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Category: European Union

  • MIL-OSI United Kingdom: Ditch single-use vapes as ban deadline looms

    Source: United Kingdom – Executive Government & Departments

    Press release

    Ditch single-use vapes as ban deadline looms

    Shops encouraged to sell all remaining stock before 1 June 2025 deadline

    Single-use vapes in a green field

    High street shops and convenience stores are today (Tuesday 1 April) being urged to deplete their stocks of single-use vapes ahead of new legislation coming into force banning their sale.

    The deadline for selling any remaining single-use vapes was confirmed as 1 June 2025 when legislation was laid in parliament last year, with a government consultation showing overwhelming support for restricting their sale and supply.

    Analysis by Material Focus found an estimated 8.2 million vapes are now thrown away or littered every week in the UK, which is the equivalent of 13 each second. However, recycling single-use vapes is notoriously arduous, with waste industry workers needing to take them apart by hand which can be a slow and costly process. Their contents also present a fire risk to recycling facilities and can leak harmful chemicals into the environment.

    With under two months until the ban comes into force, businesses must take action now to ensure they are prepared for its implementation. This includes ensuring all remaining stocks of single-use vapes are sold, and only buying vapes that follow the new regulations.

    If businesses have any single-use vapes in their possession after 1 June 2025, they will not be able to sell them to shoppers and must ensure they are disposed of safely.

    Waste Minister Mary Creagh said:

    For too long, single-use vapes have littered our streets, wasted valuable resources and harmed wildlife. 

    Our ban comes into force in just a few weeks so businesses must play their part by running down stocks and ensuring the remainder are collected for recycling. 

    The Government is committed to moving towards a more circular economy, where we use, repair and refill things for longer, to reduce waste.

    Scott Butler, executive director of Material Focus, said:

    The upcoming ban will take some of the most environmentally wasteful vape models off the market. But it is important now and going forwards that vape producers and retailers meet their long-standing obligations to provide and pay for the takeback and recycling of all types of vapes sold historically and in the future.

    This means offering in store takeback wherever they are sold and financing the costs of recycling and recovering the materials from them to support a more sustainable and circular economy.

    Material Focus has produced a vapes briefing paper that explains how vape retailers and producers can do this and also provides guidance for local authorities.

    Minister for Public Health and Prevention, Ashley Dalton, said:

    Single-use vapes are one of the most wasteful products on our high streets, with 13 being thrown away every second across the UK.

    But this isn’t just an environmental crisis – it’s a public health one too. Single-use vapes, often sweet in flavour, are the product of choice for many young people, drawing a new generation into nicotine addiction.

    The ban will complement the world-leading Tobacco and Vapes Bill, which will tackle youth vaping and safeguard our children’s health. I urge retailers to plan accordingly, as we work together to create a cleaner, greener, and healthier Britain for future generations.

    In England, any businesses which fail to comply with the ban could face a stop notice or a fine of £200 in the first instance, with all products seized by Trading Standards. If any further infractions occur, they could be hit with an unlimited fine or be prosecuted.

    The ban is part of the government’s commitment to end the avalanche of rubbish filling our high streets, countryside, and oceans. The government’s action to clean up Britain doesn’t end there – with further moves to ensure the throwaway society is ended for good. 

    Last week, Environment Secretary Steve Reed set out his vision for delivering the revolutionary drive to create a truly circular economy, changing the relationship with the goods we use.

    British businesses are leading the charge in showing what is possible when this forward-thinking approach is adopted. Working with the Circular Economy Taskforce, the Government will work with the first five priority sectors to make the greatest difference – textiles, transport, construction, agri-food and chemicals & plastics.

    The Government has also taken action against stagnating recycling rates and the reliance on the burning of household waste by announcing that new waste incinerators will only receive planning approval if they meet strict new local and environmental conditions.  

    The Government has also announced that a £15 million government fund will help deliver thousands of tonnes of food from farms which would otherwise go to waste to those who need it most.

    Updates to this page

    Published 1 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Over £20 million to help drones and flying taxis take to UK skies

    Source: United Kingdom – Executive Government & Departments

    Press release

    Over £20 million to help drones and flying taxis take to UK skies

    We want the UK to have an advanced aviation ecosystem where everyone can benefit from new technology while tackling emissions.

    • drone operations for emergency services and eco-friendly flying taxi services receive over £20 million to make everyday use a reality 
    • funding will also support the regulatory pathway that could see air taxis in use from 2028 
    • government, industry and regulator leaders meet to discuss aviation innovation, which will drive growth to propel the government’s Plan for Change

    Drone services at a commercial scale and flying taxis could soon be a reality as the Aviation Minister confirms over £20 million funding today (1 April 2025) to launch new flight technologies.  

    The new funding will unlock barriers to growth – which is the priority of the Plan for Change – and maximise opportunities for better and cheaper public services while cutting carbon emissions.

    It is designed to advance aviation tech to support healthcare for the NHS, assist police forces in combatting crime, help inspect and survey critical infrastructure and unlock delivery services for businesses and communities across the country.   

    As part of this, both the Aviation Minister and Science Minister have today also set out how the Department for Transport (DfT), Civil Aviation Authority (CAA) and the new Regulatory Innovation Office (RIO) in the Department for Science, Innovation and Technology (DSIT) will streamline regulatory processes to support the commercialisation of the industry. 

    Aviation Minister, Mike Kane, said:  

    I want the UK to have the most advanced aviation technology ecosystem in the world.  

    That means creating a nimble regulatory environment and a culture of innovation so everyone can benefit from cutting-edge transport while tackling emissions, traffic and potentially saving lives. 

    Our investment alongside the new Future of Flight industry group will bring together tech experts, drone operators, flying vehicle manufacturers and local communities to identify where change needs to happen.

    With safety at the heart of these advancements, the RIO is driving smarter regulation to cut red tape while ensuring high safety standards. It will support DfT and CAA in enabling faster, integration of drones and flying taxi industries, helping businesses grow and innovate.

    This includes consulting on the mandatory use of new electronic conspicuity standards and technologies, which allow aircraft to share their location electronically, helping drones and crewed aircraft fly safely alongside each other. By making approvals quicker and operations more efficient, this will open new opportunities for the industry while maintaining the highest safety standards.

    Science Minister, Lord Vallance, said:

    These regulatory reforms for drones – requiring all aircraft to share their location – will make drone operations safer and therefore speed up approvals, allowing them to operate near airports and simplifying their use for delivering medical supplies – while unlocking further commercial opportunities.

    This is a practical step to cut red tape and a great piece of progress for the Regulatory Innovation Office, growing the UK’s position as a world leader in emerging technologies and helping drive the growth that will deliver our Plan for Change.

    In addition, as previously confirmed by the Chancellor, plans are now underway to simplify regulations to enable 2-year airspace change for drone operations. This will enable operators to fly safely for longer and gather data to inform future services.    

    Other changes will simplify regulations to enable emergency services including firefighters and paramedics to use drone services, as well as noise exemptions for drone trials within the Airspace Change Process, and simplifying the drone operational application process to enable them to get flying faster and easier.

    Furthermore, the regulator, drone operators, flying vehicle innovators and local authorities will come together with government at the Future of Flight industry group to help guide the government on its mission to transform technology in aviation. 

    Part of the government’s Plan for Change, the group will focus on how to unlock the benefits of future aviation technologies to propel the country’s economic growth forward. It will look at how government can harness the potential of technology and create a culture of innovation, with the aim of improving everyday challenges like emergency across the public sector face, while helping cut carbon emissions. 

    The Minister for Aviation will co-chair the group, alongside Duncan Walker, CEO of Skyports.

    Duncan Walker, CEO of Skyports and Co-Chair of the Future of Flight industry group, said:

    This additional government funding is a vital boost for the UK’s leadership in next-generation aviation. This investment will accelerate the development and deployment of innovative flight technologies, from complex drone operations to advanced air mobility solutions. 

    I welcome this commitment, which will not only drive progress towards a more sustainable and connected future but also deliver significant economic benefits, high-value jobs and export opportunities across the UK. I look forward to continuing to work in close partnership with government and the regulator to turn these opportunities into reality.

    The funding will be divided between the CAA, receiving £16.5 million in 2025 to 2026, to deliver a regulatory programme to enable drones to fly beyond visual line of sight (BVLOS) and progress toward routine use of air taxis (eVTOLs) in UK skies.  

    This includes publishing a piloted eVTOL ‘roadmap’, development of ‘drone pathways’ for industry to follow and consulting on concept of operations for uncrewed traffic management (UTM) and Detect and Avoid (DAA) technology. This will make it quicker and easier for industry to prove the safety of these new technologies, deliver the necessary digital infrastructure and make sure that people, property and other aviation remain safe and secure when these new technologies fly in our skies. 

    Stuart Simpson, CEO of Vertical Aerospace, said:

    Flying taxis will transform the way we move — making it quicker, quieter and cleaner to travel while connecting communities and supporting essential services.

    The UK has an incredible opportunity to lead the world in this new era of aviation, delivering not just greener transport but real economic growth and skilled jobs.

    This latest funding is another welcome step towards seeing that ambition realised and our world-leading aircraft flying in British skies from 2028.

    In addition, the Future Flight Challenge will receive up to £5 million from DfT and Innovate UK, to support industry to turn these new technologies into profitable business that benefits communities and support growth. This will include regional demonstrations and supporting development of commercial drone and air taxi solutions.

    Mike Biddle, Executive Director of Net Zero, Innovate UK, said:

    Innovate UK is excited to build on the highly successful work of the Future Flight Challenge by working in partnership with DfT through this joint funding. We look forward to working with industry, end-users, DfT, DSIT and the CAA as we accelerate the transition from innovation to commercial operations.

    Aviation, Europe and technology media enquiries

    Media enquiries 0300 7777 878

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    Updates to this page

    Published 1 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: New cyber laws to safeguard UK economy & secure long-term growth

    Source: United Kingdom – Executive Government & Departments

    Press release

    New cyber laws to safeguard UK economy & secure long-term growth

    The government sets out the scope and ambition of the Cyber Security and Resilience Bill for the first time today.

    New cyber laws to safeguard UK economy and secure long-term growth.

    • Plans set out to bolster UK’s online defences, protect the public and safeguard growth – the central pillar of the UK government’s Plan for Change. 
    • New measures will boost protection of supply chains and critical national services, including IT service providers and suppliers. 
    • Cyber Security and Resilience Bill to be introduced later this year to face down growing range of online threats.

    Hospitals and energy suppliers are set to boost their cyber defences under the new Cyber Security Bill, protecting public services and safeguarding growth as government delivers its Plan for Change.

    This will ensure firms providing essential IT services to public services and the wider economy are no longer an easy target for cyber criminals. 1,000 service providers will fall into scope of measures expected to be introduced later this year.

    The move forms part of the government’s drive to secure Britain’s future through the Plan for Change, delivering security and renewal by strengthening our critical infrastructure. It will give the British public, businesses and investors greater confidence in digital services – supporting the government’s mission to kickstart economic growth.

    Cyber threats cost the UK economy almost £22 billion a year between 2015 and 2019 and cause significant disruption to the British public and businesses. Last summer’s attack on Synnovis – a provider of pathology services to the NHS – cost an estimated £32.7 million and saw thousands of missed appointments for patients. Figures also show a hypothetical cyber-attack focused on key energy services in the South East of England could wipe over £49 billion from the wider UK economy.

    Secretary of State for Science, Innovation, and Technology, Peter Kyle, said:

    Economic growth is the cornerstone of our Plan for Change, and ensuring the security of the vital services which will deliver that growth is non-negotiable.

    Attempts to disrupt our way of life and attack our digital economy are only gathering pace, and we will not stand by as these incidents hold our future prosperity hostage. 

    The Cyber Security and Resilience Bill, will help make the UK’s digital economy one of the most secure in the world – giving us the power to protect our services, our supply chains, and our citizens – the first and most important job of any government.

    Health and Social Care Secretary Wes Streeting said:

    Cyber attacks are becoming increasingly sophisticated and create real risks for our health service if we do not act now to put the right protections in place.

    We are building an NHS that is fit for the future. This bill will boost the NHS’s resilience against cyber threats, secure sensitive patient data and make sure life-saving appointments are not missed as we deliver our Plan for Change.

    The government is also exploring additional measures to make sure it can respond effectively to new cyber threats and take rapid action where needed to protect the UK’s national security. This includes giving the Technology Secretary powers to direct regulated organisations to shore up their cyber defences – putting the UK in the strongest possible footing to defend against new and existing threats.

    Another potential avenue may include new protections for more than 200 data centres – bolstering the defences of one of the main drivers of economic growth and innovation, including through AI. Data centres process mountains of data which they need to churn out new products which have become commonplace everywhere from banking and online shopping to booking holidays and staying in touch with friends and family. The government will now consider the best route to deliver these additional measures.       

    In the year to September 2024, the National Cyber Security Centre (NCSC) managed 430 cyber incidents, with 89 of these being classed as nationally significant – a rate of almost two every week. The most recent iteration of the Cyber Security Breaches Survey also highlights 50% of British businesses suffering a cyber breach or attack in the last 12 months, with more than 7 million incidents being reported in 2024. 

    To face down this threat, the Cyber Security and Resilience Bill will ensure the vital infrastructure and digital services the country relies on are more secure than ever, as the government sets out its legislative ambitions for the first time today.

    Richard Horne, NCSC CEO, said:

    The Cyber Security and Resilience Bill is a landmark moment that will ensure we can improve the cyber defences of the critical services on which we rely every day, such as water, power and healthcare.

    It is a pivotal step toward stronger, more dynamic regulation, one that not only keeps up with emerging threats but also makes it as challenging as possible for our adversaries.

    By bolstering their cyber defences and engaging with the NCSC’s guidance and tools, such as Cyber Assessment Framework, Cyber Essentials, and Avctive Cyber Defence, organisations of all sizes will be better prepared to meet the increasingly sophisticated challenges.

    While the legislation will arm the UK with the cyber defences it needs to meet the challenges of today, it also includes measures to ensure a swift response to new threats which emerge in the future. To do this, the Technology Secretary will be given powers to update the regulatory framework to keep pace with the ever-changing cyber landscape.

    Confirmed in last year’s King’s Speech, today marks the first time the government has shared full details on its plans for the Cyber Security and Resilience Bill, which will be introduced to Parliament this year. 

    The legislative proposals follow other government recent action to boost UK cyber security, including a new, world-leading AI cyber security standard to protect AI systems, a new international coalition to boost cyber skills and the Cyber Local programme to support the UK’s rapidly growing £13.2 billion cyber security industry, which has created 6,600 new jobs in the past year.

    Further Information

    A full copy of the policy statement containing details of the measures in the Cyber Security and Resilience Bill policy statement will be published today.

    Figures on the economic impact of a hypothetical cyber incident targeting the South East’s energy structure (PDF) by the University of Cambridge. 

    If the proposals are adopted:

    • More organisations and suppliers will need to meet robust cyber security requirements, including data centres, Managed Service Providers (MSPs) and critical suppliers. This means third-party suppliers will need to boost their cyber security in areas such as risk assessment to minimise the possible impact of cyber- attacks, while also beefing up their data protection and network security defences. 
    • Regulators will have more tools to improve cyber security and resilience in the areas they regulate, with companies required to report more incidents to help build a stronger picture of cyber threats and weaknesses in our online defences. 
    • The government would have greater flexibility to update regulatory frameworks when needed, to respond swiftly to changing threats and technological advancement. This could include extending the framework to new sectors or updating security requirements.

    DSIT media enquiries

    Email press@dsit.gov.uk

    Monday to Friday, 8:30am to 6pm 020 7215 3000

    Updates to this page

    Published 1 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: Chairman Mast Leads GOP in Demanding UN Reject Francesca Albanese’s Reappointment

    Source: US House Committee on Foreign Affairs

    Media Contact 202-226-8467

    WASHINGTON, D.C. – Today, House Foreign Affairs Committee Chairman Brian Mast led several members of the panel in demanding that UN Human Rights Council President Jürg Lauber reject Francesca Albanese’s reappointment to another three-year term as special rapporteur for the “occupied palestinian territories.” 

    Mast and his fellow Republicans specifically outlined that Albanese has repeatedly failed to uphold the UNHCR code of conduct and made inflammatory and offensive comments about Israel in the wake of the October 7th attacks.  

    “[Albanese] has consistently aligned herself with Hamas terrorists, accused Israel of genocide, likened the Government of Israel to the ‘Third Reich,’ and compared Prime Minister Benjamin Netanyahu to Adolf Hitler,” the lawmakers wrote in a letter to Lauber. “The Council has allowed antisemitism and anti-Americanism to thrive within, with a seeming unwillingness to hold the most egregious violators of human rights to account.”

    In addition to Chairman Mast, the letter was co-signed Reps. Young Kim (R-CA), Michael Lawler (R-NY), Keith Self (R-TX), Maria Elvira Salazar (R-FL), Cory Mills (R-FL), and Ryan Zinke (R-MT).

    Read the full letter here and below.

    Dear Mr. President,

    We are writing to strongly object to the renewal of UN Special Rapporteur for the “occupied Palestinian territories,” Francesca Albanese, for a second three-year term. As you are well aware, UN Special Rapporteurs have a duty to uphold the code of conduct as written in Council Resolution 5/2. The code of conduct expressly asserts that Special Rapporteurs must act in an independent capacity with a professional, impartial assessment, and maintain the highest standards of efficiency, competence, and integrity through impartiality, equity and honesty. Based on the following, Special Rapporteur Albanese has failed to uphold the code. Consequently, her term must not be renewed.

    Ms. Albanese has repeatedly violated the code of conduct since she took the position on May 1, 2022. She has consistently aligned herself with Hamas terrorists, accused Israel of genocide, likened the Government of Israel to the “Third Reich,” and compared Prime Minister Benjamin Netanyahu to Adolf Hitler. Ms. Albanese unapologetically uses her position as a UN Special Rapporteur to purvey and attempt to legitimize antisemitic tropes, while serving as a Hamas apologist. Moreover, she has erroneously accused the United States Congress and our Executive of being bought and paid for by the Israel lobby. In her malicious fixation, she has even called for Israel to be removed from the United Nations while likening Israel to apartheid South Africa.

    Since the abhorrent and cowardly October 7th attacks, Ms. Albanese’s inflammatory rhetoric has only increased in atrociousness. For example, following Hamas’ murder of over 1,200 people, 250 hostages taken – 59 of whom are still held by Hamas terrorists – and irreversibly changed the lives of countless others, Ms. Albanese wrote that the “violence must be put in context,” and that the attack occurred in response to Israeli “aggression.” In a statement that was rightfully condemned by the United States, France, and Germany, Ms. Albanese attempted to justify that the October 7th massacre was “in response to Israel’s oppression.” Such comments alone violate several provisions within the code of conduct.

    Regrettably, Ms. Albanese’s rhetoric has perverted the very institution and its foundational principles in which she was appointed to serve. Her comments above, and many others she has made, are case in point as to why President Trump rightfully withdrew the United States from the Human Rights Council (Council). The Council has allowed antisemitism and anti-Americanism to thrive within, with a seeming unwillingness to hold the most egregious violators of human rights to account. Notably, in January 2023, I, along with many of my colleagues, sent a letter to the United Nations Secretary General and High Commissioner for Human Rights calling for Ms. Albanese’s removal. We were not alone in our requests for her admonishment. Several governments, including France, Germany, Canada and the Netherlands, have all condemned her statements as antisemitic, as well. To this day, no action has been taken.

    Francesca Albanese’s service as a UN Special Rapporteur must end at the conclusion of her first term. Given the numerous instances provided above, but certainly not limited to, her behavior is not only reprehensible, but most unbecoming of a UN Special Rapporteur. As such, it is the view of the undersigned that Ms. Albanese must face serious consequences. As the new President of the Human Rights Council, it is your sworn duty to utilize your authority as stated in Presidential Statement 8/2 (PRST/8/2) to “convey to the Council any information brought to [your] attention of concerning cases of persistent non-compliance by a mandate-holder with the provisions of Council Resolution 5/2, especially prior to the renewal of mandate holders in office.” By rejecting the renewal of Ms. Albanese’s term, the Council would bring much needed credibility, integrity, and accountability back to the institution – attributes of which it has been severely lacking in recent years.

    ###

    MIL OSI USA News –

  • MIL-OSI United Kingdom: expert reaction to study looking at the effect of 4:3 intermittent fasting versus calorie restriction on weight loss

    Source: United Kingdom – Executive Government & Departments

    A study published in the Annals of Internal Medicine looks at the effect of 4:3 intermittent fasting on weight loss. 

    Dr Maria Chondronikola, Principal Investigator and Lead for Human Nutrition, University of Cambridge Metabolic Research Laboratories, University of Cambridge, said:

    “This is an intriguing study on a topic that has attracted significant scientific and public interest. The study is of high quality and its conclusion regarding the effect of 3:4 IMF on weight loss is well-supported. The results indicate that the 3:4 IMF group achieved significantly greater weight loss after 12 months, most likely due to a greater reduction in calorie intake during the 12-month intervention. It remains unclear whether the superior improvements in marker of insulin sensitivity observed in the 3:4 IMF group were due to greater weight loss or if they resulted from a direct effect of intermittent fasting.

    “The press release does not fully capture the study’s findings with complete accuracy. There were no statistically significant differences between the two groups in terms of blood pressure, total and low-density lipoprotein cholesterol levels, or fasting glucose levels. This is not surprising, as the study was not specifically designed to assess the effects of 3:4 IMF on cardiometabolic health.

    “Nonetheless, it is possible that 3:4 IMF, when combined with an intensive behavioural support program led by a dietitian, may lead to superior weight loss outcomes compared to standard caloric restriction.”

     

    Dr Adam Collins, Associate Professor of Nutrition, University of Surrey, said:

    Does the press release accurately reflect the science?

    “The press release is lifted from the abstract, and so is a faithful summary of the study. However, it does not provide explanations or context for these findings.

    Is this good quality research?  Are the conclusions backed up by solid data?

    “The robustness of this study is in the administration of the two dietary approaches within a supported behavioural programme for weight loss.   The authors have also used an interesting objective measure of energy (calorie) deficit achieved across the intervention using estimates of energy expenditure and changes in body composition (fat and lean tissue).

    “The study’s main finding was that a 4:3 approach gives more weight loss than conventional calorie restriction,  despite participants prescribed the same overall calories.  Yet, this is not a magic property of the 4:3 approach per se, but because they achieved a bigger calorie deficit. The dietary intake data reveals some clues as to why this may be the case, based on what wasn’t measured, as much as what was.     Those assigned the 4:3 diet were only requested to record their intake on “fast” days, but we know from early studies on intermittent energy restriction (especially alternate day fasting), that there is a tendency for some people to eat less on non fast days too, whether that’s unconscious or subconscious.   Hence, measuring intake on fast days only may underestimate true intake. In contrast, adherence to continuous calorie restriction (i.e. every day) can be variable as seen from their dietary intake data.  Adherence to any diet over 6-12 months is challenging at the best of times, but this may explain why the 4:3 group were closer to the calorie deficit target overall. Nevertheless, it does support the notion that, in the real world, intermittent energy restriction protocols outperform conventional everyday calorie restriction both in terms of compliance and results (i.e weight loss).

    How does this work fit with the existing evidence?

