Category: Finance

MIL-OSI: Lantronix to Report Fiscal 2025 Third Quarter Results on May 8, 2025

Source: GlobeNewswire (MIL-OSI)

IRVINE, Calif., May 01, 2025 (GLOBE NEWSWIRE) — Lantronix Inc. (the “Company”) (NASDAQ: LTRX), a global leader of compute and connectivity for IoT solutions enabling AI Edge Intelligence, today announced it will release financial results from its fiscal 2025 third quarter, ended March 31, 2025, after the close of the market on Thursday, May 8, 2025.

Management will host an investor conference call and audio webcast at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) on May 8, 2025. To access the live conference call, investors should dial 1-844-802-2442 (U.S.) or 1-412-317-5135 (international) and indicate they are participating in the Lantronix fiscal 2025 third-quarter call. The webcast will be available simultaneously via the investor relations section of the Company’s website.

Investors can access a conference call replay starting at approximately 8:00 p.m. Pacific Time on May 8, 2025, on the Lantronix website. A telephonic replay will also be available through May 15, 2025, by dialing 1-877-344-7529 (US) or 1-412-317-0088 (international) or Canada Toll-Free 855-669-9658 and entering passcode 3110521.

About Lantronix

Lantronix Inc. is a global leader of compute and connectivity IoT solutions that target high-growth markets, including Smart Cities, Enterprise and Transportation. Lantronix’s products and services empower companies to succeed in the growing IoT markets by delivering customizable solutions that enable AI Edge Intelligence. Lantronix’s advanced solutions include Intelligent Substations infrastructure, Infotainment systems and Video Surveillance, supplemented with advanced Out-of-Band Management (OOB) for Cloud and Edge Computing.

For more information, visit the Lantronix website.

Lantronix Media Contact:
Gail Kathryn Miller
Corporate Marketing &
Communications Manager
media@lantronix.com

Lantronix Analyst and Investor Contact:
investors@lantronix.com

© 2025 Lantronix Inc. All rights reserved. Lantronix is a registered trademark, and SLB and SLC are trademarks of Lantronix Inc. Other trademarks and trade names are those of their respective owners.

This press release was published by a CLEAR® Verified individual.

The MIL Network –

May 1, 2025

MIL-OSI: Sachem Capital Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

BRANFORD, Conn., May 01, 2025 (GLOBE NEWSWIRE) — Sachem Capital Corp. (NYSE American: SACH) (the “Company”), a real estate lender specializing in originating, underwriting, funding, servicing, and managing a portfolio of loans secured by first mortgages on real property, today announced its financial results for the quarter ended March 31, 2025.

John Villano, CPA, Sachem Capital’s Chief Executive Officer commented, “The first quarter was one of stability for the Company as we put the challenges of the past year behind us. Our balance sheet showed almost no change from the prior quarter, as we remain focused on effectively managing our loan portfolio and protecting our capital. Our goal is to grow our balance sheet, capitalizing on quality opportunities to invest capital at attractive yields, while maintaining a prudent capital allocation approach. Overall, while uncertainty across the real estate and capital markets remain elevated, we are pleased with the stability of our portfolio and the liquidity on our balance sheet, and we are confident that cash flow and dividend growth will return as we leverage our industry relationships and focus on driving shareholder value.”

Results of operations for the quarter ended March 31, 2025

Total revenue was $11.4 million compared to $16.8 million in the first quarter of 2024. The change in revenue was primarily due to the cumulative effect of fewer originations over the last fifteen months, resulting in a reduction in the unpaid principal balance of loans held for investment, in addition to a currently elevated amount of nonperforming loans and real estate owned. On the other hand, income from our preferred membership limited liability company investments increased approximately 71.7%, compared to the three months ended March 31, 2024.

Total operating costs and expenses for the first quarter of 2025 were $10.4 million compared to $12.5 million in the same quarter last year. The change was primarily due to reductions in interest and amortization expense of $1.4 million, compensation and employee benefits, provision for credit losses related to loans, and other expenses totaling $0.8 million.

Net loss attributable to common shareholders for the first quarter of 2025 was $213,000, or $0.00 per share, compared to net income attributable to common shareholders of $3.6 million, or $0.08 per share for the first quarter of 2024.

Balance Sheet

Total assets as of March 31, 2025 were $491.4 million compared to $492.0 million as of December 31, 2024. Total liabilities as of March 31, 2025 were $312.1 million compared to $310.3 million as of December 31, 2024.

Total indebtedness at quarter-end was $305.6 million. This includes: $227.0 million of notes payable (net of $3.2 million of deferred financing costs) and $78.6 million aggregate outstanding principal amount of the amounts due under various credit facilities and the mortgage loan on the Company’s office building.

Total shareholders’ equity at March 31, 2025 was $179.3 million compared to $181.7 million at year-end 2024. Book value per common share at March 31, 2025 was $2.57 compared to $2.64 at year-end 2024. The $0.07 decrease in book value is primarily due to the aggregate $3.5 million in preferred and common dividends declared and paid during this first quarter 2025.

Dividends

The Company currently operates and qualifies as a Real Estate Investment Trust (REIT) for federal income taxes and intends to continue to qualify and operate as a REIT. Under federal income tax rules, a REIT is required to distribute a minimum of 90% of taxable income each year to its shareholders, and the Company intends to comply with this requirement for the current year.

On March 31, 2025, the Company paid a dividend of $0.484375 per share to the holders of its Series A Preferred Stock of record on March 15, 2025.

On March 31, 2025, the Company paid a dividend of $0.05 per share to its common shareholders of record on March 17, 2025.

Investor Conference Webcast and Call

The Company is hosting a webcast and conference call Thursday, May 1, 2025 at 8:00 a.m. Eastern Time, to discuss in greater detail its financial results for the quarter ended March 31, 2025. A webcast of the call may be accessed on the Company’s website at https://sachemcapitalcorp.com/investor-relations/events-and-presentations/default.aspx.

Interested parties can access the conference call via telephone by dialing toll free 1-877-704-4453 for U.S. callers or 1-201-389-0920 for international callers.

Replay

The webcast will also be archived on the Company’s website and a telephone replay of the call will be available through Thursday, May 15, 2025, and can be accessed by dialing 1-844-512-2921 for U.S. callers or 1-412-317-6671 for international callers and by entering replay passcode: 13752977.

About Sachem Capital Corp

Sachem Capital Corp. is a mortgage REIT that specializes in originating, underwriting, funding, servicing, and managing a portfolio of loans secured by first mortgages on real property. It offers short-term (i.e., three years or less) secured, nonbanking loans to real estate investors to fund their acquisition, renovation, development, rehabilitation, or improvement of properties. The Company’s primary underwriting criteria is a conservative loan to value ratio. The properties securing the loans are generally classified as residential or commercial real estate and, typically, are held for resale or investment. Each loan is secured by a first mortgage lien on real estate and is personally guaranteed by the principal(s) of the borrower. The Company also makes opportunistic real estate purchases apart from its lending activities.

Forward Looking Statements

This press release may contain forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements. Such forward-looking statements are subject to several risks, uncertainties and assumptions as described in the Annual Report on Form 10-K for 2024 filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 31, 2025. Because of these risks, uncertainties and assumptions, any forward-looking events and circumstances discussed in this press release may not occur. You should not rely upon forward-looking statements as predictions of future events. Neither the Company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The Company disclaims any duty to update any of these forward-looking statements. All forward-looking statements attributable to the Company are expressly qualified in their entirety by these cautionary statements as well as others made in this press release. You should evaluate all forward-looking statements made by the Company in the context of these risks and uncertainties.

Investor & Media Contact:
Email: investors@sachemcapitalcorp.com


SACHEM CAPITAL CORP. CONDENSED CONSOLIDATED BALANCE SHEETS *(in thousands, except share data)*


	March 31, 2025			December 31, 2024
	(unaudited)			(audited)
Assets
Cash and cash equivalents	$	24,414		$	18,066
Investment securities (at fair value)		1,392			1,517
Loans held for investment (net of deferred loan fees of $2,225 and $1,950)		365,635			375,041
Allowance for credit losses		(18,122	)		(18,470	)
Loans held for investment, net		347,513			356,571
Loans held for sale (net of valuation allowance of $4,876 and $4,880)		10,974			10,970
Interest and fees receivable (net of allowance of $2,981 and $3,133)		4,281			3,768
Due from borrowers (net of allowance of $1,956 and $1,135)		4,413			5,150
Real estate owned, net		18,865			18,574
Investments in limited liability companies		53,935			53,942
Investments in developmental real estate, net		16,432			14,032
Property and equipment, net		3,209			3,222
Other assets		5,967			6,164
Total assets	$	491,395		$	491,976

Liabilities and Shareholders’ Equity
Liabilities:
Notes payable (net of deferred financing costs of $3,232 and $3,713)	$	227,007		$	226,526
Repurchase agreements		41,519			33,708
Mortgage payable		981			1,002
Lines of credit		36,100			40,000
Accounts payable and accrued liabilities		2,705			4,377
Advances from borrowers		3,079			4,047
Below market lease intangible		665			665
Total liabilities		312,056			310,325

Commitments and Contingencies – Note 13

Shareholders’ equity:
Preferred shares – $0.001 par value; 5,000,000 shares authorized; 2,903,000 shares designated as Series A Preferred Stock; 2,306,748 shares of Series A Preferred Stock issued and outstanding at March 31, 2025 and December 31, 2024		2			2
Common Shares – $0.001 par value; 200,000,000 shares authorized; 47,310,139 and 46,965,306 issued and outstanding at March 31, 2025 and December 31, 2024, respectively		47			47
Additional paid-in capital		257,220			256,956
Cumulative net earnings		36,422			35,518
Cumulative dividends paid		(114,352	)		(110,872	)
Total shareholders’ equity		179,339			181,651
Total liabilities and shareholders’ equity	$	491,395		$	491,976


SACHEM CAPITAL CORP. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS *(in thousands, except share and per share data)*


	Three Months Ended
	March 31,
	2025			2024
Revenues
Interest income from loans	$	7,887		$	12,641
Fee income from loans		1,425			2,616
Income from limited liability company investments		2,052			1,195
Other investment income		6			316
Other income		72			35
Total revenues		11,442			16,803

Operating expenses
Interest and amortization of deferred financing costs		6,094			7,469
Compensation and employee benefits		1,771			1,943
General and administrative expenses		1,355			1,239
Provision for credit losses related to loans held for investment		1,052			1,365
Change in valuation allowance related to loans held for sale		(4	)		—
Loss on sale of real estate owned and property and equipment, net		—			11
Other expenses		145			503
Total operating expenses		10,413			12,530
Operating income		1,029			4,273

Other (loss) income, net
(Loss) gain on equity securities		(125	)		397
Total other (loss) income, net		(125	)		397
Net income		904			4,670
Preferred stock dividend		(1,117	)		(1,022	)
Net (loss) income attributable to common shareholders	$	(213	)	$	3,648

Basic and diluted (loss) earnings per Common Share	$	(0.00	)	$	0.08
Basic and diluted weighted average Common Shares outstanding		46,784,744			47,128,511


SACHEM CAPITAL CORP. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS *(in thousands)*


	Three Months Ended
	March 31,
	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	904		$	4,670
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred financing costs		545			624
Depreciation expense		92			94
Stock-based compensation		264			239
Provision for credit losses related to loans held for investment		1,052			1,365
Change in valuation allowance related to loans held for sale		(4	)		—
Loss on sale of real estate owned and property and equipment, net		—			11
Loss (gain) on equity securities		125			(397	)
Change in deferred loan fees		275			(291	)
Changes in operating assets and liabilities:
Interest and fees receivable, net		(361	)		392
Other assets		133			(63	)
Due from borrowers, net		(254	)		(1,038	)
Accounts payable and accrued liabilities		(1,612	)		433
Advances from borrowers		(968	)		(1,822	)
Total adjustments and operating changes		(713	)		(453	)
NET CASH PROVIDED BY OPERATING ACTIVITIES		191			4,217

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investment securities		—			(7,725	)
Proceeds from the sale of investment securities		—			7,128
Purchase of interests in limited liability companies		(4,223	)		(3,186	)
Proceeds from limited liability companies returns of capital		4,230			—
Proceeds from sale of real estate owned		89			121
Acquisitions of and improvements to real estate owned		—			(749	)
Purchase of property and equipment		(41	)		(14	)
Improvements in investment in developmental real estate		(742	)		—
Principal disbursements for loans		(41,308	)		(42,654	)
Principal collections on loans		47,742			51,398
NET CASH PROVIDED BY INVESTING ACTIVITIES		5,747			4,319

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from lines of credit		36,100			460
Repayments on lines of credit		(40,000	)		(600	)
Proceeds from repurchase agreements		11,693			—
Repayments of repurchase agreements		(3,882	)		—
Repayment of mortgage payable		(21	)		(20	)
Dividends paid on Common Shares		(2,363	)		(5,144	)
Dividends paid on Series A Preferred Stock		(1,117	)		(1,022	)
Proceeds from issuance of Common Shares, net of expenses		—			2,049
Proceeds from issuance of Series A Preferred Stock, net of expenses		—			1,556
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		410			(2,721	)

NET INCREASE IN CASH AND CASH EQUIVALENTS		6,348			5,815

CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD		18,066			12,598

CASH AND CASH EQUIVALENTS – END OF PERIOD	$	24,414		$	18,413

The MIL Network –

May 1, 2025

MIL-OSI: FactSet Increases Dividend

Source: GlobeNewswire (MIL-OSI)

NORWALK, Conn., May 01, 2025 (GLOBE NEWSWIRE) — FactSet (NYSE: FDS | NASDAQ: FDS), a global financial digital platform and enterprise solutions provider, today announced that its Board of Directors approved a 6% increase in the regular quarterly cash dividend of $1.04 per share to $1.10 per share.

The $0.06 per share increase marks the twenty-sixth consecutive year the Company has increased dividends on a stock split-adjusted basis, demonstrating its ongoing commitment to providing value to shareholders. The cash dividend will be paid on June 18, 2025, to holders of record of FactSet’s common stock at the close of business on May 30, 2025.

About FactSet

FactSet (NYSE:FDS | NASDAQ:FDS) supercharges financial intelligence, offering enterprise data and information solutions that power our clients to maximize their potential. Our cutting-edge digital platform seamlessly integrates proprietary financial data, client datasets, third-party sources, and flexible technology to deliver tailored solutions across the buy-side, sell-side, wealth management, private equity, and corporate sectors. With over 47 years of expertise, a presence in 20 countries, and extensive multi-asset class coverage, we leverage advanced data connectivity alongside AI and next-generation tools to streamline workflows, drive productivity, and enable smarter, faster decision-making. Serving more than 8,600 global clients and nearly 220,000 individual users, FactSet is a member of the S&P 500 dedicated to innovation and long-term client success. Learn more at www.factset.com and follow us on X and LinkedIn.

FactSet
Investor Relations:
Kevin Toomey
+1.212.209.5259
Kevin.toomey@factset.com

Media Relations:
Kelly Prinner
+1.203.808.8630
Kelly.prinner@factset.com

The MIL Network –

May 1, 2025

MIL-OSI: Bitfarms Provides April 2025 Production and Operations Update

Source: GlobeNewswire (MIL-OSI)

– New private debt facility with a division of Macquarie Group for up to $300 million to fund initial HPC project development at Panther Creek, validating the attractiveness of Bitfarms’ potential HPC data center development pipeline-

–Operational hashrate of 19.5 EHuM and fleet efficiency of 19 w/TH–

This news release constitutes a “designated news release” for the purposes of the Company’s second amended and restated prospectus supplement dated December 17, 2024, to its short form base shelf prospectus dated November 10, 2023.

TORONTO, Ontario, May 01, 2025 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ/TSX: BITF), a global energy and compute infrastructure company, today issued its latest monthly production report. All financial references are in U.S. dollars.

CEO Ben Gagnon stated, “In April, we secured an attractive financing facility for up to $300 million with a division of Macquarie Group, one of the world’s largest and most reputable infrastructure investors. These funds will be used solely to fund HPC data center development at our Panther Creek location. Panther Creek has the scale, location, power availability, and fiber connectivity that we expect will attract notable HPC counterparties. This site also has the quickest energization timeline of our three PA sites, and we are already working on the Site Map Plans, development timelines and renderings needed in order to begin to build out the powered land.

“We are confident this partnership will not only accelerate our buildout at Panther Creek, but also open doors to future opportunities with Macquarie as we look to scale our project and potentially expand to other sites within our portfolio. Amidst the surging AI revolution and the growing demand for power and infrastructure, this financing arrives at a pivotal time. We believe the analyses provided by our strategic partners, ASG and WWT, along with Macquarie’s due diligence and industry expertise, validate our HPC opportunity thesis at Panther Creek, strengthen our HPC pipeline and strategy, and position Bitfarms as a market leader in sourcing and developing large-scale, high-quality HPC data center projects.

“Our Bitcoin business is strong, and we remain bullish on mining economics with our newly upgraded mining fleet. We have no need nor plans for a large miner purchase in 2025 or 2026, enabling us to focus our efforts on developing U.S. energy and HPC infrastructure, which we believe will create lasting shareholder value.”

April 2025 Select Operating Highlights

Key Performance Indicators	April 2025	March 2025 (proforma)
Total BTC earned	268	280
Month End Operating EHuM	19.5	19.5
BTC/Avg. EH/s	16	17
Average Operating EHuM	17.2	16.4
Energized Capacity (MW)	461	461
Watts/Terahash Efficiency (w/TH)	19	19

19.5 EHuM operational at April 30, 2025.
17.2 EHuM average operational, up 5% M/M.
16 BTC/average EHuM, 6% lower M/M.
268 BTC earned, 4% lower M/M.
8.9 BTC earned daily on average, equal to ~$837,000 per day based on a BTC price of $94,000 at April 30, 2025.

April 2025 Financial Update

Treasury of 1,005 BTC, down from 1,140 BTC last month and representing $94 million based on the Bitcoin price of $94,000 at April 30, 2025.

About Bitfarms Ltd.
Founded in 2017, Bitfarms is a global energy and compute infrastructure company that develops, owns, and operates vertically integrated HPC and Bitcoin mining data centers. Bitfarms currently has 15 operating Bitcoin data centers situated in four countries: the United States, Canada, Argentina and Paraguay.

Powered primarily by environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.

To learn more about Bitfarms’ events, developments, and online communities:

www.bitfarms.com
https://www.facebook.com/bitfarms/
https://x.com/Bitfarms_io
https://www.instagram.com/bitfarms/
https://www.linkedin.com/company/bitfarms/

Glossary of Terms

Y/Y or M/M= year over year or month over month
BTC or BTC/day = Bitcoin or Bitcoin per day
EH or EH/s = Exahash or exahash per second
EHuM = Exahash Under Management, which includes Bitfarms’ proprietary hashrate and hashrate being hosted by Bitfarms for third-party hosting clients
MW or MWh = Megawatts or megawatt hour
GW or GWh= Gigawatts or gigawatt hour
w/TH = Watts/Terahash efficiency (includes cost of powering supplementary equipment)
HPC/AI = High Performance Computing / Artificial Intelligence
Energized capacity= Power available

Forward-Looking Statements

This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding the North American energy and compute infrastructure strategy, opportunities relating to the potential of the Company’s data centers for HPC/AI opportunities, the potential to deploy the proceeds of the Macquarie Group financing facility at the Panther Creek location, the merits and ability to secure long-term contracts associated with HPC/AI customers, the success of the Company’s HPC/AI strategy in general and its ability to capitalize on growing demand for AI computing while securing predictable cash flows and revenue diversification, the Company’s energy pipeline and its anticipated megawatt growth, the Company’s ability to drive greater shareholder value, projected growth, target hashrate, and other statements regarding future growth, plans and objectives of the Company are forward-looking information.

Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information.

This forward-looking information is based on assumptions and estimates of management of Bitfarms at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Bitfarms to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors, risks and uncertainties include, among others: an inability to apply the Company’s data centers to HPC/AI opportunities on a profitable basis; a failure to secure long-term contracts associated with HPC/AI customers on terms which are economic or at all; the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; an inability to satisfy the Panther Creek location related milestones which are conditions to loan drawdowns under the Macquarie Group financing facility; an inability to deploy the proceeds of the Macquarie Group financing facility to generate positive returns at the Panther Creek location; new miners may not perform up to expectations; revenue may not increase as currently anticipated, or at all; the ongoing ability to successfully mine digital currency is not assured; failure of the equipment upgrades to be installed and operated as planned; the availability of additional power may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the power purchase agreements and economics thereof may not be as advantageous as expected; potential environmental cost and regulatory penalties due to the operation of the former Stronghold plants which entail environmental risk and certain additional risk factors particular to the former business and operations of Stronghold including, land reclamation requirements may be burdensome and expensive, changes in tax credits related to coal refuse power generation could have a material adverse effect on the business, financial condition, results of operations and future development efforts, competition in power markets may have a material adverse effect on the results of operations, cash flows and the market value of the assets, the business is subject to substantial energy regulation and may be adversely affected by legislative or regulatory changes, as well as liability under, or any future inability to comply with, existing or future energy regulations or requirements, the operations are subject to a number of risks arising out of the threat of climate change, and environmental laws, energy transitions policies and initiatives and regulations relating to emissions and coal residue management, which could result in increased operating and capital costs and reduce the extent of business activities, operation of power generation facilities involves significant risks and hazards customary to the power industry that could have a material adverse effect on our revenues and results of operations, and there may not have adequate insurance to cover these risks and hazards, employees, contractors, customers and the general public may be exposed to a risk of injury due to the nature of the operations, limited experience with carbon capture programs and initiatives and dependence on third-parties, including consultants, contractors and suppliers to develop and advance carbon capture programs and initiatives, and failure to properly manage these relationships, or the failure of these consultants, contractors and suppliers to perform as expected, could have a material adverse effect on the business, prospects or operations; the digital currency market; the ability to successfully mine digital currency; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power to operate cryptocurrency mining assets; the risks of an increase in electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which Bitfarms operates and the potential adverse impact on profitability; future capital needs and the ability to complete current and future financings, including Bitfarms’ ability to utilize an at-the-market offering program ( “ATM Program”) and the prices at which securities may be sold in such ATM Program, as well as capital market conditions in general; share dilution resulting from an ATM Program and from other equity issuances; the risks of debt leverage and the ability to service and eventually repay the Macquarie Group financing facility; volatile securities markets impacting security pricing unrelated to operating performance; the risk that a material weakness in internal control over financial reporting could result in a misstatement of financial position that may lead to a material misstatement of the annual or interim consolidated financial statements if not prevented or detected on a timely basis; risks related to the Company ceasing to qualify as an “emerging growth company”; risks related to unsolicited investor interest, takeover proposals, shareholder activism or proxy contests relating to the election of directors; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; and the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to Bitfarms’ filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission (the “SEC”) at www.sec.gov), including the management’s discussion & analysis for the year-ended December 31, 2024 Although Bitfarms has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by Bitfarms. There can be no assurance that such statements will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. Bitfarms does not undertake any obligation to revise or update any forward-looking information other than as required by law. Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

Investor Relations Contact:

Bitfarms
Tracy Krumme
SVP, Head of IR & Corp. Comms.
+1 786-671-5638
tkrumme@bitfarms.com

Media Contact:

Bitfarms
Caroline Brady Baker
Director, Communications
cbaker@bitfarms.com

The MIL Network –

May 1, 2025

MIL-Evening Report: Grattan on Friday: Key markers on the bumpy road to this election

Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

When we look back, we can see the road to election day has had a multitude of signposts, flashing red lights, twists, turns and potholes. Some came before the formal campaign; others in the final countdown days; some have been major, others symbolic.

