)		24

CASH FLOWS USED IN INVESTING ACTIVITIES
Additions to fixed assets and software		(51	)		(60	)
Acquisitions of operations, net of cash acquired		(1	)		(15	)
(Purchase)/sale of investments		(32	)		1
Net cash used in investing activities		(84	)		(74	)

CASH FLOWS FROM FINANCING ACTIVITIES
Senior notes issued		—			746
Debt issuance costs		—			(7	)
Repayments of debt		(1	)		(1	)
Repurchase of shares		(200	)		(101	)
Net proceeds from fiduciary funds held for clients		315			1,011
Cash paid for employee taxes on withholding shares		(2	)		(5	)
Dividends paid		(88	)		(86	)
Acquisitions of and dividends paid to non-controlling interests		—			(1	)
Net cash from financing activities		24			1,556

(DECREASE)/INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		(95	)		1,506
Effect of exchange rate changes on cash, cash equivalents and restricted cash		80			(47	)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD ⁽ⁱ⁾		4,998			3,792
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD ⁽ⁱ⁾	$	4,983		$	5,251

⁽ⁱ⁾	The amounts of cash, cash equivalents and restricted cash, their respective classification on the condensed consolidated balance sheets, as well as their respective portions of the increase or decrease in cash, cash equivalents and restricted cash for each of the periods presented have been included in the Supplemental Disclosure of Cash Flow Information section.

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

	Years Ended March 31,
	2025			2024

Supplemental disclosures of cash flow information:
Cash and cash equivalents	$	1,507		$	1,893
Fiduciary funds (included in fiduciary assets)		3,476			3,358
Total cash, cash equivalents and restricted cash	$	4,983		$	5,251

(Decrease)/increase in cash, cash equivalents and other restricted cash	$	(411	)	$	487
Increase in fiduciary funds		316			1,019
Total ⁽ⁱ⁾	$	(95	)	$	1,506

⁽ⁱ⁾	Does not include the effect of exchange rate changes on cash, cash equivalents and restricted cash.

The MIL Network –

April 24, 2025

MIL-OSI United Kingdom: Emma Caldwell Public Inquiry Chair announced

Source: Scottish Government

Lord Scott to lead review of 2005 murder investigation.

Lord Scott KC will lead the independent Public Inquiry into the investigation of Emma Caldwell’s murder.

Justice Secretary Angela Constance announced the appointment of Lord Scott, a Senator of the College of Justice, in an update to the Scottish Parliament.

Emma, 27, was murdered in April 2005. In February last year her killer was convicted and given a life sentence for Emma’s murder and violent offences against other women.

The Justice Secretary said:

“In March last year, I announced that there would be a Public Inquiry into the investigation of Emma’s murder in 2005 to provide answers to the victims and survivors involved and ensure that lessons are learned for the future. The other victims, as well as Emma’s mother Margaret and the rest of the family, deserve nothing less after the unbearable loss, pain and grief they have suffered.

“Lord Scott has a strong track record on human rights and I am pleased that someone of his experience, expertise and legal standing will lead this inquiry. Importantly, Emma’s family support his appointment.

“I will now consult Lord Scott on the terms of reference and seek the views of Emma’s family and others on the inquiry’s remit. I will update Parliament on the terms of reference and the timescale for the inquiry’s formal setting-up date in due course.”

Lord Scott said:

“I am aware of the significant public interest in this inquiry and the importance it holds for Emma Caldwell’s family. I will discharge my duties as chair independently, thoroughly and to the best of my ability.

“I come to this role with three years of experience as a judge of the Court of Session and High Court of Justiciary. This followed over 20 years in the voluntary sector, primarily in the area of human rights, as well as over 30 years in private practice as a criminal defence lawyer and work in several reviews which scrutinised the use of various powers by the Police Service of Scotland.

“I look forward to discussing the terms of reference with the Cabinet Secretary and to establishing and working with an inquiry team to start our work as soon as possible.”