    “Studies on this type of intervention are not new but it is interesting to see a recent study published on this 4:3 form of intermittent fasting, or more specifically, intermittent energy restriction (IER).  Especially given that interest in intermittent fasting has shifted  towards time restricted eating approaches (restricting eating windows to extend the “fast” within each 24 hour period). It reaffirms the fact that IER can be an effective and sustainable weight loss intervention. 

    When viewed in the round, you could argue that the difference in weight loss between these groups is not that large, given this was over a 12 month intervention.   But it does allude  to a more interesting feature of intermittent fasting which is the independent metabolic benefits it may provide.   Indeed, this has been a focus of our studies in this area.  A study we conducted 10 years ago,  similarly randomised participants to either continuous or intermittent energy restriction (a 5:2 protocol) of the same overall calorie prescription.  Crucially, follow up measurements were taken once participants had a 5% weight loss, to control for differences in weight lost.   The study was specifically powered to examine differences in markers of metabolic handling and health and suggested that the intermittent energy restricted approach gave more favourable improvements in metabolic handling of a meal. 

    Have the authors accounted for confounders?  Are there important limitations to be aware of?

    “The authors have been careful to caveat their findings within the limitations of their study, and have mainly focussed on the primary outcome of weight loss. They stress that the study was not powered for the secondary outcome measured related to cardiometabolic risk, nor that the findings can be generalised across the whole population,  as outcomes may vary  by gender, age, ethnicity, disease state, or underlying disorders or eating behaviours.

    What are the implications in the real world?  Is there any overspeculation?  

    “The research reaffirms that IER can be an effective and sustainable weight loss intervention, but within each group the extent of weight loss was highly variable, suggesting it may not be the best for everyone.  The authors themselves acknowledge this in their conclusion: “Future studies should evaluate biological and behavioural predictors of response to both 4:3 IMF and DCR to provide insight for personalization of dietary recommendations for weight loss”

    ‘The Effect of 4:3 Intermittent Fasting on Weight Loss at 12 Months’ by Catenacci et al. was published in Annals of Internal Medicine at 22:00 UK time on Monday 31st March. 

    Declared interests

    Dr Maria Chondronikola “I am currently leading a intervention study on the effects of time restricted eating in cardiometabolic health https://trestudy.org.uk/#:~:text=Dr.,in%20the%20UK%20and%20worldwide.”

    Dr Adam Collins “No conflicts of interest to declare on this”

    MIL OSI United Kingdom –

  • MIL-OSI: Ellomay Capital Reports Results for the Fourth Quarter and Full Year of 2024

    Source: GlobeNewswire (MIL-OSI)

    TEL-AVIV, Israel, March 31, 2025 (GLOBE NEWSWIRE) — Ellomay Capital Ltd. (NYSE American; TASE: ELLO) (“Ellomay” or the “Company”), a renewable energy and power generator and developer of renewable energy and power projects in Europe, USA and Israel, today reported its unaudited consolidated financial results for the fourth quarter and year ended December 31, 2024.

    Financial Highlights

    • Total assets as of December 31, 2024 amounted to approximately €676.7 million, compared to total assets as of December 31, 2023 of approximately €612.9 million.
    • Revenues1 for the three months ended December 31, 2024 were approximately €8.7 million, compared to revenues of approximately €8.4 million for the three months ended December 31, 2023. Revenues for the year ended December 31, 2024 were approximately €40.5 million, compared to revenues of approximately €48.8 million for the year ended December 31, 2023.
    • Loss from continuing operations for the three months ended December 31, 2024 was approximately €12 million, compared to loss from continuing operations of approximately €8 million for the three months ended December 31, 2023. Loss from continuing operations for the year ended December 31, 2024 was approximately €9.6 million, compared to profit from continuing operations of approximately €2.4 million for the year ended December 31, 2023.
    • Loss for the three months ended December 31, 2024 was approximately €12 million, compared to loss of approximately €9.8 million for the three months ended December 31, 2023. Loss for the year ended December 31, 2024 was approximately €9.5 million, compared to profit of approximately €0.6 million for the year ended December 31, 2023.
    • EBITDA for the three months ended December 31, 2024 was approximately €7.6 million, compared to EBITDA loss of approximately €2.5 million for the three months ended December 31, 2023. EBITDA for the year ended December 31, 2024 was approximately €25.1 million, compared to EBITDA of approximately €18.8 million for the year ended December 31, 2023. See below under “Use of Non-IFRS Financial Measures” for additional disclosure concerning EBITDA.
    • On December 31, 2023, the Company executed an agreement to sell its holdings in the 9 MW solar plant located in Talmei Yosef. The sale was consummated on June 3, 2024, and the net consideration received at closing was approximately NIS 42.6 million (approximately €10.6 million). In connection with the sale, the Company presents the results of this solar plant as a discontinued operation.

    Financial Overview for the Year Ended December 31, 2024

    • Revenues1 were approximately €40.5 million for the year ended December 31, 2024, compared to approximately €48.8 million for the year ended December 31, 2023. This decrease mainly results from a reduction in electricity prices in Spain between February and May 2024 and lower gas prices in the Netherlands in 2024 compared to prices in 2023, partially offset by income generated by our 20 MW solar power plants in Italy which were connected to the grid during 2024. The decrease is also due to loss of revenues in connection with the fire near the Talasol Solar S.L. (300 MV solar) (“Talasol”) and Ellomay Solar S.L. (28 MV solar) (“Ellomay Solar”) facilities in Spain in July 2024. In connection with such loss of revenues, the Company recorded an amount of approximately €1.7 million as ‘other income’ for the year ended December 31, 2024, based on compensation from the insurers for loss of income.
    • Operating expenses were approximately €19.8 million for the year ended December 31, 2024, compared to approximately €22.9 million for the year ended December 31, 2023. This decrease mainly results from a decrease in direct taxes on electricity production paid by the Company’s Spanish subsidiaries as a result of reduced electricity prices. The operating expenses of the Company’s Spanish subsidiaries for the year ended December 31, 2023 were impacted by the Spanish RDL 17/2022, which established the reduction of returns on the electricity generating activity of Spanish production facilities that do not emit greenhouse gases, accomplished through payments of a portion of the revenues by the production facilities to the Spanish government. The increased expenses during the year ended December 31, 2023 resulting from this impact, were partially offset by lower costs in connection with the acquisition of feedstock by our Dutch biogas plants. Depreciation and amortization expenses were approximately €16.5 million for the year ended December 31, 2024, compared to approximately €16 million for the year ended December 31, 2023.
    • Project development costs were approximately €4.1 million for the year ended December 31, 2024, compared to approximately €4.5 million for the year ended December 31, 2023.
    • General and administrative expenses were approximately €6.1 million for the year ended December 31, 2024, compared to approximately €5.3 million for the year ended December 31, 2023. The increase in general and administrative expenses is mostly due to higher consultancy expenses.
    • Share of profits of equity accounted investee, after elimination of intercompany transactions, was approximately €11.1 million for the year ended December 31, 2024, compared to approximately €4.3 million for the year ended December 31, 2023. The increase in share of profits of equity accounted investee resulted mainly from the increase in revenues of Dorad Energy Ltd. (“Dorad”) due to higher quantities of electricity produced partially offset by an increase in operating expenses in connection with the increased production. In addition, in December 2024, Dorad received payment in an amount of approximately $130 million pursuant to an arbitration ruling in a derivative claim submitted by certain of its shareholders, which increased Dorad’s net profit for 2024 by approximately NIS 215.6 million (after the effect of taxes). These amounts were recorded by Dorad in its financial statements for the year ended December 31, 2024 in the income statement partially as a reduction in depreciation expenses, partly as finance income, and the remainder as a decrease in general and administrative expenses.
    • Other income, net was approximately €3.4 million for the year ended December 31, 2024, compared to €0 for the year ended December 31, 2023. The income was recognized based on insurance compensation in connection with the fire near the Talasol and Ellomay Solar facilities in Spain in July 2024, net of impairment expenses related to the damaged fixed assets. The amount to be received due to loss of income is approximately €1.7 million.
    • Financing expense, net was approximately €19.7 million for the year ended December 31, 2024, compared to financing expense, net of approximately €3.6 million for the year ended December 31, 2023. The increase in financing expenses, net, was mainly attributable to higher expenses resulting from exchange rate differences that amounted to approximately €7.8 million for the year ended December 31, 2024, compared to income from exchange rate differences of approximately €6.7 million for the year ended December 31, 2023, an aggregate change of approximately €14.5 million. The exchange rate differences were mainly recorded in connection with the New Israeli Shekel (“NIS”) cash and cash equivalents and the Company’s NIS denominated debentures and were caused by the 5.4% reevaluation of the NIS against the euro during the year ended December 31, 2024, compared to a devaluation of 6.9% during the year ended December 31, 2023. The increase in financing expenses for the year ended December 31, 2024 was also due to increased interest expenses mainly resulting from the issuance of the Company’s Series F Debentures in January, April, August and November 2024. These increases in financing expenses were partially offset by an increase in financing income of approximately €0.9 million in connection with derivatives and warrants in the year ended December 31, 2024, compared to the year ended December 31, 2023.
    • Tax benefit was approximately €1.5 million for the year ended December 31, 2024, compared to a tax benefit of approximately €1.4 million for the year ended December 31, 2023.
    • Loss from continuing operations for the year ended December 31, 2024 was approximately €9.6 million, compared to profit from continuing operations of approximately €2.4 million for the year ended December 31, 2023.
    • Profit from discontinued operation (net of tax) for the year ended December 31, 2024 was approximately €137 thousand, compared to loss from discontinued operation of approximately €1.8 million for the year ended December 31, 2023.
    • Loss for the year ended December 31, 2024 was approximately €9.5 million, compared to a profit of approximately €0.6 million for year ended December 31, 2023.
    • Total other comprehensive income was approximately €13.1 million for the year ended December 31, 2024, compared to total other comprehensive income of approximately €41.3 million for the year ended December 31, 2023. The change in total other comprehensive income mainly results from foreign currency translation adjustments due to the change in the NIS/euro exchange rate and from changes in fair value of cash flow hedges, including a material decrease in the fair value of the liability resulting from the financial power swap that covers approximately 80% of the output of the Talasol solar plant (the “Talasol PPA”). The Talasol PPA experienced high volatility due to the substantial change in electricity prices in Europe. In accordance with hedge accounting standards, the changes in the Talasol PPA’s fair value are recorded in the Company’s shareholders’ equity through a hedging reserve and not through the accumulated deficit/retained earnings. The changes do not impact the Company’s consolidated net profit/loss or the Company’s consolidated cash flows.
    • Total comprehensive income was approximately €3.6 million for the year ended December 31, 2024, compared to total comprehensive income of approximately €41.9 million for the year ended December 31, 2023.
    • Net cash provided by operating activities was approximately €8 million for the year ended December 31, 2024, compared to approximately €8.6 million for the year ended December 31, 2023. The decrease in net cash provided by operating activities for the year ended December 31, 2024, is mainly due to the decrease in electricity prices in Spain. In addition, during the year ended December 31, 2023, the Company’s Dutch biogas plants elected to temporarily exit the subsidy regime and sell the gas at market prices and during the year ended December 31, 2024 these plants returned to the subsidy regime. Under the subsidy regime, plants are entitled to monthly advances on subsidies based on the production during the previous year. As no subsidies were paid to the Company’s Dutch biogas plants for 2023, these plants were entitled to low advance payments for 2024 and the payment for gas produced by the plants during 2024 is expected to be received until July 2025 and reflected accordingly in the Company’s cash flow from operations.

    CEO Review for 2024

    In 2024, the Company presented an increase of 71% in the operating profit to approximately €7.7 million and of 33.5% in the EBITDA to approximately €25.1 million compared to 2023, despite a decrease of approximately €9 million in the annual revenues, which was caused by low and even negative electricity prices in Spain in the first half of 2024. During 2024 and in recent months the Company made significant advancements in the development of new projects, which are expected to contribute to an increase in revenues in coming years:

    In Italy – finance agreements were executed with respect to projects with an aggregate capacity of 198 MW (of which 38 MW are already connected to the electricity grid) and construction agreements for the remainder of the projects with an aggregate capacity of 160 MW were also executed.

    In the USA – the Company is advancing additional projects with an aggregate capacity of approximately 50 MW that are expected to begin construction during 2025.

    In the Netherlands – the Company advanced in obtaining licenses to expand the operations of the biogas facilities by additional 50% while making relatively small investments.

    In Israel – the approval of the National Infrastructures Committee to expand the Dorad power plant by 650 MW was received.  

    Operating expenses in 2024 decreased by approximately €3 million compared to 2023. Project development expenses in 2024 decreased by approximately €0.4 million compared to 2023 despite the inclusion of non-recurring expenses of approximately €0.5 million in connection with the cancellation of a guarantee in the project development expenses for 2024. Following the advancement of project development and the transition to the construction stage, the decrease in project development expenses is expected to continue during the year.

    The appreciation of the NIS against the euro at the end of 2024 caused revaluation losses of approximately €7.8 million compared to revaluation profit of approximately €6.7 million in 2023. The aggregate change is approximately €14.5 million and is the main cause for the increase in financing expenses in 2024.

    In March 2025 a transaction was executed between Zorlu Enerji Elektrik Üretim A.S (“Zorlu”) and The Phoenix Insurance Company Ltd. for the sale of Zorlu’s entire holdings in Dorad (25% of Dorad’s outstanding shares). The consideration for the shares represents a value of NIS 2.8 billion for Dorad. Ellomay Luzon Energy Infrastructures Ltd. (50% held by the Company), which currently holds 18.75% of Dorad’s shares, has a right of first refusal over 15% of Dorad’s shares included in the transaction. The Company believes that the price is attractive and therefore intends to act to exercise the right of first refusal. Activity in Spain:

    The electricity prices in the second half of 2024 increased and stabilized on the projected seasonal price. The revenues from the sale of electricity in 2024 were approximately €23 million compared to approximately €32 million in 2023. The decrease is primarily attributable to the low/negative electricity prices in the first half of 2024, as well as to the loss of revenues in the amount of approximately €1.7 million due to a fire. The loss of revenues due to the fire will be covered in full by the insurance company.

    Activity of Dorad:

    In 2024, the Dorad power plant recorded an increase in profit, with net profit of approximately NIS 452.3 million, an increase of approximately NIS 241 million compared to 2023. The Dorad power station received the approval of the National Infrastructures Committee and a positive connection survey to increase the capacity by an additional 650 MW. Due to the final award in the arbitration against Edeltech and Zorlu, Dorad received during 2024 compensation of approximately $130 million that increased Dorad’s net profit for 2024 by approximately NIS 215.6 million (after the effect of taxes).

    Activity in the USA:

    In the USA, the development and construction activities of solar projects are progressing at a rapid pace and the construction of the first four projects, with a total capacity of approximately 49 MW, began in early 2024. At the end of 2024, construction of two projects (in an aggregate capacity of approximately 27 MW) was completed and the IRS approval of entitlement to tax credits was received. These projects were connected to the electricity grid at the end of March 2025. The additional two projects (in an aggregate capacity of approximately 22 MW) are under construction and their construction is expected to end during April and June 2025. Additional projects with an aggregate capacity of approximately 50 MW are under development and are intended to begin construction in 2025. The Company executed an agreement to sell the tax credits of the first four projects for approximately $19 million.

    Activity in Italy:

    The Company has a portfolio of 460 MW solar projects in Italy of which 38 MW are connected to the grid and operating 294 MW are ready to build and 128 MW are under advanced development. The Company executed construction agreements with the Engineering, Procurement and Construction (“EPC”) contractor for 160 MW that are ready to build, the commencement of construction is expected in the beginning of the second quarter of 2025 and the construction is expected to take approximately 18 months. A financing agreement with a European institutional investor was executed for the financing of the construction of 198 MW (including the connected projects and the projects for which the EPC agreements were executed) for 23 years with a fixed annual interest of 4.5%.

    New legislation in Italy prohibits the establishment of new projects on agricultural land. This prohibition increases the value of the Company’s portfolio, which is not subject to the prohibition or located on agricultural land. The Company estimates that new possibilities are emerging for obtaining a power purchase agreement (“PPA”) in Italy, therefore it expects that in the future project financing will be possible more easily and at lower costs.

    Activity in Israel:

    The Manara Cliff Pumped Storage Project (Company’s share is 83.34%): A project with a capacity of 156 MW, which is in advanced construction stages. The Iron Swords War, which commenced on October 7, 2023, stopped the construction work on the project. The project has protection from the state for damages and losses due to the war within the framework of the tariff regulation (covenants that support financing). The project was expected to reach commercial operation during the first half of 2027 and the continuation of the Iron Swords war will cause a delay in the date of activation. The Israeli Electricity Authority currently approved a postponement of sixteen months of the dates for the project. The Company and its partner in the project, Ampa, invested the equity required for the project (other than linkage differences), and the remainder of the funding is from a consortium of lenders led by Mizrahi Bank, at a scope of approximately NIS 1.18 billion.

    Development of Solar licenses combined with storage:

    1. The Komemiyut and Qelahim Projects: each intended for 21 solar MW and 50 MW / hour batteries. The sale of electricity will be conducted through a private supplier.
      The Company waived the rights it won in a solar / battery tender process in connection with these projects and therefore paid a forfeiture of guarantee in the amount of NIS 1.8 million and is in advanced negotiations with a local virtual electricity supplier for the execution of a long-term PPA.
    2. The Talmei Yosef Project: intended for 10 solar MW and 22 MW / hour batteries. The request for zoning approval was approved in the fourth quarter of 2023.
    3. The Talmei Yosef Storage Project in Batteries: there is a zoning approval for approximately 400 MW / hour. The project is designed for the regulation of high voltage storage.

    Activity in the Netherlands:

    During 2024, high production levels were maintained in the Company’s three biogas plants. In addition, significant progress was made in the process of obtaining the licenses to increase production by about 50% in each of the Company’s plants. Increasing production will require relatively small investments and is expected to significantly increase income and EBITDA. Following the directive of the European Union to act to significantly increase the production of green gas, the Dutch parliament approved the legislation mandating the obligation to mix green gas with fossil gas, which will become effective commencing January 1, 2026. This legislation is expected to have a positive effect on revenues from the sale of green gas and the price of the accompanying green certificates. Agreements were executed for the future sale of green certificates for green gas in the context of the new regulation at a price of approximately €1 per certificate. The Company’s Dutch subsidiaries generate approximately 16 million green certificates a year.

    Use of Non-IFRS Financial Measures

    EBITDA is a non-IFRS measure and is defined as earnings before financial expenses, net, taxes, depreciation and amortization. The Company presents this measure in order to enhance the understanding of the Company’s operating performance and to enable comparability between periods. While the Company considers EBITDA to be an important measure of comparative operating performance, EBITDA should not be considered in isolation or as a substitute for net income or other statement of operations or cash flow data prepared in accordance with IFRS as a measure of profitability or liquidity. EBITDA does not take into account the Company’s commitments, including capital expenditures and restricted cash and, accordingly, is not necessarily indicative of amounts that may be available for discretionary uses. Not all companies calculate EBITDA in the same manner, and the measure as presented may not be comparable to similarly-titled measure presented by other companies. The Company’s EBITDA may not be indicative of the Company’s historic operating results; nor is it meant to be predictive of potential future results. The Company uses this measure internally as performance measure and believes that when this measure is combined with IFRS measure it add useful information concerning the Company’s operating performance. A reconciliation between results on an IFRS and non-IFRS basis is provided on page 15 of this press release.

    About Ellomay Capital Ltd.

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

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

    • Approximately 335.9 MW of operating solar power plants in Spain (including a 300 MW solar plant in owned by Talasol, which is 51% owned by the Company) and approximately 38 MW of operating solar power plants in Italy;
    • 9.375% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel’s largest private power plants with production capacity of approximately 850MW, representing about 6%-8% of Israel’s total current electricity consumption;
    • Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland B.V., project companies operating anaerobic digestion plants in the Netherlands, with a green gas production capacity of approximately 3 million, 3.8 million and 9.5 million Nm3 per year, respectively;
    • 83.333% of Ellomay Pumped Storage (2014) Ltd., which is involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel;
    • Solar projects in Italy with an aggregate capacity of 294 MW that have reached “ready to build” status; and
    • Solar projects in the Dallas Metropolitan area, Texas, USA with an aggregate capacity of approximately 27 MW that are placed in service and in process of connection to the grid and additional 22 MW are under construction.