The importance of certain markers has been obvious in the moment; the significance of others became clear in retrospect. Here is a recap of a few of those that have shaped this campaign and its battle for votes.

1. Anthony Albanese’s January 6 $7.2 billion announcement to upgrade the Bruce Highway

Why start here? Because this was the prime minister jumping out of the blocks at the start of January, with multiple announcements over the summer. Albanese laid down policy groundwork in these weeks, giving voters time to absorb the initiatives.

In contrast, Peter Dutton, although he had a “soft” launch on January 12, was running slowly, believing voters weren’t yet paying attention.

2. Donald Trump’s inauguration

January 21 unleashed a tsunami; its waves would wash over the coming months, and profoundly affect the election. At first, the Coalition thought – wrongly – that the election of Trump would favour it, but Labor became the beneficiary. Many Australians (including Dutton) were appalled at the way Trump and Vice President JD Vance treated Ukraine President Volodymyr Zelensky. Later, Trump’s tariffs hit Australia (although not as hard as many countries).

Dutton argued he’d be better able than Albanese to handle the capricious president, but it became a spurious debate. Labor painted Dutton as Trump-lite and some of his decisions played into its hands, notably appointing in late January Senator Jacinta Nampijinpa Price to a Musk-like role to pursue efficiencies in government. She later made the comparison even more obvious by saying the Coalition would “make Australia great again”.

But the central factor was this: suddenly, the world had become more uncertain and many voters would think it wasn’t the time to change.

3. The Reserve Bank’s cut in interest rates on February 18

The amount was modest, 25 basis points, but the psychology was the thing. The cut reinforced Treasurer Jim Chalmers’ argument that the worst was over and the outlook was positive. In the campaign’s final week, just at the right time for the government, inflation figures pointed to another expected cut in May.

4. Cyclone Alfred’s March 7 election delay

Albanese appeared set to call an April 12 poll, when the approaching winds blew the plan off course. The prime minister was able to put himself at the middle of the response to the cyclone, projecting himself as a national leader as distinct from a partisan one; he appeared with Queensland LNP Premier David Crisafulli, and at the Canberra National Situation Room.

The election delay meant Labor had to bring down the March 25 budget. Many in the government had wanted to avoid a budget, because of its deficits into the distance. But the budget became a useful frame for the start of the formal campaign, with Albanese going to Government House at the end of budget week.

5. Dutton’s budget reply

The opposition leader’s reply contained his proposal to cut petrol excise but did not include tax cuts. The opposition had already voted against the government’s budget tax cut package, and committed to repealing it.

The excise move was popular – Dutton would visit countless service stations over coming weeks – but the government was able to say a Coalition government would raise taxes.

At his campaign launch subsequently, Dutton promised a $1,200 tax offset, despite earlier flagging he would not be able to announce any income tax relief during the campaign. The tax offset was an attempt to rectify what had been the mistake of thinking that the Coalition – traditionally committed to lower taxes – could go to the election on the wrong side of the tax argument.

6. Dutton’s April 7 backtrack on working from home

The opposition policy to get public servants back into the office all week was a disaster-in-the-making from the start. Workers in the private sector would, rightly, see it as sending a signal to non-government employers.

Women hated the policy, and it would further alienate the female vote. Dutton had to ditch the idea and apologise. Finance spokeswoman Jane Hume didn’t help the retreat by saying it was a good policy that hadn’t found its appropriate time.

7. News on April 15 that the Russians wanted to base planes in Papua

The story appeared on the respected military site Janes, and Dutton rushed to pick it up, but went off half-cocked, declaring wrongly that the Indonesian president Prabowo Subianto had announced the Russian request. It was symptomatic of Dutton being under-prepared. He had to make another apology.

8. Neo-Nazis heckle during the Welcome to Country at the Melbourne Shrine of Remembrance Anzac Day Dawn Service

This led to Dutton launching into “culture wars” in the final days of the campaign. In criticising the disruption, he at first said, “We have a proud Indigenous heritage in this country and we should be proud to celebrate it as part of today”.

Subsequently he said most veterans didn’t want the Welcome to Country as part of the Anzac Day ceremonies, although it was a matter for the organisers. In general, he believed Welcome to Country ceremonies were used too frequently.

Dutton segued the controversy back to criticism of the Voice, and seized on confusing remarks by Foreign Minister Penny Wong to claim Labor was still committed to bringing in a Voice, something Albanese flatly denied.

9. The price of eggs

In the last of the four debates neither leader could specify the cost of a dozen eggs. Dutton was way out ($4.20); Albanese rather closer (“$7, if you can find them.”. It was a small moment but sent the message that even in a cost-of-living election, the leaders do live in bubbles.

10. Dutton comments on Thursday

Almost at the road’s end, the opposition leader appealed to voters to overlook a flawed campaign. “This election really is a referendum not about the election campaign but about the last three years.”

Asked if there was anything he could have done differently, he said “we should have called out Labor’s lies earlier on”.

It was as though he was speaking to a postmortem, while praying for a miracle.

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

– ref. Grattan on Friday: Key markers on the bumpy road to this election – https://theconversation.com/grattan-on-friday-key-markers-on-the-bumpy-road-to-this-election-255613

MIL OSI Analysis – EveningReport.nz –

May 1, 2025

MIL-OSI: FTC Solar Announces First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

First quarter revenue of $20.8 million, up 58% q/q, above target
Cost efficiencies drive operating expenses to multi-year low
Seeing increased customer interest and activity including bid activity up 60% y/y
Upsized promissory note offering expected to close in Q2
Strengthened Board of Directors with addition of two new members

AUSTIN, Texas, May 01, 2025 (GLOBE NEWSWIRE) — FTC Solar, Inc. (Nasdaq: FTCI), a leading provider of solar tracker systems, today announced financial results for the first quarter that ended March 31, 2025.

“We’re pleased to report first quarter results which were ahead of target mid-points on all metrics,” said Yann Brandt, President and Chief Executive Officer of FTC Solar. “In recent months we have added multiples of our current annual revenue run rate to our backlog, signed agreements totaling more than 6.5 gigawatts with Tier 1 customers, added incremental liquidity for our balance sheet, strengthened our sales team, further strengthened our product offering and capabilities, and increased our commercial traction with bids on many gigawatts of future projects.

“Much of our recent momentum has been driven by the significant expansion of our innovative and differentiated 1P product line, including high wind offerings up to 150mph, terrain-following options, large stow range, compatibility across module manufacturers and types, and the upcoming availability of 100% domestic content. This compelling product line has helped drive significant increases in customer visits, bidding volume, average project size and customer access.

“Overall, I’m bullish on the long-term potential and prospects for FTC Solar. We’re well positioned in a growth market to take significant share, with the right combination of people and products, providing the best value for our customers. Our priority is to demonstrate continued progress and convert the increased customer interest and wins into sustainable growth and profitability.”

Summary Financial Performance: Q1 2025 compared to Q1 2024

	U.S. GAAP						Non-GAAP^(c)
	Three months ended March 31,
(in thousands, except per share data)	2025			2024			2025			2024
Revenue	$	20,803		$	12,587		$	20,803		$	12,587
Gross margin percentage		(16.6	%)		(16.7	%)		(14.4	%)		(13.7	%)
Total operating expenses	$	7,113		$	10,394		$	6,645		$	8,702
Loss from operations^(a)	$	(10,560	)	$	(12,502	)	$	(9,750	)	$	(10,655	)
Net loss	$	(3,819	)	$	(8,771	)	$	(10,801	)	$	(10,873	)
Diluted loss per share^(b)	$	(0.58	)	$	(0.70	)	$	(0.84	)	$	(0.87	)

	(a)		Adjusted EBITDA for Non-GAAP
	(b)		Prior year amounts per share have been revised to reflect the 1-for-10 reverse stock split, effective November 29, 2024
	(c)		See below for reconciliation of Non-GAAP financial measures to the nearest comparable GAAP measures

The contracted portion of the company’s backlog¹ now stands at approximately $482 million.

First Quarter Results
Total first-quarter revenue was $20.8 million, which was above our target range. This revenue level represents an increase of 57.6% compared to the prior quarter and an increase of 65.3% compared to the year-earlier quarter due to higher product volumes.

GAAP gross loss was $3.4 million, or 16.6% of revenue, compared to gross loss of $3.8 million, or 29.1% of revenue, in the prior quarter. Non-GAAP gross loss was $3.0 million or 14.4% of revenue. The result for this quarter compares to non-GAAP gross loss of $1.7 million in the prior-year period.

GAAP operating expenses were $7.1 million. On a non-GAAP basis, operating expenses were $6.6 million. This result compares to non-GAAP operating expenses of $8.7 million in the year-ago quarter. 

GAAP net loss was $3.8 million or $0.58 per diluted share, compared to a loss of $12.2 million or $0.96 per diluted share in the prior quarter and a net loss of $8.8 million or $0.70 per diluted share (post-split) in the year-ago quarter. Adjusted EBITDA loss, which excludes an approximate $5.9 million net gain from the change in fair value of the warrant liability, gain from collection of a contingent earnout payment and other non-cash items, was $9.8 million, compared to Adjusted EBITDA losses of $9.8 million⁽²⁾ in the prior quarter and $10.7 million in the year-ago quarter.

Subsequent Events
The company announced today the appointments of Darrell Jackson and Max Sultan to its Board of Directors. The appointments were effective as of April 28, 2025.

Mr. Jackson brings more than 30 years of executive and Board leadership experience to FTC Solar. He has been the CEO of The Efficace Group, an executive coaching and consulting firm, since 2018. Prior to Efficace, he served as President and CEO of Seaway Bank and Trust Company. Earlier in his career, he spent more than 19 years at Northern Trust Company, serving in various roles, including as EVP and President of Wealth Management, and spent approximately 14 years with BMO Harris. Mr. Jackson currently serves on the Janus Henderson Funds Board of Trustees, is an independent director for Amalgamated Financial Corporation, and is on the Board of Directors of two privately held companies, Dome Construction, Inc., and William R. Gray and Company. Mr. Jackson earned a BA in Communications from St. Xavier University and holds an Executive MBA degree from the Kellogg Graduate School of Management at Northwestern University.

Mr. Sultan is currently a partner at Applied Value Group, a strategy and operations management consulting firm, having joined the firm in August 2013. He has led consulting engagements on issues including sourcing and supply chain, product design and innovation, and commercial excellence, and has worked with several renewable energy clients. Mr. Sultan has been a member of the Board of Directors of ES Solar, a private residential and commercial installer based in Utah since June 2023. He has previously served on the Boards of Applied Value Technologies and Division 5, LLC. Mr. Sultan holds a Bachelor of Business Administration degree from the Goizueta Business School at Emory University. Mr. Sultan was nominated to the Board by AV Securities, Inc., pursuant to the terms of the Promissory Note placement which closed in December 2024.

Outlook
For the second quarter, we expect revenue at the midpoint of our guidance range to show continued sequential growth relative to the first quarter. We continue to expect 2025 revenue to be weighted toward the second half and continue to expect to achieve adjusted EBITDA breakeven on a quarterly basis within 2025.

(in millions)	1Q’25 Guidance	1Q’25 Actual	2Q’25 Guidance⁽³⁾
Revenue	$18.0 – $20.0	$20.8	$19.0 – $24.0
Non-GAAP Gross Loss	$(4.8) – $(2.3)	$(3.0)	$(4.4) – $(2.0)
Non-GAAP Gross Margin	(26.6%) – (11.7%)	(14.4%)	(23.4%) – (8.5%)
Non-GAAP operating expenses	$7.7 – $8.4	$6.6	$7.8 – $8.6
Non-GAAP adjusted EBITDA	$(13.3) – $(10.0)	$(9.8)	$(13.3) – $(10.0)

First Quarter 2025 Earnings Conference Call
FTC Solar’s senior management will host a conference call for members of the investment community at 8:30 a.m. E.T. today, during which the company will discuss its first quarter results, its outlook and other business items. This call will be webcast and can be accessed within the Investor Relations section of FTC Solar’s website at https://investor.ftcsolar.com. A replay of the conference call will also be available on the website for 30 days following the webcast.

About FTC Solar Inc.
Founded in 2017 by a group of renewable energy industry veterans, FTC Solar is a global provider of solar tracker systems, technology, software, and engineering services. Solar trackers significantly increase energy production at solar power installations by dynamically optimizing solar panel orientation to the sun. FTC Solar’s innovative tracker designs provide compelling performance and reliability, with an industry-leading installation cost-per-watt advantage.

Footnotes
^{1. The term ‘backlog’ or ‘contracted and awarded’ refers to the combination of our executed contracts (contracted) and awarded orders (awarded), which are orders that have been documented and signed through a contract, where we are in the process of documenting a contract but for which a contract has not yet been signed, or that have been awarded in writing or verbally with a mutual understanding that the order will be contracted in the future. In the case of certain projects, including those that are scheduled for delivery on later dates, we have not locked in binding pricing with customers, and we instead use estimated average selling price to calculate the revenue included in our contracted and awarded orders for such projects. Actual revenue for these projects could differ once contracts with binding pricing are executed, and there is also a risk that a contract may never be executed for an awarded but uncontracted project, or that a contract may be executed for an awarded but uncontracted project at a date that is later than anticipated, or that a contract once executed may be subsequently amended, supplemented, rescinded, cancelled or breached, including in a manner that impacts the timing and amounts of payments due thereunder, thus reducing anticipated revenues. Please refer to our SEC filings, including our Form 10-K, for more information on our contracted and awarded orders, including risk factors.}
^{2. A reconciliation of prior quarter Non-GAAP financial measures to the nearest comparable GAAP measures may be found in Exhibit 99.1 of our Form 8-K filed on March 31, 2025.}
^{3. We do not provide a quantitative reconciliation of our forward-looking non-GAAP guidance measures to the most directly comparable GAAP financial measures because certain information needed to reconcile those measures is not available without unreasonable efforts due to the inherent difficulty in forecasting and quantifying these measures as a result of changes in project schedules by our customers that may occur, which are outside of our control, and the impact, if any, of credit loss provisions, asset impairment charges, restructuring or changes in the timing and level of indirect or overhead spending, as well as other matters, that could occur which could significantly impact the related GAAP financial measures.}

Forward-Looking Statements
This press release contains forward looking statements. These statements are not historical facts but rather are based on our current expectations and projections regarding our business, operations and other factors relating thereto. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates” and similar expressions are used to identify these forward-looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict, including, without limitation, the risks and uncertainties described in more detail above and in our filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”), our Quarterly Reports on Form 10-Q, and other documents, including Current Reports on Form 8-K, that we have filed, or will file, with the SEC. You should not rely on our forward-looking statements as predictions of future events, as actual results may differ materially from those in the forward-looking statements as a result of certain risks and uncertainties, including, without limitation, the risks and uncertainties described in more detail above and in our filings with the SEC, including the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our Annual Report on Form 10-K filed with the SEC, our Quarterly Reports on Form 10-Q, and other documents, including Current Reports on Form 8-K, that we have filed, or will file, with the SEC. Any forward-looking statements in this release speak only as of the date on which they are made. FTC Solar undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.

FTC Solar Investor Contact:
Bill Michalek
Vice President, Investor Relations
FTC Solar
T: (737) 241-8618
E: IR@FTCSolar.com


FTC Solar, Inc. Condensed Consolidated Statements of Comprehensive Loss (unaudited)

	Three months ended March 31,
(in thousands, except shares and per share data)	2025			2024
Revenue:
Product	$	18,202		$	10,905
Service		2,601			1,682
Total revenue		20,803			12,587
Cost of revenue:
Product		20,111			12,367
Service		4,139			2,328
Total cost of revenue		24,250			14,695
Gross loss		(3,447	)		(2,108	)
Operating expenses
Research and development		924			1,439
Selling and marketing		1,136			2,388
General and administrative		5,053			6,567
Total operating expenses		7,113			10,394
Loss from operations		(10,560	)		(12,502	)
Interest expense		(711	)		(317	)
Interest income		6			181
Gain from disposal of investment in unconsolidated subsidiary		3,204			4,085
Gain from change in fair value of warrant liability		4,604			—
Other income, net		4			36
Loss from unconsolidated subsidiary		(112	)		(265	)
Loss before income taxes		(3,565	)		(8,782	)
(Provision for) benefit from income taxes		(254	)		11
Net loss		(3,819	)		(8,771	)
Other comprehensive income (loss):
Foreign currency translation adjustments		28			(181	)
Comprehensive loss	$	(3,791	)	$	(8,952	)
Net loss per share:
Basic(*)	$	(0.30	)	$	(0.70	)
Diluted(*)	$	(0.58	)	$	(0.70	)
Weighted-average common shares outstanding:
Basic(*)		12,888,695			12,556,938
Diluted(*)		14,588,972			12,556,938

___________

(*)	Prior year amounts per share and number of shares, as applicable, have been revised to reflect the 1-for-10 reverse stock split, effective November 29, 2024.


FTC Solar, Inc. Condensed Consolidated Balance Sheets (unaudited)

(in thousands, except shares and per share data)	March 31, 2025			December 31, 2024
ASSETS
Current assets
Cash and cash equivalents	$	5,909		$	11,247
Accounts receivable, net of allowance for credit losses of $1,625 and $1,717 at March 31, 2025 and December 31, 2024, respectively		44,238			39,709
Inventories		6,828			10,144
Prepaid and other current assets		14,123			15,028
Total current assets		71,098			76,128
Operating lease right-of-use assets		959			1,149
Property and equipment, net		1,951			2,217
Goodwill		7,173			7,139
Equity method investment		842			954
Other assets		2,038			2,341
Total assets	$	84,061		$	89,928
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	14,636		$	12,995
Accrued expenses		23,245			20,134
Income taxes payable		407			325
Deferred revenue		2,237			5,306
Other current liabilities		10,373			10,313
Total current liabilities		50,898			49,073
Long-term debt		10,169			9,466
Operating lease liability, net of current portion		344			411
Warrant liability		4,916			9,520
Other non-current liabilities		2,206			2,422
Total liabilities		68,533			70,892
Commitments and contingencies
Stockholders’ equity
Preferred stock par value of $0.0001 per share, 10,000,000 shares authorized; none issued as of March 31, 2025 and December 31, 2024		—			—
Common stock par value of $0.0001 per share, 850,000,000 shares authorized; 13,068,309 and 12,853,823 shares issued and outstanding as of March 31, 2025 and December 31, 2024		1			1
Treasury stock, at cost; 1,076,257 shares as of March 31, 2025 and December 31, 2024		—			—
Additional paid-in capital		367,601			367,318
Accumulated other comprehensive loss		(514	)		(542	)
Accumulated deficit		(351,560	)		(347,741	)
Total stockholders’ equity		15,528			19,036
Total liabilities and stockholders’ equity	$	84,061		$	89,928


FTC Solar, Inc. Condensed Consolidated Statements of Cash Flows (unaudited)

	Three months ended March 31,
(in thousands)	2025			2024
Cash flows from operating activities
Net loss	$	(3,819	)	$	(8,771	)
Adjustments to reconcile net loss to cash used in operating activities:
Stock-based compensation		280			1,639
Depreciation and amortization		302			404
Gain from change in fair value of warrant liability		(4,604	)		—
Gain from sale of property and equipment		(3	)		—
Amortization of debt discount and issue costs		210			177
Paid-in-kind non-cash interest		492			—
Provision (credit) for obsolete and slow-moving inventory		—			177
Loss from unconsolidated subsidiary		112			265
Gain from disposal of investment in unconsolidated subsidiary		(3,204	)		(4,085	)
Warranties issued and remediation added		1,045			838
Warranty recoverable from manufacturer		80			98
Credit loss provisions(reversals)		(92	)		670
Deferred income taxes		426			225
Lease expense and other		327			309
Impact on cash from changes in operating assets and liabilities:
Accounts receivable		(4,437	)		(1,770	)
Inventories		3,316			(116	)
Prepaid and other current assets		918			45
Other assets		(216	)		(226	)
Accounts payable		1,688			3,989
Accruals and other current liabilities		2,539			(6,200	)
Deferred revenue		(3,069	)		1,285
Other non-current liabilities		(415	)		(523	)
Lease payments and other, net		(359	)		(287	)
Net cash used in operations		(8,483	)		(11,857	)
Cash flows from investing activities:
Purchases of property and equipment		(83	)		(432	)
Proceeds from sale of property and equipment		3			—
Equity method investment in Alpha Steel		—			(1,035	)
Proceeds from disposal of investment in unconsolidated subsidiary		3,204			4,085
Net cash provided by investing activities		3,124			2,618
Cash flows from financing activities:
Proceeds from stock option exercises		3			—
Net cash provided by financing activities		3			—
Effect of exchange rate changes on cash, cash equivalents and restricted cash		18			(59	)
Decrease in cash, cash equivalents and restricted cash		(5,338	)		(9,298	)
Cash and cash equivalents at beginning of period		11,247			25,235
Cash, cash equivalents and restricted cash at end of period	$	5,909		$	15,937

Notes to Reconciliations of Non-GAAP Financial Measures to Nearest Comparable GAAP Measures

We utilize Adjusted EBITDA, Adjusted Net Loss, and Adjusted EPS as supplemental measures of our performance. We define Adjusted EBITDA as net loss plus (i) provision for (benefit from) income taxes, (ii) interest expense, net, (iii) depreciation expense, (iv) amortization of intangibles, (v) stock-based compensation, (vi) loss from changes in fair value of our warrant liability, and (vii) Chief Executive Officer (“CEO”) transition costs, non-routine legal fees, costs associated with our reverse stock split, severance and certain other costs (credits). We also deduct the contingent gains arising from earnout payments and project escrow releases relating to the disposal of our investment in an unconsolidated subsidiary and gains from changes in fair value of our warrant liability from net loss in arriving at Adjusted EBITDA. We define Adjusted Net Loss as net loss plus (i) amortization of debt discount and issue costs and intangibles, (ii) stock-based compensation, (iii) loss from changes in fair value of our warrant liability, (iv) CEO transition costs, non-routine legal fees, costs associated with our reverse stock split, severance and certain other costs (credits), and (v) the income tax expense (benefit) of those adjustments, if any. We also deduct the contingent gains arising from earnout payments and project escrow releases relating to the disposal of our investment in an unconsolidated subsidiary and gains from change in fair value of our warrant liability from net loss in arriving at Adjusted Net Loss. Adjusted EPS is defined as Adjusted Net Loss on a per share basis using our weighted average diluted shares outstanding.

Non-GAAP gross profit (loss), Non-GAAP operating expense, Adjusted EBITDA, Adjusted Net Loss and Adjusted EPS are intended as supplemental measures of performance that are neither required by, nor presented in accordance with, U.S. generally accepted accounting principles (“GAAP”). We present these non-GAAP measures, many of which are commonly used by investors and analysts, because we believe they assist those investors and analysts in comparing our performance across reporting periods on an ongoing basis by excluding items that we do not believe are indicative of our core operating performance. In addition, we use Adjusted EBITDA, Adjusted Net Loss and Adjusted EPS to evaluate the effectiveness of our business strategies.