Background

Lord Scott, a graduate of the University of Glasgow, qualified as a solicitor in 1987. He was appointed a Queen’s Counsel in 2011 and a judge in 2022.

He chaired the Scottish Human Rights Centre from 1997 to 2005; convened the Howard League for Penal Reform in Scotland from 2006 until 2018; and chaired Justice Scotland in 2014.

In 2015, Lord Scott chaired an Independent Advisory Group on police ‘Stop and Search’ powers and he chaired independent reviews into biometrics in policing in Scotland and the impact on communities of policing of the miners’ strike in 1984-85.

Lord Scott chaired the Scottish Mental Health Law Review from May 2019 and submitted the Review’s final report to Scottish Ministers in September 2022.

In 2020, he chaired a group providing independent scrutiny on Police Scotland’s use of emergency powers under Coronavirus legislation.

Read the Justice Secretary’s statement to Parliament on 7 March 2024 announcing plans for a statutory Public Inquiry

Government Initiated Question confirming that Lord Scott has agreed to chair the independent Public Inquiry into the investigation of Emma Caldwell’s murder.

MIL OSI United Kingdom –

April 24, 2025
MIL-OSI United Kingdom: On-call firefighter recruits officially welcomed into the States of Jersey Fire & Rescue Service in a pass-out parade24 April 2025 Eleven new on-call firefighter recruits were officially welcomed into the States of Jersey Fire & Rescue Service over the Easter Weekend, with a pass-out parade. Their families and friends joined… Read more

Source: Channel Islands – Jersey

24 April 2025

Eleven new on-call firefighter recruits were officially welcomed into the States of Jersey Fire & Rescue Service over the Easter Weekend, with a pass-out parade.

Their families and friends joined them for the ceremony where Area Commander Lee Drawbridge presented the firefighters with certificates.

Their loved ones were also able to witness some of the life-saving emergency work they’ll be undertaking in their new role, with an RTC casualty extrication demonstration.

Following a successful recruitment campaign and subsequent training programme, the new firefighters are joining crews based at either the Western or Town stations.

These successful candidates will play a part in strengthening and protecting our community – and in the Island’s response to emergencies.

Deputy Chief Fire Officer Bryn Coleman said: “We are delighted to welcome these 11 enthusiastic individuals into the Fire and Rescue Service family.

“Our on-call firefighters are a vital element to the island’s resilience and these new recruits go a long way towards bolstering our resilience within the States of Jersey Fire and Rescue Service.

“Both our stations rely on on-call firefighters to ensure we can respond effectively to emergencies, and we are grateful for their dedication in helping make our Island home that little bit safer.

“We are also grateful to their families and loved ones who were able to join us for their pass-out parade.

“As emergency responders, having that support at home makes all the difference.”

The States of Jersey Fire & Rescue Service on-call firefighters are often permanently employed by other organisations but provide an on-call service to the fire service when their pager alerts them. Just like full-time firefighters, on-call firefighters are trained to deal with a wide range of situations and incidents.

They are required to respond to emergencies every four days if working from St Helier, or alternate evenings if working from Western Station in St Brelade.

The challenging role of a firefighter means it suits people who work well in a team; people with a positive, professional approach; and people who recognise the value of rules and procedures but who are also innovative and can challenge appropriately.

Firefighters also need to deal sensitively with members of the public in difficult and emotional situations and the ability to deliver under pressure, often with great courage and in distressing circumstances.

MIL OSI United Kingdom –

April 24, 2025
MIL-OSI United Kingdom: Angela and Her NOLA Brass Squad set to ignite the City of Derry Jazz & Big Band Festival with explos

Source: Northern Ireland – City of Derry

Angela and Her NOLA Brass Squad set to ignite the City of Derry Jazz & Big Band Festival with explos

17 April 2025

Get ready for a vibrant injection of New Orleans spirit as ‘Angela and Her NOLA Brass Squad’ prepares to make their highly anticipated debut at the City of Derry Jazz & Big Band Festival.
Born from the embers of the much-loved Jaydee Brass Band, ‘Angela and Her NOLA Brass Squad’ brings together familiar energy with exciting new sounds. After 15 years of electrifying street performances, the original Jaydee Brass Band took a break. However, the musical connection remained strong, and a core group of the original crew couldn’t resist reuniting, keen to experiment and explore fresh musical avenues.

