Category: Finance

MIL-OSI: Matador Technologies Announces New Bitcoin-Centric Identity as it Expands into Technology and Investment Activities
Source: GlobeNewswire (MIL-OSI)

Key Highlights
- Refreshed brand identity reflects Matador’s evolution into a vertically integrated Bitcoin-focused company.
- Core strategy: hold Bitcoin, launch Bitcoin-native products, and reinvest proceeds into additional BTC.
- Introduction of the Matador Bitcoin Model: a self-reinforcing approach combining treasury management, infrastructure development, and ecosystem engagement.
- Proposed change of business to a Technology/Investment Issuer provides greater operational and strategic flexibility.
- Matador is a participant in Strategy’s “Bitcoin for Corporations” initiative and has institutional backing from UTXO Management, Kitco Metals, and Gold Fields.
Introducing Matador: A Bitcoin Ecosystem Company

TORONTO, May 07, 2025 (GLOBE NEWSWIRE) — Matador Technologies Inc. (“Matador” or the “Company”) (TSXV: MATA, OTCQB: MATAF) today unveiled its refreshed brand identity, marking a new chapter in its evolution as a vertically integrated Bitcoin ecosystem company.

Matador’s mission is simple and powerful: buy and hold Bitcoin, launch revenue-generating products on top of Bitcoin infrastructure, and reinvest cash flow to accumulate more Bitcoin. Matador views Bitcoin as both a long-term treasury reserve asset and a foundational platform for developing digital financial products.

Matador’s Bitcoin-Centric Brand Identity

As part of this transformation, Matador has adopted a new logo, design system, and narrative that reflect its role in the next generation of decentralized finance. The visual identity draws inspiration from Bitcoin’s fixed rules and open architecture, while the brand voice emphasizes resilience, clarity, and long-term vision. The new brand identity, including updated visuals and messaging, is now available on the Company’s website at www.matador.network.

The new brand embodies three core principles:
- Bitcoin First – Everything we do starts with Bitcoin.
- Ecosystem Aligned – We contribute to and benefit from the broader Bitcoin network.
- Compounding by Design – Our strategy is engineered to build long-term BTC per share.
The Matador Bitcoin Model

Matador’s strategy is built on a compounding flywheel:
1. Strategically Accumulate Bitcoin – Acquire BTC in a shareholder-friendly manner to maximize Bitcoin per Share (BPS).
2. Generate Treasury Yield – Monetize Bitcoin volatility through structured yield strategies and synthetic mining (“BTC Volatility Capture Yield Mining”)
3. Build Real-World Applications – Launch Bitcoin-native products, such as the Digital Gold Platform, which uses Grammies (1g gold units) as Bitcoin Ordinals in collaboration with leading artists.
4. Support the Ecosystem – Partner with promising builders in the Ordinals, Layer 2, and DeFi space to advance Bitcoin’s adoption and utility.
The model aims to create a feedback loop where product cash flows support further Bitcoin acquisition, which in turn enables the launch of new products and ecosystem partnerships.

Strategic Shift: Proposed Change of Business

To better support its growth trajectory and strategic mandate, Matador has proposed a change of business from a Tier 2 Technology Issuer to a Tier 2 Technology/Investment Issuer under TSXV Policy 5.2 (“Proposed COB”). This change reflects the natural progression of the Company’s business over the past six months and unlocks greater flexibility to participate in high-growth areas of the digital asset economy.

The proposed change will allow Matador to:
- Expand its investment mandate to include not only Bitcoin, but also tokenized real-world assets, Ordinals, NFTs, DeFi protocols, staking strategies, blockchain infrastructure, and other digital asset-based income streams.
- Strategically issue securities to fund additional acquisitions of Bitcoin and digital assets.
- Participate in network operations across the Bitcoin stack.
- Build and invest in decentralized applications and tokenized platforms.
- Develop vertically and horizontally integrated business lines across digital assets, physical assets, and Web3-native products.
Matador will retain its core management team and Board of Directors, while adopting an investment policy that provides flexibility to pursue innovative and diversified strategies across the Bitcoin and digital asset landscape. The proposed changes are dependent on receiving TSX Venture Exchange approval of the Change of Business submission.

Executive Commentary

Deven Soni, Chief Executive Officer, commented:

“Matador’s updated brand reflects the evolution of our business over the past year. We’ve structured the company around a focused Bitcoin strategy and are taking steps to align our identity, platform, and capital allocation accordingly.”

Mark Moss, Chief Visionary Officer, added:

“We believe Bitcoin will continue to serve as the foundation for innovation across value, ownership, and digital infrastructure. Matador’s strategy is designed to participate in and contribute to that evolution through focused development and investment.”

For additional information, please contact:

Media Contact:
Sunny Ray
President
Email: sunny@matador.network

Phone: 647-932-2668

About Matador Technologies Inc.
Matador Technologies Inc. is a publicly traded Bitcoin ecosystem company that holds Bitcoin as its primary treasury asset and builds products to enhance the Bitcoin network. Through a self-reinforcing model that combines strategic Bitcoin accumulation, Bitcoin-native product development, and participation in digital asset infrastructure, Matador aims to grow long-term shareholder value without dilution.

The Company’s flagship offering, the Digital Gold Platform, allows users to buy, sell, and trade 1-gram gold units inscribed as Bitcoin Ordinals—bridging traditional value with decentralized technology. With a Bitcoin-first strategy, a debt-free balance sheet, and a clear focus on innovation, Matador is helping shape the future of financial infrastructure on Bitcoin.

Learn more at www.matador.network.

Cautionary Statement Regarding Forward-Looking Information

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including risks associated with receipt of all applicable regulatory approvals for the Proposed COB and Investment Policy as currently proposed or at all, the implementation of the Company’s treasury management strategy and the launch of its mobile application as currently proposed or at all. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including with respect to the receipt of all applicable regulatory approvals, potential acquisition of Bitcoin and/or US dollars and/or other investments, the pricing of any acquisitions and/or dispositions and the timing and nature of future operations. Specifically, risks related to Bitcoin holdings and treasury strategies include, but are not limited to, significant price volatility, evolving and uncertain regulatory landscapes, potential security breaches and cyber threats, risks associated with custody solutions, market adoption and sentiment, network vulnerabilities, and the potential for technological obsolescence. Furthermore, the implementation of the Company’s strategies may be subject to unforeseen challenges and delays. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

The MIL Network –
May 8, 2025
MIL-OSI: Abaxx Announces First Carbon Futures Delivery on Abaxx Exchange

Source: GlobeNewswire (MIL-OSI)

TORONTO, May 07, 2025 (GLOBE NEWSWIRE) — Abaxx Technologies Inc. (CBOE:ABXX)(OTCQX:ABXXF) (“Abaxx” or the “Company”), a financial software and market infrastructure company, majority shareholder of Abaxx Singapore Pte Ltd., the owner of Abaxx Commodity Exchange and Clearinghouse (individually, “Abaxx Exchange” and “Abaxx Clearing”), and producer of the SmarterMarkets™ Podcast, today announced the successful first delivery under a carbon futures contract on Abaxx Exchange.

The delivery, involving 50 lots of May 2025 CORSIA¹ Phase 1 Carbon Offset Unit Futures (“CP1”) priced at USD $24.25/tCO₂e², validates the clearing, delivery, and settlement processes underpinning Abaxx Exchange’s physically-deliverable futures contracts. It marks the first live exercise of Abaxx’s end-to-end infrastructure for managing the transfer of environmental assets through a regulated futures market.

The transaction was completed between Mercuria Energy Trading SA (METSA) and a U.S. based counterparty, with Eagle Commodities, a division of Marex, facilitating the original trade. Clearing services were provided by KGI Securities, Marex, and another bank clearing firm.

The delivery involved the transfer of eligible CORSIA Phase 1 carbon units from Mercuria to a registry account established for the buyer, fulfilling the delivery obligations under the May 2025 CP1 futures contract.

“This marks the first delivery through Abaxx’s carbon futures infrastructure, a contract structure designed to support price formation, risk management, and forward planning,” said Alasdair Were, Head of Environmental Markets at Abaxx Exchange. “These are the functions needed to make environmental markets investable and connect capital to climate-linked exposures.”

“We are proud to support the execution, clearing and delivery of the May 2025 CORSIA Phase 1 Carbon Offset Unit Futures,” said Ken Ong, CEO of KGI Securities. “This transaction underscores the strength of Abaxx Exchange’s infrastructure and our commitment to sustainable finance, empowering clients in the evolving environmental asset landscape.”

The CORSIA Phase 1 Carbon Offset Unit Futures contract, launched in June 2024, is part of Abaxx Exchange’s growing suite of physically-deliverable products across energy, environmental, battery materials, and precious metals markets.

Abaxx’s full suite of futures contracts is open for trading 14 hours a day, Monday through Friday. For a full list of clearing firms and execution brokers, visit our market directory.

About Abaxx Technologies

Abaxx Technologies is building Smarter Markets: markets empowered by better tools, better benchmarks, and better technology to drive market-based solutions to the biggest challenges we face as a society, including the energy transition.

In addition to developing and deploying financial technologies that make communication, trade, and transactions easier and more secure, Abaxx is the majority shareholder of Abaxx Singapore Pte. Ltd., the owner of Abaxx Exchange and Abaxx Clearing, and the parent company of wholly owned subsidiary Abaxx Spot Pte. Ltd., the operator of Abaxx Spot.

Abaxx Exchange delivers the market infrastructure critical to the shift toward an electrified, low-carbon economy through centrally-cleared, physically-deliverable futures contracts in LNG, carbon, battery materials, and precious metals, meeting the commercial needs of today’s commodity markets and establishing the next generation of global benchmarks.

Abaxx Spot modernizes physical gold trading through a digitally integrated, physically-backed gold pool in Singapore. It is set to become the first market infrastructure to align spot and futures gold markets in the same location—enabling secure electronic transactions, efficient OTC transfers, and physical delivery for Abaxx Exchange’s gold futures contracts to deliver smarter gold markets.

For more information, visit abaxx.tech | abaxx.exchange | abaxxspot.com | basecarbon.com | smartermarkets.media

For more information about this press release, please contact:

Steve Fray, CFO
Tel: +1 647-490-1590

Media and investor inquiries:

Abaxx Technologies Inc.
Investor Relations Team
Tel: +1 647-490-1590
E-mail: ir@abaxx.tech

¹ Carbon Offsetting and Reduction Scheme for International Aviation
² Tonne of carbon dioxide equivalent

Cautionary Statement Regarding Forward-Looking Information

This press release includes certain “forward-looking statements” which do not consist of historical facts. Forward-looking statements include estimates and statements that describe Abaxx’s future plans, objectives, or goals, including words to the effect that Abaxx expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “seeking”, “should”, “intend”, “predict”, “potential”, “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, “continue”, “plan” or the negative of these terms and similar expressions. Since forward-looking statements are based on current expectations and assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Abaxx, Abaxx does not provide any assurance that actual results will meet respective management expectations. Risks, uncertainties, assumptions, and other factors involved with forward- looking information could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information.

Forward-looking information related to Abaxx in this press release includes, but is not limited to: the business plans and objectives of Abaxx; the development of new products, futures contracts, markets and technologies and associated benefits. Such factors impacting forward-looking information include, among others: the inability to receive regulatory approvals in connection with financings or inability to finalize transaction documentation; risks relating to the global economic climate; dilution; Abaxx’s limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for Abaxx to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on Abaxx and the industry; acquiring and maintaining regulatory approvals for Abaxx’s products and operations; the ability to list Abaxx’s securities on stock exchanges in a timely fashion or at all; network security risks; the ability of Abaxx to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. In addition, particular factors which could impact future results of the business of Abaxx include but are not limited to: operations in foreign jurisdictions; protection of intellectual property rights; contractual risk; third-party risk; clearinghouse risk; malicious actor risks; third-party software license risk; system failure risk; risk of technological change; dependence of technical infrastructure; changes in the price of commodities; capital market conditions; restriction on labor and international travel and supply chains; and the risk factors identified in the Company’s most recent management discussion and analysis filed on SEDAR+. Abaxx has also assumed that no significant events occur outside of Abaxx’s normal course of business.

Abaxx cautions that the foregoing list of material factors is not exhaustive. In addition, although Abaxx has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, or intended. When relying on forward- looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Abaxx has assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking statements and information contained in this press release represents the expectations of Abaxx as of the date of this press release and, accordingly, is subject to change after such date. Abaxx undertakes no obligation to update or revise any forward-looking statements and information, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements and information. Cboe Canada does not accept responsibility for the adequacy or accuracy of this press release.

The MIL Network –

May 8, 2025
MIL-OSI United Nations: 7 May 2025 Departmental update Low-cost, quality-assured HIV tests to sustain access to life-saving services

Source: World Health Organisation

HIV testing is an essential health service and is the critical gateway to both prevention and treatment. With several countries facing significant financial uncertainty, it is urgent for countries to adopt pragmatic cost-saving measures. By prioritizing low-cost and effective differentiated HIV testing solutions, countries can ensure continuity of services for people living with HIV on life-saving treatment and protect hard-won public health gains.

To adapt to this new environment, WHO encourages countries to adopt low-cost WHO pre-qualified HIV rapid tests as the first test in their testing strategy and update their national algorithms accordingly. This also applies to the HIV syphilis dual tests in antenatal care. Adopting a high quality and low-cost first test in a national HIV testing algorithm will result in an immediate and substantial reduction in testing costs for countries. Countries can refer to WHO’s Toolkit to optimize HIV testing algorithms to select a listed low-cost product and to be able to rapidly transition their testing programmes.

WHO recommends flexible algorithms and supports verification studies during or after the algorithm transition, using multiple WHO prequalified products as the first test.

For additional savings, WHO urges countries to adopt low-cost and quality-assured HIV self-tests (blood or oral). Programmes with limited health workers and testing capacity may also consider using HIV self-tests as an alternative first test, especially in contexts where gaps in maintaining service delivery remain. Further guidance on using HIV self-tests can be found in the 2024 WHO Consolidated guidelines on differentiated HIV testing service. This includes a recommendation on facility-based self-testing. It also aims to help countries sustain and expand HIV testing coverage amid constrained budgets.

“The global HIV response and epidemic control is at risk,” said Dr Meg Doherty, Director of WHO Global HIV, Hepatitis and STI Programmes. “We must continue to do everything we can to support countries in delivering life-saving HIV services. Providing countries flexibility and shifting to low-cost, quality-assured HIV rapid tests , dual HIV/syphilis and self-tests will ensure impact, quality and allow more resources to reach people living with HIV and prevent new infections.”

WHO can support countries to expedite product availability in countries, such as through waivers to expedite regulatory approvals, which are needed to make this rapid transition. Existing national regulatory pathways can also help fast-track the introduction and registration of new products.

There is a wide selection of low-cost, WHO-prequalified HIV tests available. Countries can use the WHO diagnostic catalogue and product selection tool to review these options and optimize their national testing strategies. “This guidance is only possible thanks to WHO’s Prequalification (PQ) Programme, which ensures that quality-assured diagnostics are accessible and affordable for all low- and middle-income countries,” said Dr Rogerio Gaspar, Director of WHO Department of Regulation and Prequalification.

The WHO PQ Programme evaluates HIV in vitro diagnostics against international standards of quality, safety and performance. It plays a crucial role in ensuring that countries can provide high-quality diagnosis, effective prevention, and access to treatment for those who need it.

Engagement with procurers and those hosting pooled procurement mechanisms is critical as well.

“The Global Fund welcomes this important guidance from the World Health Organization, which will help countries sustain life-saving HIV services,” said Marijke Wijnroks, the Global Fund’s Head of Strategic Investment and Impact. “We look forward to working with countries to support adoption and implementation of this guidance to both minimize the costs of HIV tests and ensure sustained provision and access to HIV testing services.”

With support from global partners, WHO continues to work to secure access to HIV diagnostics in all countries and across all settings to ensure life-saving services continue and no one is left behind.

MIL OSI United Nations News –

May 7, 2025
MIL-OSI Australia: Firearm seizure – Moil

Source: Northern Territory Police and Fire Services

The Northern Territory Police Force has seized a homemade firearm and other firearm equipment following an incident in Moil on Sunday.

About 4:10am, the Joint Emergency Services Communications Centre (JESCC) received multiple calls in relation to the discharge of a firearm at a residence. As part of these calls, a 43-year-old male called to self-report that he had unintentionally shot himself in the foot.

Police deployed and applied first aid to the male at the residence before he was conveyed to Royal Darwin Hospital by St John Ambulance in a serious but stable condition. Police seized a privately manufactured firearm following the incident.

Yesterday, members from the Firearms Audit and Enforcement Unit conducted a lawful search at the residence and subsequently seized a partially manufactured firearm, an electronic firing device for explosives and other equipment used in the manufacturing of firearms.

Investigations remain ongoing and the male is expected to be charged at a later date.

Police urge the public to be aware of the serious risks posed by illegal and privately manufactured firearms. These weapons are often unreliable and can cause severe injury or death. The illegal manufacturing of firearms is an offence against the Northern Territory Firearms Act 1997 and carries penalties up to 10 years imprisonment.

Anyone with information regarding illegal firearms, their misuse, or individuals involved in manufacturing firearms is strongly encouraged to report it to the police on 131 444. Reports can also be made anonymously through Crime Stoppers on 1800 333 000 or via Crime Stoppers NT.

MIL OSI News –

May 7, 2025
MIL-OSI Australia: Arrest – Siege – Gray

Source: Northern Territory Police and Fire Services

The Northern Territory Police Force has arrested a 55-year-old male after a siege occurred in Gray overnight.

Around 3:50pm on Tuesday 6 May 2025, police attended an address in relation to enquires about a recent aggravated assault report. When the occupant of the residence answered the door, officers asked if a woman he allegedly assaulted was there, at which point he became aggressive and denied that the female victim was present. He then threatened to throw hot water on the attending officers.

A short time later, the offender allowed the victim to exit the residence before locking himself inside.

Police advised he was under arrest and requested he exit the residence. It is alleged he then threw hot water through the screen door twice, hitting two officers.

The offender subsequently barricaded himself inside and threatened to self-harm before allegedly throwing hot water on a third officer who attended to assist with the apprehension.

Additional resources were called, and a cordon of the area was set before negotiators attended and began discussions with the male. He continued to present at the door, allegedly displaying an edged weapon in the process.

At approximately 1:55am, the screen door and front window were removed from the residence to provide a clearer view of the offender while negotiations continued.

Later, around 6:05am, police deployed OC canisters into the property allowing officers to enter the residence and safely arrest the 55-year-old male without further incident.

Investigations remain ongoing and the 55-year-old remains in police custody with charges expected to follow.

The assaulted officers did not require medical treatment.

If you or someone you know are experiencing difficulties due to domestic violence, support services are available, including, but not limited to, 1800RESPECT (1800737732) or Lifeline 131 114.

MIL OSI News –

May 7, 2025

MIL-OSI: Sprott Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

TORONTO, May 07, 2025 (GLOBE NEWSWIRE) — Sprott Inc. (NYSE/TSX: SII) (“Sprott” or the “Company”) today announced its financial results for the quarter ended March 31, 2025.

Management commentary

“Sprott’s Assets Under Management (“AUM”) ended the first quarter of 2025 at $35.1 billion, up 11% from $31.5 billion as at December 31, 2024,” said Whitney George, Chief Executive Officer of Sprott. “Our AUM growth during the quarter was driven by surging gold prices and strong inflows to our physical gold and silver strategies. During the first three months of the year, we benefited from over $3.1 billion of market value appreciation. We also delivered approximately $407 million of net flows. Subsequent to quarter-end, we generated another $816 million of net flows, primarily into our flagship Sprott Physical Gold Trust and benefited from $629 million of market value appreciation, bringing our AUM to $36.5 billion as at May 2, 2025, up 4% from March 31, 2025”.

“While financial markets have been volatile in 2025, at Sprott we are fortunate to be extremely well positioned with an asset base divided between precious metals and critical materials. We have a balanced product suite that offers both safe havens and growth opportunities – all of which offer some inflation protection. We are in a strong position to create value for our clients and shareholders in any environment,” continued Mr. George.

Key AUM highlights¹

AUM was $35.1 billion as at March 31, 2025, up 11% from $31.5 billion as at December 31, 2024. On a three months ended basis, we benefited from strong market value appreciation and net inflows to our precious metals physical trusts which were partially offset by weaker market valuations of our critical materials products.

Key revenue highlights

Management fees were $40 million for the quarter, up 9% from $36.6 million for the quarter ended March 31, 2024. Net fees were $35.6 million for the quarter, up 9% from $32.7 million for the quarter ended March 31, 2024. Our revenue performance in the quarter was primarily due to higher average AUM on strong market value appreciation and inflows to our precious metals physical trusts, partially offset by ongoing weaker market valuations of our critical materials product offerings.
Commission revenues were $0.3 million for the quarter, down 73% from $1 million for the quarter ended March 31, 2024. Net commissions were $0.2 million for the quarter, down 64% from $0.5 million for the quarter ended March 31, 2024. Commission revenue was lower in the quarter mainly due to a lack of at-the-market (“ATM”) activity in our critical materials physical trusts.
Finance income was $1.4 million for the quarter, down 23% from $1.8 million for the quarter ended March 31, 2024. The decrease in the quarter was due to lower income generation in co-investment positions we hold in our LPs managed in our private strategies segment.

Key expense highlights

Net compensation expense was $17.5 million for the quarter, up 8% from $16.1 million for the quarter ended March 31, 2024. The increase in the quarter was primarily due to higher incentive compensation on increased net fee generation. Our net compensation ratio was 47% in the quarter, unchanged from this same time last year (March 31, 2024 – 47%).
SG&A expense was $4.1 million for the quarter, down 1% from $4.2 million for the quarter ended March 31, 2024. The decrease in the quarter was primarily due to lower marketing costs.

Earnings summary

Net income for the quarter was $12 million ($0.46 per share), up 3% from $11.6 million ($0.45 per share) for the quarter ended March 31, 2024. Our earnings in the quarter benefited from higher average AUM on strong market value appreciation and inflows to our precious metals physical trusts partially offset by ongoing weaker market valuations of our critical materials product offerings.
Adjusted EBITDA was $21.9 million ($0.85 per share) for the quarter, up 11% from $19.8 million ($0.78 per share) for the quarter ended March 31, 2024. Adjusted EBITDA in the quarter benefited from higher average AUM on strong market value appreciation and inflows to our precious metals physical trusts partially offset by ongoing weaker market valuations of our critical materials product offerings.

Subsequent events

Subsequent to quarter-end, as at May 2, 2025, AUM was $36.5 billion, up 4% from $35.1 billion as at March 31, 2025. Our performance subsequent to quarter-end was the result of $0.8 billion of net inflows and $0.6 billion of market value appreciation, primarily in our physical gold trust.
On May 6, 2025, the Sprott Board of Directors announced a quarterly dividend of $0.30 per share.

_{¹ See “non-IFRS financial measures” section in this press release and schedule 2 and 3 of “Supplemental financial information”}

Supplemental financial information

Please refer to the March 31, 2025 quarterly financial statements of the Company and the related management discussion and analysis filed earlier this morning for further details into the Company’s financial position as at March 31, 2025 and the Company’s financial performance for the three months ended March 31, 2025.