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

    Information Relating to Forward-Looking Statements

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

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

    Ellomay Capital Ltd. and its Subsidiaries

    Unaudited Condensed Consolidated Statements of Financial Position

      December 31,
    2024 2023 2024
    Unaudited Audited Unaudited
    € in thousands Convenience Translation into US$ in thousands*
    Assets      
    Current assets:      
    Cash and cash equivalents 41,134 51,127 42,819
    Short term deposits – 997 –
    Restricted cash 656 810 683
    Intangible asset from green certificates 178 553 185
    Trade and other receivables 20,734 11,717 21,583
    Derivatives asset short-term 146 275 152
    Assets of disposal groups classified as held for sale – 28,297 –
      62,848 93,776 65,422
    Non-current assets      
    Investment in equity accounted investee 41,324 31,772 43,017
    Advances on account of investments 547 898 569
    Fixed assets 482,166 407,982 501,918
    Right-of-use asset 34,315 30,967 35,721
    Restricted cash and deposits 17,052 17,386 17,751
    Deferred tax 9,039 8,677 9,409
    Long term receivables 13,411 10,446 13,960
    Derivatives 15,974 10,948 16,628
      613,828 519,076 638,973
    Total assets 676,676 612,852 704,395
           
    Liabilities and Equity      
    Current liabilities      
    Current maturities of long-term bank loans 21,316 9,784 22,189
    Current maturities of other long-term loans 5,000 5,000 5,205
    Current maturities of debentures 35,706 35,200 37,169
    Trade payables 8,856 5,249 9,219
    Other payables 10,896 10,859 11,342
    Current maturities of derivatives 1,875 4,643 1,952
    Current maturities of lease liabilities 714 700 743
    Liabilities of disposal groups classified as held for sale – 17,142 –
    Warrants 1,446 84 1,505
      85,809 88,661 89,324
    Non-current liabilities      
    Long-term lease liabilities 25,324 23,680 26,361
    Long-term bank loans 245,866 237,781 255,938
    Other long-term loans 31,314 29,373 32,597
    Debentures 155,823 104,887 162,206
    Deferred tax 2,486 2,516 2,588
    Other long-term liabilities 939 855 977
    Derivatives 288 – 300
      462,040 399,092 480,967
    Total liabilities 547,849 487,753 570,291
           
    Equity      
    Share capital 25,613 25,613 26,662
    Share premium 86,271 86,159 89,805
    Treasury shares (1,736) (1,736) (1,807)
    Transaction reserve with non-controlling Interests 5,697 5,697 5,930
    Reserves 14,338 4,299 14,925
    Accumulated deficit (12,019) (5,037) (12,511)
    Total equity attributed to shareholders of the Company 118,164 114,995 123,004
    Non-Controlling Interest 10,663 10,104 11,100
    Total equity 128,827 125,099 134,104
    Total liabilities and equity 676,676 612,852 704,395

    * Convenience translation into US$ (exchange rate as at December 31, 2024: euro 1 = US$ 1.041)

    Ellomay Capital Ltd. and its Subsidiaries

    Unaudited Condensed Consolidated Statements of Comprehensive Income

      For the three months ended December 31, For the year ended December 31, For the three months ended December 31, For the year ended December 31,
    2024 2023 2024 2023 2024 2024
    Unaudited Unaudited Audited Unaudited
    € in thousands (except per share data) Convenience Translation into US$*
    Revenues 8,678 8,424 40,467 48,834 9,033 42,125
    Operating expenses (5,298) (5,460) (19,803) (22,861) (5,515) (20,614)
    Depreciation and amortization expenses (4,126) (4,265) (16,468) (16,012) (4,295) (17,143)
    Gross profit (loss) (746) (1,301) 4,196 9,961 (777) 4,368
                 
    Project development costs (790) (2,025) (4,101) (4,465) (822) (4,269)
    General and administrative expenses (1,384) (1,320) (6,063) (5,283) (1,441) (6,311)
    Share of profit (loss) of equity accounted investee 5,767 (279) 11,062 4,320 6,003 11,515
    Other income, net 524 – 3,409 – 545 3,549
    Operating profit (loss) 3,371 (4,925) 8,503 4,533 3,508 8,852
                 
    Financing income 710 345 2,495 8,747 739 2,597
    Financing income (expenses) in connection with derivatives and warrants, net (664) 336 1,140 251 (691) 1,187
    Financing expenses in connection with projects finance (1,544) (1,465) (6,190) (6,077) (1,607) (6,444)
    Financing expenses in connection with debentures (1,762) (1,008) (6,641) (3,876) (1,834) (6,913)
    Interest expenses on minority shareholder loan (528) (541) (2,144) (2,014) (550) (2,232)
    Other financing expenses (13,099) (1,499) (8,311) (588) (13,636) (8,651)
    Financing expenses, net (16,887) (3,832) (19,651) (3,557) (17,579) (20,456)
                 
    Profit (loss) before taxes on income (13,516) (8,757) (11,148) 976 (14,071) (11,604)
    Tax benefit 1,475 799 1,547 1,436 1,535 1,610
    Profit (loss) for the period from continuing operations (12,041) (7,958) (9,601) 2,412 (12,536) (9,994)
    Profit (loss) from discontinued operation (net of tax) 58 (1,857) 137 (1,787) 60 143
    Profit (loss) for the period (11,983) (9,815) (9,464) 625 (12,476) (9,851)
    Profit (loss) attributable to:            
    Owners of the Company (10,887) (8,490) (6,982) 2,219 (11,333) (7,268)
    Non-controlling interests (1,096) (1,325) (2,482) (1,594) (1,143) (2,583)
    Profit (loss) for the period (11,983) (9,815) (9,464) 625 (12,476) (9,851)
    Other comprehensive income (loss) item            
    that after initial recognition in comprehensive income (loss) were or will be transferred to profit or loss:            
    Foreign currency translation differences for foreign operations 13,159 1,234 8,007 (7,949) 13,698 8,335
    Foreign currency translation differences for foreign operations that were recognized in profit or loss – – 255 – – 265
    Effective portion of change in fair value of cash flow hedges (3,781) (10,718) 5,631 39,431 (3,937) 5,861
    Net change in fair value of cash flow hedges transferred to profit or loss 1,108 19,183 (813) 9,794 1,154 (846)
    Total other comprehensive income 10,486 9,699 13,080 41,276 10,915 13,615
                 
    Total other comprehensive income (loss) attributable to:            
    Owners of the Company 11,354 5,172 10,039 16,931 11,818 10,450
    Non-controlling interests (868) 4,527 3,041 24,345 (903) 3,165
    Total other comprehensive income (loss) for the period 10,486 9,699 13,080 41,276 10,915 13,615
    Total comprehensive income (loss) for the period (1,497) (116) 3,616 41,901 (1,561) 3,764
                 
    Total comprehensive income (loss) attributable to:            
    Owners of the Company 467 (3,318) 3,057 19,150 485 3,182
    Non-controlling interests (1,964) 3,202 559 22,751 (2,046) 582
    Total comprehensive income (loss) for the period (1,497) (116) 3,616 41,901 (1,561) 3,764
                 

    * Convenience translation into US$ (exchange rate as at December 31, 2024: euro 1 = US $ 1.041)

    Ellomay Capital Ltd. and its Subsidiaries

    Unaudited Condensed Consolidated Statements of Comprehensive Income (cont’d)

      For the three months ended December 31, For the year ended December 31, For the three months ended December 31, For the year ended December 31,
    2024 2023 2024 2023 2024 2024
    Unaudited Unaudited Audited Unaudited
    € in thousands (except per share data) Convenience Translation into US$*
    Basic profit (loss) per share (0.85) (0.66) (0.54) 0.17 (0.91) (0.56)
    Diluted profit (loss) per share (0.85) (0.66) (0.54) 0.17 (0.91) (0.56)
                 
    Basic profit (loss) per share continuing operations (0.85) (0.14) (0.55) 0.31 (0.91) (0.57)
    Diluted profit (loss) per share continuing operations (0.85) (0.14) (0.55) 0.31 (0.91) (0.57)
                 
    Basic profit (loss) per share discontinued operation – (0.52) 0.01 (0.14) – 0.01
    Diluted profit (loss) per share discontinued operation – (0.52) 0.01 (0.14) – 0.01
                 

    * Convenience translation into US$ (exchange rate as at December 31, 2024: euro 1 = US$ 1.041)

    Ellomay Capital Ltd. and its Subsidiaries

    Unaudited Condensed Consolidated Statements of Changes in Equity

                         
    Attributable to shareholders of the Company
    		 Non-controlling Interests Total Equity
    Share capital Share premium Accumulated Deficit Treasury shares Translation reserve from foreign operations Hedging Reserve Interests Transaction reserve with non-controlling Interests Total    
    € in thousands
    For the year ended                    
    December 31, 2024 (unaudited):                    
    Balance as at January 1, 2024 25,613 86,159 (5,037) (1,736) 385 3,914 5,697 114,995 10,104 125,099
    Profit (loss) for the period – – (6,982) – – – – (6,982) (2,482) (9,464)
    Other comprehensive income (loss) for the period – – – – 8,061 1,978 – 10,039 3,041 13,080
    Total comprehensive income (loss) for the period – – (6,982) – 8,061 1,978 – 3,057 559 3,616
    Transactions with owners of the Company, recognized directly in equity:                    
    Share-based payments – 112 – – – – – 112 – 112
    Balance as at December 31, 2024 25,613 86,271 (12,019) (1,736) 8,446 5,892 5,697 118,164 10,663 128,827
                         
                         
    For the three months                    
    ended December 31, 2024 (unaudited):                    
    Balance as at September 30, 2024 25,613 86,250 (1,132) (1,736) (4,377) 7,361 5,697 117,676 12,627 130,303
    Profit (loss) for the period – – (10,887) – – – – (10,887) (1,096) (11,983)
    Other comprehensive income (loss) for the period – – – – 12,823 (1,469) – 11,354 (868) 10,486
    Total comprehensive income (loss) for the period – – (10,887) – 12,823 (1,469) – 467 (1,964) (1,497)
    Transactions with owners of the Company, recognized directly in equity:                    
    Share-based payments – 21 – – – – – 21 – 21
    Balance as at December 31, 2024 25,613 86,271 (12,019) (1,736) 8,446 5,892 5,697 118,164 10,663 128,827

    Ellomay Capital Ltd. and its Subsidiaries

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

      Share capital Share premium Attributable to shareholders of the Company Non- controlling Total
    Interests Equity
    Accumulated deficit Treasury shares Translation reserve from
    foreign operations    		 Hedging Reserve Interests Transaction reserve with
    non-controlling Interests    		 Total    
    € in thousands
    For the year ended December 31, 2023 (audited):                    
    Balance as at January 1, 2023 25,613 86,038 (7,256) (1,736) 7,970 (20,602) 5,697 95,724 (12,647) 83,077
    Profit (loss) for the year – – 2,219 – – – – 2,219 (1,594) 625
    Other comprehensive loss for the year – – – – (7,585) 24,516 – 16,931 24,345 41,276
    Total comprehensive loss for the year – – 2,219 – (7,585) 24,516 – 19,150 22,751 41,901
    Transactions with owners of the Company, recognized directly in equity:                    
    Share-based payments – 121 – – – – – 121 – 121
    Balance as at December 31, 2023 25,613 86,159 (5,037) (1,736) 385 3,914 5,697 114,995 10,104 125,099
                         
    For the three months                    
    ended December 31, 2023 (unaudited):                    
    Balance as at September 30, 2023 25,613 86,131 3,453 (1,736) (801) (72) 5,697 118,285 6,902 125,187
    Profit (loss) for the period – – (8,490) – – – – (8,490) (1,325) (9,815)
    Other comprehensive income (loss) for the period – – – – 1,186 3,986 – 5,172 4,527 9,699
    Total comprehensive income (loss) for the period – – (8,490) – 1,186 3,986 – (3,318) 3,202 (116)
    Transactions with owners of the Company, recognized directly in equity:                    
    Share-based payments – 28 – – – – – 28 – 28
    Balance as at December 31, 2023 25,613 86,159 (5,037) (1,736) 385 3,914 5,697 114,995 10,104 125,099

    Ellomay Capital Ltd. and its Subsidiaries

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

          Attributable to shareholders of the Company Non- controlling Total
        Interests Equity
    Share capital Share premium Accumulated deficit Treasury shares Translation reserve from
    foreign operations    		 Hedging Reserve Interests Transaction reserve with
    non-controlling Interests    		 Total    
    Convenience translation into US$ (exchange rate as at December 31, 2024: euro 1 = US$ 1.041)
    For the year ended December 31, 2024 (unaudited):                    
    Balance as at January 1, 2024 26,662 89,688 (5,243) (1,807) 401 4,074 5,930 119,705 10,518 130,223
    Profit (loss) for the period – – (7,268) – – – – (7,268) (2,583) (9,851)
    Other comprehensive income (loss) for the period – – – – 8,391 2,059 – 10,450 3,165 13,615
    Total comprehensive income (loss) for the period – – (7,268) – 8,391 2,059 – 3,182 582 3,764
    Transactions with owners of the Company, recognized directly in equity:                    
    Share-based payments – 117 – – – – – 117 – 117
    Balance as at December 31, 2024 26,662 89,805 (12,511) (1,807) 8,792 6,133 5,930 123,004 11,100 134,104
                         
    For the three months                    
    ended December 31, 2024 (unaudited):                    
    Balance as at September 30, 2024 26,662 89,783 (1,178) (1,807) (4,555) 7,663 5,930 122,498 13,146 135,644
    Profit (loss) for the period – – (11,333) – – – – (11,333) (1,143) (12,476)
    Other comprehensive income (loss) for the period – – – – 13,347 (1,530) – 11,817 (903) 10,914
    Total comprehensive income (loss) for the period – – (11,333) – 13,347 (1,530) – 484 (2,046) (1,562)
    Transactions with owners of the Company, recognized directly in equity:                    
    Share-based payments – 22 – – – – – 22 – 22
    Balance as at December 31, 2024 26,662 89,805 (12,511) (1,807) 8,792 6,133 5,930 123,004 11,100 134,104

    Ellomay Capital Ltd. and its Subsidiaries

    Unaudited Condensed Consolidated Statements of Cash Flow

      For the three months ended December 31, For the year ended December 31, For the three months ended December 31, 2024 For year ended December 31, 2024
    2024 2023 2024 2023
    Unaudited Unaudited Audited Unaudited
    € in thousands Convenience Translation into US$*
    Cash flows from operating activities            
    Profit (loss) for the period (11,983) (9,815) (9,464) 625 (12,476) (9,851)
    Adjustments for:            
    Financing expenses, net 16,887 3,632 19,247 3,034 17,579 20,035
    Loss from settlement of derivatives contract 266 – 316 – 277 329
    Impairment losses on assets of disposal groups classified as held-for-sale – 2,565 405 2,565 – 422
    Depreciation and amortization 4,126 4,378 16,516 16,473 4,295 17,193
    Share-based payment transactions 21 28 112 121 22 117
    Share of profits of equity accounted investees (5,767) 279 (11,062) (4,320) (6,003) (11,515)
    Payment of interest on loan from an equity accounted investee – 33 – 1,501 – –
    Change in trade receivables and other receivables (5,606) (1,317) (8,824) (302) (5,836) (9,185)
    Change in other assets 2,894 69 3,770 (681) 3,013 3,924
    Change in receivables from concessions project – 259 793 1,778 – 825
    Change in trade payables 48 (332) (31) (45) 50 (32)
    Change in other payables 4,747 (2,492) 4,454 (2,235) 4,941 4,636
    Tax benefit (1,475) (1,391) (1,552) (1,852) (1,535) (1,615)
    Income taxes refund (paid) 277 (473) 623 (912) 288 649
    Interest received 605 524 2,537 2,936 630 2,641
    Interest paid (2,618) (4,132) (9,873) (10,082) (2,725) (10,277)
      14,405 1,630 17,431 7,979 14,996 18,147
    Net cash provided by (used in) operating activities 2,422 (8,185) 7,967 8,604 2,520 8,296
                 
    Cash flows from investing activities            
    Acquisition of fixed assets (22,894) (7,365) (72,922) (58,848) (23,832) (75,909)
    Interest paid capitalized to fixed assets (887) (2,283) (2,515) (2,283) (923) (2,618)
    Proceeds from sale of investments – – 9,267 – – 9,647
    Repayment of loan by an equity accounted investee – 1,221 – 1,324 – –
    Loan to an equity accounted investee – (60) – (128) – –
    Advances on account of investments – – (163) (421) – (170)
    Proceeds from advances on account of investments 514 297 514 2,218 535 535
    Proceeds in marketable securities – – – 2,837 – –
    Investment in settlement of derivatives, net (540) – (316) – (562) (329)
    Proceeds from (investment in) restricted cash, net 532 (53) 689 840 554 717
    Proceeds from (investment in) short term deposit 2,408 – 1,004 (1,092) 2,507 1,045
    Net cash used in investing activities (20,867) (8,243) (64,442) (55,553) (21,721) (67,082)
                 
    Cash flows from financing activities            
    Issuance of warrants – – 2,666 – – 2,775
    Cost associated with long-term loans (556) (690) (2,567) (1,877) (579) (2,672)
    Payment of principal of lease liabilities (2,276) (190) (2,941) (1,156) (2,369) (3,061)
    Proceeds from long-term loans 175 10,787 19,482 32,157 182 20,280
    Repayment of long-term loans (4,668) (5,746) (11,776) (12,736) (4,859) (12,258)
    Repayment of Debentures – – (35,845) (17,763) – (37,313)
    Proceeds from issuance of Debentures, net 15,118 – 73,943 55,808 15,737 76,972
    Net cash provided by (used in) financing activities 7,793 4,161 42,962 54,433 8,112 44,723
                 
    Effect of exchange rate fluctuations on cash and cash equivalents 3,330 1,723 3,092 (2,387) 3,467 3,215
    Increase (decrease) in cash and cash equivalents (7,322) (10,544) (10,421) 5,097 (7,622) (10,848)
    Cash and cash equivalents at the beginning of the period 48,456 62,099 51,127 46,458 50,441 53,221
    Cash from (used in) disposal groups classified as held-for-sale – (428) 428 (428) – 446
    Cash and cash equivalents at the end of the period 41,134 51,127 41,134 51,127 42,819 42,819

    * Convenience translation into US$ (exchange rate as at December 31, 2024: euro 1 = US$ 1.041)

    Ellomay Capital Ltd. and its Subsidiaries

    Operating Segments (Unaudited)

     
                           
    Italy Spain USA Netherlands Israel  
    Solar Subsidized Solar
    Plants    		 28 MW
    Solar    		 Talasol
    Solar    		 Solar Biogas Dorad Manara Pumped Storage Solar* Total
    reportable
    segments    		 Reconciliations
    		 Total consolidated
      For the year ended December 31, 2024
      € in thousands
                             
    Revenues 2,293 2,974 1,741 18,365 – 15,094 67,084 – 278 107,829 (67,362) 40,467
    Operating expenses (109) (519) (593) (4,695) – (13,887) (50,065) – (142) (70,010) 50,207 (19,803)
    Depreciation and amortization expenses (89) (919) (1,088) (11,453) – (2,897) (2,489) – (48) (18,983) 2,515 (16,468)
    Gross profit (loss) 2,095 1,536 60 2,217 – (1,690) 14,530 – 88 18,836 (14,640) 4,196
                             
    Adjusted gross profit (loss) 2,095 1,536 60 2,217 – (1,690) 14,530 – 3172 19,065 (14,869) 4,196
    Project development costs                       (4,101)
    General and administrative expenses                       (6,063)
    Share of income of equity accounted investee                       11,062
    Other income, net                       3,409
    Operating profit                       8,503
    Financing income                       2,495
    Financing income in connection with
    derivatives and warrants, net    		                       1,140
    Financing expenses in connection with projects finance                       (6,190)
    Financing expenses in connection with debentures                       (6,641)
    Interest expenses on minority shareholder loan                       (2,144)
    Other financing expenses                       (8,311)
    Financing expenses, net                       (19,651)
    Profit before taxes on income                       (11,148)
                             
    Segment assets as at December 31, 2024 67,546 12,633 19,403 225,452 55,564 31,779 109,579 186,333 – 708,289 (31,613) 676,676

    * The results of the Talmei Yosef solar plant are presented as a discontinued operation.

    Ellomay Capital Ltd. and its Subsidiaries

    Reconciliation of Profit (Loss) to EBITDA (Unaudited)

      For the three months ended December 31, For the year ended December 31, For the three months ended December 31, For the year ended December 31,
    2024 2023 2024 2023 2024 2024
      € in thousands Convenience Translation into US$ in thousands*
    Net profit (loss) for the period (11,983) (9,815) (9,464) 625 (12,476) (9,851)
    Financing expenses, net 16,887 3,832 19,651 3,557 17,579 20,456
    Tax benefit (1,475) (799) (1,547) (1,436) (1,535) (1,610)
    Depreciation and amortization 4,126 4,265 16,468 16,012 4,295 17,143
    EBITDA 7,555 (2,517) 25,108 18,758 7,863 26,138

    * Convenience translation into US$ (exchange rate as at December 31, 2024: euro 1 = US$ 1.041)

    Ellomay Capital Ltd.

    Information for the Company’s Debenture Holders

    Financial Covenants

    Pursuant to the Deeds of Trust governing the Company’s Series C, Series D, Series E, Series F and Series G Debentures (together, the “Debentures”), the Company is required to maintain certain financial covenants. For more information, see Items 4.A and 5.B of the Company’s Annual Report on Form 20-F submitted to the Securities and Exchange Commission on April 18, 2024, and below.

    Net Financial Debt

    As of December 31, 2024, the Company’s Net Financial Debt, (as such term is defined in the Deeds of Trust of the Company’s Debentures), was approximately €159.4 million (consisting of approximately €308.53 million of short-term and long-term debt from banks and other interest bearing financial obligations, approximately €200.54 million in connection with the Series C Debentures issuances (in July 2019, October 2020, February 2021 and October 2021), the Series D Convertible Debentures issuance (in February 2021), the Series E Secured Debentures issuance (in February 2023) and the Series F Debentures issuance (in January, April, August and November 2024)), net of approximately €41.1 million of cash and cash equivalents, short-term deposits and marketable securities and net of approximately €308.55 million of project finance and related hedging transactions of the Company’s subsidiaries). The Net Financial Debt and other information included in this disclosure do not include the issuance of the Company’s Series G Debentures in February 2025.

    Discussion concerning Warning Signs

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

    One possible “warning sign” is the existence of a working capital deficiency if the Company’s Board of Directors does not determine that the working capital deficiency is not an indication of a liquidity problem. In examining the existence of warning signs as of December 31, 2024, the Company’s Board of Directors noted the working capital deficiency as of December 31, 2024, in the amount of approximately €23 million. The Company’s Board of Directors reviewed the Company’s financial position, outstanding debt obligations and the Company’s existing and anticipated cash resources and uses and determined that the existence of a working capital deficiency as of December 31, 2024, does not indicate a liquidity problem. In making such determination, the Company’s Board of Directors noted the following: (i) the issuance of the Company’s Series G Debentures in consideration for approximately NIS 211.7 million (net of offering expenses), which was completed after December 31, 2024 and therefore not reflected on the Company’s balance sheet, (ii) the execution of the agreement to sell tax credits in connection with the US solar projects, which is expected to contribute approximately $19 million during the next twelve months, and (iii) the Company’s positive cash flow from operating activities during 2023 and 2024.

    Ellomay Capital Ltd.

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

    Information for the Company’s Series C Debenture Holders

    The Deed of Trust governing the Company’s Series C Debentures (as amended on June 6, 2022, the “Series C Deed of Trust”), includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for two consecutive quarters is a cause for immediate repayment. As of December 31, 2024, the Company was in compliance with the financial covenants set forth in the Series C Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series C Deed of Trust) was approximately €118.8 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 57.3%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA,6 was 6.1.

    The following is a reconciliation between the Company’s loss and the Adjusted EBITDA (as defined in the Series C Deed of Trust) for the four-quarter period ended December 31, 2024:

      For the four-quarter period ended December 31, 2024
    Unaudited
    € in thousands
    Loss for the period (9,464)
    Financing expenses, net 19,651
    Taxes on income (1,547)
    Depreciation and amortization expenses 16,468
    Share-based payments 112
    Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model 981
    Adjusted EBITDA as defined the Series C Deed of Trust 26,201

    Ellomay Capital Ltd.

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

    Information for the Company’s Series D Debenture Holders

    The Deed of Trust governing the Company’s Series D Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series D Deed of Trust is a cause for immediate repayment. As of December 31, 2024, the Company was in compliance with the financial covenants set forth in the Series D Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series D Deed of Trust) was approximately €118.8 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 57.3%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA7 was 6.

    The following is a reconciliation between the Company’s loss and the Adjusted EBITDA (as defined in the Series D Deed of Trust) for the four-quarter period ended December 31, 2024:

      For the four-quarter period ended December 31, 2024
    Unaudited
    € in thousands
    Loss for the period (9,464)
    Financing expenses, net 19,651
    Taxes on income (1,547)
    Depreciation and amortization expenses 16,468
    Share-based payments 112
    Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model 981
    Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters8 440
    Adjusted EBITDA as defined the Series D Deed of Trust 26,641

    Ellomay Capital Ltd.

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

    Information for the Company’s Series E Debenture Holders

    The Deed of Trust governing the Company’s Series E Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series E Deed of Trust is a cause for immediate repayment. As of December 31, 2024, the Company was in compliance with the financial covenants set forth in the Series E Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series E Deed of Trust) was approximately €118.8 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 57.3%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA9 was 6.

    The following is a reconciliation between the Company’s loss and the Adjusted EBITDA (as defined in the Series E Deed of Trust) for the four-quarter period ended December 31, 2024:

      For the four-quarter period ended December 31, 2024
    Unaudited
    € in thousands
    Loss for the period (9,464)
    Financing expenses, net 19,651
    Taxes on income (1,547)
    Depreciation and amortization expenses 16,468
    Share-based payments 112
    Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model 981
    Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters10 440
    Adjusted EBITDA as defined the Series E Deed of Trust 26,641
       

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

    As of December 31, 2024, the value of the assets pledged to the holders of the Series E Debentures in the Company’s books (unaudited) is approximately €41.3 million (approximately NIS 156.8 million based on the exchange rate as of such date).

    Ellomay Capital Ltd. and its Subsidiaries

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

    Information for the Company’s Series F Debenture Holders

    The Deed of Trust governing the Company’s Series F Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series F Deed of Trust is a cause for immediate repayment. As of December 31, 2024, the Company was in compliance with the financial covenants set forth in the Series F Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series F Deed of Trust) was approximately €118.4 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 57.4%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA11 was 6.

