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Category: European Union

  • MIL-OSI Europe: Highlights – Mission to Finland and Estonia – Subcommittee on Tax Matters

    Source: European Parliament

    FISC Mission to Finland and Estonia – 25 to 27 February 2025 © Image used under the license from Adobe Stock

    Members of the FISC Subcommittee will travel to Helsinki (Finland) and Tallinn (Estonia) from 25 to 27 February 2025. The delegation, led by second Vice-Chair Ms. Regina Doherty, will meet with representatives of key institutions, such as the Ministries of Finances and national parliaments, and stakeholders from the private sector, trade unions, and civil society.

    The discussions will focus on topical international tax issues and challenges, such as the implementation of the OECD’s two-pillar tax reform, the simplification of the tax system and forwarding competitiveness, tax incentives, the situation of cross-border workers, energy taxation, and the implementation of EU Directives.

    MIL OSI Europe News –

  • MIL-OSI Europe: Missions – Mission to Finland and Estonia – 25-02-2025 – Subcommittee on Tax Matters

    Source: European Parliament

    Members of the FISC Subcommittee will travel to Helsinki (Finland) and Tallinn (Estonia) from 25 to 27 February 2025. The delegation, led by second Vice-Chair Ms. Regina Doherty, will meet with representatives of key institutions, such as the Ministries of Finances and national parliaments, and stakeholders from the private sector, trade unions, and civil society.

    The discussions will focus on topical international tax issues and challenges, such as the implementation of the OECD’s two-pillar tax reform, the simplification of the tax system and forwarding competitiveness, tax incentives, the situation of cross-border workers, energy taxation, and the implementation of EU Directives.

    MIL OSI Europe News –

  • MIL-OSI Europe: Highlights – EoV with Olli Rehn, First Vice-Chair of the European Systemic Risk Board – Committee on Economic and Monetary Affairs

    Source: European Parliament

    Olli Rehn © European Parliament

    Olli Rehn, Governor of the Bank of Finland, will appear before ECON Committee Members in his capacity as First Vice Chair of the European Systemic Risk Board (ESRB) on Thursday, 20 February 2025.

    The ESRB is responsible for the macroprudential oversight of the EU financial system and the prevention and mitigation of systemic risk. The ESRB Regulation requires the First Vice Chair to appear before the relevant committee of the European Parliament to explain how he will carry out his duties. Governor Rehn is a former European Commissioner (2004-2014) including a term as European Commissioner for Economic and Monetary Affairs and the Euro. In respect of the ESRB, he chaired a high level group which reported in 2024 on the future of the organisation.

    MIL OSI Europe News –

  • MIL-OSI Europe: Highlights – Economic Dialogue with ECOFIN President – Committee on Economic and Monetary Affairs

    Source: European Parliament

    Andrzej Domański, ECOFIN President and Minister of Finance of Poland © European Union, 2025

    The Committee on Economic and Monetary Affairs (ECON) holds an Economic Dialogue and exchange of views with Andrzej Domański, Minister of Finance of Poland, in his capacity as President of the ECOFIN Council during the Polish Presidency (January to June 2025) on Wednesday, 19 February 2025.

    The ECOFIN President will provide an overview of the priorities of the Polish Presidency in the area of economic governance, financial services and taxation, and answer the questions of ECON Members.

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: Ukraine’s resilience remains nothing short of extraordinary: UK Statement to the OSCE

    Source: United Kingdom – Executive Government & Departments

    UK Military Advisor, Lt Col Joby Rimmer, says nobody desires peace more than Ukraine, yet peace must be just and sustainable. It is our responsibility to ensure that they do not stand alone.

    Thank you, Mr Chair. As we approach the fourth year of Russia’s illegal war of aggression, Ukraine’s resilience remains nothing short of extraordinary. Despite immense challenges, Ukraine continues to demonstrate an unbreakable spirit and an unyielding commitment to its sovereignty, freedom, and the rules-based international order.

    Last week at the FSC, the Russian Delegation stated that they owned ‘the strategic initiative along the entire line of contact’. But Ukrainian forces continue to hold their ground, not only defending their homeland but also reclaiming and securing additional territory, including in Kursk. Russian open sources report the Russian VDV 11th Airborne brigade commander has been relieved of duty following his failure to stop this recent Ukrainian counterattack. DPRK Troops deployed to the frontlines in December 2024, were withdrawn from their positions to recuperate following heavy losses. As of mid-January 2025, DPRK forces had highly likely sustained c4,000 casualties, more than one third of the 11,000 troops deployed to Kursk. Far from maintaining the ‘strategic initiative’, Russia has to resort to recklessly deploying DPRK troops to the front line, showing a complete disregard for human life, whilst not even officially acknowledging their presence on the battlefield.

    There is no evidence of a Russian willingness to compromise. Russia spoke of being ‘open to reasonable initiatives to achieve a peaceful resolution’. But when examining the options available, Moscow has chosen a path of aggression, regardless of the catastrophic loss of life on both sides. There is no sense of reason. This is not a ‘special military operation’. It is a full-scale invasion and occupation attempt, a blatant violation of international law, and a direct challenge to global stability.

    No one desires peace more than Ukraine. The Ukrainian people have suffered relentless bombardment and forced displacement, and we see the UN reports of war crimes committed by Russian forces. Yet peace must be just and sustainable. A truly just and lasting peace means one that respects the UN Charter and the Helsinki Final Act. Ukraine cannot be expected to surrender its sovereignty or accept a dictated settlement that rewards Russian aggression. The Russian delegation in this forum said there will be no ‘freeze along the line of contact’. We would agree. Russia must withdraw from all of Ukraine’s sovereign territory. Any peace that fails to hold Russia accountable will only invite further aggression – not just against Ukraine, but against other nations that dare to assert their independence.

    President Putin’s war is built on a demand for total submission through violence. No sovereign nation could or should, accept such terms. The international community has a moral and strategic obligation to stand with Ukraine. Our commitment to Ukraine remains absolute. We will continue to confront Russian aggression through military, economic, and diplomatic means. We will hold President Putin and his regime accountable for their war crimes. We will ensure that Ukraine has the resources necessary to defend itself for as long as it takes. Ukraine’s courage and determination have already defied expectations. It is our responsibility to ensure that they do not stand alone. Thank you, Mr Chair.

    Updates to this page

    Published 13 February 2025

    Invasion of Ukraine

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Update on UK Shared Prosperity Fund Delivery Plan progress

    Source: Scotland – Highland Council

    An update on the progress being made across a range of interventions under the UK Government funded UK Shared Prosperity Fund (UKSPF) priorities of Communities and Places, Supporting Local Business and People and Skills was noted by Members of the Economy and Infrastructure Committee today (Thursday 13 February 2025). The report included reference to the Highland UKSPF allocation for 2025/26 and the work being progressed to establish a Delivery Plan for the coming financial year.

    Chair of the Committee, Councillor Ken Gowans said: “As the UK Shared Prosperity Fund allocation must be spent within the 2025/26 financial year it is critical that projects are selected that will meet that timeframe. Members have agreed that a report will be presented, with recommendations, to the next Economy and Infrastructure Committee in May this year to enable Councillors to make decisions on which projects will go ahead.”

    The update to Members included information on some key projects including:

    Community Regeneration Fund Programme –

    The majority of UKSPF projects managed by the Community Regeneration Fund team have now commenced activity. The team are in regular contact with the grantees to ensure that all the approved outcomes will be met and in line with the UKSPF deadlines and areas of intervention.

    Active Travel Enhancements and Small-Scale Transport Projects –

    Work is progressing on active travel projects to improve access to public transport and walking, wheeling and cycling facilities. Highlighted projects that were recently completed included: active travel works in Fort William, at Obsdale Road in Alness and the footpath from Balloch to Sunnyside east of Inverness. Works have started on cycle storage at six primary schools across the region and contracts have been awarded for footpath and crossing points in Hilton and Raigmore housing estates in Inverness.

    Development of Area Place Plans –

    The latest positions on the establishment of Area Place Plans was provided for Black Isle and Easter Ross, Dingwall and Seaforth, Lochaber, Sutherland, Caithness, Wester Ross, Strathpeffer and Lochalsh, Skye and Raasay, Inverness and Nairn.

    Development and Promotion of the Visitor Economy –

    The allocation from UK Shared Prosperity Fund to develop and promote the visitor economy is being utilised across several projects, including: The Glencoe Three Sisters Visitor Facilities; Glencoe Village Car Park Project; the pan-Highland Motorhome Signage Project; and Na Trads 2024 – MG ALBA Scots Traditional Music Awards which was held in Inverness in November 2024.

    Business Support Start Up and Growth Grants –

    The Highland Council Business Gateway service delivers the Business start-up and growth grants for the UKSPF programme.  A total 381 eligible businesses were approved for the start-up grant by the end of December 2024, and 65 businesses were supported with a growth grant.

    People and Skills –

    Support is being provided for unemployed or economically inactive people of working age who need between 6 to 12 months support to progress into employment. The two providers – Enable Scotland and Triage Centrum have continued to progress well in seeking referrals, with 251 clients registered to date and receiving support and 82 clients now in employment at this stage.

    Area and Green Skills Training and Facilities –

    Green skills training is being delivered with four consortia business grants awarded, with projects now completed or near completion. Over 120 people have been supported to gain a green skills qualification or complete a course, and more than 40 are in employment following support through:

    • Green Engineers for the Future, UHI North, West and Hebrides.
    • For Peat’s Sake – consortia of businesses, Nature Scot and UHI Northwest Highland and Hebrides College.
    • Access to Engineering, Nigg Skills Academy.
    • Highland Green Skills, UHI Inverness.

    Castle Training Programme –

    A partnership with officers of The Highland Council, Developing the Young Workforce, UHI, and training providers is developing employability pathways for school leavers or those who would like to return to work to consider a career or role as part of the new Inverness Castle visitor experience team. To date, over 500 adult numeracy courses have been run in Highland through the Multiply programme

    Multiply –

    With twelve contracted providers across the region, this project continues to deliver support to people over the age of 16 to help improve their numeracy skills through free personal tutoring and digital training.

    Budget Management –

    The 2022-25 Highland UKSPF budget is £9.44m, comprising £7.81m allocated for Communities and Places, Supporting Local Business, and People and Skills priorities, and £1.63m ring fenced to Multiply (adult numeracy training), with spend allowed up to end March 2025.

    In December 2024, the UK Government confirmed the UKSPF allocations for 2025/26, for Highland as £3.10m (£0.88m capital; and £2.22m revenue).

    The update report presented to committee is available on the council’s website here – Item 8

    -ends-

    MIL OSI United Kingdom –

  • MIL-OSI United Nations: Safeguarding the Historic Naval Hospital of Port Royal

    Source: United Nations

    The Historic Naval Hospital of Port Royal in Jamaica, a vital heritage site surrounded by a 19th-century sea wall, is threatened by coastal erosion, storm surges, and ship traffic. At the request of Jamaican national authorities and with the generous support of the Netherlands Funds-in-Trust, a new project has been launched to address these challenges.

    The Historic Naval Hospital of Port Royal, a vital heritage site surrounded by a 19th-century sea wall, is threatened by coastal erosion, storm surges, and ship traffic. As a key component of the heritage site “Archaeological Landscape of 17th Century Port Royal” submitted by Jamaica for the inscription to the UNESCO’s World Heritage List, the hospital and its surrounding archaeological grounds are at risk of significant deterioration.

    A 2022 Heritage Impact Assessment highlighted that continued erosion of the sea wall could severely impact the structural integrity of the Naval Hospital and the 17th-century streets that lie beneath the complex, jeopardizing the preservation of this iconic historic site. At the request of Jamaican national authorities and with the generous support of the Netherlands Funds-in-Trust, a new project has been launched.

    Such project aims to bolster the protection of the Naval Hospital and its archaeological grounds. The initiative will focus on reinforcing the sea wall, enhancing the site’s resilience to coastal erosion, and mitigating the effects of climate change. The project will also support the capacity-building of national institutions responsible for heritage conservation.

    Port Royal was once one of the most prosperous and notorious cities in the Caribbean during the 17th century, earning its infamous reputation as the “wickedest city on Earth.” Today, much of Port Royal lies submerged beneath the sea, with the Historic Naval Hospital serving as a key reminder of the city’s storied past.

    Key objectives of the project include:

    • Improving protection: Strengthening the protection of the Historic Naval Hospital of Port Royal from coastal erosion, climate change, and human activity.
    • Community engagement: Involving the local community in rehabilitation efforts and raising awareness about the vulnerability of cultural heritage.
    • Sustainable management: Ensuring the long-term conservation and daily management of the site by the Jamaica National Heritage Trust, with community participation.

    Expected project outcomes include:

    • Structural reinforcement: Identification and consolidation of the most vulnerable sections of the sea wall.
    • Capacity building: Strengthening the capacities of national institutions to manage and conserve cultural heritage.
    • Improved cooperation: Fostering better collaboration between heritage management stakeholders, tourism development organizations, and local communities.

    This project is part of a broader effort to safeguard Port Royal’s rich cultural legacy, ensuring its preservation for future generations. Jamaica’s initiative to propose Port Royal for inclusion on UNESCO’s World Heritage List marks a crucial step in recognizing and safeguarding its rich archaeological heritage, with the World Heritage Committee reviewing the nomination later this year. This endeavor reflects the country’s commitment to ensure that the stories and achievements of past generations endure for those to come.

    MIL OSI United Nations News –

  • MIL-OSI: Beneficient Reports Results for Third Quarter Fiscal 2025

    Source: GlobeNewswire (MIL-OSI)

     

    Announced Proposed Transaction to Increase Tangible Book Value to Ben Public Company Stockholders by $9 Million on 8.4 Million Shares Outstanding, Permanent Equity Increased by $35 Million

    Completed First Primary Capital Transaction as Part of Ongoing Business Development Activities

    Announced Proposed International Bank Acquisition to Expand Alternative and Digital Asset Markets Capabilities

    DALLAS, Feb. 13, 2025 (GLOBE NEWSWIRE) — Beneficient (NASDAQ: BENF) (“Ben” or the “Company”), a technology-enabled platform providing exit opportunities and primary capital solutions and related trust and custody services to holders of alternative assets through its proprietary online platform, AltAccess, today reported its financial results for the fiscal 2025 third quarter, which ended December 31, 2024.

    Commenting on the fiscal 2025 third quarter results, Beneficient management said: “Our fiscal third quarter was focused on key steps that we believe will ready Ben for significant new activities in delivering liquidity, primary capital and digital asset markets solutions – which we believe are all opportunities to disrupt and enhance the solutions available to large financial audiences. During the fiscal third quarter, we also closed our first primary capital transaction and are seeking additional opportunities.

    “A complementary part of our plan is the proposed acquisition of Mercantile Bank International Corp. (“Mercantile Bank”), a Puerto Rico-based International Financial Entity, which is expected to enable Ben to offer an expanded range of digital asset market solutions and companion custody, clearing and control account fee-based services. We intend to drive new growth opportunities in calendar 2025, which we believe have the potential to generate above market fee rates. These efforts are expected to further build out our expansive model and enable the Company to benefit from a growing range of trust, custody and other services we provide as well as the underlying performance of the private equity assets held in trust.

    “Additionally, we are pleased to have continued to strengthen our capital structure, increasing our permanent equity by $35 million through a re-designation of certain preferred equity. Furthermore, we executed an agreement to complete additional transactions designed to revise the liquidation priority of Beneficient Company Holdings, L.P. (“BCH”) and deliver other benefits to our public company stockholders provided by entities controlled by our founders, which are expected to become increasingly visible as the Company enters into more liquidity and primary capital transactions.”

    Third Quarter Fiscal 2025 and Recent Highlights (for the quarter ended December 31, 2024 or as noted):

    • Reported investments with a fair value of $334.3 million, increased from $329.1 million at the end of our prior fiscal year, served as collateral for Ben Liquidity’s net loan portfolio of $260.6 million and $256.2 million, respectively. Reported investments include our first primary capital transaction with a closing of $1.4 million on December 31, 2024.
    • Revenues increased to $4.4 million in the third quarter of fiscal 2025 as compared to $(10.2) million in the same quarter of fiscal 2024. For the nine months ended December 31, 2024, revenues for fiscal 2025 were $23.0 million as compared to $(55.7) million for fiscal 2024.
    • Operating expenses declined 98% to $13.9 million in the third quarter of fiscal 2025, as compared to $905.7 million in the third quarter of fiscal 2024, which included a non-cash goodwill impairment of $883.2 million. For the nine months ended December 31, 2024, operating expenses for fiscal 2025 were $1.9 million, which included the release of a loss contingency accrual of $55.0 million and non-cash goodwill impairment of $3.7 million, as compared to $2.4 billion in fiscal 2024, which included non-cash goodwill impairment of $2.3 billion.
    • Excluding the non-cash goodwill impairment in the prior comparable period, operating expenses declined 38% to $13.9 million in the third quarter of fiscal 2025 as compared to $22.5 million in the same period of fiscal 2024. For the nine months ended December 31, 2024, excluding the non-cash goodwill impairment and the loss contingency release in each period, as applicable, operating expenses were $53.2 million in fiscal 2025 as compared to $111.7 million in fiscal 2024.
    • Improved permanent equity from a deficit of $148.3 million as of June 30, 2024 to a positive $14.3 million as of December 31, 2024 through a combination of redesignating approximately $160.5 million of temporary equity to permanent equity and additional capital from equity sales and liquidity transactions offset by net loss allocable to permanent equity classified securities of $6.9 million during the applicable period.
    • Announced proposed transaction on December 23, 2024 to revise the liquidation priority of BCH and provide other benefits to our public company shareholders, which on a proforma basis, amounts to $9.2 million of tangible book value to Ben’s public company stockholders(1) using December 31, 2024 financial information, as compared to no book value to Ben’s public company stockholders absent the transaction.
    • Announced an agreement to acquire Mercantile Bank in exchange for an aggregate purchase price of $1.5 million, subject to certain closing conditions, which is expected to enable Ben to offer an expanded range of digital asset markets solutions and companion custody, clearing and control account fee-based services that generate additional cash flow in calendar 2025, including additional alternative asset custody services with the potential to generate higher fee rates than are generally available for traditional custody services.

    Loan Portfolio

    As a result of executing on our business plan of providing financing for liquidity, or early investment exits, for alternative asset marketplace participants, Ben organically develops a balance sheet comprised largely of loans collateralized by a well- diversified alternative asset portfolio that is expected to grow as Ben successfully executes on its core business.

    Ben’s balance sheet strategy for ExAlt Loan origination is built on the theory of the portfolio endowment model for the fiduciary financings we make by utilizing our patent-pending computer implemented technologies branded as OptimumAlt. Our OptimumAlt endowment model balance sheet approach guides diversification of our fiduciary financings across seven asset classes of alternative assets, over 11 industry sectors in which alternative asset managers invest, and at least six countrywide exposures and multiple vintages of dates of investment into the private funds and companies.

    As of December 31, 2024, Ben’s loan portfolio was supported by a highly diversified alternative asset collateral portfolio providing diversification across approximately 220 private market funds and approximately 750 investments across various asset classes, industry sectors and geographies. This portfolio includes exposure to some of the most exciting, sought after private company names worldwide, such as the largest private space exploration company, an innovative software and payment systems provider, a venture capital firm investing in waste-to-energy and clean energy technologies, a technology company providing Net Zero solutions in the production of advanced biofuels, a designer and manufacturer of shaving products, a large online store for women’s clothes and other fashionable accessories that has announced intentions to go public, a mobile banking services provider, and others.

    Figure 1: Portfolio Diversification

    Diversification Using Principal Loan Balance, Net of Allowance for Credit Losses

    As of December 31, 2024, the charts below present the ExAlt Loan portfolio’s relative exposure by certain characteristics (percentages determined by aggregate fiduciary ExAlt Loan portfolio principal balance net of allowance for credit losses, which includes the exposure to interests in certain of our former affiliates composing part of the Fiduciary Loan Portfolio).

    As of December 31, 2024. Represents the characteristics of professionally managed funds and investments in the Collateral (defined as follows) portfolio. The Collateral for the ExAlt Loans in the loan portfolio is comprised of a diverse portfolio of direct and indirect interests (through various investment vehicles, including, limited partnership interests and private and public equity and debt securities, which include our and our affiliates’ or our former affiliates’ securities), primarily in third-party, professionally managed private funds and investments. Loan balances usedto calculate the percentages reported in the pie charts are loan balances net of any allowance for credit losses, and as ofDecember 31, 2024, the total allowance for credit losses was$325 million, for a total gross loan balance of$586 millionand a loan balance net of allowance for credit losses of$261 million.

    Business Segments: Third Quarter Fiscal 2025

    Ben Liquidity

    Ben Liquidity offers simple, rapid and cost-effective liquidity products through the use of our proprietary financing and trust structure, or the “Customer ExAlt Trusts,” which facilitate the exchange of a customer’s alternative assets for consideration.

    • Ben Liquidity recognized $11.3 million of interest income for the fiscal third quarter, a decrease of 5.7% from the quarter ended September 30, 2024, primarily due to a higher percentage loans being placed on nonaccrual status, partially offset by the effects of compounding interest on the remaining loans.
    • Operating loss for the fiscal third quarter was $2.9 million, a decline from operating income of $2.9 million for the quarter ended September 30, 2024. The decline in operating performance was due to higher intersegment credit losses in the current fiscal period as compared to the quarter ended September 30, 2024 due to slightly lower collateral values while the amortized cost basis increased principally due to interest capitalizing at a higher rate than loan payments.

    Ben Custody

    Ben Custody provides full-service trust and custody administration services to the trustees of certain of the Customer ExAlt Trusts, which own the exchanged alternative assets following liquidity transactions in exchange for fees payable quarterly calculated as a percentage of assets in custody.

    • NAV of alternative assets and other securities held in custody by Ben Custody during the fiscal third quarter increased to $385.1 million as of December 31, 2024, compared to $381.2 million as of March 31, 2024. The increase was driven by $1.4 million of new originations and unrealized gains on existing assets, principally related adjustments to the relative share held in custody of the respective fund’s NAV based on updated financial information received from the funds’ investment manager or sponsor during the period, offset by distributions during the period.
    • Revenues applicable to Ben Custody were $5.4 million for the fiscal third quarter, compared to $5.4 million for the quarter ended September 30, 2024. The similar amount of revenues for these periods was a result of stable NAV of alternative assets and other securities held in custody at the beginning of each applicable period, when such fees are calculated.
    • Operating income for the fiscal third quarter decreased to $3.5 million, from $4.3 million for the quarter ended September 30, 2024. The decrease was primarily due to credit losses related to certain fees collateralized by securities of our former parent company. Additionally, there was no non-cash goodwill impairment in the third fiscal quarter as compared to non-cash goodwill impairment of $0.3 million for the quarter ended September 30, 2024.
    • Adjusted operating income(1) for the fiscal third quarter was $4.8 million, compared to adjusted operating income(1) of $4.6 million for the quarter ended September 30, 2024. The increase was due to slightly lower operating expenses, principally related to lower employee compensation due to lower headcount.

    Business Segments: Through Nine Months Ended Fiscal 2025

    Ben Liquidity

    • Ben Liquidity recognized $34.1 million of interest income for the nine months ended December 31, 2024, down 6.0% compared to the prior year period, primarily due to lower loans, net of the allowance for credit losses, resulting from higher levels of non-accrual loans and loan prepayments, partially offset by new loans originated.
    • Operating loss was $0.5 million for the nine months ended December 31, 2024, improving from an operating loss of $1.8 billion in the prior year period. The prior period loss was driven by non-cash goodwill impairment totaling $1.7 billion and credit losses largely related to securities of our former parent company.
    • Adjusted operating loss(1) was $0.5 million for the nine months ended December 31, 2024 compared to adjusted operating loss(1) of $11.8 million in the prior year period with the improvement in adjusted operating loss(1) primarily related to lower credit loss adjustments recognized in the current fiscal year and lower employee compensation costs due to lower headcount.

    Ben Custody

    • Ben Custody revenues were $16.2 million for the nine months ended December 31, 2024, down 14.7%, compared to the prior year period, primarily due to lower NAV of alternative assets and other securities held in custody.
    • Operating income was $9.1 million for the nine months ended December 31, 2024 compared to operating loss of $538.8 million in the prior year period, with the increase in operating income principally related to a significantly larger non-cash goodwill impairment in the prior year period of $554.6 million as compared to $3.4 million in the current fiscal year.
    • Adjusted operating income(1) for the nine months ended December 31, 2024 was $13.9 million, compared to adjusted operating income(1) of $15.8 million in the prior year period with the decrease in adjusted operating income(1) primarily due to lower revenue related to lower NAV of alternative assets and other securities held in custody partially offset by slightly lower operating expenses during the current fiscal year period.

    Capital and Liquidity

    • As of December 31, 2024, the Company had cash and cash equivalents of $4.1 million and total debt of $122.9 million.
    • Distributions received from alternative assets and other securities held in custody totaled $19.3 million for the nine months ended December 31, 2024, compared to $38.4 million for the same period of fiscal 2024.
    • Total investments (at fair value) of $334.3 million at December 31, 2024 supported Ben Liquidity’s loan portfolio.

    (1) Represents a non-GAAP financial measure. For reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures and for the reasons we believe the non-GAAP measures provide useful information, see Non-GAAP Reconciliations.

    Board Update

    On November 21, 2024, Karen Wendel was appointed to the Board as an independent director and a member of various committees, including the Audit committee of the Board, bringing substantial additional expertise in Cyber Security, Identity Solutions, Security Regulations, ISO Global Standards, e-Commerce, e-Healthcare, PKI Digital Certificates and Blockchain to Beneficient. Ms. Wendel serves as Founder and Chief Executive Officer of Trust Chains, a cybersecurity consulting firm, and previously served as the Chief Executive Officer and board member of IdenTrust, a global identity solutions company, from May 2003 to February 2016. Ms. Wendel has also served as Chief Executive Officer and a board member for eFinance Corporation, as a board member and audit committee member of Level Field Capital, a Nasdaq-traded special purpose acquisition company, as a partner at the Capital Markets Company (CAPCO), a Belgium-based consulting firm, and is the former head of the U.S. Financial Services Practice at Gemini Consulting. Ms. Wendel is an author on financial management, payments and supply chain integration; an advisor to U.S. government agencies and the European Union on emerging technologies for payments and transaction processing; and a keynote speaker at major international banking conferences.

    Consolidated Fiscal Third Quarter Results

    Table 1 below presents a summary of selected unaudited consolidated operating financial information.