Non-GAAP gross profit (loss), Non-GAAP operating expense, Adjusted EBITDA, Adjusted Net Loss and Adjusted EPS should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP, and you should not rely on any single financial measure to evaluate our business. These Non-GAAP financial measures, when presented, are reconciled to the most closely applicable GAAP measure as disclosed below.

The following table reconciles Non-GAAP gross profit (loss) to the most closely related GAAP measure for the three months ended March 31, 2025 and 2024, respectively:

	Three months ended March 31,
(in thousands, except percentages)	2025			2024
U.S. GAAP revenue	$	20,803		$	12,587
U.S. GAAP gross loss	$	(3,447	)	$	(2,108	)
Depreciation expense		173			168
Stock-based compensation		243			216
Severance costs		34			—
Non-GAAP gross loss	$	(2,997	)	$	(1,724	)
Non-GAAP gross margin percentage		(14.4	%)		(13.7	%)

The following table reconciles Non-GAAP operating expenses to the most closely related GAAP measure for the three months ended March 31, 2025 and 2024, respectively:

	Three months ended March 31,
(in thousands)	2025			2024
U.S. GAAP operating expenses	$	7,113		$	10,394
Depreciation expense		(129	)		(102	)
Amortization expense		—			(134	)
Stock-based compensation		(37	)		(1,423	)
CEO transition		(160	)		—
Non-routine legal fees		—			(33	)
Reverse stock split		(1	)		—
Severance costs		(141	)		—
Non-GAAP operating expenses	$	6,645		$	8,702

The following table reconciles Non-GAAP Adjusted EBITDA to the related GAAP measure of loss from operations for the three months ended March 31, 2025 and 2024, respectively:

	Three months ended March 31,
(in thousands)	2025			2024
U.S. GAAP loss from operations	$	(10,560	)	$	(12,502	)
Depreciation expense		302			270
Amortization expense		—			134
Stock-based compensation		280			1,639
CEO transition		160			—
Non-routine legal fees		—			33
Reverse stock split		1			—
Severance costs		175			—
Other income, net		4			36
Loss from unconsolidated subsidiary		(112	)		(265	)
Adjusted EBITDA	$	(9,750	)	$	(10,655	)

The following table reconciles Non-GAAP Adjusted EBITDA and Adjusted Net Loss to the related GAAP measure of net loss for the three months ended March 31, 2025 and 2024, respectively:

	Three months ended March 31,
	2025						2024
(in thousands, except shares and per share data)	Adjusted EBITDA			Adjusted Net Loss			Adjusted EBITDA			Adjusted Net Loss
Net loss per U.S. GAAP	$	(3,819	)	$	(3,819	)	$	(8,771	)	$	(8,771	)
Reconciling items –
Provision for (benefit from) income taxes		254			—			(11	)		—
Interest expense		711			—			317			—
Interest income		(6	)		—			(181	)		—
Amortization of debt discount and issue costs in interest expense		—			210			—			177
Depreciation expense		302			—			270			—
Amortization of intangibles		—			—			134			134
Stock-based compensation		280			280			1,639			1,639
Gain from disposal of investment in unconsolidated subsidiary^(a)		(3,204	)		(3,204	)		(4,085	)		(4,085	)
Gain from change in fair value of warrant liability^(b)		(4,604	)		(4,604	)		—			—
CEO transition^(c)		160			160			—			—
Non-routine legal fees^(d)		—			—			33			33
Reverse stock split^(e)		1			1			—			—
Severance costs^(f)		175			175			—			—
Adjusted Non-GAAP amounts	$	(9,750	)	$	(10,801	)	$	(10,655	)	$	(10,873	)

Adjusted Non-GAAP net loss per share (Adjusted EPS):
Basic^(g)	N/A			$	(0.84	)	N/A			$	(0.87	)
Diluted^(g)	N/A			$	(0.84	)	N/A			$	(0.87	)

Weighted-average common shares outstanding:
Basic^(g)	N/A				12,888,695		N/A				12,556,938
Diluted^(g)	N/A				12,888,695		N/A				12,556,938

(a)	We exclude the gain from collections of contingent contractual amounts arising from the sale in 2021 of our investment in an unconsolidated subsidiary as these amounts are not considered part of our normal ongoing operations.
(b)	We exclude non-cash changes in the fair value of our outstanding warrants as we do not consider such changes to impact or reflect changes in our core operating performance.
(c)	In connection with hiring a new CEO in August 2024, we agreed to upfront and incremental sign-on bonuses (collectively, the “sign-on bonuses”), a portion of which was paid to our CEO in 2024, with clawback provisions over the next two years, and a portion of which will be paid in 2025 and 2026, all contingent upon continued employment as of the payment date. These sign-on bonuses will be expensed each period through October 1, 2026, to reflect the required service periods. We do not view these sign-on bonuses as being part of the normal on-going compensation arrangements for our CEO.
(d)	Non-routine legal fees represent legal fees and other costs incurred for specific matters that were not ordinary or routine to the operations of the business.
(e)	We incurred incremental professional fees in 2025 relating to final reconciliation of information relating to our stock compensation awards as a result of the Reverse Stock Split that was consummated effective November 29, 2024.
(f)	Severance costs in 2025 were due to restructuring changes.
(g)	Prior year shares and amounts, as applicable, have been revised to reflect the 1-for-10 reverse stock split, effective November 29, 2024.

The MIL Network –

May 1, 2025

MIL-OSI: TC Energy reports solid first quarter 2025 results

Source: GlobeNewswire (MIL-OSI)

Expect to place approximately $8.5 billion of projects into service in 2025, tracking to roughly 15 per cent under budget

Announced $2.4 billion of new natural gas and nuclear power generation growth projects

CALGARY, Alberta, May 01, 2025 (GLOBE NEWSWIRE) — TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) released its first quarter results today. François Poirier, TC Energy’s President and Chief Executive Officer commented, “As natural gas and electricity are forecasted to drive the majority of growth in final energy consumption through 2035, we are pleased to announce two new growth projects that represent strategic investments in North America’s energy future. We have approved the Northwoods project on our ANR system, designed to serve electric generation demand in the U.S. Midwest, including data centres and overall economic growth.” Poirier continued, “Demonstrating our commitment to delivering long-lived value through investment in high-quality, emission-less nuclear power generation, we have also sanctioned Unit 5 at Bruce Power for its Major Component Replacement. Backed by long-term contracts with credible counterparties and attractive build multiples¹, these projects collectively highlight our disciplined strategy and our ability to capture high-value, low-risk opportunities across our portfolio.”

Financial Highlights
(All financial figures are unaudited and in Canadian dollars unless otherwise noted)

First quarter 2025 financial results from continuing operations²:
- Comparable earnings³ of $1.0 billion or $0.95 per common share compared to $1.1 billion or $1.02 per common share in first quarter 2024
- Net income attributable to common shares of $1.0 billion or $0.94 per common share compared to $1.0 billion or $0.95 per common share in first quarter 2024
- Comparable EBITDA² of $2.7 billion, similar to first quarter 2024
- Segmented earnings of $2.0 billion compared to $1.9 billion in first quarter 2024
Reaffirming 2025 outlook:
- Comparable EBITDA is expected to be $10.7 to $10.9 billion⁴
- Comparable earnings per common share (EPS) outlook remains consistent with our 2024 Annual Report, and is expected to be lower than 2024
- Capital expenditures are anticipated to be $6.1 to $6.6 billion on a gross basis, or $5.5 to $6.0 billion of net capital expenditures⁵
Declared a quarterly dividend of $0.85 per common share for the quarter ending June 30, 2025.

Operational Highlights

Canadian Natural Gas Pipelines deliveries averaged 27.6 Bcf/d, up eight per cent compared to first quarter 2024
- Total NGTL System deliveries set a new record of 17.8 Bcf on February 18, 2025
- Canadian Mainline receipts averaged 5.0 Bcf/d, an increase of 14 per cent compared to first quarter 2024
U.S. Natural Gas Pipelines daily average flows were 31.0 Bcf/d, up five per cent compared to first quarter 2024
- GTN set a new all-time record of 3.2 Bcf on February 19, 2025
- Deliveries to LNG facilities averaged 3.5 Bcf/d, up five per cent compared to first quarter 2024
Mexico Natural Gas Pipelines flows averaged 3.1 Bcf/d, six per cent higher than first quarter 2024
- Set a daily flow record of 4.1 Bcf on March 31, 2025
Bruce Power achieved 87 per cent availability in first quarter 2025, reflecting a planned outage on Unit 5
Cogeneration power plant fleet achieved 98.6 per cent availability in first quarter 2025, attributed to fewer forced outages and spring outages completed successfully ahead of plan.

Project Highlights

The Southeast Gateway pipeline is ready for service. CFE has agreed to our contracted rate and accepted all requirements for in-service. Approval of our regulated rates from the Comisión Nacional de Energía (CNE) is expected by the end of May, at which time we anticipate the in-service of the Southeast Gateway pipeline. While 100 per cent of our capacity is contracted with the CFE and we have no requests for interruptible service, approval of the regulated rate by the CNE is normal course prior to commencing service. The 1.3 Bcf/d, 715-kilometre natural gas pipeline was constructed approximately 13 per cent under the original cost estimate in less than three years from the project’s final investment decision
Approved the Northwoods project, an expansion project on our ANR system designed to provide 0.4 Bcf/d of capacity to serve natural gas-fired electric generation demand in the U.S. Midwest, including data centres and overall economic growth. The project has an anticipated in-service date of late 2029 with an estimated cost of approximately US$0.9 billion, and expects to deliver a compelling build multiple in the range of five to seven times
Received approval of the Unit 5 Major Component Replacement (MCR) final cost and schedule estimate from the Ontario Independent Electricity System Operator (IESO) on April 2, 2025. The $1.1 billion Unit 5 MCR is expected to commence in fourth quarter 2026 with a return to service in early 2030
ANR and GLGT each filed Section 4 Rate Cases with FERC requesting an increase to their respective maximum transportation rates expected to become effective November 1, 2025, subject to refund. We will pursue a collaborative process to find a mutually beneficial outcome with our customers through settlement.

	three months ended March 31
(millions of $, except per share amounts)		2025				2024¹

Income
Net income (loss) attributable to common shares from continuing operations		978				988
per common share – basic	$	0.94			$	0.95

Segmented earnings (losses)
Canadian Natural Gas Pipelines		516				501
U.S. Natural Gas Pipelines		1,109				1,043
Mexico Natural Gas Pipelines		211				212
Power and Energy Solutions		135				252
Corporate		(5	)			(61	)
Total segmented earnings (losses)		1,966				1,947

Comparable EBITDA from continuing operations
Canadian Natural Gas Pipelines		890				846
U.S. Natural Gas Pipelines		1,367				1,306
Mexico Natural Gas Pipelines		233				214
Power and Energy Solutions		224				320
Corporate		(5	)			(16	)
Comparable EBITDA from continuing operations		2,709				2,670
Depreciation and amortization		(678	)			(635	)
Interest expense included in comparable earnings		(840	)			(780	)
Allowance for funds used during construction		248				157
Foreign exchange gains (losses), net included in comparable earnings		(10	)			43
Interest income and other		51				75
Income tax (expense) recovery included in comparable earnings		(292	)			(281	)
Net (income) loss attributable to non-controlling interests included in comparable earnings		(177	)			(171	)
Preferred share dividends		(28	)			(23	)
Comparable earnings from continuing operations		983				1,055
Comparable earnings per common share from continuing operations	$	0.95			$	1.02

	three months ended March 31
(millions of $, except per share amounts)		2025				2024

Cash flows²
Net cash provided by operations³		1,359				2,042
Comparable funds generated from operations^3,4		1,949				2,436
Capital spending⁵		1,809				1,897
Disposition of equity interest, net of transaction costs⁶		—				(38	)

Dividends declared
per common share	$	0.85		⁷	$	0.96

Basic common shares outstanding(millions)
– weighted average for the period		1,039				1,037
– issued and outstanding at end of period		1,040				1,037

Results reflect continuing operations.
Includes continuing and discontinued operations.
Represents three months of Liquids Pipelines earnings in first quarter 2024 compared to Liquids Pipelines earnings of nil for the three months ended March 31, 2025. Refer to the Discontinued operations section and the 2024 Annual Report for additional information.
Comparable funds generated from operations is a non-GAAP measure used throughout this news release. This measure does not have any standardized meaning under GAAP and therefore is unlikely to be comparable to similar measures presented by other companies. The most directly comparable GAAP measure is net cash provided by operations. For more information on non-GAAP measures, refer to the Non-GAAP Measures section of this news release.
Capital spending reflects cash flows associated with our Capital expenditures, Capital projects in development and Contributions to equity investments. Refer to Note 4, Segmented information of our Condensed consolidated financial statements for additional information.
Included in the Financing activities section of the Condensed consolidated statement of cash flows.
Reflects TC Energy’s proportionate allocation following the spinoff Transaction.

CEO Message
Throughout the first three months of 2025, TC Energy showcased the strength of our business and our position as an industry leading natural gas and power and energy solutions company. While evolving macroeconomic conditions continue to contribute to market uncertainty, we have reaffirmed our 2025 outlook based on our highly contracted, low-risk business with 97 per cent of our comparable EBITDA underpinned by rate-regulation and/or long-term take-or-pay contracts. We delivered strong operational and financial results, achieving approximately one per cent growth in both comparable EBITDA and segmented earnings compared to first quarter 2024, despite removing a second unit from service at Bruce Power for its MCR. These results continue to demonstrate the overall resiliency of our business. We remain focused on maximizing the value of our assets through safety and operational excellence, executing our selective portfolio of growth projects and ensuring financial strength and agility as we deliver solid growth, low risk and repeatable performance for our shareholders.

The Southeast Gateway pipeline is now ready for service, representing a significant milestone in project execution. The 1.3 Bcf/d, 715-kilometre natural gas pipeline was constructed approximately 13 per cent under the original cost estimate in less than three years from the project’s final investment decision. Our partner and customer, CFE, has agreed to our contracted rate and accepted all requirements for in-service. We are jointly working with the CNE and the Secretary of Energy to obtain the approval of the regulatory rates, required for interruptible service. While 100 per cent of our capacity is contracted with the CFE and we have no requests for interruptible service, approval of the regulated rate by the CNE is normal course and required by Mexican regulation prior to commencing service. We expect to receive CNE approval by the end of May, at which time we anticipate the in-service of the Southeast Gateway pipeline. Southeast Gateway in-service will represent an important inflection point for TC Energy, contributing significant long-term contracted cash flow to our overall growth profile. The Government of Mexico has announced plans to bring approximately 29 gigawatts of new installed capacity online by 2030, including approximately 8.5 gigawatts of capacity from new natural gas plants⁶. The Southeast Gateway project is a critical component of this plan, strategically positioned to support operations of 10 of 14 planned natural gas power plants that support the country’s transition to lower-emitting, more reliable sources of energy while driving economic growth and energy security.

As natural gas and electricity are forecasted to drive the majority of growth in final energy consumption through 2035, TC Energy’s portfolio of natural gas and power assets are presented with attractive in-corridor opportunities with visibility through the end of the decade. Reflecting this opportunity, we have sanctioned the Northwoods project on our ANR system in the range of a five to seven times build multiple. Under a 20 year, take-or-pay contract, the estimated US$0.9 billion project is designed to serve natural gas-fired electric generation demand in the U.S. Midwest, including data centres and overall economic growth. The estimated in-service date of the 0.4 Bcf/d capacity project is late 2029. The Northwoods project exemplifies our strategic focus on executing high value, in-corridor, low-risk projects at attractive build multiples, underpinned by long-term take-or-pay contracts with creditworthy counterparties, allowing us to continue to deliver solid growth, low risk and repeatable performance.

Looking forward, led by a three-fold increase in LNG exports, strong growth in power generation driven by coal-to-gas conversions and data centre demand, we expect our assets will play a pivotal role in the delivery of reliable, affordable and sustainable energy. Our origination pipeline remains one of the most robust we have seen in decades, with several projects in advanced stages of development, largely related to coal-to-gas conversions and data centre demand growth. Over the past six months, we have sanctioned approximately $4 billion of new capital projects and believe we have line of sight to an increased cadence of project announcements in the second half of 2025 and into 2026. While we anticipate the majority of incremental capital would be weighted toward the end of the decade, we have added capital expenditures in 2025 and 2026 that further enhances our comparable EBITDA growth profile in 2027 and beyond, while ensuring the safety and reliability of our systems. These investments directly support service provided to our customers and their requests for capacity additions. Consistent with our disciplined approach to capital allocation, we expect projects to align with our target of five to seven times build multiples and underpinned by long-term contracts with strong counterparties.

As electricity demand in Ontario is anticipated to grow 75 per cent by 2050⁷, Bruce Power continues play a critical role. On April 2, 2025, we received approval of the Unit 5 MCR final cost and schedule estimate from the Ontario IESO. The $1.1 billion Unit 5 MCR is expected to commence in fourth quarter 2026 with a return to service in early 2030. As we progress the refurbishment program at Bruce Power, the team remains focused on achieving the highest level of reliability, availability and safety performance at the site. On January 31, 2025, Unit 4 was removed from service to commence its MCR program, with a return to service expected in 2028. Unit 3 MCR and Unit 4 MCR continue to advance on plan for both cost and schedule. The average 2025 plant availability percentage, excluding the Unit 3 and Unit 4 MCR programs, is expected to be in the low-90 per cent range, and reflects planned maintenance on Unit 2 anticipated in the third quarter of 2025. The MCR program provides TC Energy with line of sight to meaningful growth capital at attractive returns through the end of the decade, backed by a long-term contract to 2064 with the Ontario IESO.

We continue to expect approximately $8.5 billion of projects to be placed into service in 2025, which includes the Southeast Gateway pipeline project. Our focus on project execution is a cornerstone of our strategic priorities. For the remaining projects anticipated to be placed in service in 2025, we are tracking to schedule and below initial cost estimates. High-grading projects remains a priority to optimize returns to maximize value. We will continue to sanction projects with a compelling risk/return profile to fill our $6.0 billion annual net capital expenditure limit and extend the duration of our project backlog, ensuring visibility to growth opportunities through 2030. Through this, we can continue to organically grow comparable EBITDA to support our three to five per cent dividend growth target and further reduce leverage over time.

TC Energy’s Board of Directors approved a quarterly common share dividend of $0.85 per common share for the quarter ending June 30, 2025, equivalent to $3.40 per common share on an annualized basis.

Teleconference and Webcast
We will hold a teleconference and webcast on Thursday, May 1, 2025 at 6:30 a.m. (MDT) / 8:30 a.m. (EDT) to discuss our first quarter 2025 financial results and Company developments. Presenters will include François Poirier, President and Chief Executive Officer; Sean O’Donnell, Executive Vice-President and Chief Financial Officer; and other members of the executive leadership team.

Members of the investment community and other interested parties are invited to participate by calling 1-833-752-3826 (Canada/U.S.) or 1-647-846-8864 (International toll). No passcode is required. Please dial in 15 minutes prior to the start of the call. Alternatively, participants may pre-register for the call here. Upon registering, you will receive a calendar booking by email with dial in details and a unique PIN. This process will bypass the operator and avoid the queue. Registration will remain open until the end of the conference call.

A live webcast of the teleconference will be available on TC Energy’s website at TC Energy — Events and presentations or via the following URL: https://www.gowebcasting.com/13942. The webcast will be available for replay following the meeting.

A replay of the teleconference will be available two hours after the conclusion of the call until midnight EDT on May 8, 2025. Please call 1-855-669-9658 (Canada/U.S.) or 1-412-317-0088 (International toll) and enter passcode 6585702.

The unaudited interim Condensed consolidated financial statements and Management’s Discussion and Analysis (MD&A) are available on our website at www.TCEnergy.com and will be filed today under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov.

About TC Energy
We’re a team of 6,500+ energy problem solvers connecting the world to the energy it needs. Out extensive network of natural gas infrastructure assets is one-of-a-kind. We seamlessly move, generate and store energy and deliver it to where it is needed most, to home and businesses in North America and across the globe through LNG exports. Our natural gas assets are complemented by our strategic ownership and low-risk investments in power generation.

TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at www.TCEnergy.com.

Forward-Looking Information
This release contains certain information that is forward-looking and is subject to important risks and uncertainties and is based on certain key assumptions. Forward-looking statements are usually accompanied by words such as “anticipate”, “expect”, “believe”, “may”, “will”, “should”, “estimate” or other similar words. Forward-looking statements in this document may include, but are not limited to, statements related to expectations with respect to Southeast Gateway, including receipt of CNE approval, in-service date, cash flows and other impacts, expectations related to Northwoods project, including expected in-service dates and related expected capital expenditures, expected comparable EBITDA and comparable earnings in total and per common share and the sources thereof, expectations with respect to Bruce Power, including the MCR program and associated cost and schedule estimates, expectations with respect to the approximate value of projects to be placed in-service in 2025, expectations with respect to identified FERC rate cases, including timelines, processes and outcomes, expectations with respect to our strategic priorities, and the execution thereof, expectations with respect to our ability to maximize the value of our assets through safety and operational excellence, expected cost and schedules for planned projects, including projects under construction and in development and the associated capital expenditures, expectations about energy demand levels and drivers thereof, expectations about our ability to execute our identified portfolio of growth projects and ensure financial strength and agility, our ability to deliver solid growth, low risk and repeatable performance, our expected net capital expenditures, including timing, and expected industry, market and economic conditions, and ongoing trade negotiations, including their expected impact on our business, customers and suppliers. Our forward-looking information is subject to important risks and uncertainties and is based on certain key assumptions. Forward-looking statements and future-oriented financial information in this document are intended to provide TC Energy security holders and potential investors with information regarding TC Energy and its subsidiaries, including management’s assessment of TC Energy’s and its subsidiaries’ future plans and financial outlook. All forward-looking statements reflect TC Energy’s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking information due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the most recent Quarterly Report to Shareholders and the 2024 Annual Report filed under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov and the “Forward-looking information” section of our Report on Sustainability and our GHG Emissions Reduction Plan which are available on our website at www.TCEnergy.com.

Non-GAAP and Supplementary Financial Measure
This release contains references to the following non-GAAP measures: comparable EBITDA, comparable earnings, comparable earnings per common share and comparable funds generated from operations. These non-GAAP measures do not have any standardized meaning as prescribed by GAAP and therefore may not be comparable to similar measures presented by other entities. These non-GAAP measures are calculated by adjusting certain GAAP measures for specific items we believe are significant but not reflective of our underlying operations in the period. These comparable measures are calculated on a consistent basis from period to period and are adjusted for specific items in each period, as applicable except as otherwise described in the Condensed consolidated financial statements and MD&A. Refer to: (i) each business segment and the discontinued operations section for a reconciliation of comparable EBITDA to segmented earnings (losses); (ii) Consolidated results section and the discontinued operations section for reconciliations of comparable earnings and comparable earnings per common share to Net income attributable to common shares and Net income per common share, respectively; and (iii) Financial condition section for a reconciliation of comparable funds generated from operations to Net cash provided by operations. Refer to the Non-GAAP Measures section of the MD&A in our most recent quarterly report for more information about the non-GAAP measures we use. The MD&A is included with, and forms part of, this release. The MD&A can be found on SEDAR+ at www.sedarplus.ca under TC Energy’s profile.