    The following is a reconciliation between the Company’s loss and the Adjusted EBITDA (as defined in the Series F Deed of Trust) for the four-quarter period ended December 31, 2024:

      For the four-quarter period ended December 31, 2024
    Unaudited
    € in thousands
    Loss for the period (9,464)
    Financing expenses, net 19,651
    Taxes on income (1,547)
    Depreciation and amortization expenses 16,468
    Share-based payments 112
    Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model 981
    Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters12 440
    Adjusted EBITDA as defined the Series F Deed of Trust 26,641
       

    Ellomay Capital Ltd. and its Subsidiaries

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

    Information for the Company’s Series G Debenture Holders

    The Deed of Trust governing the Company’s Series G Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series G Deed of Trust is a cause for immediate repayment. As of December 31, 2024, the Company was in compliance with the financial covenants set forth in the Series G Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series G Deed of Trust) was approximately €118.4 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 57.4%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA13 was 6.

    The following is a reconciliation between the Company’s loss and the Adjusted EBITDA (as defined in the Series G Deed of Trust) for the four-quarter period ended December 31, 2024:

      For the four-quarter period ended December 31, 2024
    Unaudited
    € in thousands
    Loss for the period (9,464)
    Financing expenses, net 19,651
    Taxes on income (1,547)
    Depreciation and amortization expenses 16,468
    Share-based payments 112
    Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model 981
    Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters14 440
    Adjusted EBITDA as defined the Series G Deed of Trust 26,641
       

    1 The revenues presented in the Company’s financial results included in this press release are based on IFRS and do not take into account the adjustments included in the Company’s investor presentation.

    2 The gross profit of the Talmei Yosef solar plant located in Israel is adjusted to include income from the sale of electricity (approximately €1,264 thousand) and depreciation expenses (approximately €757 thousand) under the fixed asset model, which were not recognized as revenues and depreciation expenses, respectively, under the financial asset model as per IFRIC 12.

    3 The amount of short-term and long-term debt from banks and other interest-bearing financial obligations provided above, includes an amount of approximately €4.7 million costs associated with such debt, which was capitalized and therefore offset from the debt amount that is recorded in the Company’s balance sheet.

    4 The amount of the debentures provided above includes an amount of approximately €6.9 million associated costs, which was capitalized and discount or premium and therefore offset from the debentures amount that is recorded in the Company’s balance sheet. This amount also includes the accrued interest as at December 31, 2024 in the amount of approximately €2.1 million.

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

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

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

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

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

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

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

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

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

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

    The MIL Network –

  • MIL-OSI: Energys Group Announces Pricing of $10.125 Million Initial Public Offering and Nasdaq Listing

    Source: GlobeNewswire (MIL-OSI)

    UNITED KINGDOM, March 31, 2025 (GLOBE NEWSWIRE) — Energys Group Limited (NASDAQ: ENGS) (“Energys Group” or the “Company”), a vertically integrated energy efficiency and decarbonization solutions provider for the build environment, today announced the pricing of its initial public offering (the “Offering”) of 2,250,000 ordinary shares (the “Ordinary Shares”) at a public offering price of US$4.50 per Ordinary Share, for total gross proceeds of US$10,125,000 before deducting underwriting discounts and other offering expenses.

    The Ordinary Shares have been approved for listing on the NASDAQ Capital Market and are expected to commence trading on April 1, 2025, under the ticker symbol “ENGS.”

    The Company has granted the underwriters an option, within 45 days from the date of the prospectus, to purchase up to an additional 337,500 Ordinary Shares at the initial public offering price, less underwriting discounts and commissions, to cover the over-allotment option, if any.

    The Offering is being conducted on a firm commitment basis. American Trust Investment Services, Inc. (“American Trust”) is acting as the representative of the underwriters for the Offering. Schlueter & Associates, P.C. acted as U.S. counsel to the Company, and DeMint Law, PLLC acted as U.S. counsel to American Trust, in connection with the Offering.

    The Offering is expected to close on April 2, 2025, subject to customary closing conditions.

    The Company intends to use the proceeds from this Offering 1) to expand its operating network in the United Kingdom; 2) for inventory procurement; 3) to establish operating subsidiaries in the United States; 4) to identify and pursue merger and acquisition opportunities; 5) to expand research and development capabilities; 6) to repay certain bank borrowings; and 7) to use as general working capital.

    A registration statement relating to the Offering, as amended, (File No. 333-275956) has been filed with the U.S. Securities and Exchange Commission (the “SEC”), and was declared effective by the SEC on March 14, 2025.

    This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. 

    The Offering is being made only by means of a prospectus. Copies of the final prospectus related to the Offering may be obtained from American Trust, Attn: Syndicate Department, 1244 119th Street, Whiting, IN 46394, via email at ib@amtruinvest.com or via telephone at (219) 473-5542. In addition, a copy of the final prospectus can be obtained via the SEC’s website at www.sec.gov.

    About Energys Group

    Founded in 1998 as an energy conservation consultancy, Energys Group Limited (NASDAQ: ENGS) (“Energys Group” or the “Company”) has since transitioned into a vertically integrated energy efficiency and decarbonization solutions provider for the build environment. Serving organizations from both the private and public sectors, including schools, universities, hospitals and offices, primarily in the UK, the Company’s vision is to deliver innovative solutions that reduce carbon emissions, lower costs and support Net Zero agenda – alongside improving the wellbeing of building users within the built environment.

    Forward-Looking Statements

    All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the SEC.

    For more information, please contact:
    DLK Advisory
    Phone: +852-2857-7101
    Email: ir@dlkadvisory.com

    The MIL Network –

  • MIL-OSI: Pender Growth Fund announces the merger of Pender Software Holdings and Acorn Partners

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, March 31, 2025 (GLOBE NEWSWIRE) — (TSXV: PTF) Pender Growth Fund Inc. (“Pender” or the “Company”) is pleased to announce a merger between Pender Software Holdings Ltd. (“Pender Software”) and Acorn Partners Inc. (“Acorn”). With this merger, the Acorn team joins Pender Software to further its aim of becoming the go-to capital partner for exceptional software companies.

    The merger of the Acorn team with Pender Software fuses the proven acquisition expertise of both parties, and brings additional operational expertise, positioning Pender Software to focus entirely on expanding the portfolio and driving long-term value creation. This alignment strengthens Pender Software’s ability to scale its operations and execute strategic acquisitions, enabling its portfolio of software businesses to reach their potential.

    Pender Software is dedicated to empowering management teams, driving operational excellence, and delivering value to all stakeholders. We aim to partner with outstanding management teams with a mandate to scale effectively, enhance customer satisfaction and compound cash flows. By leveraging a strategic operational framework and a long-term investment horizon, Pender Software is committed to enabling its portfolio companies to achieve sustained success.

    Pender Software is actively seeking opportunities to acquire high-quality software companies as new investments or add-ons to its portfolio of companies in Canada, the United States, and the United Kingdom.

    For additional information about Pender Software, please visit www.pendersoftwareholdings.com.

    About Pender Growth Fund
    Pender Growth Fund Inc is an investment firm. Its investment objective is to achieve long-term capital growth. The Company utilizes its small capital base and long-term horizon to invest in unique situations, primarily small cap, special situations, and illiquid public and private companies. The firm invests in public and private companies principally in the technology sector. It trades on the TSX Venture Exchange under the symbol “PTF” and posts its NAV on its website, generally within five business days of each month end.

    Please visit www.pendergrowthfund.com.

    For further information, please contact:
    Ampere Chan
    Managing Partner, Pender Software Holdings
    ampere@pendersoftwareholdings.com

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

    Forward-Looking Information
    This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the Company and the environment in which it operates. Forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may”, “estimate” and other similar expressions. These statements are based on the Company’s expectations, estimates, forecasts and projections and include, without limitation, statements regarding the Company’s decreased portfolio risk and future investment opportunities. The forward-looking statements in this news release are based on certain assumptions; they are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading “Risk Factors” in the Company’s annual information form available at www.sedarplus.ca. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

    The MIL Network –

  • MIL-OSI Video: Secretary Rubio’s Travel to Brussels – NATO Foreign Ministers Meeting

    Source: United States of America – Department of State (video statements)

    U.S. Secretary of State Marco Rubio will travel to Brussels, Belgium from April 2-4 to attend the NATO Foreign Ministers Meeting. He will discuss security priorities, including increased Allied defense investment, securing lasting peace in Ukraine, and the shared threat of China to the Euro-Atlantic and Indo-Pacific Alliances.

    More: https://www.state.gov/secretary-rubios-travel-to-brussels/

    https://www.youtube.com/watch?v=reZqh6piyDI

    MIL OSI Video –

  • MIL-OSI: IDEX Biometrics ASA – Information about the second exercise period for warrants (Warrants B) issued in connection with the Private Placement and Subsequent Offering

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE’S REPUBLIC OF CHINA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS STOCK EXCHANGE ANNOUNCEMENT.

    Oslo, Norway – 31 March 2025 – Reference is made to the stock exchange announcements from IDEX Biometrics ASA (the “Company”) dated 17 September and 12 December 2024 regarding the exercise period for Warrants B (ticker: IDEXS), ISIN NO0013380055, issued in connection with the private placement in September 2024 and subsequent offering in December 2024.

    The exercise period for Warrants B commenced today, on 31 March 2025, and ends on 11 April 2025 at 16:30 CET. Each Warrant gives the holder a right to subscribe for one new share (“New Share”) in the Company at a subscription price of NOK 0.15. All Warrants B not exercised within this period will lapse without compensation to the holder. Arctic Securities AS is acting as manager in connection with the exercise of Warrants B (the “Manager”).

    Exercise procedure

    Warrants are exercised through the submission of a duly completed exercise form for the Warrants (the “Exercise Form”) to the Manager at the address or email address set out in the Prospectus and the Exercise Form and payment of the aggregate subscription price for the New Shares. The Exercise Form can be found at the websites of the Company (https://www.idexbiometrics.com/investors/), and Arctic Securities AS (www.arctic.com/secno/en/offerings). By completing and submitting an Exercise Form, the holder of the relevant Warrants irrevocably undertakes to acquire a number New Shares equal to the number of Warrants exercised at the relevant exercise price.

    For more information relating to the Warrants, please refer to the Prospectus approved and published by the Company on 13 November 2024.

    For further information contact:

    Marianne Bøe, Head of Investor Relations, +47 91800186
    Kristian Flaten, CFO, +47 95092322

    E-mail:ir@idexbiometrics.com

    For information about the Warrants please contact the Manager: Arctic Securities AS, tel.: + 47 21 01 30 40

    About IDEX Biometrics IDEX Biometrics ASA (OSE: IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. The company’s solutions provide convenience, security, peace of mind, and seamless user experiences worldwide. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, IDEX Biometrics’ biometric solutions target card-based applications for payments and digital authentication. As an industry enabler, the company partners with leading card manufacturers and technology companies to bring its solutions to market.

    For more information, please visit www.idexbiometrics.com (https://www.idexbiometrics.com).    

    –  IMPORTANT INFORMATION –

    This announcement does not constitute an offer of securities for sale or a solicitation of an offer to purchase securities of the Company in the United States or any other jurisdiction. The securities of the Company may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”). The securities of the Company have not been, and will not be, registered under the U.S. Securities Act. Any sale in the United States of the securities mentioned in this communication will be made solely to “qualified institutional buyers” as defined in Rule 144A under the U.S. Securities Act. No public offering of the securities will be made in the United States.

    This announcement has been prepared on the basis that any offer of securities in any Member State of the European Economic Area, other than Norway, which has implemented the Prospectus Regulation (EU) (2017/1129, as amended, the “Prospectus Regulation”) (each, a “Relevant Member State”) will be made pursuant to an exemption under the Prospectus Regulation, as implemented in that Relevant Member State, from the requirement to publish a prospectus for offers of securities. Accordingly any person making or intending to make any offer in that Relevant Member State of securities which are the subject of the offering contemplated in this announcement, may only do so in circumstances in which no obligation arises for the Company or any of the Managers to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 16 of the Prospectus Regulation, in each case, in relation to such offer.

    In the United Kingdom, this announcement is only addressed to and is only directed at Qualified Investors who (i) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the “Order”) or (ii) are persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc.) (all such persons together being referred to as “Relevant Persons”). This announcement are directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this announcement relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.

    Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice.

    This announcement is made by and, and is the responsibility of, the Company. The Manager is acting exclusively for the Company and no one else and will not be responsible to anyone other than the Company for providing the protections afforded to its respective clients, or for advice in relation to the contents of this announcement or any of the matters referred to herein.

    Neither the Manager nor any of its affiliates makes any representation as to the accuracy or completeness of this announcement and none of them accepts any responsibility for the contents of this announcement or any matters referred to herein.

    This announcement is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities of the Company. Neither the Manager nor any of its affiliates accepts any liability arising from the use of this announcement. Any offering of the securities referred to in this announcement will be made by means of a prospectus.

    This announcement is an advertisement and is not a prospectus for the purposes of the Prospectus Regulation. Investors should not subscribe for any securities referred to in this announcement except on the basis of information contained in the Prospectus dated 13 November 2024 and stock exchange announcements published in connection with the private placement, subsequent offering  and the Warrants. Copies of the Prospectus is available from the Company’s registered office and, subject to certain exceptions, on the websites of the Company (www.idexbiometrics.com), Arctic Securities AS (www.arctic.com/secno/en/offerings).

    Each of the Company, the Manager and their respective affiliates expressly disclaims any obligation or undertaking to update, review or revise any statement contained in this announcement whether as a result of new information, future developments or otherwise.

    The distribution of this announcement and other information may be restricted by law in certain jurisdictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.

    About this notice
    This notice was published by Kristian Flaten, CFO, 31 March 2025 at 22:10 CET on behalf of IDEX Biometrics ASA.  This information is subject to the disclosure requirements pursuant to the Norwegian Securities Trading Act section 5-12.

    Attachment

    The MIL Network –

  • MIL-OSI: Ellomay Capital Reports Publication of Financial Statements of Dorad Energy Ltd. for the Year Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    TEL-AVIV, Israel, March 31, 2025 (GLOBE NEWSWIRE) — Ellomay Capital Ltd. (NYSE American; TASE: ELLO) (“Ellomay” or the “Company”), a renewable energy and power generator and developer of renewable energy and power projects in Europe, Israel and USA, today reported the publication in Israel of financial statements for the year ended December 31, 2024 of Dorad Energy Ltd. (“Dorad”), in which Ellomay currently indirectly holds approximately 9.4% through its indirect 50% ownership of Ellomay Luzon Energy Infrastructures Ltd. (formerly U. Dori Energy Infrastructures Ltd.) (“Ellomay Luzon Energy”).

    On March 31, 2025, Amos Luzon Entrepreneurship and Energy Group Ltd. (the “Luzon Group”), an Israeli public company that currently holds the remaining 50% of Ellomay Luzon Energy, which, in turn, holds 18.75% of Dorad, published its annual report in Israel based on the requirements of the Israeli Securities Law, 1968. Based on applicable regulatory requirements, the annual report of the Luzon Group includes the financial statements of Dorad for the same period.

    The financial statements of Dorad for the year ended December 31, 2024 were prepared in accordance with International Financial Reporting Standards. Ellomay will include its indirect share of these results (through its holdings in Ellomay Luzon Energy) in its financial results and financial statements for this period. In an effort to provide Ellomay’s shareholders with access to Dorad’s financial results (which were published in Hebrew), Ellomay hereby provides a convenience translation to English of Dorad’s financial results.

    Dorad Financial Highlights

    • Dorad’s revenues for the year ended December 31, 2024 – approximately NIS 2,863.8 million.
    • Dorad’s operating profit for the year ended December 31, 2024 – approximately NIS 620.3 million.

    Based on the information provided by Dorad, the demand for electricity by Dorad’s customers is seasonal and is affected by, inter alia, the climate prevailing in that season. Since January 1, 2023, the months of the year are split into three seasons as follows: summer – June-September; winter – December-February; and intermediate (spring and autumn) – March-May and October-November. There is a higher demand for electricity during the winter and summer seasons, and the average electricity consumption is higher in these seasons than in the intermediate seasons and is even characterized by peak demands due to extreme climate conditions of heat or cold. In addition, Dorad’s revenues are affected by the change in load and time tariffs – TAOZ (an electricity tariff that varies across seasons and across the day in accordance with demand hour clusters), as, on average, TAOZ tariffs are higher in the summer season than in the intermediate and winter seasons. Due to various reasons, including the effects of the increase in the Israeli CPI impacting interest payments by Dorad on its credit facility, the results included herein may not be indicative of full year results in the future or comparable to full year results in the past.

    The financial statements of Dorad include a note concerning the war situation in Israel, which commenced on October 7, 2023, stating that Dorad estimated, based on the information it had as of February 27, 2025  (the date of approval of Dorad’s financial statements as of December 31, 2024), that the current events and the security escalation in Israel have an impact on its results but that the impact on its short-term business results will be immaterial. Dorad further notes that as this event is not under the control of Dorad, and factors such as the war and hostilities being resumed may affect Dorad’s assessments, and that as of the date of its financial statements, Dorad is unable to assess the extent of the impact of the war on its business activities and on its medium and long-term results. Dorad continues to regularly monitor the developments and is examining the effects on its operations and the value of its assets.

    In December 2024, Dorad received payment in an amount of approximately $130 million pursuant to an arbitration ruling in a derivative claim submitted by certain of its shareholders, which increased Dorad’s net profit for 2024 by approximately NIS 215.6 million (after the effect of taxes).

    A convenience translation to English of the financial results for Dorad as of December 31, 2024 and 2023 and for each of the three years ended December 31, 2023 is included at the end of this press release. Ellomay does not undertake to separately report Dorad’s financial results in a press release in the future. Neither Ellomay nor its independent public accountants have reviewed or consulted with the Luzon Group, Ellomay Luzon Energy or Dorad with respect to the financial results included in this press release.

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

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

    • Approximately 335.9 MW of operating solar power plants in Spain (including a 300 MW solar plant in owned by Talasol, which is 51% owned by the Company) and approximately 38 MW of operating solar power plants in Italy;
    • 9.375% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel’s largest private power plants with production capacity of approximately 850MW, representing about 6%-8% of Israel’s total current electricity consumption;
    • Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland B.V., project companies operating anaerobic digestion plants in the Netherlands, with a green gas production capacity of approximately 3 million, 3.8 million and 9.5 million Nm3 per year, respectively;
    • 83.333% of Ellomay Pumped Storage (2014) Ltd., which is involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel;
    • Solar projects in Italy with an aggregate capacity of 294 MW that have reached “ready to build” status;
    • Solar projects in the Dallas Metropolitan area, Texas, USA with an aggregate capacity of approximately 27 MW that are placed in service and in process of connection to the grid and additional 22 MW are under construction.

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

    Information Relating to Forward-Looking Statements

    This press release contains forward-looking statements that involve substantial risks and uncertainties, including statements that are based on the current expectations and assumptions of the Company’s management. All statements, other than statements of historical facts, included in this press release regarding the Company’s plans and objectives, expectations and assumptions of management are forward-looking statements.  The use of certain words, including the words “estimate,” “project,” “intend,” “expect,” “believe” and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the Company’s forward-looking statements. Various important factors could cause actual results or events to differ materially from those that may be expressed or implied by the Company’s forward-looking statements, including changes in electricity prices and demand, continued war and hostilities and political and economic conditions generally in Israel, regulatory changes, the decisions of the Israeli Electricity Authority, changes in demand, technical and other disruptions in the operations of the power plant operated by Dorad, competition, changes in the supply and prices of resources required for the operation of the Dorad’s facilities and in the price of oil and electricity, changes in the Israeli CPI, changes in interest rates, seasonality, failure to obtain financing for the expansion of Dorad and other risks applicable to projects under development and construction, and other risks applicable to projects under development and construction, in addition to other risks and uncertainties associated with the Company’s and Dorad’s business that are described in greater detail in the filings the Company makes from time to time with Securities and Exchange Commission, including its Annual Report on Form 20-F. The forward-looking statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

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

    Dorad Energy Ltd.

    Statements of Financial Position

      December 31 December 31
    2024 2023
    NIS thousands NIS thousands
    Current assets    
    Cash and cash equivalents 846,565 219,246
    Trade receivables and accrued income 185,625 211,866
    Other receivables 32,400 12,095
    Total current assets 1,064,590 443,207
         
         
    Restricted deposits 531,569 522,319
    Long- term Prepaid expenses 79,739 30,053
    Fixed assets 2,697,592 3,106,550
    Intangible assets 9,688 7,653
    Right of use assets 54,199 55,390
    Total non-current assets 3,372,787 3,721,965
         
    Total assets 4,437,377 4,165,172
         
         
    Current maturities of loans from banks 321,805 299,203
    Current maturities of lease liabilities 4,887 4,787
    Current tax liabilities 14,016 –
    Trade payables 168,637 166,089
    Other payables 14,971 31,446
    Total current liabilities 524,316 501,525
         
         
    Loans from banks 1,750,457 1,995,909
    Other long-term liabilities 60,987 12,943
    Long-term lease liabilities 46,809 47,618
    Provision for restoration and decommissioning 38,102 38,985
    Deferred tax liabilities 399,282 278,095
    Liabilities for employee benefits, net 160 160
    Total non-current liabilities 2,295,797 2,373,710
         
    Equity    
    Share capital 11 11
    Share premium 642,199 642,199
    Capital reserve for activities with shareholders 3,748 3,748
    Retained earnings 971,306 643,979
         
    Total equity 1,617,264 1,289,937
         
    Total liabilities and equity 4,437,377 4,165,172
         

    Dorad Energy Ltd.

    Statements of Profit or Loss

      2024 2023 2022
    NIS thousands NIS thousands NIS thousands
    Revenues 2,863,770 2,722,396 2,369,220
           
    Operating costs of the power plant      
    Energy costs 574,572 583,112 544,118
    Purchases of electricity and infrastructure services 1,372,618 1,244,646 1,088,127
    Depreciation and amortization 106,266 242,104 239,115
    Other operating costs 190,027 186,024 157,189
           
    Total operating costs of the power plant 2,243,483 2,255,886 2,028,549
           
    Profit from operating the power plant 620,287 466,510 340,671
           
    General and administrative expenses 23,929 27,668 24,066
    Other income 58 39 –
           
    Operating profit 596,416 438,881 316,605
           
    Financing income 184,939 45,286 52,131
    Financing expenses 193,825 209,773 271,116
           
    Financing expenses, net 8,886 164,487 218,985
           
    Profit before taxes on income 587,530 274,394 97,620
           
    Taxes on income 135,203 63,079 22,340
           
    Net profit for the year 452,327 211,315 75,280

    Dorad Energy Ltd.

    Statements of Changes in Shareholders’ Equity

          Capital    
        reserve for    
        activities with    
      Share controlling Retained  
    Share capital premium shareholders earnings Total
    NIS thousands NIS thousands NIS thousands NIS thousands NIS thousands
    For the year ended December 31, 2024          
               
    Balance as at January 1, 2024 11  642,199  3,748 643,979   1,289,937  
               
    Dividend distributed – – – (125,000 ) (125,000 )
    Net profit for the year – – – 452,327   452,327  
               
    Balance as at December 31, 2024 11 642,199 3,748 971,306   1,617,264  
    For the year ended December 31, 2023          
               
    Balance as at January 1, 2023 11 642,199 3,748 572,664   1,218,622  
               
    Dividend distributed – – – (140,000 ) (140,000 )
    Net profit for the year – – – 211,315   211,315  
               
    Balance as at December 31, 2023 11 642,199 3,748 643,979   1,289,937  
    For the year ended December 31, 2022          
               
    Balance as at January 1, 2022 11 642,199 3,748 497,384 1,143,342
               
    Net profit for the year – – – 75,280 75,280
               
    Balance as at December 31, 2022 11 642,199 3,748 572,664 1,218,622

    Dorad Energy Ltd.