    Consolidated Fiscal Third Quarter Results
    ($ in thousands, except share and per share amounts)    		 Fiscal 3Q25
    December 31,
    2024    		 Fiscal 2Q25
    September 30,
    2024    		 Fiscal 3Q24
    December 31,
    2023    		 Change %
    vs. Prior
    Quarter    		   YTD Fiscal
     2025    		 YTD Fiscal
     2024    		 Change %
    vs. Prior
    YTD
    GAAP Revenues $ 4,419   $ 8,561   $ (10,235 ) (48.4)%   $ 23,026   $ (55,739 ) NM
    Adjusted Revenues(1)   4,427     8,734     8,456   (49.3)%     23,572     8,478   NM
    GAAP Operating Income (Loss)   (9,513 )   (13,715 )   (915,951 ) 30.6%     21,110     (2,453,685 ) NM
    Adjusted Operating Loss(1)   (7,301 )   (6,611 )   (11,684 ) (10.4)%     (18,638 )   (57,374 ) 67.5%
    Basic Class A EPS $ (1.32 ) $ 2.98   $ (158.36 ) NM   $ 10.30   $ (668.31 ) NM
    Diluted Class A EPS $ (1.32 ) $ 0.03   $ (158.36 ) NM   $ 0.12   $ (668.31 ) NM
    Segment Revenues attributable to Ben’s Equity Holders(2)   16,621     16,626     17,961   —%     49,482     53,715   (7.9)%
    Adjusted Segment Revenues attributable to Ben’s Equity Holders (1)(2)   16,621     16,626     18,146   —%     49,489     55,059   (10.1)%
    Segment Operating Income (Loss) attributable to Ben’s Equity Holders   (8,281 )   (9,192 )   (894,617 ) 9.9%     27,391     (2,414,893 ) NM
    Adjusted Segment Operating Loss attributable to Ben’s Equity Holders(1)(2) $ (4,737 ) $ (2,261 ) $ (4,594 ) NM   $ (11,551 ) $ (37,583 ) 69.3%

    NM – Not meaningful.

    (1) Adjusted Revenues, Adjusted Operating Loss, Adjusted Segment Revenues attributable to Ben’s Equity Holders and Adjusted Segment Operating Loss attributable to Ben’s Equity Holders are non-GAAP financial measures. For reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures and for the reasons we believe the non-GAAP measures provide useful information, see Non-GAAP Reconciliations.

    (2) Segment financial information attributable to Ben’s equity holders is presented to provide users of our financial information an understanding and visual aide of the segment information (revenues, operating income (loss), and adjusted operating income (loss)) that impacts Ben’s Equity Holders. “Ben’s Equity Holders” refers to the holders of Beneficient Class A and Class B common stock and Series B Preferred Stock as well as holders of interests in BCH which represent noncontrolling interests. For a description of noncontrolling interests, see Item 2 of our Quarterly Report on Form 10-Q for the nine months ended December 31, 2024, and Reconciliation of Business Segment Information Attributable to Ben’s Equity Holders to Net Income Attributable to Ben Common Holders. Such information is computed as the sum of the Ben Liquidity, Ben Custody and Corp/Other segments since it is the operating results of those segments that determine the net income (loss) attributable to Ben’s Equity Holders. See further information in table 5 and Non-GAAP Reconciliations.

    Table 2 below presents a summary of selected unaudited consolidated balance sheet information.

    Consolidated Fiscal Third Quarter Results
    ($ in thousands)    		 Fiscal 3Q25
    As of
    December 31, 2024    		   Fiscal 4Q24
    As of
    March 31, 2024    		   Change %
    Investments, at Fair Value $ 334,278   $ 329,119   1.6%
    All Other Assets   52,720     22,676   132.5%
    Goodwill and Intangible Assets, Net   13,014     16,706   (22.1)%
    Total Assets $ 400,012   $ 368,501   8.6%


    Business Segment Information Attributable to Ben’s Equity Holders    (1)

    Table 3 below presents unaudited segment revenues and segment operating income (loss) for business segments attributable to Ben’s equity holders.

    Segment Revenues Attributable to Ben’s Equity Holders(1)
    ($ in thousands)    		 Fiscal 3Q25
    December 31,
    2024    		 Fiscal 2Q25
    September 30,
    2024    		 Fiscal 3Q24
    December 31,
    2023    		 Change %
    vs. Prior
    Quarter    		   YTD Fiscal
     2025    		 YTD Fiscal
     2024    		 Change %
    vs. Prior
    YTD
    Ben Liquidity $ 11,297   $ 11,978   $ 11,275 (5.7)%   $ 34,124   $ 36,303   (6.0)%
    Ben Custody   5,410     5,386     5,897 0.4%     16,178     18,961   (14.7)%
    Corporate & Other   (86 )   (738 )   789 88.3%     (820 )   (1,549 ) 47.1%
    Total Segment Revenues Attributable to Ben’s Equity Holders(1) $ 16,621   $ 16,626   $ 17,961 —%   $ 49,482   $ 53,715   (7.9)%
    Segment Operating Income (Loss) Attributable to Ben’s Equity Holders(1)
    ($ in thousands)    		 Fiscal 3Q25
    December 31,
    2024    		 Fiscal 2Q25
    September 30,
    2024    		 Fiscal 3Q24
    December 31,
    2023    		 Change %
    vs. Prior
    Quarter    		   YTD Fiscal
     2025    		 YTD Fiscal
     2024    		 Change %
    vs. Prior
    YTD
    Ben Liquidity $ (2,853 ) $ 2,905   $ (606,405 ) NM   $ (462 ) $ (1,781,521 ) 100.0%
    Ben Custody   3,507     4,329     (267,995 ) (19.0)%     9,123     (538,840 ) NM
    Corporate & Other   (8,935 )   (16,426 )   (20,217 ) 45.6%     18,730     (94,532 ) NM
    Total Segment Operating Income (Loss) Attributable to Ben’s Equity Holders(1) $ (8,281 ) $ (9,192 ) $ (894,617 ) 9.9%   $ 27,391   $ (2,414,893 ) NM

    NM – Not meaningful.

    (1) Segment financial information attributable to Ben’s equity holders is presented to provide users of our financial information an understanding and visual aide of the segment information (revenues, operating income (loss), and adjusted operating income (loss)) that impacts Ben’s Equity Holders. “Ben’s Equity Holders” refers to the holders of Beneficient Class A and Class B common stock and Series B Preferred Stock as well as holders of interests in BCH which represent noncontrolling interests. For a description of noncontrolling interests, see Item 2 of our Quarterly Report on Form 10-Q for the nine months ended December 31, 2024, and Reconciliation of Business Segment Information Attributable to Ben’s Equity Holders to Net Income Attributable to Ben Common Holders. Such information is computed as the sum of the Ben Liquidity, Ben Custody and Corp/Other segments since it is the operating results of those segments that determine the net income (loss) attributable to Ben’s Equity Holders. See further information in table 5 and Non-GAAP Reconciliations.

    Adjusted Business Segment Information Attributable to Ben’s Equity Holders(2)

    Table 4 below presents unaudited adjusted segment revenue and adjusted segment operating income (loss) for business segments attributable to Ben’s equity holders.

    Adjusted Segment Revenues Attributable to Ben’s Equity Holders(1)(2)
    ($ in thousands)    		 Fiscal 3Q25
    December 31,
    2024    		 Fiscal 2Q25
    September 30,
    2024    		 Fiscal 3Q24
    December 31,
    2023    		 Change %
    vs. Prior
    Quarter    		   YTD Fiscal
     2025    		 YTD Fiscal
     2024    		 Change %
    vs. Prior
    YTD
    Ben Liquidity $ 11,297   $ 11,978   $ 11,275 (5.7)%   $ 34,124   $ 36,303   (6.0)%
    Ben Custody   5,410     5,386     5,897 0.4%     16,178     18,961   (14.7)%
    Corporate & Other   (86 )   (738 )   974 88.3%     (813 )   (205 ) NM
    Total Adjusted Segment Revenues Attributable to Ben’s Equity Holders(1)(2) $ 16,621   $ 16,626   $ 18,146 —%   $ 49,489   $ 55,059   (10.1)%
    Adjusted Segment Operating Income (Loss) Attributable to Ben’s Equity Holders(1)(2)
    ($ in thousands)    		 Fiscal 3Q25
    December 31,
    2024    		 Fiscal 2Q25
    September 30,
    2024    		 Fiscal 3Q24
    December 31,
    2023    		 Change %
    vs. Prior
    Quarter    		   YTD Fiscal
     2025    		 YTD Fiscal
     2024    		 Change %
    vs. Prior
    YTD
    Ben Liquidity $ (2,853 ) $ 2,905   $ 2,525   NM   $ (457 ) $ (11,769 ) 96.1%
    Ben Custody   4,847     4,627     4,835   4.8%     13,890     15,767   (11.9)%
    Corporate & Other   (6,731 )   (9,793 )   (11,954 ) 31.3%     (24,984 )   (41,581 ) 39.9%
    Total Adjusted Segment Operating Income (Loss) Attributable to Ben’s Equity Holders(1)(2) $ (4,737 ) $ (2,261 ) $ (4,594 ) NM   $ (11,551 ) $ (37,583 ) 69.3%

    NM – Not meaningful.

    (1) Adjusted Revenues, Adjusted Operating Income (Loss), Adjusted Segment Revenues attributable to Ben’s Equity Holders and Adjusted Segment Operating Income (Loss) attributable to Ben’s Equity Holders are non-GAAP financial measures. For reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures and for the reasons we believe the non-GAAP measures provide useful information, see Non-GAAP Reconciliations.
    (2) Segment financial information attributable to Ben’s equity holders is presented to provide users of our financial information an understanding and visual aide of the segment information (revenues, operating income (loss), and adjusted operating income (loss)) that impacts Ben’s Equity Holders. “Ben’s Equity Holders” refers to the holders of Beneficient Class A and Class B common stock and Series B Preferred Stock as well as holders of interests in BCH which represent noncontrolling interests. For a description of noncontrolling interests, see Item 2 of our Quarterly Report on Form 10-Q for the nine months ended December 31, 2024, and Reconciliation of Business Segment Information Attributable to Ben’s Equity Holders to Net Income Attributable to Ben Common Holders. Such information is computed as the sum of the Ben Liquidity, Ben Custody and Corp/Other segments since it is the operating results of those segments that determine the net income (loss) attributable to Ben’s Equity Holders. See further information in table 5 and Non-GAAP Reconciliations.

    Reconciliation of Business Segment Information Attributable to Ben’s Equity Holders to Net Income (Loss) Attributable to Ben Common Shareholders

    Table 5 below presents reconciliation of operating income (loss) by business segment attributable to Ben’s Equity Holders to net income (loss) attributable to Ben common shareholders.

    Reconciliation of Business Segments to Net Income (Loss) to Ben Common Shareholders
    ($ in thousands)    		 Fiscal 3Q25
    December 31,
    2024    		 Fiscal 2Q25
    September 30,
    2024    		 Fiscal 3Q24
    December 31,
    2023    		   YTD Fiscal
     2025    		 YTD Fiscal
     2024
    Ben Liquidity $ (2,853 ) $ 2,905   $ (606,405 )   $ (462 ) $ (1,781,521 )
    Ben Custody   3,507     4,329     (267,995 )     9,123     (538,840 )
    Corporate & Other   (8,935 )   (16,426 )   (20,217 )     18,730     (94,532 )
    Loss on debt extinguishment, net (intersegment elimination)   —     —     (3,940 )     —     (3,940 )
    Gain on liability resolution   —     23,462     —       23,462     —  
    Income tax expense (allocable to Ben and BCH equity holders)   (713 )   —     (75 )     (741 )   (75 )
    Net loss attributable to noncontrolling interests – Ben   4,844     3,067     360,695       15,098     401,985  
    Noncontrolling interest guaranteed payment   (4,489 )   (4,423 )   (4,229 )     (13,268 )   (12,501 )
    Net income (loss) attributable to Ben’s common shareholders $ (8,639 ) $ 12,914   $ (542,166 )   $ 51,942   $ (2,029,424 )


    Earnings Webcast

    Beneficient will host a webcast and conference call to review its third quarter financial results on February 13, 2025, at 8:30 am Eastern Standard Time. The webcast will be available via live webcast from the Investor Relations section of the Company’s website at https://shareholders.trustben.com under Events.

    Replay

    The webcast will be archived on the Company’s website in the investor relations section for replay for at least one year.

    About Beneficent

    Beneficient (Nasdaq: BENF) – Ben, for short – is on a mission to democratize the global alternative asset investment market by providing traditionally underserved investors − mid-to-high net worth individuals, small-to-midsized institutions and General Partners seeking exit options, anchor commitments and valued-added services for their funds− with solutions that could help them unlock the value in their alternative assets. Ben’s AltQuote™ tool provides customers with a range of potential exit options within minutes, while customers can log on to the AltAccess® portal to explore opportunities and receive proposals in a secure online environment.

    Its subsidiary, Beneficient Fiduciary Financial, L.L.C., received its charter under the State of Kansas’ Technology-Enabled Fiduciary Financial Institution (TEFFI) Act and is subject to regulatory oversight by the Office of the State Bank Commissioner.

    For more information, visit www.trustben.com or follow us on LinkedIn.

    Contacts
    Investors:
    Matt Kreps/214-597-8200/mkreps@darrowir.com
    Michael Wetherington/214-284-1199/mwetherington@darrowir.com
    investors@beneficient.com

    Important Information and Where You Can Find It

    This press release may be deemed to be solicitation material in respect of a vote of stockholders to approve an amendment to Ben’s articles of incorporation to increase the authorized shares of Class B Common Stock of Ben and the issuance of securities pursuant to the transactions to revise the liquidation priority of BCH (the “Transactions”). In connection with the requisite stockholder approval, Ben will file with the Securities and Exchange Commission (the “SEC”) a preliminary proxy statement and a definitive proxy statement, which will be sent to the stockholders of Ben, seeking such approvals related to the Transactions.

    INVESTORS AND SECURITY HOLDERS OF BEN AND THEIR RESPECTIVE AFFILIATES ARE URGED TO READ, WHEN AVAILABLE, THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTIONS, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT BEN AND THE TRANSACTIONS. Investors and security holders will be able to obtain a free copy of the proxy statement, as well as other relevant documents filed with the SEC containing information about Ben, without charge, at the SEC’s website (http://www.sec.gov). Copies of documents filed with the SEC by Ben can also be obtained, without charge, by directing a request to Investor Relations, Beneficient, 325 North St. Paul Street, Suite 4850, Dallas, Texas 75201, or email investors@beneficient.com.

    Participants in the Solicitation of Proxies in Connection with Transaction

    Ben and certain of its directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect of the requisite stockholder approvals under the rules of the SEC. Information regarding Ben’s directors and executive officers is available in its annual report on Form 10-K for the fiscal year ended March 31, 2024, which was filed with the SEC on July 9, 2024 and certain current reports on Form 8-K filed by Ben. Other information regarding the participants in the solicitation of proxies with respect to the proposed transaction and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC. Free copies of these documents, when available, may be obtained as described in the preceding paragraph.

    Not an Offer of Securities

    The information in this communication is for informational purposes only and shall not constitute, or form a part of, an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities. The securities that are the subject of the Transactions have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

    Disclaimer and Cautionary Note Regarding Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to, among other things, demand for our solutions in the alternative asset industry, opportunities for market growth, statements regarding the proposed Transactions, including expectations of future plans, strategies, and benefits of the Transactions, statements regarding the proposed Mercantile Bank acquisition and estimates regarding future synergies and benefits, our ability to expand the range of digital asset market solutions, and companion custody clearing and control account fee-based services as a result of the proposed Mercantile Bank acquisition, our ability to identify and negotiate transactions, diversification and size of our loan portfolio and our ability to scale operations and provide shareholder value. These forward-looking statements are generally identified by the use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” and, in each case, their negative or other various or comparable terminology. These forward-looking statements reflect our views with respect to future events as of the date of this document and are based on our management’s current expectations, estimates, forecasts, projections, assumptions, beliefs and information. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. All such forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to be materially different from those stated or implied in this document. It is not possible to predict or identify all such risks. These risks include, but are not limited to, the ultimate outcome of the Transactions; the Company’s ability to consummate the Transactions; the ability of the Company to satisfy the closing conditions set forth in the agreement with respect to the Transactions, including obtaining the requisite vote of securityholders; the Company’s ability to meet expectations regarding the timing and completion of the Transactions, the ultimate outcome of the proposed Mercantile Bank acquisition; the Company’s ability to consummate the proposed Mercantile Bank acquisition in a timely manner or at all; the ability of the parties to satisfy the closing conditions to the acquisition; the possibility that the Company may be unable to successfully integrate Mercantile Bank’s operations with those of the Company or realize the expected benefits of the acquisition; the possibility that such integration may be more difficult, time-consuming, or costly than expected; the risk that operating costs, customer loss, and business disruption (including, without limitation, difficulties in maintaining relationships with employees, contractors, and customers) may be greater than expected following the acquisition or the public announcement of the acquisition; the Company’s ability to retain certain key employees of Mercantile Bank; the ability to launch and receive market acceptance for new products and services; risks related to the entry into a new line of business in connection with the proposed Mercantile Bank acquisition, and the risk factors that are described under the section titled “Risk Factors” in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings with the SEC. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document and in our SEC filings. We expressly disclaim any obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.

    Table 6: CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

      Three Months Ended
    December 31,    		   Nine Months Ended
    December 31,
    (Dollars in thousands, except per share amounts)   2024       2023       2024       2023  
    Revenues              
    Investment income, net $ 4,742     $ 7,448     $ 24,311     $ 7,935  
    Loss on financial instruments, net (related party of $(8), $(18,691), $(546) and $(64,217), respectively)   (523 )     (18,024 )     (1,885 )     (64,260 )
    Interest and dividend income   10       118       34       348  
    Trust services and administration revenues (related party of $8, $8, $23 and $23, respectively)   188       158       564       173  
    Other income   2       65       2       65  
    Total revenues   4,419       (10,235 )     23,026       (55,739 )
                   
    Operating expenses              
    Employee compensation and benefits   2,929       7,340       13,914       58,561  
    Interest expense (related party of $3,140, $3,018, $9,330 and $5,843, respectively)   3,240       4,671       11,848       13,569  
    Professional services   5,083       4,970       17,884       22,000  
    Provision for credit losses   —       —       1,000       —  
    Loss on impairment of goodwill   —       883,223       3,692       2,286,212  
    Release of loss contingency related to arbitration award   —       —       (54,973 )     —  
    Other expenses (related party of $723, $2,096, $2,111 and $6,317, respectively)   2,680       5,512       8,551       17,604  
    Total operating expenses   13,932       905,716       1,916       2,397,946  
    Operating income (loss)   (9,513 )     (915,951 )     21,110       (2,453,685 )
    (Gain) loss on liability resolution   —       —       (23,462 )     —  
    Loss on extinguishment of debt, net   —       8,846       —       8,846  
    Net income (loss) before income taxes   (9,513 )     (924,797 )     44,572       (2,462,531 )
    Income tax expense   713       75       741       75  
    Net income (loss)   (10,226 )     (924,872 )     43,831       (2,462,606 )
    Plus: Net loss attributable to noncontrolling interests – Customer ExAlt Trusts   1,232       26,240       6,281       43,698  
    Plus: Net loss attributable to noncontrolling interests – Ben   4,844       360,695       15,098       401,985  
    Less: Noncontrolling interest guaranteed payment   (4,489 )     (4,229 )     (13,268 )     (12,501 )
    Net income (loss) attributable to Beneficient common shareholders $ (8,639 )   $ (542,166 )   $ 51,942     $ (2,029,424 )
    Other comprehensive income (loss):              
    Unrealized (loss) gain on investments in available-for-sale debt securities   (120 )     51       (115 )     4,236  
    Total comprehensive income (loss)   (8,759 )     (542,115 )     51,827       (2,025,188 )
    Less: comprehensive (loss) gain attributable to noncontrolling interests   (120 )     51       (115 )     4,236  
    Total comprehensive income (loss) attributable to Beneficient $ (8,639 )   $ (542,166 )   $ 51,942     $ (2,029,424 )
                   
    Net income (loss) per common share              
    Class A – basic $ (1.32 )   $ (158.36 )   $ 10.30     $ (668.31 )
    Class B – basic $ (1.02 )   $ (156.95 )   $ 13.78     $ (587.49 )
    Net income (loss) per common share              
    Class A – diluted $ (1.32 )   $ (158.36 )   $ 0.12     $ (668.31 )
    Class B – diluted $ (1.02 )   $ (156.95 )   $ 0.12     $ (587.49 )


    Table 7: CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

      December 31, 2024   March 31, 2024
    (Dollars and shares in thousands) (unaudited)    
    ASSETS      
    Cash and cash equivalents $ 4,149     $ 7,913  
    Restricted cash   52       64  
    Investments, at fair value:      
    Investments held by Customer ExAlt Trusts (related party of $12 and $552)   334,278       329,113  
    Investments held by Ben (related party of nil and $6)   —       6  
    Other assets, net   48,519       14,699  
    Intangible assets   3,100       3,100  
    Goodwill   9,914       13,606  
    Total assets $ 400,012     $ 368,501  
    LIABILITIES, TEMPORARY EQUITY, AND EQUITY (DEFICIT)      
    Accounts payable and accrued expenses (related party of $14,294 and $14,143) $ 149,204     $ 157,157  
    Other liabilities (related party of $16,798 and $9,740)   22,433       31,727  
    Warrants liability   648       178  
    Convertible debt   2,667       —  
    Debt due to related parties   120,274       120,505  
    Total liabilities   295,226       309,567  
    Redeemable noncontrolling interests      
    Preferred Series A Subclass 0 Redeemable Unit Accounts, nonunitized   90,526       251,052  
    Total temporary equity   90,526       251,052  
    Shareholder’s equity (deficit):      
    Preferred stock, par value $0.001 per share, 250,000 shares authorized      
    Series A preferred stock, 0 and 0 shares issued and outstanding as of December 31, 2024 and March 31, 2024   —       —  
    Series B preferred stock, 363 and 227 shares issued and outstanding as of December 31, 2024 and March 31, 2024   —       —  
    Class A common stock, par value $0.001 per share, 5,000,000 and 18,750(1) shares authorized as of December 31, 2024 and March 31, 2024, respectively, 8,246 and 3,348 shares issued as of December 31, 2024 and March 31, 2024, respectively, and 8,237 and 3,339 shares outstanding as of December 31, 2024 and March 31, 2024, respectively   8       3  
    Class B convertible common stock, par value $0.001 per share, 250(1) shares authorized, 239 and 239 shares issued and outstanding as of December 31, 2024 and March 31, 2024   —       —  
    Additional paid-in capital   1,843,911       1,848,068  
    Accumulated deficit   (2,007,272 )     (2,059,214 )
    Stock receivable   —       (20,038 )
    Treasury stock, at cost (9 shares as of December 31, 2024 and March 31, 2024)   (3,444 )     (3,444 )
    Accumulated other comprehensive income   161       276  
    Noncontrolling interests   180,896       42,231  
    Total equity (deficit)   14,260       (192,118 )
    Total liabilities, temporary equity, and equity (deficit) $ 400,012     $ 368,501  

    (1) Number has been adjusted to reflect 1-for-80 reverse stock split on April 18, 2024. See Note 1 – Summary of Significant Accounting Policies – Reverse Stock Split to the consolidated financial statements included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on July 9, 2024, for additional information.

    Table 8: Non-GAAP Reconciliations

    (in thousands)   Three Months Ended December 31, 2024
        Ben
    Liquidity    		 Ben
    Custody    		 Customer
    ExAlt Trusts    		 Corporate/
    Other    		 Consolidating
    Eliminations    		 Consolidated
    Total revenues   $ 11,297   $ 5,410 $ 4,317   $ (86 ) $ (16,519 ) $ 4,419  
    Mark to market adjustment on interests in the GWG Wind Down Trust     —     —   8     —     —     8  
    Adjusted revenues   $ 11,297   $ 5,410 $ 4,325   $ (86 ) $ (16,519 ) $ 4,427  
                   
    Operating income (loss)   $ (2,853 ) $ 3,507 $ (35,544 ) $ (8,935 ) $ 34,312   $ (9,513 )
    Mark to market adjustment on interests in the GWG Wind Down Trust     —     —   8     —     —     8  
    Intersegment provision for credit losses on collateral comprised of interests in the GWG Wind Down Trust     —     1,340   —     —     (1,340 )   —  
    Goodwill impairment     —     —   —     —     —     —  
    Release of loss contingency related to arbitration award     —     —   —     —     —     —  
    Share-based compensation expense     —     —   —     804     —     804  
    Legal and professional fees(1)     —     —   —     1,400     —     1,400  
    Adjusted operating income (loss)   $ (2,853 ) $ 4,847 $ (35,536 ) $ (6,731 ) $ 32,972   $ (7,301 )

    (1) Includes legal and professional fees related lawsuits.

    (in thousands)   Three Months Ended September 30, 2024
        Ben
    Liquidity    		 Ben
    Custody    		 Customer
    ExAlt Trusts    		 Corporate/
    Other    		 Consolidating
    Eliminations    		 Consolidated
    Total revenues   $ 11,978 $ 5,386 $ 9,112   $ (738 ) $ (17,177 ) $ 8,561  
    Mark to market adjustment on interests in the GWG Wind Down Trust     —   —   173     —     —     173  
    Adjusted revenues   $ 11,978 $ 5,386 $ 9,285   $ (738 ) $ (17,177 ) $ 8,734  
                   
    Operating income (loss)   $ 2,905 $ 4,329 $ (31,549 ) $ (16,426 ) $ 27,026   $ (13,715 )
    Mark to market adjustment on interests in the GWG Wind Down Trust     —   —   173     —     —     173  
    Intersegment provision for credit losses on collateral comprised of interests in the GWG Wind Down Trust     —   —   —     —     —     —  
    Goodwill impairment     —   298   —     —     —     298  
    Release of loss contingency related to arbitration award     —   —   —     —     —     —  
    Share-based compensation expense     —   —   —     3,364     —     3,364  
    Legal and professional fees(1)     —   —   —     3,269     —     3,269  
    Adjusted operating income (loss)   $ 2,905 $ 4,627 $ (31,376 ) $ (9,793 ) $ 27,026   $ (6,611 )

    (1) Includes legal and professional fees related to lawsuits.

    (in thousands)   Three Months Ended December 31, 2023
        Ben
    Liquidity    		   Ben
    Custody    		   Customer
    ExAlt Trusts    		   Corporate/
    Other    		   Consolidating
    Eliminations    		   Consolidated
    Total revenues   $ 11,275     $ 5,897     $ (11,182 )   $ 789     $ (17,014 )   $ (10,235 )
    Mark to market adjustment on interests in the GWG Wind Down Trust     —       —       18,506       185       —       18,691  
    Adjusted revenues   $ 11,275     $ 5,897     $ 7,324     $ 974     $ (17,014 )   $ 8,456  
                             
    Operating income (loss)   $ (606,405 )   $ (267,995 )   $ (49,363 )   $ (20,217 )   $ 28,029     $ (915,951 )
    Mark to market adjustment on interests in the GWG Wind Down Trust     —       —       18,506       185       —       18,691  
    Intersegment provision for credit losses on collateral comprised of interests in the GWG Wind Down Trust     4,262       —       —       —       (4,262 )     —  
    Goodwill impairment     604,668       272,830       —       5,725       —       883,223  
    Loss on arbitration     —       —       —       —       —       —  
    Share-based compensation expense     —       —       —       2,026       —       2,026  
    Legal and professional fees(1)     —       —       —       327       —       327  
    Adjusted operating income (loss)   $ 2,525     $ 4,835     $ (30,857 )   $ (11,954 )   $ 23,767     $ (11,684 )

    (1) Includes legal and professional fees related to lawsuits.