This new ensemble welcomes dynamic vocalist Angela, whose captivating voice and charming stage presence perfectly complements their vision. The band’s formation was driven by a desire to create a versatile act equally at home busking on the streets and commanding festival stages.

While carrying the energetic DNA of Jaydee Brass Band, ‘Angela and Her NOLA Brass Squad’ carves its own path. This isn’t just a typical jazz fest brass band; it’s a powerful vocalist fronting a dynamic ensemble, reminiscent of a rock festival stage presence, yet retaining the raw, engaging spirit of a busking brass band. The ‘NOLA’ in their name is a clear nod to New Orleans, Louisiana, the birthplace of jazz and a city where the joy of everyday music-making thrives.

Band member Eelco van Velzen said the new ensemble is looking forward to returning to this year’s Jazz Festival and hope the Derry public love everything ‘Angela and Her NOLA Brass Squad’ have to offer. Eelco said: “Coming back to Derry after 15 previous visits with the Jaydee Brass band feels like flying home to introduce our new girlfriend to our parents. We are sure you will like her and approve of how we are moving forward.”

Extending a warm welcome to the new group, Jazz Festival Coordinator with Derry City and Strabane District Council, Aisling McCallion, said: “We are absolutely delighted to welcome ‘Angela and Her NOLA Brass Squad’ to this year’s festival lineup. Their unique blend of New Orleans jazz with contemporary flair perfectly embodies the spirit of musical innovation we strive to showcase. Having hosted the Jaydee Brass Band multiple times in previous years, we’re excited to see this evolution and know our festival attendees will be in for something truly special.”

Don’t miss the chance to witness the exciting debut of ‘Angela and Her NOLA Brass Squad’ at the City of Derry Jazz & Big Band Festival. Expect feisty, unfiltered fun and a musical experience that will get you moving!

There are multiple opportunities to catch this new group at this year’s festival – they’ll be on the steps of the Millennium Forum at 7.15pm on Friday 2^nd May or pop into the Blackbird at 11pm that night. On Saturday they are taking part in the DLD Second Line Parade at 11am, before returning to the Millennium Forum steps at 3.45pm, and closing Saturday with a performance at the Guildhall Taphouse at 10.30pm. On Sunday they will be playing at the Craft Village at 1pm, and then on the steps of the Richmond Centre at 4.30pm.

The City of Derry Jazz and Big Band Festival is organised and funded by Derry City and Strabane District Council with support from Diageo and EY.

For more information go to cityofderryjazzfestival.com and for regular updates follow the City of Derry Jazz festival on Facebook Instagram and X @derryjazzfest.

MIL OSI United Kingdom –

April 24, 2025
MIL-OSI United Kingdom: Playhouse to bring acclaimed Jazz production for festival debut

Source: Northern Ireland – City of Derry

Playhouse to bring acclaimed Jazz production for festival debut

24 April 2025

The City of Derry Jazz Festival swings into town once again over the May Bank holiday with a stellar line up of talent all set to celebrate jazz in all its forms.

The Playhouse is just one of a number of dedicated Jazz Hubs with its own festival line up, and this year the theatre is bringing a new jazz experience to audiences in the form of the intriguingly titled ‘No Citation’.

The play is written by musician and song-writer Kyron Bourke who is a familiar face on the local Jazz circuit. Originally from Dublin, Kyron moved to Belfast in 1992, initially for three months to play in Larry’s Piano Bar, and decades later he can still be found holding court at weekends as Music Curator of the popular Bert’s Jazz Bar in the Merchant Hotel.

The play premiered at the Lyric Theatre Belfast before a successful run in Dublin’s Smock Alley Theatre, but Kyron is looking forward to bringing the production for the first time to Derry, and a new audience at Ireland’s biggest jazz celebration.