Schedule 1 – AUM continuity

3 months results
(In millions $)	AUM Dec. 31, 2024	Net inflows ⁽¹⁾	Market value changes	Other net inflows ⁽¹⁾	AUM Mar. 31, 2025	Net management fee rate ⁽²⁾
Exchange listed products
– Precious metals physical trusts and ETFs
– Physical Gold Trust	8,608	475	1,649	–	10,732	0.35%
– Physical Silver Trust	5,227	80	928	–	6,235	0.45%
– Physical Gold and Silver Trust	5,013	(162)	913	–	5,764	0.40%
– Precious Metals ETFs	354	43	119	2	518	0.28%
– Physical Platinum & Palladium Trust	168	14	14	–	196	0.50%
	19,370	450	3,623	2	23,445	0.39%
– Critical materials physical trusts and ETFs
– Physical Uranium Trust	4,862	–	(600)	–	4,262	0.31%
– Critical Materials ETFs	2,020	90	(403)	–	1,707	0.50%
– Physical Copper Trust	90	–	10	–	100	0.33%
	6,972	90	(993)	–	6,069	0.37%

Total exchange listed products	26,342	540	2,630	2	29,514	0.38%

Managed equities ⁽³⁾	2,873	7	525	(27)	3,378	0.82%

Private strategies	2,320	(115)	(20)	–	2,185	0.83%

Total AUM ⁽⁴⁾	31,535	432	3,135	(25)	35,077	0.46%

_{⁽¹⁾ See “Net inflows” and “Other net inflows” in the key performance indicators and non-IFRS and other financial measures section of the MD&A.}
_{⁽²⁾ Net management fee rate represents the weighted average fees for all funds in the category, net of fund expenses.}
_{⁽³⁾ Managed equities is made up of primarily precious metal strategies (56%), high net worth managed accounts (37%) and U.S. value strategies (7%).}
_{⁽⁴⁾ No performance fees are earned on exchange listed products. Certain managed equities products earn either performance fees based on returns above relevant benchmarks or earn carried interest calculated as a predetermined net profit over a preferred return. Private strategies LPs primarily earn carried interest calculated as a predetermined net profit over a preferred return.}

Schedule 2 – Summary financial information

(In thousands $)	Q1 2025		Q4 2024		Q3 2024		Q2 2024		Q1 2024		Q4 2023		Q3 2023		Q2 2023
Management fees	39,989		41,441		38,968		38,325		36,603		34,485		33,116		33,222
SG&A recoveries from funds	(279	)	(280	)	(275	)	(260	)	(231	)	(241	)	(249	)	(282	)
Fund expenses	(2,464	)	(2,708	)	(2,385	)	(2,657	)	(2,234	)	(2,200	)	(1,740	)	(1,871	)
Direct payouts	(1,602	)	(1,561	)	(1,483	)	(1,408	)	(1,461	)	(1,283	)	(1,472	)	(1,342	)
Carried interest and performance fees	–		2,511		4,110		698		–		503		–		388
Carried interest and performance fee payouts	–		(830	)	–		(251	)	–		(222	)	–		(236	)
Net fees	35,644		38,573		38,935		34,447		32,677		31,042		29,655		29,879

Commissions	286		819		498		3,332		1,047		1,331		539		1,647
Commission expense – internal	(52	)	(146	)	(147	)	(380	)	(217	)	(161	)	(88	)	(494	)
Commission expense – external	(47	)	(290	)	(103	)	(1,443	)	(312	)	(441	)	(92	)	(27	)
Net commissions	187		383		248		1,509		518		729		359		1,126

Finance income	1,402		1,441		1,574		4,084		1,810		1,391		1,795		1,650
Co-investment income	151		296		418		416		274		170		462		1,327
Less: Carried interest and performance fees (net of payouts)	–		(1,681	)	(4,110	)	(447	)	–		(281	)	–		(152	)
Total net revenues ⁽¹⁾	37,384		39,012		37,065		40,009		35,279		33,051		32,271		33,830
Add: Carried interest and performance fees (net of payouts)	–		1,681		4,110		447		–		281		–		152
Gain (loss) on investments	1,534		(3,889	)	937		1,133		1,809		2,808		(1,441	)	(1,950	)
Fund expenses ⁽²⁾	2,511		2,998		2,488		4,100		2,546		2,641		1,832		1,898
Direct payouts ⁽³⁾	1,654		2,537		1,630		2,039		1,678		1,666		1,560		2,072
SG&A recoveries from funds	279		280		275		260		231		241		249		282
Total revenues	43,362		42,619		46,505		47,988		41,543		40,688		34,471		36,284

Compensation	19,597		19,672		18,547		19,225		17,955		17,096		16,939		21,468
Direct payouts ⁽³⁾	(1,654	)	(2,537	)	(1,630	)	(2,039	)	(1,678	)	(1,666	)	(1,560	)	(2,072	)
Severance, new hire accruals and other	(52	)	(166	)	(58	)	–		–		(179	)	(122	)	(4,067	)
Market value fluctuation on cash-settled equity plans	(412	)	71		(114	)	(252	)	(155	)	(157	)	79		151
Net compensation	17,479		17,040		16,745		16,934		16,122		15,094		15,336		15,480
Net compensation ratio	47	%	44	%	46	%	44	%	47	%	47	%	50	%	48	%
Fund expenses ⁽²⁾	2,511		2,998		2,488		4,100		2,546		2,641		1,832		1,898
Direct payouts ⁽³⁾	1,654		2,537		1,630		2,039		1,678		1,666		1,560		2,072
Severance, new hire accruals and other	52		166		58		–		–		179		122		4,067
Market value fluctuation on cash-settled equity plans	412		(71	)	114		252		155		157		(79	)	(151	)
SG&A	4,127		4,949		4,612		5,040		4,173		3,963		3,817		4,752
Interest expense	280		613		933		715		830		844		882		1,087
Depreciation and amortization	541		600		502		568		551		658		731		748
Foreign exchange (gain) loss	554		(2,706	)	1,028		122		168		1,295		37		1,440
Other (income) and expenses	–		–		–		(580	)	–		3,368		4,809		(18,890	)
Total expenses	27,610		26,126		28,110		29,190		26,223		29,865		29,047		12,503

Net income	11,957		11,680		12,697		13,360		11,557		9,664		6,773		17,724
Net income per share	0.46		0.46		0.50		0.53		0.45		0.38		0.27		0.70
Adjusted EBITDA ⁽⁴⁾	21,901		22,362		20,675		22,375		19,751		18,759		17,854		17,953
Adjusted EBITDA per share	0.85		0.88		0.81		0.88		0.78		0.75		0.71		0.71
Total assets	386,131		388,798		412,477		406,265		389,784		378,835		375,948		381,519
Total liabilities	59,986		65,150		82,198		90,442		82,365		73,130		79,705		83,711

Total AUM	35,076,761		31,535,062		33,439,221		31,053,136		29,369,191		28,737,742		25,398,159		25,141,561
Average AUM	33,265,327		33,401,157		31,788,412		31,378,343		29,035,667		27,014,109		25,518,250		25,679,214

_{⁽¹⁾ Prior period net revenues excludes revenues from non-reportable segments of: Q4 2024 – $406, Q3 2024 – $497, Q2 2024 – $650, Q1 2024 – $465, Q4 2023 – $749, Q3 2023 – $1,517 and Q2 2023 – $1,589.}
_{⁽²⁾ Includes fund expenses and commission expense – external. Together, these amounts are included in “Fund expenses” on the income statement.}
_{⁽³⁾ Includes direct payouts, external carried interest and performance fee payouts and commission payouts – internal. Together, these amounts are included in “Compensation” on the income statement.}
_{⁽⁴⁾ Effective Q1 2025, we changed the name of one of our key non-IFRS measures: “adjusted base EBITDA” to “adjusted EBITDA”. This was made to simplify wording and there was no impact to its calculation.}

Schedule 3 – EBITDA reconciliation

	3 months ended
(in thousands $)	Mar. 31, 2025		Mar. 31, 2024
Net income for the period	11,957		11,557
Net income margin ⁽¹⁾	28	%	28	%
Adjustments:
Interest expense	280		830
Provision for income taxes	3,795		3,763
Depreciation and amortization	541		551
EBITDA	16,573		16,701
Adjustments:
(Gain) loss on investments ⁽²⁾	(1,534	)	(1,809	)
Stock-based compensation	6,256		4,691
Foreign exchange (gain) loss	554		168
Severance, new hire accruals and other	52		–
Carried interest and performance fees	–		–
Carried interest and performance fee payouts ⁽³⁾	–		–
Adjusted EBITDA ⁽⁴⁾	21,901		19,751
Adjusted EBITDA margin ⁽⁵⁾	59	%	58	%

_{⁽¹⁾ Calculated as IFRS net income divided by IFRS total revenue.}
_{⁽²⁾ This adjustment removes the income effects of certain gains or losses on short-term investments, co-investments, and private holdings to ensure the reporting objectives of our adjusted EBITDA metric are met.}
_{⁽³⁾ Includes both internal and external carried interest and performance fee payouts.}
_{⁽⁴⁾ Effective Q1 2025, we changed the name of one of our key non-IFRS measures: “adjusted base EBITDA” to “adjusted EBITDA”. This was made to simplify wording and there was no impact to its calculation.}
_{⁽⁵⁾ Prior period adjusted EBITDA margin excludes adjusted EBITDA from non-reportable segments of ($461).}

Conference Call and Webcast

A webcast will be held today, May 7, 2025 at 10:00 am ET to discuss the Company’s financial results.

To listen to the webcast, please register at: https://edge.media-server.com/mmc/p/s9sms3g4

Please note, analysts who cover the Company should register at: https://register-conf.media-server.com/register/BIa4daf41d0475486f809eb3c63ce3096d

This press release includes financial terms (including AUM, net commissions, net fees, expenses, adjusted EBITDA, adjusted EBITDA margin and net compensation) that the Company utilizes to assess the financial performance of its business that are not measures recognized under International Financial Reporting Standards (“IFRS”). These non-IFRS measures should not be considered alternatives to performance measures determined in accordance with IFRS and may not be comparable to similar measures presented by other issuers. Non-IFRS financial measures do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. Our key performance indicators and non-IFRS and other financial measures are discussed below. For quantitative reconciliations of non-IFRS financial measures to their most directly comparable IFRS financial measures please see schedule 2 and schedule 3 of the “Supplemental financial information” section of this press release.

Net fees

Net fees are calculated as: (1) total management fees net of SG&A recoveries from funds, fund expenses and direct payouts; and (2) carried interest and performance fees, net of their related payouts. Net fees is a key revenue indicator as it represents revenue contributions after directly associated costs in managing our AUM.

Net revenues

Net revenues are calculated as the total of: (1) net fees, excluding carried interest and performance fees, net of their related payouts; (2) net commissions; (3) finance income; and (4) co-investment income.

Net commissions

Net commissions are calculated as total commissions, net of commission expenses. Net commissions primarily arise from the purchase and sale of critical materials in our exchange listed products segment.

Net compensation & net compensation ratio

Net compensation is calculated as total compensation expense before: (1) commission expenses paid to employees; (2) direct payouts to employees; (3) carried interest and performance fee payouts to employees; (4) severance and new hire accruals; and (5) market value fluctuations on cash-settled equity plans. Net compensation ratio is calculated as net compensation divided by net revenues.

EBITDA, adjusted EBITDA and adjusted EBITDA margin

Effective in the first quarter of the year, we changed the name of one of our key non-IFRS measures: “adjusted base EBITDA” to “adjusted EBITDA”. The change was made to simplify wording and there was no impact to the underlying calculation.

EBITDA in its most basic form is defined as earnings before interest expense, income taxes, depreciation and amortization. EBITDA (or adjustments thereto) is a measure commonly used in the investment industry by management, investors and investment analysts in understanding and comparing results by factoring out the impact of different financing methods, capital structures, amortization techniques and income tax rates between companies in the same industry. While other companies, investors or investment analysts may not utilize the same method of calculating EBITDA (or adjustments thereto), the Company believes its adjusted EBITDA metric results in a better comparison of the Company’s underlying operations against its peers and a better indicator of recurring results from operations as compared to other non-IFRS financial measures. Adjusted EBITDA margins are a key indicator of a company’s profitability on a per dollar of revenue basis, and as such, is commonly used in the financial services sector by analysts, investors and management.

Forward Looking Statements

Certain statements in this press release contain forward-looking information and forward-looking statements (collectively referred to herein as the “Forward-Looking Statements”) within the meaning of applicable Canadian and U.S. securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify Forward-Looking Statements. In particular, but without limiting the forgoing, this press release contains Forward-Looking Statements pertaining to: (i) our positioning will benefit from a highly constructive operating environment for precious metals, critical materials and their related equities; and (ii) the declaration, payment and designation of dividends and confidence that our business will support the dividend level without impacting our ability to fund future growth initiatives.

Although the Company believes that the Forward-Looking Statements are reasonable, they are not guarantees of future results, performance or achievements. A number of factors or assumptions have been used to develop the Forward-Looking Statements, including: (i) the impact of increasing competition in each business in which the Company operates will not be material; (ii) quality management will be available; (iii) the effects of regulation and tax laws of governmental agencies will be consistent with the current environment; (iv) the impact of public health outbreaks; and (v) those assumptions disclosed under the heading “Critical Accounting Estimates and significant judgments” in the Company’s MD&A for the period ended March 31, 2025. Actual results, performance or achievements could vary materially from those expressed or implied by the Forward-Looking Statements should assumptions underlying the Forward-Looking Statements prove incorrect or should one or more risks or other factors materialize, including: (i) difficult market conditions; (ii) poor investment performance; (iii) failure to continue to retain and attract quality staff; (iv) employee errors or misconduct resulting in regulatory sanctions or reputational harm; (v) performance fee fluctuations; (vi) a business segment or another counterparty failing to pay its financial obligation; (vii) failure of the Company to meet its demand for cash or fund obligations as they come due; (viii) changes in the investment management industry; (ix) failure to implement effective information security policies, procedures and capabilities; (x) lack of investment opportunities; (xi) risks related to regulatory compliance; (xii) failure to manage risks appropriately; (xiii) failure to deal appropriately with conflicts of interest; (xiv) competitive pressures; (xv) corporate growth which may be difficult to sustain and may place significant demands on existing administrative, operational and financial resources; (xvi) failure to comply with privacy laws; (xvii) failure to successfully implement succession planning; (xviii) foreign exchange risk relating to the relative value of the U.S. dollar; (xix) litigation risk; (xx) failure to develop effective business resiliency plans; (xxi) failure to obtain or maintain sufficient insurance coverage on favorable economic terms; (xxii) historical financial information being not necessarily indicative of future performance; (xxiii) the market price of common shares of the Company may fluctuate widely and rapidly; (xxiv) risks relating to the Company’s investment products; (xxv) risks relating to the Company’s proprietary investments; (xxvi) risks relating to the Company’s private strategies business; (xxvii) those risks described under the heading “Risk Factors” in the Company’s annual information form dated February 25, 2025; and (xxviii) those risks described under the headings “Managing Financial Risks” and “Managing Non-Financial Risks” in the Company’s MD&A for the period ended March 31, 2025. In addition, the payment of dividends is not guaranteed and the amount and timing of any dividends payable by the Company will be at the discretion of the Board of Directors of the Company and will be established on the basis of the Company’s earnings, the satisfaction of solvency tests imposed by applicable corporate law for the declaration and payment of dividends, and other relevant factors. The Forward-Looking Statements speak only as of the date hereof, unless otherwise specifically noted, and the Company does not assume any obligation to publicly update any Forward-Looking Statements, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.

Normal Course Issuer Bid

Sprott also announced today that the Toronto Stock Exchange (“TSX”) has approved the Company’s notice of intention to amend its previously announced normal course issuer bid (as amended, the “NCIB”) that commenced on March 11, 2025 and expires on March 10, 2026. The amendment provides that purchases for cancellation may also be made through alternative U.S. trading systems.

Pursuant to the terms of the NCIB, Sprott may purchase its own common shares for cancellation through the facilities of the TSX, alternative Canadian trading systems, the New York Stock Exchange and/or alternative U.S. trading systems, in each case in accordance with the applicable requirements, through open market purchases at market price and as otherwise permitted under applicable securities laws. The maximum number of common shares which may be purchased by Sprott during the NCIB will not exceed 645,333 common shares being approximately 2.5% of 25,813,335 (representing the number of issued and outstanding common shares as of February 28, 2025). The average daily trading volume (the “ADTV”) of the common shares on the TSX for the six-month period ended February 28, 2025 was 26,765. Under the rules of the TSX, Sprott is entitled to repurchase during the same trading day on the TSX up to 25% of the ADTV of the common shares, being 6,691 common shares, except where such purchases are made in accordance with the “block purchase” exemption under applicable TSX policy. Sprott will effect purchases at varying times commencing on March 11, 2025 and ending on March 10, 2026. In addition to providing shareholders liquidity, Sprott believes that the common shares have been trading in a price range which does not adequately reflect the value of such shares in relation to Sprott’s business and its future prospects.

About Sprott

Sprott is a global asset manager focused on precious metals and critical materials investments. We are specialists. We believe our in-depth knowledge, experience and relationships separate us from the generalists. Our investment strategies include Exchange Listed Products, Managed Equities and Private Strategies. Sprott has offices in Toronto, New York, Connecticut and California and the Company’s common shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol (SII). For more information, please visit www.sprott.com.

Investor contact information:

Glen Williams
Senior Managing Partner
Investor and Institutional Client Relations
(416) 943-4394
gwilliams@sprott.com

The MIL Network –

May 7, 2025

MIL-OSI: TransAlta Reports First Quarter 2025 Results and Reaffirms Annual Guidance

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 07, 2025 (GLOBE NEWSWIRE) — TransAlta Corporation (TransAlta or the Company) (TSX: TA) (NYSE: TAC) today reported its financial results for the first quarter ended March 31, 2025.

“Our business delivered strong operational performance across the fleet during the first quarter. While the Company’s merchant portfolio in Alberta was partially impacted by softer power prices, our hedging strategy and active asset optimization continued to generate realized prices well above spot prices,” said John Kousinioris, President and Chief Executive Officer of TransAlta.

“We have a unique and diversified generating fleet that is complemented by a highly skilled energy marketing and trading team. Though we are operating within a challenging pricing environment in Alberta, our assets continue to perform well, and we remain confident in our 2025 Outlook,” added Mr. Kousinioris.

“During the quarter, we executed and progressed multiple strategic initiatives. We advanced our growth plan by securing a strategic partnership with Nova Clean Energy, LLC, which grants the Company the exclusive option to purchase late-stage development projects in the western United States. Nova’s team has a successful track record of developing projects across the U.S. and has a development portfolio of over four GW. We continued to advance our data centre strategy in Alberta by moving into the commercialization phase. Negotiations on repowering opportunities at our Centralia facility continue to progress. And, finally, we successfully issued $450 million of medium-term notes and repaid our $400 million term loan that was due later this year, maintaining our financial strength and capital discipline.”

First Quarter 2025 Highlights

Achieved strong operational availability of 94.9 per cent in 2025, compared to 92.3 per cent in 2024
Adjusted EBITDA⁽¹⁾ of $270 million, compared to $342 million for the same period in 2024
Free Cash Flow (FCF)⁽¹⁾ of $139 million, or $0.47 per share, compared to $221 million, or $0.72 per share, for the same period in 2024
Adjusted earnings before income taxes⁽¹⁾ of $28 million, or $0.09 per share, compared to $144 million, or $0.47 per share, for the same period in 2024
Cash flow from operating activities of $7 million, compared to $244 million from the same period in 2024
Net earnings attributable to common shareholders⁽¹⁾ of $46 million, or $0.15 per share, compared to $222 million, or $0.72 per share, for the same period in 2024
Declared quarterly dividend of $0.065 per share common share, an increase of eight per cent

Key Business Developments

Nova Clean Energy, LLC

During the first quarter of 2025, the Company made a strategic investment in Nova Clean Energy, LLC (Nova), a developer of renewable energy projects. The investment includes a US$75 million term loan and US$100 million revolving facility. At closing of the transaction, US$74 million was drawn by Nova under the credit facilities. The outstanding principal under the term loan and the revolving facility bear interest of seven per cent per annum with interest due quarterly. The terms of the term loan and the revolving facility are six and five years, respectively, unless accelerated. The term loan is convertible to a minority equity interest at any time, prior to maturity, at the option of the Company and any remaining unused term loan commitments at the time of conversion would be terminated. This investment provides the Company with the exclusive right to purchase Nova’s late-stage development projects in the western U.S.

Annual Shareholder Meeting

On April 24, 2025 at TransAlta’s Annual and Special Meeting of Shareholders, the Company received strong support on all items of business, including the election of all 11 director nominees, re-appointment of auditors, Say-on-Pay, and approval of the Company’s Amended and Restated Shareholder Rights Plan.

Two directors did not stand for re-election and the Board would like to extend its gratitude to Mr. Harry Goldgut and Ms. Sarah Slusser for their service.

The Company welcomed Mr. Brian Baker to the Board who brings extensive experience in strategic direction, risk management and growth alongside his extensive background in infrastructure.

Mothballing of Sundance 6

As previously communicated, the Company mothballed the Sundance Unit 6 facility on April 1, 2025. The Company initially provided notice to the Alberta Electric System Operator (AESO) on Nov. 4, 2024, that Sundance Unit 6 would be mothballed on April 1, 2025, for a period of up to two years depending on market conditions. TransAlta maintains the flexibility to return the mothballed unit to service when market fundamentals improve or opportunities to contract are secured.

Senior Notes Offering

On March 24, 2025, the Company issued $450 million of senior notes with a fixed annual coupon of 5.625 per cent, maturing on March 24, 2032. The notes are unsecured and rank equally in right of payment with all existing and future senior indebtedness and senior in right of payment to all future subordinated indebtedness. Interest payments on the notes are made semi-annually, on March 24 and Sept. 24, with the first payment commencing Sept. 24, 2025.

On March 25, 2025, the Company repaid its $400 million variable rate term loan facility in advance of the scheduled maturity date of Sept. 7, 2025, with the proceeds received from the $450 million senior notes offering.

Normal Course Issuer Bid (NCIB) and Automatic Securities Purchase Plan (ASPP)

TransAlta remains committed to enhancing shareholder returns through appropriate capital allocation such as share buybacks and its quarterly dividend.

On May 27, 2024, the Company announced that it had received approval from the Toronto Stock Exchange to purchase up to 14 million common shares during the 12-month period that commenced May 31, 2024, and terminates May 31, 2025. Any common shares purchased under the NCIB will be cancelled.

On Feb. 19, 2025 the Company announced it was allocating up to $100 million to be returned to shareholders in the form of share repurchases.

On March 25, 2025, the Company entered into an ASPP to facilitate repurchases of TransAlta’s common shares under its NCIB. Under the ASPP, the Company’s broker may purchase common shares from the effective date of the ASPP until the termination of the ASPP. All purchases of common shares made under the ASPP will be included in determining the number of common shares purchased under the NCIB. The ASPP will terminate on the earliest of: (a) May 8, 2025; (b) the date on which the maximum purchase limits under the ASPP are reached; or (c) the date on which the Company terminates the ASPP in accordance with its terms.

As of May 6, 2025, the Company has purchased and cancelled a total of 1,932,800 common shares, at an average price of $12.42 per common share, for a total cost of $24 million, including taxes.

Declared Increase in Common Share Dividend

On Feb. 19, 2025, the Company’s Board of Directors approved a $0.02 annualized increase to the common share dividend, an eight per cent increase, and declared a dividend of $0.065 per common share payable on July 1, 2025 to shareholders of record at the close of business on June 1, 2025. The quarterly dividend of $0.065 per common share represents an annualized dividend of $0.26 per common share.

First Quarter 2025 Operational and Financial Highlights

	Three Months Ended
$ millions, unless otherwise stated	March 31, 2025	March 31, 2024
Operational information
Availability (%)	94.9	92.3
Production (GWh)	6,832	6,178
Select financial information
Revenues	758	947
Adjusted EBITDA⁽¹⁾	270	342
Adjusted earnings before income taxes⁽¹⁾	28	144
Earnings before income taxes	49	267
Adjusted net earnings after taxes attributable to common shareholders⁽¹⁾	30	128
Net earnings (loss) attributable to common shareholders	46	222
Cash flows
Cash flow from operating activities	7	244
Funds from operations⁽¹⁾	179	254
Free cash flow⁽¹⁾	139	221
Per share
Adjusted net earnings attributable to common shareholders per share⁽¹⁾	0.10	0.41
Net earnings per share attributable to common shareholders, basic and diluted	0.15	0.72
Funds from operations per share⁽¹⁾	0.60	0.82
FCF per share⁽¹⁾	0.47	0.72
Dividends declared per common share	0.07	—
Weighted average number of common shares outstanding	298	308

Segmented Financial Performance

	Three Months Ended
$ millions	March 31, 2025		March 31, 2024
Hydro	47		87
Wind and Solar	102		89
Gas	104		125
Energy Transition	37		27
Energy Marketing	21		39
Corporate	(41	)	(25	)
Total adjusted EBITDA⁽¹⁾	270		342
Adjusted earnings before income taxes⁽¹⁾	28		144
Earnings before income taxes	49		267
Adjusted net earnings attributable to common shareholders⁽¹⁾	30		128
Net earnings attributable to common shareholders	46		222

First Quarter 2025 Financial Results Summary

For the three months ended March 31, 2025, the Company delivered strong operational performance, while financial performance was partially impacted by softer power prices in Alberta. The Company remains confident in its ability to achieve results within its previously stated guidance range. On Dec. 4, 2024, the Company completed the acquisition of Heartland Generation, which added 1,747 MW to gross installed capacity, excluding the Poplar Hill and Rainbow Lake facilities, (collectively, the Planned Divestitures). IFRS financial statements include the results attributable to the Planned Divestitures, which the Company agreed to divest pursuant to a consent agreement entered into with the Commissioner of Competition for Canada. Our non-IFRS measures and operational KPIs exclude the results of the Planned Divestitures.

Availability for the three months ended March 31, 2025, was 94.9 per cent, compared to 92.3 per cent in the same period 2024, an increase of 2.6 percentage points, primarily due to:

The addition of new facilities, including the Heartland gas facilities in the fourth quarter of 2024 and the White Rock and Horizon Hill wind facilities in the first and second quarters of 2024, which operated at higher availability during the first quarter of 2025;
Lower unplanned outages at the Centralia facility in the Energy Transition segment; and
Lower planned major maintenance outages in the Hydro fleet.

Total production for the three months ended March 31, 2025, increased by 654 GWh, or 11 per cent, compared to the same period in 2024, primarily due to:

Production from the Heartland gas facilities acquired in December 2024;
Production from new wind and solar facilities, including the White Rock West and East wind facilities commissioned in January and April 2024, respectively, and the Horizon Hill wind facility commissioned in May 2024;
Improved availability at the Centralia facility due to lower unplanned outages; and
Higher wind resource across all regions; partially offset by
Higher dispatch optimization in Alberta due to lower market prices; and
Lower production in Australia due to lower customer demand.