    Statements of Cash Flows

      2024   2023   2022  
    NIS thousands NIS thousands NIS thousands
    Cash flows from operating activities:      
    Profit for the year 452,327   211,315   75,280  
    Adjustments:      
    Depreciation, amortization, and diesel consumption 121,664   245,566   242,345  
    Taxes on income 135,203   63,079   22,340  
    Financing expenses, net 8,886   164,487   218,985  
      265,753   473,132   483,670  
           
    Change in trade receivables and accrued income 26,241   26,715   9,991  
    Change in other receivables (20,951 ) 20,714   7,480  
    Change in trade payables (10,361 ) (115,976 ) (127,907 )
    Change in other payables (3,481 ) 2,507   4,339  
    Change in other long-term liabilities (3,661 ) (4,586 ) 1,695  
       (12,213 ) (70,626 ) (104,402 )
    Taxes on income paid –   –   (21,795 )
           
    Net cash from operating activities 705,867   613,821   432,753  
           
    Cash flows from investing activities:      
    Proceeds from settlement of financial derivatives 1,548   8,884   13,652  
    Decrease in long-term restricted deposits 17,500   40,887   –  
    Investment in fixed assets (44,132 ) (102,082 ) (110,715 )
    Proceeds from arbitration 337,905   –   –  
    Proceeds from insurance for damages to fixed assets 5,148   –   –  
    Investment in intangible assets (4,054 ) (3,162 ) (1,810 )
    Interest received 42,221   33,501   6,433  
    Net cash from )used in( investing activities 356,136   (21,972 ) (92,440 )
           
    Cash flows from financing activities:      
    Repayment of lease liability (4,984 ) (4,817 ) (4,726 )
    Repayment of loans from banks (284,570 ) (253,382 ) (255,705 )
    Dividends paid (142,500 ) (122,500 ) –  
    Interest paid (129,957 ) (151,220 ) (159,804 )
    Proceeds from arbitration 127,195   –   –  
           
    Net cash used in financing activities (434,816 ) (531,919 ) (420,235 )
           
    Net increase (decrease) in cash and cash equivalents 627,187   59,930   (79,922 )
           
    Effect of exchange rate fluctuations on cash and      
    cash equivalents 132   7,835   29,543  
    Cash and cash equivalents at beginning of year 219,246   151,481   201,860  
           
    Cash and cash equivalents at end of year 846,565   219,246   151,481  
    (a) Significant non-cash activity  
       
    Liability for gas agreements 56,208   –   –  

                                      

    The MIL Network –

  • MIL-OSI: AleAnna, Inc. Reports Fiscal Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    A Series of Milestones, Including Public Listing, Were Achieved in 2024; Longanesi First Gas Production Has Been Achieved

    Fiscal Year 2024 and Recent Company Highlights:

    • Gas production at Longanesi has commenced as of March 13, 2025
    • Between March 2024 and July 2024, AleAnna successfully completed three separate strategic acquisitions of renewable natural gas (“RNG”) plant projects in Italy for aggregate consideration of approximately $9.7 million, which generated $1.4 million in electricity production revenue in 2024
    • On December 13, 2024, AleAnna completed its de-SPAC transaction and became publicly traded on Nasdaq under the ticker symbol “ANNA”
    • AleAnna ended fiscal year 2024 with approximately $28.3 million in cash and cash equivalents

    DALLAS, March 31, 2025 (GLOBE NEWSWIRE) — AleAnna, Inc. (“AleAnna” or the “Company”) (NASDAQ: ANNA) today reported results for fiscal year 2024. Fiscal year 2024 was a transformative year for the Company, highlighted by the successful completion of our de-SPAC public listing transaction. AleAnna also launched its RNG asset acquisition program to expand the Company’s renewable energy portfolio. At year-end, AleAnna had $28.3 million in cash and cash equivalents, providing a solid foundation to advance its strategic initiatives.

    More recently, in March 2025, AleAnna and its operating partner Padana reached a major milestone with the commencement of production at the Longanesi field, marking a significant step forward for the Company.

    Management Commentary

    Marco Brun, Chief Executive Officer, reflected on AleAnna’s milestone year and recent achievements: “2024 was a pivotal year for AleAnna as we successfully completed our de-SPAC transaction and became a publicly traded company. We also strengthened our position in Italy’s renewable natural gas sector with strategic acquisitions and secured a long-term gas sales agreement with Shell Energy Europe.

    “As we enter 2025, we are proud to have achieved first production and sales from Longanesi, marking a major milestone in our growth strategy. We remain committed to driving sustainable energy development while delivering value to our shareholders.”

    About AleAnna

    AleAnna is a technology-driven energy company focused on bringing sustainability and new supplies of low-carbon natural gas and RNG to Italy, aligning traditional energy operations with renewable solutions, with developments like the Longanesi field leading the way in supporting a responsible energy transition. With three conventional gas discoveries in Italy already made and fourteen new natural gas exploration projects planned this decade, AleAnna plays a pivotal role in Italy’s energy transition. Italy’s extensive infrastructure, featuring 33,000 kilometers of gas pipelines, three major gas storage facilities, and a strong base of existing RNG facilities, aligns with AleAnna’s commitment to sustainability. AleAnna’s RNG projects’ portfolio includes three plants under development and almost 100 projects representing approximately €1.1 billion potential investment in the next few years. AleAnna operates regional headquarters in Dallas, Texas, and Rome, Italy.

    Forward-Looking Statements

    The information included herein contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Certain statements, other than statements of present or historical fact included herein regarding AleAnna’s future operations, financial position, plans and objectives are forward-looking statements. When used herein, including any statements made in connection herewith, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” and other similar expressions are forward-looking statements. However, not all forward-looking statements contain such identifying words. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on AleAnna’s current beliefs, expectations and assumptions regarding the future of its business, future plans and strategies, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of AleAnna’s control. AleAnna’s actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements, which speak only as of the date made. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, but are not limited to, those under “Risk Factors” in AleAnna’s definitive proxy statement/prospectus filed by AleAnna with the SEC on November 21, 2024, as well as general economic conditions; AleAnna’s need for additional capital; risks associated with the growth of AleAnna’s business; and changes in the regulatory environment in which AleAnna operates. Additional information concerning these and other factors that may impact AleAnna’s expectations and projections can be found in filings it makes with the SEC, and other documents filed or to be filed with the SEC by AleAnna. SEC filings are available on the SEC’s website at www.sec.gov. Except as otherwise required by applicable law, AleAnna disclaims any duty to update any forward-looking statements, all expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof.

    Investor Relations Contact
    Bill Dirks
    wkdirks@aleannagroup.com

    Website
    https://www.aleannainc.com/

    ALEANNA, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
    FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

      For the Year Ended December 31,  
      2024     2023  
               
    Revenues $ 1,420,030     $ –  
               
    Operating expenses:          
    Cost of revenues $ 1,043,174     $ –  
    General and administrative   6,264,087       5,634,150  
    Depreciation   133,516       –  
    Accretion of asset retirement obligation   133,239       133,239  
    Business Combination transaction expenses   8,398,653       –  
    Total operating expenses   15,972,669       5,767,389  
               
    Operating loss   (14,552,639 )     (5,767,389 )
               
    Other income (expense):          
    Interest and other income (expense)   1,948,281       (102,041 )
    Change in fair value of derivative liability   173,177       708,869  
    Total other income (expense)   2,121,458       606,828  
    Net loss $ (12,431,181 )   $ (5,160,561 )
    Deemed dividend to Class 1 Preferred Units redemption value   (155,423,177 )     (53,219,200 )
    Net loss attributable to noncontrolling interests   87,511       –  
    Net loss attributable to Class A Common stockholders or holders of Common Member Units $ (167,766,847 )   $ (58,379,761 )
               
    Other comprehensive income (loss)          
    Currency translation adjustment   (1,548,154 )     218,908  
    Comprehensive loss   (13,979,335 )     (4,941,653 )
    Comprehensive loss attributable to noncontrolling interests   87,511       –  
    Total comprehensive loss attributable to Class A Common stockholders $ (13,891,824 )   $ (4,941,653 )
               
    Weighted average shares of Class A Common Stock outstanding, basic and diluted   38,286,170       31,643,646  
    Net loss per share of Class A Common Stock, basic and diluted $ (4.38 )   $ (1.84 )

    ALEANNA, INC.
    CONSOLIDATED BALANCE SHEETS
    AS OF DECEMBER 31, 2024 AND 2023

      December 31, 2024     December 31, 2023  
    ASSETS          
    Current Assets:          
    Cash and cash equivalents $ 28,330,159     $ 6,759,265  
    Accounts receivable   1,225,297       –  
    Prepaid expenses and other assets   1,666,155       27,485  
    Total Current Assets   31,221,611       6,786,750  
               
    Non-current assets:          
    Natural gas and other properties, successful efforts method   33,979,014       22,480,830  
    Renewable natural gas properties, net of accumulated depreciation of $132,094   9,296,039       –  
    Value-added tax refund receivable   6,845,030       4,425,353  
    Operating lease right-of-use assets   1,744,897       –  
    Total Non-current Assets   51,864,980       26,906,183  
    Total Assets $ 83,086,591     $ 33,692,933  
               
    LIABILITIES AND EQUITY          
    Current Liabilities:          
    Accounts payable and accrued expenses $ 2,204,208     $ 1,053,819  
    Related party payables   –       525,276  
    Lease liability, short-term   163,865       –  
    Derivative liability, at fair value   –       173,177  
    Total Current Liabilities   2,368,073       1,752,272  
               
    Non-current Liabilities:          
    Asset retirement obligation   4,375,919       4,242,680  
    Lease liability, long-term   1,579,443       –  
    Contingent consideration liability, long-term   24,994,315       26,482,682  
    Total Non-current Liabilities   30,949,677       30,725,362  
    Total Liabilities   33,317,750       32,477,634  
               
    Commitments and Contingencies (Note 6)          
               
    Temporary Equity:          
    Class 1 Preferred Units, no par value, 43,611 units authorized, issued and outstanding; liquidation preference $152,637,776 as of December 31, 2023   –       152,464,599  
               
    Stockholders’ and Members’ Equity:          
    Class A Common Stock, par value $0.0001 per share, 150,000,000 shares authorized, 40,560,433 shares issued and outstanding as of December 31, 2024   4,056       –  
    Class C Common Stock, par value $0.0001 per share, 70,000,000 shares authorized, 25,994,400 shares issued and outstanding as of December 31, 2024   2,599       –  
    Additional paid-in capital   226,722,424       –  
    Accumulated other comprehensive loss   (5,803,378 )     (4,859,933 )
    Accumulated deficit   (191,047,953 )     (146,389,367 )
    Noncontrolling interest   19,891,093       –  
    Total Equity (Deficit)   49,768,841       (151,249,300 )
    Total Liabilities and Equity $ 83,086,591     $ 33,692,933  
               

    The MIL Network –

  • MIL-OSI Economics: Thales unveils its PANORAMIC quad-tube night vision goggle

    Source: Thales Group

    Headline: Thales unveils its PANORAMIC quad-tube night vision goggle

    • Presented for the first time at SOFINS1, PANORAMIC is a lightweight, compact night vision goggle equipped with four light intensification tubes to provide an extra-wide field-of-view. It is particularly well-suited to the needs of special operations forces and specialised units conducting sensitive missions such as counter-terrorism and hostage rescue operations.
    • Fully funded by France’s defence innovation agency (AID), the development of the PANORAMIC goggle was completed in just over two years by Thales’s centre of excellence for soldier optronics.
    • The PANORAMIC binocular is currently being evaluated by the French Army’s Technical Section (STAT) and Special Forces.

    The PANORAMIC night vision goggle provides a field-of-view approaching the capabilities of the human eye to enhance situational awareness in low-light conditions. With four tubes instead of two, soldiers can quickly perceive their entire operational surroundings without moving their heads, enabling them to react more quickly to potential threats in their peripheral field of vision.

    PANORAMIC’s patented architecture offers the best combination of performance, ergonomic design and volume currently available on the international market. It weighs just 740 g and is no wider than the soldier’s helmet. As well as the conventional helmet flip-up feature, each of the outer tubes can be raised independently, powering off automatically to guarantee discretion. Designed for optimum energy efficiency, this revolutionary new product is battery operated, with an available external battery pack for longer periods of operation.

    The PANORAMIC night observation device is fully compatible with night sights such as the XTRAIM weapon sight. It is a compact, robust unit designed to accommodate future technologies and functionalities, and includes an optimised maintenance plan to maximise operational availability.

    PANORAMIC unveiled for the first time at the 2025 edition of SOFINS, offering a further illustration of Thales’s 30-year track record of innovation in the design and development of night observation solutions to meet the full range of requirements of land forces personnel.

    Specifically designed for special operations forces and specialised units in France and internationally, the PANORAMIC goggle is 100% made in France and ITAR-free.

    “SOFINS is the ideal opportunity for us to present PANORAMIC, our new extra-wide field-of-view night observation device. Thales’s team technical expertise allowed the development of a ground-breaking night vision solution offering the robust design and outstanding performance needed to support the success of night-time missions and protect our soldiers at their most vulnerable moments.” Alexis Morel, Vice President, Optronics, Missile Electronics and Unmanned Air Systems, Thales

    1SOFINS: Special Operations Forces Innovation Network Seminar

    About Thales

    Thales (Euronext Paris: HO) is a global leader in advanced technologies for the Defence, Aerospace, and Cyber & Digital sectors. Its portfolio of innovative products and services addresses several major challenges: sovereignty, security, sustainability and inclusion.

    The Group invests more than €4 billion per year in Research & Development in key areas, particularly for critical environments, such as Artificial Intelligence, cybersecurity, quantum and cloud technologies.

    Thales has more than 83,000 employees in 68 countries. In 2024, the Group generated sales of €20.6 billion.

    MIL OSI Economics –

  • MIL-OSI Economics: WTO members make progress in revitalizing trade and development work

    Source: WTO

    Headline: WTO members make progress in revitalizing trade and development work

    Members examined special and differential treatment provisions across WTO agreements based on an analysis by the WTO Secretariat. Welcoming insights from the WTO Secretariat, members called for further examining other provisions. It was noted that special and differential treatment provisions were an integral part of WTO rules designed to help developing economies participate more fully in global trade.
    Members also continued debating the relevant WTO rules under which the Gulf Cooperation Council (GCC) Customs Union could be considered. They welcomed the WTO Secretariat’s note on this issue and will continue exploring how to consider this trading arrangement.
    The WTO’s Institute for Training and Technical Cooperation provided an update on the financial situation of the Global Trust Fund, which finances WTO-led training programmes for government officials from developing economies to help them participate in international trade. It also talked about preparations for the next technical assistance plan for 2026 and 2027. Members called for innovative solutions for the delivery of technical assistance and said they would consider exploring additional support depending on needs expressed by beneficiaries.
    Members also continued debating the relevant WTO rules under which the Gulf Cooperation Council (GCC) Customs Union could be considered. They welcomed the WTO Secretariat’s note on this issue and will continue exploring ways of considering this trading arrangement.
    The WTO’s LDC Group updated members on their request to resume preparations for the duty-free and quota-free market access for LDCs report. The objective is to facilitate the annual review of the steps members are taking to provide LDCs with market access free of duties and quotas. Members noted that consultations are ongoing with interested delegations to find a way forward.
    The Committee on Trade and Development considered two requests from India on improving the functioning of the Committee and on the Work Programme on Electronic Commerce. Members will continue informal consultations on these requests.
    Members also considered the Economic Complementarity Agreement between Argentina and Mexico based on the WTO Secretariat’s factual presentation.
    Members elected Ambassador Mzukisi Qobo of South Africa as the chair of the Committee on Trade and Development and re-elected Ambassador Ib Petersen (Denmark) as chair of the Sub-Committee on Least- Developed Countries.
    Small economies
    Members welcomed the WTO Secretariat report entitled “Challenges and opportunities for small economies in using e-commerce and digital ecosystem to drive competitiveness” on 27 March.
    “Many small and vulnerable economies still face high costs to access the internet, inadequate digital infrastructure and gaps in digital literacy, all of which hinder their ability to participate effectively in the global digital economy,” said Ana Libertad Guzman Villeda from Guatemala, which coordinates the Small, Vulnerable Economies. “Addressing these challenges requires targeted investments, capacity-building initiatives and policies that foster inclusive digital transformation,” she added.
    United Nations Conference on Trade and Development (UNCTAD) highlighted its work to support small economies in building their digital capacities, including several key initiatives ranging from implementation of national single windows for customs processes to upgrading e-commerce laws. The role of UNCTAD’s eTrade Reform Tracker in supporting developing economies with their e-commerce strategies was underscored. Members also drew attention to expanding coverage of UNCTAD’s eTrade Readiness Assessments, which provide a snapshot of the e-commerce ecosystem in developing economies.

    Share

    MIL OSI Economics –

  • MIL-OSI NGOs: Hungary: Arrest and surrender Netanyahu to the International Criminal Court

    Source: Amnesty International –

    Victor Orbán to host Benjamin Netanyahu in Hungary on Wednesday

    Following an investigation of war crimes and crimes against humanity, the International Criminal Court (ICC) issued arrest warrants for Benjamin Netanyahu and Yoav Gallant

    ‘Powerful leaders, like Netanyahu, accused by the ICC of war crimes and crimes against humanity, must no longer enjoy the prospect of perpetual impunity’ – Erika Guevara-Rosas

    Responding to reports that Hungary’s Prime Minister Viktor Orbán plans to host Israel’s Prime Minister Benjamin Netanyahu in Hungary on Wednesday, Erika Guevara-Rosas, Amnesty International’s Head of Global Research, Advocacy and Policy, said:

    “Prime Minister Netanyahu is an alleged war criminal, who is accused of using starvation as a method of warfare, intentionally attacking civilians and the crimes against humanity of murder, persecution, and other inhumane acts.

    “As a member state of the ICC, Hungary must arrest Netanyahu if he travels to the country and hand him over to the Court. Any trip he takes to an ICC member state that does not end in his arrest would embolden Israel to commit further crimes against Palestinians in the Occupied Palestinian Territory.

    “Netanyahu’s reported visit should be seen as a cynical effort to undermine the ICC and its work and is an insult to the victims of these crimes who are looking to the Court for justice. Hungary’s invitation shows contempt for international law and confirms that alleged war criminals wanted by the ICC are welcome on the streets of a European Union member state.

    “Netanyahu’s visit to Hungary must not become a bellwether for the future of human rights in Europe. European and global leaders must end their shameful silence and inaction, and call on Hungary to arrest Netanyahu during a visit which would make a mockery of the suffering of Palestinian victims of Israel’s genocide in Gaza, its war crimes in other parts of the Occupied Palestinian Territory and its entrenched system of apartheid against all Palestinians whose rights it controls.

    “Amnesty International calls on the ICC Prosecutor to investigate and prosecute all Israel’s crimes. Hungary should equally do so by applying universal jurisdiction principles. Powerful leaders, like Netanyahu, accused by the ICC of war crimes and crimes against humanity, must no longer enjoy the prospect of perpetual impunity.

    “The ICC was established to ensure accountability for victims of genocide and other crimes under international law, and so that crimes which shock the human conscience would ‘never again’ be accompanied by impunity. In ‘bringing power to justice’, the ICC is now facing a global backlash from powerful leaders seeking to undermine the international rule of law and stamp out the prospect of accountability for the most powerful.”

    ICC arrest warrants

    In November 2024, the ICC issued arrest warrants against Israeli Prime Minister Benjamin Netanyahu and former Defence Minister Yoav Gallant, as well as al-Qassam brigades commander Mohammed Diab Ibrahim Al-Masri, on charges of war crimes and crimes against humanity.

    Since then, leaders from ICC member states France, Germany, Italy, Hungary and Poland have stated or implied that they would not arrest Benjamin Netanyahu if he travelled to their respective countries. The United States has also enacted sanctions against the ICC Prosecutor, Karim Khan.

    A cornerstone principle of the ICC’s founding Rome Statute is that all individuals subject to ICC arrest warrants must be arrested and surrendered to the Court without recourse to immunity when they are within the jurisdiction of ICC member states, including on their territory.

    MIL OSI NGO –

  • MIL-OSI NGOs: Hungary: Arrest and surrender Israeli Prime Minister Netanyahu to the International Criminal Court

    Source: Amnesty International –

    Responding to reports that Hungary’s Prime Minister Viktor Orbán has invited and plans to host Israel’s Prime Minister Benjamin Netanyahu in Hungary on Wednesday, Erika Guevara-Rosas the head of Global Research, Advocacy and Policy of Amnesty International said:

    “Prime Minister Netanyahu is an alleged war criminal, who is accused of using starvation as a method of warfare, intentionally attacking civilians and the crimes against humanity of murder, persecution, and other inhumane acts.  As a member state of the International Criminal Court (ICC), Hungary must arrest him if he travels to the country and hand him over to the Court. Any trip he takes to an ICC member state that does not end in his arrest would embolden Israel to commit further crimes against Palestinians in the Occupied Palestinian Territory.

    “Netanyahu’s reported visit should be seen as a cynical effort to undermine the ICC and its work, and is an insult to the victims of these crimes who are looking to the Court for justice. Hungary’s invitation shows contempt for international law and confirms that alleged war criminals wanted by the ICC are welcome on the streets of a European Union member state.

    “Netanyahu’s visit to Hungary must not become a bellwether for the future of human rights in Europe. European and global leaders must end their shameful silence and inaction, and call on Hungary to arrest Netanyahu during a visit which would make a mockery of the suffering of Palestinian victims of Israel’s genocide in Gaza, its war crimes in other parts of the Occupied Palestinian Territory and its entrenched system of apartheid against all Palestinians whose rights it controls.

    “Amnesty International calls on the ICC Prosecutor to investigate and prosecute all Israel’s crimes. Hungary should equally do so by applying universal jurisdiction principles. Powerful leaders, like Netanyahu, accused by the ICC of war crimes and crimes against humanity, must no longer enjoy the prospect of perpetual impunity.”

    “The ICC was established to ensure accountability for victims of genocide and other crimes under international law, and so that crimes which shock the human conscience would “never again” be accompanied by impunity. In ‘bringing power to justice’, the ICC is now facing a global backlash from powerful leaders seeking to undermine the international rule of law and stamp out the prospect of accountability for the most powerful.”

    MIL OSI NGO –

  • MIL-OSI Asia-Pac: HKSAR Government strongly condemns US for intimidating Central Authorities and HKSAR officials safeguarding national security through so-called “sanctions”

    Source: Hong Kong Government special administrative region

    The Government of the Hong Kong Special Administrative Region (HKSAR) today (April 1) strongly condemns the United States (US) for including six Central Authorities and HKSAR officials in a so-called “sanctions” list in an attempt to intimidate the relevant officials safeguarding national security. It, once again, clearly exposed the US’ barbarity under its hegemony, which is exactly the same as its recent tactics in bullying and coercing various countries and regions. The HKSAR despises such so-called “sanctions” and is not intimidated by such despicable behaviour. The HKSAR officials will continue to resolutely discharge the duty of safeguarding national security. The HKSAR Government will make every effort to protect the legitimate rights and interests of all personnel. 