This unique theatrical and musical event combines powerful storytelling with original jazz compositions, following the story of Jeremy d’Wolfe McCarthy, a legendary piano man facing his final judgment. Finding himself in the derelict Dimitri’s Piano Bar, McCarthy attempts to entertain with his latest songs but is haunted by ghosts from his past. As he realizes this may be his final performance, he desperately tries to set the record straight.

Born into a theatrical and literary family in Dublin, transitioning from music to drama was a natural process for Kyron, as he revealed ahead of the festival. “My father, from a prominent theatrical family in Dublin, was an actor and my mother was an opera singer. My father‘s cousin was Brendan Behan. Basically everybody in the family either danced or acted, directed and produced plays or wrote them, so from an early age I was immersed in the process,” he reflects.

“I had written before, mainly reviews for theatre companies that I worked for and once as a result of a bursary from the Royal Court, London. A few years ago, I wrote a play about a famous alcoholic Shakespearean actor who had died and was looking back over his life.

“I workshopped the play and the general consensus was that I should write about subject matter closer to my own experience. So, I took this advice on board and decided to write about a piano man who has passed over. My piano man was similar to the protagonist in the first play, except for the fact that the piano man had not really achieved a lot as far as fame was concerned. But in terms of abusing alcohol and substances he was the same and was possessed of an equally enormous ego.”

While the show features original songs penned by Kyron, and delivered by a fabulous line up of accomplished jazz musicians, it won’t just appeal to hard core jazz fans.

“The play has 10 or so songs and incidental music throughout but there’s also a good deal of dialogue and a compelling story line. The style of the music is jazz but in no way is it hard-core jazz. It’s a good introduction for non jazzers. For those who feel that jazz is not for them the music and songs in ‘No Citation’ would be a good starting point.”

Over his time at Bert’s Kyron has been immersed in the local jazz scene and is seeing a new wave of talent shaking up the industry. “The scene has changed quite a lot over the past 30 years,” he explains. “The calibre of musicianship of the young musicians coming up is astonishing. I guess there’s better training in place. It’s a very a vibrant scene – very exciting. “Events like the City of Derry Jazz Festival provide an opportunity for those artists to connect with new audiences and the more jazz festivals the better as far as I am concerned. “The Derry Jazz Festival is unique because there are already superb international standard jazz musicians living in and around Derry and I imagine this ever-present core of homegrown jazz musicians drives the desire to seek out genuine jazz international acts and not just random music acts. I always feel there’s a good cross section of jazz styles at the Derry Festival, so there is something for everybody.”

Musician, broadcaster and academic, Dr Linley Hamilton, who recently picked up an MBE for services to music, plays one of an impressive cast of characters that appear in silhouette throughout the production to take Jeremy on a musical odyssey in his final moments. Linley has worked closely with Kyron over the years and is looking forward to collaborating once again, as he explained. “Kyron is the real deal when it comes to music. He’s an amazing vocalist and a brilliant song-writer and it’s an absolute joy to work with him again on this project. He has a passion that proves that music isn’t about how you write it – it’s how you can make people feel.

“Kyron is one of those musicians where you just press the button and he’s in a different world and he takes you along with him. As an artist he’s completely selfless in that he gives performers room to play which is unusual. He provides musicians with the opportunity to play to the maximum – it’s not about him, and that’s very rare I this industry. Here in N. Ireland there’s a very small domestic market when it comes to jazz, there are only a few dedicated venues and opportunities to perform are rare. But the way he works pays dividends because performers respond to him what you get is something completely unique and authentic.”

The City of Derry Jazz and Big Band Festival is organised and funded by Derry City and Strabane District Council with support from Diageo and EY.

You can catch ‘No Citation’ at the Playhouse on Thursday May 1^st at 8pm. Tickets costing £25/Concession £22, are available at www.derryplayhouse.com

MIL OSI United Kingdom –

April 24, 2025
MIL-OSI United Kingdom: Liverpool Welcomes 50 New Citizens on St George’s Day

Source: City of Liverpool

Today, Wednesday 23rd April, Liverpool celebrates a powerful moment of inclusion and civic pride, as 50 people from across the world becomes British citizens in a special ceremony at St George’s Hall — held fittingly on St George’s Day.