This release contains references to build multiple, which is non-GAAP ratio which is calculated using capital expenditures and comparable EBITDA, of which comparable EBITDA is a non-GAAP measure. We believe build multiple provides investors with a useful measure to evaluate capital projects.

This release also contains references to net capital expenditures, which is a supplementary financial measure. Net capital expenditures represent capital costs incurred for growth projects, maintenance capital expenditures, contributions to equity investments and projects under development, adjusted for the portion attributed to non-controlling interests in the entities we control. Net capital expenditures reflect capital costs incurred during the period, excluding the impact of timing of cash payments. We use net capital expenditures as a key measure in evaluating our performance in managing our capital spending activities in comparison to our capital plan.

Download full report here: https://www.tcenergy.com/siteassets/pdfs/investors/reports-and-filings/annual-and-quarterly-reports/2025/tce-2025-q1-quarterly-report.pdf

Media Inquiries:
Media Relations
media@tcenergy.com
403.920.7859 or 800.608.7859

Investor & Analyst Inquiries:
Gavin Wylie / Hunter Mau
investor_relations@tcenergy.com
403.920.7911 or 800.361.6522

¹ Build multiple is a non-GAAP ratio calculated by dividing capital expenditures by comparable EBITDA. Please note our method for calculating build multiple may differ from methods used by other entities. Therefore, it may not be comparable to similar measures presented by other entities. For more information on non-GAAP measures and the supplementary financial measure, refer to the Non-GAAP and Supplementary financial measure section of this news release.
² Prior year results have been recast to reflect the Liquids Pipelines business as a discontinued operation as a result of the Spinoff Transaction.
³ Comparable EBITDA, comparable earnings and comparable earnings per common share are non-GAAP measures used throughout this news release. These measures do not have any standardized meaning under GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. The most directly comparable GAAP measures are Segmented earnings, Net income attributable to common shares and Net income per common share, respectively. We do not forecast Segmented earnings. For more information on non-GAAP measures, refer to the Non-GAAP Measures section of this news release.
⁴ Based on USD/CAD foreign exchange rate of 1.35.
⁵ Net capital expenditures are adjusted for the portion attributed to non-controlling interests and is a supplementary financial measure used throughout this news release. For more information on non-GAAP measures and the supplementary financial measure, refer to the Non-GAAP and Supplementary financial measure section of this news release.
⁶ Source: Government of Mexico, CFE fourth quarter 2024 investor presentation
⁷ Source: Ontario Independent Electricity System Operator (IESO)

The MIL Network –

May 1, 2025

MIL-OSI Economics: DG joins high-level meeting to support the accessions of Ethiopia and Uzbekistan

Source: WTO

Headline: DG joins high-level meeting to support the accessions of Ethiopia and Uzbekistan

The Director-General stressed that pursuing lasting economic reforms and accession to the WTO required strong political commitment. She highlighted Ethiopia’s economic reforms under Prime Minister Abiy Ahmed Ali’s “Home-Grown Economic Reform Programme” which aimed at structural transformation of the economy and private sector growth. She noted moreover that the reforms have also created an enabling environment for Ethiopia to benefit from its membership in the African Continental Free Trade Area (AfCFTA).
Continued support by President Mirziyoyev of Uzbekistan had also underpinned Uzbekistan’s reform programme, DG Okonjo-Iweala said. Key presidential decrees had aimed to reduce exclusive rights in several sectors and address other issues of concern to WTO members, while a Presidential Decree in March replaced export restrictions with export duties. This makes the export regime more predictable and transparent, the Director-General noted.
She also took the opportunity to thank both WTO members and multilateral institutions such as the IMF and World Bank for their assistance in helping build institutional capacity and provide training to acceding governments. The fact that large economies like Ethiopia and Uzbekistan wish to join the WTO reaffirmed the continued importance of the organization and the stability and predictability provided by the multilateral trading system. The Director-General’s comments are available here.
World Bank and IMF representatives lent their support to domestic reforms being undertaken by Ethiopia and Uzbekistan and looked forward to their accession to the WTO.
Antonella Bassani, World Bank Vice President for Europe and Central Asia, noted that Uzbekistan had emerged as one of the top reformers worldwide, having completed over 200 domestic legal reforms since 2020. There was an expectation that Uzbekistan was in the final stretch of its WTO membership negotiations. Ms Bassani said WTO accession remained critical for emerging and developing economies and the World Bank was ready to support the process.
Amit Dar, World Bank Acting Vice President for the Eastern and Southern Africa Region, highlighted the reforms undertaken by Ethiopia. He acknowledged that challenges remain, particularly in the areas of state-owned enterprises, competition, intellectual property rights, trade facilitation and subsidies. He emphasized that the World Bank remains fully committed to supporting Ethiopia through providing technical assistance and resources to help Ethiopia achieve its WTO membership goals and deepen its integration into world markets.
Kenneth Kang, Deputy Director, Strategy, Policy and Review Department of the IMF, stressed the importance of structural reforms for generating a predictable and stable trade policy environment and the need for careful macroeconomic management and commended both countries on their progress. He noted that economic reforms during the accession process had a positive impact on economic growth. This has been demonstrated in a recent joint study by IMF and WTO staff that showed economies that made deeper commitments during their accession processes grew on average 1.5 percentage points faster than they otherwise would have done.
Highlighting the economic and legislative reforms undertaken by their respective countries, representatives from Ethiopia and Uzbekistan reaffirmed their countries’ commitment to conclude accession negotiations by MC14, to be held in Cameroon in March 2026.
Ethiopia’s State Minister for Finance Eyob Tekalgn said that WTO accession was important for further accelerating economic reforms. Ethiopia’s membership of the AfCFTA had also anchored its reform programme. He also pointed to the need for financial support to build capacity, notably for negotiations and implementation of reforms and to bring legislation into conformity with WTO rules. He added that Ethiopia was working actively to complete bilateral market access negotiations and hoped to conclude these shortly.
Uzbekistan’s Chief Negotiator Azizbek Urunov noted key steps taken recently, including bringing its food and product safety rules in line with the WTO agreements. To date, nearly 120 legal acts had been harmonized with WTO agreements, he said, with various other draft laws expected to become law soon. Regarding privatization, Mr Urunov noted that Uzbekistan is on course to meet its goal of increasing the share of the private sector in the economy to 85 per cent by 2030.
Both representatives indicated they were ready to take all the remaining necessary steps to complete their respective reform programmes and become WTO members.
WTO accessions of Ethiopia and Uzbekistan
Ethiopia held its 5th Working Party meeting on 19 March 2025. More information on Ethiopia’s accession is available here.
Uzbekistan held its 9th Working Party meeting on 5 and 6 December 2024. More information on Uzbekistan’s accession is available here.

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MIL OSI Economics –

May 1, 2025
MIL-OSI Economics: DDG Hill discusses WTO accessions at Horn of Africa Initiative ministerial meeting

Source: WTO

Headline: DDG Hill discusses WTO accessions at Horn of Africa Initiative ministerial meeting

Four Horn of Africa countries – Ethiopia, Somalia, Sudan and South Sudan – are currently negotiating their accession to the WTO. This is half of the total number of African countries seeking to join the WTO and some of the most active in the WTO accession process, DDG Hill noted. Recent progress was made in particular with the accession of Ethiopia, with the 5th Working Party meeting held in March, and the accession of Somalia, with the first Working Party meeting taking place in February.
DDG Hill pointed to Ethiopia’s “Homegrown Economic Reform Programme” launched in 2019, which demonstrates its strong commitment to economic transformation and to building an open and rules-based economy. She said: “WTO Director-General Ngozi Okonjo-Iweala has stressed that Ethiopia’s accession is a strategic priority for the WTO’s 14th Ministerial Conference, which will take place in Cameroon in March 2026. As the largest economy currently outside the WTO and one of the few remaining least-developed countries in the accession pipeline, Ethiopia’s membership would meaningfully advance the WTO’s goal of universality.”
“Somalia has demonstrated strong political commitment and dedicated technical expertise in the process,” she added, noting the complementarity between WTO accession efforts and the country’s ongoing work to integrate into the East African Community.
The meeting provided an opportunity to discuss an action plan aimed at boosting trade across the Horn of Africa, building on prior commitments and technical consultations. DDG Hill noted that this year’s focus on regional trade and trade facilitation issues is very timely. “Strengthening trade links can be a key piece in fostering regional integration and connectivity in the Horn of Africa”, she said.
The 24th Horn of Africa Initiative was co-chaired by Ethiopia’s Finance Minister Ahmed Shide and the World Bank’s Acting Vice President for Eastern and Southern Africa Amit Dar. It brought together ministers of finance and high-level officials from the region. Ministers welcomed a new USD 10 billion contribution from development partners, including the African Development Bank, the European Union, Germany’s Federal Ministry for Economic Cooperation and Development, the United Kingdom and the World Bank.
The meeting closed with Somalia’s Finance Minister, Bihi Iman Egeh, taking over as the new chair of the Initiative for the next two years.
Horn of Africa Initiative
Through the Horn of Africa Initiative, Djibouti, Eritrea, Ethiopia, Kenya, Somalia, South Sudan and Sudan are committed to coordinating approaches to exploring regional synergies and addressing regional challenges. They also prioritize regional programmes in infrastructure connectivity, economic integration, resilience building and skills development.
WTO accessions in the Horn of Africa
More information on Ethiopia’s accession is available here.
More information on Somalia’s accession is available here.
Sudan held its 5th Working Party meeting on 26 July 2021. More information on Sudan’s accession is available here.
South Sudan held its first Working Party meeting on 21 March 2019. More information on South Sudan’s accession is available here.

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MIL OSI Economics –

May 1, 2025
MIL-OSI Economics: Egypt launches safeguard investigation on hot rolled flat steel

Source: World Trade Organization

The notification indicated, among other things, as follows:

“Interested parties must make themselves known to the investigating authority within 30 days from the date of publication of the notice of the initiation in the official gazette. Any submissions, comments or information must be properly documented.

Correspondence should be addressed to:
Ministry of Investment and Foreign Trade
Trade Remedies Sector
Attention: Mrs. Yomna Elshabrawy
New Administrative Capital – governmental district
Phone: +201008880030
Email: [email protected] “

Further information is available in G/SG/N/6/EGY/16.

What is a safeguard investigation?

A safeguard investigation seeks to determine whether increased imports of a product are causing, or is threatening to cause, serious injury to a domestic industry.

During a safeguard investigation, importers, exporters and other interested parties may present evidence and views and respond to the presentations of other parties.

A WTO member may take a safeguard action (i.e. restrict imports of a product temporarily) only if the increased imports of the product are found to be causing, or threatening to cause, serious injury.

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MIL OSI Economics –

May 1, 2025
MIL-OSI United Kingdom: Carrbridge Struan Court affordable housing ready for new social rent

Source: Scotland – Highland Council

The Highland Council has built ten new affordable one and two bed flats for social rent on the site of the former Struan Hotel, Carrbridge which will bring much needed homes to an area with demand for this size of property.

The build awarded to Inverness based Compass Building and Construction Services has eight – one bed flats, and two- two bed flats built for rent and was supported by £1,467,884.53 from the Scottish Government’s More Homes Division.

Convener, of the Council Cllr Bill Lobban said: “Badenoch and Strathspey has been crying out for this type of one/two bed properties, and I would like to say how delighted I am that these new homes will soon be filled by new tenants.

“The Scottish Government’s More Homes Division funding has helped the Council to commit to the delivery of new affordable homes for rent or low-cost home ownership/mid-market rent. Building new houses not only fills an important gap in the market but also boosts the construction industry and creates wider circular economic benefits over the longer term.

“Struan Court is an example of the importance of regenerating derelict areas and for many long years top of the Carrbridge wish list has been redevelopment of the derelict Struan Hotel whom the development is named after. Whilst this new development is a great example of cooperation between the Scottish Government and The Highland Council it would not have happened without the wholehearted support of the community and especially Carrbridge & Vicinity Community Council.”

Housing and Property Committee Chair, Cllr Glynis Campbell Sinclair said: “As part of the Highland Housing Challenge, The Highland Council is committed to improving the housing stock across the Highlands and this development not only provides much needed new homes, but it has also regenerated a derelict site.

“The completion of Struan Court development marks the continued regeneration of the area and adds to the social housing stock at the nearby, Carr Road -Tulloch Homes Pinefield development. I wish the new tenants every happiness in their new home and thank all involved in making this development come to fruition.”

The Highland’s Strategic Housing Investment Plan (SHIP), which set out proposals for the affordable housing investment during 2023-2028, reaffirming the commitment to deliver an average of 500 new affordable homes per annum of which approximately 70% would be for affordable rent and 30% for intermediate affordable housing (e.g. low cost home ownership or midmarket rent), in line with the overall Scottish Government Targets.

MIL OSI United Kingdom –

May 1, 2025
MIL-OSI USA: Governor Newsom expands affordable housing and supportive services for rural Californians with $118.9 million in new federal funding

Source: US State of California 2

Apr 30, 2025

What you need to know: Governor Gavin Newsom and the Department of Housing and Community Development today announced the awards of $118.9 million in federal funding for 29 California rural and tribal communities to create more affordable housing and supportive services.

SACRAMENTO—The California Department of Housing and Community Development (HCD) today announced nearly $118.9 million in awards from three federally funded programs to address homelessness by funding development of 487 affordable rental homes, supporting emergency shelters and homeless outreach, and providing rapid rehousing and supportive services needed to help low-income Californians attain and maintain housing stability.

“Our nation’s housing crisis doesn’t end at city limits, and we must ensure housing and services are available to all members of our communities. We are grateful for this additional federal funding to ensure that our rural and tribal communities receive the housing support they need and deserve.”

Governor Gavin Newsom

In 2021, the U.S. Congress appropriated $5 billion from the American Rescue Plan Act to reduce homelessness nationwide. Of that amount, $512 million was awarded directly to California communities by the U.S. Department of Housing and Urban Development (HUD). Another $155 million went to HCD to implement HOME Investments Partnerships American Rescue Plan (HOME-ARP) programs in California for those non-entitlement jurisdictions—specifically rural communities and unincorporated areas—that did not receive funding directly from HUD.

HCD’s HOME-ARP Rental Housing (RH) program announced ten awards totaling $89 million, including two awards to Tribal Entities. The Yurok Indian Housing Authority and Big Valley Band of Pomo Indians received a combined $18.7 million to fund 31 HOME-ARP assisted units.

“Housing affordability and homelessness affect all areas, not just our large, metro areas,” said Tomiquia Moss, Business, Consumer Services and Housing Secretary. “The State works diligently to provide and channel funding to all counties, to provide local providers the support needed to ensure programs in their communities deliver real results. This funding does just that and I pledge our continued support for local governments in their work to lessen and eliminate homelessness and create more affordable housing.”

“By providing much-needed resources to rural and tribal communities, these awards help address our homelessness crisis and meet the critical needs of these residents,” said HCD Director Gustavo Velasquez. “Federal support ensures the state continues its stride toward providing housing stability and affordability for all.”

The HOME-ARP RH awards announced today will fund much-needed affordable rental housing in the counties of Del Norte, El Dorado, Kings, Lake, Madera, Mendocino, Merced, Monterey, and Placer. The ten projects awarded will include a total of 487 affordable rental homes, including 184 HOME-ARP funded units for low-income households and other qualifying populations. This includes people experiencing or at risk of homelessness, those fleeing violence or human trafficking, and others at greatest risk of housing instability.

HCD also announced six awards totaling $26.4 million from its HOME-ARP Housing Plus Support Program (HPSP) to support households who are currently experiencing homelessness, as well as those who will benefit from services designed to prevent homelessness.

For more information about the awards, visit California Housing and Community Development’s website here.

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MIL OSI USA News –

May 1, 2025
MIL-OSI Europe: Iceland: Sidekick Health Secures €35 Million Venture Debt from EIB to Accelerate R&D and Global Expansion
Source: European Investment Bank
- The European Investment Bank (EIB) has signed a €35 million venture debt facility with Sidekick Health, a leading digital health and therapeutics company operating across Europe and the US.
- The funding will accelerate Sidekick’s therapy development and AI-driven platform innovation across multiple chronic and specialty care areas.
- The R&D-focused facility is backed by the European Commission’s InvestEU initiative and complemented by a €7M capital injection from existing and new investors to accelerate Sidekick’s commercial growth.
The European Investment Bank (EIB) and Sidekick Health — a global leader in integrated digital health and therapeutics — today announced the signing of a €35 million venture debt facility, backed by a dedicated life science venture debt window of the European Commission’s InvestEU programme. It provides Sidekick with dedicated capital to accelerate R&D activities, expand its digital therapeutics portfolio, enhance AI capabilities, and strengthen its data and platform infrastructure — delivering scalable, secure, and impactful solutions for patients, payers, and pharmaceutical partners worldwide. The agreement represents the EIB Group’s first venture debt transaction in Iceland, where Sidekick is headquartered.

In parallel, Sidekick closed an additional €7M growth-focused financing, reflecting strong investor confidence and providing additional capital to scale its commercial footprint and strategic partnerships.

At the signing ceremony today in Luxembourg, Tryggvi Thorgeirsson, MD, MPH, CEO and Co-Founder of Sidekick Health, commented:

“This strategic financing from the EIB enables us to double down on our mission to improve and save lives by digitizing care. It strengthens our ability to invest in R&D, therapy development, and AI, while focusing future equity on scaling our commercial impact. Together with the strong backing of our investors, our diversified funding strategy — now including non-dilutive venture debt — positions Sidekick to accelerate innovation, deepen our partnerships, and continue transforming healthcare at scale.”

Thomas Östros, Vice-President of the EIB, said:

“The EIB has a solid track record in financing European med-tech companies through its venture debt instrument. The competitiveness of these companies is very important for our EU strategic autonomy. This is already the fifth InvestEU project in Iceland, building on a long tradition of EU-guaranteed funding for Icelandic projects.”

Sidekick partners with leading pharmaceutical companies, health insurers, and healthcare providers to deliver AI-enhanced digital health and therapeutics solutions across chronic and specialty care, including oncology, cardiovascular, metabolic, women’s health, and inflammatory conditions. The company’s platform has demonstrated improved patient outcomes and supported cost reduction in collaboration with partners, helping drive the shift toward personalized, proactive care.

EU Ambassador to Iceland Clara Ganslandt added:

“It was only in January last year, 2024, that Iceland’s participation in InvestEU was formally launched but we now already have five InvestEU projects in Iceland. That is certainly worth celebrating. The EU is committed to fuelling research and innovation and making use of impactful investments – in a world of increased global competition, it is in our common interest for Iceland and the European Union to work together. For three decades, since 1994, Icelandic organisations have been remarkably active, valued and successful participants in EU programmes, and Sidekick Health will certainly make this financing agreement a success.”

Background information

EIB

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the European Union, and the capital markets union.

The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high -impact projects in 2024, boosting Europe’s competitiveness and security.

All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

High-quality, up-to-date photos of our headquarters for media use are available here.

InvestEU

The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable economy. It helps generate additional investments in line with EU policy priorities, such as the European Green Deal, the digital transition and support for small and medium-sized enterprises. InvestEU brings all EU financial instruments together under one roof, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub, and the InvestEU Portal. The InvestEU Fund is implemented through financial partners who invest in projects using the EU budget guarantee of €26.2 billion. This guarantee increases their risk-bearing capacity, thus mobilising at least €372 billion in additional investment.

Sidekick Health

Sidekick Health is a digital health innovation company offering a uniquely broad portfolio of digital health and therapeutic programs across oncology, cardiovascular, metabolic, women’s health, and inflammatory conditions. Our solutions engage and empower people to improve health outcomes and quality of life. Sidekick works with health insurers, including leading national US health plans, pharmaceutical companies, including half of the world’s top 10 life sciences companies, and develops fully regulated prescription digital therapeutics — prescribed by over 17,000 physicians — designed to improve patient outcomes, enhance clinical efficiency, and reduce the cost of care.
MIL OSI Europe News –
May 1, 2025
MIL-OSI United Kingdom: Our Manchester 2025-35: Our future, shaped by you
Source: City of Manchester

Over the past 10 years Manchester City Council has had big ambitions for our city.

From tackling inequalities in our society, and creating a vibrant city that people want to live and work in, to growing our reputation on the global stage as a leading city.

In the decade since the original Our Manchester plan was brought to life Manchester has been a city on the rise. More than 100,000 new people call the city home, more than 100,000 new jobs have been created, and Manchester is now one of the most important engines of growth in the UK and Europe.

More children did better in school and our residents became more qualified: nearly three quarters of our residents now have a college-level qualification, and far fewer have no qualification at all.

Through that decade, huge strides have been made to improve the lives of ordinary people, working in collaboration with a range of partners, from education and health, to business, emergency services and community and faith groups we began to shift the dial on hard long-term challenges.

Just a fraction of the things we have achieved together include:
- More schools, colleges and early years groups judged better than ever
- More pounds in workers’ pockets in our Real Living Wage City
- Investment to make people proud and safer on their streets in neighbourhoods like Ancoats, Beswick, Collyhurst, Miles Platting, New Islington and Wythenshawe
- We are now building more affordable homes than at any point in the last decade
- Skills and better education for people to get on and do well in our City of Lifelong Learning and Child Friendly City
- The opening of Aviva Studios and Co-op Live (the largest indoor venue in the UK) and global cultural events such as the Chanel Métiers D’Art show, all of which showcase the fantastic place Manchester is for our partners to promote and develop art, sport and culture
But, there is more work to be done. 10 years is no time at all when it comes to addressing the long-term issues which still hold people back and prevent everyone from sharing in the prosperity that Manchester has to offer.

This is why today, we are launching the next 10-year plan for Our Manchester, bigger and bolder than before, presenting the ambitious vision for 2025-2035.

During this coming decade the Council will lead the charge for Manchester to become an even better city, to continue to address issues such as inequality, fostering growth that benefits everyone, tackling the housing crisis so that everyone in Manchester can enjoy affordable, low-carbon housing, continuing to push towards becoming a zero-carbon city by 2038, and creating green and clean neighbourhoods that everyone can enjoy.

A list of 12 priorities have been set that will guide the Council’s policies over the next 10 years. Broadly they fit into three categories on what we can do to improve the lives of the people who live here, the neighbourhoods in which we live, and the ambitions we have for our city.

Priorities 1 to 5. Our People will be:
1. Happy, healthy and active from childhood
2. Well educated, learning new skills throughout life to get the best jobs
3. Proud of our diversity, feeling valued and included
4. Participants influencing decisions
5. Safe – in person and online
Priories 6 and 7 are for all Our Neighbourhoods to have:

6. Enough good quality, genuinely affordable homes

7. Attractive, well-kept areas with good facilities, public services and green spaces

Priorities 8 to 12 are for Our City to have:

8. A growing economy with jobs and fair opportunities for all

9. Ways to adapt to climate change and cut our carbon emissions

10. World-renowned things for everyone to see and do, showcasing our passion for sport and culture

11. Reliable transport that’s quick, cheap, safe and clean

12. Technology to achieve our aims, safely and ethically

Councillor Bev Craig, Leader of Manchester City Council said: “Over the last 10 years we have seen tremendous things happen in Manchester, things which have well and truly put us on the global stage as a city and put us in an incredibly strong position to keep growing over the coming decade.

“We are incredibly confident that the next 10 years will be our best yet.