    A spokesman for the HKSAR Government pointed out, “The specified absconders mentioned in the US statement are wanted and have arrest warrants issued by the court against them not because they ‘exercised their freedom of speech’, but because they have been at large in the US, the United Kingdom (UK) and Australia, etc. and continue to blatantly engage in activities endangering national security, including inciting secession and requesting foreign countries to impose ‘sanctions’ or blockade and engage in other hostile activities against the People’s Republic of China and the HKSAR. The US, however, gives cover for them who have committed these evil deeds. It is therefore necessary for the HKSAR to take all lawful measures in accordance with the law, including measures specified under section 89 of the Safeguarding National Security Ordinance, to strongly combat such acts. The specified measures aim at addressing, combating, deterring and preventing acts of abscondment by suspects, and procuring the return of the absconded persons to Hong Kong to face judicial proceedings. All specified measures align with human rights requirements; and quite a number of countries including the US, the UK and Canada would also impose such measures on wanted criminals. The US deliberately smeared and spread irresponsible remarks on the measures and actions taken by the HKSAR Government in accordance with the law in an attempt to mislead the public. The HKSAR Government strongly disapproves of such acts.”

    The spokesman also pointed out, “The fact is that the US has been ignoring the non-interference principle under international law, interfering with other countries’ internal affairs, grooming agents, instigating ‘colour revolutions’, creating social unrest and multiple humanitarian disasters through economic and military coercion, causing suffering to people in many countries. With the Central Authorities having enacted the Hong Kong National Security Law and the HKSAR having completed the legislative exercise to implement Article 23 of the Basic Law, Hong Kong has strengthened the legal regime in safeguarding national security and prevented the US from succeeding. The false accusation thereafter against the HKSAR personnel safeguarding national security dutifully, faithfully and in accordance with the law and, on top of that, the imposition of the so-called ‘sanctions’ in the guise of defending human rights and democracy indeed constitute a demonstration of shameless hypocrisy with double standards on the part of the US.

    “The HKSAR Government has the responsibility to pursue, in accordance with the law, those who are suspected to have committed offences endangering national security and absconded overseas. The HKSAR law enforcement agencies have been taking law enforcement actions based on evidence and strictly in accordance with the law in respect of the acts of the persons or entities concerned, which have nothing to do with their political stance, background or occupation. The Department of Justice of the HKSAR is in charge of criminal prosecutions under Article 63 of the Basic Law, with all its prosecutorial decisions made on an objective analysis of all admissible evidence and applicable laws.”

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: Press release – Remembering Bucha: Real peace must be based on justice

    Source: European Parliament

    Russia must be held accountable for war crimes committed during its war of aggression in Ukraine, said EP Vice-President Hojsík in Kyiv at the event commemorating victims of Bucha tragedy.

    Martin Hojsík represented European Parliament President Roberta Metsola on Monday at the 2025 Bucha Summit, a conference of Speakers and Heads of Delegation of national parliaments of European countries held to commemorate the third anniversary of the liberation of Bucha from Russia .

    “Peace without justice is not a real peace. Victims of the Russian massacre in Bucha are a reminder of this. This is why the European Parliament has been calling since the beginning of the Russian aggression for a fair investigation and punishment of war crimes and crimes against humanity,” Parliament’s Vice-President Martin Hojsík stressed.

    “Our support for Ukraine remains unwavering. We must keep standing with Ukraine and step up our efforts for a just and lasting peace. The future of Ukraine is in the European Union,” he said.

    2025 Bucha summit

    The European Parliament was represented at the event together with speakers and heads of delegation of the national parliaments of Belgium, Croatia, Czechia, Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Luxembourg, Norway, Poland, Portugal, Slovenia, Spain, Sweden, Ukraine, and the United Kingdom, convened in Kyiv on Monday 31 March to commemorate the victims of the Bucha massacre.

    In their joint statement, the parliament leaders condemned “in the strongest possible terms the Russian Federation’s unprovoked and unjustified war of aggression against Ukraine”, reaffirmed their “full respect for the sovereignty, independence and territorial integrity of Ukraine within its internationally recognised borders”, and called for “the establishment of a special tribunal for the crime of aggression against Ukraine”.

    They called for a “significant increase in aid for Ukraine” and “the strongest possible sanctions and measures against Russia that could support steps towards a comprehensive, just and lasting peace”. Finally, they reaffirmed their support for Ukraine’s European integration and sovereign right to determine its future free from external pressure or interference.

    Background

    In a 12 March resolution the European Parliament reaffirmed its commitment to supporting Ukraine’s desire for a just and lasting peace, and also called on the EU and its member states to significantly increase their assistance to Ukraine.

    On Tuesday 1 April morning, MEPs and EU foreign policy chief Kaja Kallas will discuss the need to hold Russia accountable for its war crimes in Ukraine. You can follow the debate live here (1.4.2025).

    MIL OSI Europe News –

  • MIL-OSI Europe: MOTION FOR A RESOLUTION on targeted attacks against Christians in the Democratic Republic of the Congo – defending religious freedom and security – B10-0212/2025

    Source: European Parliament

    B10‑0212/2025

    European Parliament resolution on targeted attacks against Christians in the Democratic Republic of the Congo – defending religious freedom and security

    (2025/2612(RSP))

    The European Parliament,

    – having regard to the Universal Declaration of Human Rights of 1948 and the International Covenant on Civil and Political Rights of 1966,

    – having regard to the Charter of Fundamental Rights of the European Union, in particular Article 10 thereof on freedom of thought, conscience and religion,

    – having regard to its previous resolutions on the situation in the Democratic Republic of Congo (DRC),

    – having regard to the statements by the European External Action Service on the security and human rights situation in the DRC,

    – having regard to the African Charter on Human and Peoples’ Rights,

    – having regard to Rule 136(2) of its Rules of Procedure,

    A. whereas the DRC is experiencing an escalation of violence, particularly in the eastern regions, where armed groups such as the Allied Democratic Forces (ADF) have targeted Christian communities;

    B. whereas between 12 and 15 February 2025, more than 70 Christians were found dead in a Protestant church near Kazanga, North Kivu province in the DRC; whereas the victims had been beheaded by the Islamist ADF, an affiliate militia of Islamic State Central Africa Wilayat (ISCAP);

    C. whereas according to BBC Monitoring analysis, ISCAP is now the deadliest armed group in the DRC; whereas from 1 January to 30 June 2024, Islamic State claimed responsibility for killing a total of 698 African Christians; whereas ISCAP claimed responsibility for killing 639 Christians;

    D. whereas the National Episcopal Conference of Congo (CENCO) has amplified Pope Francis’s appeals for an end to the violence and has initiated discussions between the government and rebel groups, with consultations ongoing; whereas CENCO and the Church of Christ in Congo have launched an appeal for 2025 to be a ‘Year of Peace and Good Coexistence’ to address the ongoing violence;

    E. whereas churches and Christian institutions have increasingly become targets of violence and persecution by terrorist groups, including the ADF, which has pledged allegiance to Islamic State; whereas the ADF, originally an armed Ugandan rebel movement, has evolved into a jihadist terrorist group operating in the eastern DRC, conducting mass killings, attacking civilian populations and disrupting agricultural and economic activities; whereas despite military operations by Congolese and Ugandan forces, the ADF continues to perpetrate violence and instability in the region;

    F. whereas ISIS-DRC continues to pose a severe threat in the region, carrying out deadly attacks against civilians, including the January 2025 massacre in Makoko, North Kivu, and the December 2024 attack in Batangi-Mbau; whereas recent operations by Interpol and Afripol have led to the arrest of 37 suspected terrorists across East Africa, yet ISIS-DRC remains active, exploiting instability and weak governance to sustain its violent campaign;

    G. whereas the appointment of a new EU Special Envoy for religious freedom by the Commission on 7 December 2022 followed a three-year standstill, during which the former Special Envoy who had been appointed in 2021 returned his mandate after a few months to assume another position in a national government;

    H. whereas in 2016 the Hungarian Government set up a special department for persecuted Christians around the world; whereas the State Secretariat for the Aid of Persecuted Christians supports, through its ‘Hungary Helps’ programme, faith-based initiatives in more than 50 countries, with hundreds of humanitarian and development projects; whereas in 2019 the Italian Government established a fund for persecuted Christian communities; whereas in May 2022 the Italian Government led by Mario Draghi appointed a special envoy for the protection of religious freedom and interreligious dialogue; whereas in 2023 the Italian Government led by Giorgia Meloni appointed a special envoy attached to the foreign ministry to protect Christian communities around the world;

    I. whereas over the past decade, the EU has provided significant financial assistance to the DRC, including over EUR 272 million in humanitarian aid between 2023 and 2025 to address urgent needs such as shelter, clean water, food and education for vulnerable populations; whereas the EU allocated EUR 584 million through the European Development Fund for the period 2008-2013 to support stability and development projects; whereas the EU has also been involved in security and peacekeeping efforts, deploying missions such as the EU Security Mission in the Democratic Republic of the Congo (EUSEC) and the EU Police Mission for the DRC (EUPOL RD Congo) to assist in rebuilding the Congolese security forces;

    L. whereas the DRC has consistently ranked among the most corrupt countries in the world, scoring 20 out of 100 in the 2023 Corruption Perceptions Index by Transparency International and ranking 162nd out of 180 countries; whereas a conservative estimate of 30 % of the approximately EUR 1.2 billion in aid funded with EU taxpayers’ money, provided between 2008 and 2024, suggests that at least EUR 360 million may have been misappropriated by corrupt officials, seriously undermining efforts to enhance governance, stability, safety and living conditions in the DRC;

    M. whereas the EU and Rwanda signed a memorandum of understanding on sustainable raw materials value chains in February 2024, granting the EU access to sources of raw materials and rare earth elements in Rwanda; whereas several UN reports state that Rwanda supports the M23 group as a means of extracting and exporting minerals from the DRC; whereas the US Embassy in the DRC confirmed that Congolese minerals are being transported, with the support of armed groups, to Rwanda, where they are subsequently sold to international buyers;

    N. whereas this conflict has been overshadowed by global attention focused on crises in the Middle East and Ukraine, despite over 10 million lives lost in years of violence and an estimated 3 000 people killed in just a few days;

    1. Strongly condemns the murder of Christians in the DRC, and all acts of violence targeting them, and expresses its solidarity with the victims;

    2. Notes that the DRC ranks 35th on the Open Doors’ World Watch List 2025 of countries where Christians are persecuted because of their faith; emphasises that Christians face severe persecution and violence especially from Islamist groups; emphasises that the ADF abduct and kill Christians and attack churches, leading to terror, insecurity and population displacement; emphasises that the M23 group also targets Christian civilians; is concerned about the involvement of the M23 group in the widespread violence in the DRC; takes note of the EU sanctions against people holding leading positions in the Rwanda Defence Force and M23; demands that the Rwandan Government withdraw its troops from the DRC and cease its cooperation with M23; notes that the DRC ranks fourth on Global Christian Relief’s Red List of countries where Christians have been forced to flee their homes due to violence;

    3. Is worried about the growing threat posed by ISCAP in Central Africa; notes that the increasing number of violent attacks demonstrates both ISCAP’s willingness and operational capability to intensify its campaign of terror and violent attacks against Christians; is worried that the expansion of Islamic State in Central Africa poses a danger to the security of the whole continent;

    4. Is of the opinion that by stalling the process of mandating an EU Special Envoy for religious freedom for almost three years, the Commission signalled to the outside world that the issue of the persecution of Christians worldwide is not one of the EU’s priorities; notes that this reflects its policy in the EU, only appointing a coordinator for combating Muslim hatred, and neglecting the rising violence against Christians in the EU; finds this lack of commitment highly regrettable and problematic in the light of the rising violence against Christians worldwide; is of the opinion that the significant delay in appointing the EU Special Envoy for religious freedom undermines the credibility of the EU’s commitment to protecting religious freedom and belief beyond its borders;

    5. Welcomes the ‘Hungary Helps’ programme, which helps Christian communities rebuild after persecution and manages projects, reconstructing institutions and improving education and healthcare after violent persecution by Islamic terrorist groups; emphasises that the Hungarian initiative, enabling people to build their future in their own country, is also an important migration prevention policy; welcomes the fact that the ‘Hungary Helps’ programme and the Reformed Church of Hungary will give donations to help the victims of the Islamist terrorist attacks on Christians in the DRC; welcomes the cooperation between the Hungarian and Italian Governments to undertake joint initiatives in Africa, with a focus on supporting persecuted Christians; hopes that Hungarian and Italian policy will inspire other Member States to follow suit;

    6. Calls for the EU and the EU Special Envoy for religious freedom to take all the necessary diplomatic and political initiatives to protect Christians in the DRC;

    7. Calls on the DRC and its authorities to conduct a thorough investigation of the murders and to ensure that the criminals responsible are brought to justice;

    8. Calls on the DRC and its authorities to take immediate and effective action to protect Christian communities and all religious minorities from further violence and persecution;

    9. Calls on the DRC and its authorities to provide financial and logistical support for local and international humanitarian organisations assisting the victims of religious persecution in the DRC;

    10. Welcomes the efforts of religious leaders to foster peace and dialogue and urges all parties involved to seek constructive solutions rather than resorting to violence;

    11. Encourages regional and international African bodies such as the African Union and the East African Community to take the lead in addressing the conflict, as they are the best suited for this task; encourages these African bodies to enhance counter-terrorism cooperation, intelligence-sharing and military coordination against extremist groups operating in the region;

    12. Calls strongly for the EU to work with regional and international actors to protect civilians and Christian communities and bring the perpetrators of these criminal acts to justice;

    13. Emphasises the need to address these crimes at the African Union level;

    14. Calls on the Commission to suspend the implementation of the memorandum of understanding on sustainable raw materials value chains signed with Rwanda in February 2024, in the light of credible reports linking Rwanda to the illicit exploitation and export of minerals from the eastern DRC, including through its support for the M23 armed group; stresses that the continuation of this agreement risks fuelling the ongoing conflict, undermining regional stability and leading to the further killing of Christians in the region;

    15. Instructs its President to forward this resolution to the Council, the Commission, the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy, the EU Special Envoy for religious freedom, the governments and parliaments of the Member States, the Secretary-General of the United Nations (UN), the UN Special Rapporteur on Freedom of Religion or Belief, the Special Rapporteur on Torture, Degrading and Inhuman Treatment, the African Union Commissioner for Political Affairs, Peace and Security, the Government and Parliament of the Democratic Republic of Congo, the African Union and the East African Community.

     

     

    MIL OSI Europe News –

  • MIL-OSI Europe: MOTION FOR A RESOLUTION on the targeted attacks against Christians in the Democratic Republic of the Congo: defending religious freedom and security – B10-0214/2025

    Source: European Parliament

    B10‑0214/2025

    European Parliament resolution on the targeted attacks against Christians in the Democratic Republic of the Congo: defending religious freedom and security

    (2025/2612(RSP))

    The European Parliament,

    – having regard to its previous resolutions on the Democratic Republic of the Congo (DRC),

    – having regard to the UN Report of the Mapping Exercise documenting the most serious violations of human rights and international humanitarian law committed within the territory of the Democratic Republic of the Congo between March 1993 and June 2003, of August 2010,

    – having regard to UN Security Council Resolution 2773 (2025) of 21 February 2025 on the situation concerning the Democratic Republic of the Congo,

    – having regard to the Partnership Agreement between the European Union and its Member States, of the one part, and the Members of the Organisation of African, Caribbean and Pacific States, of the other part[1] (the Samoa Agreement),

    – having regard to the African Charter on Human and Peoples’ Rights, which was adopted on 27 June 1981 and entered into force on 21 October 1986,

    – having regard to the Constitution of the Democratic Republic of the Congo, adopted on 18 February 2006,

    – having regard to the Universal Declaration of Human Rights,

    – having regard to the Charter of the United Nations,

    – having regard to Rule 136(2) of its Rules of Procedure,

    A. whereas there has been a deterioration in the security situation in the eastern DRC over the past year, with different armed groups, and at times government soldiers, committing widespread violence, unlawful killings and other grave abuses, putting civilians at great risk;

    B. whereas the UN Group of Experts, established pursuant to UN Security Council Resolution 1533 (2004), estimates that between 3 000 and 4 000 Rwandan army troops are on the ground in the DRC, and considers that the deployment of the Rwanda Defence Force violates the sovereignty and territorial integrity of the DRC, and that Rwanda’s de facto control and direction over M23 operations also renders Rwanda liable for the actions of M23;

    C. whereas the World Religion Database estimates that 95.1 % of the population in the DRC is Christian, 1.5 % is Muslim and 2.5 % has no religious affiliation; whereas the Constitution of the DRC provides for freedom of religion and prohibits discrimination based on religious belief;

    D. whereas a group referred to as the Allied Democratic Forces (ADF), with links to the Islamic State, has reportedly carried out continued indiscriminate attacks against civilians in North Kivu and Ituri Provinces, on occasion targeting churches and religious leaders; whereas such violence targets all communities, but most victims have been Christian, belonging to the religious majority; whereas the deaths of at least 849 men, women and children were attributed to the ADF in North Kivu and Ituri Provinces in 2020, according to the UN Joint Human Rights Office in the DRC; whereas the ADF allegedly also carried out an attack on a church baptism in Kasindi, North Kivu Province in February 2023, killing 16 and injuring at least 62, as well as different attacks on villages in North Kivu in March 2023, killing more than 83 civilians, including children;

    E. whereas, since 2015, the ADF has released increasing amounts of propaganda that reflect the group’s ‘ideological alignment with the Islamic State’, including, among other objectives, ‘an increased focus on efforts to kill non-Muslim civilians’, according to the Center for Strategic and International Studies; whereas both local Christian and Muslim leaders, with vocal support from the government, have again condemned the ADF’s attacks on civilians;

    F. whereas the UN and the DRC had agreed on the withdrawal of the UN Organization Stabilization Mission in the DRC (MONUSCO) in mid-2024, leading to a degradation of the security situation and affecting civilians, who were left exposed to human rights abuses by state security forces and armed actors;

    G. whereas the DRC has one of the highest rates of internal displacement in the world; whereas many women and children live in precarious conditions and are being exposed to the risk of harassment, assault or sexual exploitation; whereas displaced populations often receive no basic life-saving services and are at risk of malnutrition and disease; whereas cities that host internally displaced people in precarious circumstances are also targets of attack by different militias, causing great distress to the displaced communities and to the local population;

    H. whereas state authorities and rebel groups have obligations to civilians under international humanitarian law, including protecting and facilitating access to humanitarian assistance, and permitting freedom of movement;

    I. whereas the International Criminal Court (ICC) investigations in the DRC have focused on alleged war crimes and crimes against humanity committed mainly in the eastern DRC, in the Ituri region and the North and South Kivu Provinces, since 1 July 2002; whereas the DRC made a second referral in May 2023 concerning alleged crimes committed in North Kivu since 1 January 2022;

    1. Is concerned by the humanitarian and security situation in the DRC and the findings in the recent reports of the UN Group of Experts established pursuant to Security Council Resolution 1533 (2004), and fully supports the reports’ recommendations;

    2. Welcomes the Council’s decision on 17 March 2025[2] to impose restrictive measures on nine individuals and one entity responsible for acts that constitute serious human rights violations and abuses in the DRC and for sustaining the armed conflict, instability and insecurity in the DRC and exploiting the armed conflict through the illicit exploitation or trade of natural resources;

    3. Commends the announcement of the ICC Prosecutor that the ICC will continue to investigate alleged crimes committed by any person, irrespective of affiliation or nationality; is highly concerned about the fragile situation of the ICC, noting that this fragility is already undermining the ICC’s crucial work to bring justice to victims of the most serious crimes worldwide; reiterates the EU’s unwavering support for the ICC and calls on the European Council and the Commission to fulfil their obligations to ensure the functioning and effectiveness of the ICC;

    4. Calls on the Commission to continue supporting anti-corruption efforts and strengthening governance in the DRC; stresses the primary responsibility of the Government of the DRC to ensure security in its territory and protect its civilians, while respecting the rule of law, international human rights law and international humanitarian law;

    5. Welcomes the special session of the UN Human Rights Council of 7 February 2025 on the human rights situation in the east of the DRC; supports the establishment of an independent commission of inquiry into serious violations committed since January 2022;

    6. Reiterates its condemnation of hate speech, xenophobia, ethnic-based politics, and attacks on religious freedom; underlines that all those responsible for sustaining armed conflict, instability and insecurity in the DRC must be held accountable;

    7. Recalls that human rights violations are being used as a weapon of war and that the vast majority of attacks against civilians in the DRC are not motivated by religion but are most often committed on ethnic, political, terrorist or financial grounds;

    8. Calls upon the relevant parties to provide a safe environment for civil society organisations and human rights defenders to enable them to carry out their work freely;

    9. Calls on the Government of the DRC to implement the recommendations of the 2010 Mapping Report, particularly regarding security sector reforms, the strengthening of institutions and the rule of law, the fight against corruption, and regional cooperation efforts for the arrest and prosecution of perpetrators of serious crimes;

    10. Urges neighbouring states of the DRC to withdraw their troops, to cease all military activities on the soil of the DRC, unless expressly invited to conduct such activities by the Government of the DRC, and to stop their support to armed groups; emphasises that incursions by certain actors in the region, such as the Rwandan forces and M23, further destabilise the DRC by forcing the its army to engage on multiple fronts, making it more difficult to combat armed and terrorist groups;

    11. Calls for a quick resumption of negotiations within the Luanda Process to find a lasting, peaceful and political solution, and urges all sides to fully honour their engagements within the Luanda Process, specifically the ceasefire agreed on 30 July 2024, the neutralisation of the Democratic Forces for the Liberation of Rwanda and M23 rebel groups, and the withdrawal of Rwandan forces from the territory of the DRC; calls for the EU to have an active role in the diplomatic efforts to de-escalate the conflict, advocating for an immediate ceasefire and a renewed commitment to dialogue, with the protection of civilians at the core of negotiations, in particular women and children;

    12. Deplores the fact that fighting and the shelling of medical infrastructure in and around Goma has severely limited the delivery of humanitarian aid to those in need;

    13. Calls on all countries neighbouring the DRC, in particular Rwanda, to facilitate access of humanitarian equipment and personnel to all areas occupied by the rebels groups in the eastern DRC, including through the reopening of Goma airport and of borders;

    14. Calls on the Commission to suspend the EU-Rwanda Memorandum of Understanding on sustainable raw materials value chains, put a halt to any plans to support any mining projects in Rwanda, put in place a trade embargo on all minerals imported from Rwanda into the EU and an export ban on weapons from the EU to Rwanda, and suspend any further military and security assistance to Rwanda until the territorial integrity of the DRC is restored; calls on the Commission to proactively engage with Rwanda’s main partners to ensure coordinated action;

    15. Calls for the Government of the DRC and its international partners, including the EU, to establish new monitoring mechanisms for the implementation of the Peace, Security and Cooperation Framework for the DRC and the region, signed in Addis Ababa;

    16. Deplores the fact that Rwanda announced the termination of its diplomatic relations with Belgium, and expresses its solidarity with Belgium;

    17. Instructs its President to forward this resolution to the Council, the Commission, the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy, the Government and Parliament of the Democratic Republic of the Congo, the African Union, the secretariats of the United Nations Organization Stabilization Mission in the Democratic Republic of the Congo, the Southern African Development Community and the East African Community, and other relevant international bodies.