Led by Liverpool City Council’s Registration Service, the ceremony marks the final step in a deeply personal journey for each participant, and the beginning of a new chapter as full members of British society.

The event took place in the historic grandeur of St George’s Hall, offering a powerful atmosphere for new citizens to mark the start of a new chapter. The event shines a light on the diverse communities that make up Liverpool, and the values of unity that define it.

With the ceremony falling on St George’s Day, a date traditionally associated with English identity, it becomes an even more symbolic moment, highlighting the evolving story of modern Britain and Liverpool’s proud tradition as a welcoming city.

As Liverpool continues to welcome people from all over the world, this event stands as a powerful symbol of what it means to belong — and what it means to be a Liverpudlian.

Councillor Laura Robertson-Collins, Cabinet Member for Neighbourhoods, said: “This is what Liverpool is all about, a city that welcomes, embraces and celebrates the people who choose to call it home.

“These ceremonies are powerful reminders of the strength we gain from our diversity and I’m incredibly proud that so many people are becoming citizens right here, in the heart of Liverpool, on such a symbolic day.“

Dr Mqhreen Aleem, one of the new citizens, shared what the moment means to them: “This day means everything to me.

“I’ve worked hard to build a life here, and becoming a British citizen in Liverpool — in such a beautiful place, on St George’s Day — feels like a true beginning. I’m proud to call this city my home’’.

MIL OSI United Kingdom –

April 24, 2025
MIL-OSI United Kingdom: Council response to Accounts Commission Best Value Assurance Report

Source: Scotland – Highland Council

Highland Council welcomes the positive Accounts Commission Best Value Report and acknowledges the need for transformation at pace.

Convener of the Council Cllr Bill Lobban said: “The Council notes the recent report by the Accounts Commission which we consider broadly positive. In particular, we note the comments that the Council has significantly improved since 2020.

“We also note the positive comments in the report about the ways in which Highland Council is taking steps to transform its delivery of services.”

In particular, Highland Council has set a budget for 2025 – 2026 which uses zero reserves to fill its revenue gap. In fact, the £12.9m of additional savings that were approved will enable strategic investment of £14m in energy and transport. This is a major step forward and it is positive that this has been recognised on a number of occasions, including in this report, by the Accounts Commission. The elected members of Highland Council have been prepared to make tough decisions, and it is positive that the Commission has recognised the strong relationships between councillors and officers as being a feature of the organisation.

When the Highland Investment Plan was approved by Council in May last year, the report included details of the processes for its funding whilst ensuring that the Plan remains affordable, prudent and sustainable. This approach is considered necessary in order to transform the Council’s assets and enable the improvement of services delivered across the Highlands.

The Council has selected 31 of the 107 Local Government Benchmarking Framework indicators to judge its performance improvement by and can document a process of continual improvement. This is in accordance with advice from Audit Scotland which is that councils should be selective in what they aim to improve, otherwise they can lose strategic focus. These improvements are across all services areas and show a positive trajectory. It should be noted that with such a large geographical expanse to operate in, and with a dispersed population in rural areas, there is probably nowhere in the UK which faces the same level of challenge in delivering services as experienced in Highland.

There are findings for Highland Council to take on board, which will be reported to a future meeting of the Council. One of these relates to historic levels of borrowing, which will continue to be monitored as a means of sustaining future investment.

24 Apr 2025

Share this story

MIL OSI United Kingdom –

April 24, 2025
MIL-OSI United Kingdom: Government action to improve safety in young offender institutions
Source: United Kingdom – Executive Government & Departments 3

Press release

Government action to improve safety in young offender institutions

Frontline officers and young people in custody will be better protected under plans to equip specially selected and trained staff with synthetic pepper spray, the Government has announced today (24 April).
Specially selected, trained staff to be equipped with synthetic pepper spray

Response to rising violence in young offender institutions

Rate of assaults on staff 14 times higher than in adult prisons

Amid rising levels of violence, the decision will help keep both staff and young people safe and reduce the severity of incidents in young offender institutions.