“Building on strong foundations we want Manchester to the best place in the country to grow up, live well and live happy, successful lives. We will tackle inequality and health inequity, deliver our ambitious housing plan to build tens of thousands of homes, create over 100,000 new jobs, invest and improve our neighbourhoods, invest in better transport and digital connections and build a more sustainable city.

“Manchester has seen significant change over the last decade, and today we are setting out our deliberately ambitious strategy for our collective future, and an action plan to power us through the next 10 years. It is a plan that will improve our city as well as the everyday lives of our residents. Getting to this stage has been a long process, and we have heard to more than 10,000 Mancunian voices about their hopes and dreams for our city.

“Together we will create a city that is a joy to live and work in and where Mancunians, both home-grown and adopted, that is demonstrably better in 2035 and everyone feels proud of.”
MIL OSI United Kingdom –
May 1, 2025
MIL-OSI Europe: Finland: Helsinki to get new tramline and a depot with €400 million EIB package
Source: European Investment Bank
- EIB lends total of €400 million to Helsinki and its transport company to build tram connection to eastern suburbs.
- The project also features new pathways for cyclists and pedestrians, includes the construction of a new tram and bus depot for Helsinki, and involves acquiring new trams for the city’s entire network.
- Three major bridges to be built for new tramline.
The European Investment Bank (EIB) is providing a €400 million financing package to help the Finnish capital Helsinki build a tramline to three suburbs, construct a new tram and bus depot, purchase new trams, and add pathways for cyclists and pedestrians. The EIB support involves loans of €150 million to the City of Helsinki and €250 million to metropolitan transport company Metropolitan Area Transport Ltd (Pääkaupunkiseudun Kaupunkiliikenne Oy) for the “Crown Bridges Light Rail” project.

The goals are to extend Helsinki’s tram system to the eastern suburbs of Laajasalo, Korkeasaari and Kalasatama with a new line that will halve travel times to 20 minutes and to increase the city’s bike and pedestrian paths. The project is due to be completed by 2027.

“Investing in sustainable transport is a priority for the EIB and provides a key step toward advancing climate action and enhancing connectivity in the city,” said EIB Vice-President Thomas Östros. “This project will play an important role in improving the quality of life for Helsinki’s residents.”

Crown Bridges Light Rail reflects a commitment by Helsinki, which has a population of 685,000, to expand clean public transport. That step should in turn stimulate urban development and regeneration.
Because Laajasalo and Korkeasaari are islands – Helsinki has around 300 of them – the project features three major bridges over which the new tramline will travel. The longest, Kruunuvuorensilta Bridge, will be 1,200 metres and have a pylon rising to 135 metres. The two other bridges – Merihaansilta and Finkensilta – will have lengths of 400 metres and 300 metres, respectively.

All three bridges will have bike lanes that are three metres wide and pedestrian pavements with widths of between two and six metres.

The project includes constructing Helsinki’s Ruskeasuo depot, Finland’s first combined tram and bus depot. It offers storage for about 80 trams, daily maintenance and repair facilities, and a wheel lathe track. The depot also serves regional bus traffic, with roof parking and maintenance spaces for buses.

The EIB financing covers 40% of the project costs and will go towards building the tramline and the depot as well as buying new tram sets.

The support aligns with EIB pledges to advance efforts in Europe to reduce greenhouse gas emissions and improve air quality.

Background information

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, the EIB finances investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and the bioeconomy, social infrastructure, the capital markets union and a stronger Europe in a more peaceful and prosperous world. 

The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.   

In 2024, EIB Group investments in Finland rose to €2.3 billion from €992 million the year before, focusing on green projects and business innovation.
MIL OSI Europe News –
May 1, 2025

MIL-OSI: Oaktree Specialty Lending Corporation Announces Second Fiscal Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, CA, May 01, 2025 (GLOBE NEWSWIRE) — Oaktree Specialty Lending Corporation (NASDAQ: OCSL) (“Oaktree Specialty Lending” or the “Company”), a specialty finance company, today announced its financial results for the fiscal quarter ended March 31, 2025.

Financial Highlights for the Quarter Ended March 31, 2025

Total investment income was $77.6 million ($0.90 per share) for the second fiscal quarter of 2025, as compared with $86.6 million ($1.05 per share) for the first fiscal quarter of 2025. Adjusted total investment income was $77.2 million ($0.90 per share) for the second fiscal quarter of 2025, as compared with $87.1 million ($1.06 per share) for the first fiscal quarter of 2025. The decrease was driven by lower interest income, which was primarily attributable to a smaller average investment portfolio, the impact of certain investments that were placed on non-accrual status and decreases in reference rates.

GAAP net investment income was $39.1 million ($0.45 per share) for the second fiscal quarter of 2025, as compared with $44.3 million ($0.54 per share) for the first fiscal quarter of 2025. The decrease for the quarter was primarily driven by lower total investment income, partially offset by lower interest expense and income-based (“Part I”) incentive fees (net of fees waived).

Adjusted net investment income was $38.7 million ($0.45 per share) for the second fiscal quarter of 2025, as compared with $44.7 million ($0.54 per share) for the first fiscal quarter of 2025. The decrease for the quarter was primarily driven by lower adjusted total investment income, partially offset by lower interest expense and lower Part I incentive fees (net of fees waived).

Net asset value (“NAV”) per share was $16.75 as of March 31, 2025, down as compared with $17.63 as of December 31, 2024. The decline from December 31, 2024 primarily reflected losses on certain debt and equity investments.

Originated $407.0 million of new investment commitments and received $279.4 million of proceeds from prepayments, exits, other paydowns and sales during the quarter ended March 31, 2025. The weighted average yield on new debt investments was 9.5%.

Total debt outstanding was $1,470.0 million as of March 31, 2025. The total debt to equity ratio was 1.00x, and the net debt to equity ratio was 0.93x, after adjusting for cash and cash equivalents.

Oaktree Capital I, L.P. purchased $100.0 million of shares of OCSL common stock on February 3, 2025 at the Company’s net asset value as of January 31, 2025, which was $17.63 per share and represented a 10% premium to the closing stock price.

The Company issued $300 million of unsecured notes during the quarter ended March 31, 2025 that mature on February 27, 2030 and bear interest at a rate of 6.340%. In connection with the issuance of the 2030 Notes, the Company entered into an interest rate swap agreement under which the Company receives a fixed interest rate of 6.340% and pays a floating interest rate of the three-month SOFR plus 2.192% on a notional amount of $300.0 million. Additionally, the Company repaid $300 million of unsecured notes that matured on February 25, 2025.

Liquidity as of March 31, 2025 was composed of $97.8 million of unrestricted cash and cash equivalents and over $1.0 billion of undrawn capacity under the Company’s credit facilities (subject to borrowing base and other limitations). Unfunded investment commitments were $299.8 million, or $272.6 million excluding unfunded commitments to the Company’s joint ventures. Of the $272.6 million, approximately $252.0 million can be drawn immediately with the remaining amount subject to certain milestones that must be met by portfolio companies or other restrictions.

A quarterly and supplemental cash distribution was declared of $0.40 per share and $0.02 per share, respectively, payable in cash on June 30, 2025 to stockholders of record on June 16, 2025.

“Certain challenged portfolio company investments weighed on our results in the second quarter. We are focused on resolving these issues while also positioning our portfolio to deliver more consistent performance going forward,” stated Armen Panossian, Chief Executive Officer and Co-Chief Investment Officer.

“We are focused on further diversifying our portfolio by selectively investing in companies we believe are well positioned to deliver attractive returns given overall market uncertainty caused by tariffs, inflation and high interest rates. Historically, in periods of market volatility, our firm-wide DNA has enabled us to capitalize on opportunities while others are sidelined, and we have ample dry powder for new investments.”

Distribution Declaration

The Board of Directors declared a quarterly distribution of $0.40 per share, payable in cash on June 30, 2025 to stockholders of record on June 16, 2025. The Board of Directors also declared a supplemental distribution of $0.02 per share, payable in cash on June 30, 2025 to stockholders of record on June 16, 2025.

Distributions are paid primarily from distributable (taxable) income. To the extent taxable earnings for a fiscal taxable year fall below the total amount of distributions for that fiscal year, a portion of those distributions may be deemed a return of capital to the Company’s stockholders.

Results of Operations

	For the three months ended
($ in thousands, except per share data)	March 31, 2025 (unaudited)			December 31, 2024 (unaudited)			March 31, 2024 (unaudited)
GAAP operating results:
Interest income	$	70,523		$	78,422		$	85,256
PIK interest income		4,531			5,728			4,816
Fee income		1,742			1,679			2,546
Dividend income		772			818			1,411
Total investment income		77,568			86,647			94,029
Net expenses		38,235			42,082			52,662
Net investment income before taxes		39,333			44,565			41,367
(Provision) benefit for taxes on net investment income		(278	)		(263	)		—
Net investment income		39,055			44,302			41,367
Net realized and unrealized gains (losses), net of taxes		(75,304	)		(37,063	)		(32,030	)
Net increase (decrease) in net assets resulting from operations	$	(36,249	)	$	7,239		$	9,337
Total investment income per common share	$	0.90		$	1.05		$	1.18
Net investment income per common share	$	0.45		$	0.54		$	0.52
Net realized and unrealized gains (losses), net of taxes per common share	$	(0.88	)	$	(0.45	)	$	(0.40	)
Earnings (loss) per common share — basic and diluted	$	(0.42	)	$	0.09		$	0.12
Non-GAAP Financial Measures¹:
Adjusted total investment income	$	77,195		$	87,070		$	97,340
Adjusted net investment income	$	38,682		$	44,725		$	44,678
Adjusted net realized and unrealized gains (losses), net of taxes	$	(75,248	)	$	(37,124	)	$	(35,344	)
Adjusted earnings (loss)	$	(36,566	)	$	7,601		$	9,334
Adjusted total investment income per share	$	0.90		$	1.06		$	1.22
Adjusted net investment income per share	$	0.45		$	0.54		$	0.56
Adjusted net realized and unrealized gains (losses), net of taxes per share	$	(0.88	)	$	(0.45	)	$	(0.44	)
Adjusted earnings (loss) per share	$	(0.43	)	$	0.09		$	0.12

¹ See Non-GAAP Financial Measures below for a description of the non-GAAP measures and the reconciliations from the most comparable GAAP financial measures to the Company’s non-GAAP measures, including on a per share basis. The Company’s management uses these non-GAAP financial measures internally to analyze and evaluate financial results and performance and believes that these non-GAAP financial measures are useful to investors as an additional tool to evaluate ongoing results and trends for the Company and to review the Company’s performance without giving effect to non-cash income/gain/loss resulting from the merger of Oaktree Strategic Income Corporation (“OCSI”) with and into the Company in March 2021 (the “OCSI Merger”) and the merger of Oaktree Strategic Income II, Inc. (“OSI2”) with and into the Company in January 2023 (the “OSI2 Merger”) and, in the case of adjusted net investment income, without giving effect to capital gains incentive fees. The presentation of non-GAAP measures is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation.

	As of
($ in thousands, except per share data and ratios)	March 31, 2025 (unaudited)			December 31, 2024 (unaudited)			March 31, 2024 (unaudited)
Select balance sheet and other data:
Cash and cash equivalents	$	97,838		$	112,913		$	125,031
Investment portfolio at fair value		2,892,771			2,835,294			3,047,445
Total debt outstanding (net of unamortized financing costs)		1,448,486			1,577,795			1,635,642
Net assets		1,475,113			1,449,815			1,524,099
Total debt to equity ratio		1.00	x		1.11	x		1.10	x
Net debt to equity ratio		0.93	x		1.03	x		1.02	x

Adjusted total investment income for the quarter ended March 31, 2025 was $77.2 million and included $70.2 million of interest income from portfolio investments, $4.5 million of payment-in-kind (“PIK”) interest income, $1.7 million of fee income and $0.8 million of dividend income. The $9.9 million quarterly decline in adjusted total investment income was primarily due to a $9.9 million decrease in interest income, which was primarily attributable to a smaller average investment portfolio, the impact of certain investments that were placed on non-accrual status and decreases in reference rates.

Net expenses for the quarter ended March 31, 2025 totaled $38.2 million, down $3.8 million from the quarter ended December 31, 2024. The decrease for the quarter was primarily driven by $2.4 million of lower interest expense due to lower outstanding borrowings and lower reference rates on the Company’s floating rate debt and $1.5 million of lower Part I incentive fees (net of fees waived).

Adjusted net investment income was $38.7 million ($0.45 per share) for the quarter ended March 31, 2025, which was down from $44.7 million ($0.54 per share) for the quarter ended December 31, 2024. The decline of $6.0 million primarily reflected $9.9 million of lower adjusted total investment income, offset by $3.9 million of lower net expenses.

Adjusted net realized and unrealized losses, net of taxes, were $75.2 million for the quarter ended March 31, 2025.

Portfolio and Investment Activity

	As of
($ in thousands)	March 31, 2025 (unaudited)			December 31, 2024 (unaudited)			March 31, 2024 (unaudited)
Investments at fair value	$	2,892,771		$	2,835,294		$	3,047,445
Number of portfolio companies		152			136			151
Average portfolio company debt size	$	19,700		$	22,000		$	20,100

Asset class:
First lien debt		80.9	%		81.8	%		80.8	%
Second lien debt		3.4	%		3.0	%		5.4	%
Unsecured debt		5.0	%		3.9	%		2.6	%
Equity		4.6	%		4.8	%		4.8	%
JV interests		6.1	%		6.5	%		6.4	%

Non-accrual debt investments:
Non-accrual investments at fair value	$	125,643		$	105,326		$	69,128
Non-accrual investments at cost		217,401			138,703			127,720
Non-accrual investments as a percentage of debt investments at fair value		4.6	%		3.9	%		2.4	%
Non-accrual investments as a percentage of debt investments at cost		7.6	%		5.1	%		4.3	%
Number of investments on non-accrual		10			9			5

Interest rate type:
Percentage floating-rate		89.8	%		87.6	%		85.4	%
Percentage fixed-rate		10.2	%		12.4	%		14.6	%

Yields:
Weighted average yield on debt investments¹		10.2	%		10.7	%		12.2	%
Cash component of weighted average yield on debt investments		9.3	%		9.5	%		11.0	%
Weighted average yield on total portfolio investments²		9.8	%		10.2	%		11.7	%

Investment activity:
New investment commitments	$	407,000		$	198,100		$	395,600
New funded investment activity³	$	405,800		$	201,300		$	377,400
Proceeds from prepayments, exits, other paydowns and sales	$	279,400		$	352,400		$	322,600
Net new investments⁴	$	126,400		$	(151,100	)	$	54,800
Number of new investment commitments in new portfolio companies		24			5			20
Number of new investment commitments in existing portfolio companies		8			8			15
Number of portfolio company exits		8			13			15

¹ Annual stated yield earned plus net annual amortization of OID or premium earned on accruing investments, including the Company’s share of the return on debt investments in SLF JV I and Glick JV, and excluding any amortization or accretion of interest income resulting solely from the cost basis established by ASC 805 (see Non-GAAP Financial Measures below) for the assets acquired in connection with the OCSI Merger and OSI2 Merger.
² Annual stated yield earned plus net annual amortization of OID or premium earned on accruing investments and dividend income, including the Company’s share of the return on debt investments in SLF JV I and Glick JV, and excluding any amortization or accretion of interest income resulting solely from the cost basis established by ASC 805 for the assets acquired in connection with the OCSI Merger and OSI2 Merger.
³ New funded investment activity includes drawdowns on existing revolver and delayed draw term loan commitments.
⁴ Net new investments consists of new funded investment activity less proceeds from prepayments, exits, other paydowns and sales.

As of March 31, 2025, the fair value of the investment portfolio was $2.9 billion and was composed of investments in 152 companies. These included debt investments in 131 companies, equity investments in 40 companies, and the Company’s joint venture investments in SLF JV I and OCSI Glick JV LLC (“Glick JV”). 21 of the equity investments were in companies in which the Company also had a debt investment.

As of March 31, 2025, 94.9% of the Company’s portfolio at fair value consisted of debt investments, including 80.9% of first lien loans, 3.4% of second lien loans and 10.6% of unsecured debt investments, including the debt investments in SLF JV I and Glick JV. This compared to 81.8% of first lien loans, 3.0% of second lien loans and 9.6% of unsecured debt investments, including the debt investments in SLF JV I and Glick JV, as of December 31, 2024.

As of March 31, 2025, there were ten investments on non-accrual status, which represented 7.6% and 4.6% of the debt portfolio at cost and fair value, respectively. As of December 31, 2024, there were nine investments on non-accrual status, which represented 5.1% and 3.9% of the debt portfolio at cost and fair value, respectively.

SLF JV I

The Company’s investments in SLF JV I totaled $128.6 million at fair value as of March 31, 2025, down 5.0% from $135.4 million as of December 31, 2024. The decrease was primarily driven by SLF JV I’s use of leverage and unrealized depreciation in the underlying investment portfolio.

As of March 31, 2025, SLF JV I had $374.7 million in assets, including senior secured loans to 52 portfolio companies. This compared to $344.9 million in assets, including senior secured loans to 42 portfolio companies, as of December 31, 2024. SLF JV I generated cash interest income of $3.2 million for the Company during the quarter ended March 31, 2025, down from $3.4 million in the prior quarter. In addition, SLF JV I generated dividend income of $0.7 million for the Company during the quarter ended March 31, 2025, flat from the prior quarter. As of March 31, 2025, SLF JV I had $73.0 million of undrawn capacity (subject to borrowing base and other limitations) on its $270 million senior revolving credit facility, and its debt to equity ratio was 1.3x.

Glick JV

The Company’s investments in Glick JV totaled $47.3 million at fair value as of March 31, 2025, down 4.6% from $49.6 million as of December 31, 2024. The decrease was primarily driven by Glick JV’s use of leverage and unrealized depreciation in the underlying investment portfolio.

As of March 31, 2025, Glick JV had $125.1 million in assets, including senior secured loans to 41 portfolio companies. This compared to $127.9 million in assets, including senior secured loans to 39 portfolio companies, as of December 31, 2024. Glick JV generated cash interest income of $1.3 million for the Company during the quarter ended March 31, 2025, down from $1.4 million in the prior quarter. As of March 31, 2025, Glick JV had $31.0 million of undrawn capacity (subject to borrowing base and other limitations) on its $100 million senior revolving credit facility, and its debt to equity ratio was 1.3x.

Liquidity and Capital Resources

As of March 31, 2025, the Company had total principal value of debt outstanding of $1,470.0 million, including $520.0 million of outstanding borrowings under its revolving credit facilities, $350.0 million of the 2.700% Notes due 2027, $300.0 million of the 7.100% Notes due 2029 and $300.0 million of the 6.340% Notes due 2030. The funding mix was composed of 35% secured and 65% unsecured borrowings as of March 31, 2025. The Company was in compliance with all financial covenants under its credit facilities as of March 31, 2025.

As of March 31, 2025, the Company had $97.8 million of unrestricted cash and cash equivalents and over $1.0 billion of undrawn capacity on its credit facilities (subject to borrowing base and other limitations). As of March 31, 2025, unfunded investment commitments were $299.8 million, or $272.6 million excluding unfunded commitments to the Company’s joint ventures. Of the $272.6 million, approximately $252.0 million could be drawn immediately with the remaining amount subject to certain milestones that must be met by portfolio companies or other restrictions. The Company has analyzed cash and cash equivalents, availability under its credit facilities, the ability to rotate out of certain assets and amounts of unfunded commitments that could be drawn and believes its liquidity and capital resources are sufficient to invest in market opportunities as they arise.

As of March 31, 2025, the weighted average interest rate on debt outstanding, including the effect of the interest rate swap agreements was 6.7%, up from 6.2% as of December 31, 2024, primarily driven by the impact of the repayment of the 3.500% Notes due 2025 and the issuance of the 6.340% Notes due 2030.

The Company’s total debt to equity ratio was 1.00x and 1.11x as of each of March 31, 2025 and December 31, 2024, respectively. The Company’s net debt to equity ratio was 0.93x and 1.03x as of each of March 31, 2025 and December 31, 2024, respectively.

Recent Developments

Syndicated Facility

On April 8, 2025, the Company entered into an amendment to its amended and restated senior secured credit facility (the “Syndicated Facility”), among other things, (1) generally reduce interest rate margins from 2.00% plus a SOFR adjustment (ranging between 0.11448% and 0.26161%) to 1.875% plus a SOFR adjustment of 0.10% on SOFR loans and from 1.00% to 0.875% plus a SOFR adjustment of 0.10% on alternate base rate loans, (2) remove the Consolidated Interest Coverage Ratio covenant, (3) decrease the facility size from $1.218 billion to $1.160 billion, (4) increase the “accordion” feature to allow expansion of the facility to $1.50 billion, and (5) extend the reinvestment period and final maturity date to April 8, 2029, and April 8, 2030, respectively.

Non-GAAP Financial Measures

On a supplemental basis, the Company is disclosing certain adjusted financial measures, each of which is calculated and presented on a basis of methodology other than in accordance with GAAP (“non-GAAP”). The Company’s management uses these non-GAAP financial measures internally to analyze and evaluate financial results and performance and believes that these non-GAAP financial measures are useful to investors as an additional tool to evaluate ongoing results and trends for the Company and to review the Company’s performance without giving effect to non-cash income/gain/loss resulting from the OCSI Merger and the OSI2 Merger and in the case of adjusted net investment income, without giving effect to capital gains incentive fees. The presentation of the below non-GAAP measures is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation.

“Adjusted Total Investment Income” and “Adjusted Total Investment Income Per Share” – represents total investment income excluding any amortization or accretion of interest income resulting solely from the cost basis established by ASC 805 (see below) for the assets acquired in connection with the OCSI Merger and the OSI2 Merger.

“Adjusted Net Investment Income” and “Adjusted Net Investment Income Per Share” – represents net investment income, excluding (i) any amortization or accretion of interest income resulting solely from the cost basis established by ASC 805 (see below) for the assets acquired in connection with the OCSI Merger and the OSI2 Merger and (ii) capital gains incentive fees (“Part II incentive fees”).

“Adjusted Net Realized and Unrealized Gains (Losses), Net of Taxes” and “Adjusted Net Realized and Unrealized Gains (Losses), Net of Taxes Per Share” – represents net realized and unrealized gains (losses) net of taxes excluding any net realized and unrealized gains (losses) resulting solely from the cost basis established by ASC 805 (see below) for the assets acquired in connection with the OCSI Merger and the OSI2 Merger.

“Adjusted Earnings (Loss)” and “Adjusted Earnings (Loss) Per Share” – represents the sum of (i) Adjusted Net Investment Income and (ii) Adjusted Net Realized and Unrealized Gains (Losses), Net of Taxes and includes the impact of Part II incentive fees¹, if any.

The OCSI Merger and the OSI2 Merger (the “Mergers”) were accounted for as asset acquisitions in accordance with the asset acquisition method of accounting as detailed in ASC 805-50, Business Combinations—Related Issues (“ASC 805”). The consideration paid to each of the stockholders of OCSI and OSI2 were allocated to the individual assets acquired and liabilities assumed based on the relative fair values of the net identifiable assets acquired other than “non-qualifying” assets, which established a new cost basis for the acquired investments under ASC 805 that, in aggregate, was different than the historical cost basis of the acquired investments prior to the OCSI Merger or the OSI2 Merger, as applicable. Additionally, immediately following the completion of the Mergers, the acquired investments were marked to their respective fair values under ASC 820, Fair Value Measurements, which resulted in unrealized appreciation/depreciation. The new cost basis established by ASC 805 on debt investments acquired will accrete/amortize over the life of each respective debt investment through interest income, with a corresponding adjustment recorded to unrealized appreciation/depreciation on such investment acquired through its ultimate disposition. The new cost basis established by ASC 805 on equity investments acquired will not accrete/amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, the Company will recognize a realized gain/loss with a corresponding reversal of the unrealized appreciation/depreciation on disposition of such equity investments acquired.