    (in thousands)   Nine Months Ended December 31, 2024
        Ben
    Liquidity    		   Ben
    Custody    		   Customer
    ExAlt Trusts    		   Corporate/
    Other    		   Consolidating
    Eliminations    		   Consolidated
    Total revenues   $ 34,124     $ 16,178   $ 23,282     $ (820 )   $ (49,738 )   $ 23,026  
    Mark to market adjustment on interests in the GWG Wind Down Trust     —       —     539       7       —       546  
    Adjusted revenues   $ 34,124     $ 16,178   $ 23,821     $ (813 )   $ (49,738 )   $ 23,572  
                             
    Operating income (loss)   $ (462 )   $ 9,123   $ (96,722 )   $ 18,730     $ 90,441     $ 21,110  
    Mark to market adjustment on interests in the GWG Wind Down Trust     —       —     539       7       —       546  
    Intersegment provision for credit losses on collateral comprised of interests in the GWG Wind Down Trust     5       1,340     —       —       (1,345 )     —  
    Goodwill impairment     —       3,427     —       265       —       3,692  
    Release of loss contingency related to arbitration award     —       —     —       (54,973 )     —       (54,973 )
    Share-based compensation expense     —       —     —       5,162       —       5,162  
    Legal and professional fees(1)     —       —     —       5,825       —       5,825  
    Adjusted operating income (loss)   $ (457 )   $ 13,890   $ (96,183 )   $ (24,984 )   $ 89,096     $ (18,638 )

    (1) Includes legal and professional fees related to lawsuits.

    (in thousands)   Nine Months Ended December 31, 2023
        Ben
    Liquidity    		   Ben
    Custody    		   Customer
    ExAlt Trusts    		   Corporate/
    Other    		   Consolidating
    Eliminations    		   Consolidated
    Total revenues   $ 36,303     $ 18,961     $ (54,363 )   $ (1,549 )   $ (55,091 )   $ (55,739 )
    Mark to market adjustment on interests in the GWG Wind Down Trust     —       —       62,873       1,344       —       64,217  
    Adjusted revenues   $ 36,303     $ 18,961     $ 8,510     $ (205 )   $ (55,091 )   $ 8,478  
                             
    Operating income (loss)   $ (1,781,521 )   $ (538,840 )   $ (166,051 )   $ (94,532 )   $ 127,259     $ (2,453,685 )
    Mark to market adjustment on interests in the GWG Wind Down Trust     —       —       62,873       1,344       —       64,217  
    Intersegment provision for credit losses on collateral comprised of interests in the GWG Wind Down Trust     43,872       —       —       —       (43,872 )     —  
    Goodwill impairment     1,725,880       554,607       —       5,725       —       2,286,212  
    Loss on arbitration     —       —       —       —       —       —  
    Share-based compensation expense     —       —       —       37,530       —       37,530  
    Legal and professional fees(1)     —       —       —       8,352       —       8,352  
    Adjusted operating income (loss)   $ (11,769 )   $ 15,767     $ (103,178 )   $ (41,581 )   $ 83,387     $ (57,374 )

    (1) Includes legal and professional fees related to GWG Holdings bankruptcy, lawsuits, public relations, and employee matters.

      Three Months Ended
    December 31,    		   Nine Months Ended
    December 31,
        2024     2023       2024       2023  
    Operating Expenses Non GAAP Reconciliation              
    Operating expenses $ 13,932   $ 905,716     $ 1,916     $ 2,397,946  
    Plus: Release of loss contingency related to arbitration award   —     —       54,973       —  
    Less: Goodwill impairment   —     (883,223 )     (3,692 )     (2,286,212 )
    Operating expenses, excluding goodwill impairment and release of loss contingency related to arbitration award $ 13,932   $ 22,493     $ 53,197     $ 111,734  

    The below table reconciles the non-GAAP financial measures of tangible book value and tangible book value to Ben’s public stockholders to the most comparable GAAP financial measures as of December 31, 2024 on an actual basis and pro forma assuming the transactions described in our Form 8-K filed on December 23, 2024 occurred on December 31, 2024.

      Actual
    and Pro
    Forma     (a)    		       Actual   Pro forma (a)
    Tangible Book Value     Tangible book value attributable to Ben’s public company stockholders        
    Total equity (deficit) $ 14,260     Tangible book value   $ 91,772     $ 91,772  
    Less: Goodwill and intangible assets   (13,014 )   Less: Tangible book value attributable to Beneficient Holdings noncontrolling interest holders     (91,772 )     (82,595 )
    Plus: Total temporary equity   90,526     Tangible book value attributable to Ben’s public company stockholders     —       9,177  
    Tangible book value $ 91,772              

    (a) Assumes the transactions described in our Form 8-K filed on December 23, 2024 closed on December 31, 2024 including that the BCH limited partnership agreement was amended to provide that Beneficient, as the indirect holder of the Class A Units and certain Designated Class S Ordinary Units of BCH, would receive in the event of a liquidation of BCH (i) 10% of the first $100 million of distributions of BCH following the satisfaction of the debts and liabilities of BCH on a consolidated basis and (ii) 33.3333% of the net asset value of the added alternative assets of up to $5 billion in connection with ExAlt Plan liquidity and primary capital transactions entered after December 22, 2024.

    Adjusted Revenues, Adjusted Operating Income (Loss), Adjusted Segment Revenues attributable to Ben’s Equity Holders and Adjusted Segment Operating Income (Loss) attributable to Ben’s Equity Holders are non-GAAP financial measures. We present these non-GAAP financial measures because we believe it helps investors understand underlying trends in our business and facilitates an understanding of our operating performance from period to period because it facilitates a comparison of our recurring core business operating results. Tangible Book Value and Tangible Book Value to Ben’s Public Company Stockholders are also non-GAAP financial measures. We present these non-GAAP financial measures because we believe it help investors in analyzing the intrinsic value of the Company, including the proforma impact of the contemplated transactions more fully described in our Form 8-K filed on December 23, 2024. The non-GAAP financial measures are intended as a supplemental measure of our performance that is neither required by, nor presented in accordance with, U.S. GAAP. Our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Our computation of these non-GAAP financial measures may not be comparable to other similarly titled measures computed by other companies, because all companies may not calculate such items in the same way.

    We define adjusted revenue as revenue adjusted to exclude the effect of mark-to-market adjustments on related party equity securities that were acquired both prior to and during the Collateral Swap, which on August 1, 2023, became interests in the GWG Wind Down Trust. Adjusted Segment Revenues attributable to Ben’s Equity Holders is the same as “adjusted revenues” related to the aggregate of the Ben Liquidity, Ben Custody, and Corporate/Other Business Segments, which are the segments that impact the net income (loss) attributable to all equity holders of Beneficient, including equity holders of Beneficient’s subsidiary, BCH.

    Adjusted operating income (loss) represents GAAP operating income (loss), adjusted to exclude the effect of the adjustments to revenue as described above, credit losses on related party available-for-sale debt securities that were acquired in the Collateral Swap which on August 1, 2023, became interests in the GWG Wind Down Trust, and receivables from a related party that filed for bankruptcy and certain notes receivables originated during our formative transactions, non-cash asset impairment, share-based compensation expense, and legal, professional services, and public relations costs related to the GWG Holdings bankruptcy, lawsuits, a defunct product offering, and certain employee matters, including fees & loss contingency accruals (releases) incurred in arbitration with a former director. Adjusted Segment Operating Income (Loss) attributable to Ben’s Equity Holders is the same as “adjusted operating income (loss)” related to the aggregate of the Ben Liquidity, Ben Custody, and Corporate/Other Business Segments, which are the segments that impact the net income (loss) attributable to all equity holders of Beneficient, including equity holders of Beneficient’s subsidiary, BCH.

    Tangible book value is defined as the sum of total equity (deficit) less goodwill and intangible assets plus total temporary equity. Tangible book value to Ben’s public company stockholders is defined at tangible book value adjusted for the portion of tangible book value that is attributable to Ben’s public company stockholders, which is calculated as tangible book value adjusted for (i) 10% of the first $100 million of distributions of BCH following the satisfaction of the debts and liabilities of BCH on a consolidated basis and (ii) 33.3333% of the net asset value of the added alternative assets of up to $5 billion in connection with ExAlt Plan liquidity and primary capital transactions entered after December 22, 2024.

    These non-GAAP financial measures are not a measure of performance or liquidity calculated in accordance with U.S. GAAP. They are unaudited and should not be considered an alternative to, or more meaningful than, GAAP revenues or GAAP operating income (loss) as an indicator of our operating performance. Uses of cash flows that are not reflected in adjusted operating income (loss) or adjusted segment operating income (loss) attributable to Ben’s Equity Holders include capital expenditures, interest payments, debt principal repayments, and other expenses, which can be significant. As a result, adjusted operating income (loss) and/or adjusted segment operating income (loss) attributable to Ben’s Equity Holders should not be considered as a measure of our liquidity.

    Because of these limitations, Adjusted Revenues, Adjusted Operating Income (Loss), Adjusted Segment Revenues attributable to Ben’s Equity Holders, Adjusted Segment Operating Income (Loss) attributable to Ben’s Equity Holders, Tangible Book Value and Tangible Book Value to Ben’s Public Company Stockholders should not be considered in isolation or as a substitute for performance measures calculated in accordance with U.S. GAAP. We compensate for these limitations by relying primarily on our U.S. GAAP results and using Adjusted Revenues, Adjusted Operating Income (Loss), Adjusted Segment Revenues attributable to Ben’s Equity Holders, Adjusted Segment Operating Income (Loss) attributable to Ben’s Equity Holders, Tangible Book Value and Tangible Book Value to Ben’s Public Company Stockholders on a supplemental basis. You should review the reconciliation of these non-GAAP financial measures set forth above and not rely on any single financial measure to evaluate our business.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/09d463d7-9883-4bbf-8a05-3c24ea42846e

    The MIL Network –

  • MIL-OSI: TransUnion Announces Fourth Quarter and Full-Year 2024 Results and Refreshed Capital Allocation Framework

    Source: GlobeNewswire (MIL-OSI)

    • Exceeded fourth quarter 2024 financial guidance for revenue with 9 percent growth driven by U.S. Markets Financial Services and Insurance verticals, and our International segment
    • Delivered strong financial results in 2024 while executing on technology modernization and delivering ~$85 million of transformation program savings
    • Announcing new freemium direct-to-consumer credit education and monitoring offering, enabled in collaboration with Credit Sesame
    • Providing 2025 financial guidance, we expect to deliver 3.5 to 5 percent revenue growth (4.5 to 6 percent organic constant currency)
    • Refreshing capital allocation framework – lowering target Leverage Ratio to under 2.5x, raising quarterly dividend to $0.115 and announcing new $500 million share repurchase program authorization

    CHICAGO, Feb. 13, 2025 (GLOBE NEWSWIRE) — TransUnion (NYSE: TRU) (the “Company”) today announced financial results for the quarter and full-year ended December 31, 2024.

    Fourth Quarter 2024 Results

    Revenue:

    • Total revenue for the quarter was $1,037 million, an increase of 9 percent (9 percent on an organic constant currency basis), compared with the fourth quarter of 2023.

    Earnings:

    • Net income attributable to TransUnion was $66 million for the quarter, compared with $6 million for the fourth quarter of 2023. Diluted earnings per share was $0.34, compared with $0.03 in the fourth quarter of 2023. Net income attributable to TransUnion margin was 6 percent, compared with 1 percent in the fourth quarter of 2023.
    • Adjusted Net Income was $192 million for the quarter, compared with $156 million for the fourth quarter of 2023. Adjusted Diluted Earnings per Share for the quarter was $0.97, compared with $0.80 in the fourth quarter of 2023.
    • Adjusted EBITDA was $378 million for the quarter, an increase of 16 percent (16 percent on a constant currency basis) compared with the fourth quarter of 2023. Adjusted EBITDA margin was 36 percent, compared with 34 percent in the fourth quarter of 2023.

    “TransUnion finished the year with strong revenue growth and margin expansion,” said Chris Cartwright, President and CEO. “U.S. Markets grew by high single-digits in the fourth quarter against subdued but stable market conditions, driven by mortgage pricing, improving non-mortgage Financial Services growth and Insurance strength. Our International segment delivered double-digit growth led by India, Asia Pacific and Latin America.”

    “In 2025, we expect to deliver 4.5 to 6 percent organic constant currency revenue growth with modest margin expansion, assuming a continuation of current subdued conditions. We remain highly focused on driving strong financial results while executing on our transformation initiatives – refining and strengthening our global operating model; completing U.S. and India technology modernization; and accelerating innovation and growth across our solution suites. We took a key step in reinvigorating Consumer Interactive growth with today’s announcement of our new freemium credit education and monitoring offering, enabled in collaboration with Credit Sesame.”

    “Following strong de-levering throughout 2024, we are providing a refreshed capital allocation framework. We are lowering our Leverage Ratio target to under 2.5x, raising our quarterly dividend to $0.115, and announcing a new $500 million share repurchase program. Given the strength of our portfolio and our ongoing transformation, the bar for M&A is high, and we are not seeking large-scale acquisitions. In 2025, we plan to deploy cash for a combination of further debt prepayment, share repurchases and partially funding of the recently announced Trans Union de Mexico acquisition.”

    Fourth Quarter 2024 Segment Results

    U.S. Markets:

    U.S. Markets revenue was $792 million, an increase of 8 percent compared with the fourth quarter of 2023.

    • Financial Services revenue was $356 million, an increase of 21 percent compared with the fourth quarter of 2023.
    • Emerging Verticals revenue was $302 million, an increase of 4 percent compared with the fourth quarter of 2023.
    • Consumer Interactive revenue was $134 million, a decrease of 11 percent compared with the fourth quarter of 2023.

    Adjusted EBITDA was $312 million, an increase of 16 percent compared to the fourth quarter of 2023.

    International:

    International revenue was $245 million, an increase of 11 percent (12 percent on a constant currency basis) compared with the fourth quarter of 2023.

    • Canada revenue was $39 million, an increase of 5 percent (8 percent on a constant currency basis) compared with the fourth quarter of 2023.
    • Latin America revenue was $34 million, an increase of 7 percent (15 percent on a constant currency basis) compared with the fourth quarter of 2023.
    • United Kingdom revenue was $59 million, an increase of 6 percent (3 percent on a constant currency basis) compared with the fourth quarter of 2023.
    • Africa revenue was $18 million, an increase of 13 percent (8 percent on a constant currency basis) compared with the fourth quarter of 2023.
    • India revenue was $67 million, an increase of 17 percent (18 percent on a constant currency basis) compared with the fourth quarter of 2023.
    • Asia Pacific revenue was $29 million, an increase of 19 percent (20 percent on a constant currency basis) compared with the fourth quarter of 2023.

    Adjusted EBITDA was $107 million, an increase of 11 percent (13 percent on a constant currency basis) compared with the fourth quarter of 2023.

    Full Year 2024 Results

    Revenue:

    • Total revenue for the year was $4,184 million, an increase of 9 percent (9 percent on a constant currency basis) compared with 2023.

    Earnings:

    • Net income (loss) attributable to TransUnion was $284 million for the year, compared with $(206) million in 2023. Diluted earnings (loss) per share was $1.45, compared with $(1.07) in 2023. Net income (loss) attributable to TransUnion margin was 7 percent, compared with (5) percent in 2023. Our net income attributable to TransUnion, diluted earnings per share and net income attributable to TransUnion margin include expenses associated with our transformation plan. Our 2023 net income attributable to TransUnion, diluted earnings per share and net income attributable to TransUnion margin include a goodwill impairment recognized in the third quarter of 2023.
    • Adjusted Net Income was $769 million for the year, compared with $655 million in 2023. Adjusted Diluted Earnings per Share was $3.91, compared with $3.37 in 2023.
    • Adjusted EBITDA was $1,506 million for the year, compared to $1,344 million in 2023, an increase of 12 percent (an increase of 12 percent on a constant currency basis) compared with 2023. Adjusted EBITDA margin was 36 percent, compared with 35 percent in 2023.

    Liquidity and Capital Resources

    Cash and cash equivalents were $679 million at December 31, 2024 and $476 million at December 31, 2023. For the twelve months ended December 31, 2024, we prepaid $150.0 million of our Senior Secured Term Loans, funded from our cash on hand.

    For the year ended December 31, 2024, cash provided by operating activities was $832 million compared with $645 million in 2023. For 2024, the increase in cash provided by operating activities was primarily due to improved operating performance and lower net interest expense, partially offset by employee separation payments and a penalty paid for the early termination of a facility lease, both of which were in connection with our operating model optimization program. For the year ended December 31, 2024, cash used in investing activities was $307 million for 2024 compared with $319 million in 2023. The decrease in cash used in investing activities was primarily due to lower investments in nonconsolidated affiliates. Capital expenditures as a percent of revenue represented 8% for 2024 and 2023. For the year ended December 31, 2024, cash used in financing activities was $309 million compared with $439 million in 2023. The decrease in cash used in financing activities was due primarily to a decrease in debt repayments.

    The Company’s Board of Directors has authorized the repurchase of up to $500 million of the Company’s common stock. These repurchases may be made from time to time in the open market, in privately negotiated transactions, or otherwise, including pursuant to a Rule 10b5-1 plan, hybrid open market repurchases or an accelerated share repurchase transaction, at prices that the Company deems appropriate and subject to market conditions, applicable law and other factors deemed relevant in the Company’s sole discretion. The share repurchase authorization does not obligate the Company to repurchase any dollar amount or number of shares of common stock, and may be suspended or discontinued at any time. This new share repurchase authorization replaces all previous authorizations.

    The Company’s Board of Directors has declared a cash dividend of $0.115 per share for the fourth quarter of 2024. The dividend will be payable on March 14, 2025, to shareholders of record on February 27, 2025.

    First Quarter and Full Year 2025 Outlook

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

        Three Months Ended March 31, 2025   Year Ended December 31, 2025
    (in millions, except per share data)   Low   High   Low   High
    Revenue, as reported   $ 1,060     $ 1,074     $ 4,333     $ 4,393  
    Revenue growth1:                
    As reported     4 %     5 %     3.5 %     5 %
    Constant currency1, 2     5 %     6 %     4.5 %     6 %
    Organic constant currency1, 3     5 %     6 %     4.5 %     6 %
                     
    Net income attributable to TransUnion   $ 71     $ 77     $ 335     $ 362  
    Net income attributable to TransUnion growth     9 %     18 %     18 %     27 %
    Net income attributable to TransUnion margin     6.7 %     7.1 %     7.7 %     8.3 %
                     
    Diluted Earnings per Share   $ 0.36     $ 0.39     $ 1.68     $ 1.82  
    Diluted Earnings per Share growth     7 %     16 %     16 %     26 %
                     
    Adjusted EBITDA, as reported5   $ 376     $ 384     $ 1,549     $ 1,590  
    Adjusted EBITDA growth, as reported4     5 %     7 %     3 %     6 %
    Adjusted EBITDA margin     35.5 %     35.8 %     35.8 %     36.2 %
                     
    Adjusted Diluted Earnings per Share5   $ 0.96     $ 0.99     $ 3.93     $ 4.08  
    Adjusted Diluted Earnings per Share growth     4 %     8 %     1 %     4 %
                                     

            

    1. Additional revenue growth assumptions:
      1. The impact of changing foreign currency exchange rates is expected to be approximately 1% of headwind for Q1 2025 and FY 2025.
      2. There is no impact from recently announced acquisitions for Q1 2025 and FY 2025.
      3. The impact of mortgage is expected to be approximately 2 points of benefit for Q1 2025 and approximately 2 points of benefit for FY 2025.
      4. Constant currency growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
      5. Organic constant currency growth rates are constant currency growth excluding inorganic growth. Inorganic growth represents growth attributable to the first twelve months of activity for recent business acquisitions. There is no impact from recent business acquisitions in Q1 2025 and FY 2025.
      6. Additional Adjusted EBITDA assumptions:
        1. The impact of changing foreign currency exchange rates is expected to have approximately 2% of headwind for Q1 2025 and approximately 1% of headwind for FY 2025.
        2. For a reconciliation of the above non-GAAP financial measures to the most directly comparable GAAP financial measures, refer to Schedule 7 of this Earnings Release.

          3. Earnings Webcast Details

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

          About TransUnion (NYSE: TRU)

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

          http://www.transunion.com/business

          Availability of Information on TransUnion’s Website

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

          Forward-Looking Statements

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

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

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

        There may be other factors, many of which are beyond our control, that may cause our actual results to differ materially from the forward-looking statements, including factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, to be filed with the SEC in February 2025, and our Annual Report on Form 10-K for the year ended December 31, 2023, as well as our quarterly reports for the quarters ended September 30, 2024, June 30, 2024 and March 31, 2024, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K filed with the Securities and Exchange Commission. You should evaluate all forward-looking statements made in this report in the context of these risks and uncertainties.

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

        For More Information

        E-mail:         Investor.Relations@transunion.com

        Telephone:   312.985.2860

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

          December 31,
        2024        		   December 31,
        2023
        Assets      
        Current assets:      
        Cash and cash equivalents $ 679.5     $ 476.2  
        Trade accounts receivable, net of allowance of $19.9 and $16.4   798.9       723.0  
        Other current assets   323.4       275.9  
        Total current assets   1,801.8       1,475.1  
        Property, plant and equipment, net of accumulated depreciation and amortization of $506.3 and $804.4   203.5       199.3  
        Goodwill   5,144.3       5,176.0  
        Other intangibles, net of accumulated amortization of $2,294.5 and $2,719.8   3,257.5       3,515.3  
        Other assets   577.7       739.4  
        Total assets $ 10,984.8     $ 11,105.1  
        Liabilities and stockholders’ equity      
        Current liabilities:      
        Trade accounts payable $ 294.6     $ 251.3  
        Current portion of long-term debt   70.6       89.6  
        Other current liabilities   694.4       661.8  
        Total current liabilities   1,059.6       1,002.7  
        Long-term debt   5,076.6       5,250.8  
        Deferred taxes   415.3       592.9  
        Other liabilities   114.5       153.2  
        Total liabilities   6,666.0       6,999.6  
        Stockholders’ equity:      
        Preferred stock, $0.01 par value; 100.0 million shares authorized; none issued or outstanding as of December 31, 2024 and 2023   —       —  
        Common stock, $0.01 par value; 1.0 billion shares authorized at December 31, 2024 and December 31, 2023; 201.5 million and 200.0 million shares issued as of December 31, 2024 and December 31, 2023, respectively; and 194.9 million and 193.8 million shares outstanding as of December 31, 2024 and December 31, 2023, respectively   2.0       2.0  
        Additional paid-in capital   2,558.9       2,412.9  
        Treasury stock at cost; 6.6 million and 6.2 million shares at December 31, 2024 and December 31, 2023, respectively   (334.6 )     (302.9 )
        Retained earnings   2,357.9       2,157.1  
        Accumulated other comprehensive loss   (367.2 )     (260.9 )
        Total TransUnion stockholders’ equity   4,217.0       4,008.2  
        Noncontrolling interests   101.8       97.3  
        Total stockholders’ equity   4,318.8       4,105.5  
        Total liabilities and stockholders’ equity $ 10,984.8     $ 11,105.1  
                       

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

          Three Months Ended   December 31,   Years Ended December 31,
            2024       2023       2024       2023  
        Revenue $ 1,036.8     $ 954.3     $ 4,183.8     $ 3,831.2  
        Operating expenses              
        Cost of services (exclusive of depreciation and amortization below)   411.6       380.6       1,673.3       1,517.3  
        Selling, general and administrative   317.2       303.9       1,239.3       1,171.6  
        Depreciation and amortization   137.3       133.3       537.8       524.4  
        Goodwill impairment   —       —       —       414.0  
        Restructuring   —       75.3       66.8       75.3  
        Total operating expenses   866.0       893.0       3,517.1       3,702.7  
        Operating income   170.8       61.3       666.7       128.5  
        Non-operating income and (expense)              
        Interest expense   (62.0 )     (71.0 )     (265.2 )     (288.2 )
        Interest income   8.6       5.7       28.5       20.7  
        Earnings from equity method investments   4.2       4.6       18.3       16.3  
        Other income and (expense), net   (20.9 )     (6.4 )     (47.1 )     (22.7 )
        Total non-operating income and (expense)   (70.1 )     (67.1 )     (265.5 )     (273.9 )
        Income (loss) from continuing operations before income taxes   100.6       (5.8 )     401.1       (145.3 )
        Provision for income taxes   (29.9 )     15.4       (98.8 )     (44.7 )
        Income (loss) from continuing operations   70.7       9.5       302.3       (190.1 )
        Discontinued operations, net of tax   —       —       —       (0.7 )
        Net income (loss)   70.7       9.5       302.3       (190.8 )
        Less: net income attributable to noncontrolling interests   (4.5 )     (3.5 )     (18.0 )     (15.4 )
        Net income (loss) attributable to TransUnion $ 66.2     $ 6.1     $ 284.4     $ (206.2 )
                       
        Income (loss) from continuing operations $ 70.7     $ 9.5     $ 302.3     $ (190.1 )
        Less: income from continuing operations attributable to noncontrolling interests   (4.5 )     (3.5 )     (18.0 )     (15.4 )
        Income (loss) from continuing operations attributable to TransUnion   66.2       6.0       284.4       (205.4 )
        Discontinued operations, net of tax   —       —       —       (0.7 )
        Net income (loss) attributable to TransUnion $ 66.2     $ 6.1     $ 284.4     $ (206.2 )
                       
        Basic earnings (loss) per common share from:              
        Income (loss) from continuing operations attributable to TransUnion $ 0.34     $ 0.03     $ 1.46     $ (1.06 )
        Discontinued operations, net of tax   —       —       —       —  
        Net income (loss) attributable to TransUnion $ 0.34     $ 0.03     $ 1.46     $ (1.07 )
        Diluted earnings (loss) per common share from:              
        Income (loss) from continuing operations attributable to TransUnion $ 0.34     $ 0.03     $ 1.45     $ (1.06 )
        Discontinued operations, net of tax   —       —       —       —  
        Net income (loss) attributable to TransUnion $ 0.34     $ 0.03     $ 1.45     $ (1.07 )
                       
        Weighted-average shares outstanding:              
        Basic   194.9       193.7       194.4       193.4  
        Diluted   197.3       194.3       196.7       193.4  
                                       