Over the last few years, more and more frontline officers have been forced to put themselves in danger to protect young people in custody from attack and fend off homemade weapons.

PAVA, a synthetic pepper spray which temporarily incapacitates those it is sprayed upon, will now be available to specialist staff in young offender institutions to help de-escalate and diffuse violent situations.

Today’s announcement comes as new figures show the rate of assaults in public youth offender institutions is around 14 times higher than in adult prisons.

By giving staff the tools they need to keep young people in custody safe, they will be able to focus on rehabilitation and help them turn their lives around. Reducing reoffending is fundamental to the government’s pledge to keep our streets safe, part of its Plan for Change.

Minister for Youth Justice Sir Nic Dakin said:

This government inherited a criminal justice system in crisis. The unacceptable levels of violence faced by our brave frontline officers in young offender institutions is yet another symptom of that.

This is not a decision we have made lightly, but our overarching duty is to keep staff and young people in custody safe. This spray is a vital tool to prevent serious violence, helping staff to focus on rehabilitation as part of our Plan for Change.

The number of young people in custody has fallen significantly in recent years. Those now held in young offender institutions are mostly older teenage boys, aged 16 to 18 years of age, and over two-thirds of all young people are there for violent offences such as murder, attempted murder and grievous bodily harm.

Recent incidents have seen young people in custody sustain serious injuries while staff have experienced fractures, dislocations, puncture wounds and lacerations.

The PAVA rollout will allow staff to respond to these incidents more effectively and restore order more quickly.

It will only be deployed in limited circumstances by specially trained individuals where there is serious violence or an imminent risk of it taking place. It has previously been used in young offender institutions when National Tactical Response Groups have been called to deal with serious incidents, but this change will mean it can be used more quickly to diffuse situations. It is already used by police in the community and by prison officers in the adult estate to reduce the risk of serious harm to staff and prisoners alike.

To keep both staff and young people safe, use in the youth estate will have strict controls, with each use of PAVA being reviewed by an independent panel and reported to ministers for further scrutiny. Ministers will also review its operation and impact after 12 months including to address any disproportionate use.

Today’s announcement follows extensive research and evidence gathering with specialists including subject matter experts and NHS England.

The Government has also recently taken action to end the practice of placing girls in young offender institutions following recommendations from Susannah Hancock’s independent review into the placement and care of girls in youth custody.

Share this page

The following links open in a new tab

Share on Facebook (opens in new tab)

Share on Twitter (opens in new tab)

Updates to this page

Published 24 April 2025
MIL OSI United Kingdom –
April 24, 2025

Category: European Union

More in Nature

Comment

Westminster Insight – Women and Girls in Sport Conference

Updates to this page

24 April 2025

Mayor launches powerful Mental Health Arts exhibition in Strabane

Letter from the Secretary of State for Northern Ireland regarding Windsor Framework declarations and decisions under Schedule 6B Northern Ireland Act 1998

Documents

Details

Updates to this page

Sign up for emails or print this page

Order intake

Sales

Outlook

California is the backbone of the nation’s economy

Protecting California’s economy

Recent news

Future of Energy Security summit: Energy Secretary opening remarks

Updates to this page

Patients with asthma reminded of the increased risk of severe asthma attacks from overusing blue inhalers

Dr Alison Cave, Chief Safety Officer at the MHRA, said:

Advice for asthma patients:

Notes to editors:

Share this page

Updates to this page

24 April 2025

Angela and Her NOLA Brass Squad set to ignite the City of Derry Jazz & Big Band Festival with explos

Playhouse to bring acclaimed Jazz production for festival debut

Highland Council welcomes the positive Accounts Commission Best Value Report and acknowledges the need for transformation at pace.

Share this story

Government action to improve safety in young offender institutions

Share this page

Updates to this page