Adjusted EBITDA for the three months ended March 31, 2025, was $270 million, compared to $342 million in the same period last year, a decrease of $72 million, or 21 per cent. The major factors impacting adjusted EBITDA include:

Hydro adjusted EBITDA decreasing by $40 million, or 46 per cent, compared to 2024, primarily due to lower spot power prices and ancillary services prices in the Alberta market, partially offset by higher merchant and ancillary services volumes due to higher water reserves in the first quarter of 2025 and favourable hedging positions settled, which generated positive contributions over settled spot prices in the first quarter of 2025;
Gas adjusted EBITDA decreasing by $21 million, or 17 per cent, compared to 2024, primarily due to higher OM&A related to the addition of the Heartland facilities, lower merchant volumes due to lower market prices driven by milder weather and new gas generation in Alberta and lower spot power prices in Alberta, partially offset by favourable hedge positions settled, and the addition of the Heartland facilities;
Energy Marketing adjusted EBITDA decreasing by $18 million, or 46 per cent, compared to 2024, primarily due to comparatively muted market volatility across North American natural gas and power markets and lower realized settled trades in the first quarter of 2025 compared to the same period in 2024;
Corporate adjusted EBITDA decreasing by $16 million, or 64 per cent, compared to 2024, primarily due to increased spending to support strategic growth projects and the addition of corporate costs related to the acquisition of Heartland;
Wind and Solar adjusted EBITDA increasing by $13 million, or 15 per cent, compared to 2024, primarily due to higher revenues from the Horizon Hill and White Rock West and East wind facilities due to full first quarter production in 2025 and higher production volumes across all regions, partially offset by lower Alberta pool prices and higher OM&A from the addition of new wind facilities; and
Energy Transition adjusted EBITDA increasing by $10 million, or 37 per cent, compared to 2024, primarily due to lower fuel and purchased power costs; partially offset by increased economic dispatch driven by lower market prices, which negatively impacted merchant revenues.

Cash flow from operating activities totalled $7 million for the three months ended March 31, 2025, compared to $244 million in the same period in 2024, a decrease of $237 million, or 97 per cent, primarily due to:

Unfavourable change in non-cash operating working capital balances due to lower accounts payable and accrued liabilities, higher accounts receivable, higher income taxes receivable and higher collateral provided;
Lower gross margin due to lower revenues, excluding the effect of unrealized losses from risk management activities, partially offset by lower fuel and purchased power;
Higher OM&A due to increased spending on strategic and growth initiatives, the addition of the Heartland facilities and associated corporate costs, the addition of the White Rock and Horizon Hill wind facilities in the first and second quarters of 2024 and higher spending related to the planning and design of an upgrade to our ERP system; and
Higher interest expense primarily due to lower capitalized interest resulting from lower construction activity in the first quarter of 2025 compared to 2024; partially offset by
Lower current income tax expense due to lower earnings before income taxes in the first quarter of 2025 compared to 2024.

FCF totalled $139 million for the three months ended March 31, 2025, compared to $221 million for the same period in 2024, a decrease of $82 million, or 37 per cent, primarily driven by:

The adjusted EBITDA items noted above;
Higher sustaining capital expenditures due to the receipt of a lease incentive related to the Company’s head office during the first quarter of 2024 and higher major maintenance during the first quarter of 2025 at our Canadian gas fleet, including at the gas facilities acquired from Heartland; and
Higher net interest expense due to lower capitalized interest resulting from lower construction activity in the first quarter of 2025 compared to the same period in 2024; partially offset by
Lower distributions paid to subsidiaries’ non-controlling interests relating to lower TA Cogen net earnings resulting from lower merchant pricing in the Alberta market;
Lower current income tax expense due to lower earnings before income taxes in 2025 compared to the same period in 2024; and
Lower provisions accrued in the current period compared to the same period in prior year resulting in higher FCF.

Earnings before income taxes totalled $49 million for the three months ended March 31, 2025, compared to $267 million in the same period in 2024, a decrease of $218 million, or 82 per cent.

Adjusted earnings before income taxes for the three months ended March 31, 2025 decreased by $116 million, or 81 per cent, compared to the same period in 2024, primarily due to:

The adjusted EBITDA items noted above;
Higher depreciation and amortization due to the addition of the Heartland gas facilities and White Rock and Horizon Hill wind facilities; and
Higher interest expense due to lower capitalized interest resulting from lower construction activity in the first quarter of 2025 compared to the same period in 2024.

Net earnings attributable to common shareholders for the three months ended March 31, 2025 decreased to $176 million, or 79 per cent, compared to the same period in 2024, primarily due to:

The factors causing lower adjusted earnings before income taxes noted above;
Higher unrealized mark-to-market losses recorded in the Wind and Solar segment primarily related to long-term wind energy sales related to the Oklahoma facilities;
Lower unrealized mark-to-market gains recorded in the Gas segment primarily related to lower volumes hedged in the current period;
Higher asset impairment charges on the Planned Divestiture assets classified as Assets Held for Sale, offset by a fair value gain on the contingent consideration payable in the first quarter of 2025 driven by updated expectations of the fair value less costs to sell on the Planned Divestitures;
Higher asset impairment charges due to an increase in decommissioning and restoration provisions on retired assets driven by a decrease in discount rates and revisions in estimated decommissioning costs; impairment charges related to development projects that are no longer proceeding, partially offset by an impairment reversal related to certain energy transition assets reclassified to assets held for sale; and
Higher spending relating to planning and design work on a planned upgrade to our ERP system; partially offset by
Higher unrealized mark-to-market gains recorded in the Hydro segment primarily related to the favourable changes in forward prices;
Lower current income tax expense due to lower earnings before income taxes in 2025 compared to the same period in 2024; and
Net loss attributable to non-controlling interests compared to net earnings in the same period in 2024, primarily due to lower net earnings for TA Cogen resulting from lower merchant pricing in the Alberta market.

Optimization of the Alberta Portfolio

For the three months ended March 31, 2025, the Alberta electricity portfolio generated 3,195 GWh compared to 3,173 GWh in the same period in 2024. The production increase of 22 GWh, or one per cent, was primarily due to:

Higher contract production in the Gas segment due to the addition of gas facilities from the acquisition of Heartland in the fourth quarter of 2024;
Higher production volumes in the Wind and Solar segment due to higher wind resources in the first quarter of 2025; and
Higher production from the Hydro segment due to higher water resource compared to the prior year; partially offset by
Lower merchant production in the Gas segment due to higher dispatch optimization driven by lower market prices.

Adjusted gross margin for the Alberta portfolio for the three months ended March 31, 2025, was $162 million, compared to $223 million in the same period of 2024. The decrease of $61 million, or 27 per cent, was primarily due to

The impact of lower Alberta spot prices and ancillary services prices;
Higher fuel costs in the Gas segment due to higher natural gas prices and the addition of the Heartland facilities; and
An increase in the carbon price per tonne from $80 in 2024 to $95 in 2025; partially offset by
Higher gains realized on financial hedges settled in the period;
Positive contribution from the addition of the Heartland facilities in the Gas segment;
Lower purchased power due to lower Alberta spot prices;
Lower carbon compliance costs due to lower production in the Gas segment; and
Higher hydro ancillary services volumes due to increased demand by the AESO.

The average spot power price per MWh for the Alberta portfolio for the three months ended was $40, compared to $99 in the same period in 2024. This was primarily due to milder weather and the addition of increased supply from new renewables and combined-cycle gas facilities into the market compared to the same period in 2024.

Hedged volumes for the three months ended March 31, 2025, were 2,273 GWh at an average price of $71 per MWh, compared to 1,908 GWh at an average price of $88 per MWh in 2024.

Liquidity and Financial Position

We maintain adequate available liquidity under our committed credit facilities. As at March 31, 2025, we had access to $1.5 billion in liquidity, including $238 million in cash, which exceeds the funds required for committed growth, sustaining capital and productivity projects.

2025 Outlook

We remain confident in our ability to meet our 2025 Outlook.

The following table outlines our expectations on key financial targets and related assumptions for 2025 and should be read in conjunction with the narrative discussion that follows and the Governance and Risk Management section of TransAlta’s first quarter 2025 MD&A for additional information:

Measure	2025 Target
Adjusted EBITDA	$1,150 to $1,250 million
FCF	$450 to $550 million
FCF per share	$1.51 to $1.85
Annual dividend per share	$0.26 annualized

The Company’s outlook for 2025 may be impacted by a number of factors as detailed below.

Market	2025 Assumptions
Alberta spot ($/MWh)	$40 to $60
Mid-Columbia spot (US$/MWh)	US$50 to US$70
AECO gas price ($/GJ)	$1.60 to $2.10

Alberta spot price sensitivity: a +/- $1 per MWh change in spot price is expected to have a +/-$2 million impact on adjusted EBITDA for the balance of the year.

Other assumptions relevant to the 2025 outlook

	2025 Assumptions
Energy Marketing gross margin	$110 to $130 million
Sustaining capital	$145 to $165 million
Current income tax expense	$95 to $130 million
Net interest expense	$255 to $275 million

Hedging assumptions	Q2 2025	Q3 2025	Q4 2025	2026
Hedged production (GWh)	1,809	2,139	1,848	6,432
Hedge price ($/MWh)	$69	$68	$71	$68
Hedged gas volumes (GJ)	7 million	8 million	7 million	19 million
Hedge gas prices ($/GJ)	$3.25	$3.22	$3.57	$3.65

Refer to the 2025 Outlook section in our 2024 Annual MD&A for further details relating to our Outlook and related assumptions.

Conference call

TransAlta will host a conference call and webcast at 9:00 a.m. MST (11:00 a.m. EST) today, May 7, 2025, to discuss our first quarter 2025 results. The call will begin with comments from John Kousinioris, President and Chief Executive Officer, and Joel Hunter, EVP Finance and Chief Financial Officer, followed by a question-and-answer period.

First Quarter 2025 Conference Call

Webcast link: https://edge.media-server.com/mmc/p/wzq2tgtc

To access the conference call via telephone, please register ahead of time using the call link here: https://register.vevent.com/register/BI863e6b314dbc4284ae19fafc47eca7ac. Once registered, participants will have the option of 1) dialing into the call from their phone (via a personalized PIN); or 2) clicking the “Call Me” option to receive an automated call directly to their phone.

Related materials will be available on the Investor Centre section of TransAlta’s website at https://transalta.com/investors/presentations-and-events/. If you are unable to participate in the call, the replay will be accessible at https://edge.media-server.com/mmc/p/wzq2tgtc. A transcript of the broadcast will be posted on TransAlta’s website once it becomes available.

Notes

(1)These items (Adjusted EBITDA, adjusted earnings (loss) before income taxes, adjusted net earnings (loss) after income taxes attributable to common shareholders, funds from operations, free cash flow, adjusted net earnings attributable to common shareholders per share, funds from operations (FFO) per share and free cash flow (FCF) per share) are non-IFRS measures, which are not defined, have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. Presenting these items from period to period provides management and investors with the ability to evaluate earnings (loss) trends more readily in comparison with prior periods’ results. Please refer to the Non-IFRS financial measures section of this earnings release for further discussion of these items, including, where applicable, reconciliations to measures calculated in accordance with IFRS.

Accounting Changes

The accounting policies adopted in the preparation of the unaudited interim condensed consolidated financial statements are consistent with those followed in the preparation of the Company’s annual consolidated financial statements for the year ended Dec. 31, 2024.

Non-IFRS financial measures

We use a number of financial measures to evaluate our performance and the performance of our business segments, including measures and ratios that are presented on a non-IFRS basis, as described below. Unless otherwise indicated, all amounts are in Canadian dollars and have been derived from our consolidated financial statements prepared in accordance with IFRS. We believe that these non-IFRS amounts, measures and ratios, read together with our IFRS amounts, provide readers with a better understanding of how management assesses results.

Non-IFRS amounts, measures and ratios do not have standardized meanings under IFRS. They are unlikely to be comparable to similar measures presented by other companies and should not be viewed in isolation from, as an alternative to, or more meaningful than, our IFRS results.

We calculate adjusted measures by adjusting certain IFRS measures for certain items we believe are not reflective of our ongoing operations in the period. Except as otherwise described, these adjusted measures are calculated on a consistent basis from period to period and are adjusted for specific items in each period, unless stated otherwise.

Adjusted EBITDA

Each business segment assumes responsibility for its operating results measured by adjusted EBITDA. Adjusted EBITDA is an important metric for management that represents our core operational results.

During the first quarter of 2025, our adjusted EBITDA composition was amended to remove the impact of realized gain (loss) on closed exchange positions, which was included in adjusted EBITDA composition until the fourth quarter of 2024. The adjustment was intended to explain a timing difference between our internally and externally reported results and was useful at a time when markets were more volatile. The impact of realized gain (loss) on closed exchange positions was removed to simplify our reporting. Accordingly, the Company has applied this composition to all previously reported periods.

During the first quarter of 2025, our adjusted EBITDA composition was amended to remove the impact of Australian interest income, which was included in adjusted EBITDA composition until the fourth quarter of 2024. Initially, on the commissioning of the South Hedland facility in July 2017, we prepaid approximately $74 million of electricity transmission and distribution costs. Interest income, which was recorded on the prepaid funds, was reclassified as a reduction in the transmission and distribution costs expensed each period to reflect the net cost to the business. The impact of Australian interest income was removed to simplify our reporting since the amounts were not material. Accordingly, the Company has applied this composition to all previously reported periods.

Interest, taxes, depreciation and amortization are not included, as differences in accounting treatment may distort our core business results. In addition, certain reclassifications and adjustments are made to better assess results, excluding those items that may not be reflective of ongoing business performance. This presentation may facilitate the readers’ analysis of trends. The most directly comparable IFRS measure is earnings before income taxes.

Adjusted Revenue

Adjusted Revenues is Revenues (the most directly comparable IFRS measure) adjusted to exclude:

The impact of unrealized mark-to-market gains or losses and unrealized foreign exchange gains or losses on commodity transactions.

Certain assets that we own in Canada and Western Australia are fully contracted and recorded as finance leases under IFRS. We believe that it is more appropriate to reflect the payments we receive under the contracts as a capacity payment in our revenues instead of as finance lease income and a decrease in finance lease receivables.

Revenues from the Planned Divestitures as they do not reflect ongoing business performance.

Adjusted Fuel and Purchased Power

Adjusted Fuel and Purchased Power is Fuel and Purchased Power (the most directly comparable IFRS measure) adjusted to exclude fuel and purchased power from the Planned Divestitures as it does not reflect ongoing business performance.

Adjusted OM&A

Adjusted OM&A is OM&A (the most directly comparable IFRS measure) adjusted to exclude:

Acquisition-related transaction and restructuring costs, mainly comprised of severance, legal and consultant fees as these do not reflect ongoing business performance.

ERP integration costs representing planning, design and integration costs of upgrades to the existing ERP system as they represent project costs that do not occur on a regular basis, and therefore do not reflect ongoing performance.

OM&A from the Planned Divestitures as it does not reflect ongoing business performance.

Adjusted Earnings (Loss) before income taxes

Adjusted earnings (loss) before income taxes represents segmented earnings (loss) adjusted for certain items that we believe do not reflect ongoing business performance and is an important metric for evaluating performance trends in each segment.

For details of the adjustments made to earnings (loss) before income taxes (the most directly comparable IFRS measure) to calculate adjusted earnings (loss) before income taxes, refer to the Reconciliation of Non-IFRS Measures on a Consolidated Basis by Segment section of the MD&A.

Adjusted Net Earnings (Loss) attributable to common shareholders

Adjusted net earnings (loss) attributable to common shareholders represents net earnings (loss) attributable to common shareholders adjusted for specific reclassifications and adjustments and their tax impact, and is an important metric for evaluating performance. For details of the reclassifications and adjustments made to net earnings (loss) attributable to common shareholders (the most directly comparable IFRS measure), please refer to the reconciliation of net earnings (loss) to adjusted net earnings (loss) attributable to common shareholders in the Reconciliation of Non-IFRS Measures on a Consolidated Basis by Segment section of the MD&A.

Adjusted Net Earnings (Loss) per common share attributable to common shareholders

Adjusted net earning (loss) per common share attributable to common shareholders is calculated as adjusted net earnings (loss) attributable to common shareholders divided by a weighted average number of common shares outstanding during the period. The measure is useful in showing the earnings per common share for our core operational results as it excludes the impact of items that do not reflect an ongoing business performance. Adjusted net earnings (loss) attributable per common share is a non-IFRS ratio and the most directly comparable IFRS measure is net income (loss) per common share attributable to common shareholders. Refer to the reconciliation of earnings (loss) before income taxes to adjusted net earnings (loss) attributable to common shareholders in the Reconciliation of Non-IFRS Measures on a Consolidated Basis by Segment section of the MD&A.

Funds From Operations (FFO)

Represents a proxy for cash generated from operating activities before changes in working capital and provides the ability to evaluate cash flow trends in comparison with results from prior periods. FFO is calculated as cash flow from operating activities before changes in working capital and is adjusted for transactions and amounts that the Company believes are not representative of ongoing cash flows from operations.

Free Cash Flow (FCF)

Represents the amount of cash that is available to invest in growth initiatives, make scheduled principal debt repayments, repay maturing debt, pay common share dividends or repurchase common shares and provides the ability to evaluate cash flow trends in comparison with the results from prior periods. Changes in working capital are excluded so that FFO and FCF are not distorted by changes that we consider temporary in nature, reflecting, among other things, the impact of seasonal factors and timing of receipts and payments.

Non-IFRS Ratios

FFO per share, FCF per share and adjusted net debt to adjusted EBITDA are non-IFRS ratios that are presented in the MD&A. Refer to the Reconciliation of Cash Flow from Operations to FFO and FCF and Key Non-IFRS Financial Ratios sections of the MD&A for additional information.

FFO per share and FCF per share

FFO per share and FCF per share are calculated using the weighted average number of common shares outstanding during the period. FFO per share and FCF per share are non-IFRS ratios.

Reconciliation of these non-IFRS financial measures to the most comparable IFRS measure are provided below.

Reconciliation of Non-IFRS Measures on a Consolidated Basis by Segment

The following table reflects adjusted EBITDA and adjusted earnings (loss) before income taxes by segment and provides reconciliation to earnings (loss) before income taxes for the three months ended March 31, 2025:

	Hydro		Wind & Solar⁽¹⁾		Gas		Energy Transition		Energy Marketing		Corporate		Total		Equity- accounted investments⁽¹⁾		Reclass adjustments		IFRS financials
Revenues	86		107		390		154		27		1		765		(7	)	—		758
Reclassifications and adjustments:
Unrealized mark-to-market (gain) loss	(21	)	36		(32	)	(1	)	1		—		(17	)	—		17		—
Decrease in finance lease receivable	—		1		7		—		—		—		8		—		(8	)	—
Finance lease income	—		1		5		—		—		—		6		—		(6	)	—
Revenues from Planned Divestitures	—		—		(4	)	—		—		—		(4	)	—		4		—
Adjusted revenue	65		145		366		153		28		1		758		(7	)	7		758
Fuel and purchased power	4		10		163		98		—		2		277		—		—		277
Reclassifications and adjustments:
Fuel and purchased power related to Planned Divestitures	—		—		(2	)	—		—		—		(2	)	—		2		—
Adjusted fuel and purchased power	4		10		161		98		—		2		275		—		2		277
Carbon compliance	—		1		49		—		—		(1	)	49		—		—		49
Adjusted gross margin	61		134		156		55		28		—		434		(7	)	5		432
OM&A	13		29		59		17		7		49		174		(1	)	—		173
Reclassifications and adjustments:
OM&A related to Planned Divestitures	—		—		(2	)	—		—		—		(2	)	—		2		—
ERP integration costs	—		—		—		—		—		(4	)	(4	)	—		4		—
Acquisition-related transaction and restructuring costs	—		—		—		—		—		(4	)	(4	)	—		4		—
Adjusted OM&A	13		29		57		17		7		41		164		(1	)	10		173
Taxes, other than income taxes	1		5		5		1		—		—		12		—		—		12
Net other operating income	—		(4	)	(10	)	—		—		—		(14	)	—		—		(14	)
Reclassifications and adjustments:
Insurance recovery	—		2		—		—		—		—		2		—		(2	)	—
Adjusted net other operating income	—		(2	)	(10	)	—		—		—		(12	)	—		(2	)	(14	)
Adjusted EBITDA⁽²⁾	47		102		104		37		21		(41	)	270
Depreciation and amortization	(9	)	(53	)	(64	)	(15	)	(2	)	(5	)	(148	)	2		—		(146	)
Equity income	—		—		—		—		—		(1	)	(1	)	—		3		2
Interest income	—		—		—		—		—		5		5		—		—		5
Interest expense	—		—		—		—		—		(94	)	(94	)	1		—		(93	)
Realized foreign exchange loss	—		—		—		—		—		(4	)	(4	)	—		—		(4	)
Adjusted earnings (loss) before income taxes⁽²⁾	38		49		40		22		19		(140	)	28
Reclassifications and adjustments above	21		(36	)	20		1		(1	)	(8	)	(3	)
Finance lease income	—		1		5		—		—		—		6		—		—		6
Skookumchuk earnings reclass to Equity income⁽¹⁾	—		(3	)	—		—		—		3		—		—		—		—
Fair value change in contingent consideration payable	—		—		34		—		—		—		34		—		—		34
Asset impairment (charges) reversals	—		—		(34	)	24		—		(5	)	(15	)	—		—		(15	)
Loss on sale of assets and other	—		—		—		—		—		(1	)	(1	)	—		—		(1	)
Earnings (loss) before income taxes	59		11		65		47		18		(151	)	49				—		49

(1) The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment.
(2) Adjusted EBITDA, adjusted earnings (loss) before income taxes are not defined and have no standardized meaning under IFRS. During the first quarter of 2025, our Adjusted EBITDA composition was amended to exclude the impact of realized gain (loss) on closed exchange positions. Refer to the Non-IFRS financial measures and other specified financial measures section in this earnings release and may not be comparable to similar measures presented by other issuers.

	Hydro		Wind & Solar⁽¹⁾		Gas		Energy Transition		Energy Marketing		Corporate		Total		Equity- accounted investments⁽¹⁾		Reclass adjustments		IFRS financials
Revenues	112		139		433		217		52		—		953		(6	)	—		947
Reclassifications and adjustments:
Unrealized mark-to-market (gain) loss	(5	)	(21	)	(91	)	(6	)	(3	)	—		(126	)	—		126		—
Decrease in finance lease receivable	—		1		4		—		—		—		5		—		(5	)	—
Finance lease income	—		1		1		—		—		—		2		—		(2	)	—
Unrealized foreign exchange gain on commodity	—		—		(1	)	—		—		—		(1	)	—		1		—
Adjusted revenue	107		120		346		211		49		—		833		(6	)	120		947
Fuel and purchased power	6		9		142		166		—		—		323		—		—		323
Carbon compliance	—		—		40		—		—		—		40		—		—		40
Adjusted gross margin	101		111		164		45		49		—		470		(6	)	120		584
OM&A	13		20		46		18		10		28		135		(1	)	—		134
Reclassifications and adjustments:
Acquisition-related transaction and restructuring costs	—		—		—		—		—		(3	)	(3	)	—		3		—
Adjusted OM&A	13		20		46		18		10		25		132		(1	)	3		134
Taxes, other than income taxes	1		4		3		—		—		—		8		—		—		8
Net other operating income	—		(2	)	(10	)	—		—		—		(12	)	—		—		(12	)
Adjusted EBITDA⁽²⁾⁽³⁾	87		89		125		27		39		(25	)	342
Depreciation and amortization	(7	)	(43	)	(55	)	(16	)	(1	)	(4	)	(126	)	2		—		(124	)
Equity income	—		—		—		—		—		(2	)	(2	)	—		3		1
Interest income	—		—		—		—		—		7		7		—		—		7
Interest expense	—		—		—		—		—		(69	)	(69	)	—		—		(69	)
Realized foreign exchange gain (loss)⁽⁴⁾	—		—		—		—		—		(8	)	(8	)	—		—		(8	)
Adjusted earnings (loss) before income taxes⁽²⁾	80		46		70		11		38		(101	)	144
Reclassifications and adjustments above	5		19		87		6		3		(3	)	117
Finance lease income	—		1		1		—		—		—		2		—		—		2
Skookumchuk earnings reclass to Equity income⁽¹⁾	—		(3	)	—		—		—		3		—		—		—		—
Asset impairment charges	—		(4	)	—		3		—		—		(1	)	—		—		(1	)
Gain on sale of assets and other⁽⁴⁾	—		—		—		—		—		2		2		—		—		2
Unrealized foreign exchange gain⁽⁴⁾	—		—		—		—		—		3		3		—		—		3
Earnings (loss) before income taxes	85		59		158		20		41		(96	)	267		—		—		267

(1) The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment.
(2) Adjusted EBITDA, adjusted earnings (loss) before income taxes are non-IFRS measures, are not defined, have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers.
(3) During the first quarter of 2025, our Adjusted EBITDA composition was amended to exclude the impact of realized gain (loss) on closed exchange positions and Australian interest income. During the second quarter of 2024, our Adjusted EBITDA composition was amended to exclude the impact of acquisition-related transaction and restructuring costs. Therefore, the Company has applied this composition to all previously reported periods. Refer to the Additional Non-IFRS and Supplementary Financial Measures section of the MD&A
(4) Foreign exchange loss and other of $3 million reported in the first quarter of 2024 was broken down to conform to the current period presentation.