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

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

          Years Ended December 31,
            2024       2023  
        Cash flows from operating activities:      
        Net income (loss) $ 302.3     $ (190.8 )
        Less: Discontinued operations, net of tax   —       (0.7 )
        Income (loss) from continuing operations   302.3       (190.1 )
        Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
        Depreciation and amortization   537.8       524.4  
        Goodwill impairment   —       414.0  
        Loss on repayment of loans   7.4       7.6  
        Deferred taxes   (157.3 )     (162.7 )
        Stock-based compensation   121.2       100.3  
        Loss on early termination of lease   40.5       —  
        Other   34.3       26.0  
        Changes in assets and liabilities:      
        Trade accounts receivable   (105.6 )     (135.1 )
        Other current and long-term assets   46.0       (12.7 )
        Trade accounts payable   39.2       (6.5 )
        Other current and long-term liabilities   (33.3 )     80.4  
        Cash provided by operating activities of continuing operations   832.5       645.6  
        Cash used in operating activities of discontinued operations   —       (0.2 )
        Cash provided by operating activities   832.5       645.4  
        Cash flows from investing activities:      
        Capital expenditures   (315.8 )     (310.7 )
        Proceeds from sale/maturity of other investments   0.2       82.3  
        Purchases of other investments   (0.2 )     (53.5 )
        Investments in nonconsolidated affiliates   (5.9 )     (36.9 )
        Proceeds from the sale of investments in nonconsolidated affiliates   7.7       —  
        (Payments) proceeds related to disposal of discontinued operations   —       (0.5 )
        Other   6.6       0.4  
        Cash used in investing activities   (307.4 )     (318.9 )
        Cash flows from financing activities:      
        Proceeds from Term Loans   1,793.1       655.8  
        Repayments of Term Loans   (1,786.1 )     (347.7 )
        Repayments of debt   (198.9 )     (650.0 )
        Debt financing fees   (16.5 )     (3.3 )
        Proceeds from issuance of common stock and exercise of stock options   24.9       23.1  
        Dividends to shareholders   (82.7 )     (81.8 )
        Employee taxes paid on restricted stock units recorded as treasury stock   (31.7 )     (18.4 )
        Distributions to noncontrolling interests   (10.8 )     (16.5 )
        Cash used in financing activities   (308.7 )     (438.8 )
        Effect of exchange rate changes on cash and cash equivalents   (13.1 )     3.2  
        Net change in cash and cash equivalents   203.3       (109.1 )
        Cash and cash equivalents, beginning of period   476.2       585.3  
        Cash and cash equivalents, end of period $ 679.5     $ 476.2  
                       

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

        TRANSUNION AND SUBSIDIARIES
        Non-GAAP Financial Measures

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

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

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

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

        Consolidated Adjusted EBITDA

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

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

        Consolidated Adjusted EBITDA Margin

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

        Adjusted Net Income

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

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

        Adjusted Diluted Earnings Per Share

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

        Adjusted Provision for Income Taxes

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

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

        Adjusted Effective Tax Rate

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

        Leverage Ratio

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

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

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

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

        SCHEDULE 1
        TRANSUNION AND SUBSIDIARIES
        Revenue and Adjusted EBITDA growth rates as Reported, CC, Inorganic, Organic and Organic CC
        (Unaudited)
                 
            For the Three Months Ended December 31, 2024 compared with
        the Three Months Ended December 31, 2023        		   For the Year Ended December 31, 2024 compared with
        the Year Ended December 31, 2023
            Reported   CC Growth1   Organic CC Growth2   Reported   CC Growth1   Organic CC Growth2
        Revenue:                        
        Consolidated   8.6 %   8.9 %   8.9 %   9.2 %   9.3 %   9.3 %
        U.S. Markets   7.6 %   7.7 %   7.7 %   8.2 %   8.2 %   8.2 %
        Financial Services   20.6 %   20.6 %   20.6 %   15.2 %   15.2 %   15.2 %
        Emerging Verticals   4.2 %   4.2 %   4.2 %   4.0 %   4.0 %   4.0 %
        Consumer Interactive   (11.1)%   (11.1)%   (11.1)%   1.5 %   1.6 %   1.6 %
        International   10.7 %   11.7 %   11.7 %   12.7 %   13.0 %   13.0 %
        Canada   5.3 %   7.9 %   7.9 %   9.9 %   11.5 %   11.5 %
        Latin America   7.0 %   15.2 %   15.2 %   10.6 %   12.0 %   12.0 %
        United Kingdom   5.8 %   2.7 %   2.7 %   5.1 %   2.6 %   2.6 %
        Africa   13.0 %   8.2 %   8.2 %   9.5 %   9.8 %   9.8 %
        India   16.7 %   18.3 %   18.3 %   23.1 %   24.7 %   24.7 %
        Asia Pacific   19.3 %   20.2 %   20.2 %   15.1 %   15.8 %   15.8 %
                                 
        Adjusted EBITDA:                        
        Consolidated   15.9 %   16.4 %   16.4 %   12.1 %   12.3 %   12.3 %
        U.S. Markets   16.3 %   16.4 %   16.4 %   10.2 %   10.2 %   10.2 %
        International   11.3 %   12.8 %   12.8 %   15.8 %   16.6 %   16.6 %
                                             
        1. Constant Currency (“CC”) growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
        2. We have no inorganic revenue or Adjusted EBITDA for the periods presented. Organic CC growth rate is the CC growth rate less inorganic growth rate.
           
        SCHEDULE 2
        TRANSUNION AND SUBSIDIARIES
        Consolidated and Segment Revenue, Adjusted EBITDA, and Adjusted EBITDA Margins (Unaudited)
        (dollars in millions)
               
          Three Months Ended December 31,   Years Ended December 31,
            2024       2023       2024       2023  
        Revenue:              
        U.S. Markets gross revenue              
        Financial Services $ 356.1     $ 295.3     $ 1,433.8     $ 1,244.9  
        Emerging Verticals   302.3       290.3       1,215.5       1,168.2  
        Consumer Interactive   133.5       150.3       588.7       579.7  
        U.S. Markets gross revenue $ 792.0     $ 735.8     $ 3,237.9     $ 2,992.8  
                       
        International gross revenue              
        Canada $ 38.5     $ 36.6     $ 154.4     $ 140.5  
        Latin America   33.8       31.6       134.7       121.8  
        United Kingdom   59.2       55.9       227.7       216.6  
        Africa   18.4       16.3       66.4       60.6  
        India   66.6       57.1       269.4       218.9  
        Asia Pacific   28.6       24.0       105.8       91.9  
        International gross revenue $ 245.1     $ 221.5     $ 958.4     $ 850.4  
                       
        Total gross revenue $ 1,037.1     $ 957.3     $ 4,196.3     $ 3,843.1  
                       
        Intersegment revenue eliminations              
        U.S. Markets $ 1.3     $ (1.6 )   $ (6.2 )   $ (6.2 )
        International   (1.6 )     (1.4 )     (6.4 )     (5.7 )
        Total intersegment revenue eliminations $ (0.3 )   $ (3.0 )   $ (12.6 )   $ (11.9 )
                       
        Total revenue as reported $ 1,036.8     $ 954.3     $ 4,183.8     $ 3,831.2  
                       
        Adjusted EBITDA:              
        U.S. Markets $ 311.9     $ 268.1     $ 1,232.8     $ 1,119.0  
        International   107.4       96.5       425.5       367.5  
        Corporate   (41.4 )     (38.6 )     (152.0 )     (142.8 )
                       
        Adjusted EBITDA Margin:1              
        U.S. Markets   39.4 %     36.4 %     38.1 %     37.4 %
        International   43.8 %     43.6 %     44.4 %     43.2 %
                                       
        1. Segment Adjusted EBITDA Margins are calculated using segment gross revenue and segment Adjusted EBITDA. Consolidated Adjusted EBITDA Margin is calculated using total revenue as reported and consolidated Adjusted EBITDA.
           
          Three Months Ended December 31,   Years Ended December 31,
            2024       2023       2024       2023  
        Reconciliation of Net income (loss) attributable to TransUnion to consolidated Adjusted EBITDA:              
        Net income (loss) attributable to TransUnion $ 66.2     $ 6.1     $ 284.4     $ (206.2 )
        Discontinued operations, net of tax   —       —       —       0.7  
        Income (loss) from continuing operations attributable to TransUnion $ 66.2     $ 6.0     $ 284.4     $ (205.4 )
        Net interest expense   53.4       65.4       236.7       267.5  
        Provision (benefit) for income taxes   29.9       (15.4 )     98.8       44.7  
        Depreciation and amortization   137.3       133.3       537.8       524.4  
        EBITDA $ 286.8     $ 189.4     $ 1,157.7     $ 631.2  
        Adjustments to EBITDA:              
        Stock-based compensation $ 35.6     $ 27.3     $ 121.2     $ 100.6  
        Goodwill impairment1   —       —       —       414.0  
        Mergers and acquisitions, divestitures and business optimization2   9.4       10.1       26.5       34.6  
        Accelerated technology investment3   25.6       17.0       84.2       70.6  
        Operating model optimization program4   8.4       77.6       94.8       77.6  
        Net other5   12.1       4.6       21.8       15.2  
        Total adjustments to EBITDA $ 91.1     $ 136.6     $ 348.7     $ 712.5  
        Consolidated Adjusted EBITDA $ 377.9     $ 326.0     $ 1,506.3     $ 1,343.7  
                       
        Net income (loss) attributable to TransUnion margin   6.4 %     0.6 %     6.8 %   (5.4)%
        Consolidated Adjusted EBITDA margin6   36.5 %     34.2 %     36.0 %     35.1 %
                                       

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

        1. During the year ended December 31, 2023, we recorded a goodwill impairment of $414.0 million related to our United Kingdom reporting unit in our International segment.
        2. Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
           
            Three Months Ended December 31,   Years Ended December 31,
              2024       2023       2024     2023  
        Transaction and integration costs   $ 4.2     $ 9.9     $ 11.2   $ 30.9  
        Fair value and impairment adjustments     7.6       0.9       8.4     1.6  
        Post-acquisition adjustments     (2.3 )     (0.5 )     7.0     4.3  
        Transition services agreement income     —       (0.1 )     —     (2.5 )
        Loss on business disposal     —       —       —     0.3  
        Total mergers and acquisitions, divestitures and business optimization   $ 9.4     $ 10.1     $ 26.5   $ 34.6  
                                       
        3.  Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities, which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
           
            Three Months Ended December 31,   Years Ended December 31,
              2024     2023     2024     2023
        Foundational Capabilities   $ 10.7   $ 8.0   $ 35.7   $ 35.8
        Migration Management     13.3     7.7     43.2     29.6
        Program Enablement     1.6     1.3     5.4     5.2
        Total accelerated technology investment   $ 25.6   $ 17.0   $ 84.2   $ 70.6
                                 
        4. Operating model optimization consisted of the following adjustments:
           
            Three Months Ended December 31,   Years Ended December 31,
              2024     2023     2024     2023
        Employee separation   $ —   $ 71.9   $ 24.7   $ 71.9
        Facility exit     —     3.4     42.1     3.4
        Business process optimization     8.4     2.3     28.0     2.3
        Total operating model optimization   $ 8.4   $ 77.6   $ 94.8   $ 77.6
                                 
        5. Net other consisted of the following adjustments:
           
            Three Months Ended December 31,   Years Ended December 31,
              2024     2023       2024       2023  
        Deferred loan fee expense from debt prepayments and refinancings   $ 8.6   $ 6.2     $ 17.8     $ 9.3  
        Other debt financing expenses     0.7     0.7       2.4       2.2  
        Currency remeasurement on foreign operations     2.5     (1.8 )     2.1       4.8  
        Other non-operating (income) and expense     0.2     (0.5 )     (0.5 )     (1.0 )
        Total other adjustments   $ 12.1   $ 4.6     $ 21.8     $ 15.2  
                                       
        6. Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.
           
        SCHEDULE 3
        TRANSUNION AND SUBSIDIARIES
        Adjusted Net Income and Adjusted Diluted Earnings Per Share (Unaudited)
        (in millions, except per share data)
                 
            Three Months Ended December 31,   Years Ended December 31,
              2024       2023       2024       2023  
        Net income (loss) from continuing operations attributable to TransUnion   $ 66.2     $ 6.0     $ 284.4     $ (205.4 )
        Discontinued operations, net of tax     —       —       —       (0.7 )
        Income (loss) attributable to TransUnion   $ 66.2     $ 6.1     $ 284.4     $ (206.2 )
                         
        Weighted-average shares outstanding:                
        Basic     194.9       193.7       194.4       193.4  
        Diluted     197.3       194.3       196.7       193.4  
                         
        Basic earnings (loss) per common share from:                
        Income (loss) from continuing operations attributable to TransUnion   $ 0.34     $ 0.03     $ 1.46     $ (1.06 )
        Discontinued operations, net of tax     —       —       —       —  
        Net income (loss) attributable to TransUnion   $ 0.34     $ 0.03     $ 1.46     $ (1.07 )
        Diluted earnings (loss) per common share from:                
        Income (loss) from continuing operations attributable to TransUnion   $ 0.34     $ 0.03     $ 1.45     $ (1.06 )
        Discontinued operations, net of tax     —       —       —       —  
        Net income (loss) attributable to TransUnion   $ 0.34     $ 0.03     $ 1.45     $ (1.07 )
                         
        Reconciliation of Net income (loss) attributable to TransUnion to Adjusted Net Income:                
        Net income (loss) attributable to TransUnion   $ 66.2     $ 6.1     $ 284.4     $ (206.2 )
        Discontinued operations, net of tax     —       —       —       0.7  
        Income (loss) from continuing operations attributable to TransUnion   $ 66.2     $ 6.0     $ 284.4     $ (205.4 )
        Adjustments before income tax items:                
        Amortization of certain intangible assets     71.3       72.4       286.1       293.6  
        Stock-based compensation     35.6       27.3       121.2       100.6  
        Goodwill impairment1     —       —       —       414.0  
        Mergers and acquisitions, divestitures and business optimization2     9.4       10.1       26.5       34.6  
        Accelerated technology investment3     25.6       17.0       84.2       70.6  
        Operating model optimization program4     8.4       77.6       94.8       77.6  
        Net other5     11.6       4.4       20.2       14.0  
        Total adjustments before income tax items   $ 161.9     $ 208.8     $ 633.1     $ 1,005.0  
        Total adjustments for income taxes6   $ (35.9 )   $ (58.9 )   $ (148.7 )   $ (144.1 )
        Adjusted Net Income   $ 192.2     $ 156.0     $ 768.8     $ 655.4  
                         
        Weighted-average shares outstanding:                
        Basic     194.9       193.7       194.4       193.4  
        Diluted     197.3       194.3       196.7       194.7  
                         
        Adjusted Earnings per Share:                
        Basic   $ 0.99     $ 0.81     $ 3.95     $ 3.39  
        Diluted   $ 0.97     $ 0.80     $ 3.91     $ 3.37  
                                         

                

            Three Months Ended December 31,   Years Ended December 31,
              2024       2023       2024       2023  
        Reconciliation of Diluted earnings (loss) per share from Net income attributable to TransUnion to Adjusted Diluted Earnings per Share:                
        Diluted earnings (loss) per common share from:                
        Net income (loss) attributable to TransUnion   $ 0.34     $ 0.03     $ 1.45     $ (1.07 )
        Discontinued operations, net of tax     —       —       —       —  
        Income (loss) from continuing operations attributable to TransUnion   $ 0.34     $ 0.03     $ 1.45     $ (1.06 )
        Adjustments before income tax items:                
        Amortization of certain intangible assets     0.36       0.37       1.45       1.51  
        Stock-based compensation     0.18       0.14       0.62       0.52  
        Goodwill impairment1     —       —       —       2.13  
        Mergers and acquisitions, divestitures and business optimization2     0.05       0.05       0.13       0.18  
        Accelerated technology investment3     0.13       0.09       0.43       0.36  
        Operating model optimization program4     0.04       0.40       0.48       0.40  
        Net other5     0.06       0.02       0.10       0.07  
        Total adjustments before income tax items   $ 0.82     $ 1.07     $ 3.22     $ 5.16  
        Total adjustments for income taxes6     (0.18 )     (0.30 )     (0.76 )     (0.74 )
        Impact of additional dilutive shares7     —       —       —       0.02  
        Adjusted Diluted Earnings per Share   $ 0.97     $ 0.80     $ 3.91     $ 3.37  
                                         

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

        1. During the year ended December 31, 2023, we recorded a goodwill impairment of $414.0 million related to our United Kingdom reporting unit in our International segment.
        2. Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
           
            Three Months Ended December 31,   Years Ended December 31,
              2024       2023       2024     2023  
        Transaction and integration costs   $ 4.2     $ 9.9     $ 11.2   $ 30.9  
        Fair value and impairment adjustments     7.6       0.9       8.4     1.6  
        Post-acquisition adjustments     (2.3 )     (0.5 )     7.0     4.3  
        Transition services agreement income     —       (0.1 )     —     (2.5 )
        Loss on business disposal     —       —       —     0.3  
        Total mergers and acquisitions, divestitures and business optimization   $ 9.4     $ 10.1     $ 26.5   $ 34.6  
                                       
        3. Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
           
            Three Months Ended December 31,   Years Ended December 31,
              2024     2023     2024     2023
        Foundational Capabilities   $ 10.7   $ 8.0   $ 35.7   $ 35.8
        Migration Management     13.3     7.7     43.2     29.6
        Program Enablement     1.6     1.3     5.4     5.2
        Total accelerated technology investment   $ 25.6   $ 17.0   $ 84.2   $ 70.6
                                 
        4. Operating model optimization consisted of the following adjustments:
           
            Three Months Ended December 31,   Years Ended December 31,
              2024     2023     2024     2023
        Employee separation   $ —   $ 71.9   $ 24.7   $ 71.9
        Facility exit     —     3.4     42.1     3.4
        Business process optimization     8.4     2.3     28.0     2.3
        Total operating model optimization   $ 8.4   $ 77.6   $ 94.8   $ 77.6
                                 
        5. Net other consisted of the following adjustments:
           
            Three Months Ended December 31,   Years Ended December 31,
              2024     2023       2024     2023
        Deferred loan fee expense from debt prepayments and refinancing   $ 8.6   $ 6.2     $ 17.8   $ 9.3
        Currency remeasurement on foreign operations     2.5     (1.8 )     2.1     4.8
        Other non-operating expense     0.4     —       0.3     —
        Total other adjustments   $ 11.6   $ 4.4     $ 20.2   $ 14.0
                                   
        6. Total adjustments for income taxes represents the total of adjustments discussed to calculate the Adjusted Provision for Income Taxes.
        7.  Diluted share counts for Adjusted Diluted Earnings Per Share includes an additional 1.3 million of dilutive securities for the twelve months ended December 31, 2023, which are not included in GAAP diluted weighted-average shares outstanding due to the Company’s net loss position for the twelve months ended December 31, 2023.
           
        SCHEDULE 4
        TRANSUNION AND SUBSIDIARIES
        Adjusted Provision for Income Taxes, Effective Tax Rate and Adjusted Effective Tax Rate (Unaudited)
        (dollars in millions)
               
          Three Months Ended December 31,   Years Ended December 31,
            2024       2023       2024       2023  
        Income (loss) from continuing operations before income taxes $ 100.6     $ (5.8 )   $ 401.1     $ (145.3 )
        Total adjustments before income tax items from Schedule 3   161.9       208.8       633.1       1,005.0  
        Adjusted income from continuing operations before income taxes $ 262.5     $ 203.0     $ 1,034.3     $ 859.7  
                       
        Reconciliation of Provision for income taxes to Adjusted Provision for Income Taxes              
        (Provision) benefit for income taxes   (29.9 )     15.4       (98.8 )     (44.7 )
        Adjustments for income taxes:              
        Tax effect of above adjustments   (37.0 )     (45.5 )     (145.5 )     (135.6 )
        Eliminate impact of excess tax (benefit) expenses for stock-based compensation   (0.1 )     0.2       (1.5 )     3.0  
        Other1   1.3       (13.7 )     (1.7 )     (11.5 )
        Total adjustments for income taxes $ (35.9 )   $ (58.9 )   $ (148.7 )   $ (144.1 )
        Adjusted Provision for Income Taxes $ (65.8 )   $ (43.5 )   $ (247.6 )   $ (188.8 )
                       
        Effective tax rate   29.7 %     263.1 %     24.6 %   (30.8)%
        Adjusted Effective Tax Rate   25.1 %     21.4 %     23.9 %     22.0 %
                                       

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

        1. Other adjustments for income taxes include:
           
            Three Months Ended December 31,   Years Ended December 31,
              2024       2023       2024       2023  
        Deferred tax adjustments   $ 15.2     $ (13.5 )   $ 13.8     $ (12.9 )
        Valuation allowance adjustments     (10.6 )     4.8       (12.7 )     4.0  
        Return to provision, audit adjustments, and reserves related to prior periods     (3.5 )     (3.6 )     (2.3 )     (1.0 )
        Other adjustments     0.1       (1.4 )     (0.5 )     (1.6 )
        Total other adjustments   $ 1.3     $ (13.7 )   $ (1.7 )   $ (11.5 )
                                         

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

            Years Ended December 31,
              2024     2023  
        Reconciliation of Net income (loss) attributable to TransUnion to Consolidated Adjusted EBITDA:        
        Net income (loss) attributable to TransUnion   $ 284.4   $ (206.2 )
        Discontinued operations, net of tax     —     0.7  
        Income (loss) from continuing operations attributable to TransUnion   $ 284.4   $ (205.4 )
        Net interest expense     236.7     267.5  
        Provision for income taxes     98.8     44.7  
        Depreciation and amortization     537.8     524.4  
        EBITDA   $ 1,157.7   $ 631.2  
        Adjustments to EBITDA:        
        Stock-based compensation   $ 121.2   $ 100.6  
        Goodwill impairment1     —     414.0  
        Mergers and acquisitions, divestitures and business optimization2     26.5     34.6  
        Accelerated technology investment3     84.2     70.6  
        Operating model optimization program4     94.8     77.6  
        Net other5     21.8     15.2  
        Total adjustments to EBITDA   $ 348.7   $ 712.5  
        Leverage Ratio Adjusted EBITDA   $ 1,506.3   $ 1,343.7  
                 
        Total debt   $ 5,147.2   $ 5,340.4  
        Less: Cash and cash equivalents     679.5     476.2  
        Net Debt   $ 4,467.8   $ 4,864.2  
                 
        Ratio of Net Debt to Net income (loss) attributable to TransUnion     15.7     (23.6 )
        Leverage Ratio6     3.0     3.6  
                       

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

        1. During the year ended December 31, 2023, we recorded a goodwill impairment of $414.0 million related to our United Kingdom reporting unit in our International segment.
        2. Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
           
          Years Ended December 31,
            2024     2023  
        Transaction and integration costs $ 11.2   $ 30.9  
        Fair value and impairment adjustments   8.4     1.6  
        Post-acquisition adjustments   7.0     4.3  
        Transition services agreement income   —     (2.5 )
        Loss on business disposal   —     0.3  
        Total mergers and acquisitions, divestitures and business optimization $ 26.5   $ 34.6  
                     
        3. Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
           
          Years Ended December 31,
            2024     2023
        Foundational Capabilities $ 35.7   $ 35.8
        Migration Management   43.2     29.6
        Program Enablement   5.4     5.2
        Total accelerated technology investment $ 84.2   $ 70.6
                   
        4. Operating model optimization consisted of the following adjustments:
           
          Years Ended December 31,
            2024     2023
        Employee separation $ 24.7   $ 71.9
        Facility exit   42.1     3.4
        Business process optimization   28.0     2.3
        Total operating model optimization $ 94.8   $ 77.6
                   
        5. Net other consisted of the following adjustments:
           
          Years Ended December 31,
            2024       2023  
        Deferred loan fee expense from debt prepayments and refinancings $ 17.8     $ 9.3  
        Other debt financing expenses   2.4       2.2  
        Currency remeasurement on foreign operations   2.1       4.8  
        Other non-operating (income) and expense   (0.5 )     (1.0 )
        Total other adjustments $ 21.8     $ 15.2  
                       
        6. We define Leverage Ratio as net debt divided by Leverage Ratio Adjusted EBITDA as shown in the table above.
           
        SCHEDULE 6
        TRANSUNION AND SUBSIDIARIES
        Segment Depreciation and Amortization (Unaudited)
        (in millions)
               
          Three Months Ended December 31,   Years Ended December 31,
            2024     2023     2024     2023
                       
        U.S. Markets $ 101.1   $ 101.3   $ 400.5   $ 393.6
        International   35.2     30.9     133.3     126.4
        Corporate   0.9     1.1     3.9     4.4
        Total depreciation and amortization $ 137.3   $ 133.3   $ 537.8   $ 524.4

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

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

          Three Months Ended March 31, 2025   Year Ended December 31, 2025
          Low   High   Low   High
        Guidance reconciliation of Net income attributable to TransUnion to Adjusted EBITDA:              
        Net income attributable to TransUnion $ 71     $ 77     $ 335     $ 362  
        Interest, taxes and depreciation and amortization   222       225       923       935  
        EBITDA $ 293     $ 301     $ 1,258     $ 1,298  
        Stock-based compensation, mergers, acquisitions divestitures and business optimization-related expenses and other adjustments1   83       83       292       292  
        Adjusted EBITDA $ 376     $ 384     $ 1,549     $ 1,590  
                       
        Net income attributable to TransUnion margin   6.7 %     7.1 %     7.7 %     8.3 %
        Consolidated Adjusted EBITDA margin2   35.5 %     35.8 %     35.8 %     36.2 %
                       
        Guidance reconciliation of Diluted earnings per share to Adjusted Diluted Earnings per Share:              
        Diluted earnings per share $ 0.36     $ 0.39     $ 1.68     $ 1.82  
        Adjustments to diluted earnings per share1   0.60       0.60       2.25       2.26  
        Adjusted Diluted Earnings per Share $ 0.96     $ 0.99     $ 3.93     $ 4.08  

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

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

        The MIL Network –

  • MIL-OSI United Kingdom: Former owner of Gillingham takeaway sanctioned for £50,000 Covid loan abuse

    Source: United Kingdom – Executive Government & Departments

    Former owner of Chinese takeaway in Kent claimed maximum loan for business which was not eligible for any money

    • Zhongqing Li claimed a £50,000 Bounce Back Loan for his Chinese takeaway despite the business not being eligible for the scheme
    • The Official Receiver uncovered the abuse of the loan after the takeaway owner became bankrupt.
    • He is now subject to nine years of sanctions which prevent him acting as a company director 

    The former owner of a Chinese takeaway in Kent is subject to stringent sanctions after taking out a £50,000 Bounce Back Loan during the Covid pandemic when the business was not entitled to any money under the scheme.

    Zhongqing Li, 55, from Parkwood Green, Gillingham, applied for the loan in June 2020 to support his Silver Sea takeaway, which also traded from Parkwood Green. 