     

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Region of Puglia water emergency – E-000559/2025(ASW)

    Source: European Parliament

    1. The European Regional Development Fund (ERDF)[1] supports Member States and regions in improving water management systems and infrastructures. Under the Regional Programme Apulia ERDF-ESF+ (European Social Fund+) 2014-2020 and 2021-2027, around EUR 530 million have been allocated to sustainable water management in the region, focusing on reducing water loss, upgrading networks, improving reservoirs and the treatment of wastewater.

    2. In line with the Water Framework Directive 2000/60/EC[2], responsibility for decisions regarding water management rests with Member States, which ensure that the objectives of the directive are met. Additional water supply options could be considered by the Italian Government and the regional authorities as part of an integrated strategy, to better balance water demand and supply, considering long-term climate scenarios. As outlined by the Commission’s 2007 Communication[3], policy making should be based on a water hierarchy, implementing where possible water-saving and efficiency measures, including effective water pricing policy and cost-effective alternatives. Adverse effects linked to additional water supply infrastructure must be considered in the environmental assessment.

    3. While Italy’s recovery and resilience plan (RRP)[4] allocates EUR 4.8 billion to enhance water supply management, the Council Implementing Decision (CID) Annex[5] does not allocate resources specifically to Apulia. Any allocation is therefore a decision of national and regional authorities only. Apulia’s projects relevant to RRP reporting align with CID Annex milestones and targets. Their implementation status is evaluated during assessment of milestones and targets, coinciding with current and future payment requests.

    • [1] https://ec.europa.eu/regional_policy/funding/erdf_en
    • [2] Directive 2000/60/EC of the European Parliament and of the Council of 23 October 2000 establishing a framework for Community action in the field of water policy, OJ L 327, 22.12.2000, p.1.
    • [3] COM(2007) 414 final.
    • [4] https://commission.europa.eu/business-economy-euro/economic-recovery/recovery-and-resilience-facility/country-pages/italys-recovery-and-resilience-plan_en
    • [5] https://data.consilium.europa.eu/doc/document/ST-15114-2024-ADD-1-REV-1/en/pdf
    Last updated: 31 March 2025

    MIL OSI Europe News –

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 31.03.2025

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    31 March 2025 at 22:30 EEST

    Nokia Corporation: Repurchase of own shares on 31.03.2025

    Espoo, Finland – On 31 March 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:                

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 2,328,727 4.82
    CEUX 1,600,000 4.82
    BATE – –
    AQEU 100,000 4.81
    TQEX 146,020 4.83
    Total 4,174,747 4.82

    * Rounded to two decimals

    On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million.

    Total cost of transactions executed on 31 March 2025 was EUR 20,131,882. After the disclosed transactions, Nokia Corporation holds 213,560,284 treasury shares.

    Details of transactions are included as an appendix to this announcement.

    On behalf of Nokia Corporation

    BofA Securities Europe SA

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

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

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

    Inquiries:

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

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

    Attachment

    The MIL Network –

  • MIL-OSI United Kingdom: Landmark summit agrees new measures against organised immigration crime

    Source: United Kingdom – Executive Government & Departments

    News story

    Landmark summit agrees new measures against organised immigration crime

    The Prime Minister and Home Secretary gathered leaders from across the world in London today (31 March) to tackle organised immigration crime.

    The purpose of the Organised Immigration Crime Summit is to agree new action to tackle organised immigration crime (OIC) and boost border security.

    Discussions at day 1 of the summit included:

    • tackling the supply chains and enablers of OIC
    • the role of criminal finances in facilitating OIC
    • the UK’s systems based approach to border security

    as well as how countries can tackle organised crime groups’ operations online in relation to the advertising, promoting and facilitating of illegal immigration services.

    The UK and allies including France, Iraq, Vietnam and the USA, and partners including the National Crime Agency (NCA) and representatives from social media organisations, met to agree actions to secure our collective borders, protect vulnerable people from exploitation, and tackle the global threat of organised immigration crime.

    Unlike previous summits, this event engaged both European nations and key source and transit countries, as well as those that are integral to the supply of equipment, including small boats and engines, ensuring a broader, more comprehensive approach to tackling OIC.

    Concrete outcomes have been agreed across Europe, Asia, Middle East, Africa, and North America to strengthen international partnerships to disrupt OIC networks.  This also includes new joint work with France to tackle irregular migration in source and transit countries, through community outreach and bolstering false document detection capabilities to Iraqi officials.

    The agreement represents a key step forward in the government’s Plan for Change to deliver on working people’s priorities to restore order to the immigration system and comes after the publication of new figures showing more than 24,000 people with no right to be here have been returned since the election – the highest rate of returns in 8 years. 

    A communiqué was issued that sets out how we will deepen our collaboration internationally to tackle this vile crime.  

    Home Secretary Yvette Cooper said:

    Organised immigration crime undermines our security and puts lives at risk. The criminal networks have spread across the globe and no single country can tackle this problem alone.

    Today, at the Organised Immigration Crime Summit, the UK has led the way forward by securing international commitments to disrupt and pursue this vile criminal trade in people – part of our Plan for Change to strengthen our borders and keep communities safe.

    Border Security Commander Martin Hewitt said:

    I have said since I came into my post as Border Security Commander that organised immigration crime requires a coordinated international response to effectively dismantle criminal networks.

    In my role I have seen first-hand how the cruelty and greed of criminal gangs puts the lives of the most vulnerable at risk in dangerous small boat crossings all for financial gain.

    This summit marks a step change in the international community’s approach to tackling the problem, presenting a critical opportunity to strengthen global cooperation, disrupt criminal networks, and prevent further loss of life.

    Director General of the National Crime Agency (NCA) Graeme Biggar said:

    Criminal gangs are using sophisticated online tactics, the abuse of legitimate goods and services, and illicit financial networks to facilitate dangerous and illegal journeys which put thousands of lives at risk each year and undermine border security.

    Today’s summit sets out international agreements to tackle an international problem.

    International intelligence sharing and cooperation is absolutely crucial to track criminal activity across borders allowing us to put a stop to these dangerous criminals.

    In addition, today the Home Secretary confirmed over £30 million in funding within the Border Security Command to tackle Organised Immigration Criminal Networks. This significant funding package will be spent on key security projects across Europe, the Western Balkans, Asia and Africa, designed to strengthen border security and combat international criminal smuggling gangs.

    The Home Secretary also announced joint work with France to fund an additional grassroots engagement programme to educate local communities on the dangers of irregular migration and people smuggling gangs, raising awareness of the realities and difficulties with travelling to Northern France to cross the Channel to the UK.

    This will target both potential irregular migrants and, for the first time, teachers, religious leaders, and family members within vulnerable communities, and builds on the Home Office digital deterrence comms campaign that is already running in the Kurdistan Region of Iraq.

    The UK will also collaborate with France to deliver critical training to Iraqi officials and commercial transport staff,  helping them detect fraudulent documents and passports used to facilitate irregular migration and OIC activities.

    Updates to this page

    Published 31 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Baltic Horizon Fund consolidated audited results for 2024

    Source: GlobeNewswire (MIL-OSI)

    Management Board of Northern Horizon Capital AS has approved the unaudited financial results of Baltic Horizon Fund (the Fund) for the twelve months of 2024. The financial results remained unchanged compared to the preliminary disclosure on 17 February 2025.

    Executing our strategy
    In 2024, the Fund’s management team made the strategic decision to implement key performance indicators (KPIs) as a means to effectively measure and track performance. This decision stems from the recognition that clear and measurable benchmarks are essential for evaluating progress towards the Fund’s objectives. By defining specific KPIs, the team aims to enhance transparency, accountability, and facilitate decision-making processes.

    The focus of the Fund management team will be on these major objectives:

    • Actual portfolio occupancy of at least 90% by end of 2025;
    • Loan-to-Value target at 50% or lower;
    • To consider disposing of non-strategic assets over the next 12 months;
    • Clear ESG and refurbishment strategy for the next 1-2 years with an aim to reach the portfolio’s NOI potential of 130 EUR/sq.m. by 2027.

    As we recap our goals for 2024, we are pleased to report the following achievements:

    • We have successfully achieved 100% portfolio BREEAM certification.
    • Despite receiving a 3-star GRESB rating in 2024, we have thoroughly analysed the assessment results and developed an action plan to achieve a 4-star GRESB rating in 2025.
    • Although we did not reach our target of 90% portfolio occupancy by the end of 2024, we made significant progress, achieving an 86.5% occupancy rate based on lease signing date with actual occupancy subsequently increasing as tenants move in.
    • We have recently announced our disposal strategy to reduce LTV levels. Some disposal processes have commenced as of February 2025, with the possible closing of transactions planned for later in the year.
    • Looking ahead to 2025, we will continue with the same solid strategy and goals that will stabilize the Fund’s financial position and maximize the potential of its portfolio.

    Outlook
    In 2025 the Fund will focus on flexible and sustainable solutions to meet tenant demands and market conditions. Our key goals are increasing the occupancy of the portfolio and decreasing the LTV by way of repaying part of the bonds.

    The Fund’s management has taken proactive measures to enhance financial stability by reducing leverage through partial bond repayment. This strategy aims to alleviate financial pressure, positioning the Fund for more sustainable financial performance.

    In 2025, we will continue advancing our social and environmental commitments. We achieved 98% green leases across our portfolio, with a target to further increase this share in the coming year.

    Simultaneously, to reinforce its financial position, the Fund is committed to improving its debt service ratio and reducing loan-to-value levels. By focusing on increasing occupancy rates and optimizing property concepts, we aim to enhance asset performance and maximize net operating income. Adaptive leasing strategies, property repositioning, and targeted investments in high-demand segments will remain key priorities. These initiatives are designed to create long-term value for investors while ensuring the Fund remains resilient in a dynamic market environment.

    Baltic Horizon achieves a 100% BREEAM certified portfolio
    During 2024, Baltic Horizon achieved its first BREEAM Excellent certificate, when Meraki business center received its final certification. During 2025 the Fund will focus on renewals of the relevant certifications to maintain 100 % of certification coverage.

    GRESB benchmarking
    In 2024 the Fund received a 3-star GRESB rating. The Fund increased its scoring in the management section from 27 points to 29 points (out of 30) but the score in the performance section decreased from 55 points to 50 points (out of 70) due to lack of data from the properties that were sold during the reporting period and the review of data by an external party. During 2024, the Fund has implemented a GRESB improvement plan and aims to receive 4-stars again in the year 2025.

    Net result and net rental income
    In 2024, the Group recorded a net loss of EUR 16.8 million compared with a net loss of EUR 23.0 million for 2023. The result was mainly driven by the property valuation loss. Earnings per unit for 2024 were negative at EUR 0.13 (2023: negative at EUR 0.19).

    The Group earned consolidated net rental income of EUR 11.6 million in 2024 (2023: 14.6 million). The results for 2023 include two months’ net rental income of the Domus Pro Retail and Office property (EUR 0.3 million) and five months’ net rental income of the Duetto properties (EUR 1.2 million), which were sold in February and May 2023, respectively.

    On an EPRA like-for-like basis, the portfolio net rental income in 2024 was 11.8% lower than in 2023, mainly due to vacancies in office properties in Latvia due to the expiry of the agreement with the main tenant in Upmalas Biroji BC and 100% vacancy of S27, as well as lower rental income in Europa due to the new anchor tenant IKI equipping the premises and opening in March.

    Portfolio properties in the retail segment contributed 53.3% (like-for-like 2023: 43.6%) of net rental income in 2024, followed by the office segment with 41.7% (like-for-like 2023: 50.9%) and the leisure segment with 5.0% (2023: 5.5%).

    Retail assets located in the central business districts (Postimaja, Europa and Galerija Centrs) accounted for 42.2% of total portfolio net rental income in 2024. Total net rental income attributable to neighbourhood shopping centres was 11.1% in 2024.

    In 2024, investment properties in Latvia and Lithuania contributed 44.4% (like-for-like 2023: 41.8%) and 22.8% (like-for-like 2023: 31.1%) of net rental income, respectively, while investment properties in Estonia contributed 32.8% (like-for-like 2023: 27.1%).

    Investment properties
    At the end of 2024, the Baltic Horizon Fund portfolio consisted of 12 cash flow generating investment properties in the Baltic capitals. The fair value of the Fund’s portfolio was EUR 241.2 million at the end of December 2024 (31 December 2023: EUR 250.4 million) and incorporated a total net leasable area of 118.3 thousand sq. m. The change in portfolio value was mainly driven by the changes in exit yields and upward adjustments of the weighted average cost of capital (WACC). During 2024 the Group invested approximately EUR 6.0 million in tenant fit-outs.

    Gross Asset Value (GAV)
    As of 31 December 2024, the Fund’s GAV was EUR 256.0 million (31 December 2023: EUR 261.1 million). The decrease compared to the prior year was mainly related to the negative revaluation of the Fund’s investment properties of approx. EUR 15.6 million and was partly offset by the private placement of new units which took place in September and resulted in a cash increase of approx. EUR 6.29 million.

    Net Asset Value (NAV)
    As of 31 December 2024, the Fund’s NAV was EUR 98.1 million (31 December 2023: EUR 109.5 million). The NAV decrease was mainly due to the revaluation of investment properties. At the end of September 2024 23,927,085 new units were issued resulting in approx. EUR 6.29 million of new equity. As of 31 December 2024, IFRS NAV per unit amounted to EUR 0.6833 (31 December 2023: EUR 0.9156), while EPRA net tangible assets and EPRA net reinstatement value were EUR 0.7267 per unit (31 December 2023: EUR 0.9546). EPRA net disposal value was EUR 0.6797 per unit (31 December 2023: EUR 0.9122).

    Interest-bearing loans and bonds
    As of 31 December 2024, interest-bearing loans and bonds (excluding lease liabilities) were EUR 149.0 million (31 December 2023: EUR 143.5 million). Annual loan amortisation accounted for 1.5% of total debt outstanding. In July 2024, the Fund successfully signed the Meraki loan with Bigbank for a total amount of EUR 10.3 million. A major part of the loan was used to repay short term bonds in the amount of EUR 8.0 million maturing in July 2024. As of 31 December 2024, the Fund’s consolidated cash and cash equivalents amounted to EUR 10.1 million (31 December 2023: EUR 6.2 million).

    Cash flow
    Cash inflow from core operating activities in 2024 amounted to EUR 9.9 million (2023: cash inflow of EUR 11.4 million). Cash inflow from core operating activities decreased mainly due to the sale of Duetto and Domus Pro properties in H1 2023 and higher vacancies, mostly in S27 and Upmalas Biroji. Cash outflow from investing activities was EUR 7.0 million (2023: cash inflow of EUR 19.9 million) due to investments in existing properties and transaction costs. Cash inflow from financing activities was EUR 1.0 million (2023: cash outflow of EUR 30.5 million). In Q4 2024, the Fund prepaid loans in the amount of EUR 2.7 million and paid regular amortisation and interest on bank loans and bonds.

    Key earnings figures

    EUR ‘000 2024 2023 Change (%)
    Net rental income 11,588 14,617 (20.7%)
    Administrative expenses (2,373) (2,617) (9.3%)
    Net other operating income 18 44 (59.1%)
    Losses on disposal of investment properties (863) (4,047) (78.7%)
    Valuation gains (losses) on investment properties (15,581) (21,876) (28.8%)
    Operating profit (loss) (7,211) (13,879) (48.0%)
    Net financial expenses (10,344) (9,750) 6.1%
    Profit (loss) before tax (17,555) (23,629) (25.7%)
    Income tax 774 656 18.0%
    Net profit (loss) for the period (16,781) (22,973) (27.0%)
           
    Weighted average number of units outstanding (units) 126,303,633 119,635,429 5.6%
    Earnings per unit (EUR) (0.13) (0.19) (31.6%)

     

    Key financial position figures

    EUR ‘000 31.12.2024 31.12.2023 Change (%)
    Investment properties 241,158 250,385 (3.7%)
    Gross asset value (GAV) 256,048 261,138 (1.9%)
           
    Interest-bearing loans and bonds 148,989 143,487 3.8%
    Total liabilities 157,953 151,606 4.2%
           
    IFRS NAV 98,095 109,532 (10.4%)
    EPRA NRV 104,333 114,205 (8.6%)
           
    Number of units outstanding (units) 143,562,514 119,635,429 20.0%
    IFRS NAV per unit (EUR) 0.6833 0.9156 (25.4%)
    EPRA NRV per unit (EUR) 0.7267 0.9546 (23.9%)
           
    Loan-to-Value ratio (%) 61.8% 57.3% –
    Average effective interest rate (%) 6.7% 5.2% –

     

    Overview of the Fund’s investment properties as of 31 December 2024

    Property name Sector Fair value1 NLA Direct property yield Net initial yield Occupancy rate
    (EUR ‘000) (sq. m) 20242 20243
    Vilnius, Lithuania            
    Europa SC Retail 35,946 17,092 2.3% 2.8% 80.6%
    North Star Office 19,548 10,734 6.5% 7.0% 91.8%
    Meraki Office 16,3804 7,833 1.2% 1.5% 86.3%
    Total Vilnius   71,874 35,659 3.0% 3.6% 85.2%
    Riga, Latvia            
    Upmalas Biroji BC Office 19,224 11,203 3.7% 4.2% 64.1%
    Vainodes I Office 15,900 8,128 8.8% 8.8% 100.0%
    S27 Office 11,360 7,303 (0.6%) (0.9%) –
    Sky SC Retail 4,900 3,260 8.6% 8.5% 100.0%
    Galerija Centrs Retail 60,020 19,423 3.2% 4.1% 84.7%
    Total Riga   111,404 49,317 3.7% 4.5% 71.0%
    Tallinn, Estonia            
    Postimaja & CC Plaza complex Retail 21,800 9,232 3.7% 6.7% 100.0%
    Postimaja & CC Plaza complex Leisure 13,190 7,869 4.8% 4.3% 97.7%
    Lincona Office 13,100 10,767 6.4% 7.4% 88.5%
    Pirita SC Retail 9,790 5,425 6.7% 9.2% 97.1%
    Total Tallinn   57,880 33,293 4.9% 6.7% 95.3%
    Total active portfolio   241,158 118,269 3.8% 4.7% 82.1%
    1. Based on the latest valuation as of 31 December 2024 and recognised right-of-use assets.
    2. Direct property yield (DPY) is calculated by dividing annualized NOI by the acquisition value and subsequent capital expenditure of the property.
    3. The net initial yield (NIY) is calculated by dividing annualized NOI by the market value of the property.
    4. Meraki value measured at disposal price. Market value according to independent property valuators Newsec is EUR 17,490,000.

    Consolidated statement of profit or loss and other comprehensive income

    EUR ‘000 01.01.2024 01.01.2023
    – 31.12.2024 – 31.12.2023
    Rental income 15,136 17,743
    Service charge income 4,744 6,008
    Cost of rental activities (8,292) (9,134)
    Net rental income 11,588 14,617
         
    Administrative expenses (2,373) (2,617)
    Other operating income (expenses) 18 44
    Losses on disposal of investment properties (863) (4,047)
     Valuation losses on investment properties (15,581) (21,876)
    Operating profit (loss) (7,211) (13,879)
         
    Financial income 196 104
    Financial expenses (10,540) (9,854)
    Net financial expenses (10,344) (9,750)
         
    Profit (loss) before tax (17,555) (23,629)
    Income tax charge 774 656
    Profit (loss) for the period (16,781) (22,973)
         
    Other comprehensive income that is or may be reclassified to profit or loss in subsequent periods  
    Net gain (loss) on cash flow hedges (1,003) (1,273)
    Income tax relating to net gain (loss) on cash flow hedges 52 123
    Other comprehensive income (expense), net of tax, that is or may be reclassified to profit or loss in subsequent periods (951) (1,150)
         
    Total comprehensive income (expense) for the period, net of tax (17,732) (24,123)
         
    Basic earnings per unit (EUR) (0.13) (0.19)
    Diluted earnings per unit (EUR) (0.12) –
             

    Consolidated statement of financial position

    EUR ‘000 31.12.2024 31.12.2023
    Non-current assets    
    Investment properties 241,158 250,385
    Intangible assets 4 11
    Property, plant and equipment 5 4
    Derivative financial instruments 1 295
    Other non-current assets 1,225 647
    Total non-current assets 242,393 251,342
         
    Current assets    
    Trade and other receivables 2,800 2,591
    Prepayments 802 402
    Derivative financial instruments – 621
    Cash and cash equivalents 10,053 6,182
    Total current assets 13,655 9,796
    Total assets 256,048 261,138
         
    Equity    
    Paid in capital 151,495 145,200
    Cash flow hedge reserve (420) 531
    Retained earnings (52,980) (36,199)
    Total equity 98,095 109,532
         
    Non-current liabilities    
    Interest-bearing loans and borrowings 98,491 64,158
    Deferred tax liabilities 1,898 2,774
    Other non-current liabilities 1,446 1,079
    Total non-current liabilities 101,835 68,011
         
    Current liabilities    
    Interest-bearing loans and borrowings 50,736 79,584
    Trade and other payables 4,473 3,343
    Income tax payable 14 6
    Other current liabilities 895 662
    Total current liabilities 56,118 83,595
    Total liabilities 157,953 151,606
    Total equity and liabilities 256,048 261,138

     

    For additional information, please contact:

    Tarmo Karotam
    Baltic Horizon Fund manager
    E-mail tarmo.karotam@nh-cap.com
    www.baltichorizon.com

    The Fund is a registered contractual public closed-end real estate fund that is managed by Alternative Investment Fund Manager license holder Northern Horizon Capital AS. 

    Distribution: GlobeNewswire, Nasdaq Tallinn, Nasdaq Stockholm, www.baltichorizon.com

    To receive Nasdaq announcements and news from Baltic Horizon Fund about its projects, plans and more, register on www.baltichorizon.com. You can also follow Baltic Horizon Fund on www.baltichorizon.com and on LinkedIn, Facebook, X and YouTube.

    This announcement contains information that the Management Company is obliged to disclose pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the above distributors, at 22:00 EET on 31 March 2025.

    Attachments

    The MIL Network –

  • MIL-OSI Global: Thanks to social media platforms, election interference is more insidious and pervasive than ever

    Source: The Conversation – Canada – By Andrew Buzzell, Postdoctoral Fellow, Rotman Institute of Philosophy, Western University

    Seemingly innocuous conversations, informed by online campaigns, could interfere with elections. (Matt Quinn/Unsplash), CC BY

    Election interference is a much broader phenomenon than is often assumed. Once limited to intimidation, voter fraud or hacking, election interference includes more mundane, pervasive and ubiquitous interactions. A seemingly innocuous and casual chat with a neighbour or barista could now be considered part of a hostile influence campaign.

    From this perspective, interference is less about how ballots are cast and more about shaping the motivations, intentions and contexts in which voters think about politics. Yet those same processes, debates, persuasions and messy arguments are integral to democracy.

    If “election interference” encompasses all efforts to influence opinion, do we risk diluting its meaning, creating a new hollow accusation like “fake news?” More importantly, if this broad view is right, it raises difficult new challenges beyond the narrow measures of election law.

    Blurred lines

    Germany recently accused Elon Musk of meddling in their February election, claiming that his prominent endorsement of the Alternative for Germany party on X was an illegal foreign donation. During the 2022 Brazilian election, misinformation on WhatsApp and Telegram swayed voter intentions, and the Superior Electoral Court frequently requested that content be taken down.