Reconciliation of Earnings Before Income Taxes to Adjusted Net Earnings attributable to common shareholders

The following table reflects reconciliation of earnings before income taxes to adjusted earnings attributable to common shareholders for the three months ended March 31, 2025 and March 31, 2024:

	Three months ended March 31
	2025		2024
Earnings before income taxes	49		267
Income tax expense	7		29
Net earnings	42		238
Net (loss) earnings attributable to non-controlling interests	(4	)	16
Net earnings attributable to common shareholders	46		222
Adjustments and reclassifications (pre-tax):
Adjustments and reclassifications to Revenues	(7	)	(120	)
Adjustments and reclassifications to Fuel and purchased power	2		—
Adjustments and reclassifications to OM&A	10		3
Adjustments and reclassifications to Net other operating expense (income)	(2	)	—
Fair value change in contingent consideration payable (gain)	(34	)	—
Finance lease income	(6	)	(2	)
Asset impairment charges	15		1
Loss (gain) on sale of assets and other	1		(2	)
Unrealized foreign exchange (gain)	—		(3	)
Calculated tax recovery on adjustments and reclassifications⁽¹⁾	5		29
Adjusted net earnings attributable to common shareholders⁽²⁾	30		128
Weighted average number of common shares outstanding in the period	298		308
Net income per common share attributable to common shareholders	0.15		0.72
Adjustments and reclassifications (net of tax)	(0.05	)	(0.31	)
Adjusted net earnings per common share attributable to common shareholders⁽²⁾	0.10		0.41

(1) Represents a theoretical tax calculated by applying the Company’s consolidated effective tax rate of 23.3 per cent for the three months ended March 31, 2025 (March 31, 2024 — 23.3 per cent). The amount does not take into account the impact of different tax jurisdictions the Company’s operations are domiciled and does not include the impact of deferred taxes.
(2) Adjusted net earnings attributable to common shareholders and Adjusted net earnings per common share attributable to common shareholders are non-IFRS measures, are not defined, have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. The most directly comparable IFRS measures are net earnings attributable to common shareholders and net earnings per share attributable to common shareholders, basic and diluted. Refer to the Non-IFRS financial measures and other specified financial measures section in this earnings release and may not be comparable to similar measures presented by other issuers.

Reconciliation of cash flow from operations to FFO and FCF

The table below reconciles our cash flow from operating activities to our FFO and FCF:

	Three months ended March 31
	2025		2024
Cash flow from operating activities⁽¹⁾	7		244
Change in non-cash operating working capital balances	117		(7	)
Cash flow from operations before changes in working capital	124		237
Adjustments
Share of adjusted FFO from joint venture⁽¹⁾	2		2
Decrease in finance lease receivable	8		5
Brazeau penalties payment	33		—
Acquisition-related transaction and restructuring costs	6		3
Other⁽²⁾	6		7
FFO⁽³⁾	179		254
Deduct:
Sustaining capital⁽¹⁾	(23	)	1
Dividends paid on preferred shares	(13	)	(13	)
Distributions paid to subsidiaries’ non-controlling interests	—		(19	)
Principal payments on lease liabilities	(1	)	(1	)
Other	(3	)	(1	)
FCF⁽³⁾	139		221
Weighted average number of common shares outstanding in the period	298		308
FFO per share⁽³⁾	0.60		0.82
FCF per share⁽³⁾	0.47		0.72

(1) Includes our share of amounts for the Skookumchuck wind facility, an equity-accounted joint venture.
(2) Other consists of production tax credits, which is a reduction to tax equity debt, less distributions from an equity-accounted joint venture.
(3) These items are not defined and have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. During the first quarter of 2025, our Adjusted EBITDA composition was amended to exclude the impact of realized gain (loss) on closed exchange positions and Australian interest income. During the second quarter of 2024, our Adjusted EBITDA composition was amended to exclude the impact of acquisition-related transaction and restructuring costs. Therefore, the Company has applied this composition to all previously reported periods. Refer to the Non-IFRS financial measures and other specified financial measures section in this earnings release and may not be comparable to similar measures presented by other issuers.

The table below provides a reconciliation of our adjusted EBITDA to our FFO and FCF:

	Three Months Ended March 31
$ millions, unless otherwise stated	March 31, 2025		2024
Adjusted EBITDA⁽¹⁾⁽⁴⁾	270		342
Provisions	8		—
Net interest expense⁽²⁾	(72	)	(48	)
Current income tax recovery (expense)	(13	)	(27	)
Realized foreign exchange gain (loss)	(2	)	(8	)
Decommissioning and restoration costs settled	(9	)	(7	)
Other non-cash items	(3	)	2
FFO⁽³⁾⁽⁴⁾	179		254
Deduct:
Sustaining capital⁽⁴⁾	(23	)	1
Dividends paid on preferred shares	(13	)	(13	)
Distributions paid to subsidiaries’ non-controlling interests	—		(19	)
Principal payments on lease liabilities	(1	)	(1	)
Other	(3	)	(1	)
FCF⁽³⁾⁽⁴⁾	139		221

(1) Adjusted EBITDA is defined in the Additional IFRS Measures and Non-IFRS Measures of this earnings release and reconciled to earnings (loss) before income taxes above. During the first quarter of 2025, our Adjusted EBITDA composition was amended to exclude the impact of realized gain (loss) on closed exchange positions and Australian interest income. During the second quarter of 2024, our Adjusted EBITDA composition was amended to exclude the impact of acquisition-related transaction and restructuring costs. Therefore, the Company has applied this composition to all previously reported periods.
(2) Net interest expense is a non-IFRS measure, is not defined and has no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. Refer to the table below for detailed calculation.
(3) These items are not defined and have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. FFO and FCF are defined in the Non-IFRS financial measures and other specified financial measures section of in this earnings release and reconciled to cash flow from operating activities above.
(4) Includes our share of amounts for Skookumchuck wind facility, an equity-accounted joint venture.

TransAlta is in the process of filing its unaudited interim Consolidated Financial Statements and accompanying notes, as well as the associated Management’s Discussion & Analysis (MD&A). These documents will be available today on the Investors section of TransAlta’s website at www.transalta.com or through SEDAR at www.sedarplus.ca.

About TransAlta Corporation:

TransAlta owns, operates and develops a diverse fleet of electrical power generation assets in Canada, the United States and Australia with a focus on long-term shareholder value. TransAlta provides municipalities, medium and large industries, businesses and utility customers with affordable, energy efficient and reliable power. Today, TransAlta is one of Canada’s largest producers of wind power and Alberta’s largest producer of thermal generation and hydro-electric power. For over 114 years, TransAlta has been a responsible operator and a proud member of the communities where we operate and where our employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and the Future-Fit Business Benchmark, which also defines sustainable goals for businesses. Our reporting on climate change management has been guided by the International Financial Reporting Standards (IFRS) S2 Climate-related Disclosures Standard and the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. TransAlta has achieved a 70 per cent reduction in GHG emissions or 22.7 million tonnes CO2e since 2015 and received an upgraded MSCI ESG rating of AA.

For more information about TransAlta, visit our web site at transalta.com.

Cautionary Statement Regarding Forward-Looking Information

This news release includes “forward-looking information,” within the meaning of applicable Canadian securities laws, and “forward-looking statements,” within the meaning of applicable United States securities laws, including the Private Securities Litigation Reform Act of 1995 (collectively referred to herein as “forward-looking statements”). Forward-looking statements are not facts, but only predictions and generally can be identified by the use of statements that include phrases such as “may”, “will”, “can”, “could”, “would”, “shall”, “believe”, “expect”, “estimate”, “anticipate”, “intend”, “plan”, “forecast”, “foresee”, “potential”, “enable”, “continue” or other comparable terminology. These statements are not guarantees of our future performance, events or results and are subject to risks, uncertainties and other important factors that could cause our actual performance, events or results to be materially different from those set out in or implied by the forward-looking statements. In particular, this news release contains forward-looking statements about the following, among other things: the strategic objectives of the Company and that the execution of the Company’s strategy will realize value for shareholders; our capital allocation and financing strategy; our sustainability goals and targets, including those in our 2024 Sustainability Report; our 2025 Outlook; our financial and operational performance, including our hedge position; optimizing and diversifying our existing assets; the increasingly contracted nature of our fleet; expectations about strategies for growth and expansion, including expected outcomes related to our investment in Nova Clean Energy, opportunities for Centralia redevelopment, and data centre opportunities; expected costs and schedules for planned projects; expected regulatory processes and outcomes, including in relation to the Alberta restructured energy market; the power generation industry and the supply and demand of electricity; the cyclicality of our business; expected outcomes with respect to legal proceedings; the expected impact of future tax and accounting changes; and expected industry, market and economic conditions.

The forward-looking statements contained in this news release are based on many assumptions including, but not limited to, the following: no significant changes to applicable laws and regulations; no unexpected delays in obtaining required regulatory approvals; no material adverse impacts to investment and credit markets; no significant changes to power price and hedging assumptions; no significant changes to gas commodity price assumptions and transport costs; no significant changes to interest rates; no significant changes to the demand and growth of renewables generation; no significant changes to the integrity and reliability of our facilities; no significant changes to the Company’s debt and credit ratings; no unforeseen changes to economic and market conditions; and no significant event occurring outside the ordinary course of business.

These assumptions are based on information currently available to TransAlta, including information obtained from third-party sources. Actual results may differ materially from those predicted. Factors that may adversely impact what is expressed or implied by forward-looking statements contained in this news release include, but are not limited to: fluctuations in power prices; changes in supply and demand for electricity; our ability to contract our electricity generation for prices that will provide expected returns; our ability to replace contracts as they expire; risks associated with development projects and acquisitions; any difficulty raising needed capital in the future on reasonable terms or at all; our ability to achieve our targets relating to ESG; long-term commitments on gas transportation capacity that may not be fully utilized over time; changes to the legislative, regulatory and political environments; environmental requirements and changes in, or liabilities under, these requirements; operational risks involving our facilities, including unplanned outages and equipment failure; disruptions in the transmission and distribution of electricity; reductions in production; impairments and/or writedowns of assets; adverse impacts on our information technology systems and our internal control systems, including increased cybersecurity threats; commodity risk management and energy trading risks; reduced labour availability and ability to continue to staff our operations and facilities; disruptions to our supply chains; climate-change related risks; reductions to our generating units’ relative efficiency or capacity factors; general economic risks, including deterioration of equity and debt markets, increasing interest rates or rising inflation; general domestic and international economic and political developments, including potential trade tariffs; industry risk and competition; counterparty credit risk; inadequacy or unavailability of insurance coverage; increases in the Company’s income taxes and any risk of reassessments; legal, regulatory and contractual disputes and proceedings involving the Company; reliance on key personnel; and labour relations matters.

The foregoing risk factors, among others, are described in further detail under the heading “Governance and Risk Management” in the MD&A, which section is incorporated by reference herein.

Readers are urged to consider these factors carefully when evaluating the forward-looking statements and are cautioned not to place undue reliance on them. The forward-looking statements included in this news release are made only as of the date hereof and we do not undertake to publicly update these forward-looking statements to reflect new information, future events or otherwise, except as required by applicable laws. The purpose of the financial outlooks contained herein is to give the reader information about management’s current expectations and plans and readers are cautioned that such information may not be appropriate for other purposes.

Note: All financial figures are in Canadian dollars unless otherwise indicated.

For more information:

The MIL Network –

May 7, 2025

MIL-OSI Asia-Pac: Hong Kong Customs detects two illicit cigarette exporting cases and shuts down illicit cigarette packaging and storage centre with seizure worth about $16 million (with photo)

Source: Hong Kong Government special administrative region

Hong Kong Customs earlier detected two cases of exporting smuggled cigarettes in Kwai Chung and, upon a follow-up investigation, dismantled an illicit cigarette packaging and storage centre in Yuen Long last night (May 6). A total of about 3.6 million suspected illicit cigarettes with an estimated market value of about $16 million and a duty potential of about $12 million were seized and two persons were arrested.

Customs earlier detected two cases of exporting smuggled cigarettes at a logistics centre in Kwai Chung. A total of about 1.9 million suspected illicit cigarettes were seized in two batches of goods destined for Australia.

After a follow-up investigation, Customs took action last night and raided a metal warehouse in Tai Tong, Yuen Long, seizing about 1.7 million suspected illicit cigarettes and a batch of packaging tools. A 46-year-old man and a 75-year-old woman, who claimed to be a worker in a vehicle repair workshop and a retiree respectively, were arrested.

Initial investigations revealed that the syndicate used a remote metal warehouse to collect and store illicit cigarettes. After repackaging, the illicit cigarettes were transported to the logistics centre concerned in Kwai Chung and were disguised as legitimate goods for exporting to Australia for profit.

Investigations of the cases are ongoing, and the two arrested persons were released on bail pending further investigation.

Customs will continue its risk assessment and intelligence analysis, and step up enforcement actions to combat cross-boundary illicit cigarette activities. Smuggling is a serious offence. Under the Import and Export Ordinance, any person found guilty of importing or exporting unmanifested cargo is liable to a maximum fine of $2 million and imprisonment for seven years upon conviction.

Under the Dutiable Commodities Ordinance, anyone involved in dealing with, possession of, selling or buying illicit cigarettes commits an offence. The maximum penalty upon conviction is a fine of $1 million and imprisonment for two years.

Members of the public may report any suspected illicit cigarette activities to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

MIL OSI Asia Pacific News –

May 7, 2025
MIL-OSI Asia-Pac: Hong Kong Customs seizes suspected illicit cigarettes worth about $220 million in “Cutflow” operation (with photo)

Source: Hong Kong Government special administrative region

Hong Kong Customs recently mounted an operation codenamed “Cutflow” to combat illicit cigarette smuggling activities and dismantled a transnational illicit cigarette smuggling syndicate. During the operation, Customs seized a total of about 49 million suspected illicit cigarettes from 20 containers, with an estimated market value of about $220 million and a duty potential of about $162 million, and arrested two men.

Through risk assessment and intelligence analysis, Customs on March 28 selected and inspected a 40-foot container, arriving from Singapore to Hong Kong and declared as carrying tumbler mug, at the Kwai Chung Customhouse Cargo Examination Compound. Upon inspection, Customs officers found about 4.7 million suspected illicit cigarettes in the container.

After a follow-up investigation, Customs officers on the same day seized about 8.2 million suspected illicit cigarettes, believed to have come from two containers, inside a logistic warehouse in Yuen Long and arrested two men who came to pick up the goods.

Subsequently, Customs further seized large batches of illicit cigarettes in 17 containers arriving from Singapore within a month.

Investigations revealed that the illicit cigarettes were originated from different Southeast Asian countries, and some of the brands were uncommon in Hong Kong. It is not ruled out that part of the illicit cigarettes would be transshipped overseas.

Investigations of the cases are ongoing. Customs will continue to trace the source and flow of the illicit cigarettes. The likelihood of further arrests is not ruled out.

The outcomes of the operation fully illustrate Customs’ enforcement effectiveness in intercepting illicit cigarettes at the source. Customs will continue its risk assessment and intelligence analysis for interception at the source, as well as through its multipronged enforcement strategy targeting storage, distribution and peddling, to spare no effort in combating illicit cigarette activities.

Customs stresses that smuggling is a serious offence. Under the Import and Export Ordinance, any person found guilty of importing or exporting unmanifested cargo is liable to a maximum fine of $2 million and imprisonment for seven years upon conviction. Moreover, under the Dutiable Commodities Ordinance, anyone involved in dealing with, possession of, selling or buying illicit cigarettes commits an offence. The maximum penalty upon conviction is a fine of $1 million and imprisonment for two years.
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Members of the public may report any suspected illicit cigarette activities to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

MIL OSI Asia Pacific News –

May 7, 2025
MIL-OSI Africa: Invest in African Energy (IAE) 2025: Namibia’s Petroleum Commissioner to Highlight Energy Investment Potential

Source: Africa Press Organisation – English (2) – Report:

PARIS, France, May 7, 2025/APO Group/ —

Namibia’s Ministry of Mines and Energy Petroleum Commissioner, Maggy Shino, will speak at the Invest in African Energy (IAE) 2025 forum in Paris, offering insights into the country’s rapidly evolving hydrocarbon sector and the broader opportunities it presents for upstream investment and partnerships.

Namibia has solidified its status as a premier frontier market, with a string of high-impact discoveries in the Orange Basin driving global investor interest. Galp’s Mopane series of light oil finds – estimated to hold at least 10 billion barrels – alongside TotalEnergies’ Venus and Shell’s Graff discoveries, have positioned the basin among the most prospective in the world. Rhino Resources announced a discovery with its Capricornus-1X well in April 2025, following confirmation of a hydrocarbon reservoir with the Sagittarius-1X well in February. First oil from the Venus field – estimated to hold over five billion barrels of in-place resources – is targeted by 2030, with efforts underway to accelerate the development timeline.

IAE 2025 (https://apo-opa.co/4k8B5a6) is an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 14-15, 2025 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit www.Invest-Africa-Energy.com. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

Beyond the Orange Basin, Commissioner Shino will spotlight exploration activity in other emerging basins, including Chevron’s acquisition of an 80% operating stake in Blocks 2112B and 2212A in the Walvis Basin, underpinned by extensive seismic coverage. In the onshore Kavango Basin, ReconAfrica is advancing its 2024 drilling campaign targeting an estimated 3.4 billion barrels of recoverable oil in the Damara Fold Belt, with preparations currently underway to spud a second exploration well. Namibia’s recently implemented open-door licensing system further enhances the investment climate, offering streamlined access to upstream opportunities and flexible entry points for new and existing players.

“Namibia continues to command international attention as a frontier leader in upstream development. Commissioner Shino’s insights into new licensing, acreage availability and basin activity at IAE 2025 offer investors a rare opportunity to engage directly with the driving force behind Namibia’s energy boom,” says Sandra Jeque, Event & Project Director, Energy Capital & Power.

MIL OSI Africa –

May 7, 2025
MIL-OSI: After Strong Quarter, Radware Announces U.S. Expansion

Source: GlobeNewswire (MIL-OSI)

MAHWAH, N.J., May 07, 2025 (GLOBE NEWSWIRE) — Radware^® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, is executing an aggressive strategy to expand its market presence and accelerate growth across its cloud services business in the U.S. The company is making strategic new hires, adding tech alliances, and reinforcing its commitment to AI innovation. The announcement follows Radware’s report on its strong first quarter financial results.

“Increasing business opportunities have led us to fast track an aggressive U.S. growth plan,” said Roy Zisapel, Radware’s president and chief executive officer. “We are doubling down our efforts in the region. This includes strengthening our bench of security experts, bringing more technical support and cloud delivery services closer to our customer base, and stepping up our competitive game. Our new U.S. executives have built a revenue generation engine designed to win customers and increase market share.”

New U.S. leadership
Radware is investing in a new team of seasoned security leaders, charged with overseeing growth across the region. Radware’s new U.S executives include Constance (Connie) Stack, chief growth officer; Randy Wood, senior vice president of North American sales; and Joshua Bafalis, director of acquisition sales.

Stack joined Radware from NextDLP where she was CEO. During her 24-month tenure, she grew ARR by more than 300%, resulting in the company’s successful acquisition by Fortinet in August 2024. Wood previously served as senior vice president of North American sales at Akamai for five years, delivering consistent double-digit growth in application security during that time. Bafalis, formerly regional vice president of sales at Cloudflare, played a key role in scaling the Cloudflare channel and alliance business.

Expanding workforce
To accelerate growth, Radware has filled 30+ new positions in the U.S. across sales, marketing, cloud services, and customer support. The company has added account executive roles and cloud service engineers tasked with facilitating cloud delivery and a follow-the-sun service model. Interested candidates should visit the Radware careers page.

New tech alliances
In April, Radware announced a collaboration with SUSE. The partnership brings together the industry’s only Kubernetes Web Application and API Protection (KWAAP) from Radware with SUSE^® Rancher Prime and SUSE^® Security. The unique combination provides a world-class solution for modern application developers who need to secure distributed Kubernetes workloads at scale.

Investing in AI
Radware accelerated its AI innovation with the launch of AI SOC Xpert, a next-gen cloud service designed to fight AI-driven threats using agentic-AI threat detection and response. This addition to the Radware^®EPIC-AI™ platform empowers SOC teams to instantly detect attacks, access real-time forensics, and deploy one-click, AI-generated remediation—cutting mean time to resolution by up to 95%.

U.S. senior leadership commentary
“Having spent the last 25 years of my career scaling early- and late-stage, venture- and PE-funded security start-ups to successful acquisitions, I know how to grow a SaaS business,” said Connie Stack, Radware’s chief growth officer. “We are putting these growth strategies into place, at scale at Radware. We have the tech and the team to dominate the U.S. application security market.”

“Joining Radware is an exciting move,” said Randy Wood, Radware’s senior vice president of North American sales. “I know this space and the players in it; I’m confident that Radware’s superior tech can and will beat the competition. I see a clear path for Radware to lead. The strength of our first quarter performance is just the beginning—what’s ahead is even bigger.”

“Many U.S. enterprises are still navigating their journey to the cloud and require both on-prem and cloud solutions,” said Josh Bafalis, Radware’s director of acquisition sales. “Unlike cloud-only competitors, Radware bridges on-prem and cloud seamlessly. We offer the expertise and tech to support businesses at every stage of their cloud transition without multi-vendor chaos and integration complexity.”

About Radware
Radware^® (NASDAQ: RDWR) is a global leader in application security and delivery solutions for multi-cloud environments. The company’s cloud application, infrastructure, and API security solutions use AI-driven algorithms for precise, hands-free, real-time protection from the most sophisticated web, application, and DDoS attacks, API abuse, and bad bots. Enterprises and carriers worldwide rely on Radware’s solutions to address evolving cybersecurity challenges and protect their brands and business operations while reducing costs. For more information, please visit the Radware website.

Radware encourages you to join our community and follow us on Facebook, LinkedIn, Radware Blog, X, and YouTube.

©2025 Radware Ltd. All rights reserved. Any Radware products and solutions mentioned in this press release are protected by trademarks, patents, and pending patent applications of Radware in the U.S. and other countries. For more details, please see: https://www.radware.com/LegalNotice/. All other trademarks and names are property of their respective owners.

Radware believes the information in this document is accurate in all material respects as of its publication date. However, the information is provided without any express, statutory, or implied warranties and is subject to change without notice.

The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.

Safe Harbor Statement
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware’s plans, outlook, beliefs, or opinions, are forward-looking statements. Generally, forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” For example, when we say in this press release that our superior tech can and will beat the competition, we are using forward-looking statements. Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results, expressed or implied by such forward-looking statements, could differ materially from Radware’s current forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to: the impact of global economic conditions, including as a result of the state of war declared in Israel in October 2023 and instability in the Middle East, the war in Ukraine, tensions between China and Taiwan, financial and credit market fluctuations (including elevated interest rates), impacts from tariffs or other trade restrictions, inflation, and the potential for regional or global recessions; our dependence on independent distributors to sell our products; our ability to manage our anticipated growth effectively; our business may be affected by sanctions, export controls, and similar measures, targeting Russia and other countries and territories, as well as other responses to Russia’s military conflict in Ukraine, including indefinite suspension of operations in Russia and dealings with Russian entities by many multi-national businesses across a variety of industries; the ability of vendors to provide our hardware platforms and components for the manufacture of our products; our ability to attract, train, and retain highly qualified personnel; intense competition in the market for cybersecurity and application delivery solutions and in our industry in general, and changes in the competitive landscape; our ability to develop new solutions and enhance existing solutions; the impact to our reputation and business in the event of real or perceived shortcomings, defects, or vulnerabilities in our solutions, if our end-users experience security breaches, or if our information technology systems and data, or those of our service providers and other contractors, are compromised by cyber-attackers or other malicious actors or by a critical system failure; our use of AI technologies that present regulatory, litigation, and reputational risks; risks related to the fact that our products must interoperate with operating systems, software applications and hardware that are developed by others; outages, interruptions, or delays in hosting services; the risks associated with our global operations, such as difficulties and costs of staffing and managing foreign operations, compliance costs arising from host country laws or regulations, partial or total expropriation, export duties and quotas, local tax exposure, economic or political instability, including as a result of insurrection, war, natural disasters, and major environmental, climate, or public health concerns; our net losses in the past and the possibility that we may incur losses in the future; a slowdown in the growth of the cybersecurity and application delivery solutions market or in the development of the market for our cloud-based solutions; long sales cycles for our solutions; risks and uncertainties relating to acquisitions or other investments; risks associated with doing business in countries with a history of corruption or with foreign governments; changes in foreign currency exchange rates; risks associated with undetected defects or errors in our products; our ability to protect our proprietary technology; intellectual property infringement claims made by third parties; laws, regulations, and industry standards affecting our business; compliance with open source and third-party licenses; complications with the design or implementation of our new enterprise resource planning (“ERP”) system; our reliance on information technology systems; our ESG disclosures and initiatives; and other factors and risks over which we may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Radware, refer to Radware’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC), and the other risk factors discussed from time to time by Radware in reports filed with, or furnished to, the SEC. Forward-looking statements speak only as of the date on which they are made and, except as required by applicable law, Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made. Radware’s public filings are available from the SEC’s website at www.sec.gov or may be obtained on Radware’s website at www.radware.com.