    Li became bankrupt in June 2024, owing the full amount of the loan. 

    The Official Receiver, whose duty includes investigating the cause of a bankruptcy, discovered that Silver Sea had not been trading within the required timeframe to have been eligible for a Bounce Back Loan.  

    Samantha Crook, Deputy Official Receiver at the Insolvency Service, said: 

    The Bounce Back Loan scheme was designed to help keep existing businesses afloat during a time of crisis for the country.  

    Zhongqing Li abused this vital support by claiming the maximum amount possible for a business that was not entitled to receive a loan under the terms of the scheme. 

    The Insolvency Service strives to secure the toughest sanctions for those who abuse public money, and we are pleased these lengthy restrictions will curb Li’s business and financial activities to help protect the public from further harm.

    Li made a loan application on 15 June 2020 in which he stated that Silver Sea had been trading on 1 March 2020 – the date businesses had to have been trading to qualify for a loan under the rules of the scheme. 

    But the Official Receiver discovered that the day before he applied for the loan, Li had signed a VAT registration form saying the business had only begun trading in the previous month, on 17 May 2020. 

    The Official Receiver secured a Bankruptcy Restrictions Undertaking (BRU) from Li, in which he did not dispute that he had obtained a £50,000 Bounce Back Loan to which he was not entitled because he was not trading on or before 1 March 2020, as required by the terms of the scheme. 

    He agreed to abide by sanctions that restrict his finance and business activities, and extend the original terms of his bankruptcy – usually a 12-month period – for another nine years. 

    The restrictions prevent him acting as a company director without permission from the court, and from holding certain roles in public organisations. He is also prohibited from borrowing more than £500 without declaring he is subject to the sanctions.  

    The Secretary of State for Business and Trade accepted the undertaking from Zhongqing Li on 28 January 2025. He will be subject to the restrictions until 27 January 2034. 

    The Silver Sea takeaway continues to trade under different owners. 

    The Official Receiver continues to make enquiries into possible recovery of the money. 

    Further Information

    Updates to this page

    Published 13 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Economics: Burkhard Balz: Envisioning tomorrow – the role of CBDCs in Europe’s digital financial ecosystem

    Source: Bank for International Settlements

    Check against delivery 

    1 Introduction

    Good morning ladies and gentlemen and thank you very much for your warm welcome.

    I am honoured to have been invited back to this year’s Frankfurt Digital Finance Conference in this wonderful building here in Frankfurt’s Palmengarten and to have been asked to hold a keynote to kick off today’s event.

    Allow me to begin my keynote this morning with a quote attributed to Oscar Wilde: The future belongs to those who recognise opportunities before they become obvious. These words, ladies and gentlemen, could not be any better suited to our financial ecosystem. 

    And it is precisely opportunities that I wish to address in my keynote today – the opportunities provided by central bank digital currencies, or CBDCs for short. A subject that is as timely as it is significant.

    2 The future is digital

    We are at the cusp of a new era. One in which the digitalisation of the financial sector is not just an option but a necessity. New technologies are venturing into the realm of payments and new forms of money, such as digital central bank currencies and stablecoins, are also emerging as alternatives to physical cash.

    These developments all pose new challenges for central banks. Ultimately, central banks must continue to ensure secure and efficient payments in line with their mandate and redefine their role in an increasingly digitalised world in order to maintain the public’s trust in our monetary system.

    The question that we therefore now face is: how do we respond to these technological challenges?

    And that is precisely why we in the Eurosystem – by that I mean the European Central Bank and the national central banks of the euro-area member states, including the Bundesbank – are taking a proactive approach to actively help shape the future of Europe’s digital financial ecosystem.

    3 What are we aiming to achieve with the introduction of a digital euro?

    One could argue that the Eurosystem already offers enough sufficiently well-functioning products, be it physical banknotes and coins or cashless payment instruments. After all, these have proven their worth for decades. Yet at the same time, we cannot simply ignore the evolving world around us. In an increasingly digitalised society, we must adapt to the changing needs and demands of consumers and rethink our payment services. 

    Let me outline the three key motivations behind the possible introduction of a retail CBDC in Europe – a digital euro, which we sometimes like to summarise as resilience, autonomy and efficiency.

    Let me first start with resilience. The foundation of an independent and efficient monetary policy is the adoption and use of the euro. By providing our common currency – the euro – in its form as legal tender and as a modern “all-in-one” digital payment solution, we are paving the way for our currency to enter the digital age, making it “future-proof” and fit for purpose in an increasingly digital society.

    The digital euro would thereby help to preserve the euro’s fulfilment of the core monetary functions and shield the euro area from competing foreign currencies as well as foreign – and potentially unregulated – stablecoins by safeguarding the anchor function of central bank money.

    Second, the digital euro is necessary to improve the autonomy of the European payment system. In its current form, the European payments landscape is highly dependent on non-European providers. Almost 25 years after the introduction of the euro, we still do not have a digital payment solution that can be used across the entire euro area and that runs on a European infrastructure, which, in my view, is not compatible with the concept of a single European market. Although a small number of successful payment innovations have emerged across the euro area over the past years, such as iDEAL in the Netherlands or BIZUM in Spain, the reach of these payment solutions usually ends at national borders.

    As a result, payments in Europe are largely dependent on international schemes, primarily those in the United States. At present, just under two thirds of all card payments in the euro area are processed by non-European providers. And I believe that Europe’s dependencies in the digital age are likely to increase if we do not fundamentally take matters into our own hands. 

    Third, is the issue of efficiency. By creating a pan-European payment rail in a technically modern form, we would foster competition and innovation in payments across Europe, which we believe is the best path towards efficiency in payments. The payment initiatives we have today, such as BIZUM or WERO, would be able to integrate the digital euro into their payment applications, thereby enabling them to gain instant European reach.

    4 What would a digital euro be for the common citizen?

    Although the issues I have just touched upon are very important, they are not necessarily of primarily relevance for the daily life of a majority of citizens in Europe. Hence, what would the digital euro be from the perspective of the customer?

    I believe that the digital euro would not just be a commitment to Europe’s autonomy, increase the resilience of our payment system and foster competition and innovation, it would also improve payments and make life easier for the 350 million residents of the euro area.

    The digital euro would serve as an additional means of payment alongside cash. As a digital upgrade of banknotes and coins, it would be an “all-in-one payments solution”, as we like to call it, which means it can be used in almost all everyday payment situations, including at retail checkouts, transactions among family and friends, online purchases, and payments to or from public authorities. Furthermore, it would be the first digital currency which could be used both online and offline. That is to say, also in the event of a loss of internet reception.

    Moreover, the design of the digital euro would ensure that it would offer the highest possible level of user privacy, comparable only to cash. No other digital means of payment in Europe currently offers all these features.

    Despite the many benefits the digital euro would bring for Europe as a whole, we must, nevertheless, proceed with caution. The introduction of a digital euro raises important questions about privacy, security, and the impact on financial stability and monetary policy. We must ensure that the digital euro upholds the highest standards of data protection, that it is resilient against cyber threats, and that it does not have a negative impact on financial stability.

    5 Wholesale CBDC

    Digitalisation raises questions not only in terms of how we intend to continue providing access to central bank money for our European citizens in future, but also in terms of how we intend to supply money to our wholesale customers. It is and will remain essential that we are able to settle digital transactions using new and innovative technologies, such as distributed ledger technology (DLT) in central bank money. An entire ecosystem is currently evolving around the tokenisation of securities, which involves all parts of the financial system.

    Like other financial players, the Bundesbank, and also the Eurosystem as a whole, see the significant benefits that the use of these new technologies can bring. The advantages of DLT, such as automated settlement by means of smart contracts and reduced reconciliation needs, are clear.

    But to fully harness this potential, we also need an innovative settlement mechanism for the cash leg – one which settles transactions in central bank money. We are therefore working on developing wholesale solutions that enable banks to settle DLT-based financial market transactions in central bank money. 

    The Eurosystem recently completed an exploration phase together with the market, which ran from May to November 2024, during which we tested various new technologies for wholesale central bank money settlement using real transactions. The Bundesbank also participated in this exploration phase with its “Trigger solution”, which builds a bridge between DLT platforms and the conventional TARGET payment system. The feedback we have received from the market so far has been very positive. I think we can already say that the exploration phase was a complete success.

    The anticipated benefits of DLT are seen as having the potential to address and overcome the ecosystem’s current shortcomings, such as fragmentation, complexity, over-intermediation, and technological inefficiencies, which hinder the growth of a digital capital markets union. 

    By developing a new ecosystem from the ground up, it could be made more integrated and harmonised, featuring a “common set of rails” – a shared ledger or a network of fully interoperable ledgers – that would guarantee reachability, open access, and compatibility across the services of all participants.

    Our primary focus is now on implementing a short-term wholesale solution to meet the immediate and growing demands of the market. This will buy us some much-needed time to continue working on a vision for a long-term solution for wholesale CBDC. A solution which must ultimately go hand in hand with the evolving financial market ecosystem.

    6 Business-to-business (B2B) payments

    Alongside its work into the possible introduction of a digital euro and the exploration of wholesale CBDC, the ECB, together with the Eurosystem, has also been turning its focus to another area of payments – one which is increasingly gaining traction: business-to-business payments, or B2B payments for short.

    To fully leverage the potential of the evolving payments landscape in the area of CBDCs, last October the ECB organised a special focus workshop on innovations in B2B payments and the role central bank money could play. 

    This workshop provided a one-of-a-kind platform to learn more about the potential use cases out there in the market. Given the high level of interest shown in the first focus workshop, I’m sure this will not be the last one of its kind.

    7 Outlook

    Ladies and gentlemen,

    The introduction of the digital euro and the exploration of wholesale CBDC and B2B use cases are not just a technical exercise, but a clear commitment to the innovative strength and competitiveness of Europe.

    The Bundesbank and the Eurosystem are determined to play an active role in shaping this digital transformation.

    It is, however, crucial that we continue working together and pool our resources and expertise in order to fully exploit the opportunities offered by digitalisation to create a strong, stable and future-proof digital financial ecosystem for Europe.

    Thank you for your attention.

    MIL OSI Economics –

  • MIL-OSI: Altus Group Releases its Q4 2024 Pan-European Dataset Analysis on CRE Valuation Trends

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Feb. 13, 2025 (GLOBE NEWSWIRE) — Altus Group Limited (“Altus”) (TSX: AIF), a leading provider of asset and fund intelligence for commercial real estate (“CRE”), today released its Q4 2024 Pan-European dataset analysis on European property market valuation trends.

    Each quarter, Altus Group centralizes and aggregates CRE valuation data for the European market, pulling insights into the factors driving commercial property valuations. The Q4 2024 aggregate dataset included Pan-European open-ended diversified funds, representing €29 billion in assets under management. The funds cover 17 countries and primarily span the industrial, office, retail and residential property sectors.

    “The latest data across the Pan-European valuation dataset suggests that real estate markets in parts of Europe are entering a recovery phase, with values now rising for two consecutive quarters after two years of declines,” said Phil Tily, Senior Vice President at Altus Group. “The industrial and residential sectors led the rebound in the fourth quarter of 2024, with yield stabilization and improving cashflows signalling a more positive market outlook moving forward.”

    Commercial property values across the Pan-European valuation dataset increased for the second consecutive quarter in Q4, rising 0.8% over Q3, with all sectors seeing gains, albeit with a mixed set of results from a yield and cashflow perspective. Values rose 0.4% overall in 2024, as gains in Q3 and Q4 offset declines from the first half of the year, driven mainly by industrial, residential, and other property categories.

    Key highlights by sector include:

    • Industrial: The industrial sector was the top performer in Q4 with a 1.0% value increase over Q3 2024 and 1.6% annually. The improvement was supported by a positive pricing adjustment with yields declining, although cashflow fundamentals eased as rental growth slowed during the back end of the year. The largest valuation gains were reported in Germany.
    • Residential: Residential values rose by 0.9% in Q4 and 1.4% for the full year – both above average. The improvement was driven by comparatively strong cash flow fundamentals with above-average rent growth. Values in the two largest residential markets in the dataset, the Netherlands and Germany, continued to strengthen, increasing 1.0% and 0.8% respectively in the quarter.
    • Office: Office values rose 0.8% over Q3 2024, up for two consecutive quarters now. Further yield expansion, reflecting ongoing investor caution towards the sector, was counterbalanced by strengthening cashflow resulting in office values continuing to rise over the quarter. Sweden was the standout performer in this sector in Q4.
    • Retail: After leading performance in Q3 2024, the retail sector saw only modest growth in Q4, with values still rising 0.3%. Rising yields held back values for high street stores and shopping centres, while falling yields for retail warehouses helped boost values by 1.9%.
    • Other: Outside of the main sectors, hotels had another strong quarter, with positive investor sentiment driving yield improvements and above-average value growth.

    For detailed review of the sector trends by asset class, please click here.

    About Altus Group

    Altus Group is a leading provider of asset and fund intelligence for commercial real estate. We deliver intelligence as a service to our global client base through a connected platform of industry-leading technology, advanced analytics, and advisory services. Trusted by the largest CRE leaders, our capabilities help commercial real estate investors, developers, lenders, and advisors manage risks and improve performance returns throughout the asset and fund lifecycle. Altus Group is a global company headquartered in Toronto with approximately 1,900 employees across North America, EMEA and Asia Pacific. For more information about Altus (TSX: AIF) please visit www.altusgroup.com.

    FOR FURTHER INFORMATION PLEASE CONTACT:

    Elizabeth Lambe
    Director, Global Communications, Altus Group
    +1-416-641-9787
    elizabeth.lambe@altusgroup.com

    The MIL Network –

  • MIL-OSI United Kingdom: CNC celebrates National Apprenticeship Week

    Source: United Kingdom – Executive Government & Departments

    In its first year, the Civil Nuclear Constabulary (CNC) apprenticeship programme has reached the 100-apprentice milestone.

    Chief Constable Simon Chesterman meeting AFOs.

    Announced last year during National Apprenticeship Week, the Level Four Non-Home Office Police Officer Apprenticeship (NHOPOA) trains recruits to the National Police Firearms Training Curriculum and takes place across our delivery centres in Oxfordshire and Cumbria.

    The first 19 weeks of the course is a residential Initial Foundation Programme which includes our highly regarded firearms training, and for the remaining 20 months of the course recruits are posted as Authorised Firearms Officers (AFOs) at nominated Operational Policing Units (OPUs) to complete a portfolio of evidence to demonstrate their policing ability. After passing an End Point Assessment, the apprentices are confirmed in rank. 

    The celebrations continue this week as the CNC can announce that it recently passed its first Ofsted inspection, receiving praise for its training, practices, and positive recommendations for the future. This achievement demonstrates the force’s commitment to the learning and development of our people.

    Chief Superintendent, Sheree Owen, Head of Training, reflects positively on the recent Ofsted inspection: “I am delighted with the outcome of the recent no-notice monitoring visit by Ofsted, the final grading for this will be published by Ofsted in the next two months.

    “The feedback from inspectors was very positive, and highlighted the huge effort put into delivering this from many across the CNC, those within the training division, from policing skills instructors and NFIs, the Professional Development Units and tutor constables to the HQ staff who supported the project, the planners, finance team and operational support colleagues.

    “We look forward to our full inspection in the next eighteen months.”

    Inspector Stuart Rodgers, Apprenticeship Manager, also said: “My thanks to the apprentices for their hard work and commitment to learning new knowledge and skills, everyone at our training venues and to all those tutors who volunteer their time and effort to ensure our new people settle in well and complete their work to a high standard.”

    Updates to this page

    Published 13 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: City leaders join as ‘One Stoke-on-Trent’ following August protests

    Source: City of Stoke-on-Trent

    Stoke-on-Trent today (Thursday 13 February) launches a major government-backed community campaign aimed at bringing together all communities as “One Stoke-on-Trent”.

    The year-long campaign unites leaders from the city council, police, fire services, NHS, schools and colleges, local football teams, the media, and faith and voluntary sectors.

    It is backed by £600,000 of funding from the Ministry of Housing, Communities and Local Government’s Community Recovery Fund.

    Some £240,000 of that money will be made available through a community grant scheme to amplify initiatives that promote cohesion and bring people together. Three categories of grant will be on offer: small (£500-£1,000), medium (£1,000-£5,000) and large (£5,000-£10,000).

    Separately, the campaign will include a major engagement and “listening” exercise, working with residents and business to explore crucial questions about the city’s collective identity and what more needs to be done to make Stoke-on-Trent a place where everyone feels welcome, and can thrive.

    Key messages from the campaign will be promoted by partners, making clear that Stoke-on-Trent is committed to being a welcoming city, which believes in fair opportunity for everyone and sees diversity as a strength.

    The grants will be administered by the Community Foundation for Staffordshire and Shropshire, supported by VAST – a charity dedicated to helping to improve the quality of life for local communities – which will provide dedicated support to grassroot groups looking to apply for funding and deliver projects.

    One Stoke-on-Trent has been developed on the back of public disorder in August 2024, which saw hundreds of protestors and counter-protesters descend on Hanley city centre. The incident was one of several national protests which took place last summer following the devastating murder of three young girls in Southport.

    Councillor Jane Ashworth, the leader of Stoke-on-Trent City Council, said: “We have made it clear that everybody in Stoke-on-Trent has a right to feel and be safe – and that prejudice and discrimination are not welcome here, but we know that more needs to be done to understand the individual challenges facing our local communities.

    “This will mean confronting some uncomfortable realities, engaging in difficult but necessary conversations and managing misinformation that can so easily spread hate and division.

    “As we mark our city’s Centenary, we also need to recognise the contributions our diverse communities are making to our city and celebrate our unique history, heritage and individual character of each of our six towns.

    “Our goal is to foster a greater sense of pride, trust and belonging among all residents regardless of their origin, background, race or religion.”

    Fahmida Rehman, CEO of Stepping Stones Community Organisation, said: “The clear message emerging from this partnership is one of inclusivity and respect.

    “Stoke-on-Trent is a city where everyone, regardless of their background, deserves to feel safe, valued, and heard. 

    “The multi-agency approach – bringing together council leaders, local services and community organisations like ours – signals a commitment to real, sustainable change.

    “This is about more than just addressing the immediate concerns; it is about fostering long-term resilience, ensuring that prejudice and discrimination have no place in our city, and nurturing a future where all communities can thrive equally.”

    Superintendent Dave Wain, of Staffordshire Police, said: “We know our communities in Stoke-on-Trent want to see more visible policing and for us to take robust action to address the issues that matter to them.  

    “We recognise that policing is only part of the solution and that is why we’re looking forward to working with our partners to tackle key community priorities.”

    Matt Hancock, Chief Executive at Port Vale, said: “As a football club at the very heart of a diverse community within Stoke-on-Trent, we are fully supportive of the One Stoke-on-Trent initiative and committed to continuing to bring people together.

    “We want our city to be a safe and welcoming environment for everyone, and are proud to be working collaboratively to deliver this strong message.”

    Leanne Macpherson, Head of Programmes at the Community Foundation for Staffordshire and Shropshire, said: “We are pleased to be able to work with so many partners across the city to launch the grants scheme to support our local communities. 

    “It will empower organisations to deliver impactful projects, to build social trust, and strengthen community resilience and cohesion. By supporting grassroots initiatives, we can create more connected, inclusive and resilient communities.”

    To learn more about the community grant scheme, or to apply, visit: https://staffordshire.foundation/grants/one-stoke-community-grants/

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Partnership work leads to trader sentencing in illegal tobacco crackdown

    Source: City of Stoke-on-Trent

    Published: Thursday, 13th February 2025

    A trader in Stoke-on-Trent has been sentenced following a crackdown on illegal tobacco.

    The operation was thanks to partnership working between Stoke-on-Trent City Council’s Trading Standards team and Staffordshire Police.

    Ismail Mohammed, who ran ‘Waterloo Stores’ at 80 Waterloo Road, Burslem, received a nine-month suspended sentence, 100 hours of unpaid work, and had his tobacco and cash seized.

    The sentencing took place on Wednesday, 6 February 2025, at Stoke-on-Trent Crown Court, following Mr. Mohammed’s conviction on 8 July 2024. He pleaded guilty to the possession of criminal property (£6,310 in cash) and to entering into an arrangement to acquire, use, or control criminal property – in this case counterfeit and non-duty-paid tobacco.

    It follows a successful investigation which began in 2019, into illegal tobacco sales at the shop, leading to a raid on residential properties in Hanley.

    Officers seized 1,390 packs of illegal cigarettes and £17,000 in cash. Undercover test purchases also confirmed illegal tobacco sales at the Waterloo Road store.

    Councillor Amjid Wazir OBE, cabinet member for city pride, enforcement and sustainability at Stoke-on-Trent City Council said: “This case is another great example of partnership work making Stoke-on-Trent a safer place. The work carried out by our Trading Standards team sends a clear message—illegal tobacco sales will not be tolerated. Those involved in the storage, distribution, or sale of illicit tobacco will face serious consequences.

    “The trade in illegal tobacco harms legitimate businesses, provides a cheap source of cigarettes for children and young people, and undermines efforts to reduce smoking rates. Illegal tobacco sales are also often linked to wider criminal activity.

    “Our message is clear, those engaging in crime will be held accountable. We are committed to making Stoke-on-Trent a greener, fairer, cleaner, and safer city for all.”

    Inspector Victoria Ison, from the Stoke North local policing team, said: “We are pleased to support the local authority and Trading Standards in their work to disrupt the sale of illegal tobacco and cigarettes.

    “These items not only risk public health, but also have a significant impact on legitimate sellers and local businesses who are operating within the law.

    “We hope the outcome reassures the community we are committed to working with partners to tackle this issue and associated criminality.”

    Mr. Mohammed had previously been prosecuted for selling counterfeit cigarettes at another Stoke-on-Trent shop, where he was fined.

    Anyone concerned about illegal tobacco, underage sales, or restricted products such as knives and vapes can report them through the Trading Standards hotline at 01782 238444 or visit www.stoke.gov.uk/tradingstandards  

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Geosciences and engineering in the spotlight as major international conference heads to Aberdeen Thousands of visitors are expected to gather in the North-east of Scotland next year as Europe’s leading geosciences conference and exhibition makes its Aberdeen debut.

    Source: University of Aberdeen

    The premier event will bring together professionals, academics and industry leaders to discuss the latest advancements in geoscience and engineering.Thousands of visitors are expected to gather in the North-east of Scotland next year as Europe’s leading geosciences conference and exhibition makes its Aberdeen debut.
    Boundary-breaking research and cutting-edge technological advances will be among the University of Aberdeen’s offering when the European Association of Geoscientists and Engineers (EAGE) hosts its 87th Annual Conference & Exhibition in Aberdeen from 8-11 June 2026.
    The premier event will bring together professionals, academics and industry leaders to discuss the latest advancements in geoscience and engineering.
    Professor John Underhill, Director for Energy Transition at the University, played a part in securing the event for the city: “It has been a great pleasure to bring this conference and exhibition to Aberdeen for the first time since its inception in 1951,” he said.
    “As a former EAGE President, I’m aware of the size and significance of attracting an event of this size and scale to Aberdeen. The event will bring several thousand delegates to the city, underlining how important the city’s energy transition journey is viewed across Europe and delivering an economic boost to hotels, restaurants and other businesses.”
    The EAGE Annual Conference & Exhibition is renowned for its comprehensive technical programme, expansive exhibition, and numerous networking opportunities. Attendees can look forward to engaging sessions, workshops and presentations that highlight the latest research and technological developments in the field.
    Marcel van Loon, Chief Executive Officer of EAGE, expressed his enthusiasm: “Aberdeen has long been a hub for energy expertise and innovation. Hosting our 87th Annual Conference & Exhibition in this city underscores our commitment to fostering collaboration and knowledge exchange in regions pivotal to the geoscience community.”
    The conference will be held at the P&J Live convention centre in Aberdeen under the support of energy major BP as host.
    Ariel Flores, SVP Subsurface at BP and Chair of EAGE 2026 Local Advisory Committee said: “We are excited to announce a new partnership between BP and EAGE for the 87th Annual Conference & Exhibition.
    “As the official host and main sponsor, BP is dedicated to fostering innovation and collaboration within the engineering, energy and geoscience community. This agreement marks a significant milestone in advancing the future of our industry.”
    For more information and updates on the conference, visit the official EAGE Annual website at https://eageannual.org/future-edition/.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: House price report for the fourth quarter 202413 February 2025 ​The house price report for the fourth quarter 2024 has been published today by Statistics Jersey. The Jersey House Price Index measures the combined average price of 1- and 2-bedroom flats together with… Read more

    Source: Channel Islands – Jersey

    13 February 2025

    ​The house price report for the fourth quarter 2024 has been published today by Statistics Jersey.

    The Jersey House Price Index measures the combined average price of 1- and 2-bedroom flats together with 2-, 3- and 4-bedroom houses. The index includes properties transacted through the Royal Court as well as share transfer properties.

    Context

    2023 saw a significant proportion of transactions (39%) take place as the result of completions occurring in new developments. In contrast, 2024 saw a much lower proportion of transactions (9%) take place as the result of new developments. Adjusting for this, the level of turnover in 2024 would be 25% higher when compared to 2023 (rather than 16% lower), when excluding new builds in both years. 

    It is worth noting that phases one and two of the First Step scheme completed sales during Q3 2024 and Q4 2024 respectively. 33 HPI eligible properties (around 5% of annual turnover) were sold as part of the scheme and assisted with the sale of 9 further properties indirectly, because of chains started by First Step purchases. ​​

    Annual Summary

    In 2024: 

    • on a calendar year basis:
      • the Jersey House Price Index was 8% lower than in 2023, which was:
        • the largest annual decrease in price since at least 1986
      • all property types saw decreases in annual mean and median prices
      • advertised private sector rental prices were 1% lower than in 2023
      • turnover of properties was 16% lower compared with 2023, due to decreased sales of flats (down by 42%); 2024 saw the lowest annual turnover since at least 2002 
    • overall housing affordability improved on an annual basis:
      • all property types were more affordable to purchase than in 2023
      • a working household with mean net income was able to service a mortgage affordably on the purchase price of a median-priced 1-bedroom flat
      • a working household with mean net income was not able to service a mortgage affordably on the purchase price of a median-priced house of any size or a 2-bedroom flat
      • the ratio of median dwelling price to equivalised median household income in Jersey was lower compared to 2023 for all property types

    Quarterly Summary 

    In the fourth quarter of 2024:

    • on a rolling four-quarter basis, the mix-adjusted average price of dwellings sold in Jersey during the year ending Q4 2024 was 1% lower when compared with the previous quarter (year ending Q3 2024)
    • on a quarterly basis:
      • the seasonally adjusted mix-adjusted average price was 1% higher than in the previous quarter and 5% lower than in the corresponding quarter of 2023 (Q4 2023)
      • the HPI was 10% lower than the peak in prices seen in Q2 2022
      • 1- and 2-bedroom flats saw an increase in their mean price compared to the previous quarter
      • 2- and 4-bedroom houses saw a decrease in price compared with the previous quarter
      • 3-bedroom houses were essentially unchanged compared with the previous quarter
    • the turnover of properties was 7% higher than in Q4 2023 and 9% higher than in the previous quarter (Q3 2024) 
    • overall housing market activity, on a rolling four-quarter basis, was essentially unchanged compared with the previous quarter (Q3 2024) and 23% lower than in the corresponding quarter of 2023
    • on a rolling four-quarter basis, advertised private sector rental prices were essentially unchanged during the year ending Q4 2024 compared with the year ending Q3 2024​

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: The Walled City Music Festival returns this March for its seventeenth edition, bringing world-class

    Source: Northern Ireland – City of Derry

    The Walled City Music Festival returns this March for its seventeenth edition, bringing world-class

    13 February 2025

    Co-Artistic Directors Cathal Breslin (Derry) and Sabrina Hu (USA) have once again curated a fantastic feast of music welcoming guest artists Finghin Collins (piano), Kristīne Balanas (violin), Gerard McChrystal (saxophone), The Creviston Duo (saxophone/piano) and the Hellas Ensemble from Derry.