The Company’s management uses the non-GAAP financial measures described above internally to analyze and evaluate financial results and performance and to compare its financial results with those of other business development companies that have not adjusted the cost basis of certain investments pursuant to ASC 805. The Company’s management believes “Adjusted Total Investment Income”, “Adjusted Total Investment Income Per Share”, “Adjusted Net Investment Income” and “Adjusted Net Investment Income Per Share” are useful to investors as an additional tool to evaluate ongoing results and trends for the Company without giving effect to the income resulting from the new cost basis of the investments acquired in the Mergers because these amounts do not impact the fees payable to Oaktree Fund Advisors, LLC (the “Adviser”) under its investment advisory agreement (as amended and restated from time to time, the “A&R Advisory Agreement”), and specifically as its relates to “Adjusted Net Investment Income” and “Adjusted Net Investment Income Per Share”, without giving effect to Part II incentive fees. In addition, the Company’s management believes that “Adjusted Net Realized and Unrealized Gains (Losses), Net of Taxes”, “Adjusted Net Realized and Unrealized Gains (Losses), Net of Taxes Per Share”, “Adjusted Earnings (Loss)” and “Adjusted Earnings (Loss) Per Share” are useful to investors as they exclude the non-cash income and gain/loss resulting from the Mergers and are used by management to evaluate the economic earnings of its investment portfolio. Moreover, these metrics more closely align the Company’s key financial measures with the calculation of incentive fees payable to the Adviser under with the A&R Advisory Agreement (i.e., excluding amounts resulting solely from the lower cost basis of the acquired investments established by ASC 805 that would have been to the benefit of the Adviser absent such exclusion).

The following table provides a reconciliation of total investment income (the most comparable U.S. GAAP measure) to adjusted total investment income for the periods presented:

	For the three months ended
	March 31, 2025 (unaudited)					December 31, 2024 (unaudited)				March 31, 2024 (unaudited)
($ in thousands, except per share data)	Amount			Per Share		Amount		Per Share		Amount		Per Share
GAAP total investment income	$	77,568		$	0.90	$	86,647	$	1.05	$	94,029	$	1.18
Interest income amortization (accretion) related to merger accounting adjustments		(373	)		—		423		0.01		3,311		0.04
Adjusted total investment income	$	77,195		$	0.90	$	87,070	$	1.06	$	97,340	$	1.22

The following table provides a reconciliation of net investment income (the most comparable U.S. GAAP measure) to adjusted net investment income for the periods presented:

	For the three months ended
	March 31, 2025 (unaudited)					December 31, 2024 (unaudited)				March 31, 2024 (unaudited)
($ in thousands, except per share data)	Amount			Per Share		Amount		Per Share		Amount		Per Share
GAAP net investment income	$	39,055		$	0.45	$	44,302	$	0.54	$	41,367	$	0.52
Interest income amortization (accretion) related to merger accounting adjustments		(373	)		—		423		0.01		3,311		0.04
Part II incentive fee		—			—		—		—		—		—
Adjusted net investment income	$	38,682		$	0.45	$	44,725	$	0.54	$	44,678	$	0.56

The following table provides a reconciliation of net realized and unrealized gains (losses), net of taxes (the most comparable U.S. GAAP measure) to adjusted net realized and unrealized gains (losses), net of taxes for the periods presented:

	For the three months ended
	March 31, 2025 (unaudited)						December 31, 2024 (unaudited)						March 31, 2024 (unaudited)
($ in thousands, except per share data)	Amount			Per Share			Amount			Per Share			Amount			Per Share
GAAP net realized and unrealized gains (losses), net of taxes	$	(75,304	)	$	(0.88	)	$	(37,063	)	$	(0.45	)	$	(32,030	)	$	(0.40	)
Net realized and unrealized gains (losses) related to merger accounting adjustments		56			—			(61	)		—			(3,314	)		(0.04	)
Adjusted net realized and unrealized gains (losses), net of taxes	$	(75,248	)	$	(0.88	)	$	(37,124	)	$	(0.45	)	$	(35,344	)	$	(0.44	)

The following table provides a reconciliation of net increase (decrease) in net assets resulting from operations (the most comparable U.S. GAAP measure) to adjusted earnings (loss) for the periods presented:

	For the three months ended
	March 31, 2025 (unaudited)						December 31, 2024 (unaudited)					March 31, 2024 (unaudited)
($ in thousands, except per share data)	Amount			Per Share			Amount			Per Share		Amount			Per Share
Net increase (decrease) in net assets resulting from operations	$	(36,249	)	$	(0.42	)	$	7,239		$	0.09	$	9,337		$	0.12
Interest income amortization (accretion) related to merger accounting adjustments		(373	)		—			423			0.01		3,311			0.04
Net realized and unrealized gains (losses) related to merger accounting adjustments		56			—			(61	)		—		(3,314	)		(0.04	)
Adjusted earnings (loss)	$	(36,566	)	$	(0.43	)	$	7,601		$	0.09	$	9,334		$	0.12

Conference Call Information

Oaktree Specialty Lending will host a conference call to discuss its second fiscal quarter 2025 results at 11:00 a.m. Eastern Time / 8:00 a.m. Pacific Time on May 1, 2025. The conference call may be accessed by dialing (877) 507-3275 (U.S. callers) or +1 (412) 317-5238 (non-U.S. callers). All callers will need to reference “Oaktree Specialty Lending” once connected with the operator. Alternatively, a live webcast of the conference call can be accessed through the Investors section of Oaktree Specialty Lending’s website, www.oaktreespecialtylending.com. During the conference call, the Company intends to refer to an investor presentation that will be available on the Investors section of its website.

For those individuals unable to listen to the live broadcast of the conference call, a replay will be available on Oaktree Specialty Lending’s website, or by dialing (877) 344-7529 (U.S. callers) or +1 (412) 317-0088 (non-U.S. callers), access code 3296634, beginning approximately one hour after the broadcast.

About Oaktree Specialty Lending Corporation

Oaktree Specialty Lending Corporation (NASDAQ:OCSL) is a specialty finance company dedicated to providing customized one-stop credit solutions to companies with limited access to public or syndicated capital markets. The Company’s investment objective is to generate current income and capital appreciation by providing companies with flexible and innovative financing solutions including first and second lien loans, unsecured and mezzanine loans, and preferred equity. The Company is regulated as a business development company under the Investment Company Act of 1940, as amended, and is externally managed by Oaktree Fund Advisors, LLC, an affiliate of Oaktree Capital Management, L.P. For additional information, please visit Oaktree Specialty Lending’s website at www.oaktreespecialtylending.com.

Forward-Looking Statements

Some of the statements in this press release constitute forward-looking statements because they relate to future events, future performance or financial condition. The forward-looking statements may include statements as to: future operating results of the Company and distribution projections; business prospects of the Company and the prospects of its portfolio companies; and the impact of the investments that the Company expects to make. In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this press release involve risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with (i) changes or potential disruptions in the Company’s operations, the economy, financial markets or political environment, including those caused by tariffs and trade disputes with other countries, inflation and an elevated interest rate environment; (ii) risks associated with possible disruption in the operations of the Company or the economy generally due to terrorism, war or other geopolitical conflict, natural disasters, pandemics or cybersecurity incidents; (iii) future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities); (iv) conditions in the Company’s operating areas, particularly with respect to business development companies or regulated investment companies; and (v) other considerations that may be disclosed from time to time in the Company’s publicly disseminated documents and filings. The Company has based the forward-looking statements included in this press release on information available to it on the date of this press release, and the Company assumes no obligation to update any such forward-looking statements. The Company undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that it may make directly to you or through reports that the Company in the future may file with the Securities and Exchange Commission, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

Contacts

Investor Relations:
Oaktree Specialty Lending Corporation
Clark Koury
(213) 830-6222
ocsl-ir@oaktreecapital.com

Media Relations:
Financial Profiles, Inc.
Moira Conlon
(310) 478-2700
mediainquiries@oaktreecapital.com

Oaktree Specialty Lending Corporation Consolidated Statements of Assets and Liabilities (in thousands, except per share amounts)

	March 31, 2025 (unaudited)			December 31, 2024 (unaudited)			September 30, 2024
ASSETS
Investments at fair value:
Control investments (cost March 31, 2025: $375,317; cost December 31, 2024: $374,509; cost September 30, 2024: $372,901)	$	230,904		$	267,782		$	289,404
Affiliate investments (cost March 31, 2025: $35,295; cost December 31, 2024: $37,358; cost September 30, 2024: $38,175)		32,475			35,180			35,677
Non-control/Non-affiliate investments (cost March 31, 2025: $2,703,644; cost December 31, 2024: $2,576,053; cost September 30, 2024: $2,733,843)		2,629,392			2,532,332			2,696,198
Total investments at fair value (cost March 31, 2025: $3,114,256; cost December 31, 2024: $2,987,920; September 30, 2024: $3,144,919)		2,892,771			2,835,294			3,021,279
Cash and cash equivalents		97,838			112,913			63,966
Restricted cash		10,370			13,159			14,577
Interest, dividends and fees receivable		22,768			25,290			38,804
Due from portfolio companies		317			408			12,530
Receivables from unsettled transactions		18,526			55,661			17,548
Due from broker		25,190			21,880			17,060
Deferred financing costs		10,196			10,936			11,677
Deferred offering costs		161			162			125
Derivative assets at fair value		—			6,652			—
Other assets		1,030			1,437			775
Total assets	$	3,079,167		$	3,083,792		$	3,198,341

LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable, accrued expenses and other liabilities	$	3,451		$	3,371		$	3,492
Base management fee and incentive fee payable		7,332			8,930			15,517
Due to affiliate		1,277			1,508			4,088
Interest payable		14,087			17,600			16,231
Payables from unsettled transactions		110,202			—			15,666
Derivative liabilities at fair value		19,219			24,759			16,843
Deferred tax liability		—			14			—
Credit facilities payable		520,000			660,000			710,000
Unsecured notes payable (net of $7,573, $4,401 and $4,935 of unamortized financing costs as of March 31, 2025, December 31, 2024 and September 30, 2024, respectively)		928,486			917,795			928,693
Total liabilities		1,604,054			1,633,977			1,710,530
Commitments and contingencies
Net assets:
Common stock, $0.01 par value per share, 250,000 shares authorized; 88,086, 82,245 and 82,245 shares issued and outstanding as of March 31, 2025, December 31, 2024 and September 30, 2024, respectively		881			822			822
Additional paid-in-capital		2,367,337			2,264,449			2,264,449
Accumulated overdistributed earnings		(893,105	)		(815,456	)		(777,460	)
Total net assets (equivalent to $16.75, $17.63 and $18.09 per common share as of March 31, 2025, December 31, 2024 and September 30, 2024, respectively)		1,475,113			1,449,815			1,487,811
Total liabilities and net assets	$	3,079,167		$	3,083,792		$	3,198,341

Oaktree Specialty Lending Corporation Consolidated Statements of Operations (in thousands, except per share amounts)

	Three months ended March 31, 2025 (unaudited)			Three months ended December 31, 2024 (unaudited)			Three months ended March 31, 2024 (unaudited)			Six months ended March 31, 2025 (unaudited)			Six months ended March 31, 2024 (unaudited)
Interest income:
Control investments	$	4,884		$	5,226		$	5,949		$	10,110		$	11,954
Affiliate investments		159			166			10			325			334
Non-control/Non-affiliate investments		63,915			71,809			77,803			135,724			160,524
Interest on cash and cash equivalents		1,565			1,221			1,494			2,786			3,858
Total interest income		70,523			78,422			85,256			148,945			176,670
PIK interest income:
Control investments		—			830			598			830			1,142
Affiliate investments		27			28			—			55			—
Non-control/Non-affiliate investments		4,504			4,870			4,218			9,374			7,523
Total PIK interest income		4,531			5,728			4,816			10,259			8,665
Fee income:
Control investments		—			—			13			—			26
Affiliate investments		—			—			—			—			5
Non-control/Non-affiliate investments		1,742			1,679			2,533			3,421			3,822
Total fee income		1,742			1,679			2,546			3,421			3,853
Dividend income:
Control investments		700			700			1,400			1,400			2,800
Non-control/Non-affiliate investments		72			118			11			190			26
Total dividend income		772			818			1,411			1,590			2,826
Total investment income		77,568			86,647			94,029			164,215			192,014
Expenses:
Base management fee		7,515			8,144			11,604			15,659			23,081
Part I incentive fee		6,733			7,913			8,452			14,646			17,480
Professional fees		1,227			1,067			1,213			2,294			2,717
Directors fees		160			160			160			320			320
Interest expense		28,191			30,562			31,881			58,753			64,051
Administrator expense		388			437			326			825			692
General and administrative expenses		937			926			526			1,863			1,117
Total expenses		45,151			49,209			54,162			94,360			109,458
Management fees waived		(183	)		(750	)		(1,500	)		(933	)		(3,000	)
Part I incentive fees waived		(6,733	)		(6,377	)		—			(13,110	)		—
Net expenses		38,235			42,082			52,662			80,317			106,458
Net investment income before taxes		39,333			44,565			41,367			83,898			85,556
(Provision) benefit for taxes on net investment income		(278	)		(263	)		—			(541	)		—
Net investment income		39,055			44,302			41,367			83,357			85,556
Unrealized appreciation (depreciation):
Control investments		(37,686	)		(23,230	)		(6,193	)		(60,916	)		(4,854	)
Affiliate investments		(642	)		320			93			(322	)		(832	)
Non-control/Non-affiliate investments		(28,975	)		(7,198	)		(21,396	)		(36,173	)		(39,011	)
Foreign currency forward contracts		(14,720	)		10,494			2,244			(4,226	)		(5,580	)
Net unrealized appreciation (depreciation)		(82,023	)		(19,614	)		(25,252	)		(101,637	)		(50,277	)
Realized gains (losses):
Control investments		13			—			—			13			786
Affiliate investments		333			(288	)		—			45			—
Non-control/Non-affiliate investments		(1,547	)		(17,056	)		(5,433	)		(18,603	)		(18,773	)
Foreign currency forward contracts		7,906			34			(1,170	)		7,940			2,931
Net realized gains (losses)		6,705			(17,310	)		(6,603	)		(10,605	)		(15,056	)
(Provision) benefit for taxes on realized and unrealized gains (losses)		14			(139	)		(175	)		(125	)		(351	)
Net realized and unrealized gains (losses), net of taxes		(75,304	)		(37,063	)		(32,030	)		(112,367	)		(65,684	)
Net increase (decrease) in net assets resulting from operations	$	(36,249	)	$	7,239		$	9,337		$	(29,010	)	$	19,872
Net investment income per common share — basic and diluted	$	0.45		$	0.54		$	0.52		$	0.99		$	1.09
Earnings (loss) per common share — basic and diluted	$	(0.42	)	$	0.09		$	0.12		$	(0.35	)	$	0.25
Weighted average common shares outstanding — basic and diluted		85,916			82,245			79,763			84,061			78,797

^¹ Adjusted earnings (loss) includes accrued Part II incentive fees. As of and for the three months ended December 31, 2024, there was no accrued Part II incentive fee liability. Part II incentive fees are contractually calculated and paid at the end of the fiscal year in accordance with the A&R Advisory Agreement, which differs from Part II incentive fees accrued under GAAP. For the three months ended December 31, 2024, no amounts were payable under the A&R Advisory Agreement.

The MIL Network –

May 1, 2025

MIL-OSI: Targa Resources Corp. Reports Record First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

HOUSTON, May 01, 2025 (GLOBE NEWSWIRE) — Targa Resources Corp. (NYSE: TRGP) (“TRGP,” the “Company” or “Targa”) today reported first quarter 2025 results.

First quarter 2025 net income attributable to Targa Resources Corp. was $270.5 million compared to $275.2 million for the first quarter of 2024. The Company reported adjusted earnings before interest, income taxes, depreciation and amortization, and other non-cash items (“adjusted EBITDA”)⁽¹⁾ of $1,178.5 million for the first quarter of 2025 compared to $966.2 million for the first quarter of 2024.

Highlights

Record first quarter 2025 adjusted EBITDA of $1.2 billion, a 22% increase year over year
Repurchased $214 million of common shares through April 2025
Declared an annual common dividend of $4.00 per share for 2025, a 33% increase year over year
Continue to estimate full year 2025 adjusted EBITDA between $4.65 billion and $4.85 billion
Continue to estimate 2025 net growth capital expenditures of $2.6 billion to $2.8 billion

On April 10, 2025, the Company declared an increase to its quarterly cash dividend to $1.00 per common share, or $4.00 per common share on an annualized basis, for the first quarter of 2025. This dividend represents a 33 percent increase over the common dividend declared with respect to the first quarter of 2024. Total cash dividends of approximately $217 million will be paid on May 15, 2025 on all outstanding shares of common stock to holders of record as of the close of business on April 30, 2025.

During the first quarter of 2025, Targa repurchased 651,163 shares of its common stock at a weighted average per share price of $191.86 for a total net cost of $124.9 million. As of March 31, 2025, there was $890.5 million remaining under the Company’s share repurchase program. Subsequent to quarter end, Targa repurchased 532,210 shares of its common stock at a weighted average per share price of $167.28 for a total net cost of $89.0 million.

First Quarter 2025 – Sequential Quarter over Quarter Commentary

Targa reported first quarter adjusted EBITDA of $1,178.5 million, representing a 5 percent increase compared to the fourth quarter of 2024. The sequential increase in adjusted EBITDA was attributable to contribution from the Badlands transaction and higher marketing margin. Volumes across Targa’s Gathering and Processing (“G&P”) and Logistics and Transportation (“L&T”) systems were negatively impacted by winter weather events which reduced system volumes during the first quarter. In the G&P segment, sequential adjusted operating margin was approximately flat as modestly lower Permian natural gas inlet volumes due to winter weather events were partially offset by higher fees. In the L&T segment, adjusted operating margin was also sequentially flat as higher marketing margin offset lower NGL pipeline transportation volumes, which were negatively impacted by winter weather events. Fractionation volumes were lower in the first quarter due to a major planned turnaround at Targa’s Cedar Bayou Fractionation facilities in Mont Belvieu, TX. Higher sequential marketing margin was attributable to increased optimization opportunities. Subsequent to quarter end, Targa’s Permian volumes and associated L&T system volumes have meaningfully increased from first quarter levels.

Capitalization, Financing and Liquidity

The Company’s total consolidated debt as of March 31, 2025 was $16,208.7 million, net of $106.7 million of debt issuance costs and $35.2 million of unamortized discount, with $14,534.4 million of outstanding senior unsecured notes, $920.0 million outstanding under the Commercial Paper Program, $600.0 million outstanding under the Securitization Facility, and $296.2 million of finance lease liabilities.

In February 2025, Targa completed an underwritten public offering of 5.550% Notes due 2035 and 6.125% Notes due 2055, resulting in net proceeds of approximately $2.0 billion. Targa used the net proceeds from the issuance to fund the repurchase of all of the outstanding preferred equity in Targa Badlands LLC (the “Badlands Transaction”) and for general corporate purposes, including to repay borrowings under the Commercial Paper Program.

Total consolidated liquidity as of March 31, 2025 was approximately $2.7 billion, including $2.6 billion available under the TRGP Revolver, and $151.4 million of cash.

Growth Projects Update

In Targa’s G&P segment, construction continues on its 275 MMcf/d Pembrook II, East Pembrook, and East Driver plants in Permian Midland and its 275 MMcf/d Bull Moose II and Falcon II plants in Permian Delaware. In Targa’s L&T segment, construction continues on its Delaware Express pipeline expansion, its 150 MBbl/d Train 11 and Train 12 fractionators in Mont Belvieu, and its GPMT LPG Export Expansion. The Company now expects its Pembrook II plant to begin operations in the third quarter of 2025 and remains on-track to complete its other announced expansions as previously disclosed.

2025 Outlook

Targa continues to estimate full year 2025 adjusted EBITDA to be between $4.65 billion and $4.85 billion supported by forecasted growth across its Permian G&P footprint, which is expected to drive record Permian, NGL pipeline transportation, fractionation, and LPG export volumes in 2025 relative to records set in 2024. While the growth is weighted to the second half of 2025, current and expected producer activity levels continue to support an outlook of meaningfully increasing volumes across the rest of 2025 and 2026.

Targa’s estimate for 2025 net growth capital expenditures remains unchanged in a range of $2.6 billion to $2.8 billion, and its estimate for 2025 net maintenance capital expenditures also remains unchanged at approximately $250 million.

Conference Call

The Company will host a conference call for the investment community at 11:00 a.m. Eastern time (10:00 a.m. Central time) on May 1, 2025 to discuss its first quarter results. The conference call can be accessed via webcast under Events and Presentations in the Investors section of the Company’s website at www.targaresources.com/investors/events, or by going directly to https://edge.media-server.com/mmc/p/waa5bt3q. A webcast replay will be available at the link above approximately two hours after the conclusion of the event.

An earnings supplement presentation and updated investor presentation are available under Events and Presentations in the Investors section of the Company’s website at www.targaresources.com/investors/events.

^{(1) Adjusted EBITDA and adjusted operating margin (segment) are non-GAAP financial measures and are discussed under “Non-GAAP Financial Measures.”}

Targa Resources Corp. – Consolidated Financial Results of Operations

	Three Months Ended March 31,
	2025			2024			2025 vs. 2024
	(In millions)
Revenues:
Sales of commodities	$	3,884.4		$	3,942.4		$	(58.0	)		(1	%)
Fees from midstream services		677.1			620.0			57.1			9	%
Total revenues		4,561.5			4,562.4			(0.9	)		—
Product purchases and fuel		3,257.8			3,218.0			39.8			1	%
Operating expenses		303.6			278.0			25.6			9	%
Depreciation and amortization expense		367.6			340.5			27.1			8	%
General and administrative expense		94.5			86.5			8.0			9	%
Other operating (income) expense		(5.3	)		—			(5.3	)		(100	%)
Income (loss) from operations		543.3			639.4			(96.1	)		(15	%)
Interest expense, net		(197.1	)		(228.6	)		31.5			14	%
Equity earnings (loss)		5.5			2.8			2.7			96	%
Other, net		0.3			1.7			(1.4	)	NM
Income tax (expense) benefit		(72.2	)		(82.7	)		10.5			13	%
Net income (loss)		279.8			332.6			(52.8	)		(16	%)
Less: Net income (loss) attributable to noncontrolling interests		9.3			57.4			(48.1	)		(84	%)
Net income (loss) attributable to Targa Resources Corp.		270.5			275.2			(4.7	)		(2	%)
Premium on repurchase of noncontrolling interests, net of tax		70.5			—			70.5			100	%
Net income (loss) attributable to common shareholders	$	200.0		$	275.2		$	(75.2	)		(27	%)
Financial data:
Adjusted EBITDA (1)	$	1,178.5		$	966.2		$	212.3			22	%
Adjusted cash flow from operations (1)		970.0			738.4			231.6			31	%
Adjusted free cash flow (1)		328.2			2.8			325.4		NM

^{(1) Adjusted EBITDA, adjusted cash flow from operations and adjusted free cash flow are non-GAAP financial measures and are discussed under “Non-GAAP Financial Measures.”}
^{NM Due to a low denominator, the noted percentage change is disproportionately high and as a result, considered not meaningful.}

Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024

Commodity sales are relatively flat reflecting lower NGL, natural gas and condensate volumes ($217.9 million), the unfavorable impact of hedges ($256.1 million) and lower condensate prices ($15.2 million), offset by higher natural gas and NGL prices ($431.2 million).