The MIL Network –

May 7, 2025
MIL-OSI: Earn Passive Income: ALR Miner Noted As Most Profitable Cloud Mining Apps of 2025
Source: GlobeNewswire (MIL-OSI)

Monmouth, Monmouthshire, May 07, 2025 (GLOBE NEWSWIRE) — Tired of chasing fast money and high-risk cryptocurrency trading? How great would it be if you could easily earn real money every day? Welcome to ALR Miner—your golden ticket to earning passive income and experiencing the magic of cloud mining. Whether you’re a novice or an experienced trader, this platform is redefining financial freedom.

Sign up to become an ALR Miner member with one click
Sign up to get $12 in bonuses

Download the official APP with one click and master the code of wealth anytime, anywhere

What is cloud mining and why it is the future of passive income
Cloud mining saves the trouble of high-cost equipment, annoying equipment and high electricity bills. You can easily earn cryptocurrency income by simply renting the mining power of a remote server. It is environmentally friendly, convenient, and almost painless.
- No special technical knowledge required
- No equipment to install
- Get crypto profits fast
The platform settles with over 9 cryptocurrencies such as USDT-TRC20, BTC, ETH, LTC, USDC, BNB, USDT-ERC20, BCH, DOGE, SOL (Solana), XRP.

For those who want to earn crypto easily, cloud mining is the way to go. With renewable energy becoming a reality, cloud mining is more profitable (and more environmentally friendly) than ever before.

ALRMiner: The Most Profitable Cloud Mining App in 2025

ALRMiner is leading the way in cloud mining – and it’s no surprise. With over 100 mining farms and millions of users worldwide, it’s currently the most profitable cloud mining app in 2025.

So what makes it stand out?
- Powered by clean, green energy
- Over 32 million mining rigs in operation
- $1-$1 million in daily earnings
Yes, you heard it right. It’s not a dream – it’s your easy path to cryptocurrency wealth.

Investment Guide
Classic Contract: Investment Amount: $100, Total Net Profit: $100 + $6.6. ⦁
Classic Contract: Investment Amount: $500, Total Net Profit: $500 + $31.25. ⦁
Classic Contract: Investment Amount: $1200, Total Net Profit: $1200 + $225.12.
Classic Contract: Investment Amount: $3200, Total Net Profit: $3200 + $974.4.

If you’re looking to create financial freedom through passive income, alrminer offers an exciting opportunity worth exploring. With potential earnings ranging from $100 to $1 million per day, and scalability and innovative technology, it’s an attractive option for anyone looking to easily grow their wealth. Act now and grab this golden opportunity!

How to Earn Daily Passive Income with alrminer
You can easily accumulate Bitcoin by following these steps:
- Join for free and get a $12 bonus.
- Choose a mining contract (minimum $12).
- Get daily income without doing anything.
- Withdraw to your wallet or reinvest to earn more.
ALR Miner’s algorithm allows you to earn a steady income while you relax, travel, or watch endless Netflix.

Key Features That Make ALRMiner a Smart Choice
Still wondering why traders are flocking to ALRMiner? Let’s break it down:

✅Instant Payouts – Get your crypto earnings the next day.
✅Zero Fees – No service fees. 100% of what you earn is yours.
✅Multiple Cryptocurrency Support – Mine BTC, ETH, USDT, LTC, DOGE, XRP, and more.
✅24/7 Support – Real people (not robots) are here to help you.

It’s protected by McAfee® and Cloudflare®, so you can mine with confidence.

ALR Miner offers a streamlined, eco-friendly, and profitable cloud mining experience designed for both beginners and seasoned investors.

Security, Sustainability, and Simplicity in One Platform
- Eco-Friendly Operations: All mining farms are powered by renewable energy sources like wind, solar, and geothermal, ensuring carbon-neutral operations.
- Transparent and Legal: Established in the UK in 2018, ALR Miner operates under strict legal compliance, offering clear contracts with no hidden fees.
- User-Friendly Interface: Designed for ease of use, the platform allows users to start mining without technical expertise or the need for expensive hardware.
Fast and Flexible Earnings
- Quick Payouts: Profits are credited to your account within 24 hours of contract activation.
- Flexible Withdrawal Options: Withdraw funds once you reach $100 or reinvest to upgrade your contract for higher returns.
- Diverse Cryptocurrency Support: Mine and receive payouts in various cryptocurrencies, including BTC, ETH, DOGE, USDT, and more.
Start Earning in Four Simple Steps
1. Sign Up: Register on the official ALR Miner website and receive a $12 bonus instantly.
2. Download the App: Install the ALR Miner app on your device for easy access.
3. Choose a Contract: Select a mining contract that aligns with your investment goals.
4. Start Earning: Begin receiving daily passive income with minimal effort.
Join a Global Community

With over 7.9 million users across 180 countries, ALR Miner is a trusted platform for secure and sustainable cloud mining.

Sign Up Today With ALRMiner, choose your plan, and start earning instantly.

Media Contact:
Name: Olivia Miller
info@alrminer.com
Singleton Court Business Park, Wonastow Road,
Monmouth, Monmouthshire, United Kingdom, NP25 5JA
https://alrminer.com

Disclaimer: This press release is for informational purposes only and does not constitute financial advice, legal advice, or investment recommendations. Cryptocurrency involves risk and market volatility. Please research or consult a licensed financial advisor before making investment decisions. Globepool.com and associated parties are not liable for any financial loss incurred.

Attachment

The MIL Network –
May 7, 2025
MIL-OSI: The Future of Polyverse: Exciting Growth and Upcoming Milestones

Source: GlobeNewswire (MIL-OSI)

Polyverse is positioning itself to be a major player in the rapidly growing blockchain gaming space. With its combination of browser-based gameplay, Play-to-Earn mechanics, and innovative token systems, Polyverse is set to redefine blockchain gaming. After 36 months of dedicated development, the platform is ready to introduce its $PATIC token on its 3rd anniversary, providing players and investors the opportunity to engage with the platform’s ecosystem.

KINGSTOWN, St Vincent and the Grenadines, May 07, 2025 (GLOBE NEWSWIRE) — The launch of $PATIC marks the culmination of years of hard work and sets the stage for Polyverse’s continued growth. The token is already showing strong performance in the market, with increasing liquidity and value, signaling growing confidence in the platform’s long-term potential. This success reflects the increasing recognition of Polyverse as a leader in Web3 gaming, with both players and investors eager to be part of its journey.

Polyverse’s innovative features are resonating with users, positioning it for sustained growth. The platform’s multi-chain support, seamless integration of NFTs, and its unique tokenomics are attracting a diverse audience. As $PATIC gains traction in the broader crypto market, Polyverse is establishing a solid foundation for its expansion, combining the best of traditional gaming with decentralized, player-driven economies.

In line with its community-first approach, Polyverse has launched a series of airdrop campaigns to reward early adopters and attract new players. These airdrops distribute $PATIC tokens and exclusive NFTs, creating exciting opportunities for users to get involved early. With increasing participation, Polyverse’s community continues to grow and strengthen, driving the platform’s ongoing success.

Looking forward, Polyverse has several key features in the pipeline. The NFT Marketplace will allow players to buy, sell, and trade in-game assets, unlocking the full potential of the Polyverse economy. The Ethereum-WAX Token Bridge will further expand Polyverse’s multi-chain capabilities, enabling seamless token transfers. Additionally, the Creator Program will empower content creators by allowing them to earn rewards for promoting Polyverse’s features, ultimately growing the platform’s reach.

To continue fostering engagement, Polyverse will introduce community programs like tournaments, social initiatives, and contests. These programs will keep players involved and invested in the platform’s success. With enhanced staking and governance features, Polyverse will also give players more control over the platform’s development, ensuring that the community plays an active role in its evolution.

The future of Polyverse is incredibly bright, with ongoing updates and new features set to elevate the platform. Through continued innovation, a robust tokenomics system, and a commitment to player empowerment, Polyverse is poised to play a key role in the evolution of Web3 gaming. As it grows and develops, Polyverse is shaping the future of blockchain-powered games and creating new opportunities for players and investors alike.

About Polyverse
Polyverse is a cutting-edge Web3 gaming platform that blends conventional gaming mechanics with decentralized blockchain technology. It offers players a seamless, immersive experience through Play-to-Earn mechanics, NFT-based rewards, and multi-chain support, enabling users to fully own and trade in-game assets. As a dynamic digital universe, Polyverse continues to innovate, empower its community, and lead the way in Web3 gaming.

Contact:
Giuseppe Rimola
info@polyverse.gg

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The MIL Network –

May 7, 2025
MIL-OSI Australia: Woman killed in hit-run collision at Hillcrest

Source: New South Wales – News

A pedestrian has died after being struck by a vehicle at Hillcrest overnight.

Emergency services responded to North East Road, Hillcrest at 11pm on Tuesday 6 May after a young woman was hit by a car.

Sadly, there was nothing police or paramedics could do, and the 20-year-old woman from Greenacres was pronounced deceased a short time later.

Major Crash investigators attended and examined the scene overnight. The crash occurred on the north-east bound carriageway of North East Road, near Forbes Street, near the service station.

Investigators have spoken to witnesses who described seeing a silver sedan involved in the crash, but it did not stop at the scene.

The driver of the car is urged to come forward.

Anyone with information about this silver sedan, which possibly has front end damage, or the driver is asked to contact Crime Stoppers on 1800 333 000 or online at www.crimestopperssa.com.au

Police are appealing for any witnesses or other motorists with dashcam footage, including of the woman’s presence on the roadway before the fatal crash, to contact police. Police are also seeking any CCTV footage from the area.

The young woman is the 29th life lost on South Australian roads so far this year.

MIL OSI News –

May 7, 2025
MIL-OSI Security: Sacramento Man Sentenced to 12 Years in Prison for $38 Million Catalytic Converter Theft Ring

Source: Office of United States Attorneys

Tou Sue Vang, 33, of Sacramento, was sentenced today to 12 years in prison for his role in transporting thousands of stolen catalytic converters across state lines, laundering money, and other related crimes, Acting U.S. Attorney Michele Beckwith announced.

According to court documents, Tou Vang, along with his brother Andrew Vang and mother Monica Moua, purchased stolen catalytic converters from local thieves and sold them to a buyer in New Jersey for more than $38 million. Catalytic converter theft has become prevalent across the nation because of their value, relative ease to steal, and their lack of identifying markings. Thieves steal catalytic converters from vehicles on the street for the precious metals they contain, which may be more valuable per ounce than gold, and then sell them to buyers like T. Vang. The black-market price for certain catalytic converters from California can be more than $1,000 each.

This prosecution is part of a nationwide initiative that dismantled a catalytic converter theft conspiracy. In addition to the three California defendants, this case includes 12 New Jersey defendants, including brothers Navin Khanna and Tinu Khanna, who operated DG Auto and purchased the stolen catalytic converters from California for more than $38 million. Tou Vang and his family operated primarily from their private residences and storage units; and did not have a scrap yard or valid business license. Some of the shipments that Tou Vang made to DG Auto were over 1,000 pounds and contained a single type of high-value catalytic converter, such as the Toyota Prius. Tou Vang and his family used the funds they received from the Khanna brothers and withdrew cash from the bank accounts they controlled to purchase more stolen catalytic converters, thereby promoting the carrying on of the unlawful activity.

Tou Vang spent the proceeds of these stolen catalytic converters to fund his lavish lifestyle, including to purchase a five-acre multi-home complex in Rio Linda for $1.235 million in cash, over a dozen motor vehicles (including two Teslas and two Sea Doos), and an additional home in Sacramento. As part of T. Vang’s sentence, the United States forfeited more than $150,000 in U.S. currency, 13 motor vehicles, four personal watercraft, jewelry, and real estate, amongst other property.

“This defendant led a network of criminals that hurt thousands of innocent car owners,” said Acting U.S. Attorney Beckwith. “This case represents the kind of far-reaching investigation that federal, state, and local law enforcement partners can do when working together. The U.S. Attorney’s Office is committed to continuing its law enforcement partnerships to disrupt criminal conspiracies like this one that target the American people.”

“Theft usually happens in the shadows, most often with the help of professional enablers such as Mr. Vang who facilitated the sale of stolen goods. The financial expertise of IRS Criminal Investigation Oakland Field Office agents has helped trace the assets and unraveled the truth behind these organizations,” said Special Agent in Charge Linda T. Nguyen. “Today’s sentencing is a true reflection of the collaborative commitment between all the local, state, and federal agencies who contributed to this outcome as our way to protect the people in the communities and bring justice to light.”

This case is the product of an investigation by the Federal Bureau of Investigation and the IRS Criminal Investigation with assistance from the Sacramento County Sheriff’s Department, Sacramento Police Department, Davis Police Department, Auburn Police Department, Livermore Police Department, and San Bernardino County Sherriff’s Department. Assistant U.S. Attorney Veronica M.A. Alegría of the U.S. Attorney’s Office Eastern District of California and Trial Attorney César S. Rivera-Giraud of the Criminal Division’s Violent Crime and Racketeering Section are prosecuting the case.

The case was investigated under the Organized Crime Drug Enforcement Task Forces (OCDETF). OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. For more information, please visit Justice.gov/OCDETF.

MIL Security OSI –

May 7, 2025
MIL-OSI Security: Allen Woman Sentenced to Over 11 Years in Federal Prison for Conspiring to Distribute Methamphetamine in the Pine Ridge Reservation and in Rapid City

Source: Office of United States Attorneys

RAPID CITY – United States Attorney Alison J. Ramsdell announced today that U.S. District Court Judge Karen E. Schreier has sentenced an Allen, South Dakota, woman convicted of Conspiracy to Distribute a Controlled Substance.

Misty Hornbeck, age 50, was sentenced on May 5, 2025, to 11 years and three months in federal prison, followed by five years of supervised release, and a special assessment to the Federal Crime Victims Fund in the amount of $100.

Hornbeck was indicted by a federal grand jury in March 2024, and pleaded guilty on February 27, 2025.

Hornbeck’s conviction stemmed from the large-scale distribution of methamphetamine on the Pine Ridge Reservation and in Rapid City, South Dakota. Hornbeck, who resided in Colorado during the conspiracy, supplied methamphetamine to her codefendants through her sources in Colorado. Hornbeck’s codefendants then transported the methamphetamine into South Dakota. Once the methamphetamine was in South Dakota, it would be further distributed by multiple individuals, including Hornbeck’s co-defendants Nathan Tobacco-Clifford, Milo Shot With Arrow, and others. Between 500 grams and 1.5 kilograms of methamphetamine was distributed during the course of this criminal conspiracy.

This case was investigated by the FBI and the Badlands Safe Trails Drug Enforcement Task Force, which is comprised of agents from the FBI, South Dakota Division of Criminal Investigation, Bureau of Indian Affairs Division of Drug Enforcement, Martin Police Department, and the Oglala Sioux Tribe Department of Public Safety. Assistant U.S. Attorney Heather Knox prosecuted the case.

Hornbeck was immediately remanded to the custody of the U.S. Marshals Service following sentencing.

###

MIL Security OSI –

May 7, 2025
MIL-OSI Security: Florida Man Pleads Guilty to Tax Evasion and Bankruptcy Fraud

Source: Office of United States Attorneys

Paul Archer evaded approximately $1MM in federal taxes by concealing and transferring assets in his Chapter 7 bankruptcy case

BANGOR, Maine: A Florida man pleaded guilty today in U.S. District Court in Bangor to attempting to evade federal taxes and engaging in fraudulent transfers and concealment in a bankruptcy proceeding.

According to court records, Paul Archer, 46, formerly of Hampden and Orrington, operated a profitable online marketing business for software installation on computers, earning several million dollars from 2013 through 2015. After an IRS audit in 2016 assessed a federal tax debt totaling approximately $1 million for those years, Archer concealed and transferred assets through two LLCs he controlled and began using third-party bank accounts to evade paying the tax debt.

From April 2018 through November 2019, Archer transferred and concealed assets and income by using a series of bank accounts held in the names of Max Tune Up, LLC; Stealth Kit, LLC; his father; and his spouse. Using a bank account held by Stealth Kit, LLC, for instance, Archer received income via direct deposits, initiated and received over $2 million in wire payments, and used cryptocurrency trading platforms and online payment systems to transfer funds. Archer transferred an investment account held in his own name to an account held in the name of Stealth Kit, LLC, then engaged in trading activity, stock ownership, and dividend/interest distributions. Archer further owned and transacted in Bitcoin using two different cryptocurrency exchanges, purchasing and later trading cryptocurrency valued at several hundred thousand dollars.

In March 2019, Archer filed a Chapter 7 bankruptcy proceeding. In his Chapter 7 petition and schedules, Archer falsely claimed less than $50,000 in assets; a single checking account; no other assets or property interests; no recent asset transfers; and no connections to any businesses or memberships in any LLCs. Archer repeated these falsehoods under oath during meetings of creditors convened by a Chapter 7 Trustee, as well as in statements made to the U.S. Bankruptcy Court for the District of Maine.

Archer faces up to five years imprisonment and a fine up to $250,000 on each of the two charges to which he pleaded guilty. Any sentence will be followed by up to three years of supervised release. He will be sentenced after the completion of a presentence investigation report by the U.S. Probation Office. A federal district court judge will determine a sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

IRS Criminal Investigation and the FBI investigated the case.

###

MIL Security OSI –

May 7, 2025
MIL-OSI Security: Five Charged in Human Smuggling Event that Led to at Least Three Deaths

Source: Office of United States Attorneys

SAN DIEGO – Two complaints were filed in federal court today charging five people with participating in a human smuggling event that led to the deaths of at least three migrants, including a 14-year-old boy from India. His 10-year-old sister is still missing at sea and presumed dead; their father is in a coma and mother is also hospitalized.

According to court records, on May 5, 2025, witnesses observed an overturned panga boat at a beach in Del Mar, California. Bystanders and San Diego Lifeguards participated in rescue efforts. Law enforcement officials recovered three bodies, including the boy, identified in court records as P.P.B. Four others were rescued and hospitalized, including P.P.B.’s mother and father; nine others were initially unaccounted for, including P.B.B.’s 10-year-old sister.

Two men believed to be involved in the smuggling event – Mexican nationals Julio Cesar Zuniga Luna and Jesus Juan Rodriguez Leyva – were arrested Monday at the beach and charged today with Bringing in Aliens Resulting in Death and Bringing in Aliens for Financial Gain.

Later Monday night, Border Patrol agents were conducting operations in Chula Vista, California where they identified a vehicle that had been observed at the scene of the maritime smuggling incident earlier that day. The driver of the vehicle fled the scene. During the investigation, Border Patrol Agents identified two other vehicles that were involved in the smuggling event and were able to successfully stop and arrest the drivers of these load vehicles and locate eight of the nine migrants missing from the boat, with the exception of the 10-year-old sister of P.P.B.

Melissa Jenelle Cota, Gustavo Lara and Sergio Rojas-Fregosa – all Mexican nationals – were arrested and charged with Transportation of Illegal Aliens. Rojas-Fregoso, was identified as an alien who had previously been deported on December 19, 2023.

“The drowning deaths of these children are a heartbreaking reminder of how little human traffickers care about the costs of their deadly business,” said U.S. Attorney Adam Gordon. “We are committed to seeking justice for these vulnerable victims, and to holding accountable any traffickers responsible for their deaths.”

“Human smuggling, regardless of the route, is not only illegal but extremely dangerous. Smugglers often treat people as disposable commodities, leading to tragic and sometimes deadly consequences, as we saw in this case,” said Shawn Gibson, Special Agent in Charge of HSI San Diego. “Yesterday’s heartbreaking events are a stark reminder of the urgent need to dismantle these criminal networks driven by greed. The HSI along with the U.S. Border Patrol, U.S. Coast Guard, and other partners from the Marine Task Force, remains firmly committed to holding those responsible accountable for these senseless deaths.”

This case is being prosecuted by Assistant U.S. Attorneys Sean Van Demark and Edward Chang.

DEFENDANTS

Case Number 25mj02403-JLB

Jesus Ivan Rodriguez-Leyva   Age: 36   Mexico

Julio Cesar Zuniga-Luna                                Age: 30                                   Mexico

SUMMARY OF CHARGES

Bringing in Aliens Resulting in Death – Title 8, U.S.C., Sections 1324(a)(1)(A)(i), (v)(II), and (a)(1)(B)(iv)

Maximum penalty: Death or Life in Prison and $250,000 fine

Bringing in Aliens for Financial Gain – Title 8, U.S.C., Section 1324(a)(2)(B)(ii)

Maximum penalty: Ten years in prison with a three-year mandatory minimum and $250,000 fine

Case Number 25mj2386-JLB

Melissa Jennelle Cota   Age: 33   Mexico

Gustavo Lara                                     Age: 32                                   Mexico

Sergio Rojas-Fregoso                                    Age: 31                                   Mexico

SUMMARY OF CHARGES

Transportation of Illegal Aliens – Title 8, U.S.C., Section 1324(a)(1)(A)(ii)

Maximum penalty: Ten years in prison and $500,000 fine

Deported Alien Found in the United States – Title 8, U.S.C., Section 1326

Maximum penalty: Two years in prison and $250,000 fine

INVESTIGATING AGENCIES

Homeland Security Investigations – Marine Task Force

Homeland Security Investigations

U.S. Customs and Border Protection

United States Coast Guard

San Diego Lifeguard Service

San Diego County Medical Examiner’s Office

*The charges and allegations contained in an indictment or complaint are merely accusations, and the defendants are considered innocent unless and until proven guilty.

MIL Security OSI –

May 7, 2025
MIL-OSI Security: Three CBP Officers Indicted for Allowing Undocumented Individuals to Enter the U.S. Through Their Inspection Lanes; Two Accused of Taking Bribes

Source: Office of United States Attorneys

SAN DIEGO – U.S. Customs and Border Protection Officers Farlis Almonte, Ricardo Rodriguez and Kairy Stephania Quiñonez are charged in an indictment with allowing vehicles with undocumented individuals to pass through their lanes into the U.S. without inspection while working at the San Ysidro Port of Entry.

The indictment alleges that Almonte, Rodriguez, and Quiñonez revealed their lane assignments and hours they were scheduled to work the primary inspection booths at the San Ysidro Port of Entry so that co-conspirators would know when it was safe to transport undocumented individuals across the border with impunity – sometimes using code words to gain admittance.

According to the indictment, the defendants falsely reported in the Transportation Enforcement Communications System – a database known as “TECS” that is used by CBP officers – the number of occupants in co-conspirators’ vehicles to conceal the fact that those vehicles contained undocumented individuals.

Almonte and Rodriguez are also charged with receipt of bribes by a public official. The indictment alleges that in exchange for money, they failed to enforce the immigration laws of the United States by allowing vehicles with undocumented immigrants to enter the United States.

This case is being prosecuted by Assistant U.S. Attorneys Francisco Nagel and Bianca Calderon-Peñaloza.

DEFENDANTS                                 Case Number 25-CR-1502

Farlis Almonte                                    Age: 38                       San Diego, California

Ricardo Rodriguez   Age: 34 Tijuana, Mexico

Kairy Stephania Quiñonez   Age: 31 Imperial Beach, California

SUMMARY OF CHARGE

Conspiracy to Bring in Aliens for Financial Gain – Title 18, U.S.C., Section 371 and Title 8, U.S.C. Section 1324(a)(2)(B)(ii)

Maximum Penalty: Five years in prison

Bringing in Aliens for Financial Gain, Aiding and Abetting – Title 8, U.S.C. Section 1324(a)(2)(B)(ii) and Title 18, U.S.C. Section 2

Maximum Penalty: Fifteen years in prison with a five-year mandatory minimum

Receipt of Bribes by Public Official – Title 18, U.S.C., Section 201(b)(2)(C)

Maximum Penalty: Fifteen years in prison

INVESTIGATING AGENCIES

Department of Homeland Security – Office of Inspector General

Homeland Security Investigations

Drug Enforcement Administration

U.S. Customs and Border Protection’s Office of Field Operations

United States Border Patrol

*The charges and allegations contained in an indictment or complaint are merely accusations, and the defendants are considered innocent unless and until proven guilty.

This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

MIL Security OSI –

May 7, 2025
MIL-OSI Security: Jury Finds Would-Be Sex Trafficker Guilty of Attempting to Entice and Coerce a Child and an Adult into Prostitution

Source: United States Department of Justice (Human Trafficking)

SAN DIEGO – Steven Terrell Lewis of El Cajon was convicted by a federal jury of attempted coercion and enticement of a 14-year-old high school student and attempted sex trafficking by force or coercion of a 22-year-old woman.

According to evidence presented at trial, on April 22, 2024, as the 14-year-old victim was walking to a friend’s house after school around 3 p.m. in El Cajon, Lewis used his vehicle to pin her on the sidewalk, exited his vehicle and snatched her cellphone from her hand to get her cellphone number. Lewis then proceeded to send sexually explicit text messages (from a phone number ending in 8155) to the victim before she was able to block his phone number. The next day, on April 23, 2024, Lewis continued texting the victim, except this time from a different phone number through TextFree, a mobile application and web service (from a phone number ending in 0014).

When Lewis identified himself as “Pimpin,” sent a sexually explicit photograph and invited the victim to “go get some money” with him, the minor victim immediately notified a coach at her high school. The El Cajon Police Department and San Diego Sheriff’s Office responded.