    Gala concerts will take place in the stunning setting of the Great Hall at Ulster University Magee and audiences will be treated to varied programmes of classical music from across the ages and right up to the present day.

    On Thursday 13 March, Finghin Collins and Cathal Breslin will present Mozart, Rachmaninov and Milhaud for two pianos, along with a very special performance of a selection of movements from Gustav Holst’s much-loved The Planets.

    Friday 14 March will see a dazzling display from two of the world’s top saxophone artists, Gerard McChrystal (Derry) and Christopher Creviston (USA), alongside pianist Hannah Creviston and WCMF Co-Artistic Director Sabrina Hu (flute). The ensemble will perform a brilliant programme of music from the Americas to Europe, including music by Jean-Baptiste Singelée, Charles Koechlin, Andy Scott, and Irish composers Linda Buckley and Michael McGlynn.

    On Saturday 15 March, Latvian street musician and rock singer turned virtuoso violinist, Kristīne Balanas, will delight with a passionate and elegant performance of Bach, Beethoven, Brahms and Ravel on her 1694 ‘Rutson’ Stradivarius violin alongside Co-Artistic Director Cathal Breslin (piano).

    Closing the Festival on Sunday 16 March, audiences can experience the beauty of music and poetry intertwined in a captivating lunchtime performance inspired by Seamus Heaney’s Sonnets from Hellas. The Hellas Ensemble, founded by Greek and Irish bouzouki players and composers Nikos Petsakos and Martin Coyle, celebrate Heaney’s love of Greece and its profound influence on his work, with narration from Derry-born TV and theatre actor, Ruairi Conaghan.

    For tickets and information visit walledcitymusic.com

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Take the chance to represent your community – Councillor Val Walker

    Source: Scotland – City of Edinburgh

    Culture and Communities Convener, Councillor Val Walker.

    Culture and Communities Convener, Councillor Val Walker writes in todays Evening News on the importance of community councils and how you can get involved.

    It’s been over half a century since community councils came into existence in Scotland in 1973 – and in that time, we’ve seen over 1,200 established across the country.

    These bodies are groups of residents who are passionate about their communities and play an important role in grassroots democracy.

    Here in Edinburgh, the election period for our community councils has begun. Last week nominations opened to stand for election as a community councillor, this closes on 27 February. Following that we’ll hold an election only if there are more people nominated than places on the community council.

    This is your chance to take a lead in your local area and make your community a better place. From campaigning on key local issues, organising meetings, chairing debates, looking out for vulnerable individuals and groups, to liaising with local and national representatives and much more – the life of a community councillor in the Capital is never ordinary.

    I’m continually inspired by the stories I come across of community councils. In Lady Nairne, the Northfield and Willowbrae Community Council worked tirelessly to ensure that a solution was found when the previous 69 supported bus service ceased operations several years ago. Following extensive engagement with ward councillors and Council officers a new route was implemented just in time for Christmas last year, which I know was a welcome gift to those residents who had long campaigned for its reinstation.

    We’ve also seen Longstone Community Council lead a campaign to erect a new bridge to link their community to the Hutchison/Chesser community, as part of a new active travel project. Initially a bridge was not part of these plans but following successful meetings with their ward councillor, Council officers and the developer some £170,000 worth of contributions were earmarked to support the delivery of the bridge. This will now go to consultation as part of the as the Longstone Link project.

    These are just a couple of the many examples of the excellent work community councils are doing across our city every day. I’d encourage all residents to consider standing as a community councillor. From Pilton to Portobello, Muirhouse to Morningside and beyond, Edinburgh draws its strength from its people, and we need their views, ideas and expertise to move forward together.

    Find out more about community councils and how to stand for election on our website.

    Published: February 13th 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Weimar+ Statement by Germany, France, Poland, Italy, Spain, the United Kingdom, the European External Action Service and the European Commission

    Source: United Kingdom – Executive Government & Departments 3

    Joint Statement by Germany, France, Poland, Italy, Spain, the United Kingdom, the European External Action Service and the European Commission.

    12 February 2025, Paris.

    We are ready to enhance our support for Ukraine. We commit to its independence, sovereignty and territorial integrity in the face of Russia’s war of aggression.

    We share the goal to keep supporting Ukraine until a just, comprehensive and lasting peace is reached. A peace that guarantees the interest of Ukraine and our own.

    We are looking forward to discussing the way ahead together with our American allies. Our shared objectives should be to put Ukraine in a position of strength. Ukraine and Europe must be part of any negotiations. Ukraine should be provided with strong security guarantees. A just and lasting peace in Ukraine is a necessary condition for a strong transatlantic security.

    We recall that the security of the European continent is our common responsibility. We are therefore working together to strengthen our collective defence capabilities.

    Media enquiries

    Email newsdesk@fcdo.gov.uk

    Telephone 020 7008 3100

    Contact the FCDO Communication Team via email (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

    Updates to this page

    Published 12 February 2025

    Invasion of Ukraine

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Russia’s deceit did not work in 2022 and it will not work now: UK statement to the OSCE

    Source: United Kingdom – Government Statements

    Ambassador Holland recalls Russia’s deceit at the OSCE in the weeks leading up to their full-scale invasion of Ukraine and reiterates that UK will support Ukraine to achieve a just and lasting peace.

    Thank you, Mister Chair.  In just over a week, we will reach yet another unwelcome milestone: three years since Russia launched its illegal and unprovoked full-scale invasion of its sovereign neighbour, Ukraine.

    A war that Russia believed would be over in three days will enter a fourth year.  A war Russia launched under the false pretext of protecting Ukrainian civilians has instead caused thousands of them to be killed.  A war which we were told would not happen has, since those denials, violated every principle of the Helsinki Final Act and demonstrated contempt for the rules that govern armed conflict.

    Let us recall, using their own language,  what Russia told us in the days and weeks leading up to their full-scale invasion.  On the 20th of January, we were told that “the myth of Russia’s alleged impending” invasion had been “hyped up.”  On the 3rd of February we were told that the speculation of an invasion was “unsubstantiated conjectures”.  This was an “information campaign being whipped up primarily by the United States and the United Kingdom”.  On the 10th of February, apparently the facts showed that these were “scare stories” and nothing more than “a puff of propaganda and idle talk”.

    We all know what happened on the 24th of February.  The records of our meetings offer incontrovertible evidence of Russia’s disinformation and deceit.  It continues to this day, week in and week out.

    Mister Chair, on that note we have recently heard Russia single-out on multiple occasions the UK’s role in providing military support to Ukraine.   The UK makes no secret of our unbreakable support for Ukraine.  We have agreed a new 100-year partnership with Ukraine.  We are proud to have committed to providing £3 billion of military aid to Ukraine every year for as long as is needed.  I want to be clear, though – this is not about fuelling war but supporting an innocent, sovereign and independent State in an ongoing defence against a barbaric onslaught that Russia assured us would never happen.

    We have always said that we will support Ukraine to achieve a just and lasting peace.  Our priority remains to put Ukraine in the strongest possible position to achieve this.

    Thank you.

    Updates to this page

    Published 13 February 2025

    Invasion of Ukraine

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Update on UK Syria sanctions regime: Minister Doughty statement

    Source: United Kingdom – Executive Government & Departments

    Written statement to the House of Commons on adapting the UK’s Syria sanctions regime following the fall of Assad’s dictatorship late last year.

    Today I am updating the House on the future of the UK’s Syria sanctions regime following the welcome fall of Assad’s dictatorship late last year.

    Sanctions remain a powerful foreign and security policy tool, and this Government is committed to maximising their impact, which includes reviewing their use in light of changing circumstances.

    Therefore, I am pleased to inform the House that the Government will bring forward measures in the coming months adapting the Syria sanctions regime, including amendments to the Syria Regulations, which Members of Parliament will have the opportunity to debate.

    We are making these changes to support the Syrian people in re-building their country and promote security and stability. They will include the relaxation of restrictions that apply to the energy, transport and finance sectors, and provisions to further support humanitarian delivery.

    The Government remains determined to hold Bashar al-Assad and his associates to account for their actions against the people of Syria. We will ensure that asset freezes and travel bans imposed on members of the former regime remain in force.

    In this way, the FCDO will continue to use sanctions in a manner that is targeted, proportionate and robust to hold accountable those responsible for atrocious crimes committed during Assad’s reign and to support what we hope will be Syria’s transition to a more secure, prosperous and stable future.

    Updates to this page

    Published 13 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: MASH to be delivered by Isle of Wight Children’s Services 13 February 2025 Multi-Agency Safeguarding Hub to be delivered by Isle of Wight Children’s Services

    Source: Aisle of Wight

    The delivery of the Isle of Wight’s Multi-Agency Safeguarding Hub (MASH) for children and families on the Isle of Wight is changing.

    As of Monday 24 February, the Isle of Wight Children’s Services will have its own Multi-Agency Safeguarding Hub (MASH), following the ending our partnership with Hampshire County Council. The Multi-Agency Safeguarding Hub (MASH) is a collaborative initiative that unites professionals from various sectors, including children’s social care, police, health providers, and education. The primary goal of the MASH is to share critical information and make timely, informed decisions to ensure the safety and promote the welfare of children. By working together, these professionals can identify risks early, provide appropriate interventions, and promote the well-being of children in our community.

    The Isle of Wight Council, along with its partner agencies, holds a statutory duty to safeguard children and promote their welfare. This duty is fulfilled through coordinated efforts and a shared commitment to protecting children from harm. By leveraging the collective expertise and resources of all involved agencies, the MASH ensures that children receive the support and protection they need in a timely and effective manner.

    If Island residents are worried about the welfare or safety of a child they can report any concerns through the Isle of Wight Council’s website or by calling 01983 823435.

    To reflect these changes, from the 24 February the  Inter-Agency Referral Form (IARF)  will be found on the Isle of Wight Council’s website, and the Isle of Wight Safeguarding Children Partnership website. The link will be shared via email with all partner agencies

    Statement from the Director of Children’s Services

    ”We are delighted to announce that the multi-agency safeguarding hub for our children and families on the Island is now being delivered in-house by Isle of Wight Children’s Services. This significant milestone reflects our unwavering commitment to providing the highest level of care and protection for the children in our community.

    We extend our heartfelt gratitude to Hampshire County Council for their invaluable support and collaboration over the past years. We also extend our thanks to the Isle of Wight Safeguarding Children Partnership, their expertise and dedication have been instrumental in helping us reach this point, and we look forward to continuing our strong partnership as we move forward.

    Together, we are making a profound difference in the lives of children and families on the Isle of Wight.”

    Further information on what this means can be found on the Isle of Wight Council’s website.

    MIL OSI United Kingdom –

  • MIL-OSI United Nations: UNECE Inland Transport Committee advances international cooperation for sustainable and resilient future of transport

    Source: United Nations Economic Commission for Europe

    Gathering at this week’s 87th annual session of the UNECE Inland Transport Committee (ITC) at the Palais des Nations in Geneva, global transport leaders shared commitments aimed at  forging a sustainable, efficient, and resilient future of inland transport. 

    Looking to 2030 and beyond – and recognizing the need for scaled-up action in response to climate change, technological advancements, and shifting global trade patterns – several countries announced pledges that reaffirm their commitment to regional cooperation, enhanced connectivity, innovation, and environmental sustainability in inland transport. 

    “The challenges before us are immense, but so are the opportunities,” noted UNECE Executive Secretary Tatiana Molcean at the opening of the session. “We are here today to chart the course for the future, ensuring that inland transport is not only a driver of economic growth but also a catalyst for sustainability, resilience, and innovation.” 

    Enhanced connectivity and sustainability  

    The Netherlands and Türkiye pledged to continue supporting efforts to advance digitalization, infrastructure development, and border-crossing efficiency along the Trans-Caspian and Almaty-Tehran-Istanbul corridors, with a strong emphasis on greening the corridors, reducing their environmental impact, and lowering greenhouse gas emissions.  

    This joint commitment highlights the importance of collaboration to advance regional integration, promote sustainable transport practices, and enhance the economic and environmental performance of these strategic corridors.   

    “Transport corridors provide an essential backbone structure for the functioning of our economies,” said Chris Jansen, Minister for the Environment and Public Transportation of The Netherlands. “Let us try to unlock this potential together and use our combined efforts of cooperation within the UNECE Inland Transport Committee to achieve this work.”  

    “By strengthening our transport corridors, we will also make significant contributions to reducing economic inequalities between regions, facilitating access to markets for underdeveloped regions and promoting sustainable development,” emphasized Abdulkadir Uraloğlu, Minister of Transport and Infrastructure of Türkiye. 

    Advancing decarbonization and innovation 

    Underlining ITC’s unique role as the only global UN platform for road, rail and inland waterway transport, Georgia, The Netherlands and Türkiye reaffirmed their commitment to leverage its capacity to drive innovation and strategic foresight in the inland transport sector.  

    The three countries pledged to support the effective implementation of the ITC Decarbonization Strategy and to contribute to its other critical work streams, including climate change adaptation for transport infrastructure, cycling infrastructure, e-mobility, and the use of GIS mapping for transport infrastructure planning through the International Transport Infrastructure Observatory. 

    Accelerating e-mobility and smart charging solutions 

    Recognizing that inland transport sector plays a pivotal role in achieving global climate goals, The Netherlands and Türkiye pledged to support the UNECE Informal Task Force on E-Mobility to advance zero-emission policies, align regulatory frameworks, and facilitate the development of critical infrastructure for alternative energy carriers, in particular electric mobility, alongside hydrogen and biofuels.  

    The Netherlands will lead efforts on smart charging and energy system optimization, while Türkiye will spearhead best practices for EV infrastructure planning. 

    In line with the ITC Decarbonization Strategy, Germany pledged to work to swiftly expand the charging infrastructure for electric vehicles and to drive the uptake of climate-friendly fuels. Furthermore, Germany committed to fostering key technology innovations, such as automated/autonomous driving on the road to reach a more sustainable, safe, digital, accessible and affordable mobility. 

    Global relevance of ITC work 

    Reflecting the global relevance of ITC not only in harmonization of vehicle standards, but also in development of transport infrastructure, and smart and clean mobility solutions, Cambodia announced that it will seek to actively participate in the UNECE World Forum for Harmonization of Vehicle Regulations (WP.29) and join working parties dealing with the transport of dangerous goods, intermodal transport and logistics, as well as to join the Agreement concerning the International Carriage of Dangerous Goods by Road (ADR).   

    As a small island developing state, facing frequent storm surges and flooding that threaten its critical road network, Seychelles appreciated the ITC as a vital platform to advance solutions for climate-resilient road infrastructure, maintenance and environmentally friendly engineering, as well as energy-efficient public transport options.  

    MIL OSI United Nations News –

  • MIL-OSI: Himax Technologies, Inc. Reports Fourth Quarter and Full Year 2024 Financial Results; Provides First Quarter 2025 Guidance

    Source: GlobeNewswire (MIL-OSI)

    Q4 2024 Revenues, Gross Margin and EPS All Surpassed Guidance Range Issued on November 7, 2024
    Company Q1 2025 Guidance: Revenues to Decrease 8.5% to 12.5% QoQ,
    Gross Margin is Expected to be Around 30.5%. Profit per Diluted ADS to be 9.0 Cents to 11.0 Cents

    • Q4 2024 revenues registered $237.2 million, an increase of 6.7% QoQ, significantly exceeding guidance range of a slight decrease to flat, primarily driven by stronger order momentum across product lines
    • Q4 2024 Gross margin reached 30.5%, exceeding guidance of flat to slightly up, driven by a favorable product mix and cost improvements. Up from 30.0% in the Q3 2024
    • Q4 2024 after-tax profit was $24.6M, or 14.0 cents per diluted ADS, considerably above the guidance range of 9.3 cents to 11.0 cents
    • Company’s full year 2024 revenues were $906.8 million, and gross margin was 30.5%. 2024 profit attributable to shareholders was $0.46 per fully diluted ADS
    • Company’s Q1 2025 revenues to decline 8.5% to 12.5% QoQ, reflecting the low season demand due to Lunar New Year holidays. The Q1 revenue guidance implies flat to 4.6% increase YoY. Gross margin to be around 30.5%, up from 29.3% same quarter last year. Profit per diluted ADS to be in the range of 9.0 cents to 11.0 cents, implying the increase of 26% to 54% YoY
    • Himax sales revenues in each quarter of 2024 consistently outperformed guidance, demonstrating its ability to handle most of rush orders, underscoring its strong ability in inventory management and swift market responsiveness
    • Full year 2024 automotive driver IC sales increased nearly 20% YoY, significantly outpacing global automotive growth, largely driven by the continued TDDI adoption among major customers across all continents. Himax continues to reinforce its market leadership in automotive TDDI, holding well over 50% market share
    • Himax’s WLO technology plays a critical role in CPO by providing essential optical coupling capability, making it a core element of the solution. Small-scale production of the first-gen CPO underway, with acceleration of future CPO generation development, in close collaboration with AI customers/partners. Company believes prospect of CPO remains unchanged
    • WiseEye, building on the success with Dell, has achieved notable progress with other leading NB brands. Also made breakthroughs in smart door lock, palm vein authentication and smart home. Himax anticipates a strong growth trajectory in WiseEye business in 2025 and beyond
    • At CES 2025, Himax showcased a wide range of innovative achievements, including automotive display technology, WiseEye AI, and advanced optical technologies for AR/VR
    • Rising enthusiasm in AR glasses with Gen AI in CES 2025. Himax offers three critical technologies for AR glasses, namely LCoS microdisplay, WLO waveguide, and ultralow power WiseEye AI
    • Himax is well-positioned to capitalize on the trend of the premium NB to adopt OLED displays and touch features. Confident to lead in the rapidly evolving landscape of AI PCs and premium NB, offering a comprehensive IC portfolio for both LCD and OLED NB

    TAINAN, Taiwan, Feb. 13, 2025 (GLOBE NEWSWIRE) — Himax Technologies, Inc. (Nasdaq: HIMX) (“Himax” or “Company”), a leading supplier and fabless manufacturer of display drivers and other semiconductor products, announced its financial results for the fourth quarter and full year 2024 ended December 31, 2024.

    “In 2024, our sales revenues in each quarter consistently outperformed guidance. We have consistently demonstrated our ability to handle most of rush orders, underscoring our agility, adaptability, strong capabilities in inventory management, and swift market responsiveness,” said Mr. Jordan Wu, President and Chief Executive Officer of Himax.

    “At CES this year, Himax showcased a wide range of innovative achievements, including automotive display technology, WiseEye AI, and advanced optical technologies for AR/VR. Notably, a clear trend emerged at this year’s CES as the industry demonstrated growing enthusiasm for AR glasses, fueled by more companies entering the space and integrating generative AI to accelerate the development of lightweight, compact, and all-day AR glasses. For AR glasses, Himax offers three critical technologies, namely LCoS microdisplay, WLO waveguide, and ultralow power WiseEye AI,” continued Mr. Jordan Wu.

    “Himax’s WLO technology plays a critical role in CPO by providing essential optical coupling capability, making it a core element of the solution. The prospect of CPO remains unchanged and the widespread adoption of CPO for data transmission to be conducted via optics instead of metal wire is on track in high-performance AI applications. Through WLO and CPO technologies, Himax is well-positioned to engage in the high-speed AI computing market with high expectations for its growth,” concluded Mr. Jordan Wu.

    Fourth Quarter 2024 Financial Results

    Himax net revenues registered $237.2 million, an increase of 6.7% sequentially, significantly exceeding Company’s guidance range of a slight decrease to flat, and up 4.2% year-over-year. Gross margin reached 30.5%, exceeding its guidance of flat to slightly up from 30.0% in the previous quarter, and up from 30.3% in the same period last year. The sequential increase was driven by a favorable product mix and cost improvements. Q4 profit per diluted ADS was 14.0 cents, considerably above the guidance range of 9.3 cents to 11.0 cents, thanks to better-than-expected revenues and improved costs.

    Revenue from large display drivers came in at $25.0 million, reflecting a 18.6% sequential decline. The decrease was primarily attributed to continued customer destocking after substantial Q2 replenishment for shopping festivals, as well as heightened price competition from Chinese peers. Sales of large panel driver ICs accounted for 10.5% of total revenues for the quarter, compared to 13.8% last quarter and 14.8% a year ago.

    Small and medium-sized display driver segment totaled $166.8 million, an increase of 7.4% sequentially, exceeding its guidance of flat quarter-over-quarter, thanks to stronger-than-expected sales in the automotive and tablet markets. Q4 automotive driver sales, including both traditional DDIC and TDDI, experienced mid-teens increase, significantly outperforming Company’s expectation of a single digit increase, with both DDIC and TDDI showing stronger-than-expected sales. This surge was primarily driven by continued rush orders from Chinese panel customers, carried over from Q3, following the Chinese government’s renewed trade-in stimulus initiative announced in mid-August 2024 to boost automobile consumption. Remarkably, Himax’s Q4 automotive TDDI sales have exceeded DDIC sales for the first time, underscoring the global adoption of Company’s TDDI solutions, which are increasingly essential in modern vehicles, and reflects the growing demand for more intuitive, interactive, and cost-effective touch panel features powered by TDDI technology. Himax’s automotive business, comprising drivers, Tcon, and OLED IC sales, accounted for around 50% of total Q4 revenues. Meanwhile, Q4 tablet IC sales exceeded the guidance of a low teens decline, with sales up slightly sequentially driven by rush orders from leading end customers. Q4 smartphone IC sales declined slightly, in line with its guidance. The small and medium-sized driver IC segment accounted for 70.3% of total sales for the quarter, compared to 69.9% in the previous quarter and 71.6% a year ago.

    Fourth quarter revenues from its non-driver business reached $45.4 million, exceeding the guidance range, with a 24.9% increase from the previous quarter. The growth was primarily driven by a one-time ASIC Tcon product shipment to a leading projector customer and Tcon for monitor application. In Q4, automotive Tcon sales continued to grow sequentially, due to the widespread adoption of Himax’s market-leading local dimming Tcon with over two hundred secured design-win projects across major panel makers, Tier 1 suppliers, and automotive manufacturers worldwide. Non-driver products accounted for 19.2% of total revenues, as compared to 16.3% in the previous quarter and 13.6% a year ago.  

    Fourth quarter operating expenses were $49.2 million, a decrease of 19.1% from the previous quarter and a decline of 6.0% from a year ago. The sequential decrease stemmed primarily from a reduction in annual employee bonuses, partially offset by an increase in R&D expenses. As part of Company’s standard practice, Himax grants annual bonuses, including cash and RSUs, to employees at the end of September each year. This results in higher IFRS operating expenses in the third quarter compared to the other quarters of the year. The year-over-year decrease was mainly due to a decline in employee bonus compensation as the amortized portion of prior year’s bonuses for 2023 was higher than that for 2024, offsetting the higher annual bonus compensation grant for 2024 compared to 2023. Amid ongoing macroeconomic challenges, Himax is strictly enforcing budget and expense controls, with full-year 2024 operating expenses declining 5.6% compared to last year.

    Fourth quarter operating income was $23.1 million or 9.7% of sales, compared to 2.6% of sales last quarter and 7.3% of sales for the same period last year. The sequential increase was primarily the result of higher sales, improved gross margin, and lower operating expenses. The year-over-year increase was primarily the result of higher sales, higher gross margin, and lower employee bonus compensation due to the amortized portion of the prior year’s bonuses. Fourth-quarter after-tax profit was $24.6 million, or 14.0 cents per diluted ADS, reflecting a meaningful increase from $13.0 million, or 7.4 cents per diluted ADS last quarter, and up from $23.6 million, or 13.5 cents in the same period last year.

    Full Year 2024 Financial

    Revenues totaled $906.8 million, a slight decline of 4.1% compared to 2023. Persistent global demand weakness, coupled with uncertainty about market trends, led to conservative purchasing decisions and inventory management by Company’s panel customers. Given this uncertainty, Himax implemented strict expense controls, resulting in a 5.6% reduction in operating expenses for the year. However, Company’s optimism in the automotive business remains unwavering, with automotive IC sales increasing by nearly 20% year-over-year in 2024, far outpacing the overall automotive market growth. Among Company’s automotive product lines, automotive TDDI and Tcon sales, both relatively new technologies, surged by more than 70%, driven by accelerated adoption across the board. This growth strengthened Company’s market leadership and positions Himax well for continued success as the automotive sector embraces more advanced technology resulting from the mega trend of increasing size, quantity, and sophistication of displays inside vehicles.

    Revenue from large panel display drivers totaled $125.9 million in 2024, marking a decrease of 28.3% year-over-year, and representing 13.9% of total sales, as compared to 18.6% in 2023. Small and medium-sized driver sales totaled $625.4 million, reflecting a slight decrease of 0.6% year-over-year, and accounting for 69.0% of its total revenues, as compared to 66.5% in 2023. Non-driver product sales totaled $155.5 million, an increase of 10.6% year-over-year, and representing 17.1% of Company’s total sales, as compared to 14.9% a year ago.

    Gross margin in 2024 was 30.5%, up from 27.9% in 2023. The margin expansion was driven by a strategic focus on cost improvements and operational efficiency optimization, combined with a favorable product mix that included a higher percentage of high-margin products such as automotive and Tcon. The successful diversification of foundry sources also contributed to the margin increase.

    Operating expenses in 2024 were $208.0 million, a decline of 5.6% from 2023, primarily due to lower employee bonus compensation, as the amortized portion of bonuses in 2023 was higher than that in 2024. 2024 operating income was $68.2 million, or 7.5% of sales, an increase from $43.2 million, or 4.6% of sales, in 2023. Himax’s net profit for 2024 was $79.8 million, or $0.46 per diluted ADS, significantly up from $50.6 million, or $0.29 per diluted ADS in 2023.