The increase in fees from midstream services is primarily due to higher gas gathering and processing fees, and higher export volumes, partially offset by lower transportation and fractionation fees.

Product purchases and fuel are relatively flat reflecting higher natural gas and NGL prices, offset by lower NGL and natural gas volumes.

The increase in operating expenses is primarily due to higher labor, taxes and maintenance costs, partially offset by lower rental costs.

See “—Review of Segment Performance” for additional information on a segment basis.

The increase in depreciation and amortization expense is primarily due to the impact of system expansions on the Company’s asset base.

The decrease in interest expense, net is due to recognition of cumulative interest on a legal ruling associated with the Splitter Agreement in 2024, partially offset by higher borrowings in 2025.

The decrease in income tax expense is primarily due to a decrease in pre-tax book income.

The decrease in net income attributable to noncontrolling interests is primarily due to the Badlands Transaction in 2025 and the acquisition of the remaining membership interest in Cedar Bayou Fractionators, L.P. in 2024.

The premium on repurchase of noncontrolling interests, net of tax is due to the Badlands Transaction in 2025.

Review of Segment Performance

The following discussion of segment performance includes inter-segment activities. The Company views segment operating margin and adjusted operating margin as important performance measures of the core profitability of its operations. These measures are key components of internal financial reporting and are reviewed for consistency and trend analysis. For a discussion of adjusted operating margin, see “Non-GAAP Financial Measures ― Adjusted Operating Margin.” Segment operating financial results and operating statistics include the effects of intersegment transactions. These intersegment transactions have been eliminated from the consolidated presentation.

The Company operates in two primary segments: (i) Gathering and Processing; and (ii) Logistics and Transportation.

Gathering and Processing Segment

The Gathering and Processing segment includes assets used in the gathering and/or purchase and sale of natural gas produced from oil and gas wells, removing impurities and processing this raw natural gas into merchantable natural gas by extracting NGLs; and assets used for the gathering and terminaling and/or purchase and sale of crude oil. The Gathering and Processing segment’s assets are located in the Permian Basin of West Texas and Southeast New Mexico (including the Midland, Central and Delaware Basins); the Eagle Ford Shale in South Texas; the Barnett Shale in North Texas; the Anadarko, Ardmore, and Arkoma Basins in Oklahoma (including the SCOOP and STACK) and South Central Kansas; the Williston Basin in North Dakota (including the Bakken and Three Forks plays); and the onshore and near offshore regions of the Louisiana Gulf Coast.

The following table provides summary data regarding results of operations of this segment for the periods indicated:

	Three Months Ended March 31,
	2025		2024		2025 vs. 2024
	(In millions, except operating statistics and price amounts)
Operating margin	$	602.2	$	556.4	$	45.8		8	%
Operating expenses		208.2		188.1		20.1		11	%
Adjusted operating margin	$	810.4	$	744.5	$	65.9		9	%
Operating statistics (1):
Plant natural gas inlet, MMcf/d (2) (3)
Permian Midland (4)		2,985.6		2,746.1		239.5		9	%
Permian Delaware		3,020.3		2,648.9		371.4		14	%
Total Permian		6,005.9		5,395.0		610.9		11	%

SouthTX		295.1		304.9		(9.8	)	(3	%)
North Texas		171.5		184.5		(13.0	)	(7	%)
SouthOK (5)		318.0		357.2		(39.2	)	(11	%)
WestOK		200.1		210.1		(10.0	)	(5	%)
Total Central		984.7		1,056.7		(72.0	)	(7	%)

Badlands (5) (6)		136.9		127.1		9.8		8	%
Total Field		7,127.5		6,578.8		548.7		8	%

Coastal		398.8		524.7		(125.9	)	(24	%)

Total		7,526.3		7,103.5		422.8		6	%
NGL production, MBbl/d (3)
Permian Midland (4)		429.5		392.8		36.7		9	%
Permian Delaware		366.4		307.0		59.4		19	%
Total Permian		795.9		699.8		96.1		14	%

SouthTX		28.8		28.9		(0.1	)	—
North Texas		21.0		21.9		(0.9	)	(4	%)
SouthOK (5)		33.1		28.1		5.0		18	%
WestOK		15.2		11.7		3.5		30	%
Total Central		98.1		90.6		7.5		8	%

Badlands (5)		16.4		14.6		1.8		12	%
Total Field		910.4		805.0		105.4		13	%

Coastal		32.7		39.1		(6.4	)	(16	%)

Total		943.1		844.1		99.0		12	%
Crude oil, Badlands, MBbl/d		107.1		94.4		12.7		13	%
Crude oil, Permian, MBbl/d		29.0		27.6		1.4		5	%
Natural gas sales, BBtu/d (3)		2,592.8		2,650.5		(57.7	)	(2	%)
NGL sales, MBbl/d (3)		570.2		498.8		71.4		14	%
Condensate sales, MBbl/d		18.1		19.1		(1.0	)	(5	%)
Average realized prices (7):
Natural gas, $/MMBtu		2.24		1.50		0.74		49	%
NGL, $/gal		0.50		0.48		0.02		4	%
Condensate, $/Bbl		72.32		77.22		(4.90	)	(6	%)

^{(1)    Segment operating statistics include the effect of intersegment amounts, which have been eliminated from the consolidated presentation. For all volume statistics presented, the numerator is the total volume sold during the period and the denominator is the number of calendar days during the period.}
^{(2)    Plant natural gas inlet represents the Company’s undivided interest in the volume of natural gas passing through the meter located at the inlet of a natural gas processing plant, other than Badlands during 2024.}
^{(3)    Plant natural gas inlet volumes and gross NGL production volumes include producer take-in-kind volumes, while natural gas sales and NGL sales exclude producer take-in-kind volumes.}
^{(4)    Permian Midland includes operations in WestTX, of which the Company owns a 72.8% undivided interest, and other plants that are owned 100% by the Company. Operating results for the WestTX undivided interest assets are presented on a pro-rata net basis in the Company’s reported financials.}
^{(5)    Operations include facilities that are not wholly owned by the Company.}
^{(6)    Badlands natural gas inlet represents the total wellhead volume and includes the Targa volumes processed at the Little Missouri 4 plant.}
^{(7)    Average realized prices, net of fees, include the effect of realized commodity hedge gain/loss attributable to the Company’s equity volumes. The price is calculated using total commodity sales plus the hedge gain/loss as the numerator and total sales volume as the denominator, net of fees.}

The following table presents the realized commodity hedge gain (loss) attributable to the Company’s equity volumes that are included in the adjusted operating margin of the Gathering and Processing segment:

	Three Months Ended March 31, 2025								Three Months Ended March 31, 2024
	(In millions, except volumetric data and price amounts)
	Volume Settled		Price Spread (1)			Gain (Loss)			Volume Settled		Price Spread (1)			Gain (Loss)
Natural gas (BBtu)		7.7	$	0.96		$	7.4			14.4	$	1.27		$	18.3
NGL (MMgal)		97.5		(0.07	)		(6.6	)		134.1		0.01			1.7
Crude oil (MBbl)		0.7		1.00			0.7			0.4		(7.25	)		(2.9	)
						$	1.5							$	17.1

^{(1) The price spread is the differential between the contracted derivative instrument pricing and the price of the corresponding settled commodity transaction.}

Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024

The increase in adjusted operating margin was predominantly due to higher natural gas inlet volumes in the Permian. The increase in natural gas inlet volumes in the Permian was attributable to the addition of the Roadrunner II plant during the second quarter of 2024, the Greenwood II plant during the fourth quarter of 2024, the Bull Moose plant during the first quarter of 2025, and continued strong producer activity despite severe winter weather events which impacted volumes during the first quarter of 2025.

The increase in operating expenses was primarily due to higher volumes and multiple plant additions in the Permian.

Logistics and Transportation Segment

The Logistics and Transportation segment includes the activities and assets necessary to convert mixed NGLs into NGL products and also includes other assets and value-added services such as transporting, storing, fractionating, terminaling, and marketing of NGLs and NGL products, including services to LPG exporters and certain natural gas supply and marketing activities in support of the Company’s other businesses. The Logistics and Transportation segment also includes Grand Prix NGL Pipeline, which connects the Company’s gathering and processing positions in the Permian Basin, Southern Oklahoma and North Texas with the Company’s Downstream facilities in Mont Belvieu, Texas. The Company’s Downstream facilities are located predominantly in Mont Belvieu and Galena Park, Texas, and in Lake Charles, Louisiana.

The following table provides summary data regarding results of operations of this segment for the periods indicated:

	Three Months Ended March 31,
	2025		2024		2025 vs. 2024
	(In millions, except operating statistics)
Operating margin	$	646.7	$	532.1	$	114.6		22	%
Operating expenses		95.5		90.0		5.5		6	%
Adjusted operating margin	$	742.2	$	622.1	$	120.1		19	%
Operating statistics MBbl/d (1):
NGL pipeline transportation volumes		843.5		717.8		125.7		18	%
Fractionation volumes		979.9		797.2		182.7		23	%
Export volumes		447.7		439.0		8.7		2	%
NGL sales		1,186.4		1,227.6		(41.2	)	(3	%)

(1) Segment operating statistics include intersegment amounts, which have been eliminated from the consolidated presentation. For all volume statistics presented, the numerator is the total volume sold during the period and the denominator is the number of calendar days during the period.

Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024

The increase in adjusted operating margin was due to higher pipeline transportation and fractionation margin and higher marketing margin. Pipeline transportation and fractionation volumes benefited from higher supply volumes primarily from the Company’s Permian Gathering and Processing systems, the addition of Train 9 during the second quarter of 2024, the in-service of the Daytona NGL Pipeline during the third quarter of 2024, and the addition of Train 10 during the fourth quarter of 2024. Marketing margin increased due to greater optimization opportunities.

The increase in operating expenses was predominantly due to system expansions.

Other

	Three Months Ended March 31,
	2025			2024			2025 vs. 2024
	(In millions)
Operating margin	$	(248.8	)	$	(22.1	)	$	(226.7	)
Adjusted operating margin	$	(248.8	)	$	(22.1	)	$	(226.7	)

Other contains the results of commodity derivative activity mark-to-market gains/losses related to derivative contracts that were not designated as cash flow hedges. The Company has entered into derivative instruments to hedge the commodity price associated with a portion of the Company’s future commodity purchases and sales and natural gas transportation basis risk within the Company’s Logistics and Transportation segment.

About Targa Resources Corp.

Targa Resources Corp. is a leading provider of midstream services and is one of the largest independent infrastructure companies in North America. The Company owns, operates, acquires and develops a diversified portfolio of complementary domestic infrastructure assets and its operations are critical to the efficient, safe and reliable delivery of energy across the United States and increasingly to the world. The Company’s assets connect natural gas and NGLs to domestic and international markets with growing demand for cleaner fuels and feedstocks. The Company is primarily engaged in the business of: gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas; transporting, storing, fractionating, treating, and purchasing and selling NGLs and NGL products, including services to LPG exporters; and gathering, storing, terminaling, and purchasing and selling crude oil.

Targa is a FORTUNE 500 company and is included in the S&P 500.

For more information, please visit the Company’s website at www.targaresources.com.

Non-GAAP Financial Measures

This press release includes the Company’s non-GAAP financial measures: adjusted EBITDA, adjusted cash flow from operations, adjusted free cash flow and adjusted operating margin (segment). The following tables provide reconciliations of these non-GAAP financial measures to their most directly comparable GAAP measures.

The Company utilizes non-GAAP measures to analyze the Company’s performance. Adjusted EBITDA, adjusted cash flow from operations, adjusted free cash flow and adjusted operating margin (segment) are non-GAAP measures. The GAAP measures most directly comparable to these non-GAAP measures are income (loss) from operations, Net income (loss) attributable to Targa Resources Corp. and segment operating margin. These non-GAAP measures should not be considered as an alternative to GAAP measures and have important limitations as analytical tools. Investors should not consider these measures in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Additionally, because the Company’s non-GAAP measures exclude some, but not all, items that affect income and segment operating margin, and are defined differently by different companies within the Company’s industry, the Company’s definitions may not be comparable with similarly titled measures of other companies, thereby diminishing their utility. Management compensates for the limitations of the Company’s non-GAAP measures as analytical tools by reviewing the comparable GAAP measures, understanding the differences between the measures and incorporating these insights into the Company’s decision-making processes.

Adjusted Operating Margin

The Company defines adjusted operating margin for the Company’s segments as revenues less product purchases and fuel. It is impacted by volumes and commodity prices as well as by the Company’s contract mix and commodity hedging program.

Gathering and Processing adjusted operating margin consists primarily of:

service fees related to natural gas and crude oil gathering, treating and processing; and
revenues from the sale of natural gas, condensate, crude oil and NGLs less producer settlements, fuel and transport and the Company’s equity volume hedge settlements.

Logistics and Transportation adjusted operating margin consists primarily of:

service fees (including the pass-through of energy costs included in certain fee rates);
system product gains and losses; and
NGL and natural gas sales, less NGL and natural gas purchases, fuel, third-party transportation costs and the net inventory change.

The adjusted operating margin impacts of mark-to-market hedge unrealized changes in fair value are reported in Other.

Adjusted operating margin for the Company’s segments provides useful information to investors because it is used as a supplemental financial measure by management and by external users of the Company’s financial statements, including investors and commercial banks, to assess:

the financial performance of the Company’s assets without regard to financing methods, capital structure or historical cost basis;
the Company’s operating performance and return on capital as compared to other companies in the midstream energy sector, without regard to financing or capital structure; and
the viability of capital expenditure projects and acquisitions and the overall rates of return on alternative investment opportunities.

Management reviews adjusted operating margin and operating margin for the Company’s segments monthly as a core internal management process. The Company believes that investors benefit from having access to the same financial measures that management uses in evaluating the Company’s operating results. The reconciliation of the Company’s adjusted operating margin to the most directly comparable GAAP measure is presented under “Review of Segment Performance.”

Adjusted EBITDA

The Company defines adjusted EBITDA as Net income (loss) attributable to Targa Resources Corp. before interest, income taxes, depreciation and amortization, and other items that the Company believes should be adjusted consistent with the Company’s core operating performance. The adjusting items are detailed in the adjusted EBITDA reconciliation table and its footnotes. Adjusted EBITDA is used as a supplemental financial measure by the Company and by external users of the Company’s financial statements such as investors, commercial banks and others to measure the ability of the Company’s assets to generate cash sufficient to pay interest costs, support the Company’s indebtedness and pay dividends to the Company’s investors.

Adjusted Cash Flow from Operations and Adjusted Free Cash Flow

The Company defines adjusted cash flow from operations as adjusted EBITDA less cash interest expense on debt obligations and cash tax (expense) benefit. The Company defines adjusted free cash flow as adjusted cash flow from operations less maintenance capital expenditures (net of any reimbursements of project costs) and growth capital expenditures, net of contributions from noncontrolling interests and including contributions to investments in unconsolidated affiliates. Adjusted cash flow from operations and adjusted free cash flow are performance measures used by the Company and by external users of the Company’s financial statements, such as investors, commercial banks and research analysts, to assess the Company’s ability to generate cash earnings (after servicing the Company’s debt and funding capital expenditures) to be used for corporate purposes, such as payment of dividends, retirement of debt or redemption of other financing arrangements.

The following table reconciles the non-GAAP financial measures used by management to the most directly comparable GAAP measures for the periods indicated:

	Three Months Ended March 31,
	2025			2024
	(In millions)
Reconciliation of Net income (loss) attributable to Targa Resources Corp. to Adjusted EBITDA, Adjusted Cash Flow from Operations and Adjusted Free Cash Flow
Net income (loss) attributable to Targa Resources Corp.	$	270.5		$	275.2
Interest (income) expense, net		197.1			228.6
Income tax expense (benefit)		72.2			82.7
Depreciation and amortization expense		367.6			340.5
(Gain) loss on sale or disposition of assets		(0.5	)		(1.1	)
Write-down of assets		2.0			1.0
(Gain) loss from financing activities		0.6			—
Equity (earnings) loss		(5.5	)		(2.8	)
Distributions from unconsolidated affiliates		4.9			6.3
Compensation on equity grants		17.6			14.6
Risk management activities		248.8			22.0
Noncontrolling interests adjustments (1)		3.2			(0.8	)
Adjusted EBITDA	$	1,178.5		$	966.2
Interest expense on debt obligations (2)		(193.2	)		(224.9	)
Cash taxes		(15.3	)		(2.9	)
Adjusted Cash Flow from Operations	$	970.0		$	738.4
Maintenance capital expenditures, net (3)		(47.3	)		(49.8	)
Growth capital expenditures, net (3)		(594.5	)		(685.8	)
Adjusted Free Cash Flow	$	328.2		$	2.8

^{(1)    Represents adjustments related to the Company’s subsidiaries with noncontrolling interests, including depreciation and amortization expense as well as earnings for certain plants within Targa’s WestTX joint venture not subject to noncontrolling interest accounting.}
^{(2)    Excludes amortization of interest expense. The three months ended March 31, 2024 includes $54.9 million of interest expense on a 2024 legal ruling associated with an agreement, dated December 27, 2015, for crude oil and condensate between Targa Channelview LLC, then a subsidiary of the Company, and Noble Americas Corp.}
^{(3)    Represents capital expenditures, net of contributions from noncontrolling interests and includes contributions to investments in unconsolidated affiliates.}

The following table presents a reconciliation of estimated net income of the Company to estimated adjusted EBITDA for 2025:

	2025E
	(In millions)
Reconciliation of Estimated Net Income Attributable to Targa Resources Corp. to
Estimated Adjusted EBITDA
Net income attributable to Targa Resources Corp.	$	1,555.0
Interest expense, net		860.0
Income tax expense		485.0
Depreciation and amortization expense		1,525.0
Equity earnings		(20.0	)
Distributions from unconsolidated affiliates		25.0
Compensation on equity grants		70.0
Risk management and other		250.0
Estimated Adjusted EBITDA	$	4,750.0

Regulation FD Disclosures

The Company uses any of the following to comply with its disclosure obligations under Regulation FD: press releases, SEC filings, public conference calls, or our website. The Company routinely posts important information on its website at www.targaresources.com, including information that may be deemed to be material. The Company encourages investors and others interested in the company to monitor these distribution channels for material disclosures.

Forward-Looking Statements

Certain statements in this release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, are forward-looking statements, including statements regarding our projected financial performance, capital spending and payment of future dividends. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside the Company’s control, which could cause results to differ materially from those expected by management of the Company. Such risks and uncertainties include, but are not limited to, actions taken by other countries with significant hydrocarbon production, weather, political, economic and market conditions, including a decline in the price and market demand for natural gas, natural gas liquids and crude oil, the timing and success of our completion of capital projects and business development efforts, the expected growth of volumes on our systems, the impact of significant public health crises, commodity price volatility due to ongoing or new global conflicts, the impact of disruptions in the bank and capital markets, including those resulting from lack of access to liquidity for banking and financial services firms, changes in laws and regulations, particularly with regard to taxes, tariffs and international trade, and other uncertainties. These and other applicable uncertainties, factors and risks are described more fully in the Company’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company does not undertake an obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Targa Investor Relations
InvestorRelations@targaresources.com
(713) 584-1133

The MIL Network –

May 1, 2025

MIL-OSI: Form 8.5 (EPT/RI)-GlobalData plc

Source: GlobeNewswire (MIL-OSI)

FORM 8.5 (EPT/RI)

PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY
Rule 8.5 of the Takeover Code (the “Code”)

1. KEY INFORMATION

(a) Name of exempt principal trader:	Investec Bank plc
(b) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree	GlobalData plc
(c) Name of the party to the offer with which exempt principal trader is connected:	Investec is Joint Broker to GlobalData plc Rue plc
(d) Date dealing undertaken:	30^th April 2025
(e) In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer? If it is a cash offer or possible cash offer, state “N/A”	N/A

2. DEALINGS BY THE EXEMPT PRINCIPAL TRADER

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(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	Purchases/ sales	Total number of securities	Highest price per unit paid/received	Lowest price per unit paid/received
Ordinary	Purchases	2,010,104	180	137.5
Ordinary	Sales	2,055,036	175.5	137.5

(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
N/A	N/A	N/A	N/A	N/A

(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
N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

(ii) Exercise

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

(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)
N/A	N/A	N/A	N/A

3. 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 exempt principal trader 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 exempt principal trader 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

Date of disclosure:	1^stMay 2025
Contact name:	Gary Darch
Telephone number:	020 7597 4549

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 dealing disclosure requirements on +44 (0)20 7638 0129.

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

The MIL Network –

May 1, 2025

MIL-OSI Europe: Answer to a written question – Impact of Greece’s golden visa scheme on the housing market – E-000613/2025(ASW)
Source: European Parliament

Since the adoption of the European Parliament resolution[1] on investor residence schemes[2], the Commission has taken action to address the risks related to security, money-laundering, tax evasion and corruption.

In its 2022 Recommendation[3], the Commission called on Member States to take measures to prevent such risks and take specific actions regarding investor residence permit granted to nationals of Russia and Belarus.

The new Anti-Money Laundering package[4] also introduces strict obligations on involved actors and requires Member States running these schemes to assess and monitor risks, and to put in place mitigating measures.

In addition, the proposed recast of the Long-Term Residents Directive[5] includes rules to prevent third-country investors from abusively acquiring EU long-term resident status.

With regards to the social impact of “golden visa” schemes, the Commission notes that in respect of the subsidiarity and proportionality principles, primary responsibility for housing is within the remit of Member States, and regional and local authorities. However, the Commission is already providing support to Member States through a variety of funding and programmes[6].

In addition, the Commission appointed the first-ever Commissioner responsible for housing and established a Task Force for Housing. The Commission will put forward a European Affordable Housing Plan to help national, regional and local authorities address structural drivers of the housing crisis.