After Lewis’s attempt to sex traffic the minor victim failed, one week later, on April 28, 2024, he began recruiting the 22-year-old victim through MegaPersonals and sent a ride-share vehicle to take her to Roosevelt Avenue in National City, known as “the blade,” to work street-based prostitution for his financial benefit. Fortunately, on April 29, 2024, the adult victim was picked up by an undercover National City police office posing as a commercial sex buyer and was offered resources to leave prostitution. However, Lewis continued to message the adult victim (from both phone numbers ending in 8155 and 0014), threatening her to continue to engage in commercial sex for his benefit, to include:

Officers from the San Diego Human Trafficking Task Force conducted physical surveillance of Lewis, a search of his vehicles, residence and cell phones, and ultimately arrested him on May 16, 2024. The victims did not know each other. Investigators believe that other potential victims exist because they discovered a photograph of a handwritten note during a search of Lewis’s phone that appears to have been written by a concerned parent to Lewis. The note reads, “If I find out one more time that this car is following my daughter down Graves Ave we will have a problem. I suggest you f—- chill.”

At the time, Lewis was driving two vehicles that were registered to him, including a white, four-door 1996 Oldsmobile bearing California license plate number 3TIF671:

And a brown or beige colored, four-door 1986 Chevrolet bearing California licenses plate number 1REC517:

If you believe you or someone you know has had an encounter with Lewis or you know the author of the note, investigators ask that you contact the San Diego Human Trafficking Task Force at 1-888-373-7888 or text 233733.

“The jury’s guilty verdicts are a powerful reminder that human trafficking has no place in our society. These verdicts are not just justice for the victims – it is a warning to human traffickers everywhere that those who exploit and attempt to exploit others for profit will be prosecuted to the fullest extent of law, no matter how long it takes,” said U.S. Attorney Adam Gordon. “I commend the bravery of the survivors who came forward. Their truth helped convict a predator – and protect countless others.”

“This guilty verdict sends the powerful message that those who exploit children will be held accountable to the fullest extent of the law,” said Shawn Gibson, special agent in charge for Homeland Security Investigations (HSI) San Diego. “This outcome is the result of relentless cooperation among local, state, and federal law enforcement agencies. Our agency remains steadfast in our mission to bring perpetrators of these heinous crimes to justice and to stand beside every victim until justice is served.”

“Every year, there are thousands of reported human trafficking cases across the United States — including right here in California,” said Attorney General Rob Bonta. “Whether it’s for sex or labor, abusing power to force or coerce someone into doing something against their will is wrong. At the California Department of Justice, we’re committed to standing up for survivors, disrupting and dismantling human trafficking rings, and securing justice. I am thankful for our federal, state and local partners because it takes all of us to combat human trafficking. If you or someone you know has been affected by human trafficking, there are resources available to you. You are not alone.”

“As a member of the Human Trafficking Task Force the protection of our youth is our top priority,” said San Diego Police Chief Scott Wahl. “This case highlights the importance of collaboration and the need to share information in order to bring suspects like this into custody.”

Lewis is scheduled to be sentenced on August 1, 2025.

This case is being prosecuted by Assistant U.S. Attorney Lyndzie M. Carter and Derek Ko.

DEFENDANT Case Number 24cr1349-JES

Steven Terrell Lewis Age: 39 El Cajon, CA

SUMMARY OF CHARGES

Attempted Coercion/Enticement of a Minor – 18 U.S.C., Section 2422(b)

Maximum penalty: Ten-year mandatory minimum up to life

Attempted Sex Trafficking by Force/Coercion, 18 U.S.C., Section 1591(a)

Maximum penalty: Fifteen-year mandatory minimum up to life

INVESTIGATING AGENCIES

San Diego Human Trafficking Task Force

Homeland Security Investigations

National City Police Department

El Cajon Police Department

San Diego Sheriff’s Office

San Diego District Attorney’s Office

MIL Security OSI –

May 7, 2025
MIL-OSI Security: Security News: U.S. Attorneys for Southwestern Border Districts Charge More than 1300 Illegal Aliens with Immigration-Related Crimes During the First week in May as part of Operation Take Back America

Source: United States Department of Justice 2

Since the inauguration of President Trump, the Department of Justice is playing a critical role in Operation Take back America, a nationwide initiative to repel the invasion of illegal immigration, achieve total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

Last week, the U.S. Attorneys for Arizona, Central California, Southern California, New Mexico, Southern Texas, and Western Texas charged more than 1300 defendants with criminal violations of U.S. immigration laws.

The Southern District of Texas filed 256 cases in matters aimed at securing the southern border. As part of the cases, 83 face allegations of illegally reentering the country. The majority have prior felony convictions for narcotics, firearms, sexual or violent offenses, prior immigration crimes and more. A total of 160 people face charges of illegally entering the country, while 13 cases allege various instances of human smuggling with the remainder involving other immigration-related crimes.

The Western District of Texas filed 352 new immigration and immigration-related criminal cases. Among the new cases, David Ysturiz-Villalobos and Yilber Gabriel Caldera-Espinoza were arrested by the San Antonio Police Department during an April 22 traffic stop. Both were identified as Venezuelan nationals unlawfully present in the United States. Ysturiz-Villalobos was in possession of a .40 caliber pistol with a loaded magazine and one chambered round. Caldera-Espinoza admitted the pistol was his. Ysturiz-Villalobos and Caldera-Espinoza are each charged with one count of illegal alien in possession of a firearm and, if convicted, face up to 10 years in federal prison.

The District of Arizona brought immigration-related criminal charges against 287 defendants. Specifically, the United States filed 107 cases in which aliens illegally re-entered the United States, and the United States also charged 156 aliens for illegally entering the United States. In its ongoing effort to deter unlawful immigration, the United States filed 21 cases against 24 individuals responsible for smuggling illegal aliens into and within the District of Arizona.

The Southern District of California filed 124 border-related cases this week, including charges of assault on a federal officer, bringing in aliens for financial gain, reentering the U.S. after deportation, and importation of controlled substances. A sample of border-related arrests this week: On April 27, Emma Alejandra Medina, a U.S. citizen, was arrested and charged with Attempted Bringing in Aliens for Financial Gain. According to a complaint, Medina was captain of a boat that was transporting eight undocumented immigrants on San Diego Bay. On April 26, Jorge Alexandro Tellez, a U.S. citizen, was arrested and charged with attempting to cross the border in a vehicle with 286 pounds of methamphetamine concealed in all four doors, the seats, the spare tire, the tailgate, and in multiple tool bags located inside the vehicle.

The Central District of California this week criminally charged 45 defendants who allegedly illegally re-entered the United States following removal, bringing the total number of defendants charged with this crime since Jan. 20 of this year to 347, a year-over-year increase of 3,755%, the Justice Department announced today. The defendants charged were previously convicted of felonies before they were removed from the United States, offenses that include attempted burglary and forgery. Since the change in administration this year, federal prosecutors in the seven-county Central District, which includes Los Angeles, have aggressively pursued criminal illegal aliens. In comparison, federal prosecutors in 2024 charged a total of nine defendants with Title 8 United States Code § 1326 – illegal re-entry following removal. In 2023, the office charged eight such defendants.

The District of New Mexico announced its immigration enforcement statistics. These cases are prosecuted in partnership with the El Paso Sector of the U.S. Border Patrol, along with Homeland Security Investigations El Paso, and assistance from other federal, state, and county agencies. The United States Attorney’s Office brought the following criminal charges in New Mexico: 79 individuals were charged this week with Illegal Reentry After Deportation (8 U.S.C. 1326), 11 individuals were charged this week with Alien Smuggling (8 U.S.C. 1324), 12 individuals were charged this week with Illegal Entry (8 U.S.C. 1325), and 130 individuals were charged this week with Illegal Entry (8 U.S.C. 1325) and 50 U.S.C. 797, violation of a military security regulation, arising from the newly established National Defense Area in New Mexico.

We are grateful for the hard work of our border prosecutors in bringing these cases and helping to make our border safe again.

MIL Security OSI –

May 7, 2025
MIL-OSI Security: U.S. Attorneys for Southwestern Border Districts Charge More than 1300 Illegal Aliens with Immigration-Related Crimes During the First week in May as part of Operation Take Back America

Source: United States Department of Justice Criminal Division

Since the inauguration of President Trump, the Department of Justice is playing a critical role in Operation Take back America, a nationwide initiative to repel the invasion of illegal immigration, achieve total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

Last week, the U.S. Attorneys for Arizona, Central California, Southern California, New Mexico, Southern Texas, and Western Texas charged more than 1300 defendants with criminal violations of U.S. immigration laws.

The Southern District of Texas filed 256 cases in matters aimed at securing the southern border. As part of the cases, 83 face allegations of illegally reentering the country. The majority have prior felony convictions for narcotics, firearms, sexual or violent offenses, prior immigration crimes and more. A total of 160 people face charges of illegally entering the country, while 13 cases allege various instances of human smuggling with the remainder involving other immigration-related crimes.

The Western District of Texas filed 352 new immigration and immigration-related criminal cases. Among the new cases, David Ysturiz-Villalobos and Yilber Gabriel Caldera-Espinoza were arrested by the San Antonio Police Department during an April 22 traffic stop. Both were identified as Venezuelan nationals unlawfully present in the United States. Ysturiz-Villalobos was in possession of a .40 caliber pistol with a loaded magazine and one chambered round. Caldera-Espinoza admitted the pistol was his. Ysturiz-Villalobos and Caldera-Espinoza are each charged with one count of illegal alien in possession of a firearm and, if convicted, face up to 10 years in federal prison.

The District of Arizona brought immigration-related criminal charges against 287 defendants. Specifically, the United States filed 107 cases in which aliens illegally re-entered the United States, and the United States also charged 156 aliens for illegally entering the United States. In its ongoing effort to deter unlawful immigration, the United States filed 21 cases against 24 individuals responsible for smuggling illegal aliens into and within the District of Arizona.

The Southern District of California filed 124 border-related cases this week, including charges of assault on a federal officer, bringing in aliens for financial gain, reentering the U.S. after deportation, and importation of controlled substances. A sample of border-related arrests this week: On April 27, Emma Alejandra Medina, a U.S. citizen, was arrested and charged with Attempted Bringing in Aliens for Financial Gain. According to a complaint, Medina was captain of a boat that was transporting eight undocumented immigrants on San Diego Bay. On April 26, Jorge Alexandro Tellez, a U.S. citizen, was arrested and charged with attempting to cross the border in a vehicle with 286 pounds of methamphetamine concealed in all four doors, the seats, the spare tire, the tailgate, and in multiple tool bags located inside the vehicle.

The Central District of California this week criminally charged 45 defendants who allegedly illegally re-entered the United States following removal, bringing the total number of defendants charged with this crime since Jan. 20 of this year to 347, a year-over-year increase of 3,755%, the Justice Department announced today. The defendants charged were previously convicted of felonies before they were removed from the United States, offenses that include attempted burglary and forgery. Since the change in administration this year, federal prosecutors in the seven-county Central District, which includes Los Angeles, have aggressively pursued criminal illegal aliens. In comparison, federal prosecutors in 2024 charged a total of nine defendants with Title 8 United States Code § 1326 – illegal re-entry following removal. In 2023, the office charged eight such defendants.

The District of New Mexico announced its immigration enforcement statistics. These cases are prosecuted in partnership with the El Paso Sector of the U.S. Border Patrol, along with Homeland Security Investigations El Paso, and assistance from other federal, state, and county agencies. The United States Attorney’s Office brought the following criminal charges in New Mexico: 79 individuals were charged this week with Illegal Reentry After Deportation (8 U.S.C. 1326), 11 individuals were charged this week with Alien Smuggling (8 U.S.C. 1324), 12 individuals were charged this week with Illegal Entry (8 U.S.C. 1325), and 130 individuals were charged this week with Illegal Entry (8 U.S.C. 1325) and 50 U.S.C. 797, violation of a military security regulation, arising from the newly established National Defense Area in New Mexico.

We are grateful for the hard work of our border prosecutors in bringing these cases and helping to make our border safe again.

MIL Security OSI –

May 7, 2025

MIL-OSI: OP Mortgage Bank: Interim Report 1 January–31 March 2025

Source: GlobeNewswire (MIL-OSI)

OP Mortgage Bank
Interim Report 1 January–31 March 2025
Stock Exchange Release 7 May 2025 at 10.00 EEST

OP Mortgage Bank: Interim Report 1 January–31 March 2025

OP Mortgage Bank (OP MB) is the covered bond issuing entity of OP Financial Group. Together with OP Corporate Bank plc, its role is to raise funding for OP Financial Group from money and capital markets.

Financial standing

The intermediary loans of OP MB totalled EUR 14,800 million (14,800)* at the end of March. Bonds issued by OP MB totalled EUR 14,800 million (14,800) at the end of March.

OP MB’s covered bonds after 8 July 2022 are issued under the Euro Medium Term Covered Bond (Premium) programme (EMTCB), pursuant to the Finnish Act on Mortgage Credit Banks and Covered Bonds (151/2022). The collateral is added to the EMTCB cover pool from the member cooperative banks’ balance sheets via the intermediary loan process on the issue date of a new covered bond.

At the end of March, 79 OP cooperative banks had a total of EUR 14,800 million (14,800) in intermediary loans from OP MB.

Impairment loss on receivables related to loans in OP MB’s balance sheet totalled EUR 0.0 million (0.0). Loss allowance was EUR 0.0 million (0.0) following the sale of the loan portfolio.

Operating profit was EUR 1.7 million (2.3). The company’s financial standing remained stable throughout the reporting period.

* The comparatives for 2024 are given in brackets. For income statement and other aggregated figures, January–March 2024 figures serve as comparatives. For balance-sheet and other cross-sectional figures, figures at the end of the previous financial year (31 December 2024) serve as comparatives.

Collateralisation of bonds issued to the public

The European covered bonds (premium) issued under the EMTCB programme worth EUR 25 billion established on 11 October 2022, in accordance with the Act on Mortgage Credit Banks and Covered Bonds (151/2022), totalled EUR 6,250 million. The cover pool included a total of EUR 6,882 million in loans serving as collateral at the end of March. Overcollateralisation exceeded the minimum requirement under the Act (151/2022).

The covered bonds issued under the Euro Medium Term Covered Note programme worth EUR 20 billion established on 12 November 2010, in accordance with the Act on Mortgage Credit Banks (Laki kiinnitysluottopankkitoiminnasta, 688/2010), totalled EUR 8,550 million. The cover pool included a total of EUR 9,468 million in loans serving as collateral at the end of March. Overcollateralisation exceeded the minimum requirement under the Act (688/2010).

Capital adequacy

OP MB’s Common Equity Tier 1 (CET1) ratio stood at 372.0% (797.0) at the end of March. The ratio decreased due to an increase in total risk exposure amount based on a
regulatory change. The changes in the EU Capital Requirements Regulation (CRR3), which entered into force on 1 January 2025, particularly affected the calculation of total risk exposure amount. The figures for the comparative period have been calculated based on the regulation in force in 2024. The minimum CET1 capital requirement is 4.5% and the requirement for the capital conservation buffer is 2.5%. The minimum total capital requirement is 8% (or 10.5% with the increased capital conservation buffer). OP MB fully covers its capital requirements with CET1 capital, which in practice means that it has a CET1 capital requirement of 10.5%. Estimated profit distribution has been subtracted from earnings for the reporting period.

The capital adequacy requirement for credit risk is measured using the Standardised Approach (SA).

OP MB belongs to OP Financial Group. As part of the Group, OP MB is supervised by the European Central Bank. OP Financial Group presents capital adequacy information in its financial statements bulletins and interim and half-year financial reports in accordance with the Act on the Amalgamation of Deposit Banks. OP Financial Group also publishes Pillar 3 disclosures.

Own funds and capital adequacy, TEUR	31 Mar 2025	31 Dec 2024
Equity capital	365,998	368,122
Common Equity Tier 1 (CET1) before deductions	365,998	368,122
Excess funding of pension liability
Proposed profit distribution	-1,341	-3,466
Share of unaudited profits
Insufficient coverage for non-performing exposures

CET1 capital	364,657	364,656
Tier 1 capital (T1)	364,657	364,656
Tier 2 capital (T2)
Total own funds	364,657	364,656

Total risk exposure amount, TEUR	31 Mar 2025	31 Dec 2024
Credit and counterparty risk	3,185	18,581
Operational risk (Standardised Approach)	94,841	26,636
Other risks*	7	538
Total risk exposure amount	98,034	45,755
* Risks not otherwise covered.
Ratios, %	31 Mar 2025	31 Dec 2024
CET1 capital ratio	372.0	797.0
Tier 1 capital ratio	372.0	797.0
Capital adequacy ratio	372.0	797.0
Capital requirement, TEUR
Own funds	364,657	364,656
Capital requirement	10,294	4,804
Buffer for capital requirements	354,363	359,852

Joint and several liability of amalgamation

Under the Act on the Amalgamation of Deposit Banks (599/2010), the amalgamation of cooperative banks comprises the organisation’s central cooperative (OP Cooperative), the central cooperative’s member credit institutions and the companies belonging to their consolidation groups, as well as credit and financial institutions and service companies in which the above together hold more than half of the total votes. This amalgamation is supervised on a consolidated basis. On 31 March 2025, OP Cooperative’s member credit institutions comprised 79 OP cooperative banks, OP Corporate Bank plc, OP Mortgage Bank and OP Retail Customers plc.

The central cooperative is responsible for issuing instructions to its member credit institutions concerning their internal control and risk management, their procedures for securing liquidity and capital adequacy, and for compliance with harmonised accounting policies in the preparation of the amalgamation’s consolidated financial statements.

As a support measure referred to in the Act on the Amalgamation of Deposit Banks, the central cooperative is liable to pay any of its member credit institutions the amount necessary to preventing the credit institution from being placed in liquidation. The central cooperative is also liable for the debts of a member credit institution which cannot be paid using the member credit institution’s assets.

Each member bank is liable to pay a proportion of the amount which the central cooperative has paid to either another member bank as a support measure or to a creditor of such a member bank in payment of an overdue amount which the creditor has not received from the member bank. Furthermore, if the central cooperative defaults, a member bank has unlimited refinancing liability for the central cooperative’s debts as referred to in the Co-operatives Act.

Each member bank’s liability for the amount the central cooperative has paid to the creditor on behalf of a member bank is divided between the member banks in proportion to their last adopted balance sheets. OP Financial Group’s insurance companies do not fall within the scope of joint and several liability.

According to section 25 of the Act on Mortgage Credit Banks (688/2010), which was valid at that time, the creditors of covered bonds issued prior to 8 July 2022 have the right to receive payment, before other claims, for the entire term of the bond, in accordance with the terms and conditions of the bond, out of the funds entered as collateral, without this being prevented by OP MB’s liquidation or bankruptcy. A similar and equal priority also applies to derivative contracts entered in the register of bonds, and to marginal lending facilities referred to in section 26, subsection 4 of said Act. For mortgage-backed loans issued prior to 8 July 2022 and included in the total amount of collateral of covered bonds, the priority of the covered bond holders’ payment right is limited to the amount of loan that, with respect to home loans, corresponds to 70% of the value of shares or property serving as security for the loan and entered in the bond register at the time of the issuer’s liquidation or bankruptcy declaration.

Under section 20 of the Act on Mortgage Credit Banks and Covered Bonds (151/2022), which entered into force on 8 July 2022, the creditors of bonds issued after 8 July 2022, including the related management and clearing costs, have the right to receive payment from the collateral included in the cover pool, before other creditors of OP MB or the OP cooperative bank which is the debtor of an intermediary loan. A similar priority also applies to creditors of derivative contracts related to covered bonds, including the related management and clearing costs. Interest and yield accruing on the collateral, and any substitute assets, fall within the scope of said priority.

Section 44, subsection 3 of the Act on Mortgage Credit Banks and Covered Bonds includes provisions on the creditor’s priority claim regarding cover pool liquidity support. According to said subsection, the creditor has the right to receive payment against the funds contained in the cover pool after claims based on the principal and interest of covered bonds secured by the cover assets included in the cover pool, obligations based on derivatives contracts associated with covered bonds, as well as administration and liquidation costs.

Sustainability and corporate responsibility

As of 2024, OP Financial Group has reported on its sustainability and corporate responsibility in accordance with the European Sustainability Reporting Standards (ESRS) under the EU’s Corporate Sustainability Reporting Directive (CSRD).

Responsible business is one of OP Financial Group’s strategic priorities. OP Financial Group’s sustainability programme guides the Group’s actions and is built around three themes: Climate and the environment, People and communities, and Corporate governance. Read more about the sustainability programme at www.op.fi/en/op-financialgroup/corporate-social-responsibility/corporate-social-responsibility-programme.

At OP Financial Group, sustainability and corporate responsibility are guided by a number of principles and policies. OP Financial Group is committed to complying not only with all applicable laws and regulations, but also with a number of international initiatives that guide operations. The Group is committed to complying with the ten principles of the UN Global Compact initiative in the areas of human rights, labour rights, the environment and anti-corruption. OP Financial Group is a Founding Signatory of the Principles for Responsible Banking under the United Nations Environment Programme Finance Initiative (UNEP FI). Furthermore, OP Financial Group is committed to complying with the UN Principles for Responsible Investment and the UN Principles for Sustainable Insurance. OP Financial Group’s biodiversity roadmap includes measures to promote biodiversity. OP Financial Group aims to grow its nature positive handprint by 2030. ‘Nature positive’ means that OP Financial Group’s operations will have a net positive impact (NPI) on nature.

OP Financial Group has drawn up a Human Rights Statement and Human Rights Policy. The Group respects all recognised human rights. The Human Rights Statement includes the requirements and expectations that OP Financial Group has set for itself and actors in its value chains. OP Financial Group is committed to perform remediation actions if its operations have adverse human rights impacts.

In March 2025, OP MB published a Green Covered Bond Report on the allocation and impacts of Finland’s first green covered bonds issued in March 2021 and April 2022. Under OP MB’s Green Covered Bond Framework, proceeds from the bonds have been allocated to mortgages with energy-efficient residential buildings as collateral. The environmental impacts allocated to the green covered bonds in 2024 were 58,000 MWh of energy use avoided per year and 5,500 tonnes of CO2-equivalent emissions avoided per year.

Personnel

At the end of the reporting period, OP MB had six employees. OP MB has been digitising its operations and purchases all key support services from OP Cooperative and its subsidiaries, reducing the need for its own personnel.

Governing body members

The Board composition is as follows:

Chair	Mikko Timonen	Chief Financial Officer, OP Cooperative
Members	Satu Nurmi	Business Lead, SME Financing, OP Retail Customers plc
	Mari Heikkilä	Head of Group Treasury & ALM, OP Corporate Bank plc

OP MB’s Managing Director is Sanna Eriksson. The deputy Managing Director is Tuomas Ruotsalainen, Senior Covered Bonds Manager at OP MB.

Risk profile

OP MB has a strong capital base, capital buffers and risk-bearing capacity. OP MB’s most significant risks are related to the quality of collateral and to structural liquidity and interest rate risks on the balance sheet, for which limits have been set in the Banking Risk Policy. The key credit risk indicators in use show that OP MB’s credit risk exposure is stable. OP MB has used interest rate swaps to hedge against its interest rate
risk. Interest rate swaps have been used to swap home loan interest, intermediary loan interest and interest on issued bonds onto the same basis rate. OP MB has concluded all derivative contracts for hedging purposes, applying fair value hedges which have OP Corporate Bank plc as their counterparty. OP MB’s interest risk exposure is under control and has been within the set limit.

The liquidity buffer for OP Financial Group is centrally managed by OP Corporate Bank and therefore exploitable by OP MB. At the end of the reporting period, OP Financial Group’s Liquidity Coverage Ratio (LCR) was 202% and the Net Stable Funding Ratio (NSFR) was 129%. OP MB monitors its cash flows on a daily basis to secure funding liquidity and its structural funding risk on a regular basis as part of the company’s internal capital adequacy assessment process (ICAAP).

An analysis of OP MB’s risk exposure should always take account of OP Financial Group’s risk exposure, which is based on the joint and several liability of all its member credit institutions. The member credit institutions are jointly liable for each other’s debts. All member banks must participate in support measures, as referred to in the Act on the Amalgamation of Deposit Banks, to support each other’s capital adequacy.

OP Financial Group analyses the business environment as part of its ongoing risk assessment activities and strategy process. Megatrends and worldviews behind OP Financial Group’s strategy reflect driving forces that affect the daily activities, conditions and future of the Group and its customers. Factors currently shaping the business environment include climate, biodiversity loss, scientific and technological innovations, polarisation, demography and geopolitics. External business environment factors are considered thoroughly, so that their effects on customers’ future success are understood. OP Financial Group provides advice and makes business decisions that promote the sustainable financial success, security and wellbeing of its owner-customers and operating region while managing the Group’s risk profile on a longer-term basis. Advice for customers, risk-based service sizing, contract lifecycle management, decision-making, management and reporting are based on correct and comprehensive information.

Outlook

The global economic outlook has weakened due to increased tariffs and a higher level of uncertainty. The Finnish economy is likely to grow less than previously expected and the outlook is exceptionally uncertain. The escalation of geopolitical crises or a rise in trade barriers may affect capital markets and the economic environment of OP Financial Group and its customers.

OP MB’s capital adequacy is expected to remain strong and its risk exposure favourable. This enables issuance of covered bonds in the future.