    Balance Sheet and Cash Flow

    Himax had $224.6 million of cash, cash equivalents and other financial assets as of December 31, 2024. This compares to $206.4 million at the same time last year and $206.5 million a quarter ago. Himax achieved a strong positive operating cash flow of $35.4 million for the fourth quarter, compared to a cash outflow of $3.1 million in Q3. Company made a total of $30.1 million annual cash bonus to employees, resulting in the low operating cash flow of the quarter. As of December 31, 2024, Himax had $34.5 million in long-term unsecured loans, with $6.0 million representing the current portion.

    The Company’s inventories as of December 31, 2024 were $158.7 million, lower than $192.5 million last quarter and $217.3 million at the end of last year. Company’s inventory levels have steadily declined over the past couple of quarters and are now at a healthy level. Accounts receivable at the end of December 2024 was $236.8 million, little changed from $224.6 million last quarter and $235.8 million a year ago. DSO was 96 days at the quarter end, as compared to 92 days last quarter and 91 days a year ago. Fourth quarter capital expenditures were $3.2 million, versus $2.6 million last quarter and $15.1 million a year ago. Fourth quarter capex was mainly for R&D related equipment for Company’s IC design business. Total capital expenditures for 2024 were $13.1 million as compared to $23.4 million in 2023. The decrease was primarily due to reduced spending on in-house testers for Company’s IC design business in 2024.

    Outstanding Share

    As of December 31, 2024, Himax had 174.9 million ADS outstanding, little changed from last quarter. On a fully diluted basis, the total number of ADS outstanding for the fourth quarter was 175.1 million.  

    Q1 2025 Outlook

    In 2024, Himax’s sales revenues in each quarter consistently outperformed guidance. While this strong performance is certainly commendable, it also highlights the challenges Company faced such as limited market visibility and conservative customer demand, where many customers relied on rush orders to address their actual demands. On the other hand, rush orders are indicative of the tight inventory position of Company’s panel customers in general. In the past few quarters, Himax has consistently demonstrated its ability to handle most of such rush orders, underscoring Company’s agility, adaptability, strong capabilities in inventory management, and swift market responsiveness.

    The automotive IC sales remained Company’s largest revenue contributor in 2024, accounting for almost half of total revenues and achieving close to 20% annual growth. This performance highlights Himax’s automotive leadership in technological innovations, product development, and market share. Looking ahead, Himax expects its automotive TDDI and Tcon technologies to maintain growth momentum, further strengthening its market competitiveness. Beyond LCD technology, Himax is advancing development in the automotive OLED sector, with numerous projects currently underway in partnership with leading panel makers. Company anticipates that automotive OLED IC will serve as one of the key growth drivers for Himax in the coming years, further solidifying its leadership in automotive display market.

    Meanwhile, Himax is actively expanding its technology development beyond display ICs. To that end, in the WiseEye AI segment, Company has made notable progress with leading notebook brands and achieved significant breakthroughs in smart door lock, palm vein authentication, and smart home applications, collaborating with world-leading customers to develop new innovations. Himax anticipates a strong growth trajectory in its WiseEye business in 2025 and beyond.

    Himax’s proprietary wafer-level optics (WLO) technology for co-packaged optics (CPO) has recently garnered significant attention in the capital markets. In fact, as early as June 2024, Himax and FOCI, a global leader in silicon photonics connectors, jointly announced the industry-leading CPO technology. The collaboration, spanning several years, unites Himax’s WLO technology with FOCI’s CPO solutions for cutting-edge AI multi-chip modules (MCM). Since the announcement, Himax has provided updates on the latest progress in each quarterly earnings call. Himax’s WLO technology plays a critical role in CPO by providing essential optical coupling capability, making it a core element of the solution. CPO significantly enhances bandwidth and accelerates data transmission while reducing signal loss, latency, and power consumption. Additionally, it can help drastically decrease the size and cost of MCM.

    While CPO is still in engineering validation and trial production stage this year, with customer’s mass production timelines undisclosed and the recent AI market disruptions from DeepSeek, the prospect of CPO remains unchanged. The widespread adoption of CPO for data transmission to be conducted via optics instead of metal wire is on track in high-performance AI applications. This is evident by the significant increase in customer’s recent trial production volume forecast, indicating an accelerated timeline for CPO technology to enter mass production. Furthermore, Himax and FOCI, in close collaboration with leading AI customers and partners, are actively developing future generations of CPO technologies to meet the explosive high-speed optical data transmission demand in HPC and AI. Through WLO and CPO technologies, Himax is well-positioned to engage in the high-speed AI computing market with high expectations for its growth. Company believes that CPO technology, beyond cloud applications, will see further adoption in sectors such as automotive and robot in the future. Himax’s current goal is to accelerate CPO adoption in cloud applications, thereby helping drive broader CPO adoption in AI applications.

    At CES this year, Himax showcased a wide range of innovative achievements, including automotive display technology, WiseEye AI, and advanced optical technologies for AR/VR. Notably, a clear trend emerged at this year’s CES as the industry demonstrated growing enthusiasm for AR glasses, fueled by more companies entering the space and integrating generative AI to accelerate the development of lightweight, compact, and all-day AR glasses. For AR glasses, Himax offers three critical technologies, namely LCoS microdisplay, WLO waveguide, and ultralow power WiseEye AI. Company’s latest, patented Front-lit LCoS Microdisplay delivers unparalleled brightness with an industry-leading 400k nits, exceptional optical power efficiency, compact form factor, lightweight, and superior display quality, making it one of the most viable solutions in the see-through AR glasses market. In waveguide, in collaboration with leading tech names, Himax leverages proprietary WLO expertise, built on advanced nanoimprint technology, to offer industry-leading optical solutions that optimize light transmission and display efficiency. In the field of AI sensing for AR glasses, Himax’s WiseEye provides always-on AI sensing capabilities which are being applied by developers to significantly enhance AR interactivity while consuming just a few milliwatts of power.

    In automotive display IC technology, Himax unveiled the industry’s most comprehensive LCD and OLED solutions at CES, showcasing a range of next-generation smart cabin technologies. These solutions not only improve the intuitive operation of smart cabins but also enhance driving safety and provide an exceptional user experience. A prime example is the advanced Display HMI solution developed in collaboration with AUO which meets the demands for large-size, high-resolution, and freeform automotive displays.

    At CES, Himax also partnered with several AI ecosystem partners to showcase its ultralow power WiseEye Modules over a range of innovative, production-ready AIoT applications. These applications include palm vein authentication, baby cry detection, people flow management, and human sensing detection. The modules are designed for easy integration, making it highly suitable for various AIoT applications.

    Display Driver IC Businesses

    LDDIC

    In Q1 2025, Himax anticipates a single digit sequential sales increase for large display driver ICs, driven by demand spurred by Chinese government subsidies for household appliances aimed at reviving demand in the sluggish household sector. Notebook and monitor sales are expected to increase in Q1. In contrast, TV IC sales are set to decline as customers pulled forward their inventory purchases in the prior quarter, coupled with the seasonal slowdown in Q1.

    Looking ahead in the notebook sector, Company is seeing an increase in demand for premium notebooks to adopt OLED displays and touch features, partially fueled by the rise of AI PC. Himax is well-positioned to capitalize on this trend, offering a comprehensive range of ICs for both LCD and OLED notebooks, including DDIC, Tcon, touch controllers, and TDDI. A standout innovation is Company’s pioneering in-cell touch TDDI for LCD displays, which improves the ease of system design and integration by embedding the touch controller within the TDDI chip while maintaining the conventional display driver setup for Tcon data transmission. This design simplifies integration for customers, reducing engineering complexity and speeding up product development. This solution also supports high-resolution displays up to 4K and larger screens up to 16 inches, aligning with the growing demand for advanced, visually stunning, and immersive laptops. With mass production already underway for a leading notebook vendor’s AI PC, more projects are lined up. For OLED notebooks, in addition to Company’s OLED DDIC and Tcon solutions, Himax is also developing on-cell touch controller technology, with multiple projects underway with top panel makers and notebook vendors. Last but not least, progress has been made on the next-generation eDP 1.5 display interface for Tcon for both LCD and OLED panels. This interface will support high frame rates, low power consumption, adaptive sync, and high resolution, key features essential for next-generation AI PCs. By delivering innovative, cutting-edge technologies, Himax is well-positioned to lead in the rapidly evolving landscape of AI PCs and premium notebooks.

    SMDDIC

    On SMDDIC revenue, for the full year 2024, Himax’s automotive driver IC sales, comprising of TDDI and traditional DDIC, increased nearly 20% year-over-year, significantly outpacing global automotive growth, largely driven by the continued adoption of TDDI technology among major customers across all continents. However, Himax anticipates Q1 automotive revenue to decline low teens sequentially, following two quarters of surge demand. Despite this, Q1 automotive sales are still projected to increase by mid-teens on a year-over-year basis. In the automotive TDDI sector, with cumulative shipments significantly surpassing those of Himax’s competitors, Company continues to reinforce its market leadership, which currently stands at well over 50%. With nearly 500 design-in projects secured and a continuous influx of new pipeline and design-wins across the board, of which only 30% already in mass production, Himax expects to sustain this decent growth in the years ahead. While traditional automotive DDIC sales for 2024 declined due to their gradual, partial replacement by TDDI, Company’s DDIC shipment volume still saw a modest increase in the last year. This demonstrates the steady demand for mature DDIC products, such as those used in cluster displays, HUDs, and rear- and side-view mirrors, which do not require touch functionality. Furthermore, the long-term trust and loyalty from Company’s DDIC customers, some of whom have relied on Himax’s solutions for over a decade, is indicative of Company’s strong customer retention. Himax continues to lead the automotive DDIC market, maintaining a global market share of approximately 40%.

    Himax continues to lead in automotive display IC innovation by pioneering solutions that deliver superior performance, power efficiency, and enhanced user experiences. As part of this ongoing innovation, Company’s latest TED (Tcon Embedded Driver IC) solution, which combines TDDI with local dimming Tcon into a single chip, provides a cost-effective, flexible, and comprehensive solution for its customers. Another new technology worth highlighting is Himax’s automotive TDDI with advanced user-aware touch control, which differentiates between driver and passenger touches to prevent cross-touch and enhance driving safety. In addition, Company offers a unique knob-on-in-cell-display solution that combines a physical knob with a TDDI. This design seamlessly merges in-cell touch technology with tactile controls, offering drivers a safer, more intuitive interaction that reduces distractions and enhances the overall driving experience.

    Moving to smartphone and tablet IC sales, Himax expects a sequential decline in both product lines, as is typical during the low season in Q1 due to the Lunar New Year.

    On OLED business update. In the automotive OLED market, Company has established strategic partnerships with leading panel makers in Korea, China, and Japan. As OLED technology extends beyond premium car models, Himax is well-positioned as the preferred partner, leveraging Company’s strong presence and proven track record in the automotive LCD display sector. Capitalizing on Himax’s first-mover advantage, Himax aims to drive the growing adoption of OLED in automotive displays by offering a comprehensive range of solutions, including DDIC, Tcon, and on-cell touch controller. Company believes this positions it as a primary beneficiary of the anticipated shift toward OLED displays for high end vehicles in a couple of years, enabling Himax to capture new growth opportunities and further strengthen its market leadership.

    Beyond the automotive sector, Company has also made strides in the tablet and notebook markets, partnering with leading OLED panel makers in Korea and China. Himax’s comprehensive OLED product portfolio, covering DDIC, Tcon, and touch controllers, has driven several new projects that are on track to begin mass production this year. In the smartphone OLED market, Company is making solid progress in collaborations with customers in Korea and China and anticipates mass production to start later this year.

    First quarter small and medium-sized display driver IC business is expected to decline low teens sequentially.

    Non-Driver Product Categories

    Q1 non-driver IC revenues are expected to decrease high teens sequentially.

    Timing Controller (Tcon)

    Himax anticipates Q1 2025 Tcon sales to decrease mid-teens sequentially, primarily due to the non-recurrence of a one-time ASIC Tcon shipment to a leading projector customer last quarter, as well as a moderation in automotive Tcon shipments following several quarters of strong growth. That being said, Himax maintains an unchallenged position in local dimming Tcon, evidenced by growing validation and widespread adoption in both premium and mainstream car models worldwide. Company is confident in the continued growth of its automotive Tcon business, supported by its strong market presence in local dimming Tcon, with strong pipeline of over two hundred design-win projects set to gradually enter production in the coming years. Heads-up display (HUD) is another field gaining traction within automotive displays, driving increased adoption of local dimming Tcon technology and emerging as a particularly promising application. Himax’s industry-leading local dimming Tcon provides distinct advancements with high contrast ratio and optimized power consumption. It effectively eliminates the “postcard effect” often seen in HUDs, caused by backlight leakage typical of conventional TFT LCD panels, ensuring clear and precise images on the windshield. Additionally, the Tcon features advanced transparency detection to prevent the display from obstructing the driver’s view, thereby ensuring driving safety. Several HUD projects are already in progress, and Himax is excited about the potential opportunities ahead. Company is well positioned for continuous growth in automotive Tcon over the next few years.

    WiseEye™ Ultralow Power AI Sensing

    On the update of WiseEye™ ultralow power AI sensing solution, a cutting-edge endpoint AI integration featuring industry-leading ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm. WiseEye AI delivers a significant competitive edge in the rapidly growing AI market through its ultralow power consumption and context-aware, on-device AI inferencing that seamlessly integrates vision and other sensing capabilities into endpoint applications, particularly battery-powered devices. This not only enhances intuitive user interaction but also makes AI more practical and accessible. Additionally, WiseEye AI offloads tasks from the main processor, effectively extending battery lifespan and improving overall data processing efficiency. Building on the success with Dell notebooks, Himax WiseEye AI is continuing to expand its market presence, with additional use cases expected across other leading notebook brands, some of which are set for production later this year.

    WiseEye also continues to achieve significant market success across various sectors. For smart door lock, Company collaborated with DESMAN, a leading high-end brand in China, to introduce the world’s first smart door lock with 24/7 sentry monitoring and real-time event recording. Building on this achievement, Himax is expanding globally by collaborating with other leading door lock makers worldwide to integrate innovative AI features, including parcel recognition, anti-pinch protection, and palm vein biometric access, further extending application possibilities. Several of these value-added solutions are set to enter production later this year. At CES 2025, Himax joined forces with ecosystem partners to unveil a suite of innovative, production-ready AIoT applications, powered by Company’s tiny form factor, plug-and-play WiseEye Modules. Himax offers a series of modules, each incorporating an ultralow power WiseEye AI processor, an AoS image sensor, and advanced algorithms. The modules feature no-code/low-code AI platform capabilities, simplifying AI integration and supporting diverse use cases, such as human presence detection, gender and age recognition, gesture recognition, face mesh, voice command, thermal image sensing, pose estimation and people flow management. By streamlining deployment and reducing development costs, WiseEye Modules open new opportunities for automation, enhance interactivity, and elevate user experiences across a variety of industries.

    A broad range of innovative, ultralow power WiseEye Modules are also under development in collaboration with ecosystem partners, such as crying baby detection, dynamic gesture recognition, and human sensing, among others. One standout in Himax’s WiseEye Module portfolio is the Himax WiseEye PalmVein solution, which has quickly gained traction since its introduction just one year ago. Company has secured multiple design wins, with mass production already underway by a US customer for smart access applications and a Taiwan-based door lock vendor for its leading smart door lock brands. To meet growing customer demand for flexibility across various environments, the upgraded WiseEye PalmVein suite now features bimodal authentication, combining both palm vein and face recognitions. This dual-authentication solution enhances security by offering two layers of biometric verification, which not only increases reliability but also makes it highly adaptable to various environments.

    The rise of physical AI agents marks a significant shift in human-machine interaction, enabling devices to perceive, process, and respond to their surroundings in real time. A key emerging trend is the integration of cloud-based large language models (LLMs), which enables these agents’ advanced reasoning and language understanding, enhancing their ability to interact with and adapt to the physical world. Himax WiseEye AI is at the forefront of this revolution, delivering always-on sensor fusion, ultralow power on-device processing, while seamlessly interfacing with LLMs, to provide the essential real-time AI capabilities for next-generation applications. A good illustration of this innovation was showcased at CES 2025, where Himax and Seeed Studio introduced the SenseCAP Watcher, a physical AI agent powered by WiseEye AI. Equipped with vision and audio sensor fusion, along with a speaker, this battery-powered IoT device combines on-device AI with cloud-based LLMs to interpret commands, recognize objects, respond to events, and facilitate real-time interaction. Drawing from the success of SenseCAP Watcher, Himax is actively working on multiple projects leveraging WiseEye AI to further drive advancements in physical AI agent applications.

    Separately, Himax is excited about its collaboration with a leading AR player to integrate WiseEye AI into the next generation of AR glasses. At CES, there was a renewed enthusiasm on AR glasses with AI becoming an integral component to enable intuitive and seamless human-device interaction. WiseEye AI addresses two critical challenges in AR glasses, namely real-time responsiveness and power efficiency. For example, WiseEye supports always-on outward sensing, enabling AR glasses to detect and analyze the surrounding environment with real time context-aware AI. This capability powers instant response, real-time object recognition, navigation assistance, translation, and environmental mapping, enhancing the overall AR experience. Notably, WiseEye AI’s exceptional ultralow power consumption, measured in single digit milliwatts, also make it perfectly suited for AR glasses for all-day wear. In another example, Company collaborates with Ganzin on eyeball tracking technology, which, powered by WiseEye, precisely detects subtle eyeball movements, gaze direction, pupil size, and blinking, thereby providing critical data for the enhancement of user interaction in AR glasses.

    Wafer Level Optics (WLO)

    In June 2024, Himax, in partnership with FOCI, a world leader in silicon photonics connector, unveiled an industry-leading co-packaged optics (CPO) technology, leveraging Himax state-of-the-art WLO technology. This innovation integrates silicon photonic chips and optical connectors within MCM, replacing traditional metal wire transmission with high-speed optical communication. The technology significantly enhances bandwidth, boosts data transmission rates, reduces signal loss and latency, lowers power consumption, and significantly minimizes the size and cost of MCM. In working closely with FOCI, Himax is making significant strides through a solid partnership with leading AI semiconductor companies and foundry, with small-scale production of the first-generation CPO solution already underway. The significant increase in Q1 engineering validation and trial production volume, combined with the anticipated sample volume increases in the coming quarters, is a strong indication that CPO technology is being accelerated toward mass production. In addition, in close collaboration with leading AI customers/partners, Himax is speeding up the development of CPO technology for the next few generations. Himax is more optimistic than ever about the outlook for its WLO business, which is poised to generate significant growth opportunities and become a major revenue and profit contributor in the years ahead.

    Alongside the CPO progress, Company is witnessing a rise in engineering collaborations with global technology leaders who are utilizing Himax’s WLO expertise to make advanced waveguides for AR glasses, highlighting the growing recognition of Company’s WLO capabilities.

    LCoS

    On the update on LCoS, Company recently introduced its industry-leading 400K nits ultra-luminous Front-lit LCoS Microdisplay, setting a new benchmark for brightness with extremely low power consumption of merely 300mW. At CES 2025, Company showcased an AR glasses POC (Proof-Of-Concept) featuring the microdisplay with a third-party waveguide, achieving over 1,000 nits of brightness to the eye. This demonstration highlighted its suitability for outdoor, high ambient light conditions. With a lightweight of just 0.98 grams and ultra-compact form factor of less than 0.5 c.c., combined with excellent color performance, Himax’s Front-lit LCoS Microdisplay is ideal for all-day AR glasses and underscores the technology’s readiness for real-world applications.

    Following the recent release of Himax’s 400K nits ultra-luminous Front-lit LCoS Microdisplay, Himax is actively engaged in significant projects through strategic collaborations with industry leaders. Himax’s proven track record of over a decade in LCoS technology, coupled with a history of successful production shipments, highlights Company’s readiness to meet the demands of large-scale production of AR glasses.

    First Quarter 2025 Guidance
    Net Revenue: Decrease 8.5% to 12.5% QoQ, Flat to Up 4.6% YoY
    Gross Margin: Around 30.5%, depending on final product mix
    Profit: 9.0 cents to 11.0 cents per diluted ADS, Up 26% to 54% YoY  
       

    Himax noticed that some peers’ customers placed orders early due to tariff factors, especially in the consumer electronics sector, resulting in Q1 revenue forecasts exceeding normal seasonal demand. In contrast, no similar trend has been observed in the automotive semiconductor market. Since Himax’s automotive business accounts for more than half of its total revenues, Himax’s Q1 revenue forecast has not benefited from tariff factors.

    HIMAX TECHNOLOGIES FOURTH QUARTER AND FULL YEAR 2024 EARNINGS CONFERENCE CALL
    DATE: Thursday, February 13, 2025
    TIME: U.S.       8:00 a.m. EST
    Taiwan  9:00 p.m.
       
    Live Webcast (Video and Audio): http://www.zucast.com/webcast/br8wqbB4
    Toll Free Dial-in Number (Audio Only):
      Hong Kong 2112-1444
    Taiwan 0080-119-6666
    Australia 1-800-015-763
    Canada 1-877-252-8508
    China (1) 4008-423-888
    China (2) 4006-786-286
    Singapore 800-492-2072
    UK 0800-068-8186
    United States (1) 1-800-811-0860
    United States (2) 1-866-212-5567
    Dial-in Number (Audio Only): 
      Taiwan Domestic Access 02-3396-1191
    International Access +886-2-3396-1191
    Participant PIN Code: 3329013 # 
       

    If you choose to attend the call by dialing in via phone, please enter the Participant PIN Code 3329013 # after the call is connected. A replay of the webcast will be available beginning two hours after the call on www.himax.com.tw. This webcast can be accessed by clicking on this link or Himax’s website, where it will remain available until February 13, 2026.

    About Himax Technologies, Inc.
    Himax Technologies, Inc. (NASDAQ: HIMX) is a leading global fabless semiconductor solution provider dedicated to display imaging processing technologies. The Company’s display driver ICs and timing controllers have been adopted at scale across multiple industries worldwide including TVs, PC monitors, laptops, mobile phones, tablets, automotive, ePaper devices, industrial displays, among others. As the global market share leader in automotive display technology, the Company offers innovative and comprehensive automotive IC solutions, including traditional driver ICs, advanced in-cell Touch and Display Driver Integration (TDDI), local dimming timing controllers (Local Dimming Tcon), Large Touch and Display Driver Integration (LTDI) and OLED display technologies. Himax is also a pioneer in tinyML visual-AI and optical technology related fields. The Company’s industry-leading WiseEye™ Ultralow Power AI Sensing technology which incorporates Himax proprietary ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm has been widely deployed in consumer electronics and AIoT related applications. Himax optics technologies, such as diffractive wafer level optics, LCoS microdisplays and 3D sensing solutions, are critical for facilitating emerging AR/VR/metaverse technologies. Additionally, Himax designs and provides touch controllers, OLED ICs, LED ICs, EPD ICs, power management ICs, and CMOS image sensors for diverse display application coverage. Founded in 2001 and headquartered in Tainan, Taiwan, Himax currently employs around 2,200 people from three Taiwan-based offices in Tainan, Hsinchu and Taipei and country offices in China, Korea, Japan, Germany, and the US. Himax has 2,649 patents granted and 402 patents pending approval worldwide as of December 31, 2024.

    http://www.himax.com.tw

    Forward Looking Statements

    Factors that could cause actual events or results to differ materially from those described in this conference call include, but are not limited to, the effect of the Covid-19 pandemic on the Company’s business; general business and economic conditions and the state of the semiconductor industry; market acceptance and competitiveness of the driver and non-driver products developed by the Company; demand for end-use applications products; reliance on a small group of principal customers; the uncertainty of continued success in technological innovations; our ability to develop and protect our intellectual property; pricing pressures including declines in average selling prices; changes in customer order patterns; changes in estimated full-year effective tax rate; shortage in supply of key components; changes in environmental laws and regulations; changes in export license regulated by Export Administration Regulations (EAR); exchange rate fluctuations; regulatory approvals for further investments in our subsidiaries; our ability to collect accounts receivable and manage inventory and other risks described from time to time in the Company’s SEC filings, including those risks identified in the section entitled “Risk Factors” in its Form 20-F for the year ended December 31, 2023 filed with the SEC, as may be amended.