    Much of this content was homegrown, produced, endorsed and circulated by Brazilians themselves. If such content was traditional journalism, existing laws and standards could be applied. But when it resembles ordinary political speech, many see takedowns as censorship. Blurred lines between citizen speech and journalism complicate the laws and policies designed to address clearly defined electioneering.

    During the 2020 Taiwan elections, officials worried that pro-unification memes came not only from Chinese-controlled bots and paid posters (itself a form of election interference), but were trending because the TikTok algorithm systematically prioritized it.

    And in the United States, the legislative push to ban TikTok gained momentum alongside political concern that an apparent uptick in anti-Israel sentiment was caused by covert manipulation of TikTok’s algorithm.

    Broader concerns

    Concerns about election interference should extend the focus beyond the ballot to include information vulnerabilities. Politicians of all stripes have called for action on deceptive speech, but there is little agreement on the nature of the problem, especially across partisan divides

    Complaints about fake news are as likely to be strategic as sincere. News isn’t just about facts, it’s about what matters and why, and as such, media regulation should not solely be determined by the legal system. There is the risk that any effort to control content used to interfere with elections (propaganda, disinformation, fakes) will be inescapably partisan, thus unacceptable in democracies.

    The European Union’s Digital Services Act (DSA) notes some of these concerns. The act indicates that monitoring and reporting about societal risks and public transparency databases will be required. It establishes “trusted flaggers” (experts and civil society groups) to help moderate content. It doesn’t mention elections, but voices concerns that platforms may be “used to disseminate or amplify misleading or deceptive content, including disinformation,” which can undermine fundamental rights.

    The DSA is new but already facing friction. The U.S. has indicated that enforcement may undermine free speech. Other issues include the absence of funding, the lack of standards for transparency databases and growing mistrust in the very idea of flagging. Flagging posts has been criticized for conflating editorship with censorship

    Free speech

    There are two schools of thought in competition with each other pertaining to free speech. The first defines it as freedom from interference with the media environment, and the view that the response to bad speech should be more and better speech, not censure.

    Currently, too much speech is circulating, along with the power given to algorithms and human moderators to make sense of it. This suggests a different ideal — the freedom to be informed and in control of our information environments, to feel authentically represented and to have fair dealings with speech platforms. Translating these to policies and slogans is much harder than a hands-off approach to media regulation.

    Overwhelmed with information, consumers favour brands, curators, editors, tastemakers, vibes and tribes that align with their personal values. If there is a shift in values, consumers cancel, unfollow and disconnect — and then replace the source.

    Trust-breaking disrupts the systems we use to filter, verify and contextualize information. This is exemplified in “firehose of falsehood” tactics and hack-and-leak operations that simultaneously sow distrust and weaponize predictable reactions.

    Scales of influence

    For every internationally important election or referendum, there are hundreds of local contests, municipal elections, internal party nominations and the like that shape political realities just as meaningfully. Influencers operating at small scales can have outsized effects that ripple through broader constituencies. A post on a local forum might spark a thousand invisible offline conversations.

    These broad concerns about vulnerabilities in our media systems matter all the time, not just during elections. Political representation requires trust in the media that inform us about what other people and communities think and care about. These reflections are distorted by online social media platforms and messaging apps.

    We will have to eventually consider something like a “made in Canada” Digital Services Act that can give voters a voice in the kind of information environment they want. There’s much to be learned from the EU’s early lessons, especially as they respond to American tech companies that control so much of the online information space.

    Andrew Buzzell received funding from SSHRC.

    – ref. Thanks to social media platforms, election interference is more insidious and pervasive than ever – https://theconversation.com/thanks-to-social-media-platforms-election-interference-is-more-insidious-and-pervasive-than-ever-251764

    MIL OSI – Global Reports –

  • MIL-OSI Global: Stone tool discovery in China shows people in East Asia were innovating during the Middle Paleolithic, like in Europe and Middle East

    Source: The Conversation – USA – By Ben Marwick, Professor of Archaeology, University of Washington

    The artifacts found at Longtan, southwest China, were as old as 60,000 years. Qijun Ruan

    New technologies today often involve electronic devices that are smaller and smarter than before. During the Middle Paleolithic, when Neanderthals were modern humans’ neighbors, new technologies meant something quite different: new kinds of stone tools that were smaller but could be used for many tasks and lasted for a long time.

    Archaeologists like me are interested in the Middle Paleolithic – a period spanning 250,000 to 30,000 years ago – because it includes the first appearance of our species, our arrival into many parts of the world for the first time, and our invention of many new kinds of stone tools.

    Illustration of a typical Quina scraper and related tools. The toolmaker would flake pieces of stone off the core to carefully shape the Quina scraper.
    Pei-Yuan Xiao

    In our study just published in the Proceedings of the National Academy of Sciences, a team of international collaborators and I describe our discovery in China of the first complete example of a Middle Paleolithic technology previously seen only in Europe and the Middle East.

    Archaeologists have thought that ancient people in East Asia completely skipped the Middle Paleolithic. Our discovery challenges the long-standing notion that while ancient people in Europe and Africa were inventing new tools during this period, people of East Asia stuck to only the most basic tools that remained unchanged for thousands of years.

    The Quina tool kit from Longtan. (A–D) Quina scrapers. (E–G) Quina cores. (H-J) Resharpening flakes showing Quina retouch at the near end of the top face. (K) Small tool made on resharpening flake.
    Hao Li

    Quina scrapers helped hunters process kills

    The tool we’ve identified is called a Quina scraper. This type of stone tool is well known from archaeological sites in Europe and the Middle East.

    Quina scrapers are typically quite thick and asymmetrical, with a broad and sharp working edge that shows clear signs of being used and resharpened multiple times. This shape results in durable cutting edges, ideal for long cycles of use followed by resharpening.

    People used Quina scrapers to scrape and cut soft materials, such as meat and animal skins, and medium-hard materials, such as wood. We know this from tiny scratches and chips on the scrapers that match traces caused by working these materials in experiments using contemporary stone tools.

    European archaeologists believe that Quina scrapers were invented to meet the needs of highly mobile hunters living in cool and dry climates. These hunters were focused on seasonal migratory prey such as reindeer, giant deer, horse and bison. Quina scrapers would have helped them process their kills into food and other resources – for example, to extract marrow.

    A. Map showing the location of the discovery of the Quina tool kit in China, at the southern margin of the Hengduan Mountains of the Tibetan Plateau. B. View of the landscape showing the Longtan archaeological site.
    Hao Li, CC BY-ND

    First find of a Quina tool in East Asia

    Our team, led by Hao Li of the Institute of Tibetan Plateau Research and Qijun Ruan of the Yunnan Provincial Institute of Cultural Relics and Archaeology, excavated Quina scrapers and related stone tools from the Longtan archaeological site in southwest China.

    Bo Li collects samples from Longtan for luminescence dating at his laboratory at the University of Wollongong.
    Qijun Ruan

    Our colleague Bo Li at the University of Wollongong used optical luminescence dating methods on the layers of earth that contained the artifacts. This technique can identify how much time has passed since each individual sand grain was last exposed to the Sun. Dating many individual grains in a sample is important because tree roots, insects or other animals can mix younger sediments down into older ones.

    After we identified and removed intrusive younger grains, we found the layers containing the artifacts were 50,000 to 60,000 years old. This is roughly the same time Quina scrapers were being used in Europe at Neanderthal sites.

    Keliang Zhao from China’s Institute of Vertebrate Paleontology and Paleoanthropology looked at pollen grains from the Longtan excavations. He found that the Middle Paleolithic people of Longtan lived in a relatively open forest-grassland environment and a dry and cool climate. This environment is similar to that of Quina sites in Europe.

    Davide Delpiano, Marco Peresani and Marie-Hélène Moncel, experts on European Middle Paleolithic tools, joined our team to help with the comparison of the Chinese and European specimens and confirm their similarities.

    Hélène Monod, from Universidad Rovira i Virgili in Spain, looked at our Quina scrapers under the microscope and found traces on them from scraping and scratching bones, antlers and wood. She also found polish from using the tools on meat, hides and soft plants.

    Who lived in East Asia during this period?

    Our new discovery of Quina scrapers joins another recent find of a different kind of Middle Paleolithic technology in East Asia: Levallois tools from Guanyindong Cave in Guizhou Province in south-central China. Levallois tools result from a distinctive multistep sequence that efficiently produces lots of useful cutting tools, with minimal wasted stone. Taken together, these two finds make a strong case that Middle Paleolithic technologies were present in East Asia.

    But why are we only just finding this Quina tool kit now, when it has been known in Europe for such a long time?

    One reason is that archaeologists have been looking in Europe for longer than almost anywhere else in the world. Another reason Middle Paleolithic evidence appears rare in East Asia is because what now seem to be less typical variations of the Quina tool kit previously found in China had been overlooked, likely due to archaeologists’ narrow definitions based on European examples.

    The Quina tools at Longtan are among the earliest artifacts from that site, which makes it hard for researchers to determine the origins of this new technology. Was it introduced by visitors from Europe? Or did local people in East Asia independently invent it?

    The research team shows off the Longtan artifacts.
    Hao Li

    To answer these questions, we hope to find more Quina scrapers at sites with deeper – meaning older – layers than Longtan. If older layers hold what look like the remnants of experiments in stone toolmaking that would eventually result in Quina tools, it suggests Quina tools were invented locally. If deeper layers have dissimilar tools, that suggests Quina technology was introduced from a neighboring group.

    We also hope future work will reveal who made these tools. Our excavations at Longtan did not find any human bone or DNA that could help us identify the toolmakers.

    During the Middle Paleolithic, there were multiple human species that could make tools like this. It could have been modern humans like us. But it could also have been Neanderthals. Considering that the Quina technology in Europe is directly associated with Neanderthals, this seems likely. But it could also have been Denisovans, an extinct species similar to modern humans found during this time in Siberia, the Tibetan Plateau and Laos, or even a new human species that hasn’t been seen before.

    Whoever was making and using these Quina scrapers, they were able to be inventive and flexible with their technology, adapting to their changing environment.

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

    – ref. Stone tool discovery in China shows people in East Asia were innovating during the Middle Paleolithic, like in Europe and Middle East – https://theconversation.com/stone-tool-discovery-in-china-shows-people-in-east-asia-were-innovating-during-the-middle-paleolithic-like-in-europe-and-middle-east-252868

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Council Grants £2.7 Million to Paddington Arts for Building Development Project | Westminster City Council

    Source: City of Westminster

    • The project will create new creative, community and co-working spaces, allowing the charity to support 50% more young people each year. 

    Paddington Arts, a youth arts charity in Westminster, has secured £2.7 million from Westminster City Council to redevelop and expand its building.

    The investment forms part of the council’s North Paddington Programme and Cultural Strategy. The project supports with the council’s Fairer Westminster ambitions and its approach to supporting voluntary and community organisations

    The project will create 545 square metres of additional space. New facilities will include a dance studio, consultation rooms, co-working space, roof terrace, reception, café and live performance area.

    Match funding includes £1.419 million from the North Paddington Capital Budget, £1.25 million from the Paddington Arts Capital Budget, and £50,000 already approved. The council’s support unlocks £830,000 raised by Paddington Arts from external funders including the Garfield Weston and London Marathon Foundations.

    The redevelopment will allow Paddington Arts to increase the number of young people it supports by 50%. Founded in 1988, the charity runs creative programmes for children and young people, many from disadvantaged backgrounds.

    New spaces will also support mentoring, emotional wellbeing, and disability arts. The expanded building will offer long-term financial resilience through workspace rental and venue hire. Paddington Arts has signed up to the council’s Sustainable City Charter, with plans including a green roof and energy-efficient systems.

    Match funding conditions include a 100-year charge on the building and a requirement to develop a new partnership strategy with local organisations. A senior council officer will join the charity’s board. The redevelopment is expected to complete within three years.

    North Paddington is now home to one of London’s Creative Enterprise Zones — part of a city-wide initiative to make space for artists and creative businesses to put down roots and grow.

    The designation brings new investment into skills, training and affordable workspaces, helping local people access careers in one of the UK’s fastest-growing sectors.

    Paddington Arts is a key part of this creative infrastructure. Its expansion supports the wider ambition to make North Paddington a place where culture and opportunity go hand in hand.

    Councillor Cara Sanquest, Cabinet Member for Communities, said:

    I’m pleased that Westminster City Council is supporting the redevelopment of Paddington Arts with this match funding. Paddington Arts is a long-standing local organisation that has played a big role in the lives of generations of children and young people in North Paddington since 1988. This investment will enable Paddington Arts to provide more opportunities to access the arts – from drama to dance and playing steel pan – in an area with high levels of deprivation and to expand their valuable services.

     Steve Shaw, the Director of Paddington Arts says: 

    Paddington Arts has been working with children and young people in our community for over thirty-five years. We came up with a scheme to build an extension to our building, to include a café, rehearsal studio, creative workspace, and a roof garden. We are delighted that the Council has agreed to provide us with the necessary funding to complete our extension, and we look forward to working together to provide much needed facilities and creative activities for our young people and for the community. This  new space will also allow us to strengthen our support and collaboration with other local organisations.

    Notes to Editors 

    The Cabinet’s decision is to subject to the council’s usual call-in procedures.

    Read the full Cabinet papers here.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: PM call with President Zelenskyy of Ukraine: 31 March 2025

    Source: United Kingdom – Government Statements

    News story

    PM call with President Zelenskyy of Ukraine: 31 March 2025

    Prime Minister Keir Starmer spoke to President Zelenskyy.

    The Prime Minister spoke to the President of Ukraine, Volodymyr Zelenskyy, this evening.

    The leaders reflected on their visit to Paris last week and agreed there was real momentum to support Ukraine’s security for the long term.

    A meeting of the British, French and Ukrainian military leadership in the coming days would drive forward the next stage of detailed planning, the Prime Minister added.

    The leaders also discussed the third anniversary of the liberation of Bucha today. The Prime Minister reflected on his visit to the city in 2023 and paid tribute to the courage and strength of the residents and their loved ones that he met.

    Their stories of suffering were a painful reminder of Russia’s barbarity over the past three years, he added. 

    The leaders agreed to stay in close touch.

    Updates to this page

    Published 31 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI Global: Marine Le Pen’s victim narrative is already being constructed – but there are ways to stop her criminal conviction benefitting her

    Source: The Conversation – UK – By Aurelien Mondon, Senior Lecturer in Politics, University of Bath

    Marine Le Pen, figurehead of France’s Rassemblement National (RN), one of the most established far-right parties in Europe, has been found guilty of embezzling funds from the European parliament.

    During her time as an MEP between 2004 and 2017, Le Pen and her team paid party staff with funds that should have gone to European parliamentary aides. The ruling estimates that a total of €2.9 million (£2.4 million) in European parliament funds were involved in the crimes and that Le Pen personally embezzled €474,000 of that total.

    She has been sentenced to four years in prison, two of which would be electronic monitoring. She is also unlikely to see the inside of a cell for the other two years as she is appealing her conviction.

    More importantly, perhaps, is the fact that she has been banned from holding public office for five years. Crucially, the ban is to start immediately, meaning that even with an appeal, Le Pen is highly unlikely to be able to stand as a candidate in the next presidential election in 2027.

    For many in the RN, the court’s decision will be a major blow. The party appears to have lost the candidate they believed was on course for victory in 2027. However, others will no doubt see this as a chance to distance the party further from the Le Pen name, following the death of Marine Le Pen’s father Jean-Marie Le Pen earlier this year.

    This process has been in motion for some time. Jordan Bardella took over from Le Pen as president of the party in 2022 and has clearly been waiting and preparing for this eventuality. Allegations were first levelled at Le Pen many years ago and her crimes relate to her time as an MEP between 2004 and 2017. He has been the plan B option throughout her trial.

    Bardella led the RN to victory in the 2024 European election in France. He also managed to send a record number of parliamentarians to the National Assembly after French president Emmanuel Macron called a snap election just weeks later.

    This was, nevertheless, a somewhat disappointing outcome as many on the far right had started to imagine Bardella as prime minister. Since failing to meet this expectation, his leadership has come under more scrutiny. His reaction to Le Pen’s sidelining will be watched carefully.

    Playing the victim

    Overall, it is good news to see corruption being taken seriously and justice being served. However, Le Pen’s conviction comes after years of embezzlement which has allowed the far right to build its strength. All this has come on the back of a system it has vowed to destroy. As such, it feels like too little too late.

    Furthermore, this decision, and the fact that it is tied to the European Union, is likely to feed into typical far-right propaganda on the domestic stage. Le Pen and the party will play the victim, blaming Le Pen’s fate on a wide conspiracy organised by something akin to the deep state operating via Brussels.

    The deep levels of distrust in public institutions and mainstream politics are likely to play a role here. Le Pen will aim to paint the decision of an independent court as the political assassination of the “champion of the people”.

    She could become a martyr, turning her cause into a revolt against “the system”. Bardella has already said that Le Pen’s conviction amounted to the “execution” of democracy.

    Crucially, though, this outcome isn’t inevitable. Whether such a narrative takes hold is a choice that is very much in the hands of mainstream elite actors. Those who have a privileged access to shaping public discourse, such as journalists, politicians and experts will therefore play a key role.

    Instead of giving pride of place to Le Pen and the far right in a tempting sensationalising coverage, the mainstream media must turn to serious analysis. This would involve removing the focus from individuals and putting it on the wider issues at hand. That would lessen the potential for a narrative of victimisation to take hold.

    Beyond providing an accurate picture of the case itself, good coverage should predominantly focus on politics rather than on the spectacle the RN will inevitably try to construct as a diversion tactic. This would mean engaging seriously with what the RN actually proposes as a model of society: one that is not against the “elite” and for the people, but merely in favour of a different elite taking control at the head of a top-down authoritarian state.

    This would then allow voters to understand that the far right is not on their side, but on the side of power, wealth and hierarchies. Those who oppose such a takeover could go some way to fix the damage that has been done with carelessly associating these parties with “populism”.

    Finally, good coverage would also mean shifting the agenda away from the far right and its pet issues. Had politicians – left, right and centre – not continuously used the far right as a diversion from their own failures to tackle the many crises their countries face, the far right would not be as powerful as it seems.

    As opinion polls show, when people are asked what are their biggest concerns personally, issues core to the far right such as immigration are low. Instead, it is issues that would require radical measures to tackle economic and social insecurity which are prioritised.

    The far right offers nothing to address these – only division to make citizens powerless to fight back. Now that Le Pen is out of the picture, it is a good time to shift the agenda back to democracy and hope.

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

    – ref. Marine Le Pen’s victim narrative is already being constructed – but there are ways to stop her criminal conviction benefitting her – https://theconversation.com/marine-le-pens-victim-narrative-is-already-being-constructed-but-there-are-ways-to-stop-her-criminal-conviction-benefitting-her-253469

    MIL OSI – Global Reports –

  • MIL-OSI Global: What Britons and Europeans really think about immigration – new analysis

    Source: The Conversation – UK – By Claire Kumar, Senior Research Fellow, ODI Global

    Shutterstock

    When we hear about immigration from politicians and media across Europe, the story is almost always negative. In some countries, this is old news. The UK tabloid press has printed thousands of anti-migrant articles over the last two decades. Anti-immigrant rhetoric has been a feature of Danish politics since the early 1990s. In contrast, Viktor Orban’s extreme, racist and Islamophobic rhetoric – adopted largely from 2015 – marks Hungary out as a relative newcomer.

    Across Europe, refugees and other migrants are routinely represented as a problem or “crisis”. It would be natural to assume, then, that the public feels the same way – that attitudes to immigration are negative, possibly worsening. Politicians routinely imply this when they say they must introduce strict immigration rules in response to public concerns.

    Opinion polls regularly show that the European public disapprove of the government’s handling of immigration and may see levels as too high. But long-term European Social Survey (ESS) data – the latest of which came out at the end of 2024 – shows positive trends.

    Want more politics coverage from academic experts? Every week, we bring you informed analysis of developments in government and fact check the claims being made.

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    At ODI Europe, my colleagues and I have been studying public attitudes and political narratives around migration across Europe for five years. Our analysis has found that, compared to 20 years ago, more Europeans (in many, but not all countries) feel immigration makes their country a better place to live.

    Positive attitudes have particularly increased in Ireland, the UK, Norway, Spain, the Netherlands, Belgium and Switzerland. Similar positive trends emerge when the public is asked about the economic and cultural impacts of immigration.

    The UK is among the countries with the least anti-immigration views in Europe. While in 2002-03 only 27% of the British public felt immigration had a positive impact on the economy, this has jumped to 66% in 2023-24. However, it is a drop from the 69% who felt immigration had a positive economic impact in the previous survey round (2020-22).

    The UK also topped the table in the last World Values Survey as a country that is highly accepting of immigration and particularly welcoming of the cultural diversity it brings.



    Read more:
    The UK now ranks as one of the most socially liberal countries in Europe – new research

    The Migration Observatory finds that a majority of the British public favours making immigration easier for workers coming into the NHS, care work and other jobs where there are shortages.

    Researchers from the think tank British Future have found that most of the public would prefer current levels of international student migration to stay the same or increase. International students currently make up 40% of net migration to the country.

    Why the differences?

    The disparity between what we hear about public attitudes and what the data actually shows merits some explanation.

    We know that people’s attitudes on migration are largely stable, based on deeply held values and mainly formed when young. People’s attitudes are relatively slow to change. Generational change is likely key to explaining the long-term positive trends in this area. On the other hand, the salience of immigration – whether the public see immigration as a top issue of concern – can fluctuate dramatically, driven by media attention and political narratives.

    This sounds incongruous given the rise of the far right in some European countries. However, we know that austerity policies, economic insecurity and economic decline are key factors driving the far-right vote.

    Researchers have also uncovered a “reverse backlash” effect. This is where greater success of populist radical right parties is actually accompanied by more citizens reporting positive attitudes on immigration, specifically because they want to distance themselves from radical right views.

    Negative trends

    What does stand out in the latest round of ESS data is that more negative trends are emerging across multiple countries simultaneously. This is most notable in Ireland, the UK, the Netherlands and Poland, but also in Iceland and France.

    In Ireland, there is a substantial ten percentage point fall from the previous survey round (2020-22) in respondents reporting that immigration makes their country a better place to live. The UK sees a five percentage point fall (from 68% to 63%) on the same question – still a significant positive majority compared to only 17% who feel immigration makes the UK a worse place to live – but a notable shift nonetheless.

    This could be a temporary fluctuation, like the kind seen in Sweden and Germany, between 2018-19 and 2020-22. Both countries took in high numbers of refugees during Europe’s so-called “refugee crisis”, which may have led to an uptick of concern around the impact of immigration. However, these fluctuations can be minor and short-lived.

    Another possibility is that we are finally seeing public attitudes shift in line with the more hostile, anti-immigrant environment that has been nurtured by politicians and media. This could be the start of another generational shift – possibly a reflection of the fact that some far-right groups are proving to be particularly popular with younger voters.

    These dips may prove temporary – if not, we risk squandering the public good of a positive European public precisely at a time when Europe needs immigration the most.

    Claire Kumar via ODI Global – has received funding from IKEA Foundation for this research work.

    – ref. What Britons and Europeans really think about immigration – new analysis – https://theconversation.com/what-britons-and-europeans-really-think-about-immigration-new-analysis-252268

    MIL OSI – Global Reports –