Schedule for Interim Reports in 2025

Half-year Financial Report 1 January–30 June 2025	30 July 2025
Interim Report 1 January–30 September 2025	28 October 2025

Helsinki, 7 May 2025

OP Mortgage Bank
Board of Directors

For more information, please contact:
Sanna Eriksson, Managing Director, tel. +358 10 252 2517

DISTRIBUTION
LSE London Stock Exchange
Euronext Dublin (Irish Stock Exchange)
Officially Appointed Mechanism (OAM)
Major media
op.fi

The MIL Network –

May 7, 2025

MIL-OSI: Form 8.3 – AXA INVESTMENT MANAGERS: Alpha Group International plc

Source: GlobeNewswire (MIL-OSI)

FORM 8.3

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the “Code”)

1. KEY INFORMATION

(a) Full name of discloser:	AXA Investment Managers S.A.
(b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
(c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree	Alpha Group International plc
(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:
(e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure	02 May 2025
(f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state “N/A”	NO

2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

Class of relevant security:	0.2p ordinary
	Interests		Short positions
	Number	%	Number	%
(1) Relevant securities owned and/or controlled:	932,719	2.20
(2) Cash-settled derivatives:
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:
TOTAL:	932,719	2.20

All interests and all short positions should be disclosed.

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b) Rights to subscribe for new securities (including directors’ and other employee options)

Class of relevant security in relation to which subscription right exists:
Details, including nature of the rights concerned and relevant percentages:

3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a) Purchases and sales

Class of relevant security	Purchase/sale	Number of securities	Price per unit

(b) Cash-settled derivative transactions

Class of relevant security	Product description e.g. CFD	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of reference securities	Price per unit

(c) Stock-settled derivative transactions (including options)

(i) Writing, selling, purchasing or varying

Class of relevant security	Product description e.g. call option	Writing, purchasing, selling, varying etc.	Number of securities to which option relates	Exercise price per unit	Type e.g. American, European etc.	Expiry date	Option money paid/ received per unit

(ii) Exercise

Class of relevant security	Product description e.g. call option	Exercising/ exercised against	Number of securities	Exercise price per unit

(d) Other dealings (including subscribing for new securities)

Class of relevant security	Nature of dealing e.g. subscription, conversion	Details	Price per unit (if applicable)

4. OTHER INFORMATION

(a) Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

None

(b) Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state “none”

None

(c) Attachments

Is a Supplemental Form 8 (Open Positions) attached?

Date of disclosure:	07 May 2025
Contact name:	Mireille KAHINDO
*Telephone number:**	+33 1 44 45 97 45

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

*If the discloser is a natural person, a telephone number does not need to be included, provided contact information has been provided to the Panel’s Market Surveillance Unit.

The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

The MIL Network –

May 7, 2025

MIL-OSI: VC VentureX Rebalances Portfolio Ahead of Anticipated Altcoin Supercycle in 2025
Source: GlobeNewswire (MIL-OSI)

Understanding the potential of the altcoin market with VentureX.

LONDON, May 07, 2025 (GLOBE NEWSWIRE) — VC VentureX, a forward-looking blockchain venture capital firm, today announced strategic portfolio adjustments in Q2 2025 as it positions for an expected “altcoin supercycle.” With macroeconomic tailwinds strengthening and the cryptocurrency market dynamics evolving, VC VentureX is decisively reallocating capital into key altcoins. The firm believes Bitcoin’s market dominance is nearing a peak signaling an imminent rotation of capital into alternative cryptocurrencies and is gearing up to capitalize on the next phase of crypto market growth.

Market Context: Macro Tailwinds and Capital Rotation

Global economic conditions in 2025 are increasingly favorable for high-growth assets like cryptocurrencies. Easing inflation and shifts in central bank policies are improving liquidity, which could fuel a broad crypto rally. Historically, lower inflation and interest rate cuts inject liquidity into markets, often driving significant altcoin rallies. VC VentureX notes that major central banks are pivoting toward a more accommodative stance, a trend that could trigger an altcoin season much like the liquidity-fueled boom of 2020–2021.

This bullish outlook is reinforced by historical market cycles. Bitcoin’s dominance has historically set the stage for outsized gains across the crypto sector. Typically, Bitcoin surges to new highs, then investors rotate profits into altcoins, lifting the entire market. VC VentureX analysts point out that Bitcoin’s market dominance now at multi-year highs tends to peak and then decline as capital flows into altcoins, signaling potential for a major altcoin cycle ahead.

“Market indicators suggest that Bitcoin’s dominance lead is likely to ebb, paving the way for a broad-based altcoin rally, much as we’ve seen in past cycles,” said Markus Weber, CEO at VC VentureX. Historical data shows altcoin seasons typically begin once Bitcoin’s initial rally slows. “We’ve been anticipating this capital rotation into altcoins, and our Q2 moves reflect that conviction,” Weber added.

Strategic Portfolio Moves in Q2 2025

In line with its outlook, VC VentureX has rebalanced its crypto portfolio to increase exposure to high-conviction altcoins while trimming positions in select assets. Key adjustments this quarter include:
- Ethereum (ETH): Additional purchase – 12,752 ETH, underscoring Ethereum’s status as the leading smart contract platform and bellwether for the altcoin market.
- Litecoin (LTC): Additional purchase – 41,485 LTC, recognizing Litecoin’s strong network fundamentals and growing institutional recognition.
- Aave (AAVE): New purchase – 54,268 AAVE, viewed as undervalued and poised to benefit from increasing institutional and retail adoption.
- Bitcoin Cash (BCH): New purchase – 24,189 BCH, aligning with the thesis that top-tier, utility-driven altcoins will lead the next growth phase.
- Sui (SUI): Partial sale – 1,958,945 SUI, due to concerns about upcoming token unlocks and liquidity impacts.
Portfolio Transaction Summary:
- Ethereum (ETH): Additional purchase – 12,752 ETH
- Litecoin (LTC): Additional purchase – 41,485 LTC
- Aave (AAVE): New purchase – 54,268 AAVE
- Bitcoin Cash (BCH): New purchase – 24,189 BCH
- Sui (SUI): Partial sale – 1,958,945 SUI
These portfolio moves showcase VC VentureX’s decisiveness and adaptive strategy in a rapidly changing market. The firm’s forward-looking philosophy centers on anticipating major inflection points such as the rotation from Bitcoin to altcoins and acting with conviction. VC VentureX’s investment approach is grounded in proactive research and the courage to pivot when the data calls for it. In Q2, the firm realigned its holdings to maximize exposure to what it believes are the next drivers of crypto value.

Thematic Insights: Why VC VentureX Is Bullish on Altcoins

Underpinning VC VentureX’s strategy are several key themes signaling heightened opportunities for altcoins:
- Improving Market Liquidity & Institutional Adoption: Favorable macroeconomic conditions and increasing regulatory clarity are boosting altcoin growth. Institutional participation via new investment vehicles accelerates mainstream adoption, benefiting quality altcoins like ETH, LTC, and BCH.
- Maturation of Decentralized Finance: DeFi’s evolving landscape, exemplified by platforms like Aave, demonstrates sustainable growth and increased institutional integration.
- Ethereum’s Ecosystem and Layer-2 Innovation: Ethereum’s scalability improvements and surging Layer-2 adoption significantly enhance its appeal and market value, positioning ETH and related assets as central beneficiaries of the coming altcoin supercycle.
- Broader Adoption and Crypto Conviction: The crypto industry’s robust infrastructure, expanding narratives, and diversified innovation across payments, gaming, and decentralized applications indicate a broader, more resilient altcoin cycle.
Future-Focused Outlook and Preparedness

With these strategic moves, VC VentureX signals its readiness and enthusiasm for what lies ahead. The firm’s leadership maintains its high-conviction outlook that an altcoin supercycle is on the horizon. Early signs of altcoin strength, rising trading volumes, and evolving market dynamics reinforce the firm’s proactive positioning.

VC VentureX remains vigilant, continuously monitoring market indicators to adapt swiftly and strategically. “We’ve positioned our portfolio proactively for this next wave,” said Emma Johansson, Portfolio Manager at VC VentureX. “Our decisive reallocation in Q2 is a testament to our conviction. VC VentureX is prepared, financially and philosophically, to navigate the coming altcoin cycle confidently.”

As the crypto market enters this new chapter, VC VentureX stands committed to its forward-looking strategy. Guided by robust research and a long-term vision of blockchain’s transformative potential, the firm embraces the future, eager to participate in and drive the next altcoin supercycle.

Media Contact:
Carlos Hernandez – CMO
VC VentureX
hello@vcventurex.com
https://vcventurex.com/

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ce351d0a-aaf7-4150-ae3d-39cb96d08be5

The MIL Network –
May 7, 2025
MIL-OSI: Board of Directors approves addendum to application for expansion of partial internal model
Source: GlobeNewswire (MIL-OSI)

The Board of Directors of Alm. Brand A/S today approved an addendum to the application submitted to the Danish FSA for an expansion of the partial internal model. A potential approval from the Danish FSA is expected to reduce the capital requirement of Alm. Brand A/S by an amount of about DKK 0.5 billion. The application process is expected to be concluded in the third quarter of 2025.

The Board of Directors of Alm. Brand A/S today approved an addendum to the application for an expansion of the partial internal model (PIM). With the expansion the model will include activities originating from Codan, which was acquired on 1 May 2022. Today, the solvency capital requirement for these activities is calculated using the standard formula. As a consequence of preliminary feedback received from the Danish FSA, a few adjustments have been made to the model. These have been documented in an addendum package to the original application.

A potential approval from the Danish FSA is expected to lead to a reduction of the solvency capital requirement of Alm. Brand A/S by about DKK 0.5 billion. The application process was initiated in December 2024 and is expected to be concluded in the third quarter of 2025.

Contact

Please direct any questions regarding this announcement to:

Investors and equity analysts:

Head of Investor Relations & ESG
Mads Thinggaard
Mobile no. +45 2025 5469

Press:

Head of Communications and Media Relations
Mikkel Luplau Schmidt
Mobile no. +45 2052 3883

Attachment
- AS 35 2025 – Addendum to application for expansion of partial internal model
The MIL Network –
May 7, 2025
MIL-OSI: Dassault Systèmes: declaration of the number of outstanding shares and voting rights as of April 30, 2025
Source: GlobeNewswire (MIL-OSI)

Press Release
VELIZY-VILLACOUBLAY, France — May 7, 2025


Declaration of the number of outstanding shares and
voting rights as of April 30, 2025

Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today announced below the total number of its outstanding shares and voting rights as of April 30, 2025, according to articles 223-16 and 221-3 of the General Regulation of the Autorité des marchés financiers.

Number of outstanding shares: 1,340,781,968

Number of voting rights*: 2,013,969,163

*The total number of voting rights is calculated on the basis of the total number of outstanding shares, even if the voting rights attached thereto are suspended, pursuant to Article 223-11 of the General Regulation of the Autorité des marchés financiers relating to the method for calculating the percentages of holdings in shares and in voting rights. We invite our shareholders to refer to this article should they need to declare crossing of thresholds.

Declarations related to crossing of threshold must be sent to:
Dassault Systèmes, Investor Relations Service, 10, rue Marcel Dassault, CS 40501, 78946 Vélizy-Villacoublay Cedex (France). E-mail address: Investors@3ds.com

###

ABOUT DASSAULT SYSTÈMES

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

Dassault Systèmes Investor Relations Team                FTI Consulting
Béatrix Martinez :                                        Arnaud de Cheffontaines: +33 1 47 03 69 48
+33 1 61 62 40 73                                        Jamie Ricketts : +44 20 3727 1600
investors@3ds.com

Dassault Systèmes Press Contacts
Corporate / France
Arnaud Malherbe: +33 1 61 62 87 73
arnaud.malherbe@3ds.com

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

Attachment
- Dassault Systèmes: declaration of the number of outstanding shares and voting rights as of April 30, 2025
The MIL Network –
May 7, 2025
MIL-OSI: IdentityIQ $1 Free Trial [2025] Top Identity And Credit Protection Services!
Source: GlobeNewswire (MIL-OSI)

Temecula, CA, May 07, 2025 (GLOBE NEWSWIRE) —

IdentityIQ, a leading provider of identity theft protection and credit monitoring services, is offering a 7-day trial for just $1 in 2025. The initiative aims to provide individuals and families affordable access to comprehensive identity protection solutions.

⇒ Get Premium Protection with IdentityIQ Free Trial Offer!

With the increasing prevalence of cyber threats and identity fraud, IdentityIQ’s free trial for $1 only offers users the opportunity to experience its robust suite of identity protection solutions before committing. The 7-day trial includes real-time credit monitoring, dark web surveillance, and up to one million dollars in identity theft insurance coverage.

The trial also contains features like identity theft monitoring and application alerts, allowing users to test features for safeguarding against various forms of identity fraud.

To enroll in the IdentityIQ trial offer, user can visit IdentityIQ.com and select a plan that best suits their needs. After the trial period, users have the option to continue with a full subscription, ensuring uninterrupted protection.

⇒ Experience Top-Tier Identity Protection with IdentityIQ Free Trial!

About IdentityIQ

Founded in 2009, IdentityIQ is committed to delivering top-tier identity theft protection and credit monitoring services. The company offers a range of plans designed to meet the diverse needs of its clientele.

IdentityIQ provides the tools necessary to navigate the digital landscape securely. With a multi-layered approach to digital security, IdentityIQ offers comprehensive services, including real-time credit monitoring, dark web surveillance, and up to $1 million in identity theft insurance. Their Enhanced Credit Monitoring provides users with alerts on critical changes, such as the addition of authorized users or significant fluctuations in credit scores, enabling early detection of potential fraud.

IdentityIQ’s commitment extends to providing personalized support through a U.S.-based customer care team and a dedicated fraud restoration team.

In the event of identity theft, the company offers comprehensive assistance, including legal support and reimbursement for stolen funds, ensuring users can recover with minimal disruption.

⇒ Start strong with the IdentityIQ $1 free trial and full features!

Why IdentityIQ is Essential in 2025

Digital threats have become more sophisticated today, making identity protection a necessity for everyone. IdentityIQ stands out as an essential service in 2025, offering comprehensive identity theft protection and credit monitoring. Their proactive approach, combined with user-friendly tools and dedicated support, protects individuals against online threats.

IdentityIQ offers comprehensive services to safeguard personal and financial information. Their plans include real-time credit monitoring, dark web surveillance, and up to $1 million in identity theft insurance, providing users with robust protection against potential breaches.

⇒ Protect your financial future with IdentityIQ $1 free trial!

IdentityIQ’s credit monitoring services keep a vigilant eye on users’ credit reports, alerting them to any significant changes. This proactive approach enables individuals to respond swiftly to unauthorized activities, minimizing potential damage.

The company’s dark web surveillance scans for personal information that may have been compromised. If sensitive data is detected, IdentityIQ promptly notifies the user, allowing immediate action to prevent misuse. This feature is crucial in an era where cybercriminals frequently trade stolen information online.

Additionally, IdentityIQ’s identity theft insurance offers financial protection, covering expenses related to identity restoration. This includes reimbursement for lost wages, legal fees, and other costs incurred during the recovery process. Such coverage provides peace of mind to users navigating the aftermath of identity theft.

⇒ Detect threats early—start IdentityIQ $1 free trial today!

The service’s user-friendly interface allows individuals to access their credit information and receive alerts easily. Users can monitor their credit scores, track changes, and receive timely notifications, facilitating informed financial decisions. This accessibility empowers users to take control of their financial health.

The company’s U.S.-based customer support team provides assistance during incidents of identity theft. They guide users through the recovery process, offering expert advice and support. This personalized service enhances the overall user experience.

IdentityIQ offers flexible plans to cater to varying needs and budgets. From basic monitoring to comprehensive protection, users can select a plan that aligns with their requirements. This adaptability ensures that a broad audience can benefit from their services.

⇒ Your Identity Deserves the Best Defense – Try IdentityIQ!

IdentityIQ Reviews: Features and User Experience

Advanced Identity Monitoring

IdentityIQ extends its protection well beyond credit monitoring by tapping into a wide range of data sources to spot early signs of identity theft, especially across high-risk areas like the dark web and public databases.

Dark Web Surveillance: IdentityIQ continuously scans the dark web, where stolen personal data is frequently bought and sold. Its thorough monitoring searches for exposed Social Security numbers, names, addresses, and other sensitive information that could indicate fraud.

⇒ Stay ahead of fraud with IdentityIQ $1 free trial protection!

Criminal Record Alerts: The service keeps tabs on both national and international criminal databases, flagging any arrests or convictions linked to your name and date of birth. This vigilant tracking helps ensure you’re not mistakenly implicated if someone else uses your identity in legal trouble—a surprisingly common risk.

Address Change Tracking: To prevent mail fraud and unauthorized account openings, IdentityIQ monitors both credit bureau data and the National Change of Address registry for any suspicious updates to your address. This dual-layered approach strengthens your defenses against fraudsters rerouting your personal information.

Robust Family Identity Protection

With identity theft increasingly targeting children, IdentityIQ offers essential safeguards for families. A 2018 Javelin Strategy & Research report found that over 1 million U.S. children were affected by identity theft in 2017, resulting in nearly $2.7 billion in losses. Shockingly, the majority of these victims were under age 7, and another 20% were between 8 and 12.

IdentityIQ helps parents stay vigilant by offering monitoring services that track their child’s Social Security number and flag potential misuse. These tools allow families to act quickly and prevent serious damage before it starts.

⇒ Protect Your Identity and Finances with IdentityIQ Free Trial!

Frequent Credit Reports & Scores

Credit health plays a critical role in spotting identity theft, and IdentityIQ equips users with the ability to check their credit reports up to 12 times per year. This frequent access makes it easier to stay on top of your credit status, catch discrepancies early, and maintain a strong financial position.

By delivering comprehensive identity monitoring, proactive family protection, and regular credit access, IdentityIQ offers a well-rounded defense against identity theft. Its services are designed not just to react to threats but to empower users to take control of their security in a constantly evolving digital landscape.

Thorough SSN Monitoring

IdentityIQ offers an enhanced level of protection with its robust Social Security Number (SSN) tracking capabilities. Unlike other identity theft services that only alert you if your SSN is used alongside unfamiliar names or addresses, IdentityIQ takes monitoring a step further. Their system notifies you every single time your SSN is used—no matter the context—giving you full visibility into any activity linked to your number.

This proactive approach allows you to quickly detect potential threats and unauthorized use, ensuring you’re always a step ahead of identity thieves. With IdentityIQ’s real-time alerts and diligent SSN tracking, users gain greater control over their personal security, knowing their sensitive information is constantly under watch.

⇒ Secure Your Identity and Finance for Just $1 – Try IdentityIQ!

Comprehensive Credit Monitoring

IdentityIQ keeps a close eye on your credit, tracking data across all three major credit bureaus—Equifax, Experian, and TransUnion. Users receive timely alerts for any notable changes or suspicious activity within their credit files. Full three-bureau monitoring is included with the Secure Pro and Secure Max plans, while more basic plans provide single-bureau tracking.

The service monitors a variety of credit-related factors, including:
- Updates to personal information or address
- Delinquent accounts or missed payments
- New credit inquiries and loan applications
- Court judgments, public records, and collections
- New credit lines or loans in your name
What sets IdentityIQ apart is its attention to detail. For instance, you’ll get notified when someone is added as an authorized user on your credit card or if a bank card suddenly exceeds its credit limit—alerts that can easily go unnoticed with other services. The platform also keeps tabs on changes in collection balances and closed accounts, adding deeper layers of vigilance.

To fully activate these protective features, IdentityIQ does require you to share detailed personal information during setup, which can be a bit time-intensive. However, for users who are serious about safeguarding their financial identity, peace of mind and depth of protection make it a worthwhile investment.

⇒ Unlock your credit report using the IdentityIQ $1 free trial!

Robust Identity Theft Insurance

Restoring your identity after theft can be a daunting and expensive process, often requiring legal expertise. In the U.S., attorney fees typically range from $100 to $400 per hour, which can quickly add up. That’s where IdentityIQ’s identity theft insurance comes in, offering up to $1 million in coverage to protect against both direct losses and the hidden costs that come with reclaiming your identity.

This extensive insurance package covers a wide range of incidents, including:

Reimbursement for Stolen Funds

If hackers drain your bank account through unauthorized electronic fund transfers, IdentityIQ’s insurance will reimburse the stolen amount, helping to cushion the financial blow.

Legal Fees and Related Costs

Identity theft recovery can involve legal battles. IdentityIQ’s policy covers legal fees and expenses, so you won’t have to shoulder the burden of high attorney costs alone. This is a standout feature, as other identity protection services don’t include legal coverage within their insurance plans.

⇒ Safeguard Your Identity with IdentityIQ Comprehensive Protection!

Compensation for Lost Wages

If your recovery process forces you to miss work, IdentityIQ provides wage reimbursement of up to $1,500 per week for as long as five weeks, ensuring that your financial stability isn’t compromised during this stressful period.

Miscellaneous Expenses

From postage and notarization fees to document replacement costs, the policy also reimburses a variety of incidental expenses tied to your identity recovery.

While other identity protection services may offer similar $1 million insurance policies, IdentityIQ’s inclusion of legal and wage loss coverage gives it a clear advantage. This comprehensive safety net helps users feel more secure knowing they’re fully supported, both legally and financially, should identity theft occur.

⇒ Experience Proactive Identity Monitoring with IdentityIQ Today!

Simple, Streamlined Dashboard

Beyond its powerful features, what truly matters is how effortlessly you can manage them—and IdentityIQ delivers with its easy-to-navigate dashboard. Available via the IdentityIQ website, the dashboard offers a clear, at-a-glance summary of your credit status, identity monitoring alerts, and credit scores from all three major bureaus. It’s designed for clarity, with a feature list that lets you quickly identify any additional protections you might want to explore, such as monitoring for social media fraud.

In your account settings, it’s simple to update personal details, change passwords, and manage security questions. You’ll also find direct access to your monthly credit report, monitoring preferences, and other tools that strengthen your identity security. For users with family coverage, there’s a dedicated option to easily add dependents under your plan, giving you full control of your family’s protection in one place.

The dashboard is intuitive and performs smoothly on a desktop, offering a seamless experience. One thing to note: IdentityIQ doesn’t currently have a standalone mobile app, and while the web version works on mobile browsers, navigation can be a bit trickier on smaller screens. That said, the desktop platform remains a reliable and user-friendly hub for monitoring your identity.

⇒ Sign up for IdentityIQ $1 free trial and receive real-time alerts!

Real-Time Alerts When It Matters Most

In a world where cybercriminals strike fast and quietly, early detection is your best defense. IdentityIQ’s real-time alerts are built to keep you one step ahead. Without regular oversight, you might not notice fraudulent activity until it’s too late—but with IdentityIQ, you’re notified the moment suspicious activity appears on your account.

Think of it as a 24/7 security system for your identity. From sudden changes in your credit report to unauthorized attempts to open new accounts, you’ll receive instant updates that allow you to take action quickly—potentially stopping fraud before it spirals out of control. These daily alerts empower you to respond immediately, giving you the upper hand in preventing financial loss and minimizing recovery time.

Price Information

With flexible plans starting at less than $8 per month, IdentityIQ makes robust identity protection accessible to a broad audience. Their services are designed to adapt to the evolving digital landscape, offering users peace of mind in an increasingly connected world.

⇒ Don’t wait—start the IdentityIQ $1 free trial instantly!

User Experience – Real Buyer Reviews on TrustPilot

Reviews of IdentityIQ often highlight outstanding customer service and strong identity protection. Many users commend the knowledgeable and patient representatives who help navigate credit disputes, data breaches, and security concerns.

Customers appreciate the platform’s ease of use, real-time alerts, and thorough support, which provide peace of mind and confidence in safeguarding personal information.

⇒ Take Control of Your Identity with IdentityIQ $1 Free Trial!

IdentityIQ Stands Strong Against Persistent Identity Theft

A user shared a powerful account of enduring two decades of severe identity theft, which led to bankruptcy and significant personal loss. Despite feeling abandoned by authorities and repeatedly targeted by a skilled fraudster, the user found steadfast support from IdentityIQ. For seven years, the company’s restoration team remained dedicated. They took the client’s case seriously and worked to help restore security. The user expressed deep gratitude to IdentityIQ, crediting their expertise and commitment to giving hope and inspiring the client to share the positive experience in a book.

Exceptional Support and Credit Help from IdentityIQ

A long-time customer praised IdentityIQ for its outstanding service and reliable credit protection. The reviewer highlighted the exceptional help received from a representative, who not only assisted in disputing items on their credit report but also helped their partner join the service. They added extra protection through IdentityIQ’s 24-hour automated identity monitoring and commendable customer service, which provided valuable advice on credit and first-time home buying.

⇒ Empower Yourself with a Comprehensive IdentityIQ Security Solution!

Outstanding Support and Peace of Mind with IdentityIQ

After experiencing a data breach, the reviewer turned to IdentityIQ and was impressed by the prompt and thorough support. Their representative provided professional, empathetic guidance and explained the platform’s features, including real-time alerts and detailed credit monitoring. With the customer representative’s help, the reviewer secured their personal and financial information. IdentityIQ’s swift response brought peace of mind, earning strong recommendations for its reliable identity protection.

⇒️ Try the IdentityIQ $1 free trial and safeguard your identity!