    Company Contacts:

    Eric Li, Chief IR/PR Officer
    Himax Technologies, Inc.
    Tel: +886-6-505-0880
    Fax: +886-2-2314-0877
    Email: hx_ir@himax.com.tw
    www.himax.com.tw
      
    Karen Tiao, Investor Relations
    Himax Technologies, Inc.
    Tel: +886-2-2370-3999
    Fax: +886-2-2314-0877
    Email: hx_ir@himax.com.tw
    www.himax.com.tw

    Mark Schwalenberg, Director
    Investor Relations – US Representative
    MZ North America
    Tel: +1-312-261-6430
    Email: HIMX@mzgroup.us
    www.mzgroup.us

    -Financial Tables-

    Himax Technologies, Inc.
    Unaudited Condensed Consolidated Statements of Profit or Loss
    (These interim financials do not fully comply with IFRS because they omit all interim disclosure required by IFRS)
    (Amounts in Thousands of U.S. Dollars, Except Share and Per Share Data)
      Three Months
    Ended December 31,
    		   3 Months
    Ended
    September 30,
        2024       2023       2024  
               
    Revenues          
    Revenues from third parties, net $ 237,182     $ 227,664     $ 222,401  
    Revenues from related parties, net   41       14       6  
        237,223       227,678       222,407  
               
    Costs and expenses:          
    Cost of revenues   164,963       158,669       155,795  
    Research and development   37,584       41,088       46,880  
    General and administrative   5,711       5,831       6,828  
    Sales and marketing   5,886       5,409       7,048  
    Total costs and expenses   214,144       210,997       216,551  
               
    Operating income   23,079       16,681       5,856  
               
    Non operating income (loss):          
    Interest income   2,042       1,934       2,297  
    Changes in fair value of financial assets at fair value through profit or loss   1,245       1,710       27  
    Foreign currency exchange gains (losses), net   690       (1,525 )     457  
    Finance costs   (964 )     (1,140 )     (1,018 )
    Share of losses of associates   (360 )     (14 )     (143 )
    Other losses   –       (1,932 )     –  
    Other income (losses)   60       (362 )     105  
        2,713       (1,329 )     1,725  
    Profit before income taxes   25,792       15,352       7,581  
    Income tax expense (benefit)   761       (7,933 )     (5,174 )
    Profit for the period   25,031       23,285       12,755  
    Loss (profit) attributable to noncontrolling interests   (423 )     280       268  
    Profit attributable to Himax Technologies, Inc. stockholders $ 24,608     $ 23,565     $ 13,023  
               
    Basic earnings per ADS attributable to Himax Technologies, Inc. stockholders $ 0.141     $ 0.135     $ 0.075  
    Diluted earnings per ADS attributable to Himax Technologies, Inc. stockholders $ 0.140     $ 0.135     $ 0.074  
               
    Basic Weighted Average Outstanding ADS   175,008       174,724       174,727  
    Diluted Weighted Average Outstanding ADS   175,146       174,979       174,987  
    Himax Technologies, Inc.
    Unaudited Condensed Consolidated Statements of Profit or Loss
    (Amounts in Thousands of U.S. Dollars, Except Share and Per Share Data)
       
        Twelve Months
    Ended December 31,
          2024       2023  
             
    Revenues        
    Revenues from third parties, net   $ 906,737     $ 945,309  
    Revenues from related parties, net     65       119  
          906,802       945,428  
             
    Costs and expenses:        
    Cost of revenues     630,601       681,931  
    Research and development     160,329       171,392  
    General and administrative     24,121       25,037  
    Sales and marketing     23,530       23,856  
    Total costs and expenses     838,581       902,216  
             
    Operating income     68,221       43,212  
             
    Non operating income (loss):        
    Interest income     9,907       8,746  
    Changes in fair value of financial assets at fair value through profit or loss     1,363       1,655  
    Foreign currency exchange gains (losses), net     2,491       (768 )
    Finance costs     (4,014 )     (6,080 )
    Share of losses of associates     (831 )     (598 )
    Other losses     –       (1,932 )
    Other income     198       158  
          9,114       1,181  
    Profit before income taxes     77,335       44,393  
    Income tax benefit     (2,435 )     (5,028 )
    Profit for the period     79,770       49,421  
    Loss (profit) attributable to noncontrolling interests     (15 )     1,195  
    Profit attributable to Himax Technologies, Inc. stockholders   $ 79,755     $ 50,616  
             
    Basic earnings per ADS attributable to Himax Technologies, Inc. stockholders   $ 0.456     $ 0.290  
    Diluted earnings per ADS attributable to Himax Technologies, Inc. stockholders   $ 0.456     $ 0.290  
             
    Basic Weighted Average Outstanding ADS     174,796       174,495  
    Diluted Weighted Average Outstanding ADS     175,014       174,783  
    Himax Technologies, Inc.
    IFRS Unaudited Condensed Consolidated Statements of Financial Position
    (Amounts in Thousands of U.S. Dollars)
     
        December 31,
    2024    		   December 31,
    2023    		   September 30,
    2024
    Assets            
    Current assets:            
    Cash and cash equivalents   $ 218,148     $ 191,749     $ 194,139  
    Financial assets at amortized cost     4,286       12,511       12,335  
    Financial assets at fair value through profit or loss     2,140       2,117       –  
    Accounts receivable, net (including related parties)     236,813       235,829       224,589  
    Inventories     158,746       217,308       192,458  
    Income taxes receivable     726       1,454       986  
    Restricted deposit     503,700       453,000       503,700  
    Other receivable from related parties     13       69       22  
    Other current assets     43,471       86,548       42,581  
    Total current assets     1,168,043       1,200,585       1,170,810  
    Financial assets at fair value through profit or loss     23,554       21,650       26,383  
    Financial assets at fair value through other comprehensive income     28,226       1,635       22,457  
    Equity method investments     8,571       3,490       2,945  
    Property, plant and equipment, net     121,280       130,109       122,333  
    Deferred tax assets     21,193       14,196       13,806  
    Goodwill     28,138       28,138       28,138  
    Other intangible assets, net     636       816       717  
    Restricted deposit     31       32       31  
    Refundable deposits     221,824       222,025       221,879  
    Other non-current assets     18,025       20,728       18,484  
          471,478       442,819       457,173  
         Total assets   $ 1,639,521     $ 1,643,404     $ 1,627,983  
    Liabilities and Equity            
    Current liabilities:            
    Current portion of long-term unsecured borrowings   $ 6,000     $ 6,000     $ 6,000  
    Short-term secured borrowings     503,700       453,000       503,700  
    Accounts payable (including related parties)     113,203       107,342       121,384  
    Income taxes payable     9,514       15,309       2,324  
    Other payable to related parties     –       110       –  
    Contract liabilities-current     10,622       17,751       25,694  
    Other current liabilities     63,595       109,291       54,673  
    Total current liabilities     706,634       708,803       713,775  
    Long-term unsecured borrowings     28,500       34,500       30,000  
    Deferred tax liabilities     564       520       505  
    Other non-current liabilities     7,496       35,879       11,361  
          36,560       70,899       41,866  
    Total liabilities     743,194       779,702       755,641  
    Equity            
    Ordinary shares     107,010       107,010       107,010  
    Additional paid-in capital     115,376       114,648       115,285  
    Treasury shares     (5,546 )     (5,157 )     (4,714 )
    Accumulated other comprehensive income     8,621       (180 )     3,507  
    Retained earnings     664,600       640,447       644,596  
    Equity attributable to owners of Himax Technologies, Inc.     890,061       856,768       865,684  
    Noncontrolling interests     6,266       6,934       6,658  
    Total equity     896,327       863,702       872,342  
         Total liabilities and equity   $ 1,639,521     $ 1,643,404     $ 1,627,983  
    Himax Technologies, Inc.
    Unaudited Condensed Consolidated Statements of Cash Flows
    (Amounts in Thousands of U.S. Dollars)
     
        Three Months
    Ended December 31,    		   Three Months Ended
    September 30,
          2024       2023       2024  
                 
    Cash flows from operating activities:            
    Profit for the period   $ 25,031     $ 23,285     $ 12,755  
    Adjustments for:            
    Depreciation and amortization     5,564       5,115       5,640  
    Share-based compensation expenses     103       346       407  
    Losses (gains) on disposals of property, plant and equipment, net     4       (368 )     –  
    Loss on re-measurement of the pre-existing relationships in a business combination     –       1,932       –  
    Changes in fair value of financial assets at fair value through profit or loss     (1,245 )     (1,710 )     (27 )
    Interest income     (2,042 )     (1,934 )     (2,297 )
    Finance costs     964       1,140       1,018  
    Income tax expense (benefit)     761       (7,933 )     (5,174 )
    Share of losses of associates     360       14       143  
    Inventories write downs     4,037       5,727       2,269  
    Unrealized foreign currency exchange losses (gains)     (159 )     1,517       228  
          33,378       27,131       14,962  
    Changes in:            
    Accounts receivable (including related parties)     (27,302 )     8,163       8,548  
    Inventories     29,675       36,580       8,964  
    Other receivable from related parties     9       (29 )     33  
    Other current assets     2,502       (5,682 )     (778 )
    Accounts payable (including related parties)     (7,706 )     (627 )     (26,101 )
    Other payable to related parties     1       363       (102 )
    Contract liabilities     6       (958 )     667  
    Other current liabilities     2,508       3,014       (4,161 )
    Other non-current liabilities     71       393       (3,354 )
    Cash generated from operating activities     33,142       68,348       (1,322 )
    Interest received     3,513       2,665       860  
    Interest paid     (1,047 )     (1,140 )     (1,018 )
    Income tax paid     (191 )     (1,131 )     (1,658 )
    Net cash provided by (used in) operating activities     35,417       68,742       (3,138 )
                 
    Cash flows from investing activities:            
    Acquisitions of property, plant and equipment     (3,222 )     (15,052 )     (2,551 )
    Proceeds from disposal of property, plant and equipment     –       111       –  
    Acquisitions of intangible assets     –       (40 )     (9 )
    Acquisitions of financial assets at amortized cost     (2,286 )     (4,573 )     (1,500 )
    Proceeds from disposal of financial assets at amortized cost     10,289       784       617  
    Acquisitions of financial assets at fair value through profit or loss     (6,807 )     (5,375 )     (27,934 )
    Proceeds from disposal of financial assets at fair value through profit or loss     3,722       1,645       33,036  
    Acquisitions of financial assets at fair value through other comprehensive income     –       (1,379 )     –  
    Proceeds from disposal of financial assets at fair value through other comprehensive income     –       99       –  
    Acquisition of a subsidiary, net of cash acquired (paid)     (5,416 )     433       –  
    Proceeds from capital reduction of investment     338       360       –  
    Acquisitions of equity method investment     (1,236 )     –       –  
    Decrease (increase) in refundable deposits     (8 )     –       11,339  
    Net cash provided by (used in) investing activities     (4,626 )     (22,987 )     12,998  
                 
    Cash flows from financing activities:            
    Purchase of treasury shares     (832 )     –       –  
    Prepayments for purchase of treasury shares     (2,168 )     –       –  
    Payments of cash dividends     –       –       (50,670 )
    Payments of dividend equivalents     –       –       (233 )
    Proceeds from issuance of new shares by subsidiaries     –       916       –  
    Purchases of subsidiaries shares from noncontrolling interests     –       (9 )     –  
    Proceeds from short-term unsecured borrowings     –       36,932       –  
    Repayments of short-term unsecured borrowings     –       (37,226 )     –  
    Repayments of long-term unsecured borrowings     (1,500 )     (1,500 )     (1,500 )
    Proceeds from short-term secured borrowings     461,400       427,100       522,600  
    Repayments of short-term secured borrowings     (461,400 )     (427,100 )     (471,900 )
    Pledge of restricted deposit     –       –       (50,700 )
    Payment of lease liabilities     (1,340 )     (1,244 )     (979 )
    Guarantee deposits received (refunded)     219       (5 )     –  
    Net cash used in financing activities     (5,621 )     (2,136 )     (53,382 )
    Effect of foreign currency exchange rate changes on cash and cash equivalents     (1,161 )     873       985  
    Net increase (decrease) in cash and cash equivalents     24,009       44,492       (42,537 )
    Cash and cash equivalents at beginning of period     194,139       147,257       236,676  
    Cash and cash equivalents at end of period   $ 218,148     $ 191,749     $ 194,139  
                 
    Himax Technologies, Inc.
    Unaudited Condensed Consolidated Statements of Cash Flows
    (Amounts in Thousands of U.S. Dollars)
        Twelve Months
    Ended December 31,
          2024       2023  
             
    Cash flows from operating activities:        
    Profit for the period   $ 79,770     $ 49,421  
    Adjustments for:        
    Depreciation and amortization     22,354       20,322  
    Share-based compensation expenses     1,247       2,663  
    Losses (gains) on disposals of property, plant and equipment, net     4       (368 )
    Loss on re-measurement of the pre-existing relationships in a business combination     –       1,932  
    Changes in fair value of financial assets at fair value through profit or loss     (1,363 )     (1,655 )
    Interest income     (9,907 )     (8,746 )
    Finance costs     4,014       6,080  
    Income tax benefit     (2,435 )     (5,028 )
    Share of losses of associates     831       598  
    Inventories write downs     13,551       21,540  
    Unrealized foreign currency exchange losses (gains)     (171 )     624  
          107,895       87,383  
    Changes in:        
    Accounts receivable (including related parties)     (40,738 )     20,804  
    Inventories     45,011       132,090  
    Other receivable from related parties     56       5  
    Other current assets     3,941       (3,863 )
    Accounts payable (including related parties)     14,567       7,676  
    Other payable to related parties     (110 )     (268 )
    Contract liabilities     45       (37,051 )
    Other current liabilities     (9,010 )     1,246  
    Other non-current liabilities     (2,260 )     (4,602 )
    Cash generated from operating activities     119,397       203,420  
    Interest received     9,732       8,567  
    Interest paid     (4,015 )     (6,080 )
    Income tax paid     (9,138 )     (53,066 )
    Net cash provided by operating activities     115,976       152,841  
             
    Cash flows from investing activities:        
    Acquisitions of property, plant and equipment     (13,054 )     (23,378 )
    Proceeds from disposal of property, plant and equipment     –       111  
    Acquisitions of intangible assets     (153 )     (115 )
    Acquisitions of financial assets at amortized cost     (11,236 )     (6,911 )
    Proceeds from disposal of financial assets at amortized cost     19,457       3,099  
    Acquisitions of financial assets at fair value through profit or loss     (76,003 )     (82,628 )
    Proceeds from disposal of financial assets at fair value through profit or loss     70,389       75,539  
    Acquisitions of financial assets at fair value through other comprehensive income     (17,164 )     (1,379 )
    Proceeds from disposal of financial assets at fair value through other comprehensive income     –       99  
    Acquisition of a subsidiary, net of cash acquired (paid)     (5,416 )     433  
    Proceeds from capital reduction of investment     338       360  
    Acquisitions of equity method investment     (1,236 )     –  
    Decrease (increase) in refundable deposits     33,562       (56,933 )
    Cash received in advance from disposal of land     –       2,821  
    Net cash used in investing activities     (516 )     (88,882 )
             
    Cash flows from financing activities:        
    Purchase of treasury shares     (832 )     –  
    Prepayments for purchase of treasury shares     (2,168 )     –  
    Payments of cash dividends     (50,670 )     (83,720 )
    Payments of dividend equivalents     (233 )     (148 )
    Proceeds from issuance of new shares by subsidiary     71       916  
    Purchases of subsidiaries shares from noncontrolling interests     (190 )     (9 )
    Proceeds from short-term unsecured borrowings     –       47,226  
    Repayments of short-term unsecured borrowings     –       (47,226 )
    Repayments of long-term unsecured borrowings     (6,000 )     (6,000 )
    Proceeds from short-term secured borrowings     1,780,300       1,383,300  
    Repayments of short-term secured borrowings     (1,729,600 )     (1,299,600 )
    Pledge of restricted deposit     (50,700 )     (83,700 )
    Payment of lease liabilities     (5,032 )     (4,830 )
    Guarantee deposits received (refunded)     (23,163 )     200  
    Net cash used in financing activities     (88,217 )     (93,591 )
    Effect of foreign currency exchange rate changes on cash and cash equivalents     (844 )     (200 )
    Net increase (decrease) in cash and cash equivalents     26,399       (29,832 )
    Cash and cash equivalents at beginning of period     191,749       221,581  
    Cash and cash equivalents at end of period   $ 218,148     $ 191,749  

    The MIL Network –

  • MIL-OSI Video: UK Modernisation Committee announces next steps

    Source: United Kingdom UK Parliament (video statements)

    Following its call for views, the House of Commons Modernisation Committee announces its next steps as it sets out to make the Commons more effective and accessible to all. Find out more: https://committees.parliament.uk/committee/736/modernisation-committee/news/205253/modernisation-committee-pushes-ahead-with-change-agenda/

    https://www.youtube.com/watch?v=t7UQgYTW2a4

    MIL OSI Video –

  • MIL-OSI United Kingdom: Thousands of small businesses to benefit from new government buying rules, boosting local jobs, growth and innovation

    Source: United Kingdom – Executive Government & Departments

    Thousands of small businesses across the country will have more opportunities to win valuable contracts with public sector organisations, kickstarting local economic growth and innovation

    • Complicated government buying processes will be simplified to make it easier for small businesses to win contracts, bringing jobs and growth to local areas and across the UK as government delivers on its Plan for Change.
    • Alongside measures for small business, companies that win public sector contracts will be told to advertise vacancies at local job centres to help get Britain back to work and breaking down barriers to opportunity for millions across the country. 
    • Further measures introduced to cut government waste and drive value for money.

    Thousands of small businesses across the country will have more opportunities to win valuable contracts with public sector organisations, kickstarting local economic growth and innovation and creating jobs for local communities as the Government delivers on its Plan for Change.

    Measures announced by the Government today will speed up and simplify procurement processes in the public sector, where £400 billion is spent each year on essential goods and services – driving growth and improving the lives of working people.

    The changes outlined today include proposals for a major shake-up of spending rules, with local councils able to reserve contracts for small businesses to maximise spend within their area and help boost local economies. 

    Alongside this, a new duty will be placed on firms that win contracts with government bodies to advertise jobs at job centres, delivering real change for people, bringing good jobs closer to home and getting Britain back to work. 

    The National Procurement Policy Statement (NPPS), will gear all parts of the public sector towards delivering growth. The new rules include eight actions to return public procurement back into the service of the country and working people, and drive forward the Plan for Change.

    Georgia Gould, Parliamentary Secretary at the Cabinet Office, said:

    Businesses tell me that the current system isn’t working. It is slow, complicated and too often means small businesses in this country are shut out of public sector contracts.

    These measures will change that, giving them greater opportunity to access the £400 billion spent on public procurement every year, investing in home grown talent and driving innovation and growth.

    This new policy statement sets out our vision for how procurement can put this country back into the service of working people, and deliver our Plan for Change – by making sure the public sector is committed to growing the economy and empowering our communities with innovation and opportunity.

    Current processes require Social Value measures on contracts, which put requirements on businesses to help bring forward positive change in communities and the country as a whole.

    However, there are currently multiple different approaches used across the public sector and potentially many different criteria, confusing business and making it harder to ensure the commitments made are actually delivered.

    The Government will be updating and streamlining the system used by all central government departments and their agencies to align it with the Government’s missions. 

    This will make it simpler to use, giving small businesses a better chance when bidding for contracts, and will make sure companies who profit from government work give back to the community.

    Small Business Minister Gareth Thomas said:

    For too long small businesses have been stuck on the sidelines of the procurement process with complicated bureaucracy and a confusing system. That changes today.

    These measures will mean small firms can more easily offer their expertise to key projects both locally and nationally, helping SMEs to scale up, securing jobs and creating opportunities across the country.

    AI and Digital Government Minister Feryal Clark said:

    There is a £45 billion jackpot of potential productivity savings if we make full use of technology across our public services, it is not an opportunity we can miss.

    To get this right, we need to make sure public sector organisations can get their hands on the right technology for them, quickly. That’s why our Digital Commercial Centre of Excellence will help the rest of the public sector invest in long-term solutions and stop hasty quick fixes.

    Alongside the NPPS, a range of measures to support its delivery and make savings across government are also being introduced. 

    This includes the development of a new AI tool for commercial teams across government to cut bureaucracy wherever possible – such as to simplify redacting contracts and quality assurance of procurement documents. 

    This includes the development of a new AI tool for commercial teams across government to cut bureaucracy wherever possible – such as to simplify redacting contracts and quality assurance of procurement documents. 

    As first announced in the blueprint for a modern digital government, a new Digital Commercial Centre of Excellence will also be set up in the Department for Science, Innovation and Technology to embed a “buy once and well” attitude, and drive innovative solutions to problems facing our public sector, securing long-term solutions rather than short-term fixes for digital and IT products and opening up opportunities for small and medium businesses to work on digital transformation. 

    The current system is broken: two departments might buy two types of equipment for the same purpose, requiring two teams with different individual skills to service and maintain. 

    The new approach means buying only once – requiring only one team, and one set of skills, removing duplication, saving the taxpayer money, and reducing waste in government.

    A new Commercial Innovation Hub is also being considered, to establish a golden link across government departments, embedding learnings from extraordinary events such as vaccine procurement into our day to day processes. This will support departments to deliver greater value from the new flexible powers offered by the Procurement Act – and act as a workshop to seek out innovative commercial solutions that drive greater value. 

    The NAO recently estimated there are between 8,000 and 21,000 frameworks available to public sector buyers through external third party organisations. These agreements are often not transparent, with hidden fees and charges, racking up the cost of common goods and services.

    A new Register of Framework agreements will be produced, shining a light on those rip-off frameworks from third party providers that are profiting off our local councils and NHS, taking money away from front line services.

    The Government will also be consulting on more reforms including a requirement for large contracting authorities to publish their three-year targets for small business and social enterprise spend and report on this annually – as well as the exclusion of suppliers from contracts worth more than £5million if they don’t complete prompt payments of invoices.

    Updates to this page

    Published 13 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: HS2 Ltd response to Construction Commissioner’s 31st report

    Source: United Kingdom – Executive Government & Departments

    High Speed Two (HS2) Ltd responds to the thirty-first Construction Commissioner’s report published in January 2025.

    Documents

    HS2 Ltd response to Construction Commissioner’s 31st report

    PDF, 181 KB, 2 pages

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

    Request an accessible format.
    If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email HS2enquiries@hs2.org.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

    Details

    The HS2 independent Construction Commissioner’s report provides an update on issues raised in his previous report and comments on matters which may have an impact on future numbers of complaints.

    The independent Construction Commissioner’s role is to mediate and monitor the way in which HS2 Ltd manages and responds to construction complaints. The Construction Commissioner will mediate any unresolved construction related disputes between HS2 Ltd and individuals or bodies, and provides advice to members of the public about how to make a complaint about construction.

    Updates to this page

    Published 13 February 2025

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  • MIL-OSI United Kingdom: Fellowships launched to explore how AI could change the way scientists drive new discoveries

    Source: United Kingdom – Government Statements

    New government-funded fellowships will see researchers explore how AI can change the way we conduct research while 23 projects have been awarded funding to explore wider research and innovation.

    £4 million AI Metascience Fellowship Programme

    New government-funded fellowships exploring how AI could change the way scientists drive future discoveries are now open for applications, Science Minister Lord Vallance has announced today (Thursday 13 February).

    Metascience – the study of how science works – examines research practices, funding models, and how institutions operate to improve how science and research is conducted, and discoveries are made and applied. By understanding what makes scientific research more effective, metascience helps drive research breakthroughs faster and with greater impact – boosting economic growth and prosperity to drive our Plan for Change.

    The AI Metascience Fellowship Programme will fund research into key questions, including how AI is reshaping the research landscape and both changing and supporting the daily work of scientists. It will explore ethical concerns such as biases in AI-driven research and transparency in AI-generated discoveries and economic impacts like shifts in research jobs and funding priorities.

    The new fellowship builds on the momentum of the recent AI Action Summit, as global leaders work to ensure AI’s development benefits society and be rolled out across society in the public interest.

    AI is already revolutionising research with DeepMind’s AlphaFold accelerating drug discovery, while AI-powered lab robotics are automating complex experiments and machine learning is transforming how scientists analyse vast datasets.

    The programme will also examine how governments and businesses should respond, from ensuring AI-driven science remains rigorous and delivers reliable outcomes to supporting researchers to maximise their creative potential and spend less time on mundane tasks.

    Funding will go towards researchers to apply their expertise in examining the technology’s broader effects on research. The £4 million UK programme will run alongside a US-based cohort funded by the Alfred P. Sloan Foundation, creating a transatlantic research effort to examine AI’s impact on science. Fellows from both countries will attend a fully funded summer school, strengthening international collaboration and knowledge exchange.

    Applications are especially encouraged from projects exploring the impact of AI on research jobs and skills, how it affects the speed of scientific progress, and the challenges of ensuring AI-driven research remains reliable and explainable.

    Science Minister, Lord Vallance said:

    AI presents new opportunities in a range of sectors, and if researchers can demonstrate its potential to increase transparency, robustness and trust in science then this could pave the way to freeing them up from mundane paperwork tasks while driving growth.

    Supporting researchers to explore how AI can change the way we conduct research and through our joint support with Open Philanthropy for 23 projects exploring wider research and innovation, we will build a better understanding of what works in research – maximising impact, driving discoveries and improving lives.

    In addition to the Fellowship, Department for Science, Innovation and Technology (DSIT) and UK Research and Innovation (UKRI) have awarded £4.8 million in funding for 23 new research projects, which will tackle key questions about how to improve research and innovation, including AI’s impact on science, research integrity, and new models for funding and publishing research.

    It follows a funding call launched last year and includes £1.8 million in co-funding from Open Philanthropy, a US-based foundation.

    Among the winning projects:

    • University of Sheffield: Assessing whether large language models – like ChatGPT – can reliably review academic work and contribute to the UK’s Research Excellence Framework and journal peer review
    • University of Bath: Partnering with Sage Publishing and the Royal Society to test a two-stage peer review process, designed to increase trust in academic findings
    • University College London (UCL): Working with Google DeepMind and the UN Development Programme (UNDP) to explore how AI-driven research can be applied to global challenges, including sustainability and healthcare

    Notes to editors

    List of the Metascience grant winners.

    AI Peer: Large language models and academic peer review outcomes
    Michael Thelwall, University of Sheffield.

    Analysing the Reliability of Quantitative Impact Evaluations (ARGIE)
    Jack Blumenau, University College London.

    Assessing compliance with the FAIR Guiding Principles: a systematic evidence map of data availability in metabolomics research
    Matt Spick, University of Surrey.

    Big Science Beyond Science: The Innovation Impact of Research Infrastructure Procurement
    Riccardo Crescenzi, LSE.

    Commercialising Deep Tech: Understanding Frictions to University Invention Disclosure
    Ramana Nanda, Imperial College London.

    Cultural Traction: Embedding research culture strategy
    S Martin Holbraad, University College London.

    Evaluating the Development and Impact of AI-Assisted Integrity Assessment of Randomised Trials in Evidence Syntheses
    Alison Avenell, University of Aberdeen.

    Everything we (think we) know about Narrative CVs
    Liz Simmonds, University of Cambridge.

    Financial structures for enabling innovator participation and success: experimental evidence from challenge prizes
    Vidal Kumar, Nesta.

    Fostering a Dynamic Academic Ecosystem: Innovative Platforms and Methodologies for Econometrics
    Martin Weidner, University of Oxford.

    Making Replications Count: Identifying Barriers and Enhancing Impact with Innovative Dissemination Tools
    Lukas Wallrich, Birkbeck, University of London.

    Mapping impact pathways: improving our understanding of what mechanisms work in research translation
    Alexandra Pollitt, King’s College London.

    Metascience, research funding and policy priorities
    Annette Boaz, King’s College London.

    People or Projects (PoP)? Investigating different research funding styles
    Ohid Yaqub, University of Sussex.

    PRIME: Peer Review Improvement for Minimizing Bias in Evaluation
    Katherine Button, University of Bath.

    Providing empirical evidence to support greater equality, diversity, and inclusion (EDI) in research funding
    Philip Clarke, University of Oxford.

    Public value mapping for AI
    Jack Stilgoe, University College London.

    Research Software Engineer Metascience
    Heather Packer, University of Southampton.

    Sharing Code for Medical Research: An Audit Tool and Pilot at The BMJ
    Nicholas DeVito, University of Oxford.

    Supporting Research and Researchers through the deployment of Digital Notebooks: A framework for implementation and impact
    Andrew Stewart, University of Manchester.

    Transparent and Reproducible Science in the 21st Century: Unlocking the Benefits of Open Source Code
    Albert Bravo-Biosca, Nesta.

    Understanding Scientific Prizes – Structure, Evolution and Impact
    Ching Jin, University of Warwick.

    Working together or writing together?
    Steven Wooding, University of Cambridge.

    DSIT media enquiries

    Email press@dsit.gov.uk

    Monday to Friday, 8:30am to 6pm 020 7215 300

    Updates to this page

    Published 13 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Video: UK Watch live: Lords marks Holocaust Memorial Day

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

    Find out more and see who’s taking part https://www.parliament.uk/business/news/2025/february/lords-marks-holocaust-memorial-day-2025/

    Catch-up on House of Lords business:

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

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

    • Twitter: https://twitter.com/UKHouseofLords
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    • Threads: https://www.threads.net/@UKHouseOfLords

    #HouseOfLords #UKParliament

    https://www.youtube.com/watch?v=hVUrkE7ssvg

    MIL OSI Video –