The Commission will foster investments in affordable housing through a pan-European investment platform[7], by allowing Member States to double cohesion policy investments in this area and by reviewing state aid rules to enable housing support measures.
- [1] European Parliament resolution of 9 March 2022 with proposals to the Commission on citizenship and residence by investment schemes (2021/2026(INL)) proposed to phase out CBI (Citizenship by investment Schemes) by 2025, and proposed other measures to address the risks posed by RBI (Residence by investment schemes) which are commonly named as ‘golden visas (https://www.europarl.europa.eu/doceo/document/TA-9-2022-0065_EN.pdf).
- [2] Commonly known as “golden visa” schemes.
- [3] C(2022) 2028 final, Commission Recommendation on immediate steps in the context of the Russian invasion of Ukraine in relation to investor citizenship and investor residence schemes .
- [4] In particular: Directive (EU) 2024/1640 of the European Parliament and of the Council of 31 May 2024 on the mechanisms to be put in place by Member States for the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Directive(EU) 2019/1937, and amending and repealing Directive (EU) 2015/849; Regulation (EU) 2024/1624 of the European Parliament and of the Council of 31 May 2024 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing.
- [5] COM(2022) 650 final.
- [6] Including the Recovery and Resilience Plans, the European Regional Development Fund , the Cohesion Fund and Just Transition Fund, as well as the InvestEU programme’s Social Investments and skills window and sustainable infrastructure window and the European Social Fund+ .
- [7] To be established in cooperation with the European Investment Bank and other financial institutions.
MIL OSI Europe News –
May 1, 2025
MIL-OSI Asia-Pac: Shri Arvind Shrivastava took charge as Secretary, Department of Revenue, Ministry of Finance, today

Source: Government of India

Posted On: 01 MAY 2025 1:46PM by PIB Delhi

Shri Arvind Shrivastava, takes charge as the Secretary, Department of Revenue, Ministry of Finance, today.

The Appointments Committee of the Cabinet on 18^th April 2025 appointed Shri Shrivastava as the Secretary, D/o Revenue.

Previously, Shri Shrivastava, a 1994-batch Indian Administrative Service (IAS) officer of the Karnataka cadre, served as Joint Secretary and then Additional Secretary in the Prime Minister’s Office.

Before that, Shri Shrivastava has also served as Joint Secretary, in the Budget Division of the Department of Economic Affairs, Ministry of Finance; Development Officer in the Asian Development Bank; Secretary, Finance Dept., Bengaluru; Secretary, Urban Development Department, Bengaluru; Managing Director in the Urban Infrastructure Development & Finance Corporation, Karnataka.

****

NB/KMN

(Release ID: 2125726) Visitor Counter : 24

MIL OSI Asia Pacific News –

May 1, 2025
MIL-OSI Asia-Pac: Union Minister Jyotiraditya Scindia Holds Investor Interactions in Mumbai; Ambani, Birla, Tata Express Interest in Northeast Region
Source: Government of India

Posted On: 01 MAY 2025 9:06AM by PIB Delhi
- Union Minister Shri Jyotiraditya M. Scindia said, “Aim is to develop the region into India’s growth region by including all 8 states together.”
- Industry leaders show keen interest in NER.
- Rising Northeast Investment Summit 2025 to be held on May 23-24 at Bharat Mandapam.
A meeting to promote investment in the North Eastern Region was held with industry leaders under the chairpersonship of Union Minister for Communications and Minister of Development of North Eastern Region (MDoNER), Shri Jyotiraditya M. Scindia

The Union Minister held a series of meetings in Mumbai on Wednesday (April 30, 2025), with leading industrialists, including Mukesh Ambani (Reliance Industries), Kumar Mangalam Birla (Aditya Birla Group), and N. Chandrasekaran (Tata Sons). The meetings were part of the ongoing engagement ahead of the Investment Summit, “Rising Northeast Summit 2025”, scheduled for May 23-24, 2025, at Delhi.

Union Minister Shri Jyotiraditya M. Scindia emphasized the Government of India’s strategic vision to position the Northeast as a new growth engine for the country. “The goal is to integrate the eight states into one unified development goal as India’s growth engine,” he said. He also underlined the role of public-private partnerships in accelerating sustainable development in the region.

The Minister further shared with the industrialists some of the key initiatives undertaken by MDoNER, which included the formation of a High-Level Task Force with the Chief Ministers of all eight Northeastern states, the establishment of Investment Promotion Agencies (IPAs) in each state, among others.

Shri Dharmvir Jha, Statistical Advisor Ministry of DoNER, presented key investment opportunities spanning all eight Northeastern states.

The interactions focused on region-specific growth sectors, including agro-based industries, textiles, and tourism.

The Rising Northeast Summit 2025 will continue this momentum by bringing together key stakeholders, investors, and policymakers on one platform to unlock the region’s economic potential. The summit is scheduled to be held at Bharat Mandapam in Delhi on May 23-24, 2025

*****

Samrat/Allen

(Release ID: 2125648) Visitor Counter : 94

MIL OSI Asia Pacific News –
May 1, 2025
MIL-OSI USA: May is Mental Health Awareness Month: Coping Before, During, and After Disasters
Source: US State of Oregon

strong>SALEM, OR—Disasters don’t just impact physical safety; they take a significant toll on mental health. As communities across Oregon observe Mental Health Awareness Month this May, the Oregon Department of Emergency Management is encouraging individuals, responders, and communities to prioritize emotional well-being before, during, and after emergencies.

The Hidden Toll of Disasters

Hurricanes, wildfires, pandemics, and other crises disrupt lives in unexpected ways. Survivors may experience anxiety, depression, grief, and even post-traumatic stress disorder (PTSD). Vulnerable populations, including children and older adults, often struggle the most. Meanwhile, first responders face cumulative stress, increasing the risk of burnout and secondary trauma.

Overcoming Barriers to Mental Health Support

Seeking help in times of crisis is not always easy. Common obstacles include:
- Limited awareness of available mental health resources
- Stigma surrounding mental health conversations
- Overburdened healthcare systems struggling to meet increased demand
- Access issues in rural or underserved areas
For those displaced by disasters, housing instability and financial stress can compound emotional distress. Recognizing and addressing these challenges is key to improving mental health outcomes.

Building Resilience Through Preparedness

While disasters cannot always be prevented, individuals can take proactive steps to mitigate their mental health impact:
- Emergency Preparedness: Creating a disaster plan and keeping emergency supplies ready can alleviate anxiety. Learn more about how to be prepared on the Be2Weeks Ready webpage.
- Strengthening social bonds: Community support systems play a crucial role in recovery. Joining a Community Response Team (CERT), becoming a Be2Weeks Ready coordinator, joining a Search and Rescue Team can help you feel less lonely.
- Equipping responders: Training first responders in mental health care enhances their ability to support themselves and others.
Accessing Mental Health Resources

The Disaster Distress Helpline (1-800-985-5990), 988 Lifeline, local emergency management agencies, and organizations like the Red Cross provide crisis counseling and mental health assistance during and after emergencies. Telehealth services are increasingly bridging gaps for those in remote areas. For instance, the AgriStress Hotline serves those in the farming, ranching, fisheries and forestry communities. Call 833-897-2474 or visit their website.

In addition, Oregon’s 211 Info webpage and hotline includes information on both physical safety and mental health resources to ensure residents can access the support they need. You can find more resources and support lines on the Oregon Health Authority’s Crisis Lines webpage.

Breaking the Stigma

Mental health conversations need to be normalized, especially during disasters. Seeking help is a sign of strength, not weakness. Community storytelling and shared experiences of resilience can empower others to seek assistance and prioritize their emotional well-being. By embracing and sharing your experiences, you empower others to do the same.

As part of National Mental Health Awareness Month, the National Alliance on Mental Illness (NAMI) is encouraging people to share their stories. You can use their list of questions to begin the discussion, and (if you want) you can share your mental health story with NAMI by sending in a video, a message, a quote, or using #MyMentalHealth on social media or submitting your story on the NAMI website.

NAMI Sample questions to start sharing your story:
- What do you wish people knew about mental health?
- What misconceptions about mental health do you encounter in your work?
- What have you learned on your mental health journey?
- How does your mental health impact how you show up within your community?
- What do you share with your friends or family in moments when they need support?
- How do you help reduce stigma surrounding mental health?
- In one word, how would you describe your mental health journey?
- What inspires you to support mental health in your life, work, or community?
- What motivates you to be an ally in the mental health movement?
Hope in Recovery

While disasters present significant challenges, recovery is possible. Investing in mental health resources, reducing stigma, and fostering connected communities can lead to stronger, healthier futures.

For anyone struggling after a disaster, help is available. Whether through a friend, hotline, or professional counselor, reaching out is the first step toward healing.

Additional Resources

MIL OSI USA News –
May 1, 2025

MIL-OSI: Suspended trading due to national holiday

Source: GlobeNewswire (MIL-OSI)

Lysaker, 1 May 2025

The below funds are suspended from the live trading on Nasdaq Copenhagen 1^st May due to national holiday in Norway.

As noted in the Financial Calender, the funds may not be available for trading on 1^st May and 17^th May due to official holidays affecting the Management Company’s staffing.

The share classes will resume trading on 2^nd May.

Regards

Storebrand Asset Management AS

Contacts:

Henrik Budde Gantzel, Director, henrik.budde.gantzel@storebrand.no

Frode Aasen, Product Manager, fdc@storebrand.com

Fund name and share class	Symbol	ISIN
SKAGEN Focus A	SKIFOA	NO0010735129
SKAGEN Global A	SKIGLO	NO0008004009
SKAGEN Kon-Tiki A	SKIKON	NO0010140502
SKAGEN m2 A	SKIM2	NO0010657356
SKAGEN Vekst A	SKIVEK	NO0008000445
Storebrand Indeks – Alle Markeder A5	STIIAM	NO0010841588
Storebrand Indeks – Nye Markeder A5	STIINM	NO0010841570
Storebrand Global Plus A5	STIGEP	NO0010841604
Storebrand Global Solutions A5	STIGS	NO0010841612
Storebrand Global Multifactor A5	STIGM	NO0010841596

Storebrand is Norway’s largest private asset manager with an AuM of around DKK 900 billion, and a leading Nordic provider of sustainable pensions and savings. The company has been a global pioneer in ESG investing for over 30 years, offering broad and scalable solutions for both institutional and private investors in the Nordic region and other European countries. In Denmark, Storebrand delivers sustainable investment solutions and client value through a multi-boutique platform, with the brands Storebrand Funds, SKAGEN Funds, Cubera Private Equity, Capital Investment and a majority ownership of AIP.

The MIL Network –

May 1, 2025

MIL-OSI: WeTrade Announces Launch of Two Hundred Thousand Dollar Trading Blitz Race 2025 – Live Competition Starting 1 May

Source: GlobeNewswire (MIL-OSI)

LIMASSOL, Cyprus, May 01, 2025 (GLOBE NEWSWIRE) — WeTrade, the award-winning global trading platform, today announced the launch of its Trading Blitz Race 2025 – Live competition with a $200,000 prize pool. The premier trading event follows the platform’s highly successful demo competition which saw participation from thousands of traders worldwide.

Running from 1 May to 31 July 2025, the live competition will see the grand champion taking home $100,000, with the rest of the top 10 traders sharing substantial rewards. Additionally, there are weekly prizes of $2,000 for two categories: highest weekly profit ($1,000) and largest trading volume ($1,000). To participate, traders must have a minimum equity of $500 and no open positions at the time of registration.

A standout feature of this year’s competition is the introduction of free real-time copy trading. While only registered participants can compete, all non-participating traders can follow the strategies of the top 20 traders in real time, without any subscription or profit-sharing fees.

“We are thrilled to bring this competition to life after the incredible performance and enthusiasm seen in our demo event,” said George Miltiadou, Group CEO of WeTrade. “This competition is the next step in giving our global trading community a world-class platform to shine.”

Thanks to WeTrade’s award-winning platform, competitors of the Trading Blitz Race 2025 – Live will have the edge with razor-thin spreads from 0.0 pips, flexible leverage up to 1:2000, and swap-free options. With lightning-fast execution, all traders, from beginners to seasoned pros, can seize market opportunities with confidence and speed.

As WeTrade prepares to celebrate its 10th anniversary later this year, Miltiadou said the company will continue to support excellence, whether on the trading floor or the racetrack. “Just as we push boundaries in the world of motorsport with Phantom Global Racing, we are excited to offer a global stage for traders to rise to the top and demonstrate their skills. As we celebrate a decade of excellence, this is the moment for both rising stars and seasoned pros to show the world what they’re made of.”

WeTrade plans to expand its competition series and educational initiatives, empowering more traders to succeed in global markets.

To learn more or register for the Trading Blitz Race 2025 – Live, please visit https://bit.ly/3EEwhtU

About WeTrade

WeTrade is a globally recognised financial broker, founded in 2015, offering innovative online trading services across a diverse range of CFD instruments. Known for its commitment to excellence, WeTrade provides ultra-low spreads, flexible leverage options, and strong capital security, earning it prestigious awards such as Most Trusted Broker and Best Loyalty Program Broker. Its exclusive programmes include WeTrade Honours, a premium membership with high-value benefits; WeTrade Rewards, a pioneering loyalty programme; and WeTrade Wallet, a reward-generating storage fund. At WeTrade, trading is designed to be both successful and rewarding.

Learn more at www.wetradebroker.com or follow us on social media @WeTradeGlobal

Company Details
Organization: WeTrade
Contact Person Name: CHONG PEI ZHOU
Website: https://www.wetradebroker.com/
Email: contactus@wetradebroker.com

Disclaimer: This press release is provided by WeTrade. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. Speculate only with funds that you can afford to lose. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.

Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/35a5871b-8d61-43a8-b7e8-37140d50d14d

https://www.globenewswire.com/NewsRoom/AttachmentNg/c1fd74ed-0763-49b0-8d92-2aff62a20c89

The MIL Network –

May 1, 2025
MIL-OSI: Alm. Brand Group are hosting a Capital Market Day November 18 at 10.30 CET
Source: GlobeNewswire (MIL-OSI)

Invitation

Alm. Brand Group are hosting a Capital Market Day November 18 at 10.30 CET

Alm. Brand Group is pleased to invite you to our Capital Markets Day, where we will present strategy and new financial targets for the upcoming period 2026-2028.

The event will take place at our headquarters in Copenhagen and will be transmitted live via webcast. A buffet lunch will be served after the meeting.

Additional details including dial-in details will be distributed closer to the date.

Registration

To register for the event please send an e-mail to information.investor@almbrand.dk and state the following information:

☐ Yes, I will attend the meeting at Midtermolen 7, Copenhagen

☐ Yes, I will attend the webcast presentation

Name

Company

Contact details

Contact

Please direct any questions regarding this announcement to:

Investors and equity analysts:

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

Press:

Mikkel Luplau Schmidt – Head of Media Relations – mobile no. +45 2052 3883

Attachment
- CMD_invite 2025
The MIL Network –
May 1, 2025

MIL-OSI: Notice of Results

Source: GlobeNewswire (MIL-OSI)

Diversified Energy Company PLC
(“Diversified” or the “Company”)

Notice of First Quarter 2025 Results Timing

Diversified Energy Company PLC (LSE: DEC, NYSE: DEC) (“Diversified” or the “Company”) is pleased to announce that the Company plans to publish its Trading Statement for the three months ended March 31, 2025 (the “1Q25 Trading Statement”) on Monday, May 12th, 2025. The Company will host a conference call that day at 1:00 PM GMT (8:00 AM EST) to discuss the 1Q25 Trading Statement and make an audio replay of the event available shortly thereafter.

Conference Details

Prior to the event, Diversified will publish the Company’s 1Q25 Trading Statement on its website at https://ir.div.energy/news-events/regulatory-news and make a supplementary presentation available at https://ir.div.energy/presentations.

For further information, please contact:

Diversified Energy Company PLC	+1 973 856 2757
Doug Kris	dkris@dgoc.com
Senior Vice President, Investor Relations & Corporate Communications	www.div.energy

FTI Consulting	dec@fticonsulting.com
U.S. & UK Financial Public Relations

About Diversified Energy Company PLC

Diversified is a leading publicly traded energy company focused on natural gas and liquids production, transport, marketing, and well retirement. Through our unique differentiated strategy, we acquire existing, long-life assets and invest in them to improve environmental and operational performance until retiring those assets in a safe and environmentally secure manner. Recognized by ratings agencies and organizations for our sustainability leadership, this solutions-oriented, stewardship approach makes Diversified the Right Company at the Right Time to responsibly produce energy, deliver reliable free cash flow, and generate shareholder value.

The MIL Network –

May 1, 2025

MIL-OSI: Cancellation of Treasury Shares

Source: GlobeNewswire (MIL-OSI)

ICG Enterprise Trust plc (the “Company”)

1 May 2025

Cancellation of Treasury Shares

The Company announces that on 30 April 2025, it cancelled 9,358,808 Ordinary shares of 10 pence each (“Ordinary Shares”) previously held in Treasury.

Following the above cancellation, the Company has 63,554,192 Ordinary Shares in issue and no Ordinary Shares held in Treasury. Therefore, the total number of voting rights in the Company is 63,554,192.

The above figure 63,554,192 may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules.

Analyst / Investor enquiries:

Chris Hunt
Shareholder Relations, ICG
+44 (0) 20 3545 2020

Andrew Lewis
Company Secretary, ICG
+44 (0) 20 3545 1344

Media:
Clare Glynn
Corporate Communications, ICG
+44 (0) 20 3545 1395

The MIL Network –

May 1, 2025
MIL-OSI: Alm. Brand A/S – Interim Report for Q1 2025
Source: GlobeNewswire (MIL-OSI)

Satisfactory profit leads to DKK 50 million upgrade of guidance for insurance service result
- The insurance service result for Q1 2025 was a profit of DKK 337 million (Q1 2024: DKK 291 million), corresponding to a combined ratio of 88.2 (Q1 2024: 89.3), driven in particular by sustained growth in Personal Lines, fewer weather-related claims and an improved expense ratio.
- The guidance for the full-year insurance service result is lifted by DKK 50 million to DKK 1.55-1.75 billion excluding the run-off result for Q2-Q4 2025.
- Insurance revenue grew at a satisfactory rate of 5.2% to DKK 2,858 million (Q1 2024: DKK 2,717 million), driven in particular by growth of 8.2% in Personal Lines.
- The undiscounted underlying claims experience improved by 0.7 of a percentage point to 65.2%, driven by a positive development in both Personal Lines and Commercial Lines, which reflects the effects of the profitability-enhancing measures implemented and synergies realised. Adjusted for a one-off gain in Q1 2024, the undiscounted underlying claims experience improved by 1.9 percentage points year on year.
- The implementation of synergy initiatives is progressing according to plan and generated a positive accounting effect of DKK 145 million in Q1 2025.
- The expense ratio improved strongly to 18.6 (Q1 2024: 20.2) in line with the planned trajectory.
- The investment result was satisfactory at DKK 96 million (Q1 2024: DKK 167 million), in particular in light of the fact that the quarter was characterised by geopolitical turmoil, with bonds and illiquid credit contributing favourably to the investment result.
- The divestment of the Energy & Marine business was completed on 3 March 2025. As a result, Alm. Brand Group initiated a share buyback programme for a total amount of DKK 1.6 billion.
Rasmus Werner Nielsen (CEO) considers the Q1 performance satisfactory:

“In an increasingly unstable world, we’re pleased that we were able to help our customers with some 105,000 claims in the first quarter.

We recorded yet another satisfactory quarterly performance, showing that more and more customers are turning to Alm. Brand Group for insurance. Our performance was driven not least by the dedicated efforts we’ve made to lower our costs and thereby further enhance our competitive strength. Moreover, our personal customers were less affected by weather-related events than in the first quarter of 2024, and major claims expenses were below the level normally expected.

After completing the divestment of the Energy & Marine business in March, we’re now a fully-focused Danish non-life insurer with a healthy balance between Personal Lines and Commercial Lines. The first quarter also yet again demonstrated that we’re on track to meet the ambitious targets we set in connection with the merger of Alm. Brand and Codan.”

Webcast and conference call
Alm. Brand will host a conference call for investors and analysts today, Thursday 1 May 2025 at 11:00 a.m. The conference call and presentation will be available on Alm. Brand’s investor website here.

Conference call dial-in numbers for investors and analysts (pin: 743033):

Denmark: +45 8987 5045
UK: +44 20 3936 2999
USA: +1 646 664 1960

Link to webcast: https://events.q4inc.com/attendee/173001933

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

Attachments
- AS 33 2025 – Preliminary statement of financial results Q1 2025
- AB GROUP 1Q 2025 English
The MIL Network –
May 1, 2025
MIL-OSI New Zealand: Serious concerns over Aratere ferry removal

Source: Maritime Union of New Zealand

The Maritime Union of New Zealand (MUNZ) is expressing serious concern following the announcement that the Interislander ferry Aratere is being removed from service indefinitely.

The Union says the loss of the rail-enabled Aratere, a crucial link between the North and South Islands, significantly weakens the resilience of New Zealand’s national supply chain.

Maritime Union of New Zealand National Secretary Carl Findlay says the situation highlights the ongoing consequences of Finance Minister Nicola Willis’s decision to cancel the iReX project.

Mr Findlay says the Maritime Union will be engaging in a consultation process with KiwiRail and will be seeking no or minimal job losses for ferry crew.

“MUNZ will be working to ensure our members’ futures are protected during this period of instability caused by poor planning and cancelled investment by Ms Willis.”

Mr Findlay says the announcement is causing concern for maritime workers, transport operators, and the New Zealand public.

“The removal of the Aratere is another blow to the reliability of the Cook Strait crossing, a situation entirely predictable after the cancellation of the iReX project,” says Mr Findlay.

“We consistently warned about the fragility of the ageing ferry fleet. Finance Minister Nicola Willis’s decision to scrap the plan for new, purpose-built ferries has left New Zealand reliant on older vessels prone to failure. Losing the Aratere, especially its rail freight capability, puts immense pressure on the remaining vessels and the entire transport network.”

Mr Findlay says the Maritime Union supported Minister of Rail Hon. Winston Peters work to get a new deal for rail-enabled ferries.

But he says the removal of the Aratere now leaves a major gap for a number of years until the new ferries are in service.

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MIL OSI New Zealand News –

May 1, 2025
MIL-OSI USA: Cortez Masto Joins Bipartisan Effort to Stop President Trump’s Harmful Tariffs, Protect Nevada Businesses

US Senate News:

Source: United States Senator for Nevada Cortez Masto

Washington, D.C. – Today, U.S. Senator Catherine Cortez Masto (D-Nev.) released the following statement after voting to repeal Donald Trump’s reckless, blanket global tariffs that are hurting Nevada small businesses and families. Despite bipartisan support, Senate Republicans blocked the measure.

“President Trump’s reckless policies are raising costs on hardworking families and threatening Nevada small businesses. While I believe targeted tariffs on our adversaries can be a useful tool to protect American jobs and support our national security, these blanket tariffs do the opposite,” said Senator Cortez Masto. “The president is abusing his power to bypass both Congress and common sense. Today, I joined my colleagues on both sides of the aisle in a vote to rein in Donald Trump, and I’ll continue to fight for our businesses and workers.”

This resolution received bipartisan support, and if enacted, it would have terminated the emergency that Trump declared, reversed Trump’s new taxes of 10 percent on all imported goods, and ended his threat of additional tariffs of up to 49 percent on products Americans buy from other countries.

Senator Cortez Masto has continued to push the Trump Administration to address the impacts of Trump’s tariffs on working families and Nevada small businesses. Earlier this month, the Senator wrote a letter to the Administration demanding they provide their plan to mitigate the economic stress caused by the implementation of President Donald Trump’s tariffs and other executive actions. During a Senate Finance Committee hearing, Cortez Masto pressed U.S. Trade Representative Greer about the impacts of President Trump’s blanket tariffs on Nevadans, particularly those employed in the tourism and hospitality industry. The Senator introduced the Tariff Transparency Act to require the U.S. International Trade Commission to publicly investigate how Donald Trump’s recent tariffs on imports from Mexico and Canada will impact the American people.

MIL OSI USA News –

May 1, 2025

Category: Finance

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