Patient and Reassuring Service from IdentityIQ’s Fraud Team

A reviewer praised IdentityIQ’s fraud team, highlighting the customer support team members for their patience and thorough assistance. Despite personal challenges, the reviewer felt supported and never rushed, as all of his questions were answered clearly. The attentive service provided reassurance and confidence, leaving the reviewer feeling secure and well cared for.

Pros (Based on User Reviews):
- Offers three-bureau credit monitoring
- Includes $1 million identity theft insurance on all plans
- Provides family protection options
- User-friendly dashboard with real-time alerts
- Offers antivirus and VPN add-ons
Cons (Noted by Some Users):
- Higher-tier plans can be more expensive
- No social media monitoring features
- Cancellation process can be cumbersome
⇒ Get real-time alerts fast with the IdentityIQ $1 free trial offer!

Is IdentityIQ Worth It?

If you’re serious about protecting your identity and credit, IdentityIQ offers a solid, well-rounded service that goes beyond the basics. Its standout features include three-bureau credit monitoring, real-time alerts, dark web surveillance, and $1 million in identity theft insurance—covering not just financial losses but also legal fees and lost wages. These elements work together to provide a comprehensive safety net that many other services don’t fully match.

IdentityIQ is especially valuable if you want full visibility over your credit profile and need frequent credit report access (up to 12 times a year). The proactive SSN tracing and address monitoring also gives users an edge in spotting fraud early.

That said, it may not be the cheapest option out there, and the lack of a dedicated mobile app might be a drawback for some. However, for those prioritizing in-depth monitoring and robust insurance protection, the investment is well justified.

In short, if you’re looking for a thorough, proactive approach to identity protection, especially for families or individuals with heightened risk, IdentityIQ delivers strong value and peace of mind.

⇒ Join thousands of satisfied customers who trust IdentityIQ!

Frequently Asked Questions

Is IdentityIQ a scam?

No, IdentityIQ is not a scam. Established in 2009, it has provided identity theft protection and credit monitoring services to over 2 million members. The company holds an A+ rating from the Better Business Bureau and offers features like real-time fraud alerts, dark web monitoring, and up to $1 million in identity theft insurance.

Is IdentityIQ legit?

Yes, IdentityIQ is a legitimate identity protection service. It offers comprehensive monitoring of credit reports from all three major bureaus, dark web surveillance, and identity theft insurance. The service is recognized for its robust security measures and has received positive reviews from reputable sources.

What services does IdentityIQ offer?

IdentityIQ provides identity theft protection, credit monitoring, dark web surveillance, and identity restoration services. Depending on the plan, it includes features like real-time alerts, credit score tracking, and up to $1 million in identity theft insurance.

How much does IdentityIQ cost?

IdentityIQ offers four plans ranging from $6.99 to $32.99 per month. Each plan includes varying levels of credit monitoring, identity theft protection, and additional features like family protection and device security options.

Does IdentityIQ offer family protection?

Yes, IdentityIQ’s higher-tier plans include family protection features. These plans monitor children’s Social Security numbers and provide insurance coverage for dependents, addressing identity theft concerns for families.

Can I cancel my IdentityIQ subscription easily?

IdentityIQ allows cancellations through their customer care team or, where available, via the member dashboard. Some users have reported challenges with the cancellation process, so it’s advisable to review the terms and contact customer support for assistance.

Does IdentityIQ provide antivirus and VPN services?

Yes, IdentityIQ partners with Bitdefender to offer antivirus and premium VPN protection for up to 10 devices. This service is available as an add-on to enhance online security and privacy.

Are there any drawbacks to using IdentityIQ?

While IdentityIQ offers comprehensive protection, some users have noted drawbacks such as higher costs for advanced plans, lack of a free trial, and limited customer support options.

How does IdentityIQ compare to other identity protection services?

IdentityIQ is competitive in offering three-bureau credit monitoring and comprehensive identity theft protection. However, some competitors may offer additional features like social media monitoring or more user-friendly interfaces.

Is IdentityIQ suitable for first-time users?

Yes, IdentityIQ is designed to be user-friendly, making it suitable for first-time users seeking identity theft protection and credit monitoring services. The platform offers a straightforward setup and access to customer support for assistance.

Media Contact

Company: IdentityIQ

Contact Person: Michael M. Aldridge

Email: customerservice@identityiq.com

Address: 43454 Business Park Drive, Temecula, CA 92590, USA

URL: https://www.identityiq.com/

Phone: +1-877-875-4347

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Attachment
- IdentityIQ
The MIL Network –
May 7, 2025
MIL-OSI: Nokia Corporation – Managers’ transactions (Ihamuotila)

Source: GlobeNewswire (MIL-OSI)

Nokia Corporation
Managers’ transactions
7 May 2025 at 12:20 EEST

Nokia Corporation – Managers’ transactions (Ihamuotila)

Transaction notification under Article 19 of EU Market Abuse Regulation.
____________________________________________
Person subject to the notification requirement
Name: Ihamuotila, Timo
Position: Member of the Board

Issuer: Nokia Corporation
LEI: 549300A0JPRWG1KI7U06

Notification type: INITIAL NOTIFICATION
Reference number: 107170/7/8

____________________________________________
Transaction date: 2025-05-06
Venue: AQED
Instrument type: SHARE
ISIN: FI0009000681
Nature of transaction: ACQUISITION

Transaction details
(1): Volume: 1512 Unit price: 4.4025 EUR

Aggregated transactions (1):
Volume: 1512 Volume weighted average price: 4.4025 EUR
____________________________________________
Transaction date: 2025-05-06
Venue: BEUP
Instrument type: SHARE
ISIN: FI0009000681
Nature of transaction: ACQUISITION

Transaction details
(1): Volume: 3569 Unit price: 4.4035 EUR
(2): Volume: 2402 Unit price: 4.4040 EUR
(3): Volume: 1411 Unit price: 4.4030 EUR
(4): Volume: 1665 Unit price: 4.4035 EUR
(5): Volume: 1665 Unit price: 4.4030 EUR
(6): Volume: 1739 Unit price: 4.4040 EUR
(7): Volume: 1824 Unit price: 4.4040 EUR
(8): Volume: 2091 Unit price: 4.4035 EUR
(9): Volume: 3547 Unit price: 4.4040 EUR
(10): Volume: 1391 Unit price: 4.4040 EUR
(11): Volume: 1526 Unit price: 4.4035 EUR
(12): Volume: 3034 Unit price: 4.4035 EUR
(13): Volume: 1370 Unit price: 4.4035 EUR
(14): Volume: 1986 Unit price: 4.4040 EUR
(15): Volume: 2391 Unit price: 4.4040 EUR
(16): Volume: 1900 Unit price: 4.4065 EUR

Aggregated transactions (16):
Volume: 33511 Volume weighted average price: 4.4039 EUR
____________________________________________
Transaction date: 2025-05-06
Venue: CEUD
Instrument type: SHARE
ISIN: FI0009000681
Nature of transaction: ACQUISITION

Transaction details
(1): Volume: 1635 Unit price: 4.4035 EUR
(2): Volume: 16096 Unit price: 4.4031 EUR
(3): Volume: 3325 Unit price: 4.4040 EUR
(4): Volume: 1705 Unit price: 4.4040 EUR
(5): Volume: 3154 Unit price: 4.4040 EUR

Aggregated transactions (5):
Volume: 25915 Volume weighted average price: 4.4034 EUR
____________________________________________
Transaction date: 2025-05-06
Venue: DHEL
Instrument type: SHARE
ISIN: FI0009000681
Nature of transaction: ACQUISITION

Transaction details
(1): Volume: 2016 Unit price: 4.4030 EUR

Aggregated transactions (1):
Volume: 2016 Volume weighted average price: 4.4030 EUR
____________________________________________
Transaction date: 2025-05-06
Venue: JNSI
Instrument type: SHARE
ISIN: FI0009000681
Nature of transaction: ACQUISITION

Transaction details
(1): Volume: 27175 Unit price: 4.4070 EUR

Aggregated transactions (1):
Volume: 27175 Volume weighted average price: 4.4070 EUR
____________________________________________
Transaction date: 2025-05-06
Venue: SGMU
Instrument type: SHARE
ISIN: FI0009000681
Nature of transaction: ACQUISITION

Transaction details
(1): Volume: 1475 Unit price: 4.4030 EUR

Aggregated transactions (1):
Volume: 1475 Volume weighted average price: 4.4030 EUR
____________________________________________
Transaction date: 2025-05-06
Venue: TQEM
Instrument type: SHARE
ISIN: FI0009000681
Nature of transaction: ACQUISITION

Transaction details
(1): Volume: 1457 Unit price: 4.4030 EUR
(2): Volume: 5545 Unit price: 4.4025 EUR

Aggregated transactions (2):
Volume: 7002 Volume weighted average price: 4.4026 EUR
____________________________________________
Transaction date: 2025-05-06
Venue: XPAC
Instrument type: SHARE
ISIN: FI0009000681
Nature of transaction: ACQUISITION

Transaction details
(1): Volume: 1394 Unit price: 4.4040 EUR

Aggregated transactions (1):
Volume: 1394 Volume weighted average price: 4.4040 EUR
____________________________________________

Aggregated transactions
(28): Volume: 100 000 Volume weighted average price: 4.4045 EUR

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

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

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

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

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

The MIL Network –

May 7, 2025

MIL-OSI: Radware Reports First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

First Quarter 2025 Financial Results and Highlights

Revenue of $72.1 million, an increase of 11% year–over–year
Cloud ARR of $80 million, an increase of 19% year-over-year
Non-GAAP diluted EPS of $0.27 vs. $0.16 in Q1 2024; GAAP diluted EPS of $0.10 vs. $(0.03) in Q1 2024
Cash flow from operations of $22.4 million in Q1 and $72.9 million over the trailing 12 months

TEL AVIV, Israel, May 07, 2025 (GLOBE NEWSWIRE) — Radware^® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, today announced its consolidated financial results for the first quarter ended March 31, 2025.

“We had a strong start to 2025 with first quarter revenue rising 11% year-over-year, marking our third consecutive quarter of double-digit growth. In addition, our strong non-GAAP EPS growth and cash flow from operations reflect the high leverage in our business model,” said Roy Zisapel, Radware’s president and CEO.

Financial Highlights for the First Quarter 2025
Revenue for the first quarter of 2025 totaled $72.1 million:

Revenue in the Americas region was $27.4 million for the first quarter of 2025, an increase of 1% from $27.1 million in the first quarter of 2024.
Revenue in the Europe, Middle East, and Africa (“EMEA”) region was $28.4 million for the first quarter of 2025, an increase of 25% from $22.7 million in the first quarter of 2024.
Revenue in the Asia-Pacific (“APAC”) region was $16.3 million for the first quarter of 2025, an increase of 7% from $15.3 million in the first quarter of 2024.

GAAP net income for the first quarter of 2025 was $4.3 million, or $0.10 per diluted share, compared to GAAP net loss of $1.2 million, or $(0.03) per diluted share, for the first quarter of 2024.

Non-GAAP net income for the first quarter of 2025 was $11.8 million, or $0.27 per diluted share, compared to non-GAAP net income of $6.8 million, or $0.16 per diluted share, for the first quarter of 2024.

As of March 31, 2025, the Company had cash, cash equivalents, short-term and long-term bank deposits, and marketable securities of $447.9 million. Cash flow from operations was $22.4 million in the first quarter of 2025.

Non-GAAP results are calculated excluding, as applicable, the impact of stock-based compensation expenses, amortization of intangible assets, litigation costs, acquisition costs, restructuring costs, exchange rate differences, net on balance sheet items included in financial income, net, and tax-related adjustments. A reconciliation of each of the Company’s non-GAAP measures to the most directly comparable GAAP measure is included at the end of this press release.

Conference Call
Radware management will host a call today, May 7, 2025, at 8:30 a.m. EDT to discuss its first quarter 2025 results and second quarter 2025 outlook. To participate on the call, please use the following numbers:
U.S. participants call toll free: 1-877-704-4453
International participants call: 1-201-389-0920

A replay will be available for seven days, starting two hours after the end of the call, on telephone number 1-844-512-2921 (US toll-free) or 1-412-317-6671. Access ID 13752770.

The call will be webcast live on the Company’s website at: http://www.radware.com/IR/. The webcast will remain available for replay during the next 12 months.

Use of Non-GAAP Financial Information and Key Performance Indicators
In addition to reporting financial results in accordance with generally accepted accounting principles (GAAP), Radware uses non-GAAP measures of gross profit, research and development expense, selling and marketing expense, general and administrative expense, total operating expenses, operating income, financial income, net, income before taxes on income, taxes on income, net income and diluted earnings per share, which are adjustments from results based on GAAP to exclude, as applicable, stock-based compensation expenses, amortization of intangible assets, litigation costs, acquisition costs, restructuring costs, exchange rate differences, net on balance sheet items included in financial income, net, and tax–related adjustments. Management believes that exclusion of these charges allows for meaningful comparisons of operating results across past, present, and future periods. Radware’s management believes the non-GAAP financial measures provided in this release are useful to investors for the purpose of understanding and assessing Radware’s ongoing operations. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is included with the financial information contained in this press release. Management uses both GAAP and non-GAAP financial measures in evaluating and operating the business and, as such, has determined that it is important to provide this information to investors.

Annual recurring revenue (“ARR”) is a key performance indicator defined as the annualized value of booked orders for term-based cloud services, subscription licenses, and maintenance contracts that are in effect at the end of a reporting period. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. ARR is not a forecast of future revenue, which can be impacted by contract start and end dates and renewal rates and does not include revenue reported as perpetual license or professional services revenue in our consolidated statement of operations. We consider ARR a key performance indicator of the value of the recurring components of our business.

Safe Harbor Statement
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware’s plans, outlook, beliefs, or opinions, are forward-looking statements. Generally, forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results, expressed or implied by such forward-looking statements, could differ materially from Radware’s current forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to: the impact of global economic conditions, including as a result of the state of war declared in Israel in October 2023 and instability in the Middle East, the war in Ukraine, tensions between China and Taiwan, financial and credit market fluctuations (including elevated interest rates), impacts from tariffs or other trade restrictions, inflation, and the potential for regional or global recessions; our dependence on independent distributors to sell our products; our ability to manage our anticipated growth effectively; our business may be affected by sanctions, export controls, and similar measures, targeting Russia and other countries and territories, as well as other responses to Russia’s military conflict in Ukraine, including indefinite suspension of operations in Russia and dealings with Russian entities by many multi-national businesses across a variety of industries; the ability of vendors to provide our hardware platforms and components for the manufacture of our products; our ability to attract, train, and retain highly qualified personnel; intense competition in the market for cybersecurity and application delivery solutions and in our industry in general, and changes in the competitive landscape; our ability to develop new solutions and enhance existing solutions; the impact to our reputation and business in the event of real or perceived shortcomings, defects, or vulnerabilities in our solutions, if our end-users experience security breaches, or if our information technology systems and data, or those of our service providers and other contractors, are compromised by cyber-attackers or other malicious actors or by a critical system failure; our use of AI technologies that present regulatory, litigation, and reputational risks; risks related to the fact that our products must interoperate with operating systems, software applications and hardware that are developed by others; outages, interruptions, or delays in hosting services; the risks associated with our global operations, such as difficulties and costs of staffing and managing foreign operations, compliance costs arising from host country laws or regulations, partial or total expropriation, export duties and quotas, local tax exposure, economic or political instability, including as a result of insurrection, war, natural disasters, and major environmental, climate, or public health concerns; our net losses in the past and the possibility that we may incur losses in the future; a slowdown in the growth of the cybersecurity and application delivery solutions market or in the development of the market for our cloud-based solutions; long sales cycles for our solutions; risks and uncertainties relating to acquisitions or other investments; risks associated with doing business in countries with a history of corruption or with foreign governments; changes in foreign currency exchange rates; risks associated with undetected defects or errors in our products; our ability to protect our proprietary technology; intellectual property infringement claims made by third parties; laws, regulations, and industry standards affecting our business; compliance with open source and third-party licenses; complications with the design or implementation of our new enterprise resource planning (“ERP”) system; our reliance on information technology systems; our ESG disclosures and initiatives; and other factors and risks over which we may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Radware, refer to Radware’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC), and the other risk factors discussed from time to time by Radware in reports filed with, or furnished to, the SEC. Forward-looking statements speak only as of the date on which they are made and, except as required by applicable law, Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made. Radware’s public filings are available from the SEC’s website at www.sec.gov or may be obtained on Radware’s website at www.radware.com.

About Radware
Radware^® (NASDAQ: RDWR) is a global leader in application security and delivery solutions for multi-cloud environments. The company’s cloud application, infrastructure, and API security solutions use AI-driven algorithms for precise, hands-free, real-time protection from the most sophisticated web, application, and DDoS attacks, API abuse, and bad bots. Enterprises and carriers worldwide rely on Radware’s solutions to address evolving cybersecurity challenges and protect their brands and business operations while reducing costs. For more information, please visit the Radware website.

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©2025 Radware Ltd. All rights reserved. Any Radware products and solutions mentioned in this press release are protected by trademarks, patents, and pending patent applications of Radware in the U.S. and other countries. For more details, please see: https://www.radware.com/LegalNotice/. All other trademarks and names are property of their respective owners.

Radware believes the information in this document is accurate in all material respects as of its publication date. However, the information is provided without any express, statutory, or implied warranties and is subject to change without notice.

The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.

CONTACTS
Investor Relations:
Yisca Erez, +972-72-3917211, ir@radware.com

Media Contact:
Gerri Dyrek, gerri.dyrek@radware.com

Radware Ltd.
Condensed Consolidated Balance Sheets
(U.S. Dollars in thousands)

	March 31,	December 31,
	2025	2024
	(Unaudited)	(Unaudited)
Assets

Current assets
Cash and cash equivalents	114,239	98,714
Marketable securities	55,118	72,994
Short-term bank deposits	122,361	104,073
Trade receivables, net	25,036	16,823
Other receivables and prepaid expenses	9,627	14,242
Inventories	13,511	14,030
	339,892	320,876

Long-term investments
Marketable securities	31,229	29,523
Long-term bank deposits	124,968	114,354
Other assets	2,203	2,171
	158,400	146,048


Property and equipment, net	14,584	15,632
Intangible assets, net	10,758	11,750
Other long-term assets	36,492	37,906
Operating lease right-of-use assets	17,560	18,456
Goodwill	68,008	68,008
Total assets	645,694	618,676

Liabilities and equity

Current liabilities
Trade payables	3,646	5,581
Deferred revenues	119,329	106,303
Operating lease liabilities	4,642	4,750
Other payables and accrued expenses	55,678	51,836
	183,295	168,470

Long-term liabilities
Deferred revenues	69,505	64,708
Operating lease liabilities	12,497	13,519
Other long-term liabilities	14,319	14,904
	96,321	93,131

Equity
Radware Ltd. equity
Share capital	756	754
Additional paid-in capital	560,833	555,154
Accumulated other comprehensive income (loss)	(140)	1,103
Treasury stock, at cost	(366,588)	(366,588)
Retained earnings	130,194	125,850
Total Radware Ltd. shareholder’s equity	325,055	316,273

Non–controlling interest	41,023	40,802

Total equity	366,078	357,075

Total liabilities and equity	645,694	618,676

Radware Ltd.
Condensed Consolidated Statements of Income (Loss)
(U.S Dollars in thousands, except share and per share data)

	For the three months ended
	March 31,
	2025	2024
	(Unaudited)	(Unaudited)

Revenues	72,079	65,085
Cost of revenues	13,990	12,812
Gross profit	58,089	52,273

Operating expenses, net:
Research and development, net	18,776	18,896
Selling and marketing	31,281	29,701
General and administrative	6,463	7,339
Total operating expenses, net	56,520	55,936

Operating income (loss)	1,569	(3,663)
Financial income, net	4,875	3,608
Income (loss) before taxes on income	6,444	(55)
Taxes on income	2,100	1,167
Net income (loss)	4,344	(1,222)

Basic net income (loss) per share attributed to Radware Ltd.’s shareholders	0.10	(0.03)

Weighted average number of shares used to compute basic net income (loss) per share	42,663,787	41,750,203

Diluted net income (loss) per share attributed to Radware Ltd.’s shareholders	0.10	(0.03)

Weighted average number of shares used to compute diluted net income (loss) per share	44,192,474	41,750,203

Radware Ltd.
Reconciliation of GAAP to Non-GAAP Financial Information
(U.S Dollars in thousands, except share and per share data)

	For the three months ended
	March 31,
	2025	2024
	(Unaudited)	(Unaudited)
GAAP gross profit	58,089	52,273
Share-based compensation	120	79
Amortization of intangible assets	992	992
Non-GAAP gross profit	59,201	53,344

GAAP research and development, net	18,776	18,896
Share-based compensation	1,223	1,722
Non-GAAP Research and development, net	17,553	17,174

GAAP selling and marketing	31,281	29,701
Share-based compensation	3,076	2,551
Non-GAAP selling and marketing	28,205	27,150

GAAP general and administrative	6,463	7,339
Share-based compensation	1,479	2,395
Acquisition costs	153	220
Non-GAAP general and administrative	4,831	4,724

GAAP total operating expenses, net	56,520	55,936
Share-based compensation	5,778	6,668
Acquisition costs	153	220
Non-GAAP total operating expenses, net	50,589	49,048

GAAP operating income (loss)	1,569	(3,663)
Share-based compensation	5,898	6,747
Amortization of intangible assets	992	992
Acquisition costs	153	220
Non-GAAP operating income	8,612	4,296

GAAP financial income, net	4,875	3,608
Exchange rate differences, net on balance sheet items included in financial income, net	492	153
Non-GAAP financial income, net	5,367	3,761

GAAP income (loss) before taxes on income	6,444	(55)
Share-based compensation	5,898	6,747
Amortization of intangible assets	992	992
Acquisition costs	153	220
Exchange rate differences, net on balance sheet items included in financial income, net	492	153
Non-GAAP income before taxes on income	13,979	8,057

GAAP taxes on income	2,100	1,167
Tax related adjustments	62	62
Non-GAAP taxes on income	2,162	1,229

GAAP net income (loss)	4,344	(1,222)
Share-based compensation	5,898	6,747
Amortization of intangible assets	992	992
Acquisition costs	153	220
Exchange rate differences, net on balance sheet items included in financial income, net	492	153
Tax related adjustments	(62)	(62)
Non-GAAP net income	11,817	6,828

GAAP diluted net income (loss) per share	0.10	(0.03)
Share-based compensation	0.14	0.16
Amortization of intangible assets	0.02	0.02
Acquisition costs	0.00	0.01
Exchange rate differences, net on balance sheet items included in financial income, net	0.01	0.00
Tax related adjustments	(0.00)	(0.00)
Non-GAAP diluted net earnings per share	0.27	0.16


Weighted average number of shares used to compute non-GAAP diluted net earnings per share	44,192,474	42,875,058

Radware Ltd.
Condensed Consolidated Statements of Cash Flow
(U.S. Dollars in thousands)

	For the three months ended
	March 31,
	2025	2024
	(Unaudited)	(Unaudited)
Cash flow from operating activities:

Net income (loss)	4,344	(1,222)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	3,152	2,943
Share-based compensation	5,898	6,747
Amortization of premium, accretion of discounts and accrued interest on marketable securities, net	(161)	(73)
Decrease in accrued interest on bank deposits	(1,790)	(9)
Increase (decrease) in accrued severance pay, net	61	(58)
Increase in trade receivables, net	(8,213)	(219)
Decrease (increase) in other receivables and prepaid expenses and other long-term assets	(186)	605
Decrease in inventories	519	1,004
Increase (decrease) in trade payables	(1,935)	1,406
Increase in deferred revenues	17,823	8,894
Increase in other payables and accrued expenses	3,164	1,483
Operating lease liabilities, net	(234)	(379)
Net cash provided by operating activities	22,442	21,122

Cash flows from investing activities:

Purchase of property and equipment	(1,112)	(1,774)
Proceeds from (investment in) other long-term assets, net	109	(25)
Investment in bank deposits, net	(27,112)	(17,898)
Investment in, redemption of and purchase of marketable securities ,net	16,194	3,502
Proceeds from other deposits	5,000	–
Net cash used in investing activities	(6,921)	(16,195)

Cash flows from financing activities:

Proceeds from exercise of share options	4	–
Repurchase of shares	–	(839)
Net cash provided by (used in) financing activities	4	(839)

Increase in cash and cash equivalents	15,525	4,088
Cash and cash equivalents at the beginning of the period	98,714	70,538
Cash and cash equivalents at the end of the period	114,239	74,626

Radware Ltd.
RECONCILIATION OF GAAP NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA (NON-GAAP)
(U.S Dollars in thousands)

	For the three months ended
	March 31,
	2025	2024
	(Unaudited)	(Unaudited)
GAAP net income (loss)	4,344	(1,222)
Exclude: Financial income, net	(4,875)	(3,608)
Exclude: Depreciation and amortization expense	3,152	2,943
Exclude: Taxes on income	2,100	1,167
EBITDA	4,721	(720)

Share-based compensation	5,898	6,747
Acquisition costs	153	220
Adjusted EBITDA	10,772	6,247


	For the three months ended
	March 31,
	2025	2024

Amortization of intangible assets	992	992
Depreciation	2,160	1,951
	3,152	2,943

The MIL Network –

May 7, 2025